Category: Stock Market News

Merck & Co. Inc. shares surged as much as 1.4% in pre-market trade after company earnings numbers appeared to show its blockbuster Keytruda cancer drug beat expectations. But on the company’s earnings call, management said fourth-quarter sales for the drug included a one-time adjustment of $40 million in revenue “that had previously been deferred,” according to the FactSet transcript. As such, Keytruda fourth-quarter revenue was $443 million, compared with the FactSet consensus of $470 million. The Keytruda revenue number — at $483, a 125% increase from the year-earlier period — had previously appeared to be “the most important positive,” said Evercore ISI’s Mark Schoenebaum. “In fact, Keytruda missed the US consensus estimate.” Merck shares have risen 5.5% over the last three months, compared with a 8.7% rise in the S&P 500 .

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CBS Corp. said Thursday it has entered an agreement with Entercom Communications Inc to merge the latter with CBS radio. The move will give the two a footprint of 244 stations across the country, and in 23 of the the top 25 U.S. markets, according to a news release. The merger is expected to be tax-free to CBS shareholders, who will gain 72% of all outstanding shares of the combined company after the transaction. Existing Entercom shareholders will own 28% of the combined company on a fully diluted basis. “Radio reaches more Americans than any other medium, and offers advertisers outstanding ROI and local activation,” Entercom Chief Executive David Field said in a statement. Field will lead the combined company. “This transformational transaction creates scale-driven efficiencies and opportunities to compete more effectively with other media to better serve our listeners and our advertisers.” CBS shares have gained 38% in the trailing 12-month period and shares of Entercom have gained 43%, while the S&P 500 Index is up 20%.

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Ralph Lauren Corp. shares slid 10% in premarket trade Thursday, after the company said its chief executive is leaving and warned of charges to cover a restructuring program. The designer apparel brand had net income of $82 million, or 98 cents a share, in its fiscal third quarter, down from $131 million, or $1.54 a share, in the year-earlier period. Adjusted per share earnings came to $1.86 a share, ahead of the FactSet consensus of $1.64. Revenue came to $1.7 billion, down 12% from the year-earlier quarter, to match the FactSet consensus. Chief Executive Stefan Larsson said he has mutually agreed with the company to part ways. Larsson will stay on until May 1, while a search for a replacement is carried out. CFO Jane Nielsen will lead the company’s Way Forward plan in the interim, which aims to achieve $180 million to $220 million of annualized savings. The company is still expecting fiscal 2017 revenue to decline at a low-double digit rate. It expects operating margins of about 10% as cost savings kick in. For the fourth quarter, the company is expecting revenue to be down in the mid-teens. It expects to book restructuring charges of about $400 million and a $150 million inventory charge. Shares have fallen 22% in the last 12 months, while the S&P 500 has lost 20%.

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The British government has published its White Paper on Brexit, which formally lays out its strategy for the U.K.’s withdrawal from the European Union. The 77-page document was presented in the House of Commons on Thursday by David Davis, the minister in charge of Brexit, at the same time it was published online. The paper’s release comes a day after lawmakers in the House of Commons voted in favor of a bill, which if it completes its process through parliament will allow U.K. Prime Minister Theresa May to begin the Brexit. May had previously rejected calls for a White Paper on her plans, but had given way in the face of pressure from her own Conservative Party as well as from opposition lawmakers.

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MSG Networks Inc. reported fiscal second-quarter net income of $43.3 million, or 58 cents per share, up from $33.9 million, or 45 cents during the same quarter a year ago. The company’s per-share earnings were above FactSet’s consensus of 53 cents. Revenue for the quarter hit $175.6 million, compared with $169.9 million in the year-earlier period. FactSet had forecast for revenue of $176.0 million. MSG Networks is the broadcasting home to New York-area sports teams, including the New York Knicks, the New York Rangers and coverage of the New York Giants. Shares of MSG Networks are up 36% in the last 12 months, while the S&P 500 Index is up 20%.

