Category: Stock Market News

Starbucks Corp. said Tuesday that the first of its Starbucks Roastery locations in the Europe, Middle East and Africa regions will open in Milan in 2018. It will be the fifth location in the world. The Starbucks Roastery is a large retail space where rare coffees are roasted and tasted. The Milan Roastery will be in a 25,500-square-foot former post office on Piazza Cordusio. In time, Starbucks plans to open 20 to 30 Roastery locations around the world. Along with its business partner Percassi, Starbucks will also open a number of smaller cafes in Milan in 2018, hiring 350 employees in Italy. A Starbucks Roastery is heading to Shanghai in 2017 and New York and Tokyo in 2018. Starbucks shares are nearly flat in premarket trading, and down 2.7% for the past year. The S&P 500 index is up 21.7% for the last 12 months.

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The U.S. Senate confirmed Wilbur Ross as secretary of commerce Monday evening by a 72-27 vote. Ross, 79, a billionaire investor, is expected to play a crucial role in President Donald Trump’s plans to change U.S. trade policy, including renegotiating the North American Free Trade Agreement.

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Shares of Kindred Healthcare Inc. rose more than 4% late Monday after the company said it will halt its dividend after a March dividend payment in order to pay down debt and invest in growth. Kindred said in a statement its board of directors approved a cash dividend of 12 cents a share, payable March 31 to shareholders of record March 13, and has determined that the company’s stock trading levels “do not sufficiently reflect the value of the company’s quarterly cash dividend.” Shares of Kindred ended the regular trading session up 3.3%.

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Privately held SpaceX said late Monday it has been approached to fly two “private citizens” on a trip around the moon late next year. The two people have already paid a “significant deposit” to do a moon mission, the company, led by Tesla Inc. CEO Elon Musk, said in a statement. “Like the Apollo astronauts before them, these individuals will travel into space carrying the hopes and dreams of all humankind, driven by the universal human spirit of exploration,” SpaceX said. Health and fitness tests as well as training will begin late this year, the company said. “Other flight teams have also expressed strong interest and we expect more to follow. Additional information will be released about the flight teams, contingent upon their approval and confirmation of the health and fitness test results,” the company said.

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Tenet Healthcare Corp. fell 10% in late trading Monday after substantially missing earnings expectations. The hospital operator reported a fourth-quarter loss of $79 million, or 79 cents a share, on revenue of $4.86 billion. After adjustments for restructuring- and acquisition-related costs, as well as other effects, Tenet claimed profit of 6 cents a share. Analysts polled by FactSet expected on average for Tenet to report adjusted earnings of 22 cents a share on sales of $4.96 billion. The company also whiffed on its forecast, projecting first-quarter losses of 45 cents to 60 cents a share on sales of $4.75 billion to $4.95 billion, and full-year profit of $1.05 to $1.30 a share on sales of $19.7 billion to $20.1 billion. Analysts projected first-quarter adjusted profit of 45 cents a share and sales of $4.95 billion for Tenet, and full-year adjusted earnings of $1.97 a share on revenue of $20 billion. Shares decline to less than $20.50 in after-hours action Monday, after closing with a 3.1% gain at $22.67.

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Shares of Perrigo Co. Plc fell more than 9% late Monday after the Dublin, Ireland, -based drug maker reported unaudited 2016 results and said it had agreed to sell the royalties from Tysabri, a multiple sclerosis drug. The Tysabri royalties would be sold to RPI Finance Trust, an affiliate of Royalty Pharma, for up to $2.85 billion, composed of $2.2 billion cash at closing and up to $650 million in payments based on future net sales. The deal is expected to close within 30 business days, subject to certain conditions, Perrigo said in a statement. Perrigo reported a preliminary 2016 loss in a range of $28.85 and $29 a share, and preliminary adjusted earnings per diluted share in the range of $7.10 a share and $7.25 a share. Perrigo said it expects 2017 reported earnings per share to be in the range of $3.39 to $3.74, and adjusted earnings per diluted share to be in the range of $6.30 to $6.65. The company also appointed Ron Winowiecki as acting chief financial officer, effective immediately, after the resignation of Judy L. Brown, who joined another pharmaceutical company. Perrigo is conducting a search for a permanent CFO, “which includes Mr. Winowiecki as a key candidate,” the company said in a separate statement.

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Hertz Global Holdings Inc. shares rose in the extended session Monday after an initial drop as the car-rental company reported a wider-than expected loss for the quarter. Hertz shares were up 0.5% to $20.10 after hours at last check. The company reported an adjusted fourth-quarter loss of 71 cents a share on revenue of $2.01 billion. Analysts surveyed by FactSet had estimated a loss of 56 cents a share on revenue of $2.02 billion.

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Tricon Capital Group Inc. will buy Silver Bay Realty Trust Corp. for $21.50 a share in a deal valued at $1.4 billion, the Canadian company announced late Monnday. The transaction includes about $820 million in equities and $600 million of Silver Bay debt. The purchase, when finalized in the second quarter, is expected to add to Tricon’s earnings. Shares of Silver Bay surged 18% to $21.45 while Tricon fell 2.7% after hours.

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Walt Disney-owned network ABC drew its lowest Oscar viewership in nine years. The Oscars award ceremony pulled in an average 32.9 million total viewers, according to Nielsen data, which was down compared with last year’s 34.4 million viewers. Though the broadcast has been slipping in recent years it still managed to beat out the Golden Globes by 12.9 million viewers and the Grammys by 6.8 million. The ceremony garnered a 22.4/36 Nielsen overnight rating for its telecast of the 89th Annual Academy Awards on Sunday. That means 22.4% of households with a TV watched the awards ceremony and 36% of households actually watching TV at the time were tuned into the Oscars. “Moonlight” took home the night’s grand prize of best picture, beating out favorite “La La Land” in a surprise twist ending. The ceremony, coming a little more than a month after President Donald Trump’s inauguration, served as a platform for filmmakers and host Jimmy Kimmel to make political commentary and jokes. The 2017 telecast was on par with last year’s show, which had a 22.5/36 rating. Shares of Disney are up nearly 16% in the trailing 12-month period, while the S&P 500 index is up more than 21% and the Dow Jones Industrial Average is up 25% in the same time frame.

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Intelsat shares climbed 25% as Sky News reported that Japanese technology investor SoftBank is looking to merge the New York-listed company with OneWeb. SoftBank would participate by paying down Intelsat debt, the report said. Intelsat shares were halted.

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