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Shares of Chicago Bridge & Iron Co. plunged 22% toward an 8-year low in morning trade Thursday, after the energy infrastructure services company reported a large surprise loss and revenue that was about half what was expected. The company also said it has suspended its dividend, was pursuing a sale of its technology business and has initiated a cost cutting program. The company said late Wednesday it swung to a net loss of $425.4 million, or $4.22 a share, from a profit of $123.8 million, or $1.17 a share, in the same period a year ago. Excluding discontinued operations, the per-share loss was $3.02, compared with analyst expectations of a profit of 88 cents a share, according to FactSet. Revenue fell to $1.28 billion from $2.16 billion, while the FactSet consensus was for an increase to $2.47 billion. The company slashed its 2017 outlook for EPS to $1.00 to $1.25 from $3.50 to $4.00 and for revenue to $3.7 billion to $4.0 billion from $9.5 billion from $10.5 billion. “Although our second quarter results are disappointing, we are taking decisive actions to improve our operating performance and strengthen the company’s financial position,” said Chief Executive Patrick Mullen. The stock has plummeted 60% year to date, while the S&P 500 has climbed 10%.

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U.S. stocks opened lower on Thursday, suggesting indexes could undergo their third straight daily decline as tensions between the U.S. and North Korea remained elevated. The Dow Jones Industrial Average fell 0.3% to 21,973. The S&P 500 slid 0.4% to 2,464. The Nasdaq Composite Index was down 0.6% to 6,311. Major indexes continue to trade near record levels, though recent moves in equity markets have been slight, suggesting few catalysts to push shares sharply higher from current levels. Meanwhile, an extended period of geopolitical uncertainty could encourage traders to pare back their equity positions in light of the recent downtrend and concerns that stock valuations are still too lofty. Such a dynamic might amplify selling pressure on stocks. In company news, Macy’s Inc. fell 2.3% after its results, while Blue Apron tumbled 15% in the wake of its own results.

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Starbucks Corp. said Thursday that new Pumpkin Spice Latte products are headed to grocery store shelves. Ready-to-drink iced Pumpkin Spice Latte and Pumpkin Spice flavored ground coffee will be available this fall. The Iced Pumpkin Spice Latte’s suggested retail price is $2.79 and an 11-ounce bag of ground Pumpkin Spice coffee will be about $10. The return of Pumpkin Spice Latte to the Starbucks cafe menu hasn’t yet been announced. Other Starbucks Pumpkin Spice products are that are returning to grocers include K-cup pods and Via instant coffee. Starbucks shares are down 0.4% in premarket trading and down 3.2% for the year so far. The S&P 500 index is up 10.5%

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The U.S. Postal Service reported Thursday a net loss of $2.14 billion for the fiscal third quarter ended June 30, compared with a loss of $1.57 billion in the same period a year ago. The controllable loss, which excludes items that are non-recurring and outside of management control, such as government policy changes, widened to $587 million from $552 million a year ago. Total revenue fell to $16.67 billion from $17.70 billion, as declines in first-class, marketing and periodicals offset increases in shipping and packages and international. “The growth in our lower-margin package business is not sufficient to make up for the accelerating mail volume declines,” said Postmaster General Megan Brennan. “Our financial situation is serious, but solvable. The continuation of aggressive management actions, and legislative and regulatory reform, will return us to financial stability and enable the Postal Service to maintain the long-term affordability of mail, invest in America’s mailing and shipping industry, and best serve the American public.” The USPS said it continues to push for health care benefit funding and pension funding reform.

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Perrigo Co. PLC shares surged 12.2% in premarket trade Thursday after the company reported second-quarter profit and revenue beats and raised its 2017 guidance. The company reported a loss of $69.9 million, or a loss of 49 cents per share, narrowing a loss of $534.3 million, or a loss of $3.73 per share in the year-earlier period. Adjusted earnings-per-share were $1.22, compared with the FactSet consensus of 92 cents. Revenue rose to $1.238 billion from $1.341 billion, compared with the FactSet consensus of $1.175 billion. Perrigo now expects 2017 EPS between 84 cents and $1.09, compared with the FactSet consensus of $1.58, and adjusted 2017 EPS between $4.45 and $4.70, above the FactSet consensus of $4.28. Though other generic drugmakers have been facing pricing challenges, Perrigo’s consumer business “essentially front-of-the-house [over-the-counter] products in private-label (US) and branded (ex-US) presentations showed particular strength this quarter, driven by private-label launches in the U.S. and strong performance in Mexico,” Canaccord Genuity analyst Dewey Steadman said. Perrigo’s generics business did post a 13% year-over-year revenue decline but the company has been launching new products and the business unit could “quickly become non-core to Perrigo under new leadership,” which is expected soon, Steadman said. Perrigo shares have dropped 11% over the last three months, compared with a 3% rise in the S&P 500 .

