Victoria’s Secret parent L Brands reports July sales decline

Victoria’s Secret parent L Brands said early Thursday that it had a July revenue and same-store sales decline, but that it expected second-quarter earnings at the high end of its 40 cents to 45 cents guidance. July revenue declined to $768 million from $777 million in the year-earlier period, the company said, while July same-store sales fell 7%. The company said its exit of swim and apparel categories hurt July same-store sales for L Brands by 4% and Victoria’s Secret by 5%. L Brands shares have plummeted 32.7% over the year-to-date, compared with a 10.7% rise in the S&P 500 .

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Avon Products reports surprise loss and sales decline, CEO departure

Shares of Avon Products Inc. had tumbled as much as 11% in premarket trade Thursday, after the beauty products seller reported a surprise loss and revenue decline and said its Chief Executive Sheri McCoy was stepping down. The net loss for the quarter to June 30 was $45.5 million, or 12 cents a share, after a profit of $33.0 million, or 6 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share was 3 cents, while the FactSet consensus was for earnings per share of 7 cents. Revenue fell to $1.40 billion from $1.43 billion, while the FactSet consensus was for a rise to $1.44 billion. Active representatives declined 3%, while operating margin decreased to 2.3% from 4.6%. Separately, the company said McCoy will step down on March 31, 2018, after 5 years in charge. Avon has retained Heidrick & Struggles to help it find McCoy’s successor. The stock has tumbled 33% year to date through Wednesday, while the S&P 500 has gained 11%.

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Chesapeake Energy shares jump almost 4% after profit and revenue beats

Chesapeake Energy Corp. shares rose 3.9% in premarket trade Thursday, after the company topped profit and revenue estimates for the second quarter. Chesapeake said it had net income of $470 million, or 47 cents a share, in the quarter, up from $75 million, or 8 cents a share, in the year-earlier period. Adjusted per-share earnings came to 18 cents, ahead of the FactSet consensus of 14 cents. Revenue rose to $2.281 billion from $1.622 billion, as oil and gas revenue rose to $1.279 billion from $440 billion, and marketing revenue came to $1.002 billion, down from $1.182 billion. The FactSet consensus was for oil and gas revenue of $1.057 billion, and marketing revenue of $1.241 billion. “Our assets continue to deliver improving well results due to longer laterals and enhanced completion techniques, with a new record operated well in the Marcellus being a prime example of this,” Chief Executive Doug Lawler said in a statement. “We expect our total production to move higher throughout the year, driven by large turn-in-line projects underway in the Eagle Ford, Utica and Powder River Basin operating areas.” Shares have fallen 37% in 2017, while the S&P 500 has gained 10.7%.

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USA Today owner Gannett Co. reports Q2 profit above Wall Street expectations

Newspaper publisher Gannett Co. Inc. on Thursday reported a profit for the second quarter that came in above Wall Street’s expectations. The company reported a net loss of $487,000 for the quarter, or breakeven earnings per share, after reporting net income of $12.5 million, or 10 cents per share during the year-earlier period. Adjusted earnings per share were 18 cents per share, above FactSet’s 17 cents consensus. Total revenue for the quarter was $774.5 million, up from $748.8 million a year, but below FactSet’s consensus of $783.0 million. Advertising revenue in the quarter was $445.2 million, with digital advertising revenue increasing 1.3%. Gannett maintained its full-year guidance for $3.15 billion to $3.22 billion in revenue while increasing expectations for adjusted EBITDA in the range of $360 million to $365 million, up from its prior guidance of $355 million to $365 million. Shares of Gannett were inactive in premarket trade, but have declined nearly 13% in the year to date, while the S&P 500 index is up almost 11%.

