Category: Stock Market News

Shares of Molson Coors Brewing Co. dropped 2.7% in premarket trade, after the brewer missed fourth-quarter profit expectations. Net income rose to $1.44 billion, or $6.65 a share, from $32.8 million, or 18 cents a share, in the same period a year ago. Excluding non-recurring items, such as impairment charges related to Molson core brands, adjusted earnings per share came to 46 cents. The FactSet EPS consensus was 88 cents. Net sales rose to $2.29 billion from $844.4 million, as volume in hectoliters grew to 21.8 million from 7.8 million. The FactSet revenue consensus was $2.56 billion. “The biggest news for 2016 was completing our acquisition of the remaining 58 percent of MillerCoors and the Miller global brand portfolio for $12 billion, representing the largest transaction in the Company’s history, which made Molson Coors the third-largest global brewer,” Chief Executive Mark Hunter. The stock has lost 0.6% over the past three months through Monday, while the S&P 500 has climbed 7.6%.

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Carnival Corporation said Tuesday that the company will expand its cruises to Cuba starting in June 2017. The company already began sailing to Cuba in May 2016 with its Fathom brand, but now has approval to began cruises with its largest cruise brand, Carnival Cruise Line. The company will be sailing its largest capacity ship, with 2,052 passengers, from Port Tampa Bay in Florida to Havana, Cuba. The company said it anticipates approval for its other brands to sail to Cuba as well. Shares of Carnival Corporation have gained 5.6% in the past month, compared to the S&P 500’s gain of 2.4%.

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Dick’s Sporting Goods Inc. said Tuesday it was raising its quarterly dividend to 17 cents a share, a 11.5% increase over the previous dividend of 15.25 cents a share. The sporting goods retailer’s new dividend is payable on March 31 to shareholders of record on March 10. Based on Monday’s stock closing price of $52.42, the new annual dividend rate of 68 cents a share represents a dividend yield of 1.30%, compared with the aggregate S&P 500 dividend yield of 2.04%, according to FactSet. Dick’s shares, which were still inactive in premarket trade, have dropped 14% over the past three months, while the SPDR S&P Retail ETF has lost 3.9% and the S&P 500 has gained 7.6%.

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Shares of Mattel Inc. rallied 2.4% in premarket trade Tuesday, after the toy maker announced a partnership with Alibaba Group Holding Ltd. which includes selling Mattel toys in China through Alibaba’s Tmall.com marketplace. Mattel will work with Alibaba’s A.I. lab to develop new products for Chinese consumers. “By combining Mattel’s unmatched expertise in childhood learning and development, with Alibaba’s immense reach and unique consumer insights, our goal is to help parents in China raise children to be their personal best,” said Mattel Chief Executive Margo Georgiadis. Mattel will begin product development immediately, with initial availability expected in mid 2017. Alibaba’s stock tacked on 0.3% ahead of the open. Mattel shares have tumbled 17% over the past 12 months, while Alibaba’s stock has soared 69% and the S&P 500 has climbed 25%.

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Dr Pepper Snapple Group Inc. said Tuesday it had net income of $1.65 million, or 90 cents a share, in the fourth quarter, down from $185 million, or 97 cents a share, in the year-earlier period. Excluding charges related to the extinguishment of debt and the acquisition of drinks company Bai, adjusted EPS came to $1.04, below the FactSet consensus of $1.06.. Sales rose to $1.578 billion from $1.546 billion, ahead of the FactSet consensus of $1.573 billion. The company said it expects 2017 sales to grow about 4.5% and for adjusted EPS to range from $4.44 to $4.54. The current FactSet consensus is for 2017 EPS of $4.74. Shares were not yet active premarket, but have gained 1.7% in the last 12 months, while the S&P 500 has gained 25%.

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Shares of T-Mobile US Inc. rose 2.6% in premarket trade on Tuesday after the company reported improved fourth-quarter earnings that were above Wall Street expectations. Net income for the fourth quarter came in at $390 million, or 45 cents per share, compared with $297 million, or 34 cents per share during the same period a year ago. FactSet’s consensus was for per-share earnings of 28 cents. T-Mobile revenue hit $10.18 billion in the quarter, compared with last year’s $8.25 billion in the same quarter. FactSet’s consensus on revenue was for $9.86 billion. T-Mobile said it added a total 2.1 million customers in the quarter. In 2017, T-Mobile said it expects to add between 2.4 million and 3.4 million post paid customers. Shares of T-Mobile are up more than 73% in the trailing 12-month period, outperforming the S&P 500 Index , which is up nearly 25%.

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Aetna Inc. and Humana Inc. announced Tuesday a mutual agreement to terminate their merger deal, after a U.S. District Court granted the Department of Justice’s request to block the $34 billion deal announced in July 2015. As a result, Aetna will pay Humana a $1 billion merger termination fee. Aetna will also terminate its agreement to sell certain Medicare Advantage assets to Molina Healthcare Inc. , and will pay Molina the agreed upon fees. “While we continue to believe that a combined company would create greater value for health care consumers through improved affordability and quality, the current environment makes it too challenging to continue pursuing the transaction,” said Aetna Chief Executive Mark Bertolini. Shares of Aetna and Humana were still inactive in premarket trade. Aetna’s stock has lost 1.6% over the past three months, while Humana shares have gained 4% and the S&P 500 has climbed 7.6%.

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The chief executive officers of major U.S. retailers plan to travel to Washington, D.C. for a meeting Wednesday to fight a House Republican plan to impose a border adjustability tax, Reuters reported Tuesday. The heads of eight retail companies including Target Inc. , Gap Inc. , Best Buy Co. , AutoZone Inc. will meet with Kevin Brady, chairman of the House Ways and Means Committee and Senate members, according to sources familiar with the plan. Those people said it wasn’t clear if the retail bosses would meet with U.S. President Donald Trump as well. Retailers have voiced opposition to the proposal to tax imported goods by 20%, saying it will cut into profits and only increase prices for consumers. Spokespersons for Best Buy, AutoZone, Gap and Target could not immediately be reached for comment.

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Amkor Technology Inc. shares fell in the extended session Monday after the microchip packaging and services company’s quarterly revenue and outlook fell below Wall Street estimates. Amkor shares dropped 10% to $9.40 a share after hours. The company forecast revenue of $860 million to $940 million for the first quarter. Analysts surveyed by FactSet expect $964.6 million. For the fourth quarter, Amkor reported earnings of 42 cents a share on revenue of $1.02 billion. Analysts had estimated earnings of 28 cents a share on revenue of $1.04 billion.

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WASHINGTON (MarketWatch) — National Security Adviser Michael Flynn has apologized to Vice President Mike Pence over his discussions with the Russian ambassador to the U.S., the Associated Press reported, citing an administration official. Pence said in televised interviews that Flynn had not discussed sanctions with the Russian envoy, but Flynn now has told the White House that the topic may have come up, the AP reports. Pence relied on the initial Flynn account in his interviews, the AP says. Separately, White House Counselor Kellyanne Conway told MSNBC that Flynn has the “full confidence” of President Donald Trump.

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