Category: Uncategorized

Bank of America shares rose Wednesday before the market opened even as the bank reported revenue results that missed analyst expectations. The bank reported fourth-quarter net income of $2.4 billion, down from $4.5 billion a year ago. Per-share earnings were 20 cents in the most recent quarter, down from 39 cents a year ago and missing the FactSet consensus of 45 cents. That included a 27-cent charge stemming from the tax package passed late in 2017. Total revenue came to $20.44 billion, an increase from the $19.99 billion booked a year ago but missing the FactSet consensus of $21.49 billion. Net interest income rose 11% to $11.5 billion, just shy of the FactSet consensus of $11.55 billion. Consumer banking revenue was $8.95 billion, vs. $8.11 billion a year ago. “Responsible growth delivered solid results in 2017,” said Brian Moynihan, the bank’s CEO, in a statement. Bank of America shares have gained 41.7% over the past 12 months, more than the 30.1% jump in the Dow Jones Industrial Average and most other big banks.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Skanska AB shares dropped nearly 7% during Wednesday’s trading session after the Swedish construction heavyweight warned of a restructuring charge and said it plans to lay off thousands of workers. In a move to boost profitability, Skanska will take a restructuring charge of 1.1 billion Swedish krona ($1.36 billion) in the fourth quarter of 2017. That will be followed by a charge in 2018 of 600 million Swedish krona. Skanska said 3,000 employees will be laid off and that move should lead to annual cost savings of 1 billion Swedish krona. The company said it will restructure its Polish operations and leave the power sector in the U.S., among other moves.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

A former Central Intelligence Agency officer has been arrested on suspicion of betraying the agency’s informants in China, the New York Times reported late Tuesday. Jerry Chun Shing Lee, 53, was at the center of a mole hunt that began around 2012, the Times said, after more than a dozen informants in China were killed and the CIA’s spying operation in China was taken apart. Lee, who left the CIA in 2007 and had been living in Hong Kong, was arrested at JFK Airport and charged in northern Virginia federal court. Prosecutors said Lee had written down the real names and phone numbers of CIA informants and undercover agents in China. The loss of the spy network in China was seen as one of the biggest CIA blunders in recent years.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The commanders of two U.S. Navy ships involved in fatal collisions last year will face negligent homicide charges, according to report late Tuesday. Citing a Navy spokesman, the Associated Press said the charges will be presented at an Article 32 hearing, which will determine if the officers should face court-martial. The charges involve incidents involving the USS Fitzgerald, in which seven sailors were killed after it hit a commercial ship off Japan last June, and the USS John S. McCain, in which 10 sailors died after the ship hit an oil tanker off Singapore in August. In November, a report found both incidents were preventable, and cited a number of failures by the respective crews.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Exelixis Inc. and Ipsen said Tuesday that a cancer drug achieved its target in a late-stage study and will be submitted to the Food and Drug Administration before the end of the quarter. The companies said that its cabozantinib drug helped patients with advanced hepatocellular carcinoma survive a median 2.2 months longer than patients who received placebos in a phase 3 trial. “Given the worldwide prevalence of advanced hepatocellular carcinoma, there is a continued urgency to bring new treatment options to this patient population,” Exelixis Chief Medical Officer Gisela Schwab said in Tuesday’s announcement. “We look forward to submitting our supplemental New Drug Application to the FDA for cabozantinib in the first quarter of 2018.” The companies plan to present the results at a symposium in San Francisco later this week, and will hold a webcast meant for investors Friday evening. Exelixis shares were halted ahead of the announcement, and gained about 2% in after-hours action after they began trading again at 5:30 p.m. Eastern time.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

California Public Employees’ Retirement System, or Calpers, elected Priya Mathur as board president, the first woman to hold the elected position, the agency said late Tuesday. Mathur joined the board of the $358 billion fund in 2002 and has represented public employees, serving on four committees. In addition to her work at Calpers, which is the largest defined public-benefit pension in the U.S., Mathur is principle financial analyst for the Bay Area Rapid Transit District. Calpers also elected Rob Feckner as vice president; Feckner has served as the board president in the past.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Boeing Co. and Adient Plc said Tuesday they formed a joint venture, Adient Aerospace, to develop, manufacture, and sell airplane seats. “Seats have been a persistent challenge for our customers, the industry and Boeing, and we are taking action to help address constraints in the market,” Kevin Schemm, a vice president at Boeing, said in a statement. The seats will be available for new planes as well as retrofit configurations, the companies said. Adient is primarily a maker of seating for the auto industry. The new joint venture headquarters and plant will be located near Frankfurt, Germany. Adient is the majority stakeholder, with 50.01% share, with Boeing the 49.99% partner. Shares of Boeing rose 0.1% in late trading after ending the regular session down 0.3%; Adient shares fell 2.7% in after hours after ending the regular trading day down 0.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Celgene Corp. is in talks to buy Juno Therapeutics Inc. , according to a report on The Wall Street Journal Tuesday that cited unnamed sources. Juno is a biotech company developing cancer treatments. Juno stock soared more than 30% in late trading Tuesday and ended the regular trading day down 6.5%. Celgene shares rose 1% and closed the regular session down 1.1%. Celgene earlier this month released preliminary fourth-quarter and full-year 2017 results and provided a downbeat outlook for 2018.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Papa John’s International Inc. Chief Financial Officer Lance Tucker is leaving the company March 2, to take the CFO job at Jack in the Box Inc. , Papa John’s said late Tuesday. Papa John’s stock was down 3.3% to $58.45 after hours. Tucker’s exit follows former Chief Executive John Schnatter’s decision to resign the top boss position as of Jan. 1. Papa John’s president Steve Ritchie replaced Schnatter in the CEO spot. Papa John’s stock has lost 29% in the past 12 months, as the S&P 500 index rose 23%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Aerohive Networks Inc. warned Tuesday that fourth-quarter revenue will be lower than the company’s previous guidance. Aerohive said that it expects revenue of about $37 million for the final quarter of 2017, after previously stating expectations of $40 million to $42 million. The company said it expects to report a net loss of $3 million to $4 million, but a non-GAAP operating profit after subtracting stock-based compensation and other effects. “Following the change in our sales leadership at the end of our third quarter, we uncovered underlying sales execution issues which became fully apparent in the last month of the fourth quarter,” Chief Executive David Flynn said in Tuesday’s announcement. “We have taken actions to replace underperforming sales team members, and we believe that the new people we have been putting in place, combined with other actions, will enable us to capitalize on our improved product offering and exciting roadmap in 2018.” The company expects to fully report fourth-quarter earnings on Feb. 8. Aerohive shares plunged more than 18% in light after-hours trading following the announcement.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News