Tag: stock market

Edward Lifesciences Corp. on Thursday set financial goals for 2017, and said fourth-quarter sales are tracking at the low end of its guidance. The company said it expects 2017 sales to range from $3.0 billion to $3.4 billion, compared with a current FactSet consensus of $3.3 billion. In a statement prepared for an investor meeting later Thursday, the company said it expects adjusted per-share earnings for 2017 to come to $3.30 to $3.45, compared with a FactSet consensus of $3.40. The company is expecting the pending acquisition of Valtech Cardio to shave 10 cents per share off earnings and expects an 8 cents to 13 cents per share benefit from an accounting change related to stock-based compensation. The company said fourth-quarter sales are trending toward the low end of its guided range of $750 million to $790 million, driven by lower sales at its surgical heart valve therapy business. The company remains committed to that business, which it continues to expect will exceed $5 billion by 2021. Shares were flat in premarket trading, but are up 6% in the year so far, while the S&P 500 has gained 9.7%.

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A federal judge has put a halt to the electoral recount in Michigan after finding no support for Green Party presidential candidate Jill Stein’s concerns over hacking, according to media reports. U.S. District Judge Mark Goldsmith on Wednesday lifted an earlier order preventing the state’s Board of Elections from stopping the recount, which has already started. “Plaintiffs have not presented evidence of tampering or mistake. Instead, they present speculative claims going to the vulnerability of the voting machinery, but not actual injury,” Judge Goldsmith said in his order, reports said. He also cited a state court ruling that Stein was not an “aggrieved” candidate in Michigan’s ballot, as the fourth-placed candidate had little chance of winning even after a recount.

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Tailored Brands Inc. shares jumped more than 20% late Wednesday after the company, which operates Men’s Wearhouse and Jos. A. Bank stores, swung to a third-quarter profit and beat sales expectations for the quarter. Tailored Brands said it earned $28.4 million, or 58 cents a share, in the quarter, versus a net loss of $27.2 million in the year-ago period. Sales reached $847 million in the quarter, compared with $865 million a year ago. Analysts polled by FactSet had expected Tailored Brands to report per-share earnings of 55 cents a share on sales of $833 million. Shares ended the regular trading session up 3.4%.

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Alaska Airlines said late Wednesday it has agreed to settle a lawsuit brought by consumers opposing its $2.6 billion merger with Virgin America Inc. . Terms are confidential, the airline said. The lawsuit was a barrier to the merger, which won antitrust approval on Tuesday, under some conditions. “We look forward to closing the transaction in the very near future,” the airline said. Alaska Airlines is a subsidiary of Alaska Air Group . Shares of Virgin America rose less than 0.1% after hours, and shares of Alaska Air fell 0.7%. The stocks rose 0.3% and 3.4%, respectively, in the regular trading session.

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Shares of United Health Services Inc. gained 1% late Wednesday, recovering some of their steep losses in the last half hour of the regular trading session. The hospital chain, which operates psychiatric hospitals, among other facilities, was the focus of a Buzzfeed report earlier Wednesday that claimed employees were pressured to “fill beds by almost any method” and to hold on to patients to keep insurance payments flowing. The shares ended the day down 11.9%.

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Moody’s Investors Service on Wednesday affirmed Italy at Baa2 but revised down the outlook on the country’s rating to negative from stable after Italian voters rejected a referendum on constitutional changes over the weekend. Moody’s cited “the slow and halting progress on economic and fiscal reform in Italy, the prospects for which have diminished further following the ‘no’ vote in Sunday’s constitutional referendum” as the main driver behind its decision. The ratings agency also expressed concerns that Italy may be exposed to “unforeseen shocks” for an extended period due to its tepid growth outlook and the recent deterioration in its fiscal position.

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Corning Inc. shares ticked higher in the extended session Wednesday after the glass and ceramics maker’s board authorized a new share repurchase program. Corning shares rose 0.7% to $24.75 after hours. The company said its board approved up to $4 billion in share buybacks.

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Tax preparer and tax software developer H&R Block Inc. late Wednesday reported a fiscal second-quarter per-share loss in line with Wall Street expectations and sales above forecasts. H&R Block said it lost a net $143 million in the quarter, or 68 cents a share, flat compared to the year-ago period. Per-share earnings from continuing operations were 67 cents in the quarter. Revenue rose to $131 million, from $128 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 68 cents a share on sales of $127 million. The company usually reports a second-quarter loss due to the seasonality of its tax business, and the quarter represents less than 5% of its annual revenues, H&R Block said. Shares rose more than 5% in late trading after ending the regular session up 2.9%.

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Donald Trump will nominate former WWE chief executive Linda McMahon to head the Small Business Administration, the president-elect’s transition team said Wednesday. McMahon co-founded the entertainment company, which focuses on professional wrestling, and ran unsuccessfully for Senate from Connecticut in 2010.

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Costco Wholesale Corp. boosted profit in its fiscal first quarter, the company announced Wednesday. Costco reported net income of $545 million, or $1.24 a share, on revenue of $28.1 billion. Profit increased 13.5% from last year, while net sales gained 3%. Analysts polled by FactSet expected profit of $1.19 a share on revenue of $28.3 billion. Costco shares, which gained 1.9% to $153.85 in Wednesday’s trading session, declined about 1% in after-hours trading.

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