Category: Stock Market News

Saks Fifth Avenue, which is owned by Canada’s Hudson’s Bay Co. , is opening Thursday a third store New York City, targeting men in the financial district. The Saks Fifth Avenue Men’s Store will be at 250 Vesey Street in Manhattan, which was formerly 4 World Financial Center. Shoppers will have access to a “tech bar,” and be able to design their own suits. Hudson’s stock, listed on the Toronto stock exchange, has lost 12% over the past three months, compared with a 5.8% drop in the SPDR S&P Retail ETF and the S&P 500’s 7.2% gain.

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AMC Networks Inc. reported profit and revenue for the fourth quarter on Thursday that came in above Wall Street expectations. Net income for the quarter was $14.5 million, or 20 cents per share, compared with $90.1 million, or $1.23 per share, during the same period a year ago. Adjusted earnings per share were $1.30, above FactSet’s consensus of $1.27. Revenue increased 7.5% to $729.6 million in the quarter, compared with $679.0 million in the year-earlier period. Fourth-quarter revenue was above the $710.0 million FactSet had forecast. The media and entertainment company said revenues at its national networks segment, which includes AMC, WE tv and BBC America to name a few, rose 9.2% to $614.1 million. AMC’s hit show “The Walking Dead” is the No. 1 show on TV and AMC Chief Executive Josh Sapan said in a statement that it “Is a powerful example of programming that we own and distribute that commands a loyal audience, attracts advertising revenues and has significant ancillary revenues that will benefit our business for years to come.” Shares of AMC were inactive in premarket trade, but are down 16% in the last 12 months, while the S&P 500 Index is up 23%.

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Qualcomm Corp. is doubling down on its virtual-reality efforts as it seeks to make its processors more attractive to headset manufacturers over rivals, such as Intel Corp. . The company announced Thursday a head-mounted display accelerator program designed to help original equipment manufacturers enter the virtual-reality market by subsidizing some of their engineering costs. Qualcomm said it will help to reduce the time it takes to create, develop and go to market, and estimates the program will help manufacturers get a commercial product available “within just a few months.” Qualcomm’s Snapdragon chips, which compete with similar chips produced by Intel, power the technology behind immersive virtual-reality experiences. Last year, the company said it was developing a standalone headset that could be easily adapted to specific manufacturers’ specializations. At CES this year, Intel also showcased its own standalone virtual-reality headset called Project Alloy. Shares of Qualcomm were inactive in premarket trade. They’ve declined by more than 16% in the past three months, underperforming a 7.2% increase for the S&P 500 . Intel’s shares are up 2.5% in the past three months.

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Shares of Cyclacel Pharmaceuticals Inc. plunged 19% in premarket trade Thursday, after disappointing late-stage trial results of its leukemia treatment. The company said a phase 3 Seamless trial of its treatment of newly diagnosed acute myeloid leukemia in elderly patients did not meet its primary endpoint of statistically significant improvement in overall survival. Cyclacel said a secondary endpoint of an improved rate of complete remission was observed in patients who had discontinued therapy at the time of analysis. “We plan to discuss the data with European and US regulatory authorities once subgroup analyses are completed over the next few months and will report our further plans as they develop,” said Cyclacel Chief Executive Spiro Rombotis. The stock has soared 26% over the past three months through Wednesday, while the S&P 500 has gained 7.2%.

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Wayfair Inc. shares rose 3% in Thursday premarket trading after the online home retailer announced sales that beat estimates. Net loss for the quarter was $44.0 million, or 51 cents, compared with a $15.5 million loss, or 18 cents, for the same period last year. Adjusted loss was 34 cents per share, ahead of the FactSet consensus for a 50-cent loss. Sales were $984.6 million, up from $739.8 million, and beating the $970.0 million FactSet consensus. The number of active customers rose 53.9% year-over-year to 8.3 million as of Dec. 31, 2016. Average order value was $203 for the quarter, down from $222 the year prior. Wayfair shares are up nearly 1% for the past year while the S&P 500 index is up 23% for the same period.

