Tag: stock market

Shares of Nvidia Corp. skyrocketed late Thursday after the chip maker reported fiscal third-quarter 2017 earnings well above expectations and raised its dividend. Nvidia said it earned $542 million, or 83 cents a share, in the fiscal third quarter, from $246 million, or 44 cents a share, a year ago. Adjusted for one-time items, the company said it earned $570 million, or 94 cents a share, in the quarter, compared with $255 million, or 46 cents a share, a year ago. Sales rose to $2 billion, 54% higher than the $1.3 billion it reported a year ago. Analysts polled by FactSet had expected earnings of 56 cents a share on sales of $1.69 billion in the quarter. Nvidia raised its dividend by 22% to 14 cents a share, from 11.5 cents a share, to be paid on Dec. 19 to shareholders of record Nov. 28.

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Michael Kors Holdings Ltd. shares fell 2.4% in Thursday after-hours trading after the luxury apparel and handbag company forecast fiscal full-year results that were below consensus. Net income was $160.9 million, or 95 cents per share, down from $193.1 million, or $1.01 per share, for the same period last year. The FactSet consensus was 88 cents per share. Revenue totaled $1.09 billion, down from $1.13 billion last year, but in line with the FactSet consensus. Same-store sales fell 5.4%, beating the FactSet estimate for a 5.8% decline. Results were impacted by declines in mall traffic and tourism in major cities, along with pullbacks in the wholesale channel, said Chief Executive John Idol in a statement. Micheal Kors now expects fiscal 2017 revenue of about $4.55 billion and earnings per share in the range of $4.32 to $4.38. Adjusted EPS is forecast in the range of $4.37 to $4.43. The FactSet consensus is for sales of $4.64 billion and EPS of $4.58. Michael Kors shares are up 29.2% for the year so far while the S&P 500 Index is up 6% for the same period.

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The Walt Disney Co. reported disappointing earnings and revenue Thursday, as the company’s cable networks took a hit from lower advertising revenue and higher costs for ESPN. The media conglomerate reported net income of $1.77 billion, or $1.10 a share, on sales of $13.1 billion, with adjusted earnings the same on a per-share basis. Analysts polled by FactSet expected Disney to report adjusted earnings of $1.16 a share on revenue of $13.5 billion. Cable networks’ operating income fell $207 million year-over-year to $1.4 billion, and ESPN was a big reason why, Disney said. “The decrease at ESPN reflected lower advertising and affiliate revenue and higher programming and production costs,” Disney said in its earnings announcement. “Lower advertising revenue was primarily due to fewer impressions and lower rates.” ESPN has suffered from cord-cutting and the rising price for rights to live sports broadcasts. Disney stock, which ended Thursday’s session with a gain of 0.3%, fell more than 3% in late trading.

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Nordstrom Inc. rose 8% late Thursday after the retailer reported third-quarter adjusted per-share earnings well above expectations and sales in line with Wall Street’s forecast. Nordstrom said it lost $10 million, or 6 cents a share, in the quarter, reversing net earnings of $81 million in the year-ago period. Adjusted for one-time earnings, the retailer earned $148 million, or 84 cents a share. Sales rose 7.2% to $3.5 billion, compared with $3.2 billion a year ago. Analysts polled by FactSet had expected Nordstrom to report adjusted earnings of 51 cents a share on sales of $3.48 billion. Comparable-store sales rose 2.4%. Nordstrom also raised its fiscal year 2016 outlook for adjusted earnings per share to $2.85 to $2.95, from $2.60 a share to $2.75 a share, to incorporate the better-than-expected quarterly results.

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President-elect Donald Trump will appear on the CBS program “60 Minutes,” on Sunday, the network announced Thursday. Leslie Stahl will interview Trump and members of his family.

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Oil futures settled lower on Thursday for the first time in four sessions. A monthly report from the International Energy Agency showed that crude output from the Organization of the Petroleum Exporting Countries rose to a record level in October, ahead of the group’s meeting Nov. 30 to hash out details of a plan to cutback on output. December West Texas Intermediate crude fell 61 cents, or 1.4%, to settle at $44.66 a barrel on the New York Mercantile Exchange.

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The rally in the broader market indexes, outside of the technology friendly Nasdaq Composite is not being supported by strong internal readings. The Dow Jones Industrial Average surged 258 points in afternoon trade, the S&P 500 rallied 0.4% and the Russell 2000 index of small-capitalization stocks ran up 1.7%. But on the New York Stock Exchange, the number of declining stocks outnumbered the number of advancers by a 1,543-to-1,488 margin. However, within the Dow, advancers were beating decliners by a score of 19 to 11, and advancers were topping decliners 330-175 in the S&P 500. The Nasdaq was just the opposite, as the Composite was down 0.5%, but on the exchange, advancers were outnumbering decliners 1,691 to 1,002.

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The Dow Jones Industrial Average is soaring 264 points in afternoon trade toward a record close, as it stretched its win streak to four sessions. The Dow has now run up 967 points during this win streak, which would be the best four-day point gain since it climbed 1,174 points in the four-session stretch ending Nov. 26, 2008. Back then, the rally had followed a two-day plunge of 872 points to a 5 1/2-year low. The current stretch of gains immediately followed a seven-day losing streak–a loss of 311 points–to four-month low. The 2008 streak equated to a percentage gain of 15.5%; the current gain is just 5.4%.

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Advisors to President-elect Donald Trump have floated the possibility of naming J.P. Morgan boss Jamie Dimon for Treasury Secretary, CNBC reported Thursday. Citing two people familiar with the matter, the report added that Dimon said he would not be interested in the role. Billionaire investor Warren Buffett had suggested in the past that Dimon would make a good Treasury secretary. Dimon’s name was previously mentioned as a possible replacement for Timothy Geithner. Dimon has ruled himself out in the past, saying he was not interested in the job. There are reports that Trump wants to appoint Steven Mnuchin, his finance chair and a former Goldman Sachs banker, to the post.

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Shares of Fitbit Inc. rose more than 3% Thursday following an unconfirmed SEC filing of a potential takeover bid. According to the filing, which was listed on Fitbit’s website, ABM Capital LTD, whose address is listed in Shanghai, China, offered to buy all of Fitbit’s Class A common shares for $12.50 each. The phone number for ABM listed in the filing did not work, and MarketWatch could not reach the financial company for comment. Fitbit didn’t immediately respond to a request for comment, and a spokesperson for the SEC would not comment on whether the filing was legitimate. Shares of Fitbit traded around $8.73 in recent trade, bucking a broader tech-market sell-off, with the Nasdaq Composite falling by 1%, or more than 55 points. Fitbit has been beaten down in recent quarters by weak sales. Its shares have fallen 42% in the past three months and more than 75% in the past year, vastly underperforming both the Dow Jones Industrial Average and S&P 500 .

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