Category: Stock Market News

Etsy Inc. shares rallied in the extended session Tuesday after the online crafts marketplace’s results and outlook topped Wall Street estimates. Etsy shares surged 14% after hours. The company reported fourth-quarter net income of $44.8 million, or 36 cents a share, compared with a loss of $21.4 million, or 19 cents a share, in the year-ago period. Revenue rose to $136.3 million from $110.2 million in the year-ago period. Analysts surveyed by FactSet had estimated 10 cents a share on revenue of $132.6 million. For the year, Etsy estimates revenue to grow 21% to 23%, or to a range of $533.9 million to $542.7 million. Analysts expect revenue of $519.3 million.

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Shares of Booking Holdings Inc. rose more than 5% late Tuesday after the company formerly known as Priceline Group Inc. reported adjusted per-share earnings and sales above Wall Street expectations. Booking said it lost $555 million, or $11.41 a share, in the quarter, versus earnings of $674 million, or 13.47 a share, in the year-ago period. Adjusted for one-time items, the company earned $836 million, or $16.86 a share, in the quarter, compared with $711 million, or $14.21 a share, a year ago. Revenue rose to $2.8 billion, from $2.3 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $14.12 a share on sales of $2.7 billion. Booking earlier this month changed its name from Priceline, saying it better reflects its business. Shares ended the regular trading session down less than 0.1%.

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Express Scripts Holding Co. shares ticked higher in the extended session Tuesday after the pharmacy-benefits manager’s results and outlook topped Wall Street estimates. Express Scripts shares rose 3% after hours. The company reported fourth-quarter net income of $2.33 billion, or $4.10 a share, compared with $1.43 billion, or $2.34 a share, in the year-ago period. Adjusted earnings were $2.16 a share. Revenue rose to $25.38 billion from $24.86 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.09 a share on revenue of $25.1 billion. Express Scripts estimates earnings of $1.73 to $1.78 a share in the first quarter, and $9.27 to $9.47 a share for the year. Analysts expect earnings of $1.73 a share for the first quarter and $8.83 a share for the year. The company also said it will offer non-executive employees tax-cut bonuses of $500 to $2,000 each based on tenure.

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U.S. stocks on Tuesday late afternoon were set to the end lower, with the S&P 500 index on pace to book its worst single-session drop since early February after the market’s buckled lower following the first public appearance for Jerome Powell as Federal Reserve chairman, replacing Janet Yellen. The S&P 500 index was on track to book its worst drop, off 23 points, or 0.8%, at 2,756, since Feb. 8, according to FactSet data. The Dow Jones Industrial Average looked set to give up about 200 points to 25,507, while the Nasdaq Composite Index was headed for a 0.9% retreat to 7,352. Powell conveyed an upbeat picture of the U.S. economy but the market focused on his emphasis on coming rate hikes in 2018 and an end to easy-money policies as the central bank tries to stave off rising inflation. The 10-year Treasury following Powell’s testimony climbed to 2.90%, while the dollar shot up to gain 0.5% to 90.38, as measured by the ICE U.S. Dollar Index which tracks the buck against a half-dozen other currencies. Bond prices rise as yields fall, with the central bank’s comments sparking selling in government debt as investors dumped their holdings in anticipation of richer yields in the future in a rising interest-rate environment. Accelerating yields and a stronger dollar, along with fears of advancing inflation, has been part of a recipe that has dragged on markets since the start of February.

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Oil prices settled lower Tuesday, with U.S. benchmark crude down after a three-session rise. Expectations that the Energy Information Administration on Wednesday will report a weekly rise in U.S. crude inventories, ongoing concerns about growth in domestic output and strength in the dollar pressured prices. April WTI crude fell 90 cents, or 1.4%, to settle at $63.01 a barrel on the New York Mercantile Exchange.

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Coca-Cola Co. confirmed with MarketWatch on Tuesday that it will cut between 250 and 350 jobs after putting a new operating model in place for its bottling system. The company will eliminate some jobs, “re-orient others” and create new positions. Coca-Cola had 12,400 employees in the U.S. as of Dec. 31, 2017, according to its most recent 8-K filing. Most of the layoffs will take place in the company’s Atlanta headquarters. The company has 5,000 workers in Georgia. Coca-Cola shares are up 5.2% for the past year while the Dow Jones Industrial Average is up 23.4% for the period.

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Shares of Boeing Co. rallied 1.4%, which is currently enough to keep the Dow Jones Industrial Average from a triple digit loss, at least for now. The stock’s price gain of $5.08 in afternoon trade would add about 35 points to the Dow, which is a price-weighted index, while the Dow is down 82 points. Boeing’s stock rally comes after the aerospace and defense giant said it reached a deal with President Trump to build a new Air Force One.

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Gold futures fell sharply Tuesday, suffering from the largest one-day dollar and percentage loss in a week. The U.S. dollar strengthened and bond yields rose as expectations for future interest-rate hikes increased during Federal Reserve Chairman Jerome Powell’s congressional testimony. April gold lost $14.20, or 1.1%, to settle at $1,318.60 an ounce–the lowest finish since Feb. 9.

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Investors on Tuesday raised their expectations for four rate hikes from a consensus of three hikes this year after Federal Reserve Chairman Jerome Powell’s congressional testimony. Traders in the fed fund futures market, where investors can place bets on the course of future interest rates, increased the probability of four rate hikes to 33.9% from 24.4% a day ago, according to data from CME Group. Specifically, investors appeared to focus on Powell’s comments that he personally felt the economic outlook had strengthened since December. Government bond investors also reacted to the prospect of a more aggressive central bank as Treasury yields rose and bond prices fell.

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Carters Inc. shares fell 7.2% in Tuesday trading after the baby and children’s apparel company gave earnings guidance below expectations. Net income was $135.7 million, or $2.84 per share, up from $87.1 million, or $1.76, for the same period last year. Adjusted EPS was $2.32. Results include a benefit of $40 million from the tax overhaul. Sales totaled $1.027 billion, up from $934.2 million year-over-year. The FactSet consensus was for EPS of $2.20 and sales of $1.026 billion. Same-store sales increased 4.5%, with e-commerce comparable sales rising 19.1% and comparable retail store sales falling 1%. U.S. wholesale sales increased 11% to $329.8 million. For the first-quarter, the company expects a 2% increase in sales and adjusted EPS of about 97 cents. Full-year sales are expected to rise 5% with adjusted EPS of $5.76. FactSet expects first-quarter EPS of $1.18 and full-year EPS of $6.69. Wells Fargo analysts think this is “a compelling buying opportunity” because first-quarter guidance is driven mostly by wholesale timing, which should help the second quarter. And the company will reinvest $20 million in the company. “Had Carters not encountered any timing shifts and opted to flow-through 100% of their tax savings, their EPS guide likely would have looked more like $1.19 in Q1 and $7.00,” analysts wrote. Wells Fargo rates Carter’s shares outperform with a $145 price target. Carter’s stock is up 26.4% for the past year while the S&P 500 index is up nearly 17% for the period.

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