Category: Stock Market News

Office Depot Inc. reported Wednesday fourth-quarter earnings that rose to $80 million, or 15 cents a share, from $15 million, or 3 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 11 cents, above the FactSet consensus of 11 cents. Revenue slipped to $2.73 billion from $2.77 billion, but was above the FactSet consensus of $2.70 billion. North American retail sales fell to $1.37 billion from $1.41 billion, but beat expectations of $1.33 billion. North American retail same-store sales fell 4%, due primarily to lower store traffic. Looking ahead, the office supplies retailer expects 2017 sales to be lower than 2016. The FactSet consensus of $10.40 billion implies a 5.6% decline from 2016 sales of $11.02 billion. The stock, which was still inactive in premarket trade, has tumbled 15% over the past three months while the S&P 500 has gained 7.9%.

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Francois Fillon, the center-right politician running to become France’s next president, said Wednesday he’s staying in the race even as he faces a summons over an investigation into payments to his wife. Fillon said during a press conference that he’ll be summoned to face charges on March 15 following a police investigation into his wife’s pay from public funds. The allegations are that his wife, Penelope, was paid roughly €500,000 without doing any work. Fillon insisted he hasn’t embezzled any money and that the allegations amount to “political assassination.” Fillon, a former prime minister, abruptly held a press conference after cancelling a visit to an agricultural fair. The euro fell to $1.0536 as Fillon spoke, but yields on French 10-year and 2-year bonds were little changed.

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Shares of Seaspan Corp. fell in the extended session Tuesday after the Hong Kong-based container ship company sharply cut its quarterly dividend. Seaspan shares dropped 13% to $6.86 after hours. The company cut its quarterly dividend to 12.5 cents a share from a previous 37.5 cents a share. “We believe this decision is in the long-term interests of our shareholders and will allow us to capitalize on industry weakness while maintaining a strong balance sheet,” said Seaspan CEO Gerry Wang in a statement. Seaspan reported adjusted fourth-quarter earnings of 21 cents a share on revenue of $213.2 million, while analysts surveyed by FactSet had estimated 17 cents a share on revenue of $213.4 million.

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President Donald Trump is delaying his state visit to the United Kingdom until October, U.K. tabloid The Sun reported. The report said Trump and Prime Minister Theresa May agreed to postpone his visit until the fall in a bid for the controversy over Trump’s ban on citizens from seven majority-Muslim nations to die down. An October visit also means it’s more likely Trump would see the queen at her retreat in Scotland.

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President Donald Trump is delaying his state visit to the United Kingdom until October, U.K. tabloid The Sun reported. The report said Trump and Prime Minister Theresa May agreed to postpone his visit until the fall in a bid for the controversy over Trump’s ban on citizens from seven majority-Muslim nations to die down. An October visit also means it’s more likely Trump would see the queen at her retreat in Scotland.

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President Donald Trump may be open to allowing millions of undocumented immigrants who have not committed serious crimes to stay in the country legally, according to a New York Times report Tuesday evening. That would be a radical shift from the crackdown on undocumented immigrants laid out in Trump’s first several weeks in office. The Times quoted a number of TV news anchors, who met with Trump earlier Tuesday, who said the president told them he was open to a broad immigration-law overhaul, “as long as there is compromise on both sides.” It was unclear if Trump would address the issue later Tuesday night in his address to a joint session of Congress.

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After causing problems for websites and mobile applications in the United States on Tuesday, Amazon.com Inc. said it had solved issues with a crucial cloud-infrastructure offering Tuesday afternoon. At 2:08 p.m. Pacific time, Amazon Web Services posted on its status page that all issues with S3, a cloud-storage service, had been resolved. “We are fully recovered for operations for adding new objects in S3, which was our last operation showing a high error rate,” the message read. “The Amazon S3 service is operating normally.” Amazon first disclosed the problem at 10:33 a.m. Pacific time.

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Shares of Veeva Inc. declined in the extended session Tuesday as the provider of cloud-based software to drugmakers issued an outlook that was fairly in-line with Wall Street estimates. Veeva shares declined 3.9% to $42 after hours. Veeva sees earnings of 18 cents a share on revenue of between $151 million to $152 million for the first fiscal quarter, and 78 cents to 80 cents a share on revenue of $655 million to $660 million for the year. Analysts surveyed by FactSet estimate 18 cents a share on revenue of $148.3 million for the first quarter, and 80 cents a share on revenue of $651.1 million for the year. The company reported adjusted fourth-quarter earnings of 22 cents a share on revenue of $150.2 million. Analysts expected 17 cents a share on revenue of $145.9 million.

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The American Petroleum Institute late Tuesday reported a climb of 2.5 million barrels in U.S. crude supplies for the week ended Feb. 24, according to sources. Analysts polled by S&P Global Platts forecast a rise of 2.1 million barrels for the week. The API data also showed a rise of 1.8 million barrels in gasoline supplies and a decline of 3.7 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. April crude was at $53.90 a barrel in electronic trading, down from the contract’s settlement of $54.01 on the New York Mercantile Exchange.

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The dollar and Treasury yields rose on Tuesday after New York Fed President William Dudley said during an interview with CNN that the case for raising interest rates has become more compelling. the yield on the two-year Treasury note , typically the most sensitive to shifts in rate-hike expectations, rose as much as six basis points to 1.260% following Dudley’s comments. The yield on the 10-year note saw a more modest increase, rising 2.4 basis points to 2.389%. The dollar strengthened to 112.73 yen, compared with 112.31 yen earlier in the session. The euro , meanwhile, dropped to $1.0578, compared with $1.0594. Stock futures remained relatively steady, with futures for the S&P 500 were relatively steady at 2,362.25.

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