Tag: stock market

Jabil Circuit Inc. shares rallied in the extended session Thursday as the electronics supply chain company topped Wall Street estimates for the quarter. Jabil shares surged 11% to $23.90 after hours. The company reported adjusted earnings of 69 cents a share on revenue of $5.1 billion for the fiscal first quarter. Analysts surveyed by FactSet had estimated 64 cents a share on revenue of $4.91 billion. For the second quarter, Jabil sees adjusted earnings of 35 cents to 57 cents a share on revenue of $4.2 billion to $4.5 billion. Analysts expect earnings of 46 cents a share on revenue of $4.36 billion.

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Adobe Systems Inc. shares were volatile in Thursday’s extended session after the software company turned in quarterly earnings ahead of Wall Street’s estimates. Adobe reported fourth-quarter earnings rose to $399.6 million, or 80 cents a share, from $222.7 million, or 44 cents a share, a year earlier. On an adjusted basis, the maker of Photoshop, Illustrator design software and PDFs would have earned 90 cents a share. Revenue grew to $1.61 billion from $1.31 billion. Analysts surveyed by FactSet had forecast adjusted earnings of 86 cents a share on revenue of $1.59 billion. Adobe shares were up 0.4% after hours.

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President-elect Donald Trump has approached actor Sylvester Stallone about taking a top arts-related position in the new administration, according to a report in the Daily Mail. The likely position would be chairman of the National Endowment for the Arts, the Daily Mail said.

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Allergan PLC said Thursday afternoon that it had reached a $38 million settlement with the federal government over sales and marketing practices of two of its subsidiaries, Forest Laboratories LLC and Forest Pharmaceuticals Inc. The federal government had been investigating these practices between 2008 to 2011 for three Forest products — Bystolic, Savella and Namenda — over alleged lack of controls over payments made to doctors for conducting speaker programs, Allergan said, with the time period in question occurring prior to Allergan’s acquisition of the companies. The $38 million will be paid to the federal government and any settling states for all civil claims, and Forest Laboratories previously recorded charges for the settlement’s cost, Allergan said. Allergan shares have dropped 38.4% year-to-date, compared with a 10.8% rise in the S&P 500 .

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Economic commentator Lawrence Kudlow has emerged as a leading candidate to chair the White House Council of Economic Advisers, The Wall Street Journal reported, citing people familiar with the transition. Kudlow, a supply sider, helped to shape President-elect Donald Trump’s tax proposals. Kudlow declined to comment on any discussion he has had with the Trump transition on Thursday, but he said he was impressed by the team being assembled for the new administration, the report said.

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Gold futures dropped nearly 3% Thursday to settle at their lowest level since early February as the Federal Reserve’s U.S. interest-rate hike and the potential for more aggressive moves in the new year fueled a rally in the dollar. February gold fell $33.90, or 2.9%, to settle at $1,129.80 an ounce.

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Oil futures reversed course Thursday to trade higher after dropping to an intraday low under $50 barrel. Prices turned up after a report from Bloomberg said Kuwait is telling customers to expect less oil, said Phil Flynn, senior market analyst at Price Futures Group. “Despite skepticism surrounding the historic OPEC/non-OPEC accord, there are signs early on that OPEC compliance may start at a record high.” Oil prices have been volatile in the wake of a pact by the Organization of the Petroleum Exporting Countries and other non-member producers to curb a persistent global glut of oil. Tyler Richey, co-editor at The 7:00’s report, meanwhile, linked oil’s turnaround to the day’s expiration of crude-oil options. January West Texas Intermediate crude was up 19 cents, or 0.4%, at $51.23 a barrel on the New York Mercantile Exchange. It was trading lower earlier and had tapped a low of $49.95, according to FactSet data, as the Federal Reserve’s interest-rate hike rallied the dollar, weighing on dollar-denominated oil prices.

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Shares of Bank of America Corp. powered up 2.8% toward a record high in active midday trade Thursday, after Raymond James turned bullish on the banking giant, on the belief that President-elect Donald Trump will bring “better days ahead.” Recent volume of 93 million shares made the stock the most actively traded on the major U.S. exchanges. Analyst David Long raised his rating to outperform, after being at market perform for about five months, and initiated a stock price target of $26, which is 12% above current levels. The stock has rocketed 37% since the election, compared with a 19% surge in the SPDR Financial Select Sector ETF and a 6% gain in the S&P 500 . “The question we expect to receive on our more constructive view on BAC is why now after such a run up in their stock,” Long wrote in a note to clients. “However, with the changing of the guard, the prospect of stronger economic growth, a lengthening of the credit cycle, higher interest rates, and a clearer path to achieving its profitability targets, we see risk-reward more positively than we did under the prior administration.”

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Shares of DeVry Education Group Inc. jumped 2.6% in midday trade Thursday, after the for-profit education company said the settlement agreement with the Federal Trade Commission will not impact access to federal student loans or student services. DeVry said it will pay $49.4 million to settle the FTC litigation regarding the use of employment statistics in former advertising. The company said it will also forgive $30.4 million of institutional loans issued before Sept. 15, 2015, and forgive outstanding accounts receivable balances by $20.2 million for former students. DeVry said it expects to record a change of $52 million to $55 million in its fiscal second quarter as a result of the settlement. “DeVry Group chose to settle this action after filing an answer denying all allegations of wrongdoing,” the company said in a statement. The settlement comes three months after rival ITT Educational Services, the parent of ITT Technical Institutes, filed for bankruptcy in the wake of the Department of Education’s decision to ban the for-profit school from enrolling new students using federal financial aid.

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Prudential Financial Inc. provided its 2017 outlook in a presentation to investors, saying it expects earnings per share in the range of $10.15 to $10.65 for the year. That surrounds the FactSet EPS consensus of $10.33. The insurer said it is targeting return on equity in the 12%-to-13% range, in line with the 12.5% seen in the trailing 12 months ended Sept. 30, but down from 14.2% in 2015 and 15.8% in 2014. Prudential said its outlook is based on assumptions that include: the S&P 500 ending 2017 at 2,130, which is 1.5% above current levels; the yield on the 10-year Treasury at 2.50%, which is below with the current rate of 2.58%; and the repurchase of $1.25 billion worth of its stock next year. The stock rallied 2.7% in morning trade. It has surged 31% year to date, while the SPDR S&P Insurance ETF has rallied 20% and the S&P 500 has gained 11%.

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