Category: Stock Market News

Shares of Tenet Healthcare Corp. jumped 10% late Monday after the company reported fourth-quarter revenue above expectations and raised its outlook for 2018. The company also reported lower-than-expected provisions for unpaid accounts. Tenet reported a loss of $229 million, or $2.27 a share, in the quarter, compared with a loss of $79 million, or 79 cents a share, in the fourth quarter of 2016. Net operating revenue reached $4.98 billion, from $4.86 billion a year ago. Analysts polled by FactSet had expected GAAP revenue of $1.20 a share on revenue of $4.87 billion. The company said it expects revenue between $17.9 billion to $18.3 billion in 2018, and adjusted diluted earnings from continuing operations of 73 cents a share to $1.07 a share for the year. The company raised the midpoint of its previous 2018 adjusted earnings before interest and other items range by $25 million to reflect higher expectations for its subsidiary Conifer and additional Medicaid reimbursements, among other factors. Tenet’s provision for doubtful accounts was $325 million in the fourth quarter, compared to expectations of $368 million, according to FactSet.

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Palo Alto Networks Inc. shares got a boost from already-record share prices Monday afternoon after the security-software company reported an earnings beat. Palo Alto Networks reported a net loss of $34.9 million on revenue of $542.4 million in its fiscal second quarter, as sales grew from $422.6 million the year before. After adjusting for stock-based compensation and other effects, the company claimed earnings of 97 cents a share, with an 11 cents-per-share boost from the new tax law, up from 63 cents a share a year ago. Analysts on average expected adjusted earnings of 79 cents a share, after the company projected 78 cents to 80 cents a share, on revenue of $525 million, according to FactSet. The company also increased its full-year projections, which now call for revenue in the range of $2.19 billion to $2.22 billion; billings in the range of $2.72 billion to $2.77 billion; and adjusted profit in the range of $3.84 to $3.91 a share. After logging a 52-week closing high of $169.32 Monday, shares jumped more than 6% in late trading immediately following the release of earnings.

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From:: Stock Market News

Palo Alto Networks Inc. shares got a boost from already-record share prices Monday afternoon after the security-software company reported an earnings beat. Palo Alto Networks reported a net loss of $34.9 million on revenue of $542.4 million in its fiscal second quarter, as sales grew from $422.6 million the year before. After adjusting for stock-based compensation and other effects, the company claimed earnings of 97 cents a share, with an 11 cents-per-share boost from the new tax law, up from 63 cents a share a year ago. Analysts on average expected adjusted earnings of 79 cents a share, after the company projected 78 cents to 80 cents a share, on revenue of $525 million, according to FactSet. The company also increased its full-year projections, which now call for revenue in the range of $2.19 billion to $2.22 billion; billings in the range of $2.72 billion to $2.77 billion; and adjusted profit in the range of $3.84 to $3.91 a share. After logging a 52-week closing high of $169.32 Monday, shares jumped more than 6% in late trading immediately following the release of earnings.

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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From:: Stock Market News

Palo Alto Networks Inc. shares got a boost from already-record share prices Monday afternoon after the security-software company reported an earnings beat. Palo Alto Networks reported a net loss of $34.9 million on revenue of $542.4 million in its fiscal second quarter, as sales grew from $422.6 million the year before. After adjusting for stock-based compensation and other effects, the company claimed earnings of 97 cents a share, with an 11 cents-per-share boost from the new tax law, up from 63 cents a share a year ago. Analysts on average expected adjusted earnings of 79 cents a share, after the company projected 78 cents to 80 cents a share, on revenue of $525 million, according to FactSet. The company also increased its full-year projections, which now call for revenue in the range of $2.19 billion to $2.22 billion; billings in the range of $2.72 billion to $2.77 billion; and adjusted profit in the range of $3.84 to $3.91 a share. After logging a 52-week closing high of $169.32 Monday, shares jumped more than 6% in late trading immediately following the release of earnings.

