Category: Stock Market News

Shares of Whole Foods Market Inc. fell more than 3% late Wednesday after the Austin, Texas, grocery-store chain reported a higher-than-expected decline in same-store sales in the fiscal first quarter and tweaked its yearly outlook to brace against slower sales growth. Whole Foods said it earned $95 million, or 30 cents a share, in the quarter, compared with $157 million, or 47 cents a share, in the year-ago period. Adjusted for one-time items, Whole Foods earned $123 million, or 39 cents a share, compared with $157 million, or 46 cents a share, a year ago. Fiscal first-quarter results included a $34 million charge related to store and facility closures, and the company said it expects to incur an additional charge in the second quarter of approximately $30 million, or 6 cents a share, related to such closures. First-quarter revenue rose 1.9% to $4.92 billion, compared with $4.83 billion a year ago. Comparable-store sales fell 2.4%, the company said. Analysts polled by FactSet had expected adjusted earnings of 39 cents on sales of $4.98 billion. The company is “refining” its growth strategy to face an “increasingly competitive marketplace,” CEO John Mackey said in a statement. Whole Foods also updated its outlook to reflect lower sales growth, saying it expects full-year earnings of $1.33 a share or greater. Last year it said it expected earnings of $1.42 or greater for the year.

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Imperva Inc. shares rallied in the extended session Wednesday after the cybersecurity company’s quarterly results and outlook topped Wall Street estimates. Imperva shares rose 9.1% to $46.80 after hours. The company reported adjusted fourth-quarter earnings of 32 cents a share on revenue of $78.4 million. Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $70.2 million. For the first quarter, Imperva sees a loss of 2 cents to 6 cents a share on revenue of $67 million to $69 million. Analysts expect a loss of 11 cents a share on revenue of $66.3 million. Separately, Imperva announced it acquired data masking company Camouflage Software Inc., and is selling its Skyfence cloud-access service, both for unspecified amounts.

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Lions Gate Entertainment Corp. revenue jumped in its fiscal third quarter after the acquisition of Starz, but the blockbuster performance of Oscars favorite “La La Land” is still to come. The film and television company reported a net loss of $31 million, or 19 cents a share, on sales of $752 million, a sales gain of 12% from the year before. After adjustments for restructuring charges and other effects, Lions Gate reported a profit of 21 cents a share. Analysts on average expected Lions Gate to report adjusted profit of 25 cents a share on revenue of $769 million. The quarterly performance reflected less than a month’s worth of performance from Starz, since the $4.4 billion deal closed in December, and did not include the musical “La La Land,” which was released widely just after the new year and has brought in nearly $300 million worldwide and a record-tying 14 Academy Award nominations. Lions Gate’s biggest movie releases of the quarter were “Tyler Perry’s Boo! A Madea Halloween” and “Hacksaw Ridge,” the company said. Shares were initially steady in late trading after closing with a 1.2% decline at $27.70.

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The U.K. House of Commons on Wednesday approved legislation that would allow Prime Minister Theresa May to begin negotiations regarding the country’s exit from the European Union. The lower house of Parliament backed the bill in a 494-122 vote, according to the BBC. The bill now moves to the House of Lords. May wants to trigger Article 50 of the Lisbon Treaty by March 31, a move that would formally kick off exit talks. U.K. citizens narrowly voted last June to leave the EU. The British pound was up 0.4% at $1.2529 but little-changed from its level ahead of the vote.

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Shares of Deckers Outdoor Corp. jumped 6.6% in late trade Wednesday, after Marcato Capital Management said it had purchased 1.9 million shares in the company, equal to a 6% stake. The hedge fund made the disclosure in a filing with the Securities and Exchange Commission. Deckers sells footwear, clothing and accessories for casual wear and outdoor activities. Shares have gained 0.2% in the last 12 months, underperforming the S&P 500 , which has gained 24%.

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The New Zealand dollar weakened against its U.S. rival on Wednesday after the country’s central bank left its benchmark interest rate unchanged. The Reserve Bank of New Zealand left its benchmark cash rate unchanged at 1.75%. In a statement, the central bank added that it expects interest rates to remain low for a “considerable time.” The kiwi was down 0.3% at 72.70 U.S. cents, compared with 72.95 U.S. cents late Tuesday in New York. Typically, lower interest rates, or the expectation that rates will fall or remain low, cause a currency to weaken because it diminishes the return on assets denominated in that currency. The central bank cut the benchmark rate by a quarter of a percentage point in November. The central bank was widely expected to keep interest rates on hold, according to currency strategists at Brown Brothers Harriman.

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Oil prices settled with a gain Wednesday for the first time in three sessions, with a sharp climb in gasoline prices leading energy futures higher. Data from the Energy Information Administration revealed a 13.8 million-barrel weekly jump in U.S. crude supplies-the second-largest on record-but also showed an unexpected decline in gasoline inventories. March West Texas Intermediate crude rose 17 cents, or 0.3%, to settle at $52.34 a barrel on the New York Mercantile Exchange. March gasoline rose 6.5 cents, or 4.4%, to finish at $1.553 a gallon.

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White House press secretary Sean Spicer said Wednesday that President Donald Trump had every right to tweet at retailer Nordstrom . The company has dropped his daughter Ivanka’s clothing line. Spicer said the tweet was not about promoting a family business but defending his daughter against an attack.

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Netflix Inc.’s supernatural drama and newest internet watercooler sensation “The OA” is getting a second season. Variety reported on Wednesday the streaming giant has greenlit Season 2 of the series, eight weeks after its first installment. Netflix quietly dropped the eight-episode series on its platform on Dec. 16. Written and produced by Hollywood duo Brit Marling and Zal Batmanglij and executive produced by Brad Pitt’s Plan B Entertainment, “The OA” followed the story of a young blind woman you returns to her hometown after being missing for seven years, and with her eyesight restored. The show takes viewers through her traumatic and supernatural story while questioning faith and truth. There are no details on what the second season might be about. Netflix announced Wednesday Season 5 of its acclaimed series “Orange is the New Black” will premiere June 9. Shares of Netflix are up more than 73% in the trailing 12-month period, while the S&P 500 Index is up nearly 24%.

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Gold futures rose for a fifth straight session Wednesday to score their highest finish in almost 13 weeks. Uncertainty over President Donald Trump’s political agenda helped fuel safe-haven demand for the precious metal. April gold rose $3.40, or 0.3%, to settle at $1,239.50 an ounce. That was the highest finish for a most-active contract since Nov. 10, according to FactSet data.

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