Category: Stock Market News

Bank stocks in Spain dropped Wednesday, as lenders faced the prospect of repaying billions of euros to borrowers after losing a European court case. The European Court of Justice decided that borrowers should be eligible for full reimbursements of excess interest payments on variable-rate mortgages. Among the shares falling in Madrid, Banco Popular Espanol SA slid 6.8%, CaixaBank SA gave up 2.1%, BBVA SA shed 1.8% and Banco Santander SA declined 1.4%. Spain’s High Court in 2013 decided to ban “floor clauses” on the basis that banks did not explain to borrowers what the financial and legal consequences of accepting them could be. That Spanish court did not require banks to repay the excess charges made before its ruling in 2013.

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U.S. stocks opened marginally lower Wednesday as the Dow Jones Industrial Average retreated after making a run at the 20,000 milestone. The Dow slipped 10 points, or 0.1%, to 19,966, while the S&P 500 index declined 1 point, or 0.1%, to 2,269. The Nasdaq Composite Index shed 4 points, or 0.1%, to 5,479. Nike Inc. was one of the biggest movers on the blue-chip gauge after the sportswear maker reported stronger-than-expected quarterly earnings after the bell on Tuesday. Winnebago Industries Inc. was another winner, rising sharply after the recreational vehicle manufacturer beat its first-quarter profit and sales forecasts.

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Bristol-Myers Squibb said Wednesday morning that chief executive officer Giovanni Caforio will also serve as chairman of the Board of Directors, effective May 2. Caforio will take over for Chairman Lamberto Andreotti, who is retiring. Caforio has been CEO since May 2015 and has been a member of the board since 2014. Bristol-Myers Squibb shares rose a scant 0.8% in pre-market trade. Shares have dropped 14.1% year-to-date, compared with a 11.1% rise in the S&P 500 .

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Shares of Winnebago Industries Inc. surged 4.8% toward a 12-year high in premarket trade Wednesday, after the recreational vehicle seller beat fiscal first-quarter profit and sales expectations. Earnings for the quarter to Nov. 26 rose to $11.7 million, or 42 cents a share, from $8.6 million, or 32 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 36 cents. Revenue increased to $245.3 million from $214.2 million, above the FactSet consensus of $229 million. “We successfully completed the acquisition of Grand Design, significantly expanding our penetration within the fast-growing towable market and creating a broader and more balanced portfolio well-positioned to capitalize on the opportunities across the RV market,” said Chief Executive Michael Happe. The stock has soared 87% year to date through Tuesday, while the S&P 500 has gained 11%.

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Shares of Merrimack Pharmaceuticals Inc. plummeted 30% toward a three-year low in premarket trade Wednesday, after the company said it was halting a Phase 2 trial of its breast cancer treatment after a data and safety monitoring board (DSMB) recommendation and the subsequent futility analysis. The DSMB said it was unlikely for Merrimack’s MM-302 to demonstrate benefit over comparable treatments, with both the treatment and control arms found to have shorter-than-expected median progression free survival. The company said there were no new or unexpected safety concerns. Merrimack said it expects to provide further details about MM-302 and its pipeline review in January. The stock has tumbled 32% year to date through Tuesday, while the S&P 500 has gained 11%.

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Shares of Finish Line Inc. plunged 14% in premarket trade Wednesday, after the athletic shoe retailer reported fiscal third-quarter results that missed expectations and provided a downbeat outlook. The loss for the quarter to Nov. 26 widened to $40.4 million, or $1.00 a share, from $21.8 million, or 49 cents a share, in the same period a year ago. Excluding non-recurring items, such as severance related charges, the adjusted loss per share was 24 cents, compared with the FactSet consensus for a per-share loss of 18 cents. Revenue rose to $371.7 million from $361.0 million, but missed the FactSet consensus of $411.3 million, as same-store sales growth of 0.7% fell well short of expectations of an 8.3% increase. For the fourth quarter, the company expects adjusted EPS of 68 cents to 73 cents, below the FactSet consensus of 95 cents, and a same-store sales decline of 2% to 3% versus expectations of 2.8% growth. “Steep declines in apparel and accessories offset a high-single digit footwear comp gain and a 33% sales increase in our Macy’s business,” said Chief Executive Sam Sato. The stock has soared 27% year to date through Tuesday, while the SPDR S&P Retail ETF gained 8.1% and the S&P 500 climbed 11%.

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Accenture PLC’s stock fell 0.9% in premarket trade Wednesday, after the consulting company missed fiscal first-quarter revenue expectations and provided a downbeat full-year outlook. Earnings for the quarter to Nov. 30 rose to $1.05 billion, or $1.58 a share, from $858.5 million, or $1.28 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.49. Net revenue, which excludes reimbursements, rose to $8.52 billion from $8.01 billion, while total revenue grew to $9.01 billion from $8.47 billion. That missed the FactSet consensus for net revenue of $8.59 billion and for total revenue of $9.07 billion. Looking ahead, the company expects net revenue of $8.15 billion to $8.40 billion for the current quarter, below expectations of $8.50 billion, and cut its fiscal 2017 EPS outlook to $5.64 to $5.87 from $5.75 to $5.98 to reflect new foreign-exchange assumptions. The stock has run up 19% year to date through Tuesday, while the S&P 500 has gained 11%.

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Italy’s lower house of parliament on Wednesday approved a government request for a loan of up to €20 billion to rescue the country’s struggling lenders, including Banca Monte dei Paschi di Siena SpA , according to Reuters. The decision comes as BMPS, the world’s oldest lender, is scrambling to push through a recapitalization plan to keep it afloat. The bank has estimated it will run out of liquidity in four months, rather than the 11 months earlier estimated, Reuters reported, citing bank documents. That sent the shares down as much as 19% to a record low. The stock trimmed its losses to 4.9% after news that the lower house had approved the bailout request. The €20 billion rescue fund will be used to prop up other Italian banks as well, according to Reuters.

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Shares of Banca Monte dei Paschi di Siena SpA dropped 17% Wednesday following a report the embattled Italian lender’s liquidity could be wiped out sooner than anticipated. The bank now expects to run out of liquidity in four months, compared with a previous estimate of 11 months, Reuters reported, citing BMPS documents. The bank’s current net liquidity position is 10.6 billion euros ($11.02 billion).

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GoPro Inc. said its board approved an additional $7 million in restructuring costs to pay for layoffs, according to a Securities and Exchange Commission filing late Tuesday. GoPro shares declined 0.6% to $8.85 after hours. The company said the additional funds are on top of the estimated $24 million to $33 million previously disclosed. Back in late November, the action-camera company said it was shedding 15% of its workforce. GoPro expects to account for most of the restructuring costs in the fourth quarter.

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