Tag: stock market

ConocoPhillips shares are up 0.3% in Thursday premarket trading after the energy company provided upbeat full-year outlook. ConocoPhillips reported a net loss of $1.0 billion, or 84 cents per share, compared with aloss of $1.1 billion, or 87 cents per share, for the same period last year. The adjusted loss was 66 cents per share against a FactSet consensus of a loss of 68 cents per share. ConocoPhillips increased the midpoint of full-year production guidance to 1,565 million barrels oil equivalent per day (MBOED) after third-quarter production reached 1,557 MBOED. Production guidance excludes Libya. The company also lowered its 2016 capital expenditures guidance to $5.2 billion from $5.5 billion. ConocoPhillips shares are down 10.5% for the year so far, while the S&P 500 Index is up 4.7% for the same period.

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Sirius XM Holdings Inc. shares rose 2.6% in premarket trade Thursday after the company matched third-quarter earnings expectations. Net income for the latest quarter rose to $194 million, or 4 cents per share, from $167 million, or 3 cents per share in the year-earlier period. The FactSet earnings-per-share consensus was 4 cents. Revenue rose to $1.28 billion from $1.17 billion, compared to the FactSet consensus of $1.27 billion. Sirius said it would distribute its first quarterly dividend of 1 cent per share, payable on Nov. 30. The company plans to add $2 billion to their share buyback program, bringing its total share buyback authorization to $10 billion, $7.6 billion of which it has already bought back. The company also raised its revenue guidance for 2016 to about $5 billion. Sirius shares rose 4.2% year-to-date, compared with a 4.7% rise in the S&P 500 .

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Shares of Altria Group Inc. edged slightly in premarket trade on Thursday after the company reported third-quarter earnings just above Wall Street expectations. The tobacco company reported net income of $1.09 billion, or 56 cents per share, compared with $1.53 billion, or 78 cents during the same quarter a year ago. Adjusted earnings per share were 82 cents, just above the FactSet consensus of 81 cents. Revenue for the quarter reached $6.91 billion, compared with $6.70 billion last year. FactSet’s revenue consensus was $6.81 billion. Net revenue for smokeable products rose 2.7% to $4.48 billion, while smokeless products saw a 10% increase, hitting $493 million. The company said it holds expectations that full-year earnings will be in the range of $2.98 to $3.04. Altria shares are up nearly 11% in the year to date, outperforming the S&P 500 Index , which is up about 5%.

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Shares of NXP Semiconductors N.V. surged 3.1% in premarket trade Thursday, after the chip maker announced an agreement to be acquired by Qualcomm Inc. in a deal that would value NXP at about $38 billion. Qualcomm’s stock gained 2.1% ahead of the open. Under terms of the agreement, Qualcomm will pay $110 a share in cash for each NXP share outstanding, which represents an 11% premium to Wednesday’s closing price of $98.66. The total value of the deal, including debt, would be about $47 billion, the companies said. Qualcomm expects the deal to “significantly” add to adjusted earnings immediately after it closes, with synergies of $500 million a year. “The NXP acquisition accelerates our strategy to extend our leading mobile technology into robust new opportunities, where we will be well positioned to lead by delivering integrated semiconductor solutions at scale,” Qualcomm Chief Executive Steve Mollenkopf said. The Wall Street Journal had reported in late September that it NXP was in buyout talks with Qualcomm. NXP’s stock has rallied 17% year to date through Wednesday, while Qualcomm shares have soared 36%, the PHLX Semiconductor index has surged 25% and the S&P 500 has gained 4.7%.

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The pound erased an earlier loss and moved firmly higher on Thursday after data showed the U.K. economy held up stronger than expected in the period following the country’s Brexit vote. Sterling traded at $1.2263, up from $1.2240 ahead of the data and higher than the $1.2246 recorded late Wednesday in New York. The turnaround came after the Office for National Statistics said gross domestic product expanded 0.5% in the third quarter, outpacing forecasts of 0.3%. The data cover the first full quarter after the U.K.’s vote in June to leave the European Union, which economists and the Bank of England had warned would significantly hamper growth. “Although the macroeconomic data suggest that the Brexit risks have not been realized yet, it may be too early to drive conclusions. Businesses in the U.K. continue operating under a heavy cloud of uncertainty,” said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note.

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China’s ZTO Express raised $1.4 billion Wednesday in the biggest IPO in the U.S. this year. The package delivery company priced its shares at $19.50 a share, higher than its previously announced range of $16.50 to $18.50 a share. That values the company at more than $12 billion. The Shanghai company said it intends to use about $720 million to improve its facilities and infrastructure. ZTO is the biggest Chinese company to go public in the U.S. since Alibaba in 2014. Shares will start trading Thursday on the New York Stock Exchange under the symbol ZTO. Morgan Stanley and Goldman Sachs are the main underwriters.

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Shares of Texas Instruments Inc. rose in Wednesday’s extended session after the chip maker raised its dividend and posted strong results. Texas Instruments boosted its quarterly dividend by 32% to 50 cents a share. The company also reported its third-quarter earnings rose to $968 million, or 94 cents a share, from $798 million, or 76 cents a share, a year ago. Revenue grew 7% to $3.68 billion. Analysts surveyed by FactSet had forecast earnings of 86 cents a share on revenue of $3.49 billion. In the fourth quarter, the company expects revenue in a range of $3.17 billion to $3.43 billion and earnings per share of 76 cents to 86 cents. Analysts are projecting revenue of $3.3 billion and EPS of 79 cents. Shares gained 0.3% after hours.

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Teradyne Inc. shares rose in the extended session Wednesday after the industrial test equipment maker’s quarterly results and outlook topped Wall Street estimates. Teradyne shares surged 6.7% to $23.50 after hours. The company reported adjusted earnings of 33 cents a share on revenue of $410.5 million. Analysts surveyed by FactSet had estimated 28 cents a share on revenue of $400.5 million. Teradyne expects adjusted earnings of 18 cents to 25 cents a share on revenue of $330 million to $360 million in the fourth quarter. Analysts had estimated 13 cents a share on revenue of $324.6 million.

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Groupon Inc. shares fell in the extended session Wednesday after the daily-deals website met Wall Street expectations for the quarter and said it was acquiring rival LivingSocial Inc. for an undisclosed amount. Groupon shares dropped 9% to $4.79 on heavy volume after hours. The company said it has entered into an agreement to buy LivingSocial for an undisclosed price with the deal expected to close by early November. Groupon reported an adjusted loss of a penny a share on revenue of $720.5 million. Analysts surveyed by FactSet had estimated a loss of a penny a share on revenue of $720.5 million.

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Buffalo Wild Wings Inc. shares rose in the extended session Wednesday even after the chicken-wing franchise’s revenue came in below Wall Street estimates for the quarter. Buffalo Wild Wings shares rose 3.2% to $139.40 after hours. The company reported third-quarter earnings of $1.23 a share on revenue of $494.2 million. Analysts surveyed by FactSet had forecast earnings of $1.23 a share on revenue of $501.1 million. For the year, the company forecast earnings of “slightly below the low end of the prior $5.65 to $5.85 range,” while analysts expect $5.70 a share.

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