Tag: stock market

Oxford Industries Inc. shares fell in the extended session Tuesday after the owner of the Lilly Pulitzer and Tommy Bahama brands missed Wall Street earnings estimates and lowered its outlook for the year. Oxford shares dropped 7.1% to $60.50 after hours. The company reported adjusted first-quarter earnings of $1.26 a share on revenue of $256.2 million. Analysts surveyed by FactSet had estimated $1.33 a share on revenue of $270.4 million. For the year, Oxford lowered its adjusted profit outlook to a range of $3.65 to $3.80 a share from a previous range of $3.75 to $3.95 a share. Analysts had forecast $4.01 a share. “Clearly, our businesses were impacted by the well-publicized weakness in the retail environment, particularly in fashion apparel,” said Thomas Chubb, Oxford chairman and chief executive, in a statement.

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Catabasis Pharmaceuticals Inc. shares dropped in the extended session Tuesday after the tiny biotech said its high-cholesterol treatment did not meet the primary goal of lowering bad cholesterol in patients already taking medication for the condition. Catabasis shares, which had been briefly halted at $6.85, tumbled 51% to $3.35 after hours on light volume. The company said that it does not expect to invest further resources in the drug candidate known as CAT-2054.

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Oil futures edged up in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 3.6 million barrels for the week ended June 3, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3.4 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. August crude was at $50.43 a barrel in electronic trading, up from the contract’s settlement of $50.36 on the New York Mercantile Exchange.

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VeriFone Systems Inc. stock fell more than 20% in late trading Tuesday after the company reported disappointing quarterly earnings, announced layoffs and reduced its annual forecast. The payment-systems company reported profit of 3 cents a share on sales of $526 million; after adjustments, VeriFone claimed profit of 47 cents a share. Analysts polled by FactSet expected earnings of 52 cents a share on sales of $530 million, and VeriFone had forecast profit of 51 cents to 52 cents a share. Citing “difficult market dynamics,” VeriFone Chief Executive Paul Galant brought down the company’s forecast for the 2016 fiscal year and said headcount would be cut to save $30 million in 2017. “We are aggressively executing mitigating actions including a headcount restructuring and a review of underperforming businesses,” Galant said in the announcement. The company now expects profit of $1.85 a share on sales of $2.1 billion, down from a projection of $2.21 to $2.24 a share in profit on sales of $2.15 billion to $2.17 billion. VeriFone shares plunged to less than $21.50 after closing with a 1.3% gain at $28.22.

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The S&P 500 extended gains to finish at a 10-high close on Tuesday as various technical indicators suggested more upside potential for the large-cap index. “Short-term momentum remains positive and the market has not reacted to signs of exhaustion,” said Katie Stockton, chief technical strategist at BTIG. The S&P 500 rose 3 points, or 0.1%, to 2,112, the highest close since July 22. The Dow Jones Industrial Average added 18 points, or 0.1%, to end at 17,938 while the Nasdaq slipped 7 points, or 0.1%, to close at 4,961. Stephen Suttmeier, chief equity technical strategist at Bank of America Merrill Lynch, noted that stocks remain resilient despite uncertainty over the timing of the Federal Reserve interest-rate hike and predicted that the S&P 500 could hit record territory if it continues to close above the 2,085-2,110 range for a sustained period.

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Valeant Pharmaceuticals International Inc. disclosed Tuesday afternoon in a filing that a large shareholder, New York-based investment advisor Ruane, Cunniff & Goldfarb Inc., has slashed its share stake in the drug maker to 4.72%. Ruane, Cunniff & Goldfarb had said last month that it owned 30.31 million shares of Valeant, or an 8.9% stake, which made it Valeant’s largest shareholder at that time, according to FactSet. The new stake would drop Ruane, Cunniff & Goldfarb behind billionaire activist investor and Valeant board member Bill Ackman’s Pershing Square Capital Management, which owned 21.59 million shares, or a 6.3% stake, as of March 31. The stock was down 14% in afternoon trade, after the company slashed its profit outlook for the year. It has not plunged 76% year to date, while the S&P 500 has gained 3.5%.

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Oil futures climbed on Tuesday, with U.S. prices marking their first finish above $50 a barrel and highest settlement since late July. Ongoing supply disruptions in Nigeria continued to provide support to prices, but traders remained cautious over the risk that higher prices could spur production. July WTI crude settled at $50.36 a barrel on the New York Mercantile Exchange, up 67 cents, or 1.4%.

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Shares of LendingClub Corp. tumbled 5.4% in afternoon trade Tuesday, after the online consumer lending platform disclosed in regulatory filings that a former major shareholder had sold off its stake and that it has postponed its annual shareholder meeting. U.K.-based investment management company Baillie Gifford & Co. owned 34.6 million shares, or a 9.1% stake in LendingClub as of March 31, but currently owns zero common shares, according to filings. The company said in a separate filing that, “given the developments of the last few weeks, the company is not yet in a position to provide stockholders a complete report on the state of the company;” therefore, it was adjourning the annual meeting, originally scheduled for 2 p.m. Eastern on Tuesday, until June 28. The company said last month that it was being investigated by the Justice Department following the forced resignation of its chief executive and founder, after failing to report loan-sale errors. On May 23, a filing showed that Singapore-based investment company Shanda Group acquired an 11.7% stake in LendingClub. The stock has tumbled 59% year to date, while the S&P 500 has gained 3.6%.

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Shares of Aehr Test Systems rocketed to a 2 1/2-year high intraday on high volume in afternoon trade Tuesday, after the semiconductor testing company announced it received the first orders for its new production test cell. The stock had more than tripled at its intraday high of $3.42, the highest level seen since December 2013, before paring gains to be up 64% at $1.76 in recent trade. Volume of about 2.5 million shares was nearly 150 times the full-day average. Aehr said before Tuesday’s open that the new orders totaled $4.5 million, and the customer was “one of the world’s largest semiconductor manufacturers.” The company had reported in March fiscal third-quarter sales of $1.7 million, down from $2.0 million a year ago. Despite Tuesday’s surge, the stock was still down 5.7% year to date, while the S&P 500 was up 3.6%.

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From:: Stock Market News

Shares of Aehr Test Systems rocketed to a 2 1/2-year high intraday on high volume in afternoon trade Tuesday, after the semiconductor testing company announced it received the first orders for its new production test cell. The stock had more than tripled at its intraday high of $3.42, the highest level seen since December 2013, before paring gains to be up 64% at $1.76 in recent trade. Volume of about 2.5 million shares was nearly 150 times the full-day average. Aehr said before Tuesday’s open that the new orders totaled $4.5 million, and the customer was “one of the world’s largest semiconductor manufacturers.” The company had reported in March fiscal third-quarter sales of $1.7 million, down from $2.0 million a year ago. Despite Tuesday’s surge, the stock was still down 5.7% year to date, while the S&P 500 was up 3.6%.

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