Category: Stock Market News

EBay shares rose more than 7% in after-hours trading Wednesday after the e-commerce company detailed growth in the holiday-shopping season. The online-shopping destination reported net income of almost $6 billion, or $5.31 a share, thanks to a $4.6 billion income tax benefit and $800 million from the sale of its holdings in MercadoLibre Inc. EBay said that aside from those one-time gains, and after adjusting for stock-based compensation and other factors, it had profit of 54 cents a share on revenue of $2.4 billion for the fourth quarter. Analysts on average expected eBay to report adjusted earnings of 53 cents a share, up from 50 cents in the year-ago quarter, on revenue of $2.4 billion, according to FactSet. “Q4 was a record quarter highlighted by solid performance in our eBay business,” eBay Chief Executive Devin Wenig said in the announcement. “During the holiday season, eBay was one of the top consumer shopping destinations in the world and the second most visited eCommerce site in the U.S.” EBay predicted that it would have adjusted earnings of 46 cents to 48 cents a share in the first quarter of 2017 and $1.98 to $2.03 for the full year, both below analyst estimates, according to FactSet. EBay stock, which closed with a 0.8% gain at $30.23, increased to about $32.50 in late trading after the report was released.

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Kraft Heinz Co. and Weight Watchers International Inc. shares advanced in the extended session Wednesday after Heinz and Oprah Winfrey, who owns 10% of Weight Watchers, announced a partnership to launch a new packaged food line. Kraft Heinz shares advanced 0.5% to $89.30 and Weight Watchers shares rose 0.7% to $12.10 after hours. While Weight Watchers was not mentioned in the statement, Winfrey owns 10% of the weight-control company which also markets its own line of packaged meal programs. Under the partnership, Kraft Heinz, which is 26.8% owned by Warren Buffett’s Berkshire Hathaway , and Winfrey will launch a joint venture called Mealtime Stories LLC, “new line of food that will make real, nutritious products more accessible to everyone” with brand specifics and product details to be released later in the year, the statement said.

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McKesson Corp. said late Wednesday it had agreed to buy privately held CoverMyMeds for $1.1 billion, saying the acquisition of the Columbus, Ohio, software company will “strengthen our technology offerings.” McKesson also reported fiscal third-quarter sales slightly below Wall Street expectations. The company said it earned $633 million, or $2.86 a share, in the quarter, compared with $634 million, or $2.71 a share, a year ago. Adjusted for one-time items, McKesson earned $3.18 a share in the quarter. Revenue reached $50.1 billion, up 5% from $47.9 billion a year ago, the San Francisco-based company said. Analysts polled by FactSet expected the healthcare services and IT company to report adjusted earnings of $2.91 a share on sales of $50.5 billion.

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Mattel Inc. shares sank 9.7% in late Wednesday trading after the toy company reported fourth-quarter earnings and sales that missed estimates. Net income was $173.8 million, or 50 cents per share, down from $215.2 million, or 63 cents per share, for the same period last year. Adjusted EPS was 52 cents, missing the 71-cent FactSet consensus. Sales were $1.83 billion, down from $2.00 billion last year and below the $1.96 billion FactSet consensus. Mattel said gross sales of Fisher-Price products were down 3% worldwide, and Barbie gross sales fell 2% globally. Hasbro Inc. took over the license for the Disney Princess dolls from Mattel in 2016. Mattel shares are up 18% for the past year while the S&P 500 index is up 22.4% for the same period.

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Shares of Qualcomm Inc. slid on Wednesday after the chip maker issued a weak second-quarter outlook amid ongoing legal and regulatory challenges. Qualcomm reported its first quarter earnings fell to $700 million, or 46 cents a share, from $1.5 billion, or 99 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.19 a share. Revenue rose 4% to $6 billion. Analysts surveyed by FactSet had forecast Qualcomm to report earnings of $1.18 a share on revenue of $5.12 billion. Apple Inc. earlier this month filed a suit against Qualcomm for allegedly leveraging its monopoly position to demand onerous royalty rates. The Federal Trade Commission last week also filed a complaint against the company for anticompetitive practices, including imposing unfair terms for the use of its patents. In the second quarter, Qualcomm projected adjusted EPS of $1.04 and revenue of $5.6 billion, below analysts’ forecast of $1.19 a share on revenue of $5.9 billion. Qualcomm shares fell 2.4% after hours.

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The dollar weakened against the Mexican peso on Wednesday after President Donald Trump introduced his plans for tightening security along the U.S.’s southern border. The dollar fell 1.6% to 21.14 pesos, compared with 21.51 pesos late Tuesday in New York. Trump signed two executive orders pertaining to immigration: one authorizing his promised border wall and another providing more resources to immigration authorities inside the U.S. In his remarks, Trump emphasized that a strong Mexican economy is good for the U.S., and that he would maintain a productive relationship with the U.S.’s southern neighbor. The Mexican currency is on track for its largest daily gain against the dollar since Nov. 15.

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With the Dow Jones Industrial Average’s first-ever peek above 20,000 in intraday trade Wednesday, Goldman Sachs Group Inc.’s stock has been the biggest contributor as the Dow achieved its latest 1,000-point milestone. The Dow is a price-weighted index, rather than market-value weighted like the S&P 500 , so the actual price changes of stocks influence the Dow rather than weighted-average percentage changes. Goldman’s stock has run up $25.55 since Nov. 22, which added about 175 points to the Dow’s price. The second-biggest contributor has been Boeing Co. shares , which have gained $18.33 to add about 126 points to the Dow. Next, the $15.06 gain in International Business Machines Corp.’s stock has contributed 103 points, while the $10.47 gain in Walt Disney Co.’s stock added 72 points. The biggest drag on the Dow since Nov. 22 has been Wal-Mart Stores Inc.’s stock , which fell $3.13 to shave off about 21 points from the Dow.

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Oil futures finished with a loss on Wednesday following a volatile trading session, pressured by data showing a third-straight weekly climb in U.S. crude inventories. Signs that major oil producers were sticking to their pledge to reduce crude output, however, kept price losses in check. March West Texas Intermediate crude fell 43 cents, or 0.8%, to settle at $52.75 a barrel.

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Gold futures fell Wednesday to settle at their lowest level in nearly two weeks as a rally in the U.S. stock market dulled investment demand for the precious metal. Major U.S. stock indexes traded in record territory, with the Dow Jones Industrial Average crossing the 20,000 level for the first time. February gold fell $13, or 1.1%, to settle at $1,197.80 an ounce. That was the lowest finish for a most-active contract since Jan. 13, according to FactSet data.

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White House spokesman Sean Spicer said Wednesday Mexico will pay for a border wall with the U.S. “one way or another.” President Donald Trump signed executive orders Wednesday afternoon directing construction of what Spicer called a “large physical barrier.”

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