Tag: stock market

Salesforce.com Inc. said Thursday it is planning to invest $2 billion in its Canadian business in the next five years. The announcement came ahead of a meeting between Salesforce Chief Executive Mark Benioff and Canadian Prime Minister Justin Trudeau at the company’s headquarters in San Franciso later Thursday. More than 6,000 Canadian companies use Salesforce’s software, the company said, including Air Canada, Husky Energy and TD Bank. Shares were slightly lower Thursday, but have gained 35% in the last 12 months, while the S&P 500 has gained 17%.

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

The U.S. central bank is “a long way away” from having to raise interest rates due to higher inflation caused by higher labor costs, said Minneapolis Fed President Neel Kashkari, on Thursday. In a moderated discussion in Pierre, South Dakota, Kashkari said the January jobs report, which caused the violent market reaction, was actually only “mixed” in terms of wage growth. “If you dig beneath the surface, wages went up a little but hours went down. And so it was not actually a resoundingly strong report in terms of the outlook for wages,” Kashkari said. “We need to see that wages are going to go up consistently across the board. We need to see that that is actually going to translate into inflation,” he said. He noted wages can rise without even sparking higher inflation. Kashkari is not a voting member this year. He dissented from all three rate hikes last year, saying the Fed should hold steady until inflation moves up toward the central bank’s 2% target.

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 were mostly unchanged at the open on Thursday, as investors weighed expectations for rising inflation and bond yields against an economic backdrop that is seen as solid. The Dow Jones Industrial Average fell 33 points, or 0.1%, to 24,865. The S&P 500 was up 1 point to 2,682. The Nasdaq Composite Index gained 19 points to 7,072, a rise 0.3%. Wall Street has seen steep gyrations in each of the past several sessions, and major indexes remain sharply lower for the week. Among the most active sectors of the day, energy and tech both rose 0.3%, while financials fell 0.4%. In company news, Twitter Inc. jumped 27% after it reported better-than-expected quarterly results. 21st Century Fox Inc. was also higher in the wake of its results; the stock rose 0.3%.

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

Shares of Goodyear Tire & Rubber Co. were little changed in premarket trade Thursday, after the tire maker reported fourth-quarter profit and revenue that beat expectations. For the quarter to Dec. 31, the company swung to a net loss of $96 million, or 39 cents a share, from a profit of $561 million, or $2.14 a share, in the same period a year ago. Excluding non-recurring items, such as a $299 million non-cash charge related to recent tax legislation, adjusted earnings per share was 99 cents, beating the FactSet consensus of 76 cents. Revenue rose 9% to $4.07 billion from $3.74 billion, above the FactSet consensus of $3.96 billion, as tire unit volumes rose 2%, replacement tire shipments increased 3% and original equipment unit volumes fell 1%. “Our fourth-quarter results were highlighted by our performance in the 17-inch-and-larger segment in consumer replacement, which delivered nearly double the industry growth in the U.S. and Europe,” said Chief Executive Richard Kramer. “Our strong volume recovery in the quarter gives us positive momentum as we head into 2018.” The stock has climbed 14.5% over the past three months, while the S&P 500 has gained 3.4%.

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

The New York Times Co. reported fourth-quarter earnings that were above consensus. The newspaper company reported a net loss of $57.84 million, or loss of 35 cents per share, after income of $37.63 million, or 23 cents per share during the same quarter a year ago. Adjusted earnings per share for the quarter was 39 cents, above the FactSet consensus of 29 cents. Total revenue was $484.1 million, up from $439.7 million the year earlier, and above the $467.0 million forecast of two analysts following the stock via FactSet. The company’s advertising revenue fell 1.3% year-over-year, but was offset by a 19.2% increase in subscription revenue. New York Times Chief Executive Mark Thompson said that advertising now represents just one-third of company revenue. The New York Times added 157,000 digital-only subscribers in the quarter. “We’re pleased with the continued rate of growth and particularly pleased to be seeing strong retention from the large group of new subscribers who came to the Times late last year,” Thompson said in a statement. “We believe there remains a large opportunity to continue to extend our subscription reach and will continue to invest in areas of the business that will allow us to achieve that growth.” The company said that fourth-quarter results included, among other things, $102.1 million in pension settlement charges. The company also have severance costs of $1 million in the quarter. New York Times shares have increased close to 50% in the last 12 months, while the S&P 500 index is up nearly 17% and the Dow Jones Industrial Average is up more than 24%.

