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Amplify’s stock soars after better-than-expected results, upbeat outlook

Amplify Snack Brands Inc.’s stock soared 11% in after-hours trade, after the maker of Skinny Pop popcorn reported fourth-quarter results that beat expectations, and provided an upbeat outlook for the current year. Earnings for the latest quarter rose to $4.4 million, or 6 cents a share, from $2.6 million, or 4 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 13 cents, above the FactSet consensus of 10 cents. Revenue increased 40% to $46.4 million, beating the FactSet consensus of $44.3 million. For 2016, the company expects adjusted EPS of 61 cents to 64 cents, above the FactSet consensus of 59 cents. Sales were projected to be $231 million to $237 million, surrounding the FactSet consensus of $233 million. “Our financial performance in the quarter reflects the strong momentum for the SkinnyPop brand, as we continue to realize best-in-class velocities while simultaneously increasing our points of distribution and gaining market share across a wide range of sales channels,” said Chief Executive Thomas Ennis. The stock has gained 1.2% year to date through Tuesday’s close, while the S&P 500 has lost 3.2%.

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Amplify’s stock soars after better-than-expected results, upbeat outlook

Amplify Snack Brands Inc.’s stock soared 11% in after-hours trade, after the maker of Skinny Pop popcorn reported fourth-quarter results that beat expectations, and provided an upbeat outlook for the current year. Earnings for the latest quarter rose to $4.4 million, or 6 cents a share, from $2.6 million, or 4 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 13 cents, above the FactSet consensus of 10 cents. Revenue increased 40% to $46.4 million, beating the FactSet consensus of $44.3 million. For 2016, the company expects adjusted EPS of 61 cents to 64 cents, above the FactSet consensus of 59 cents. Sales were projected to be $231 million to $237 million, surrounding the FactSet consensus of $233 million. “Our financial performance in the quarter reflects the strong momentum for the SkinnyPop brand, as we continue to realize best-in-class velocities while simultaneously increasing our points of distribution and gaining market share across a wide range of sales channels,” said Chief Executive Thomas Ennis. The stock has gained 1.2% year to date through Tuesday’s close, while the S&P 500 has lost 3.2%.

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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Blue Buffalo shares rally on earnings beat, outlook

Blue Buffalo Pet Products Inc. shares rallied in the extended session Tuesday after the natural pet-food company topped Wall Street estimates for the quarter and provided a positive outlook. Blue Buffalo shares surged 9.1% to $20.25 after hours. The company reported adjusted fourth-quarter earnings of 16 cents a share on revenue of $265 million. Analysts surveyed by FactSet had forecast 14 cents a share on revenue of $259.8 million. Blue Buffalo said it expects adjusted earnings for 2016 of 72 cents to 74 cents a share on revenue of $1.12 billion to $1.14 billion. Analysts expect 70 cents a share on revenue of $1.13 billion.

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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Yum Brands appoints Robert Walter non-exec chairman

Yum Brands Inc. said late Tuesday its board appointed Robert Walter as non-executive chairman, effective May 20. Walter will succeed David Novak, who announced his plan to step down as chairman in January. Novak had retired as Yum’s chief executive in January 2015. Yum shares were flat at $76.68 after hours.

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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U.S. stocks finish lower, snap 5-day winning streak

U.S. stocks ended lower Tuesday, snapping a five-day winning streak, as plunging crude oil prices weighed on energy shares. The S&P 500 shed 22.42 points, or 1.1%, to 1,979.31. The Dow industrials dropped 110.70 points, or 0.7%, to 16,963.42 — with Caterpillar Inc. and Chevron Corp. among the average’s biggest losers. The Nasdaq Composite slid 59.43 points, or 1.3%, to 4,648.82. The bulk of the losses occurred during the last hour of trading.

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DirecTV woes caused by what’s called ‘sun transit outage’

Satellite operator DirecTV on Tuesday has lost the ability to show many of its channels due to what’s called the “sun transit outage.” The AT&T unit is suffering because a satellite link is in a line with the sun, causing solar interference with satellite signals.

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Oil prices end lower as forecasts point to a rise in weekly U.S. crude supplies

Oil futures settled lower on Tuesday as traders bet that weekly data will show an increase in crude inventories for a fourth straight week. The American Petroleum Institute will release supply data late Tuesday, while the Energy Information Administration’s report comes out Wednesday. Analysts polled by Platts forecast a rise of 3 million barrels for crude stockpiles. April West Texas Intermediate crude fell $1.40, or 3.7%, to settle at $36.50 a barrel on the New York Mercantile Exchange.

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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EIA lowers U.S. oil output, price estimates for 2016, 2017

The U.S. Energy Information Administration on Tuesday lowered its 2016 and 2017 estimates for U.S. crude-oil production and forecasts for West Texas Intermediate crude prices. It forecasts average U.S. crude output of 8.67 million barrels a day for 2016, down from a prior estimate of 8.69 million. For 2017, it sees output of 8.19 million barrels a day, down from a previous forecast of 8.46 million. WTI prices are seen at $34.04 a barrel this year, down from a prior estimate of $37.59, the EIA said. For 2017, it expects to see $40.09 a barrel, down from a prior forecast of $50.

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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