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Macy’s Inc. shares fell nearly 2% in Thursday premarket trading after the retailer reaffirmed downbeat guidance for the year. Shares first rose after the retailer reported second-quarter earnings and revenue that beat expectations. Net income was $116.0 million, or 38 cents per share, up from $11.0 million, or 3 cents per share, for the same period last year. Adjusted EPS was 48 cents, beating the 46-cent FactSet consensus. Sales totaled $5.55 billion for the quarter, down from $5.87 billion and ahead of the $5.52 billion FactSet consensus. Same-store sales on an owned basis were down 2.8% for the quarter, and down 2.5% on an owned-plus-licensed basis. Macy’s Chief Executive Jeff Gennette said the company saw a “notable contribution” from women’s shoes and jewelry. Macy’s reaffirmed its full-year guidance for same-store sales decline between 2.2% and 3.3% on an owned basis and down 2% to 3% on an owned-plus-licensed basis. Sales are expected to be down between 3.2% and 4.3% and adjusted EPS is forecast to be $2.90 to $3.15 excluding the impact of anticipated fourth-quarter gains from the sale of the San Francisco men’s building and charges, premiums and fees associated with debt repurchases. The FactSet EPS consensus is $3.27 for the year. Macy’s shares are down 35.7% for the year so far while the S&P 500 index is up 10.5% for the period.

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Blue Apron Holdings Inc beat second-quarter revenue expectations Thursday morning, but reported wider-than-expected losses in its first report as a public company. Shares initially climbed up to 9% after the earnings were released, but later turned lower, falling 1%. It reported a net loss of $31.6 million, or a loss of 47 cents per share, after net income of $5.5 million in the year-earlier period. Analysts surveyed by FactSet were expecting a loss per share of 27 cents. Revenue was $238.1 million, up from $201 million in the year-earlier period and above the FactSet consensus of $235.8 million. The number of customers fell 9% quarter-over-quarter, with 943,000 customers, compared to 1 million customers in the year-earlier period, which Blue Apron attributed to a reduction in marketing by $26.1 million. However, average revenue per customer increased to $251 for the second quarter, up from $236 in the previous quarter, but below $264 in the year-earlier period. The number of orders per customer also increased to 4.3, from 4.1 in the previous quarter. Shares of Blue Apron have fallen 23% in the past month, while the S&P 500 has gained 2%.

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Shares of Kohl’s Corporation surged 7% in premarket trading Thursday before giving up those gains, after the retailer reported earnings that beat Wall Street estimates. The stock move came after Macy’s Inc. reported and offered a soft outlook, sending its shares lower. Kohl’s said net income for the second quarter was $208 million, or $1.24 per share, versus $140 million, or 77 cents per share, in the same period a year ago. Same-store sales rose 0.4% compared to a year ago, while overall sales in the quarter totaled $4.144 billion, down from $4.18 billion a year ago. Adjusted earnings per share were $1.24, versus $1.22 a year ago, and beating the FactSet consensus of $1.19. Foot traffic “accelerated” in the second quarter, CEO Kevin Mansell said in a release. Kohl’s shares are down 15% in the year to date, compared to a 10.5% gain for the S&P 500 [s:spx].

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Macy’s Inc. shares were up in early Thursday premarket trading after the retailer reported second-quarter earnings and revenue that beat expectations. Net income was $116.0 million, or 38 cents per share, up from $11.0 million, or 3 cents per share, for the same period last year. Adjusted EPS was 48 cents, beating the 46-cent FactSet consensus. Sales totaled $5.55 billion for the quarter, down from $5.87 billion and ahead of the $5.52 billion FactSet consensus. Same-store sales on an owned basis were down 2.8% for the quarter, and down 2.5% on an owned-plus-licensed basis. Macy’s Chief Executive Jeff Gennette said the company saw a “notable contribution” from women’s shoes and jewelry. Macy’s reaffirmed its full-year guidance for same-store sales decline between 2.2% and 3.3% on an owned basis and down 2% to 3% on an owned-plus-licensed basis. Sales are expected to be down between 3.2% and 4.3% and adjusted EPS is forecast to be $2.90 to $3.15 excluding the impact of anticipated fourth-quarter gains from the sale of the San Francisco men’s building and charges, premiums and fees associated with debt repurchases. The FactSet EPS consensus is $3.27 for the year. Macy’s shares are down 35.7% for the year so far while the S&P 500 index is up 10.5% for the period.

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JetBlue Airways Corp. said Thursday July load factor declined to 87.1% from 87.7% in the same period a year ago, as capacity growth outpaced a traffic increase. Traffic rose 5.1% to 4.48 billion revenue passenger miles, while capacity grew 5.9% to 5.14 billion available seat miles. The air carrier affirmed its third-quarter outlook for revenue per available seat mile to range from a decline of 0.5% to an increase of 2.5% from a year ago. The stock, which was still inactive in premarket trade, has gained 1.0% the past three months, while the NYSE Arca Airline Index has lost 4.3% and the S&P 500 has climbed 3.1%.

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From:: Stock Market News