Eurozone to grow at fastest rate in a decade in 2017, says EU

The eurozone economy is on track to grow at its fastest rate in a decade this year, boosted by robust job creation, rising investment and decreasing debt, the European Commission said on Thursday. In its autumn forecast, the EU body said it expects gross domestic product to expand by 2.2% in 2017, up from its 1.7% forecast in the spring. For 2018, the projection was lifted to 2.1% from 1.8%. Economic growth is then expected to slow to 1.9% in 2019. “After five years of moderate recovery, European growth has now accelerated. We see good news on many fronts, with more jobs being created, rising investment and strengthening public finances,” said EU finance chief Pierre Moscovici in the news release. The euro inched higher after the report was released, buying $1.1608 compared with an intraday low of $1.1586 and $1.1596 late Wednesday in New York.

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From:: Stock Market News

Kevin Spacey to be cut from upcoming movie ‘All the Money in the World’

Kevin Spacey’s scenes in the upcoming film “All the Money in the World” will be cut out, and Christopher Plummer will take over his role in reshot scenes, Deadline reported late Wednesday. The unprecedented move comes after a mounting number of sexual misconduct allegations against Spacey, dating back decades. Last week, Spacey was fired from the Netflix Inc. series “House of Cards,” which will produce a final season without him. “All the Money in the World,” from Sony Corp.’s Sony Pictures, stars Mark Wahlberg and Michelle Williams and is directed by Ridley Scott, and has generated awards buzz. It is scheduled to open Dec. 22, and Deadline reported that is still the target date. Spacey reportedly spent eight to 10 days shooting his scenes, and reshoots with Plummer are expected to start immediately. Plummer will take over Spacey’s role as J. Paul Getty, the billionaire oil tycoon who refused to pay ransom after his grandson was kidnapped in 1973. Another film starring Spacey, “Gore,” a biopic on novelist Gore Vidal that just wrapped production, has been canceled by Netflix.

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Impac’s Lending, Servicing Rise as Earnings Plunge

Impac Mortgage Holdings Inc. expanded its servicing portfolio and had a quarter-over-quarter gain in originations. But earnings deteriorated.

In its third-quarter 2017 earnings report, the Irvine, California-based company disclosed net earnings before income taxes of $4 million.

Income plummeted from $16 million earned in the same-three months last year. It was also worse than $7 million during the preceding three-month period.


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From:: Financing

Hologic shares down 6% after lower fiscal 2018 sales forecast

Shares of Hologic Inc. fell 6% late Wednesday after the maker of medical devices reported better-than-expected fiscal 2017 fourth-quarter adjusted earnings and sales but called for lower sales for fiscal 2018. Hologic said it earned $83 million, or 29 cents a share, in the quarter, compared with $92 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 50 cents a share, compared with 52 cents a share a year ago. Revenue rose to $803 million, compared with $727 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 49 cents a share on sales of $793 million. The company said it expects revenue between $3.20 billion to $3.28 billion in fiscal 2018, and adjusted per-share earnings between $2.10 and $2.15 for the year. The analysts surveyed by FactSet expect revenue around $3.30 billion for the year, and adjusted EPS of $2.15.

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Shares of ANGI Homeservices sink on dismal third-quarter results

Shares of ANGI Homeservices Inc. fell in Wednesday’s extended session after the home services website’s quarterly results missed Wall Street’s expectations by a large margin. This is the company’s first financial report following the merger of HomeAdvisor and Angie’s List on Sept. 29. ANGI said it swung to a third-quarter loss of $71.8 million, or 17 cents a share, from a profit of $5.1 million, or a penny a share, a year earlier. On an adjusted basis, it would have lost 2 cents a share. Revenue grew 36% to $181.7 million. Analysts surveyed by FactSet had forecast a profit of 16 cents a share on revenue of $201 million. ANGI shares slumped 3.8% after hours.

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From:: Stock Market News

Overstock.com soars 12% on narrower quarterly loss

Overstock.com Inc. shares jumped more than 12% late Wednesday after the retailer reported a narrower-than-expected quarterly loss and Chief Executive Patrick M. Byrne said the company continues to explore a “brick-and-click model,” which could include partnering with another company. Overstock.com said it lost $786,000, or 3 cents a share, in the third quarter, compared with a loss of $3.1 million, or 12 cents a share, a year ago. Revenue fell to $424 million, compared with $441.6 million a year ago. Analysts polled by FactSet had expected a loss of 9 cents a share on sales of $453 million. “I have indicated for about 18 months (and loud-and-clear in the last earnings call) that I hear the Gods of Economics whispering that the best model is a brick-and-click model,” Byrne said in a letter to investors. Such “hybridization” could take several forms, including “a strategic partnership formed with the right large partner,” he said.

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Roku stock jumps more than 25% after first earnings report since IPO

Roku Inc. shares shot up 22% in the extended session Wednesday after beating revenue and earnings expectations. Roku shares climbed 22% to $23 after hours. The company reported third-quarter net losses of $46.2 million, or $8.79 a share, compared with losses of $12.7 million or $2.66 a share, in the year-ago period. In the third quarter, $37.7 million of the $46.2 million net loss was related to an increase in the company’s preferred stock warrant liability. Adjusted losses were 10 cents a share. Revenue rose to $124.8 million from $89 million in the year-ago period. Analysts surveyed by FactSet had estimated an adjusted loss of 28 cents a share on revenue of $110.5 million. For the fourth quarter, analysts model a loss of 13 cents a share on revenue of $177.1 million. Executives offered fourth-quarter guidance of net losses of between $8 million and $14 million, on sales of between $175 million to $190 million. Roku stock has dropped 19% in the last month, with the S&P 500 index rising 1.6%. The company went public in September and priced its initial public offering at $14.

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Repealing Obamacare individual mandate would boost uninsured by 4 million, CBO finds

Repealing the Affordable Care Act’s individual health-insurance mandate would leave 4 million more people uninsured in 2019, the Congressional Budget Office said Wednesday. It would also cut deficits by about $338 billion over a decade, versus the $416 billion found by an earlier estimate. In 2027, 13 million more people would be uninsured, the CBO says.

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Shares of Twilio rally 3% as third-quarter results meet expectations

Twilio Inc. shares gain in Wednesday’s extended session after the cloud-communications company posted in-line quarterly results. Twilio reported its third-quarter loss widened to $23.5 million, or 25 cents a share, from $11.3 million, or 13 cents a share, a year earlier. On an adjusted basis it would have lost 8 cents a share, which is in line with analysts’ average estimate in a FactSet survey. Revenue rose to $100.5 million from $71.5 million. Wall Street had projected $92.5 million. For the current quarter, Twilio expects an adjusted loss per share of 6 cents to 5 cents and revenue in a range of $102.5 million to $104.5 million. Analysts are predicting an adjusted loss per share of 6 cents and revenue of $98.7 million. Twilio shares climbed 3% after hours.

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MGM Resorts beats on sales, earnings, but points to fall in China revenue

MGM Resorts International shares fell 0.2% late Wednesday after the company reported third-quarter results above forecasts and a rise in U.S. casino sales but a decline in revenue in China. MGM said it earned $149 million, or 26 cents a share, in the quarter, compared with $536 million, or 93 cents a share, in the prior-year quarter. Revenue rose to $2.83 billion, compared with $2.52 billion a year ago. Analysts polled by FactSet had expected earnings of 7 cents a share on sales of $2.58 billion. U.S. resorts revenue rose 18% quarter-on-quarter; net revenue of MGM China fell 6%, MGM said.

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From:: Stock Market News