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YUM! shares rise after earnings beat, same-store sales growth

Shares of Yum! Brands rose 0.5% before the market opened on Thursday as the company reported earnings that beat estimates. Second-quarter net income came to $206 million, or 58 cents per share, the company said, down from $336 million, or 64 cents per share, in the year-ago period. Adjusted EPS came to 68 cents, beating the FactSet consensus of 61 cents. Total revenue was $1.45 billion, compared to $1.51 billion a year ago and above the FactSet consensus of $1.42 billion. Worldwide same-store sales rose 2%, the company said, also beating analysts’ estimates of a 1.8% increase. Pizza Hut same-store sales fell 1%, versus the FactSet consensus for a 1.4% decline. Taco Bell same-store sales rose 4%, lower than the FactSet consensus for a 5.4% increase. KFC same-store sales rose 3%, better than analysts’ forecasts of a 2.3% increase. The company said it was maintaining full-year guidance. Yum! shares have gained 21% in the year to date, compared to a 10.7% gain for the S&P 500 .

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Dish Network’s profit falls sharply and revenue misses expectations

Dish Network Corp. reported a second-quarter net profit of $40 million, or 9 cents a share, down from $424 million, or 91 cents a share, in the same period a year ago. The FactSet consensus was for earnings per share of 74 cents. Revenue fell to $3.64 billion from $3.86 billion, missing the FactSet consensus of $3.72 billion, as subscriber-related revenue dropped to $3.61 billion from $3.83 billion. The company activated 444,000 gross new Pay-TV subscribers, down from 527,000 a year ago. The stock, which was still inactive in premarket trade, has rallied 10.5% year to date through Wednesday, while the S&P 500 has gained 10.7%.

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Aetna rises 3.1% premarket after earnings beat views

Shares of Aetna Inc. rose 3.1% in premarket trade on Thursday after the health care company’s second-quarter earnings beat analyst forecasts. Profit for the quarter came in at $1.2 billion, or $3.60 a share, up from $791 million, or $2.23 a share, a year ago. On an adjusted basis, profit rose to $1.1 billion, or $3.42 a share, from $783 million, or $2.21 a share. Analysts polled by FactSet expected adjusted EPS of $2.37. Revenue slipped 3% to $15.52 billion from $15.95 billion last year.

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John Kelly assured Jeff Sessions his job is safe: reports

U.S. Attorney General Jeff Sessions has been told that his job is safe by new White House chief of staff John Kelly, according to multiple reports Wednesday. The Associated Press reported that Kelly called Sessions on Saturday to reassure him that President Donald Trump would not fire him, nor did he want Sessions to resign. ABC News and Politico later confirmed the report. Although Sessions was one of Trump’s earliest and most loyal supporters, Trump has been critical of Sessions in recent weeks, saying that he wouldn’t have named him attorney general if he had known Sessions would recuse himself from the Russian election-meddling investigation. Firing Sessions could have caused a political firestorm if its intent was seen as obstructing the Russia probe being conducted by special counsel Robert Mueller.

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Trump suggested firing U.S. commander in Afghanistan: report

President Donald Trump is frustrated by setbacks in Afghanistan, and suggested firing the top U.S. general in the region, according to a report late Wednesday by NBC News. During a July 19 meeting with top military advisers, Trump repeatedly said Gen. John Nicholson should be replaced because he’s not winning the war, sources told NBC News. Defense Secretary James Mattis was reportedly upset after the meeting. On Wednesday, national security adviser H.R. McMaster, who also had attended the meeting, praised Nicholson during an interview on MSNBC, calling him a “capable commander.” Trump also reportedly asked why the U.S. is not benefiting from Afghanistan’s mineral wealth. In June, Trump gave the Pentagon authority to boost troop levels in Afghanistan. Two American servicemembers were killed Wednesday in Afghanistan in a suicide attack on a convoy. The Taliban claimed responsibility.

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Tableau Software shares rise following surprise profit

Tableau Software Inc. shares rose in the extended session Wednesday after the data analytics company posted a surprise profit for the quarter. Tableau shares surged 6.1% to $67.90 after hours. The company reported a second-quarter loss of $42.5 million, or 54 cents a share, compared to a loss of $47.5 million, or 64 cents a share, in the year-ago period. Adjusted earnings were 10 cents a share. Revenue rose to $212.9 million from $198.5 million in the year-ago period. Analysts surveyed by FactSet had estimated an adjusted loss of 5 cents a share on revenue of $210.8 million.

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