Category: Stock Market News

Shares of 3M Co. surged 1.9% in premarket trade Tuesday, after the diversified industrial and consumer products company beat first-quarter profit and sales expectations. Net earnings rose to $1.32 billion, or $2.16 a share, from $1.28 billion, or $2.05 a share, in the same period a year ago. The FactSet consensus was for earnings per share of $2.07. Revenue increased to $7.69 billion from $7.41 billion, above the FactSet consensus of $7.49 billion, as sales of its industrial, safety and graphics, health care and electronics and energy businesses topped forecasts while consumer came up a bit shy. The company raised its 2017 outlook for local-currency sales growth outlook to 2% to 5% from 1% to 3%, and its EPS outlook to $8.70 to $9.05 from $8.45 to $8.80. The stock has rallied 8.8% year to date through Monday, while the Dow Jones Industrial Average has gained 5.1%.

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Tyson Foods Inc. said early Tuesday that it has agreed to acquire AdvancePierre Foods Holdings Inc. in a deal valued at $4.2 billion, including $3.2 billion in equity value and $1.1 billion in assumption of AdvancePierre debt. Tyson’s offer is $40.25 per share for AdvancePierre’s outstanding shares, above the $36.67 value of AdvancePierre shares as of Monday’s close. AdvancePierre stock rose 9.1% in premarket trade Tuesday after the news. The deal is expected to close in the third quarter. Tyson shares have surged 4.4% over the last three months, and AdvancePierre shares have surged 33.2%, compared with a 3.3% rise in the S&P 500 .

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Defense company Lockheed Martin Corp. said Tuesday it had net income of $763 million, or $2.61 a share, in the first quarter, down from $806 million, or $2.91 a share, in the year-earlier period. The number included charges that reduced earnings by 39 cents a share. Adjusted per share earnings of $2.61 included a 16 cents special charge, the company said. The FactSet consensus was for EPS of $2.79. Sales rose to $11.1 billion from $10.4 billion, just below the FactSet consensus of $11.2 billion. The company said it now expects full-year sales of $49.5 billion to $50.7 billion, compared with a prior forecast of $49.4 billion to $50.6 billion. It expects full-year EPS of $12.15 to $12.45 compared with a prior forecast of $12.25 to $12.55. Shares slid 2.6% premarket, but are up 10.5% in the year so far, while the S&P 500 has gained 6%.

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Shares of DuPont & Co. climbed 2.1% in thin premarket trade on Tuesday after the chemicals giant posted earnings and sales ahead of forecasts. For the first quarter, DuPont earned $1.11 billion, or $1.27 a share, down from $1.23 billion, or $1.39 a share, in the year-ago period. However, on an adjusted basis, profit rose to $1.64 a share from $1.26 last year, beating a FactSet forecast of $1.38. Revenue rose to $7.74 billion from $7.41 billion, also ahead of the $7.50 billion estimate. DuPont said its first-half earnings for 2017 will include an expected charge of 32 cents a share due to costs associated with the planned merger with Dow Chemical Co. . “We continue to expect to close the merger in August of this year and quickly begin working on the 500-plus projects already identified to deliver the targeted $3 billion in cost synergies,” said Ed Breen, DuPont’s chairman and CEO, in the earnings statement.

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North Korea conducted a live-fire exercise on Tuesday, a South Korea media report picked up by Reuters said, as a U.S. submarine docked in South Korea as planned. The action is another show of force from the North amid growing concern among South Korea and its allies, including the U.S., over Pyongyang’s nuclear and missile programs. The port call by the USS Michigan came as a U.S. aircraft carrier strike group headed toward Korean waters and as the top envoys for North Korea policy from South Korea, Japan and the U.S. met in Tokyo. Fears have risen in recent weeks that North Korea could conduct another nuclear test or long-range missile launch in defiance of U.N. sanctions. North Korea has said that Tuesday marks the anniversary of the founding of its military.

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Far-right French presidential candidate Marine Le Pen has announced she will temporarily step aside as leader of the far-right National Front party, according to media reports. Le Pen, who will face a runoff vote on May 7 against centrist Emmanuel Macron, may be trying collect votes from those who are less than thrilled to support the National Front. “I have always considered that the president of the republic is the president of all French people… Now is the moment to move from words to action and it is the reason why it seemed essential to me” to step down as her party’s leader, she told French public television news on Monday, according to Fox News.

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Samsung Electronics announced Monday that it received record preorders for the Galaxy S8 and Galaxy S8+, marking its first successful launch since it recalled the Note 7 in the fall of 2016. Orders for Samsung’s newest premium-tier smartphones increased more than 30% year-over-year compared with the Galaxy S7, said Tim Baxter, chief operating officer of Samsung Electronics America. The phone, which officially hit store shelves on Friday, marks Samsung’s first mobile device launch since the Galaxy Note 7, which was launched last August but was recalled a few weeks later when the phone began to burn up and explode, due to a faulty battery. Despite the recent product issues, shares of Samsung have gained more than 8% in the past three months and 61% in the past year. The S&P 500 , by comparison, has gained 4% in the past three months and 13.5% in the past year. Shares of Apple Inc. , which is set to release its own set of new premium-tier smartphones to compete with the Galaxy S8 in September, have gained 18% in the past three months and 37% in the past year.

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KMG Chemicals Inc. said late Monday it will acquire pipeline performance chemicals company Flowchem from Arsenal Capital Partners. KMG said it will buy Flowchem for $495 million in cash. Flowchem makes products that reduce the drag of liquids like crude oil in pipelines. The company expects the deal to close in mid-June. Shares of KMG were flat at $45.09 after hours.

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Tyson Foods Inc. said late Monday it is exploring the sale of some of its “non-protein” brands. The company, known for its chicken, pork, and beef products, said it is looking to sell its Sara Lee frozen bakery business, its Kettle frozen food business, and its Van’s frozen waffle and breakfast cereal business to focus more on its protein products. “Through our ongoing strategic planning process, we’re continuously looking at ways to maximize the effectiveness and growth potential of our protein-based portfolio of products,” said Tom Hayes, president and CEO of Tyson Foods, in a statement.

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Germany-based Fresenius Kabi will buy Akorn Inc. for $34 a share, plus the assumption of roughly $450 million of debt, for a deal valued at $4.3 billion, the companies said Monday. The deal is expected to close by early 2018 and will add to Fresenius Group’s earnings in 2018. Fresenius Kabi specializes in injectable medicine while Akorn is a generic drug maker. Shares of Akorn rose 0.4% after hours.

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