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Supervalu Inc. said Wednesday it had net earnings of $34 million, or 13 cents a share, in its fiscal third quarter, down from $79 million, or 30 cent a share, in the year-earlier period. Excluding after-tax charges and other one-time costs, the company had adjusted EPS of 16 cents, matching the FactSet consensus. Sales edged down to $4.1 billion from $4.2 billion, but also matched the FactSet consensus of $4.1 billion. “We continue to operate in a challenging environment,” Chief Executive Sam Duncan said in a statement. “Improving sales is a primary focus as we look to complete the fiscal year.” Shares rose 1% premarket, but are down 35% in the last 12 months, while the S&P 500 has lost 4%.

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Qualcomm Inc.’s stock climbed 1.2% in premarket trade Wednesday, after the mobile semiconductor company was upgraded by Susquehanna Financial analyst Chris Caso, who suggested the worst for the company and the stock may be over. Caso raised his rating to positive, after being at neutral for the last 18 months. He boosted his stock price target to $60, which is 29% above Tuesday’s closing price of $46.52, from $53. Caso said he is no longer too concerned about Qualcomm’s China business and pressure on royalties. “The China issues are now mostly resolved, and the fact that [Qualcomm] has proven that they can collect royalties in China makes us incrementally more confident that they can continue to collect globally,” Caso wrote in a note to clients. He still sees risks from intense competition on chipsets from Intel Corp. and the near-term slowdown at Apple Inc. , but he believes the current stock price discounts much of that risk. The stock has tumbled 36% over the past 12 months, while the S&P 500 has lost 4.2%.

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Shares in U.K.-listed Premier Oil PLC were halted for trade on Wednesday after the company requested a suspension ahead an “announcement of a potential acquisition of assets.” The oil and gas exploration company said Wednesday any deal would be classified as a reverse takeover under Financial Conduct Authority listing rules. Premier Oil shares are down 86% in London over the past 12 months, as it grapples with the fallout from multi-year low oil prices. The company dropped out of the FTSE 250 index in 2015.

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Shipments of personal computers fell 10.6% during the fourth quarter to 71.9 million units, the largest year-over-year decline in PC sales on record, according to industry tracker IDC. The data offers the latest evidence of dismal holiday sales for personal computers, with Gartner earlier on Tuesday reporting an 8.3% decline in the fourth quarter. Total shipments for the year dipped below 300 million units for the first time since 2008. The market contracted by 4.3% in the U.S., where IDC says the introduction of higher-end detachable tablets, such as Apple Inc.’s iPad Pro, cannibalized some demand for traditional PCs. Matching Gartner’s data, IDC’s data also shows a year-over-year decline in PC shipments for market leaders Lenovo, HP Inc. and Dell, while Apple stood as the lone winner.

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Ameriquest Inc. said late Tuesday it expects up to $13 a share in its initial public offering. In a Securities and Exchange Commission filing, the business-to-business technology services company said it plans to offer just under 6.2 millon shares at $11 to $13 a share. Underwriters have the option to sell another 923,000 shares to cover overallotments. Following the offering, the company expects about 19 million shares outstanding.

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From:: Stock Market News