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Shares of Chesapeake Energy Corp. surged 2.2% in premarket trade Thursday, after the oil and natural gas exploration and production company matched fourth-quarter profit expectations and said it expected rig counts to grow this year. For the quarter to Dec. 31, the company reported a loss of $741 million, or 84 cents a share, compared with a loss of $2.22 billion, or $3.36 a share, in the same period a year ago. Excluding non-recurring items, such as unrealized losses on commodity derivatives and on exchange of preferred stock, adjusted earnings per share came to 7 cents, in line with the FactSet consensus. Revenue fell to $2.02 billion from $2.65 billion, just shy of the FactSet consensus of $2.04 billion. Oil equivalent production fell to 53 million barrels of oil equivalent from 61 million. The average rig count for 2016 declined to 10 from 28 in 2015, but is expected to climb to 16 to 18 in 2017. The stock has lost 11% over the past three months through Wednesday, while the SPDR Energy Select Sector ETF has slipped 2.4% and the S&P 500 has gained 7.2%.

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Kohl’s Corp. shares rose 3.2% in Thursday premarket trading after the retailer announced fourth-quarter earnings that beat expectations and raised its dividend. Net income was $252.0 million, or $1.44 per share, down from $296.0 million, or $1.58 per share, last year. The FactSet consensus was $1.33. Sales were $6.2 billion, down from $6.4 billion last year but meeting the FactSet consensus. The sales slide was attributed to “declines in brick-and-mortar traffic, and offset somewhat by strength in online demand,” said Chief Executive Kevin Mansell in a statement. Same-store sales declined 2.2%, while the FactSet consensus was for a 2.1% decline. Kohl’s quarterly dividend of 55 cents per share is 10% higher year-over-year and payable March 22, 2017 to shareholders of record at the close of business on March 8, 2017. Kohl’s expects fiscal 2017 EPS of $3.50 to $3.80. The FactSet consensus is $3.66. The company expects a sales change between down 1.3% and up 0.7%. And same-store sales are expected to range from 2% decline to flat. Kohl’s shares are down 7% for the past year while the S&P 500 index is up 23% for the same period.

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Hormel Foods Corp. reported Thursday a fiscal first-quarter profit of $235.1 million, or 44 cents a share, compared with a profit of $235.2 million, or 43 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 45 cents. Revenue slipped to $2.28 billion from $2.29 billion, matching the FactSet consensus of $2.28 billion, as growth in grocery products and Jennie-O Turkey sales offset declines in refrigerated foods, specialty foods and international sales. Volume declined 2% from a year ago. The company said it cut its 2017 EPS outlook to $1.65 to $1.71, which compares with the FactSet consensus of $1.71, because of challenging market conditions in the turkey industry. “We are tempering our full year outlook for the Jennie-O Turkey Store segment given the shortfalls in the first quarter and the expected continuation of pricing pressure due to low commodity turkey prices,” said Chief Executive Jim Snee. The stock, which was still inactive in premarket trade, has dropped 14% over the past 12 months, while the S&P 500 has gained 23%.

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Nissan Motor Co. said late Wednesday that Carlos Ghosen will step down as chief executive of the Japanese automaker on April 1. Ghosen will remain on as chairman. Hiroto Saikawa will succeed Ghosen as CEO, Nissan said. Ghosn said he is stepping down to focus more attention on the Renault-Nissan-Mitsubishi Alliance, an auto group formed last year with the addition of Mitsubishi.

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The American Petroleum Institute late Wednesday reported a 884,000 barrel decline in U.S. crude supplies for the week ended Feb. 17, according to sources. Analysts and traders polled by The Wall Street Journal expected a consensus gain of 3.4 million barrels. API also reported a decline of 893,000 barrels of gasoline and a 4.3 million barrel decline in distillates. Analysts expected a decline in gasoline stockpiles of 1.2 million barrels and a decline of distillates of 400,000 barrels. The API report precedes the more closely watched Energy Information Administration report on Thursday. After the report, crude oil for April delivery rose to $53.90 a barrel in electronic trading, following a day in which crude futures snapped a three-session winning streak to settle at $53.59 a barrel.

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