Category: Stock Market News

J.Jill Inc. late Wednesday priced its initial public offering at under the expected range. The woman’s apparel retailer said it will offer 11.7 million shares at $13 apiece for trading on the New York Stock Exchange on Thursday. The IPO was expected to price at $14 to $16 a share, according to a late February filing with the Securities and Exchange Commission. Underwriters have the option to buy up to 1.8 million additional shares to cover overallotments.

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E.L.F Beauty Inc. shares soared 14% late Wednesday after the cosmetics company swung to a profit in the fourth quarter and gave guidance above consensus. E.L.F said it earned $6.6 million, or 13 cents a share, in the quarter, versus a loss of $40 million, or $1,151.13 a share, in the year-ago quarter. Adjusted for one-time items, the Oakland, Calif., company earned 19 cents in the quarter, compared with 14 cents a share a year ago and beating the 13 cents FactSet consensus. Sales rose to $76.4 million in the quarter, up 17% from a year ago. The company said it expects full-year 2017 sales between $285 million and $295 million, and adjusted EPS of 40 cents to 43 cents. The FactSet consensus is for sales of $281.3 million and EPS of 36 cents for the year. E.L.F. shares are down 16.8% for the last three months while the S&P 500 index is up 5.2% for the same period.

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Tailored Brands Inc. shares fell more than 22% Wednesday after the parent of Men’s Wearhouse, Jos. A. Bank and other apparel retailers reported a wider-than-expected loss and lower sales in the fourth quarter. Tailored Brands said it lost 62 cents a share in the three-month period, compared with a loss of $21.86 a share in the same period a year ago. Sales reached $793.3 million in the quarter, down from $826 million a year ago. The company’s fourth-quarter GAAP operating loss included a $14 million charge related to fixed assets in its Macy’s tuxedo stores. Adjusted for one-time items, the company lost 19 cents a share, compared with 30 cents a share in the fourth quarter of 2015. Analysts polled by FactSet had expected an adjusted loss of 12 cents a share on sales of $811 million in the quarter. A “challenging retail environment resulted in soft traffic across our retail brands,” CEO Doug Ewert said in a statement. In anticipation of similar trends, Tailored Brands projected earnings between $1.45 a share to $1.75 a share for fiscal 2017. The outlook includes an estimated operating loss of $19 million to $20 million from the Macy’s tuxedo business, which did not ramp in 2016 as the company expected. “We are actively engaged in discussions with Macy’s to restructure our agreement. Due to the early stages of our negotiations, our current 2017 plan assumes no further Macy’s store expansion,” and a restructured agreement with the department store “will involve a different operating model,” Tailored Brands said. Shares of the company ended the regular trading day up 1.1%.

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Bankrate Inc. shares dropped in the extended session Wednesday after the online personal-finance content company’s quarterly results fell short of Wall Street expectations. Shares of Bankrate fell 10% to $9.86 after hours. The company reported adjusted fourth-quarter earnings of 16 cents a share on revenue of $113.6 million. Analysts surveyed by FactSet had estimated 19 cents a share on revenue of $120.2 million. Bankrate expects revenue of $115 million to $118 million for the first quarter, and $500 million to $515 million for the year. Analysts estimate $113.9 million for the first quarter, and $498.3 million for the year.

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Shares of Snap Inc. soared 6.4% to $22.81 on Wednesday, snapping a two-day losing streak. The rally follows a 21% combined decline on Monday and Tuesday from a closing high of $27.09 on Friday. Snap, the parent company of the ephemeral messaging app Snapchat, went public at a price of $17 and began trading on Thursday. The company’s splashy IPO led to a buying flurry that sent the stock up sharply in the two days after its market debut. However, a number of bearish initiations, many pointing to the company’s shaky fundamentals and calling the stock overvalued, burst the post-IPO bubble. By comparison, the tech-heavy Nasdaq Composite closed slightly higher Wednesday, up 0.6%, while both the S&P 500 and Dow Jones Industrial Average ended slightly lower.

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Perdue Farms said Wednesday that it has promoted Randy Day to chief executive officer, effective immediately. He is the fourth CEO in the company’s nearly century-long history. Day has been chief operating officer since May 2016, and has been with the company for 36 years. He succeeds Jim Perdue, who has been chairman and CEO since 1991. He will continue as company spokesperson and chairman. Day will serve on the the company’s board.

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Oil prices settled Wednesday at their lowest level of the year, suffering from their biggest one-day percentage drop since February 2016. U.S. government data showed that domestic-crude supplies jumped 8.2 million to 528.4 million barrels–the highest level on record. April West Texas Intermediate crude lost $2.86, or 5.4%, to settle $50.28 a barrel on the New York Mercantile Exchange, the lowest finish for a front-month contract since early December. The sharp drop in crude futures was putting pressure on the Dow Jones Industrial Average and the S&P 500 index , with the energy sector posting the steepest decline of the broad-market benchmark’s 11 sectors.

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White House spokesman Sean Spicer on Wednesday said there was a “massive, massive” difference between WikiLeaks’ release of Central Intelligence Agency hacking methods and that site’s release of former Clinton campaign manager John Podesta’s Gmail account. President Trump, during the campaign, had declared, “I love WikiLeaks.” “The interest and outrage that occurred last year by a lot of Democrats when it came to leaks, it’s interesting that we’re hearing not as much outrage now when it comes to national security,” Spicer said. On the Republican healthcare bill, Spicer said the amount of affordable healthcare services, not the number of people who obtain health insurance coverage, is the more important metric.

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Gold futures tallied a seventh straight session decline on Wednesday to end at their lowest level since the beginning of February. Upbeat data on U.S. private-sector jobs helped boost the dollar and fed expectations that the Federal Reserve will raise interest rates at its meeting next week. April gold lost $6.70, or 0.6%, to settle at $1,209.40 an ounce.

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General Electric Co. said Wednesday it is aggressively expanding German 3-D metal printing company Concept Laser GmbH, in which it purchased a 75% stake in mid-December. GE has increased the number of employees at the company to 244 from 200 and is expected to reach 350 to 400 people by early 2018. Most of the new hires will be in engineering and technicians, GE said in a statement. GE is planning a big expansion of the company’s headquarters in Lichtenfels with new space planned for manufacturing, product development, testing and administration. The company also has operations in the U.S., in Grapevine, Texas, and in China. GE has been on a buying spree of 3-D metal printing companies of late. In 2016, it acquired Sweden’s Arcam AB and Germany’s SLM Solutions Group AG for a combined $1.4 billion. Those moves were aimed at pushing the company into 3-D printing as a way to make aircraft components and other parts. 3-D printing involves using digital designs and modeling software with laser technology to create parts that are usually lighter and more durable than traditionally manufactured parts because they need less welding and machining. But much of the promise of the market is the extra design possibilities for engineers. GE shares were flat Wednesday, and are down 5.5% in the year so far. The Ark Invest’s 3D Printing ETF has gained 5% in the same time frame, while the S&P 500 has gained 5.7%.

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