Category: Stock Market News

United Continental Holdings Inc. shares slid in the extended session Tuesday even as the airline topped Wall Street estimates for the quarter. United shares declined 1.8% to $72.49 after hours, after closing down 0.8% in the regular session. The company reported adjusted fourth-quarter earnings of $1.78 a share on revenue of $9.05 billion. Analysts surveyed by FactSet had estimated $1.73 a share on revenue of $9.04 billion.

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Shares of Gigamon Inc. sank in Tuesday’s extended session after the networking-hardware company warned that its fourth-quarter results are likely to fall short of its targets. Gigamon projected adjusted earnings per share of 35 cents to 37 cents versus its outlook of 36 cents to 38 cents. Revenue is expected in a range of $84.5 million to $85 million compared with its guidance of $91 million to $93 million. “We are disappointed our fourth quarter revenue was below our prior guidance, but we are pleased with our overall financial performance in 2016,” Paul Hooper, chief executive of Gigamon, said in a statement. Gigamon shares skidded 22% after hours. Gigamon is scheduled to announce its quarterly earnings on Feb. 2.

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President Barack Obama has commuted the sentence of Chelsea Manning, the Army intelligence analyst who leaked troves of files to WikiLeaks. Manning’s sentence will be commuted to expire on May 17. The decision wasn’t a total surprise, as a White House spokesman had contrasted Manning’s situation with Edward Snowden, noting that Manning already has gone through the U.S. legal system and acknowledged her crimes. In all, Obama granted commutation of sentence to 209 individuals and pardons to 64 individuals.

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Shares of Qualcomm Inc. closed down 4% Tuesday as the Federal Trade Commission filed a complaint against the chipmaker for tactics to maintain a monopoly on chips used in cell phones and other consumer products. Qualcomm shares finished the day down at $64.19, and were up 0.3% in after-hours activity. In a statement, the FTC alleged Qualcomm “has used its dominant position as a supplier of certain baseband processors to impose onerous and anticompetitive supply and licensing terms on cell phone manufacturers and to weaken competitors.”

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Hewlett Packard Enterprise Co. announced Tuesday it has agreed to acquire SimpliVity for $650 million in cash, giving it a stronger offering in the growing market for tech infrastructure that combines data-storage and computing. SimpliVity is one of the leaders in hyperconvergence, recently listed by Forrester Research one of the top companies in the field along with Nutanix Inc. , which went public last year and is currently worth more than $4 billion on the open market. “More and more customers are looking for solutions that bring them secure, highly resilient, on-premises infrastructure at cloud economics,” HPE Chief Executive Meg Whitman said in a statement. “That’s exactly where we’re focused.” HPE said the move would add to earnings in the first full fiscal year after it closes, which the company expects in the second quarter of its current fiscal year, which began Nov. 1. HPE shares were quiet in late trading following the announcement, but Nutanix shares fell 0.7%.

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WASHINGTON (MarketWatch) — The Department of Justice on Tuesday finalized its settlement with Deutsche Bank , with the bank paying $3.1 billion and providing $4.1 billion in relief to underwater homeowners, distressed borrowers and affected communities over allegations the German institution misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities between 2006 and 2007. The settlement was along the same financial terms as Deutsche Bank had previously announced. Deutsche Bank admits making false representations and omitting material information from disclosures to investors about the loans included in RMBS securities, the DOJ said.

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Oil futures pared much of their gains in the minutes ahead of Tuesday’s settlement after a report from the Energy Information Administration forecast a rise of 41,000 barrels a day in February oil production from seven major U.S. shale plays. Oil prices had found support earlier after Saudi Arabia’s oil minister on Monday said the oil market would reach a balance between supply and demand in the first half of this year, according to media reports. February West Texas Intermediate crude rose 11 cents, or 0.2%, to settle at $52.48 a barrel–down from the day’s high of $53.52.

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Oil production from seven major U.S. shale plays is forecast to climb by 41,000 barrels a day to 4.748 million barrels a day in February from January, according to a monthly report from the Energy Information Administration released Tuesday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays. It’s expected to rise by 53,000 barrels a day. Just minutes ahead of the day’s settlement, February West Texas Intermediate oil traded at $52.98 a barrel, up 61 cents, or 1.2%, on the New York Mercantile Exchange.

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Pershing Square Capital Management reached a $75,000 settlement with the U.S. Securities and Exchange Commission Tuesday regarding a campaign contribution made by a former employee that violated the government’s donation rules. The former employee contributed $500 to a personal friend of a sibling, who tried, unsuccessfully, to enter one of the gubernatorial primaries in Massachusetts. The contribution, made over two years, was $350 over the maximum permitted by the SEC and has since been refunded. Pershing Square, an investment firm run by billionaire Bill Ackman, denied liability, but said it was settling because it was in the best interest of the firm and its stakeholders. The SEC, meanwhile, alleged the firm violated an investment adviser pay-to-play rule, in which a firm receives business and compensation from a public pension fund within two years after campaign contributions are made by a firm’s associate.

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Gold futures settled at their highest level in about two months on Tuesday. Concerns over Britain’s push to exit from the European Union and overall uncertainty surrounding incoming U.S. President Donald Trump fed haven demand for the precious metal. February gold rose $16.70, or 1.4%, to settle at $1,212.90 an ounce-the highest finish since Nov. 17, according to FactSet data.

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