Category: Stock Market News

Outerwear maker Canada Goose Holdings Inc. has filed Wednesday for an initial public offering. The company set a placeholder offering of $100 million. Canada Goose has applied for the listing of its stock on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol “GOOS.” The Toronto-based company reported revenue for the nine months ended Dec. 31 of C$352.7 million, up from C$248.9 million in the same period a year earlier, and net income that rose to C$42.1 million from C$35.7 million. Private equity firm Bain Capital had acquired a majority interest in Canada Goose in December 2013.

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CBS Corp. reported a fourth-quarter net loss Wednesday of $271 million, or a loss of 26 cents per share, after net income of $261 million, or earnings of 55 cents per share, in the year-earlier period. It reported adjusted earnings per share of $1.11, above the FactSet consensus of $1.10. CBS reported revenue of $3.52 billion, down from $3.59 billion in the year-earlier period. The FactSet revenue consensus was $3.95 billion. CBS said it was presenting its CBS Radio earnings as part of discontinued operations as the radio segment agreed to merge with a subsidiary of Entercom Communications Corp. on February 2. Shares of CBS were down less than 1% in after hours trade Wednesday. Shares of CBS have gained 10% in the past three months, compared to the S&P 500’s gain of 7.7%.

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Kraft-Heinz Co. shares fell 1.7% in Wednesday after-hours trading after the food company reported a fourth-quarter sales decline. Net income for the quarter totaled $944.0 million, or 77 cents per share, up from $285.0 million, or 23 cents per share, for the same period last year. Adjusted EPS was 91 cents, beating the 87-cent FactSet consensus. Sales for the quarter were $6.86 billion, down from $7.12 billion but ahead of the $6.73 billion FactSet consensus. Sales in the U.S. were down 3.1% to $4.8 billion with strength in coffee and the macaroni-and-cheese portfolio offset by lower shipments in food service and cold cuts. Sales in Canada were down 2.4% to $617.0 million, European sales fell 13.3% to $600.0 million, and the rest of the world, which includes Latin America and Asia Pacific, Middle East and Africa, were down 0.7% in sales to $801.0 million. Kraft-Heinz shares are up 26.7% for the past year while the S&P 500 index is up 26% for the same period.

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Editas Medicine Inc.’s stock spiked by more than 30% in Wednesday trading, putting it on course for its biggest one-day gain since it went public a year ago, after reports of a favorable decision in a closely watched patent dispute. Editas has an exclusive license to medical breakthroughs stemming from the use of patents awarded to co-founder Feng Zhang of the Broad Institute for CRISPR, a gene-editing technique. The Broad, which is affiliated with Harvard University and Massachusetts Institute of Technology, has been in a dispute with University of California at Berkeley on those patents. Cal scientists developed the technology behind CRISPR, and the Broad showed how it could be used to edit genes in specific species, leading to a dispute over who could claim ownership. Stat News and others reported Wednesday that the U.S. Patent and Trademark Office had ruled in the Broad’s favor, though the USPTO told MarketWatch that the decision would not be made public until Thursday. Cambridge, Mass.-based Editas suddenly jumped after the news hit Wednesday, trading near $25 a share after opening at $18.71. It has rallied 51% over the past three months, while the S&P 500 has gained 7.8%. Among other companies affected by the patent ruling, shares of CRISPR Therapeutics AG tumbled 14% and Intellia Therapeutics Inc.’s stock dropped 12%.

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Gold futures settled higher on Wednesday, rebounding from losses over the past four trading sessions even as U.S. equities climbed on the back of optimism surrounding the Trump administration’s plans to deliver tax reforms. April gold rose $7.70, or 0.6%, to settle at $1,233.10 an ounce after tallying a four-session loss of more than 1%.

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Top Senate Republicans have urged the White House to withdraw Andrew Puzder’s nomination for labor secretary, CNN reported Wednesday afternoon. A senior Republican source said there are four firm “no” votes from GOP senators on his nomination and possibly up to 12. Puzder, a fast-food executive, has faced criticism including for hiring an undocumented housekeeper. His Senate confirmation hearing is scheduled for Thursday.

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U.S. stocks on Wednesday were looking at their longest record-setting streak in 25 years as the Dow industrials, S&P 500 and the Nasdaq Composite all climbed. If all three indexes close higher on Wednesday, it will mark five consecutive days of all three setting record highs at the same time, the longest such streak of simultaneous records since a six-session string ended Jan. 3, 1992, according to Dow Jones data. At last check, the Dow Jones Industrial Average was up 84 points, or 0.4%, at 20,589; the S&P 500 index was up 7 points, or 0.3%, at 2,344; and the Nasdaq Composite Index was gaining 22 points, or 0.4%, at 5,804.

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Three interest-rate hikes in 2017 is likely to be the appropriate path for Federal Reserve policy, assuming the economy stays on track, Philadelphia Fed President Patrick Harker said Wednesday. “The overall economy is in pretty good shape,” Harker said in a speech at an outlook conference sponsored by La Salle University. Inflation has been stubbornly low but should rise to the Fed’s 2% target sometime this year or next. The economy has reached the “natural rate” of unemployment, he said. Harker said that policies to grow the economy faster than a 2% rate depend on policies outside the Fed’s purview.

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Wal-Mart Stores Inc. said Wednesday that it has acquired Moosejaw, an online outdoor retailer that carries brands such as Marmot and Patagonia, for about $51 million. The deal closed on Feb. 13. Besides its online presence, Moosejaw also has 10 store locations. Moosejaw was founded in 1992 and is headquartered in Madison Heights, MI. Moosejaw will continue to run as a standalone brand and Chief Executive Eoin Comerford and his team will be based in Michigan. Wal-Mart shares are nearly flat in Wednesday trading, and up 3.7% for the past year. The S&P 500 index is up 25.5%.

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President Donald Trump said Wednesday a “massive tax plan” would be unveiled in the “not-too-distant future.” Commenting at the beginning of a meeting with retail executives, Trump said his plan would lower rates “substantially” for individuals and businesses. He did not mention House Republicans’ so-called border-adjusted tax, which retailers oppose.

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