Tag: stock market

Walt Disney Co. late Wednesday said it raised its semi-annual cash dividend to 78 cents a share from 71 cents a share, bringing its total dividends in 2016 to $1.49 a share. The entertainment giant plans to hold its annual shareholders meeting on March 8 in Denver. Shares were unchanged after hours following a decline of 0.6% to close at $99.12.

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La-Z-Boy Inc. late Wednesday reported better-than-expected earnings and announced a 10% dividend hike. The furniture company best known for its recliners posted fiscal second-quarter earnings of $20.8 million, or 42 cents a share, compared with $21 million, or 41 cents a share, a year earlier. Revenue slid to $376.6 million from $382.9 million. Analysts surveyed by FactSet had forecast the company to earn 38 cents a share on revenue of $376 million. La-Z-Boy’s board also raised the quarterly dividend to 11 cents from 10 cents. The dividend will be paid on Dec. 15 to shareholders of record on Dec. 9. Shares were flat in late trading after closing down 1.8% to $26.75.

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Shares of Guess Inc. plunged 12% late Wednesday after the clothing retailer reported fiscal third-quarter earnings and sales below Wall Street expectations. Guess said it earned $9.1 million, or 11 cents a share, down 27% from $12.4 million in the third quarter of fiscal 2016. Revenue rose 3% to $536.3 million in the quarter, Guess said. Analysts polled by FactSet had expected per-share earnings of 14 cents on sales of $549 million. Shares had ended the regular trading day down 1.5%.

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Box Inc. reported a narrower loss than expected and raised its revenue guidance for the year Wednesday, sending its stock higher in late trading. The enterprise-software company reported a fiscal third-quarter net loss of $38.2 million, or 30 cents a share, on sales of $102.8 million, after losing $55.1 million in the same quarter a year ago. After adjustments for stock-based compensation and other factors, Box claimed a loss of 14 cents a share, after reporting a loss of 31 cents a share a year ago. Analysts expected Box to report an adjusted loss of 19 cents a share on sales of $100.6 million, according to FactSet. The outperformance led Box to increase its guidance for the full year, with the company now predicting a revenue range of $397 million to $398 million after earlier projecting $394 million to $396 million. Box shares gained more than 3% in late trading, rising to near $15.70 after closing with a 0.5% decline at $15.22.

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Oil futures rallied Wednesday to settle at their highest level since late October after the Organization of the Petroleum Exporting Countries announced its first agreement in eight years to cut its crude production. January West Texas Intermediate crude rose $4.21, or 9.3%, to settle at $49.44 a barrel on the New York Mercantile Exchange. The settlement was the highest since Oct. 27 and prices scored their strongest one-day percentage gain since February, according to FactSet data. It gained about 5.5% for the month, based on the most-active contracts.

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American Eagle Outfitters Inc. said Wednesday that stores located near Aéropostale locations that are liquidating experienced a two- to four-percentage-point same-store sales decline. Aéropostale, which sought chapter 11 bankruptcy protection in May, plans to go from about 800 stores to 229. The liquidation is also having an impact on American Eagle’s traffic, said Robert Madore, American Eagle’s chief financial officer, on the company’s Wednesday earnings call, according to a FactSet transcript. “That has dissipated quite a bit as we look to Q4,… but it definitely did have impact to us in Q3,” he said. Sporting goods retailers, like teen retailers, have seen a spate of bankruptcy filings recently. Dick’s Sporting Goods Inc. has benefitted from the misfortunes of competitors including The Sports Authority and Golfsmith. American Eagle shares are down 12.7% in Wednesday trading after third-quarter same-store sales results missed estimates. The company’s shares are up 6.5% for the year so far while the S&% 500 index is up 7.7% for the same period.

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Gold futures sank on Wednesday, notching its worst month of the year, as oil prices rallied after the Organization of the Petroleum Exporting Countries reached a deal to cut oil production that is equivalent to 1% of global output. Crude oil soared on the heels of the news as appetite for risky assets revived. February gold declined $16.90, or 1.4%, to settle at $1,173.90 an ounce. Gold futures fell about 7.9% for the month, based on the settlement for the most-active contract on Oct. 31, notching its biggest monthly drop in 2016.

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Nucor Inc. said Wednesday it will raise its quarterly dividend by one-quarter cent, or 0.7%, to 37.75 cents a share. The new dividend will be payable Feb. 10 to shareholders of record on Dec. 30. Nucor said it has increased its dividend every years since it started paying dividends in 1973. This marks the seventh-straight year that it has raised its quarterly dividend by 1/4-cent, following a 1-cent rise the year before. Based on current share prices, the steel company’s new implied annual dividend yield is 2.42%, compared with the aggregate S&P 500 dividend yield of 2.11%, according to FactSet. The stock climbed 1.4% to trade just shy of its eight-year closing high of $62.85 on Friday. It has run up 22% since the election and 55% so far this year, while the S&P 500 has gained 8.1% year to date.

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The Organization of the Petroleum Exporting Countries has agreed to cut its crude-oil production by 1.2 million barrels a day to a ceiling of 32.5 million barrels a day, Mohammed bin Saleh al-Sada, president of the OPEC Conference, announced Wednesday in Vienna, confirming earlier news reports on the deal. Key non-OPEC producers have agreed to cut back their production by 600,000 barrels a day, with Russia taking on half of that cut, al-Sada said. Indonesia, which had rejoined OPEC as a member less than a year ago after a suspension in 2009, has asked OPEC to suspend its membership. Indonesia expressed difficulty in participating in the deal because it is a net importer of oil, al-Sada said. January West Texas Intermediate crude rose $3.93, or 8.7%, to $49.16 a barrel on the New York Mercantile Exchange. February Brent crude traded at $51.66 a barrel on the ICE Futures exchange in London, up $4.34, or 9.2%.

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While the Dow Jones Industrial Average marches toward its ninth record close of the month, market internals are showing a rather mixed market. The number of declining stocks are outnumber advancers by a 1,493 to 1,404 margin on the New York Stock Exchange, but the volume of advancing stocks is doubling up declining volume by 224.9 million shares to 107.7 million shares. On the Nasdaq exchange, declining stocks are beating decliners 3,008 to 2,972, but advancing volume is well above declining volume 213.4 million shares to 144.0 million shares. The Dow was up 85 points in morning trade, while the Nasdaq Composite Index slipped 0.3%, the S&P 500 gained 0.2% and the Russell 2000 Index tacked on 0.3%.

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