PTC shares fall after hours on weak outlook

PTC Inc. shares dropped in the extended session Wednesday after the internet-of-things software company’s forecast earnings range fell mostly on the low side of Wall Street estimates. PTC shares fell 11% to $52.49 after hours. The company forecast fiscal fourth-quarter earnings of 33 cents to 38 cents a share on revenue of $303 million to $308 million. Analysts surveyed by FactSet estimate 37 cents a share on revenue of $309 million. The company reported adjusted third-quarter earnings of 28 cents a share on revenue of $291.3 million. Analysts had estimated earnings of 28 cents a share on revenue of $290.6 million.

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From:: Stock Market News

Kinder Morgan shares up 4% after company forecasts dividend increase

Shares of Kinder Morgan Inc. rose 4% late Wednesday after the energy infrastructure company said it expects its dividend to increase in future years and announced a share repurchase program. Kinder Morgan said it expects a 60% dividend increase for next year to 80 cents a share and projected a 25% dividend annual growth rate in the two years through 2020. The company’s board also authorized a $2 billion share buyback program. Kinder Morgan said it earned $337 million, or 14 cents a share, in the second quarter, compared with $333 million a year ago. Revenue reached $3.36 million, from $3.14 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 14 cents a share on sales of $3.37 million in the quarter. Kinder Morgan stock ended the regular session up 0.9%.

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From:: Stock Market News

C.H. Robinson shares drop after hours after earnings disappoint

C.H. Robinson Worldwide Inc. shares fell in the extended session Wednesday after the transportation and logistics company’s quarterly earnings came in below Wall Street estimates. C.H. Robinson shares, which had been halted prior to the release of results, dropped 7.7% to $63.40 after hours, following a 1.2% decline on the regular session. The company reported second-quarter earnings of 78 cents on revenue of $3.71 billion. Analysts surveyed by FactSet had estimated earnings of 90 cents a share on revenue of $3.64 billion. “Our results were significantly impacted by truckload margin compression,” said Chief Executive John Wiehoff in a statement. “Purchased transportation costs increased significantly during the quarter, while much of our customer pricing is committed at relatively flat prices.”

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Campbell Soup to withdraw from food industry group by year-end

Campbell Soup Co. Chief Executive Denise Morrison said Wednesday during the company’s investor event that the company will withdraw from the Grocery Manufacturer’s Association (GMA), a major food association, by the end of the calendar year. The decision, according to Morrison, is “not financial,” but rather “driven by purpose and principles.” Morrison’s remarks focused on the company’s goal of being “the leading health and well-being food company,” which includes an emphasis on transparency as a means of building trust with consumers, particularly millennials. GMA defended its own efforts at transparency in a comment emailed to MarketWatch. “It was GMA’s leadership that helped achieve passage in 2016 of a national standard for GMO disclosure,” said Roger Lowe, executive vice president of strategic communications for the GMA. “We supported an option that can provide consumers more information about GMOs than could ever fit on a label.” Lowe said the group’s transparency tool SmartLabel is expected to be used by 30,000 products by the end of the year, and it’s working with the Food Marketing Institute on “common wording” for product dating intended to reduce consumer confusion and waste. Campbell shares closed Wednesday up 3.1%, but are down 13.1% for the year to date. The S&P 500 index is up 10.5% for 2017 so far.

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From:: Stock Market News

C.H. Robinson shares halted after hours as earnings disappoint

C.H. Robinson Worldwide Inc. shares were halted in the extended session Wednesday after the transportation and logistics company’s quarterly earnings came in below Wall Street estimates. C.H. Robinson shares were halted at $68.69, following a 1.2% decline on the regular session. The company reported second-quarter earnings of 78 cents on revenue of $3.71 billion. Analysts surveyed by FactSet had estimated earnings of 90 cents a share on revenue of $3.64 billion. “Our results were significantly impacted by truckload margin compression,” said Chief Executive John Wiehoff in a statement. “Purchased transportation costs increased significantly during the quarter, while much of our customer pricing is committed at relatively flat prices.”

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From:: Stock Market News

Qualcomm forecast disappoints amid Apple fight

Qualcomm Inc. met expectations with its quarterly earnings report Wednesday, but shares fell as the company’s forecast excluded any sales related to Apple Inc. products and came in less than expected amid a legal battle with the iPhone maker. Qualcomm reported fiscal third-quarter net income of $866 million, or 58 cents a share, on revenue of $5.37 billion. Qualcomm was expected on average to report adjusted earnings of 83 cents a share on revenue of $5.28 billion, according to a FactSet analyst survey. Qualcomm’s forecast was more highly anticipated, however, amid a big fight between Qualcomm and Apple over the licensing fees Qualcomm commands for its patented technologies, but Qualcomm did not include licensing fees in its forecast. “Our financial guidance for the fourth quarter of fiscal 2017 excludes QTL revenues related to the sale of Apple products by Apple’s contract manufacturers as well as the other licensee in dispute as we expect the recent actions taken by these licensees will continue until the respective disputes are resolved,” the company said in its release. Qualcomm predicted adjusted earnings of 75 cents to 85 cents
a share on sales of $5.4 billion to $6.2 billion. Analysts on average expected the fourth-quarter forecast to call for adjusted earnings per share of 93 cents on revenue of $5.51 billion, according to FactSet. Qualcomm shares dipped about 3% in late trading after the report was released, following a 0.9% gain in regular trading.

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From:: Stock Market News

Ginnie MBS Issuance Up Despite Multifamily Slump

Even though apartment loan securitizations slipped last month at the Government National Mortgage Association, overall issuance moved higher.

There were $1.8428 trillion in Ginnie Mae mortgage-backed securities outstanding as of mid-2017, according to data reported by the government-owned entity.

The Washington-based organization’s book of business expanded from $1.8305 trillion as of May 31. As of June 30, 2016, the total came to $1.6925 trillion.


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From:: Financing

Polaris recalls tens of thousands of ATVs after reports of fire, fuel leaks

Recreational vehicles company Polaris Industries Inc. recalled about 25,600 all-terrain vehicles (ATVs) after reports of fuel leaks and fires. The recall involves 2014 Sportsman 570 model ATVs sold from April 2014 through May 2017 for $6,500 to $7,700 in several colors, which were made by Polaris in the U.S., according to the Consumer Product Safety Commission. The recall follows 30 reports of fuel leaks and four incidents involving a fire, although no injuries had been reported. “Consumers should immediately stop using the recalled ATVs and contact Polaris to schedule a free repair,” the company said in a statement. “Polaris is contacting all known purchasers directly.” The stock, which was up 1.2% in afternoon trade, has rallied 12.9% year to date, while the S&P 500 has gained 10.4%.

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From:: Stock Market News

Oil prices settle at a six-week high

Oil prices climbed Wednesday, settling at their highest level in about six weeks after the Energy Information Administration reported a third-straight weekly drop in U.S. crude supplies. August WTI crude rose 72 cents, or 1.6%, to settle $47.12 a barrel on the New York Mercantile Exchange. That was the highest settlement since June 6, according to FactSet data.

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From:: Stock Market News

Democrats to Carson: Reinstate FHA mortgage insurance premium cut

A group of Democratic congressmen sent a letter to Department of Housing and Urban Development Secretary Ben Carson on Monday, urging him to reinstate the previously scheduled cut to Federal Housing Administration mortgage insurance premiums. News about FHA mortgage insurance premiums shocked the market back in January since it was one of President Donald Trump’s first orders of business. However, now in July, the suspension still stands. …read more

From:: Real Estate Wire