Tag: stock market

Conformis Inc. shares plummeted in the extended session Thursday after the medical maker of custom-fit joint replacements cut its outlook and said its board is looking for a new chief executive. Conformis shares dropped 36% to $6.47 after hours. The company now sees full-year revenue of $76 million to $81 million, down from its previous forecast of $84 million to $87 million. Analysts surveyed by FactSet had estimated revenue of $85.7 million. For the fiscal second-quarter, Conformis reported a loss of 37 cents a share on revenue of $20.3 million. Analysts had expected a loss of 36 cents a share on revenue of $20.2 million. The company said that Philipp Lang will remain on as CEO until the board has chosen a successor through an executive search.

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Symantec Corp. shares were little changed in the extended session Thursday after the computer security company released its outlook for the year, and made good on a profit warning issued in late April. Symantec shares slipped less than 0.1% to $16.90 after hours. The company forecast adjusted fiscal first-quarter earnings of 24 cents to 26 cents a share on revenue of $865 million to $895 million. For the year, Symantec sees adjusted earnings of $1.06 to $1.10 a share on revenue of $3.49 billion to $3.58 billion. Analysts surveyed by FactSet forecast 24 cents a share on revenue of $880.8 million for the first quarter, and $1.09 a share on revenue of $3.52 billion for the year. The company reported adjusted fiscal fourth-quarter earnings of 22 cents a share on revenue of $873 million, as had been announced in late April. Back then, Symantec cut its earnings and revenue estimates and said Chief Executive Michael Brown was stepping down.

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Progressive Corp. said late Thursday Chief Executive Glenn Renwick will retire effective July 1, and Chief Operating Officer Tricia Griffith will succeed him. Renwick will join the board of directors after the retirement, the company said in a statement. Shares of Progressive were flat in late trading Thursday after ending the regular session up 1.2%.

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Nvidia Corp. shares surged in the extended session Thursday after the graphics-chip maker’s first-quarter results and outlook topped Wall Street expectations. Nvidia shares rose 5.3% to $37.41 after hours. The company reported adjusted first-quarter earnings of 46 cents a share on revenue of $1.31 billion. Analysts surveyed by FactSet had forecast earnings of 31 cents a share on revenue of $1.26 billion. For the second quarter, Nvidia expects revenue of $1.32 billion to $1.38 billion, while analysts estimate $1.28 billion.

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U.S. stocks finished flat Thursday as an afternoon rebound in oil prices helped shares rise off their session lows. However, a sharp drop in Apple Inc. weighed on the Nasdaq Composite. The S&P 500 finished little-changed at 2,064.12. The Dow gained 9 points, or less than 0.1%, to 17,720. The Nasdaq Composite index shed 23 points, or 0.5% to 4,737. On Wednesday, the Dow and S&P logged their worst daily performances in a month.

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Oil futures settled higher Thursday to mark a third straight session gain, buoyed by expectations that the global glut of crude supplies will ease on the back of production declines. June WTI crude rose 47 cents, or 1%, to settle at $46.70 a barrel on the New York Mercantile Exchange. Prices had fallen to lows under $46, pressured by rising production in Iran.

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Shares of JetBlue Airways Corp.’s slumped 4% toward a 13-month low in afternoon trade Thursday, with other airline stocks in tow, after the New York-based carrier said it took in a lot less money per passenger in April than it did last year. JetBlue reported late Wednesday that April load factor fell to 84.1% from 85.7% a year ago, as capacity increased at a faster rate than traffic. Revenue per available seat mile dropped 12.5%. JetBlue’s stock, on track to close at the lowest level since March 13, 2015, was the biggest decliner within the Dow Jones Transportation Average , which slumped 1%. The NYSE Arca Airline Index shed 2.3%. Among other Dow transports components, shares of United Continental Holdings Inc. slid 3.6%, of American Airlines Group Inc. dropped 3.3%, of Delta Air Lines Inc. fell 2.6% and of Southwest Airlines Co. declined 1.4%.

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Look for the pound to drop about 10% if the U.K. votes to leave the European Union in the so-called Brexit referendum next month, said Naeem Aslam, chief market analyst at ThinkForex UK, on Thursday. An “enormous [pound] selloff will take place against a basket of currencies. We’re looking at perhaps $1.29 against the dollar,” he said. The pound was trading around $1.4471 late Thursday in Europe. On the flip side, no change in U.S. interest rates at the Federal Reserve’s June 14-15 meeting and a rejection of Brexit on June 23 sets the pound to propel higher. “The Bank of England could increase the noise in the market…that there could be a rate hike in 2016”, Aslam said. As oil is trading above $40 a barrel, “inflation is going to be anchored to the upside and…perhaps the Bank of England cannot sit on their hands and do nothing while inflation is going higher. Overall, “clients are dead-split down the center, 50-50,” about what will be the referendum’s result, said ThinkForex Chief Executive Nauman Anees. “Just like the markets, they are just very indecisive over where it’s going to go. We’ve seen sterling trading in a range for over six months now.”

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Apple Inc.’s stock tumbled 3.1% to a near two-year low in morning trade Thursday, as a sharp drop in earnings at Taiwanese iPhone assembler Foxconn Technology Co. highlighted increasing concerns over slowing iPhone sales. Apple shares, which were trading at the lowest level since June 2, 2014, have now plunged 20.1% since peaking at a four-month high of $112.10 on April 14. The selloff has knocked Apple off its perch as the most valuable company by market capitalization, with Alphabet Inc. reclaiming the top spot. Apple’s market cap has fallen to $491.3 billion, while Alphabet’s is now at $497.3 billion.

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WASHINGTON (MarketWatch) — A jointly issued statement from Republican presidential candidate Donald Trump and House Speaker Paul Ryan said there was an opportunity for the party to unite but didn’t include an endorsement. Ryan is due to chair the Republican convention, which is likely to result in Trump becoming the party’s nominee. The joint statement said the U.S. can’t “afford another four years of the Obama White House, which is what Hillary Clinton represents.” It called the conversation between the two “great” while saying they were “honest” about their differences but that there were important areas of common ground.

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