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Apple Inc.’s stock rose 0.3% in premarket trade Tuesday, as investors prep for the technology giant’s fiscal third-quarter results due out after the close. The stock had declined 3.1% the past three sessions. Although Wall Street analysts have cut their expectations for profit and sales since Apple’s second quarter ended, they have also lifted their stock price targets. The FactSet consensus for earnings per share has declined to $1.57 from $1.62 as of March 31, while the total revenue consensus has declined to $44.89 billion from $45.62 billion and the iPhone sales estimate has fallen to $25.52 billion from $26.42 billion. Meanwhile, the average price target of the 44 analysts surveyed by FactSet has increased by 7.8% to $163.20 from $151.39 at the end of March. Over that time, Apple’s stock has gained 3.5%, while the Nasdaq Composite has climbed 7.4% and the Dow Jones Industrial Average has advanced 5.9%.

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Shares of Sprint Corp. were up more than 3% in premarket trade on Tuesday after the wireless company reported earnings for its fiscal first quarter that were above Wall Street expectations. Net income came in at $206 million, or 5 cents per share, after a loss of $302 million, or 8 cents in the same quarter a year ago. FactSet’s consensus was for a loss of 1 cent per share. Revenue for the quarter was $8.16 billion, up from $8.01 billion last year and in line with FactSet’s $8.16 billion consensus. Sprint said it added 61,000 total customers in the quarter, despite losing 39,000 postpaid customers. The company also said it is increasing the low end of its operating income expectations for the full year and is forecasting a range of $2.1 billion to $2.5 billion. Sprint previously expected operating income of $2.0 billion to $2.5 billion. Shares of Sprint have declined more than 5% in the year to date, while the S&P 500 index is up more than 10%.

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Pizza Hut, a Yum Brands Inc. chain, said Tuesday that it is launching a loyalty program, Hut Rewards, that offers points for every dollar spent online. A medium pizza can be earned at 200 points, a large at 250 points. Pizza Hut will offer double points between August 10 and October 1. Points are earned and redeemed through online or mobile orders only. Pizza Hut recently announced it will hire 14,000 drivers by year-end to help with deliveries. Yum shares are unchanged in premarket trading, and up 19.2% for the year so far. The S&P 500 index is up 10.3% for 2017 so far.

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.

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Under Armour Inc. shares dropped more than 9% in premarket trade on Tuesday after the company lowered its full-year outlook and announced job cuts. The athletic apparel company reported a net loss of $12.3 million, or 3 cents per share, compared with a loss of $52.7 million, or 12 cents per share in the year-earlier period. FactSet’s consensus was for a loss of 6 cents per share. Under Armour revenue was $1.09 billion, up from last year’s $1.00 billion during the same quarter, and just above the FactSet consensus of $1.08 billion. Under Armour announced a restructuring play that includes job the company, including job cuts. The company said it will incur restructuring charges of about $110 million to $130 million. The company also lowered its expectations for full year revenue growth, forecasting growth of 9% to 11%, compared with its previous expectation of 11% to 12%. Earnings per share for the year, excluding the impact from restructuring, are expected to come in at a range of 37 cents to 40 cents. FactSet expected per-share earnings of 42 cents. Shares of Under Armour are down more than 285 in the year to date, while the S&P 500 index is up more than 10%

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From:: Stock Market News