Tag: stock market

Koppers Holdings Inc.’s shares were downgraded at Wunderlich Securities, which cited concerns over valuation following the recent surge to 2 1/2-year highs. Analyst Liam Burke cut his rating to hold, after being at buy since he started covering the carbon compounds chemicals company in September 2014. Since closing at a near 7-year low of $14.26 on Jan. 19, the stock nearly tripled to $40.50 last Wednesday, the highest close since May 2014, and above Burke’s stock price target of $39. Burke said management has successfully repositioned the company to address the reality of its end markets, and is seeing more stable revenue and margin growth, but the stock’s valuation now fully reflects that solid execution. “A fine company at a fair price,” Burke wrote in a note to clients. The stock has more than doubled year to date, while the S&P 500 has gained 7.7%.

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TrueCar Inc. said Tuesday it expect November new vehicle sales to climb 3.6% from a year ago to reach 1.37 million units, boosted by Black Friday deals and two extra selling days than in the year-earlier period. The online marketplace for new cars said it expects November’s seasonally adjusted annualized rate for total light vehicle sales to come to 17.66 million units, versus 18.25 million units a year ago. “The early launch of Black Friday sales events is helping offset declines in fleet sales this month, as the retail sales environment remains strong for new car sales,” said Eric Lyman, TrueCar’s chief industry analyst, in a statement. “Incentives are also down slightly as automakers begin to address supply side imbalances with planned reductions in vehicle production.” Among individual car makers, Subaru posted the biggest gains in the month at 12.9%, followed by General Motors Corp. , up 11.2%. TrueCar shares up 30% in the year so far, while the S&P 500 has gained 7.7%.

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Shares of Tiffany & Co. surged 2.4% in premarket trade Tuesday, after the high-end jewelry retailer reported fiscal third-quarter profit and sales that surprisingly that surprisingly rose above expectations. Earnings for the quarter to Oct. 31 increased to $95.1 million, or 76 cents a share, from $91.0 million, or 70 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was a decline to 67 cents. Revenue grew to $949.3 million from $938.2 million, compared with the FactSet consensus for a decline to $923.8 million. Same-store sales fell 2%, compared with the FactSet consensus of a 4.1% drop, as a 20% jump in Japan same-store sales was well above expectations of a 4.3% fall. Net sales in the Americas, Asia-Pacific and Japan beat the FactSet consensus while Europe sales fell below. The company affirmed its fiscal 2016 outlook for sales and adjusted EPS. “We are encouraged by some early signs of improvement in sales trends, but we clearly need more positive data over time before this can be considered an inflection point,” said Chief Executive Frederic Cumenal. The stock has gained 2.4% year to date through Monday, while the SPDR S&P Retail ETF has climbed 6.5% and the S&P 500 has rallied 7.7%.

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A plane carrying 81 people, including a Brazilian first division soccer team, has crashed as it neared the international airport in Medellin, Colombia, according to an AP report. The BAE 146 short-haul aircraft, run by charter airline LaMia, reportedly declared an emergency because of an electrical failure. The Chapecoense soccer team from southern Brazil was on board and traveling to play in a Copa Sudamericana final. Reports said 76 of the 81 people on board died.

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A plane carrying 81 people, including a Brazilian first division soccer team, has crashed as it neared the international airport in Medellin, Colombia, according to an AP report. The BAE 146 short-haul aircraft, run by charter airline LaMia, reportedly declared an emergency because of an electrical failure. There were reports of at least six survivors, and the Chapecoense soccer team from southern Brazil was traveling to play in a Copa Sudamericana final.

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Amicus Therapeutics Inc. shares fell in the extended session Monday after the rare-disease drug maker said the Food and Drug Administration will not grant an accelerated approval to one of its treatments. Amicus shares dropped 28% to $6.02 after hours. The company said the FDA cannot grant an accelerated approval of the drug migalastat to treat Fabry disease based on the lowering of a harmful fatty substance in the kidneys, and that it must collect more data on the drug. Fabry disease is a rare genetic condition where the body is deficient in a certain enzyme, which can result in pain, kidney failure, and heart problems.

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Allstate Non-Insurance Holdings Inc., the insurance broker subsidiary of Allstate Corp. , said late Monday it has agreed to buy SquareTrade Holding Company Inc. for about $1.4 billion in cash and debt. The transaction is expected to close in January. Privately held SquareTrade, based in San Francisco and London, is a provider of extended warranty plans for electronics and gadgets. Shares of Allstate fell 0.2% in the extended session after ending the regular trading day down less than 0.1%.

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Shares of Thor Industries Inc. rallied in Monday’s extended session after the recreatonal vehicle maker posted quarterly results that soundly beat Wall Street’s expectations. Thor reported its fiscal first-quarter earnings rose to $78.7 million, or $1.49 a share, from $50.5 million, or 96 cents a share, a year earlier. Revenue increased 66% to $1.71 billion. Analysts surveyed by FactSet had projected earnings of $1.23 a share and revenue of $1.5 billion. Shares rallied nearly 7% after hours.

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Nivalis Therapeutics Inc. shares fell in the extended session Monday after the drug developer said its cystic fibrosis drug failed to reach endpoints in a clinical trial. Nivalis shares, which had been briefly halted, fell 56% to $2.73 after hours. The company said a mid-stage clinical study of its drug cavosonstat did not significantly improve lung function in cystic fibrosis patients when compared to a placebo.

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Shares of UnitedHealth Group Inc. rose in Monday’s extended session after the health-care company reiterated its upbeat earnings forecast for 2016. UnitedHealth expects earnings per share for the full year at $7.45 and adjusted EPS of about $8.00. Analysts surveyed by FactSet are projecting EPS of $7.39 and adjusted EPS of $7.51. The company also estimated its 2016 revenue to exceed $184 billion, compared with an average estimate of $184.13 billion. UnitedHealth is scheduled to host its annual investor conferenece on Tuesday in New York where it will discuss its business in further details. Shares of UnitedHealth rose more than 2% after hours.

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