Tag: stock market

Hormel Foods Corp. reported Tuesday fiscal fourth-quarter earnings that rose to $243.9 million, or 45 cents a share, from $187.2 million, or 35 cents a share, in the same period a year ago. That matched the FactSet consensus for earnings per share of 45 cents. The packaged foods company said revenue for the quarter to Oct. 30 increased to $2.63 billion from $2.40 billion, beating the FactSet consensus of $2.62 billion, as better-than-expected sales from refrigerated foods, grocery products and specialty products offset a miss for Jennie-O Turkey Store. For fiscal 2017, the company expects adjusted EPS of $1.68 to $1.74, above the FactSet consensus of $1.67, aided by favorable grain prices for its Jennie-O Turkey Store business and continued low input costs in refrigerated foods. The stock, which was still inactive in premarket trade, has dropped 12% year to date, while the S&P 500 has gained 7.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Six children were killed and 23 injured when a school bus crashed into a tree in Chattanooga, Tenn., on Monday afternoon. The bus was carrying 35 students, ranging from kindergarten to fifth grade, when it crashed around 3:30 p.m. The bus turned onto its side, and its roof wrapped around a tree. Chattanooga Police Chief Fred Fletcher called the crash “every public safety professional’s worst nightmare,” and noted that “speed is being investigated very, very strongly as a factor.” The National Transportation Safety Board said it will investigate the crash.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Ally Financial Inc. said late Monday it has settled a federal probe into its residential mortgage-backed securities business for $52 million. Ally said the settlement resolves “all outstanding investigations and potential claims” by the Department of Justice into Ally’s former mortgage unit Residential Capital LLC. The company said it reserved the full amount for the settlement in the third quarter. Ally shares were unchanged at $19.47 after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Hormel Foods Corp. said late Monday it will increase its annual dividend by 17% to 68 cents a share. Its board of directors authorized the first quarterly dividend of 17 cents a share to be paid on Feb. 15 to shareholders of record Jan. 17. Shares of the Austin, Minn., food company rose 0.2% in late trading after ending the regular trading day down 1.8%. Hormel earlier Monday had announced it was selling Clougherty Packing LLC, parent company of Farmer John and others, to Smithfield Foods Inc. for $145 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

U.S. shares of Sina Corp. rose in the extended session Monday while Weibo Corp. shares weakened after the Chinese online media companies topped Wall Street estimates. Sina shares rose 3.5% to $69.65 after hours, while Weibo shares shed 2.2% to $44.60. Sina reported adjusted third-quarter earnings of 56 cents a share on revenue of $274.9 million. Analysts surveyed by FactSet had forecast earnings of 37 cents a share on revenue of $265.7 million. Weibo, which is majority owned by Sina, reported adjusted earnings of 24 cents a share on revenue of $176.9 million. Analysts expected earnings of 17 cents a share on revenue of $173.4 million. Weibo said it expects fourth-quarter revenue of $205 million to $210 million, while analysts estimate $197.2 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

A preliminary 7.3 magnitude earthquake centered 69 kilometers (43 miles) from Iwaku, Fukushima Prefecture shook Japan, according to the U.S. Geological Survey. The earthquake was reportedly felt in Tokyo. The dollar fell against the Japanese yen in the immediate aftermath of the quake. The Associated Press added that a tsunami warning was issued.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Palo Alto Networks Inc. shares tumbled 13% in late trading Monday after the company reported a wider loss than expected and provided a forecast lower than analysts expected. The Silicon Valley security-software firm reported a fiscal first-quarter loss of $61.8 million, or 69 cents a share, on sales of $398.1 million. After adjustments for stock-based compensation and other factors, the company claimed a profit of 55 cents a share. Analysts on average expected Palo Alto Networks to report a loss of 58 cents a share on sales of $400 million, with adjusted profit of 52 cents a share. The company’s forecast for the current quarter is for adjusted profit of 61 cents to 63 cents a share on revenue of $426 million to $432 million. Analysts on average were expecting Palo Alto Networks to report adjusted earnings of 63 cents a share on sales of $439 million, according to FactSet. The company’s stock dropped lower than $140 in the after-hours session following the release of the results, after closing with a 0.2% decline at $161.06.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Arista Networks Inc. shares hit record highs Monday after an import ban stemming from a patent dispute with Cisco Systems Inc. was lifted. Arista’s networking gear was blocked by the International Trade Commission in June, after the regulatory body determined that Arista’s products infringed on three Cisco patents. Arista redesigned the products in question, and said Monday that U.S. Customs had agreed to allow the company’s new networking gear to be imported into the U.S. “We appreciate the hard work and thoroughness of U.S. Customs and Border Protection in reaching this decision, which validates our good-faith efforts to address the ITC’s findings,” Marc Taxay, Arista’s general counsel, said in an email. “We look forward to resuming the importation of our redesigned products into the United States.” Arista shares hit an all-time intraday high of $94.76 Monday and closed at $94.48, a 7.4% gain from Friday’s closing price.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

U.S. stocks advanced on Monday aided by a jump in oil prices and a retreat in the dollar with the main indexes closing at all-time highs. Oil prices rose to a 3-week high as Russian President Vladimir Putin fed expectations for an OPEC output deal. This was the first time since December 1999, that the S&P 500, Dow industrials, Nasdaq Composite and Russell 2000 closed at records on the same day. The S&P 500 closed 16.28 points, or 0.8%, higher at 2,198.18 with energy and materials leading gains. The Dow Jones Industrial Average added 88.76 points, or 0.5%, to 18,956.69. The Nasdaq Composite ended the session up 47.35 points, or 0.9%, at 5,368.86. The Russell 2000 index added 3.63 points, or 0.3%, to 1,319.33 according to preliminary FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

New York Uber drivers who are deactivated by Uber from the app can now appeal the decision through a panel. The Independent Drivers Guild, which represents 45,000 drivers in the area, and the Machinists Union negotiated for the five-person panel, which will be made up of drivers chosen by the IDG and by Uber. Uber drivers can be deactivated if their rating falls below 4.6, if a passenger makes a serious complaint or if he or she violates Uber’s code of conduct, among other issues. Outside of the New York appeals process, drivers can work with Uber’s support team or take classes, among other methods.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News