Category: Stock Market News

Shares of Etsy Inc. fell more than 15% late Tuesday after the online marketplace company swung to a loss in the first quarter, missed quarterly sales expectations, and announced its chief executive is stepping down. Etsy said it lost $421,000 in the first quarter, versus a net income of $1.2 million in the first quarter of 2016. Revenue hit $96.9 million, from $81.85 million a year ago. Analysts polled by FactSet had expected per-share earnings of 1 cent on sales of $98.4 million. Etsy also said its board of directors has appointed Josh Silverman, on the board since November, as the company’s new chief executive, effective Wednesday. Josh replaces Chad Dickerson, who Etsy said will step down as CEO and board of directors chair. Dickerson will serve in an advisory role to the company through the end of May. Etsy also said that John Allspaw, chief technology officer, will be leaving the company, and Mike Brittain, VP of Engineering, will be named interim CTO. In addition, Etsy said it will cut approximately 80 positions, which is approximately 8% of its total workforce. The company said its new management team will review the company’s 2017 guidance, and a new guidance is planned in conjunction with second-quarter results. Shares of Etsy had ended the regular trading day up 2.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

First Solar Inc. shares surged in the extended session Tuesday after the solar-energy-system company reported a surprise profit for the quarter. First Solar shares rose 6.9% to $32.39 after hours, adding to a 2.6% gain in the regular session. The company reported adjusted earnings of 25 cents a share on revenue of $891.8 million. Analysts surveyed by FactSet had forecast a loss of 13 cents a share on revenue of $693 million. First Solar sees full-year adjusted earnings of 25 cents to 75 cents a share on revenue of $2.85 billion to $2.95 billion. Analysts had estimated 30 cents a share on revenue of $2.8 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The American Petroleum Institute late Tuesday reported a drop of 4.2 million barrels in U.S. crude supplies for the week ended April 28, according to sources. The API data also showed a fall of 1.9 million barrels in gasoline supplies, while inventories of distillates were down 436,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decrease of 2.25 million barrels in crude inventories. June crude was at $47.97 a barrel in electronic trading, up from the contract’s settlement of $47.66 on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Apple fell more than 1% in after-hours trade Tuesday following a mixed quarterly earnings report that showed a decline in unit sales for the iPhone. The company reported net income of $11 billion, or $2.10 a share, compared with $10.5 billion, or $2.02 a share, in the year-earlier period. Analysts surveyed by FactSet had been calling for earnings of $2.02 a share. Revenue for the period increased to $52.9 billion from $50.5 billion a year ago, virtually in line with the consensus view of $53 billion. iPhone unit sales reached 50.8 million, down slightly from 51 million last year, and missing the Street view of 52 million. Services revenue, the company’s second-biggest revenue driver, also fell short of expectations, rising to $7.04 billion, compared with $6 billion last year, which was slightly below the $7.06 billion analysts had been anticipating. Shares of Apple have outperformed both the Dow Jones Industrial Average and S&P 500 over the past year. As of Tuesday’s close, its shares had been up 57.5% in the past three months, compared with an increase of 5.4% for the Dow 30.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Mondelez International Inc. rose more than 2% late Tuesday after the company reported adjusted first-quarter earnings and sales above Wall Street expectations. Mondelez said it earned $630 million, or 41 cents a share, compared with $554 million, or 35 cents a share, in the year-ago period. Adjusted for one-time items, Mondelez earned $826 million, or 53 cents a share, in the period, compared with 51 cents a share a year ago. Sales declined slightly to $6.41 billion, compared with $6.45 billion a year ago. Analysts polled by FactSet had expected adjusted quarterly earnings of 50 cents a share on sales of $6.37 billion. Mondelez ended the regular trading session down 0.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Gilead Sciences Inc. shares declined in the extended session Tuesday after the biotech company’s quarterly earnings fell short of Wall Street estimates. Gilead shares fell 3.2% to $66.39 after hours, following a 0.7% gain in the regular session. The company reported adjusted first-quarter earnings of $2.23 a share on revenue of $6.51 billion. Analysts surveyed by FactSet had forecast earnings of $2.28 a share on revenue of $6.63 billion. Gilead reiterated its outlook for the year of revenue of $22.5 billion to $24.5 billion, which excludes royalty revenue. Analysts expect total revenue of $24.73 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Oil prices dropped Tuesday, with a survey showing lower April output-cut compliance among members of the Organization of the Petroleum Exporting Countries, as well as rising production in Libya and the U.S. June WTI crude fell $1.18, or 2.4%, to settle at $47.66 a barrel on the New York Mercantile Exchange. That was the lowest for a most-active contract since Nov. 29, according to FactSet data. But based on the front-month contracts, it was the lowest finish since March 21, according to data from Dow Jones.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of fertilizer maker The Mosaic Co. slid 7% to a six-month low Tuesday, after the company reported weaker-than-expected earnings for the first quarter. Mosaic said it had a net loss of $1 million, or breakeven on a per-share basis, in the quarter, after earnings of $257 million, or 73 cents a share, in the year-earlier period. Sales fell to $1.58 billion from $1.67 billion as lower prices offset higher volumes. “Mosaic’s performance in the first quarter was not up to our expectations and was negatively impacted by unusual factors,” CFO Rich Mack said in a statement. These included mechanical failure at the Esterhazy K1 potash mine in Esterhazy, Saskatchewan, an ammonia plant outage, heavy rainfall at Miski Mayo in Peru, and rail and other logistical issues at Canoptex, a Canadian potash operation Mosaic owns with partners, he said. “We expect to see higher realized potash and phosphate prices in the second quarter, which should meaningfully improve earnings for Mosaic,” said Mack. Shares are now down 15% in 2017, while the S&P 500 has gained 6.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Molina Healthcare Inc. shares surged 15.5% at $58.61 Tuesday afternoon after the company’s Board of Directors ousted Chief Executive Officer Mario Molina and Chief Financial Officer John Molina, citing the company’s “disappointing financial performance.” The board appointed Chief Accounting Officer Joseph White, who has served in the position since 2003, as CFO and interim CEO. Mario and John Molina are the two sons of the company’s founder, C. David Molina, and will continue to serve on the board. Molina also said it plans to report after the bell first-quarter earnings per share of $1.37, which includes a break-up fee of 84 cents per share, and compares to the FactSet consensus of 58 cents. “With the industry in dynamic transition, the Board believes that now is the right time to bring in new leadership to capitalize on Molina’s strong franchise and the opportunities we see for sustained growth,” said Board of Directors Chairman Dale Wolf. Molina shares have surged 3.0% over the last three months, compared a 4.8% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Vince Holding Corp. plummeted 66% toward a record low in active afternoon trade Tuesday, less than a week after the clothing and accessories brand said it had “substantial doubt” about its ability to continue as a going concern. The stock was briefly halted earlier for volatility. Volume in the stock, which was headed for its biggest-ever one-day percentage selloff, jumped to 9.2 million shares, which was nearly nine times the full-day average. The company was not immediately available for comment. The company disclosed late Friday in its annual report, which had been delayed by two weeks, said there is substantial doubt among its lenders regarding additional financing options and actions needed to improve the capital structure and contain costs. The stock closed Monday below $1 (95 cents) for the first time since it went public on Nov. 22, 2013, and was recently changing hands at 33 cents.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News