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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The Dow Jones Industrial Average Monday afternoon was climbing sharply higher, supported by components Boeing Co. and 3M Co. Shares of Boeing Co. and 3M were up around 2%, or more, adding almost 100 points to the price-weighted Dow . A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average. The Dow was most recently up 414 points, or 1.6%, at 25,721, putting the gauge 3.4%, or about 895 points, shy of its all-time peak hit Jan. 26 at 26.616.71. Stock benchmarks have moved briskly higher since slipping into correction territory on Feb. 8, defined as a drop of at least 10% from a recent top. The S&P 500 index was up 1.2% at 2,778, about 3.3% shy of its all-time high at 2,872.87, while the Nasdaq Composite Index was 1.2% short of its recent peak at 7,505.77, trading up 1.1% at 7.415 on the day.

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Oil prices settled higher Monday, with U.S. benchmark crude up for a third session in a row. The recent shutdown of an oil field in Libya helped provide support as traders awaited this week’s update on U.S. crude supplies following the unexpected decline reported a week earlier. April WTI crude rose 36 cents, or 0.6%, to settle at $63.91 a barrel on the New York Mercantile Exchange.

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The Dow Jones Industrial Average Monday afternoon was climbing sharply higher, supported by components Boeing Co. and 3M Co. Shares of Boeing Co. and 3M were up more than 2%, adding about 80 points to the price-weighted Dow . A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average. The Dow was most recently up 365 points, or 1.4%, at 25,672, putting the gauge 3.5%, or about 940 points, shy of its all-time peak hit Jan. 26 at 26.616.71. Stock benchmarks have moved briskly higher since slipping into correction territory on Feb. 8, defined as a drop of at least 10% from a recent top. The S&P 500 index was up 1% at 2,774, about 3.4% shy of its all-time high at 2,872.87, while the Nasdaq Composite Index was 1.3% short of its recent peak at 7,505.77, trading up 0.9% at 7.406 on the day.

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Gold futures settled higher Monday to recoup the losses they suffered in the previous session, getting a lift from a more steady U.S. dollar and a drop in Treasury yields. Investors are looking ahead to Federal Reserve Chairman Jerome Powell’s congressional testimony on Tuesday and Wednesday. April gold rose $2.50, or 0.2%, to settle at $1,332.80 an ounce, after losing 0.2% on Friday.

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From:: Stock Market News

The Dow Jones Industrial Average on Monday afternoon was climbing sharply higher, supported by components Boeing Co. and 3M Co. Shares of Boeing Co. and 3M were up about 2%, adding about 80 points to the price-weighted Dow . A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average. The Dow was most recently up 340 points, or 1.3%, at 25,638, putting the gauge 3.7%, or 969 points, shy of its all-time peak hit Jan. 26 at 26.616.71. Stock benchmarks have moved briskly higher since slipping into correction territory on Feb. 8, defined as a drop of at least 10% from a recent top. Meanwhile, the S&P 500 index was up 0.9% at 2,772, about 3.6% shy of its all-time high at 2,872.87, while the Nasdaq Composite Index was 1.4% short of its recent peak at 7,505.77, trading up 0.9% at 7.399.

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New York State Comptroller Thomas DiNapoli has filed a lawsuit against the board of Wynn Resorts Ltd. , alleging that some directors were aware that former Chief Executive Stephen Wynn had repeatedly engaged in sexual misconduct with employees, but failed to hold him accountable or investigate. “These board directors and officers were duty-bound to protect employees and the company, yet they failed to confront allegations of predatory behavior,” DiNapoli said. “We are asking the court to hold accountable the company officers and directors who allowed this behavior to go unchecked. The deeply disturbing revelations underscore that this board was loyal to Mr. Wynn at the expense of the safety of the company’s employees and the company’s shareholders.” The suit has been filed in District Court in Clark Co., Nevada. DiNapoli is trustee of the New York State Common Retirement Fund, the public pension for state workers. Wynn resigned earlier this month, after a Wall Street Journal report that he repeatedly made unwanted advances and forced workers to engage in sex acts over years. The report was based on interviews with about 150 employees. Wynn shares lost about 20% of their value in the first few days after the report was published. They are now down 6% on the month, while the S&P 500 has gained 0.8%.

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