Category: Uncategorized

Callaway Golf Co. shares rose nearly 4% late Thursday after the company beat second-quarter expectations and increased its full-year guidance. Callaway said it earned $31 million, or 33 cents a share, in the quarter, compared with $34 million, or 36 cents a share, in the year-ago period. Revenue was up 24% to $305 million in the quarter, from $246 million a year ago. Analysts polled by FactSet had expected earnings of 28 cents a share on sales of $296 million. Callaway said it expects full-year 2017 net sales between $980 million and $995 million, compared to a prior guidance of between $960 million and $980 million. The company increased its full-year adjusted earnings guidance to between 40 cents and 45 cents a share, compared to prior guidance of a range of 31 cents to 37 cents. Shares ended the Thursday session down 1%.

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

Arista Networks Inc. shares rallied in the extended session Thursday after the cloud-networking software company’s quarterly results and outlook topped Wall Street estimates. Arista shares surged 14% to $165 after hours. The company reported second-quarter net income of $102.7 million, or $1.30 a share, compared to $38.9 million, or 53 cents a share, in the year-ago period. Adjusted earnings were $1.34 a share. Revenue rose to $405.2 million from $268.7 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 95 cents a share on revenue of $360.9 million. For the third quarter, Arista estimates revenue of $405 million to $420 million. Analysts expect revenue of $377.7 million.

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

Grand jury subpoenas have been issued in connection with the meeting Donald Trump Jr. had with a Russian lawyer, Reuters reported, citing two sources familiar with the matter. That’s the meeting that emails subsequently show the son of President Donald Trump was told the Russian government had information that would incriminate Clinton. “If it’s what you say, I love it,” Trump Jr. wrote at the time. The Reuters report also confirms the Wall Street Journal report that a grand jury has been convened in Washington to investigate Russian interference.

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

Shares of Weight Watchers International Inc. rocketed 23% in after-hours trade Thursday, after the weight management program company reported second-quarter profit and sales that beat expectation, and raised its outlook. Net earnings for the quarter to July 1 rose to $45.2 million, or 67 cents a share, from $30.5 million, or 46 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 51 cents. Revenue increased 10.3% to $341.7 million from $309.8 million, beating the FactSet consensus of $334 million, as service revenue grew 12.5% and product sales and other revenue was up 0.8%. End of period subscribers were up 20.1% and total paid weeks was up 16.8%. For 2017, the company boosted its EPS guidance range to $1.57 to $1.67 from $1.40 to $1.50. The stock was trading at $40.65 in the after-hours session, the highest price seen during regular session hours since October 2013. Through Thursday’s close, the stock had nearly tripled year to date, while the S&P 500 had gained 10.4%.

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

Shares of SeaWorld Entertainment Inc. slumped 1.3% toward a 9 1/2-month low in afternoon trade Thursday, after FBR Capital downgraded the theme park operator, citing signs of weakness at the flagship San Diego park. Analyst Barton Crockett cut his rating to market perform, after being at outperform since August 2014. He slashed his stock price target to $15 from $20. “The latest lease data from the San Diego park in June suggests that the new attraction lineup and orca show in that park over Memorial Day weekend did not revive revenue headwinds, as we had hoped,” Crockett wrote in a note to clients. “That provides a cautious read for the [second-quarter] earnings report. It is also a bit cautious for the broader plan to change the orca show at all the SeaWorld parks.” SeaWorld is scheduled to report second-quarter results before the market opens on Aug. 8. The company announced in September 2016 that it would spend $175 million to open new attractions and orca presentations, amid public scrutiny over its killer whale program. The stock has plunged 27% year to date, while the S&P 500 has gained 10.5%.

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

Special Counsel Robert Mueller has impaneled a grand jury in Washington to investigate Russia’s interference in the 2016 elections, The Wall Street Journal reported, citing two people familiar with the matter. That’s a sign that his inquiry is growing in intensity and entering a new phase, the report said. Legal experts quoted by the newspaper say the move suggests he believes he will need to subpoena records and take testimony from witnesses.

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

U.S. traded oil settled sharply lower Thursday as downbeat sentiment drove futures into negative territory, ahead of a key OPEC meeting to discuss compliance with an agreement to curtail global output. On the New York Mercantile Exchange, light, sweet crude futures for delivery in September finished the day off 56 cents, or 1.1%, at $49.03. Although there was no fundamental catalyst for the retreat, some market participants pointed to news that prominent oil trader Andy Hall was shuttering his energy-focused hedge fund after wrongway bets that oil prices would climb faster. Oil has been stuck in a range for the past several months. Some investors speculated that the unwind of Hall’s Astenbeck Master Commodities Fund II may result in more oil contracts hitting the market, driving prices lower. Still, traders and investors said that although the oil market is sensitive to news, it has mostly been in an uptrend. A coming two-day meeting of the Organization of the Petroleum Exporting Countries in Abu Dhabi on Aug. 7-9 remained the main focus for investors, and could help the determine oil’s near-term future.

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

President Donald Trump’s budget director Mick Mulvaney said he and the rest of the Trump administration support a “clean” increase in the debt ceiling, not one that ties such a hike to spending cuts, according to CNBC’s John Harwood. Mulvaney had previously pressed for cuts but ultimately agreed with Treasury Secretary Steven Mnuchin on demanding a clean debt-limit hike. Harwood said Mulvaney briefed a small group of reporters. The government has been relying on what are known as extraordinary measures to keep borrowing after the debt limit was hit in mid-March.

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

Ubiquiti Networks Inc. shot more than 20% higher in Thursday trading after reporting earnings with a forecast that blew away projections, making Chief Executive Robert Pera more than $600 million richer. The networking company reported fiscal fourth-quarter net income of $60.7 million, or 74 cents a share, on sales of $228.6 million, up from $185.7 million a year ago. After adjustments for stock-based compensation and tax effects, the company claimed earnings of 75 cents a share, up from 69 cents in the year-ago quarter. Analysts on average expected Ubiquiti to report adjusted earnings of 74 cents a share on sales of $219 million, according to FactSet. For the 2018 fiscal year, which began July 1, Ubiquiti predicted its first year of $1 billion in revenue, forecasting earnings of $3.70 to $4.30 a share on sales of $1 billion to $1.15 billion. Analysts had been projecting annual earnings of $3.24 a share on sales of $938.7 million, according to FactSet. Ubiquiti stock moved as high as $67.80 in Thursday morning trading, crushing its previous intraday high of $64.62. Pera, the majority owner of the NBA’s Memphis Grizzlies, holds more than 71% of the company’s stock, according to FactSet, a stake that increased to more than $3.7 billion with Thursday’s intraday gains. Ubiquiti stock had already gained 12.3% so far this year, ahead of the S&P 500 index’s 10.7% gain.

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