Category: Stock Market News

Shares of Stage Stores Inc. plummeted 31% in premarket trade Thursday toward a record low, after the department store chain reported a fourth-quarter profit that missed expectations and provided a downbeat outlook. The company swung to a net loss of $6.8 million, or 25 cents a share, in the quarter to Jan. 28, from a profit of $21.0 million, or 71 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share of 20 cents missed the FactSet consensus of 27 cents. Revenue fell to $454.4 million from $502.6 million, above the FactSet consensus of $449.1 million, as same-store sales dropped 8.5%. The company expects 2017 losses per share of 95 cents to $1.55, compared with the FactSet loss consensus of 35 cents a share. “Our fourth quarter adjusted earnings reflect continued challenges in our oil impacted and border states, as well as the overall soft retail environment,” said Chief Executive Michael Glazer, noting that weak traffic led to heightened promotional activity and pressure on gross margins. The stock has plunged 74% over the past 12 months through Wednesday, while the S&P 500 has climbed 21%.

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Kroger Co. shares rose 0.3% in Thursday premarket trading after the grocer reported fourth-quarter earnings that beat expectations. Net income was $506.0 million, or 53 cents per share, down from $559.0 million, or 57 cents per share, for the same period last year. The FactSet consensus was 52 cents. Sales for the quarter totaled $27.6 billion, up from $26.2 billion last year and ahead of the $27.3 billion FactSet consensus. Same-store sales fell 0.7%, below the 0.1% increase FactSet forecast. Sales and same-store sales figures exclude fuel. Kroger sees 2017 same-store sales, excluding fuel to range from flat to up 1%. The company expects EPS to range from $2.21 to $2.25. The FactSet consensus is $2.23. Kroger shares are down 21.1% for the past year while the S&P 500 index is up 20.6% for the period.

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Abercrombie & Fitch Co. reported fourth-quarter net income of $48.8 million, or 71 cents per share, down from $57.7 million, or 85 cents per share, for the same period last year. The FactSet consensus was 75 cents. Sales for the quarter were $1.04 billion, down from $1.11 billion last year and just below the $1.05 billion FactSet consensus. Same-store sales for the company fell 5%, with the Abercrombie & Fitch brand seeing a 13% decline and Hollister up 1%. The FactSet consensus was for a 5.4% decline. Abercrombie shares are unchanged in Thursday premarket trading, and down 61.6% for the past year. The S&P 500 index is up 20.6% for the last 12 months.

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Shares of Kite Pharma Inc. slumped 5.2 in premarket trade Thursday, after the developer of cancer treatments launched a public offering of 4.75 million common shares. The move comes after the stock rocketed 51% over the past three days, amid positive results from a study of its treatment for aggressive non-Hodgkin’s lymphoma. Kite said all the shares will be sold by the company. With about 50.2 million shares outstanding through Wednesday, according to FactSet, the offering would increase that total by 9.5%. The underwriters of the offering have been granted options to buy up to an additional 712,500 shares. The stock has rallied 48% over the past 12 months, while the S&P 500 has gained 21%.

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Snap Inc. confirmed an earlier report Wednesday, pricing shares in its initial public offering at $17 for the largest U.S.-listed IPO since Alibaba Group Holdings Ltd. in 2014. The parent company of the popular Snapchat mobile app said it would sell 200 million shares for a total take of $3.4 billion, with about $2.5 billion going to the company and the rest to early investors and executives who sold shares. Snap receives an initial market capitalization of $19.7 billion, though that valuation jumps to roughly $24 billion when counting unvested shares and other potential dilution. Snap shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol SNAP.

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Planet Fitness Inc. shares declined in the extended session Wednesday after the gym chain’s full-year forecast earnings range fell short of the Wall Street view. Planet Fitness shares fell 8.1% to $20.08 after hours. The company forecast adjusted 2017 earnings of 72 cents to 75 cents a share on revenue of $405 million to $415 million. Analysts surveyed by FactSet expect 75 cents a share on revenue of $411.2 million. For the fourth quarter, Planet Fitness reported adjusted earnings of 20 cents a share on revenue of $116.4 million. Analysts had estimated 19 cents a share on revenue of $115.5 million.

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Pure Storage Inc. fell as much as 11% in late trading Wednesday after reporting earnings that beat expectations but coming up short in its forecast for the current quarter. The flash-storage firm reported a net loss of $42.9 million, or 21 cents a share, on sales of $227.9 million. After adjustments for stock-based compensation and other effects, Pure Storage claimed a loss of 2 cents a share. Analysts on average expected adjusted losses of 8 cents a share on sales of $224.5 million, according to FactSet. For the current quarter, though, Pure Storage predicted revenue of $171 million to $179 million, well short of analysts’ average forecast of $201 million, according to FactSet. Pure Storage was more in line with analysts’ forecasts for the full fiscal year, predicting revenue of $975 million to $1.025 billion, while FactSet reports analysts on average projecting sales of $1.01 billion.

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Juno Therapeutics Inc. stock declined as much as 4% after the bell on Wednesday after the company said it won’t be moving forward with its JCAR015 drug, which is intended for relapsed or refractory acute lymphoblastic leukemia, saying it recognizes the “unfortunate and unexpected toxicity” of the drug. The company also reported fourth-quarter earnings. Several patients died during clinical trials last year in the summer and then the fall. The company initially attributed the deaths to the chemotherapy drug used with JCAR015, which it removed from the trial, but then two additional patients died, the company said in late November. The company said its investigation found that certain patient, product and other characteristics may have added to the trial’s risk. Changes could allow the trial to proceed, Juno said, but it would require another phase 1 trial. As such, Juno said it, along with partner Celgene Corp. , made the “strategic decision” to focus resources on another drug in this disease area, with a trial planned for next year. Juno shares have increased 27.2% over the last three months, compared with a 9.4% rise in the S&P 500 .

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Shares of Monster Beverage Corp. rallied in Wednesday’s extended session after the energy drink maker posted higher earnings and announced a new $500 million stock repurchase plan. Monster reported its fourth-quarter earnings rose to $172.9 million, or 30 cents a share, from $138.7 million, or 22 cents a share, a year earlier. The company said its bottom line was negatively impacted by $46.3 million in distribution termination fees. Revenue increased to $753.8 million from $645.4 million. Analysts surveyed by FactSet had forecast earnings of 30 cents on revenue of $724 million. Shares gained more than 6% after hours.

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Broadcom Ltd. shares rose in the extended session Wednesday after the chipmaker’s quarterly results topped Wall Street estimates for the quarter. Broadcom shares rose 3.8% to $222.97 after hours. The company reported adjusted fiscal first-quarter earnings of $3.63 a share on adjusted revenue of $4.15 billion. Analysts surveyed by FactSet had estimated $3.48 a share on revenue of $4.08 billion. Broadcom forecast adjusted second-quarter revenue of $4.1 billion, give or take $75 million, while analysts expect $3.91 billion.

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