Category: Stock Market News

President Donald Trump has responded on social media early Thursday to violent protests at the University of California, Berkeley. A planned appearance there Wednesday by controversial internet figure Milo Yiannopoulos, an editor for the conservative website Breitbart, was canceled after protests over the planned event turned violent on campus. In response, Trump tweeted: “If U.C. Berkeley does not allow free speech and practices violence on innocent people with a different point of view – NO FEDERAL FUNDS?” Protesters took to the streets of Berkeley Wednesday afternoon and evening local time after police dispersed the crowd at the university. Some protesters broke into several banks and businesses including a Chase location and a Wells Fargo location, according to local news reports.

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Cigna Corp. reported higher revenue on Thursday, boosted by growth in its customer units, and posted an upbeat outlook on earnings for this year. The health-insurance provider reported fourth-quarter adjusted earnings per share of $1.87, unchanged from the year-ago period. That matched expectations of analysts polled by FactSet Research. Revenue rose to $9.94 billion from $9.52 billion in the year-ago period. Cigna said for the full year 2017, it’s expecting consolidated adjusted income from operations in the range of $2.35 billion to $2.48 billion, or $9.00 to $9.50 per share. Shares were unchanged in premarket activity.

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A federal judge in Los Angeles has ruled that the Donald Trump administration must allow immigrants with visas from seven Muslim-majority countries into the U.S., going against an executive order from the president. In another blow to Trump’s travel ban, Judge André Birotte Jr. of United States District Court late Tuesday ordered U.S. officials to refrain from “removing, detaining or blocking the entry of plaintiffs or any other person … with a valid immigrant visa,” according to media reports. Officials at border controls have been blocking people from the seven countries in Trump’s immigration ban from entering the U.S., even those with visas that allow them to legally reside in the country. Birotte’s ruling follows similar decisions in at least four other states following Trump’s executive order issued on Friday. The order enforced travel restrictions on people from Syria, Iraq, Iran, Yemen, Sudan, Somalia and Libya — predominantly Muslim nations — for 90 days.

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Shares of Mead Johnson Nutrition Co. jumped in the extended session Wednesday following a report that Reckitt Bensicker Group PLC was in talks to acquire the company. Mead Johnson shares surged 19% to $82.99 after hours. Late Wednesday, The Wall Street Journal reported that Reckitt Bensicker could offer more than $15 billion for the baby-food maker. Prior to the report, shares of Mead Johnson were down 1.8% for the year and down more than 26% from a year ago.

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Shares of crane manufacturer Manitowoc Co. fell more than 5% late Wednesday after the company posted wider-than-expected losses and lower sales in the fourth quarter. The company said it lost $33.4 million, or 24 cents a share, in the quarter, versus earnings of $43.5 million, or 32 cents a share, in the fourth quarter of 2015. Adjusted for one-time items, the company lost $32.6 million, or 23 cents a share, in the quarter. Sales reached $378 million, down from $543 million a year ago, on “continued weak demand for the company’s products in the U.S. and the Middle East,” Manitowoc said in a statement. Analysts polled by FactSet had expected an adjusted loss of 16 cents a share on sales of $390 million. Shares of Manitowoc had ended the regular trading session up 0.4%.

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Qorvo Inc. shares dropped in the extended session Wednesday after the wireless components provider said smartphone delays by large customers will hurt the current quarter. Qorvo shares fell 7.9% to $59.06 after hours. For the fiscal fourth-quarter, Qorvo forecast earnings of 70 cents to 90 cents a share on revenue of $610 million to $650 million. Analysts surveyed by FactSet had estimated $1.04 a share on revenue of $716.6 million. “In the March quarter, we’re forecasting a greater than historical sequential decline as two of our leading customers in China and a tier-one customer in Korea delay flagship smartphone launches,” the company said in a statement. Qorvo did not provide the names of the smartphone companies. For the fiscal third quarter, the company reported earnings of $1.35 a share on revenue of $826.3 million, while analysts were looking for $1.25 a share on revenue of $821.4 million.

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Shares of MetLife Inc. fell 3% in Wednesday’s extended session after the insurer posted quarterly results that fell short of Wall Street’s expectations. MetLife reported it swung to a fourth-quarter loss of $2.1 billion, or $1.94 a share, from a profit of $785 million, or 70 cents a share, a year earlier. The sizeable shortfall was blamed on derivative losses from market fluctuations. MetLife’s operating earnings rose 3% to $1.4 billion, or $1.28 a share. Revenue fell to $12.07 billion from $17.04 billion. Analysts surveyed by FactSet had forecast adjusted earnings of $1.34 a share and revenue of $17.27 billion.

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Shutterfly Inc. shares dropped in the extended session Wednesday after the online photo products retailer missed Wall Street targets for its earnings and outlook. Shutterfly shares fell 14% to $44.36 after hours. The company reported fourth-quarter earnings of $2.63 on revenue of $561.2 million. Analysts surveyed by FactSet had estimated earnings of $2.84 a share on revenue of $584.4 million. For the first quarter, Shutterfly estimated a loss of 95 cents to $1 a share on revenue of $185 million to $190 million, while analysts expect a loss of 84 cents a share on revenue of $199.4 million.

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Tractor Supply Co. shares rose in the extended session Wednesday after the rural retailer topped Wall Street estimates for the quarter. Tractor Supply shares advanced 5% to $75.98 after hours. The company reported fourth-quarter earnings of 94 cents a share on revenue of $1.92 billion. Analysts surveyed by FactSet had forecast 91 cents a share on revenue of $1.87 billion. For 2017, the company estimated earnings of $3.44 to $3.52 a share on revenue of $7.22 billion to $7.29 billion. Analysts expect $3.52 a share on revenue of $7.18 billion.

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IAC/InterActive Corp. shares rose 1% late Wednesday after the company reported fourth-quarter adjusted earnings and sales that beat Wall Street expectations. The media and internet company, which owns internet brands such as The Daily Beast, Vimeo and Investopedia, said it earned $102 million, or $1.18 a share, in the quarter, versus a loss of $32 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, IAC earned $114 million, or $1.38 a share, compared with 75 cents a share a year ago. Fourth-quarter sales reached $811 million, down from $849 million in the fourth quarter of 2015. Analysts polled by FactSet had expected the company to report adjusted earnings of 95 cents a share on sales of $780 million. Shares of IAC had ended the regular trading session down 0.8%.

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