Manitowoc shares 5% higher after surprise quarterly profit

Shares of Manitowoc Co. rose nearly 5% late Monday after the crane manufacturer reported a surprise third-quarter profit thanks to a pickup in demand in the U.S. energy and commercial construction markets. Manitowoc said it earned $9.6 million, or 7 cents a share, versus a loss of $141 million, or $1.02 a share, in the year-ago period. Net sales rose to $399.4 million, from $349.8 million a year ago, thanks mostly to increased demand in the U.S., offset by lower demand in the Asia-Pacific market, Manitowoc said. Analysts polled by FactSet had expected a loss of 4 cents a share on sales of $385 million. Shares ended the regular session up 1.2%.

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Symantec acquires VPN provider SurfEasy

Cybersecurity giant Symantec Corp. has acquired SurfEasy Inc., the company said Monday. SurfEasy makes virtual private networks, which can offer users privacy and increase security when using the web, especially when connected via public Wi-Fi networks. SurfEasy will join Symanetc’s consumer safety unit, which helps people protect their personal information, privacy and identity, the company said. Symantec stock was flat after hours at $28.90. The company did not say how much it paid for SurfEasy. Symantec stock is up 21% this year, with the S&P 500 index rising 15.6%.

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McKesson to buy RXCrossroads from CVS for $735 million

McKesson Corp. said late Monday it has agreed to buy RxCrossroads from CVS Health Corp. for $735 million. The deal will be funded by cash on hand, and it is expected to close in the fourth quarter, McKesson said in a statement. Following the close, RxCrossroads will become part of the company’s Specialty Health business. McKesson expects the transaction to add about 20 cents to adjusted per-share earnings by the third year after the deal is completed. Shares of McKesson were flat in late trading after ending the regular trading session down 1.7%.

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Skyworks Solutions slips despite earnings beat

Skyworks Solutions Inc. stock dipped in late trading Monday despite beating earnings expectations in wrapping up its fiscal year. Skyworks reported fourth-quarter net income of $281.3 million, or $1.51 a share, on sales of $984.6 million, up from $835.4 million a year ago. After adjustments for stock-based compensation and other effects, the company reported earnings of $1.82 a share, up from $1.47 a share in the same period last year. On average, analysts expected Skyworks to report adjusted earnings of $1.75 a share on sales of $980.2 million. The company’s guidance for the first quarter of the 2018 fiscal year was in line with analysts’ expectations, calling for adjusted earnings of $1.91 a share on sales of $1.05 billion. Shares fell more than 3.5% in late trading, moving close to $112 after closing with a 2.8% gain at $116.33, in an earnings season that has beenoccasionally brutal to chip makers who don’t post big earnings beats. Skyworks stock had gained 55.8% this year through Monday’s close, while the S&P 500 index had gained 15.6%.

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Shares of Esty rise after craft-oriented retailer swings to profit

Shares of Etsy Inc. rallied in Monday’s extended session after the craft-oriented e-commerce company swung to a quarterly profit. Etsy reported third-quarter earnings of $25.8 million, or 21 cents a share, versus a loss of $2.4 million, or 2 cents a share, a year earlier. Revenue grew 21.5% to $106.4 million while gross merchandise sales increased 13.2% to $766.4 million. Analysts surveyed by FactSet had projected earnings of 7 cents a share on revenue of $105 million. The company reiterated its 2017 revenue outlook of 18% to 20% growth from the previous year. Etsy shares gained 2% after hours.

