Posted on

Archer Daniels profit, sales fall below expectations

Archer Daniels Midland Co. reported Tuesday a second-quarter profit that fell to $386 million, or 62 cents a share, from $533 million, or 81 cents a share, in the same period a year ago. Excluding non-recurring items, such as gains on asset sales and acquisition-related charges, adjusted earnings per share came in at 60 cents, below the FactSet consensus of 67 cents. Revenue declined to $17.19 billion from $21.49 billion, below the FactSet consensus of $20.45 billion, as revenue from agricultural services, oilseed processing and corn processing all fell more than expected. “Ag services earnings were impacted by lower margins and volumes of North American exports, as they were less competitive globally, and by a sharp upward move in commodity prices at the end of the quarter,” said Chief Executive Juan Luciano. The stock, which was still inactive in premarket trade, has lost 5.2% over the past three months, while the S&P 500 has slipped 0.8%.

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

Posted on

Office Depot profit meets estimates, but sales slightly short

Office Depot Inc. said Tuesday it had a net loss of $58 million, or 11 cents a share, in the second quarter, narrower than the $190 million loss, or 36 cents a share loss, reported in the year-earlier quarter. Adjusted per-share earnings came to 6 cents, matching the FactSet consensus. Sales fell 3% to $3.44 billion, slightly below the FactSet consensus of $3.48 billion. Same-store sales at the company’s North American division rose 1% in the quarter. “While total company sales declined compared to prior year, driven primarily by planned store closures and foreign currency translation, continued success in the consolidation of our U.S. retail store portfolio and increased operational effectiveness drove positive quarterly same-store sales growth for the first time in many years,” Chief Executive Roland Smith said in a statement. Office Depot, which agreed to be acquired by rival Staples Inc. in February, said it now expects full-year sales to be lower than 2014, mostly due to store closures, the strong dollar and disruption caused by the pending merger. Shares were not yet active in premarket trade, but are down 8% in the year so far, while the S&P 500 has gained about 2%.

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

Posted on

Sprint shares slip after company names new CFO before quarterly report

Sprint Corp. shares declined in the extended session Monday after the telecom named a new financial chief the day before its quarterly results. Sprint shares declined 2.1% to $3.27 on heavy volume. The company said in a statement that Tarek Robbiati will succeed Joseph Euteneuer as CFO “following an orderly transition of responsibilities.” Sprint also named Günther Ottendorfer as chief operating officer of technology and John Saw as chief technology officer. Sprint is expected to announce quarterly result before the opening bell Tuesday. The company seen posting a loss of 6 cents a share on revenue of $8.46 billion, according to analysts polled by FactSet.

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

Posted on

Puerto Rico sees first-ever bond default

Puerto Rico failed to make a $58 million payment on its Public Finance Corporation (PFC) bonds, the first-ever default on Puerto Rico debt. “Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today,” said Melba Acosta, the president of the island’s Government Development Bank, in a statement. This is the first time the U.S. territory has missed a payment on its $72 billion in bonds outstanding. Further defaults could hit investors widely, as nearly one out of every three U.S. municipal mutual funds have holdings in Puerto Rico.

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

Posted on

Apple’s stock officially enters correction territory as it crosses below key technical level

Apple Inc.’s stock dropped 2.4% on Monday, to officially enter correction territory for the first time in 7 1/2 months. The blue-chip technology company’s stock closed 10.9% below the Feb. 23 record close of $133, and at the lowest since Jan. 30. Many view declines of up to 10% from a significant peak a pullback, and declines of at least 10% to up to 20% a correction. A bear market is a drop of 20% or more. The last time the stock closed at least 10% below a significant peak was Jan. 16, 2015. Apple’s stock also crossed below the closely-watched 200-day moving average, which many chart watchers use as a guide to a stock’s long-term trend. The last time it closed below the 200-day moving average Sept. 17, 2013. The stock, which eased another 0.1% in after-hours trade, has lost 8.2% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.

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