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Alibaba’s stock jumps after profit, revenue rise above expectations

Shares of Alibaba Group Holding Ltd. shot up 4.6% in active premarket trade Thursday, after the China-based e-commerce giant reported fiscal first-quarter profit and sales that rose above expectations. Net income for the quarter to June 30 increased 99% to the equivalent of $2.58 billion, while earnings per share rose 92% to 83 cents. Excluding non-recurring items, adjusted EPS came to $1.17, beating the FactSet consensus of 93 cents. Revenue grew 56% to $7.40 billion, above the FactSet consensus $7.12 billion. Mobile monthly active users increased 24% to 529 million. Cloud computing revenue rose 96% to $359 million, as cloud computing paying customers increased 75% to 1.01 million. “Our technology is driving significant growth across our business and strengthening our position beyond core commerce,” said Chief Executive Daniel Zhang. The stock has soared 82% year to date through Wednesday, while the S&P 500 has gained 10%.

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Tim Cook: Apple donating millions in response to Charlottesville violence

Apple Inc. Chief Executive Tim Cook condemned white supremacists on Wednesday, and said the company is putting its money where its mouth is. In an email to employees that was obtained by Recode, Cook said the tech giant will donate $1 million each to the Southern Poverty Law Center and the Anti-Defamation League, and that it will match employee donations to human-rights organizations two-to-one through Sept. 30. Cook also said Apple was working on a way to make donations through iTunes. Cook said he disagreed with President Donald Trump’s response to the weekend violence in Charlottesville, Va. “This is not about the left or the right, conservative or liberal. It is about human decency and morality,” Cook said.

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Google acquires AI vision tech firm, Fabby app maker AIMatter: report

Alphabet Inc.’s Google acquired a startup to help it with its artificial intelligence vision tech, according to report late Wednesday. Google acquired Belarus-based AIMatter, a company that uses a neural network to help detect and process images on mobile devices, according to TechCrunch. Terms of the deal were not disclosed. AIMatter makes the Fabby app, which uses AI to recognize different parts of selfies to apply effects and alterations.

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Mortgage Lender Loses Appeal in MA Foreclosure Case

The Massachusetts Supreme Judicial Court held that its ruling in Pinti v. Emigrant Mortgage Co., 472 Mass. 226, 227, 232 (2015) “applies in any case where the issue was timely and fairly asserted in the trial court or on appeal before July 17, 2015.” Fed. Nat’l Mortg. Ass’n v. Marroquin, 477 Mass. 82, 83 (2017).

In Pinti, the court held that a foreclosure by the statutory power of sale is invalid if the notice of default sent to the borrowers does not strictly comply with paragraph 22 of the standard mortgage by, among other things, informing the borrower of the action required to cure the default and the right of the borrower to bring a court action to challenge the default or present a defense to acceleration and foreclosure. Marroquin, 477 Mass. at 82-83 (citing Pinti, 472 Mass. at 227, 232).

The court in Pinti expressly limited its holding by prospectively applying it “to mortgage foreclosure sales of properties that are the subject of a mortgage containing paragraph 22 or its equivalent and for which the notice of default required by paragraph 22 is sent after [July 17, 2015],” reasoning that retroactive application created a risk to third-party purchasers who could not confirm strict compliance from a title search. (Id. at 83) (quoting Pinti, 472 Mass. at 243 n.25). It did not address whether the holding applied to any case pending in the trial court or on appeal.

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Analog Devices names Prashanth Mahendra-Rajah its new CFO

Analog Devices Inc. said late Wednesday that Prashanth Mahendra-Rajah will join the company on Sept. 28 as its senior vice president of finance and chief financial officer, reporting to Chief Executive Vincent Roche. Mahendra-Rajah is currently the CFO of WABCO Holdings Inc. . Shares of Analog Devices were flat in late trading after ending the regular session up 0.1%. WABCO shares, also flat, ended the regular session down 0.6%.

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Victoria’s Secret parent L Brands shares fall after company cuts full-year view

Shares of L Brands Inc. fell more than 7% late Wednesday after the parent of Victoria’s Secret met Wall Street’s quarterly sales expectations but cut its forecast for third-quarter and full-year earnings. L Brands said it earned $138.9 million, or 48 cents a share, in the second quarter, compared with $252.4 million, or 87 cents a share, a year ago. Adjusted for one-time items, the company said it earned 48 cents a share in the quarter, compared with 70 cents a share a year ago. Net sales fell to $2.8 billion in the quarter, from $2.9 billion a year ago. Analysts polled by FactSet had expected GAAP and adjusted earnings of 45 cents a share on sales of $2.8 billion. Comparable sales fell 8% for the quarter, in part due to Victoria’s Secret’s exiting the swim and apparel categories, the company said in a statement. “Accordingly, the company’s guidance for the remainder of the year reflects a more conservative sales forecast than its previous guidance,” L Brands said. The company updated its guidance for full-year 2017 per-share earnings to between $3 and $3.20, from a previous guidance of $3.10 a share to $3.40 a share, and guided third-quarter per-share earnings to between 25 cents a share and 30 cents a share. Shares ended the regular trading day up 1.3%.

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Valeant Pharma works to resolve FDA concerns at Tampa plant

Valeant Pharmaceuticals International Inc. shares ticked higher in the extended session Wednesday after the drugmaker said that issues from a Food and Drug Administration inspection were being resolved. Valeant shares rose 1% to $14.30 after hours. Valeant said an inspection of its Bausch & Lomb plant in Tampa, Fla., turned up some “manufacturing uncertainties” but a collaboration with FDA inspectors to resolve the issues will result in a Voluntary Action Indicated certification, where objectionable concerns were observed by inspectors but were not significant from a regulatory standpoint.

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