Category: Stock Market News

U.S. stock futures hinted at a weaker start for Wall Street on Thursday, as the market continued to digest the minutes of the January Federal Reserve meeting. Dow futures fell 114 points, or 0.5%, to 24,667, while S&P 500 futures dropped 7.7 points, or 0.3%, to 2,691. Nasdaq-100 futures slid 31.25 points, or 0.5%, to 6,728.50. The Dow Jones Industrial Average surrendered a 300-point gain on Wednesday to finish down 166.97 points, or 0.7%, to 24,797.78. The S&P 500 fell 0.6% and the Nasdaq Composite dropped 0.2%. Losses came as the Fed minutes pointing to the “increased likelihood” of more interest-rate hikes to come triggered fresh volatility, with the yield on the 10-year Treasury note hitting a fresh four-year high of 2.95%. The yield was hovering at 2.94% on Thursday. Dollar gains also weighed on stocks, though the ICE Dollar Index greenback gave up some of those gains on Thursday, up 0.1% to 90.114.

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Recent low inflation readings are not a “great concern,” and the U.S. central bank should continue to raise interest rates gradually, said Randall Quarles, the new Federal Reserve vice chairman for supervision, on Thursday. In a speech in Tokyo, Quarles said the economy “is performing very well” with a strong labor market and “likely only temporary softness in inflation.” Quarles noted that headline personal consumption expenditure index rose at a 1.7% annual rate in December, just below the Fed’s 2% target. “Suffice to say, a deviation from our target by a few tenths of 1 percentage point, especially one I expect to fade, does not cause me great concern,” Quarles said. A Trump appointee, Quarles was optimistic about the impact of the Republican tax cuts. He said the investment drought that has afflicted the U.S. economy over the past five years “may finally be breaking.”

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Shares of Sturm Ruger & Co. fell as much as 5% late Wednesday after the gun maker missed fourth-quarter sales expectations. The company posted diluted earnings of 59 cents a share in the quarter, compared with $1.10 a share a year ago, and sales reached $118.2 million, compared with sales of $161.8 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 77 cents on sales of $134 million. Shares ended the regular trading session down 2.2%. In the same statement, Sturm Ruger said its board of directors declared a dividend of 23 cents a share for the fourth quarter, payable on March 30 to shareholders of record March 15.

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SailPoint Technologies Holdings Inc. shares rallied in the extended session Wednesday after the identity governance company’s quarterly results and outlook topped Wall Street estimates. SailPoint shares surged 7% after hours. The company reported fourth-quarter net income of $5.4 million, or 3 cents a share, compared with a loss of $3.3 million, or 6 cents a share, in the year-ago period. Adjusted earnings were 17 cents a share. Revenue rose to $67.8 million from $44.3 million in the year-ago period. Analysts surveyed by FactSet had estimated 8 cents a share on revenue of $55.6 million. For the first quarter, SailPoint estimates an adjusted loss of 4 cents to 3 cents a share on revenue of $44 million to $45 million. Analysts expect a loss of 6 cents a share on revenue of $43 million.

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The American Petroleum Institute showed a fall in U.S. oil inventories by around 900,000 barrels last week, news reports said Wednesday. Official data from the Energy Information Administration are due Thursday morning. A survey of analysts by The Wall Street Journal produced an average estimate for a 1.9 million barrel rise in crude supplies. April oil futures on the New York Mercantile Exchange trimmed a decline in electronic trading, changing hands at $61.34 a barrel, a loss of 34 cents.

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From:: Stock Market News

The American Petroleum Institute showed a fall in U.S. oil inventories by around 900,000 barrels last week, news reports said Wednesday. Official data from the Energy Information Administration are due Thursday morning. A survey of analysts by The Wall Street Journal produced an average estimate for a 1.9 million barrel rise in crude supplies. April oil futures on the New York Mercantile Exchange trimmed a decline in electronic trading, changing hands at $61.34 a barrel, a loss of 34 cents.

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Diebold Nixdorf Inc. said late Wednesday that Gerrard Schmid will join the company as president and chief executive officer, effective immediately. He also joins the Diebold Nixdorf board, the company said. Schmid, 49, is a “seasoned” corporate executive with “a track record of delivering value in a transforming environment,” Diebold said in a statement. His leadership will help Diebold Nixdorf “accelerate its evolution as the global market leader in connected commerce,” it said. Shares of Diebold were flat in late trading after ending the regular session down 2.9%.

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Stamps.com Inc. jumped in late trading Wednesday after reporting much higher profit than expected in its fourth quarter and projecting higher profit in the current year as well. The online-postage company reported net income of $40.2 million, or $2.15 a share, in the fourth quarter on sales of $132.5 million, up from $105.9 million a year ago. After adjusting for stock-based compensation and other effects, the company claimed earnings of $4.68 a share, up more than 70% from $2.73 a year before. Analysts on average were expecting adjusted earnings of $2.78 a share on sales of $119.5 million, according to FactSet. The company’s forecast for the current year projects more profit gains: The company said it expects earnings of $7.09 to $8.04 a share on sales of $530 million to $560 million for the full year, with adjustments sending profit to $8.80 to $9.80 a share. Analysts on average were expecting adjusted profits of $8.53 a share on sales of $532 million for the current fiscal year. Shares shot up more than 15% in late trading after closing at $184.95.

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Shares of Cheesecake Factory Inc. fell more than 6% late Wednesday after the restaurant chain reported quarterly sales below expectations. Cheesecake Factory said it earned $57.7 million, or $1.24 a share, in the fourth quarter, compared with $32.4 million, or 68 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $24.7 million, or 53 cents a share, in the quarter, compared with 67 cents a year ago. Comparable-restaurant sales fell 0.9% in the quarter. Revenue reached $571.8 million, compared with $603.1 million in the fourth quarter of 2016. Analysts polled by FactSet had expected GAAP and adjusted earnings of 53 cents a share on sales of $573 million.

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Shares of Mellanox Technologies Ltd. rallied in Wednesday’s extended session after the computer networking products company raised its quarterly revenue outlook. Mellanox projected fiscal first-quarter revenue of $240 million to $250 million versus $222 million to $232 million issued on Jan. 18. It also announced that Chief Financial Officer Jacob Shulman will step down on May 4 to join a “pre-IPO” company. Mellanox shares rallied 8% after hours.

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