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Avis shares tank after costs rise, company lowers 2017 sales guidance

Shares of Avis Budget Group Inc. fell 9% late Monday after the car rental company posted adjusted third-quarter earnings above expectations but tweaked lower its 2017 sales forecast. Avis said it earned $245 million, or $2.91 a share, in the quarter, compared with $209 million in the year-ago period. Adjusted for one-time items, Avis earned $260 million, or $3.10 a share, compared with $227 million, or $2.47 a share, a year ago. Revenue rose to $2.75 billion, compared with $2.66 billion a year ago, thanks to a 5% increase in rental days on the back of “strong” summer demand, with time and mileage revenue per day increasing in North America but lower for Avis’s international segment, the company said in a statement. Analysts polled by FactSet had expected adjusted third-quarter earnings of $3.04 a share on sales of $2.77 billion. Avis tweaked its forecast for 2017 revenue to a range of $8.80 billion to $8.90 billion. In August, the company guided for sales in the range of $8.80 billion to $8.95 billion. Per-unit fleet costs rose 5% to $326 million in the quarter. Shares ended the regular session up 1.1%.

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TripAdvisor plummets more than 10% after earnings

TripAdvisor Inc. shares dropped more than 10% in late trading Monday after the online travel site announced revenue slightly below expectations in a quarterly earnings report. TripAdvisor reported third-quarter net income of $25 million, or 18 cents a share, on revenue of $439 million, up from $421 million a year ago. After adjustments for stock-based compensation and other effects, the company reported earnings of 36 cents a share. Analysts on average expected adjusted earnings of 35 cents a share on sales of $451 million, according to FactSet. While TripAdvisor did not provide revenue guidance in prepared remarks, it did not sound optimistic about an immediate rebound. “Recent partner bidding trends and our re-allocation of dollars away from online channels with
short-term payback will cause click-based and transaction revenue growth to slow further in Q4,” the company said. Shares fell lower than TripAdvisor’s 52-week low of $35.34 at times in after-hours action following the release of the report, after the stock closed with a 1.7% gain at $39.53. TripAdvisor shares have fallen 14.6% so far this year, as the S&P 500 index has gained 15.6%.

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Salesforce shares rise on announcement of Google cloud partnership

Shares of Salesforce Inc. rose in the extended session Monday after the cloud-software company announced a strategic partnership with Alphabet Inc.’s Google for international infrastructure expansion. Salesforce shares rose 2.5% to $105 after hours, following a 0.3% close lower during the regular session. Under the agreement, Salesforce named Google Cloud as its preferred public cloud provider and will offer G Suite licenses at no additional cost for up to one year. In a press conference, Salesforce EVP Ryan Aytay said that Amazon.com Inc.’s Amazon Web Services will also remain a “preferred” cloud provider.

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Weight Watchers soars to record price levels after earnings

Weight Watchers International Inc. shares soared to levels that would mean yet more record highs after releasing third-quarter earnings Monday afternoon. The weight-loss company reported net income of $44.7 million, or 65 cents a share, on revenue of $323.7 million, after reporting earnings of 53 cents a share on revenue of $280.8 million a year ago. Analysts on average expected Weight Watchers to report earnings of 51 cents a share on sales of $316 million, according to FactSet. After the earnings beat, shares soared higher than $50, a level the stock has never surpassed in regular trading, after closing with a 0.3% gain at $44.80. Weight Watchers stock has nearly quadrupled in 2017, increasing more than 294% amid a 15.6% gain for the S&P 500 index , making investor Oprah Winfrey even richer in the process.

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Priceline stock falls more than 6% on weak fourth-quarter guidance

Priceline Group Inc. shares fell in the extended session Monday after the company reported third-quarter earnings with weaker than expected fourth-quarter guidance. Priceline shares were down more than 6% to $1,780 after hours. The company reported third-quarter net income of $1.7 billion, or $34.43 a share, compared to $506 million, or $10.13 a share, in the year-ago period. Adjusted earnings were $35.22 a share. Revenue rose to $4.43 billion from $3.69 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $34.26 a share on revenue of $4.34 billion. For the fourth quarter, analysts estimate adjusted earnings of $15.57 a share on revenue of $2.73 billion. Executives offered fourth-quarter guidance of adjusted earnings of between $13.40 and $14 a share. Priceline stock has gained 29.2% this year, with the S&P 500 index rising 15.6%.

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