Match Group shares slip after earnings miss, announced leadership shuffle

Match Group Inc. shares declined in the extended session Tuesday after the online dating site company reported earnings that missed Wall Street estimates and announced a new chief executive. Match shares declined 2.6% to $17.76 after hours. The company reported second-quarter net income of $51.4 million, or 17 cents a share, compared to $34.1 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 16 cents a share. Revenue rose to $309.6 million from $275.3 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 19 cents a share on revenue of $310.3 million. Separately, Match said that its Match Group Americas CEO Mandy Ginsberg would succeed Greg Blatt as Match CEO on Jan. 1. IAC CEO Joey Levin will succeed Blatt as Match chairman at that time, and Blatt will remain a board member. Match also said Blatt will stay on as CEO of Tinder until a replacement is named.

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From:: Stock Market News

Match Group shares slip after earnings miss, announced leadership shuffle

Match Group Inc. shares declined in the extended session Tuesday after the online dating site company reported earnings that missed Wall Street estimates and announced a new chief executive. Match shares declined 2.6% to $17.76 after hours. The company reported second-quarter net income of $51.4 million, or 17 cents a share, compared to $34.1 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 16 cents a share. Revenue rose to $309.6 million from $275.3 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 19 cents a share on revenue of $310.3 million. Separately, Match said that its Match Group Americas CEO Mandy Ginsberg would succeed Greg Blatt as Match CEO on Jan. 1. IAC CEO Joey Levin will succeed Blatt as Match chairman at that time, and Blatt will remain a board member. Match also said Blatt will stay on as CEO of Tinder until a replacement is named.

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Genworth MI’s Book and Business Grow, Lates Down

As Genworth Mortgage Insurance Corp.’s book of business expanded, its delinquency declined, and its new business had a quarter-over-quarter gain.

In its second-quarter earnings report, parent Genworth Financial Inc. said it earned $401 million from continuing operations before income taxes.

Income ascended from the preceding three-month period, when it was $332 million. It was also improved from $351 million the same period a year ago.


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From:: Financing

Genworth shares rally on earnings beat

Genworth Financial Inc. shares surged in the extended session Tuesday after the mortgage insurer topped Wall Street estimates for the quarter. Genworth shares rallied 8% to $3.66 after hours. The company reported second-quarter net income of $202 million, or 40 cents a share, compared with $172 million, or 39 cents a share, in the year-ago period. Adjusted operating earnings were 30 cents a share. Revenue slipped to $2.22 billion from $2.24 billion in the year-ago period. Analysts surveyed by FactSet had estimated 24 cents a share on revenue of $2.14 billion.

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AMC shares tank as company predicts steep quarterly losses

Shares of AMC Entertainment Holding Inc. fell more than 19% late Tuesday after the movie-theater chain announced cost reductions and said it expects to swing to a loss in the second quarter. AMC saw second-quarter revenue between $1.200 billion and $1.204 billion, and a net loss between $178.5 million and $174.5 million, or between $1.36 and $1.34 a share, versus gains of 24 cents a share in the year-ago period. Analysts had expected an adjusted loss of 3 cents a share on sales of $1.246 billion in the quarter. The company is scheduled to report results Aug. 7. AMC predicted “a very challenging third quarter” and unveiled plans that included strategic pricing, promotions, and reduction in operating hours and staffing affecting company headquarters and domestic theater locations. AMC forecast total sales between $5.1 billion and $5.2 billion and a net loss between $150 million and $125 million for 2017.

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Hanesbrands shares rise on in-line results, revenue outlook

Hanesbrands Inc. shares rose in the extended session Tuesday after the apparel maker reported in-line quarterly results and forecast revenue for the year above Wall Street estimates. Hanesbrands shares gained 4.2% to $24 after hours. The company reported second-quarter net income of $172.5 million, or 47 cents a share, compared with $128.1 million, or 34 cents a share, in the year-ago period. Adjusted earnings were 53 cents a share. Revenue rose to $1.65 billion from $1.47 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 53 cents a share on revenue of $1.65 billion. For the year, Hanesbrands estimates adjusted earnings of $1.93 to $2.03 a share on revenue of $6.45 billion to $6.55 billion. Analysts expect $1.97 a share on $6.44 billion.

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Allstate shares rise on earnings beat, share buyback program

Allstate Corp. shares rose in the extended session Tuesday after the insurance company reported quarterly results that topped Wall Street estimates and a share buyback program. Allstate shares rose 3.5% to $94.21 after hours. The company reported second-quarter net income of $550 million, or $1.49 a share, compared to $242 million, or 64 cents a share, in the year-ago period. Operating earnings were $1.38 a share. Revenue rose to $9.59 billion from $9.16 billion in the year-ago period. Analysts surveyed by FactSet had estimated 88 cents a share on revenue of $8.31 billion. Allstate also announced its board had approved a $2 billion share buyback program, which is expected to conclude by February 2019.

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SeaWorld announces interim CFO

SeaWorld Entertainment, Inc. said late Tuesday it has appointed Marc G. Swanson as interim chief financial officer and interim treasurer, effective immediately. Swanson has served as SeaWorld’s chief accounting officer since 2012, and served as interim CFO in 2015. He will continue to serve as chief accounting officer. Swanson replaces Peter J. Crage, “who is leaving the company to assume a senior-level financial position” at another, unnamed company, SeaWorld said in a statement. Crage will remain with SeaWorld through August to ensure a smooth transition, the company said. Last month, SeaWorld said it has faced federal investigations linked to a documentary critical of its practices concerning killer whales.

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Shares of Herbalife slide on weak third-quarter outlook

Shares of Herbalife Inc. fell in Tuesday’s extended session after the nutritional-products company issued a weak outlook for the current quarter. Herbalife reported it swung to a second-quarter earnings of $137.6 million, or $1.61 a share, from a loss of $22.9 million, or 28 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.51 a share. Revenue slid 5% to $1.15 billion. Analysts surveyed by FactSet had forecast earnings of $1.12 a share on revenue of $1.17 billion. Herbalife expects third-quarter adjusted earnings per share of 65 cents to 85 cents, falling short of the $1.22-a-share forecast by analysts. Herbalife shares slid 0.8% after hours.

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From:: Stock Market News