Category: Stock Market News

Citi Trends Inc. said Chief Executive Jason Mazzola has resigned after two years in the position, and five years at the company, according to his LinkedIn profile. The Georgia-based apparel retailer said Mazzola resigned to “pursue another opportunity.” The company named Chief Financial Officer and Chief Operating Officer Bruce Smith as acting CEO until a permanent replacement can be found, and named Ed Anderson as executive chairman. Citi Trends stock, which was still inactive in premarket trade, has lost 2.6% year to date, while the SPDR S&P Retail ETF has shed 7.2% and the S&P 500 has gained 4.9%.

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From:: Stock Market News

Citi Trends Inc. said Chief Executive Jason Mazzola has resigned after two years in the position, and five years at the company, according to his LinkedIn profile. The Georgia-based apparel retailer said Mazzola resigned to “pursue another opportunity.” The company named Chief Financial Officer and Chief Operating Officer Bruce Smith as acting CEO until a permanent replacement can be found, and named Ed Anderson as executive chairman. Citi Trends stock, which was still inactive in premarket trade, has lost 2.6% year to date, while the SPDR S&P Retail ETF has shed 7.2% and the S&P 500 has gained 4.9%.

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.

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Shares of HTG Molecular Diagnostics Inc. rocketed 63% in premarket trade Thursday, after the company said it obtained CE marking in the European Union for its in vitro diagnostic assay used to measure and analyze gene rearrangements in lung tumor specimens. CE marking means a product conforms to requirements for sale in the European economic area. “We are pleased to add the HTG EdgeSeq ALKPlus Assay EU to our diagnostic assay menu in Europe,” said HTG Chief executive TJ Johnson in a statement released late Wednesday. “We plan to offer this assay to selected European early adopters as we seek additional regulatory approvals elsewhere.” The stock’s surge comes less than a month after it nearly tripled, running up 159% on Feb. 27 after the company unveiled a new direct-target sequencing chemistry to be launched in the first quarter. Through Wednesday, the stock had dropped 4.5% year to date, while the S&P 500 had gained 4.9%.

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Conagra Brands Inc. shares fell 1.5% in Thursday premarket trading after the food company reported a third-quarter sales slip that landed below estimates. Conagra reported third-quarter net income of $179.7 million, or 41 cents per share, down from $204.6 million, or 46 cents per share, for the same period last year. Adjusted EPS was 48 cents, beating the 44-cent FactSet consensus. Revenue was $1.98 billion, down from $2.20 billion last year, and just below the $1.99 billion FactSet consensus. The company now expects fiscal 2017 adjusted EPS to be at or slightly above the high-end of the $1.65 to $1.70 range. The FactSet consensus is $1.70. Sales are expected to be at or slightly below the low-end of a 4% to 5% decline. Conagra shares are up 20.1% for the past year while the S&P 500 index is up 15.3% for the period.

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Accenture PLC reported Thursday fiscal second-quarter earnings that fell to $876.7 million, or $1.33 a share, from $1.39 billion, or $2.08 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.30. Total revenue for the quarter to Feb. 28 rose 4% to $8.76 billion from $8.40 billion, as a 5% increase in net revenue offset a 2% decline in reimbursements. The FactSet total revenue consensus was $8.77 billion. Looking ahead, the consulting firm said it expects 2017 revenue growth in the range of 6% to 8%, compared with a previous outlook of 5% to 8%. The company lifted its EPS outlook to $5.70 to $5.87 from $5.64 to $5.87. Separately, Accenture said it expects to record a $425 million charge in connection with the termination of its U.S. pension plan. The stock, which slumped 2% in premarket trade, has gained 8% year to date, while the S&P 500 has advanced 4.9%.

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U.K. police have made seven arrests related to Wednesday’s deadly terror attack in London, Metropolitan Police said Thursday. The arrests were made after police raided six locations in London and Birmingham.
Sky News and other outlets reported the man suspected of carrying out Wednesday’s terror attack near the Houses of Parliament was said to have lived at a Birmingham residence. Witnesses told the Associated Press that the police arrested three men at the scene. Police said Thursday that four people have died, including a police officer and the attacker, and that seven of 29 injured people are in critical condition. The attacker plowed through pedestrians on Westminster Bridge and stabbed Officer Keith Palmer.

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U.K. police early Thursday raided a residence in Birmingham that has been linked to the deadly Westminster attacks, with several arrests made, according to media reports. Sky News and other outlets reported that the man suspected of carrying out Wednesday’s terror attack near the Houses of Parliament was said to have lived at the residence. Witnesses told the Associated Press that the police arrested three men at the scene. Five people have now reportedly died after an attacker plowed through pedestrians near Westminster Bridge and stabbed a police officer on Wednesday.

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Apple Inc. has acquired Workflow, a popular mobile app for automating tasks, according to a TechCrunch report late Wednesday. Workflow allows users to group together a number of actions to complete tasks, such as creating GIFs from photos, posting photos to different social networks at once and calculating tips. “We are thrilled to be joining Apple,” Workflow co-founder Ari Weinstein told TechCrunch. Apple confirmed the acquisition, but did not disclose the price. In 2015, the app won an Apple Design Award for its accessibility features. TechCrunch said the app, which had been offered for $2.99 on Apple’s App Store, would be made free later Wednesday.

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The Virgin America brand will be dropped in 2019, Alaska Airlines announced Wednesday, three months after completing a $2.6-billion acquisition of the low-cost airline. Alaska Airlines had previously explored the idea of maintaining both brands. “While the Virgin America name is beloved to many, we concluded that to be successful on the West Coast we had to do so under one name — for consistency and efficiency, and to allow us to continue to deliver low fares,” Sangita Woerne, Alaska Alaska Airlines’ vice president of marketing, said in a statement. Alaska said it would keep a number of Virgin amenities that have made it a favorite among fliers, including enhanced in-flight entertainment, music and its signature mood lighting. Since closing the sale, Alaska has announced routes to 21 new markets in its effort to be the dominant airline on the U.S. West Coast.

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Shares of Calvin Klein parent PVH Corp. jumped nearly 8% late Wednesday after the company reported quarterly earnings above expectations and revenue that met guidance and Wall Street forecasts. PVH said it earned $101 million, or $1.26 a share, in the fourth quarter, compared with $134 million, or $1.63, a year ago. Adjusted for one-time items, the company earned $1.23 a share, compared with $1.52 a share a year ago. Revenue reached $2.1 billion in the quarter, flat compared to the prior year. Analysts polled by FactSet had expected earnings of $1.19 a share on sales of $2.1 billion in the quarter. PVH’s board authorized a $750 million increase and extension until June 2020 for the company’s share buyback program, the company said. Shares of PVH, which also owns Heritage Brands and Tommy Hilfiger, had ended the regular session down 2%.

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