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L Brands Inc. reported sales for the four weeks ending Jan. 28, 2017 of $805.2 million, down from $811.3 million last year, and a same-store sales decline of 4%. The company, whose brands include Victoria’s Secret and Bath & Body Works, reported fourth-quarter sales on Thursday totaling $4.49 billion, up from $4.40 billion last year, but below the $4.52 billion FactSet consensus. The company expects to report fourth-quarter earnings per share of about $1.90. Its previous guidance was $1.85 and $2.00, and the FactSet consensus is $1.87. Full-year sales were $12.57 billion, up from $12.15 billion last year and just below the $12.60 billion FactSet estimate. L Brands also authorized a $250 million share buyback program, which includes the $62 million remaining under a previous program. L Brands shares are unchanged in premarket trading, and are down 38.2% for the past 12 months. The S&P 500 index is up 19.8% for the last year.

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Sirius XM Holdings Inc. reported improved fourth-quarter earnings and revenue on Thursday. Net income for the quarter was $204.6 million, or 4 cents per share, compared with $134.6 million, or 3 cents during the same period a year ago. Sirius’ per-share earnings came in right at FactSet’s consensus of 4 cents. Revenue hit $1.30 billion during the quarter, up from $1.20 billion during the year-earlier quarter and just ahead of FactSet’s forecast for $1.29 billion. The satellite radio broadcasting company said it added 1.75 million net subscribers during the full year 2016, more than the 1.65 million FactSet expected. Sirius expects to add 1.30 million self-pay subscribers during 2017 and expects revenue of approximately $5.30 billion, above the FactSet consensus of $5.01. Shares of Sirius are up more than 33% in the trailing 12-month period, while the S&P 500 Index is up nearly 20% in during the same time frame.

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Estee Lauder Cos. shares fell 1.2% in Thursday premarket trading after the beauty company gave fiscal full-year 2017 guidance below consensus. Net income was $428.0 million, or $1.15 per share, down from $447.0 million, or $1.19 per share. Adjusted EPS was $1.22, beating the $1.17 FactSet consensus. Revenue totaled $3.21 billion, up from $3.12 billion, and just below the $3.24 billion FactSet estimate. Acquisitions of the By Kilian, Becca and Too Faced brands added about 90 basis points to sales growth, about half of which was attributed to Too Faced, the company said. Estee Lauder sees full-year fiscal 2017 sales increasing between 4% and 5%, EPS between $3.07 and $3.14, and adjusted EPS between $3.29 and $3.33. The full-year FactSet revenue consensus is $11.88 billion, about 5.5% higher than full-year 2016 sales results. The FactSet EPS consensus is $3.39. Estee Lauder shares are down 6% for the past year while the S&P 500 index is up 19.8% for the same period.

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Shares of Philip Morris were up 2.7% in premarket trade Thursday after the company beat fourth-quarter revenue expectations, but missed on profit. It reported net income of $1.71 billion, or $1.10 per share, up from $1.25 billion, or 80 cents per share in the year-earlier period. The company reported adjusted earnings per share of $1.10, below the FactSet consensus of $1.12. The company reported revenue, excluding excise taxes, of $6.97 billion, up from $6.39 billion in the year-earlier period but above the FactSet consensus of $6.7 billion. The company sees 2017 earnings per share of $4.70 to $4.85, compared to the FactSet consensus of $4.73. Shares of Philip Morris have gained 5% in the past month, compared to the S&P 500’s gain of 2%.

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ConocoPhillips reported a smaller-than-expected fourth-quarter loss and a production beat on Thursday. The loss was $35 million, or three cents per share, compared with a loss of $3.5 billion, or $2.78 per share in the year-earlier period. Adjusted loss per share was 26 cents, compared with the FactSet consensus of a 42 cent loss. Fourth-quarter production was down 12 MBOED to 1,587 MBOED, compared with the FactSet consensus of 1,580 MBOED. The company expects first-quarter 2017 production of 1,540 MBOED to 1,580 MBOED, compared with the FactSet consensus of 1,580 MBOED. For 2017, ConocoPhillips expects production at 1,540 MBOED to 1,570 MBOED, compared with the FactSet consensus of 1,570 MBOED. ConocoPhillips shares have risen 12.2% over the last three months, compared with a 8.7% rise in the S&P 500 .

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