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

Shares of Grubhub Inc. shot up more than 25% in premarket trade Thursday, after the company announced a partnership with Yum Brands Inc. , under which Yum will acquire $200 million of its shares. The deal is aimed at driving online sales and delivery to Yum’s restaurants, including KFC and Taco Bell. “This will be an exclusive partnership, and according to the release, Grubhub will be integrated into the POS,” said Mizuho analysts. “This is a major win for Grubhub as it will likely be accompanied by a joint marketing campaign during the roll-out phase.” Stifel analysts agreed that the deal is a big win for Grubhub “and potentially a hit to its competitors in restaurant delivery.” Shares have gained 75% in the last 12 months, while the S&P 500 has gained 17%.

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

NBA star Kevin Garnett has been named creative director and brand ambassador for basketball brand AND1. Garnett retired from the NBA in 2016 and is now an analyst on “Area 21,” which airs on the TNT network. AND1 is part of the Sequential Brands Group Inc. portfolio of names. AND1 is celebrating its 25th anniversary, and will launch a capsule collection designed with help from Garnett. He will appear in an accompanying advertising campaign. Sequential Brands shares are down nearly 60% for the last year while the S&P 500 index is up nearly 17% for the period.

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

Kellogg Co. reported fourth-quarter net income of $428.0 million, or $1.23 per share, compared with a loss of$53.0 million, or 15 cents per share, for the same period last year. Adjusted EPS was 96 cents. Sales were $3.21 billion, up from $3.10 billion. The FactSet consensus was for EPS of 96 cents and revenue of $3.10 billion. The U.S. Snacks and U.S. Morning Foods categories were among those that experienced a sales decline for the quarter. Starting in 2018, Kellogg will change how it presents non-GAAP results, so that net sales will be renamed “organic” versus “currency-neutral comparable,” and non-GAAP earnings will be “adjusted.” The new “adjusted” earnings will no longer exclude integration costs. Revenue recognition adoption in the first quarter will impact 2017 adjusted EPS by negative two cents to three cents. And the interest cost, return on assets, and prior-year service cost components of the pension and post-retirement expense will move out of cost of goods sold and SGA (selling, general and administrative) expenses, and into other income and expense. Kellogg shares are down 1.5% in Thursday premarket trading, and down 12.6% for the past year. The S&P 500 index is up nearly 17% for the last 12 months.

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

Teva Pharmaceutical Industries Ltd. shares plummeted 10.2% in premarket trade Thursday after the company reported fourth-quarter profit and revenue beats but provided 2018 guidance that fell well short of expectations. The company reported a loss of $11.60 billion, or a loss of $11.41 per share, after a loss of $1.04 billion, or a loss of $1.10 per share. Adjusted earnings-per-share were 93 cents, compared with the FactSet consensus of 77 cents. Revenue declined to $5.46 billion from $6.49 billion, compared with the FactSet consensus of $5.29 billion. The company also recorded goodwill impairments totaling $17.1 billion in 2017, mainly relating to its U.S. generics reporting unit due to various competitive pressures. Teva expects 2018 revenue of $18.3 billion to $18.8 billion, compared with the FactSet consensus of $19.24 billion, and 2018 adjusted EPS of $2.25 to $2.50, compared with the FactSet consensus of $3.83. Teva also said that its migraine therapy fremanezumab — which got fast track designation from the Food and Drug Administration in December — has an active pharmaceutical ingredient manufactured solely by Celltrion , which recently received a FDA warning letter for its South Korea facility. The warning letter will likely result in a delayed approval, Teva said, adding that it is in “active dialogue” with the FDA. “2017 was a challenging year for Teva. Starting 2018 we are focused on meeting our financial obligations and ensuring a much more solid and sustainable business model going forward,” said Chief Executive Kåre Schultz. Teva shares have surged 76.3% over the last three months, compared with a 3.4% rise in the S&P 500 .

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

Tyson Foods Inc. shares jumped 7% premarket Thursday, after the company blew past estimates for its fiscal first quarter. The owner of Jimmy Dean, Hillshire Farm and Ball Park food brands said it had net income of $1.631 billion, or $4.40 a share, in the quarter to Dec. 30, up from $594 million, or $1.59 a share, in the year-earlier period. The number was boosted by 21 cents a share by the tax overhaul signed into law in December. Adjusted per-share earnings came to $1.81, ahead of the FactSet consensus of $1.49. Sales rose to $10.2 billion from $9.2 billion, also ahead of the FactSet consensus of $9.9 billion. The company said it expects fiscal 2018 earnings to be boosted by about 85 cents a share thanks to the tax bill, It expects to generate more than $300 million in cash which it will invest in its frontline team members. The company is planning to make more than $100 million in one-time cash bonuses in the second quarter. The company is expecting adjusted EPS of $6.55 to $6.70 for fiscal 2018, up 23% to 26% from fiscal 2017. Shares have gained 13% in the last 12 months, while the S&P 500 has gained 17%.

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