Tag: stock market

Nissan Motor Co. on Thursday said it will take a 34% stake in fellow Japanese automaker Mitsubishi Motors Corp. for 237 billion yen ($2.18 billion). The move will make Nissan the biggest shareholder in Mitsubishi, said Carlos Ghosn, chief executive and president of Nissan, in a statement. The two companies, who have had a partnership in place for five years, will cooperate over purchasing, common vehicle platforms, technology-sharing, joint plant utilization and growth markets. Under terms of the deal, Nissan will purchase 506.6 million newly-issued Mitsubishi shares at a price of 468.52 yen per share. Mitsubishi admitted overstating fuel-economy data for certain automobiles in April, and shares have lost around 44% this year. On Thursday, Mitsubishi shares rallied 16% in Tokyo on speculation ahead of the deal, while Nissan shares fell 1.4%.

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Linn Energy LLC shares fell more than 25% late Wednesday after news the company has filed for Chapter 11 bankruptcy protection to implement a debt restructuring. Linn shares had been halted earlier pending news. The company said it expects normal operations to continue. The stock ended the regular Wednesday session down 2.8%.

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Sina Corp. shares fell in the extended session Wednesday after the Chinese online media company reported a wider-than-expected loss for the quarter. Sina shares declined 3.2% to $48.25 after hours. The company reported an adjusted loss of 4 cents a share on revenue of $198.7 million. Analysts surveyed by FactSet had forecast a loss of 3 cents a share on revenue of $197.5 million. On the other hand, U.S. shares of Weibo Corp. , which is owned by Sina, rose after hours as the company topped Wall Street expectations.

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Weibo Corp. , commonly referred to as China’s Twitter, late Wednesday reported it swung to a first-quarter profit of $7.1 million, or 3 cents a share, from a loss of $3.1 million, or a penny a share, a year earlier. On an adjusted basis, Weibo would have earned 7 cents a share. Revenue grew 24% to $119.3 million. Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $114 million. In the second quarter, the Chinese company expects revenue in a range of $138 million to $143 million, above the average $136 million forecast by analysts. U.S.-listed shares of Weibo rose 3.3% in after-hours trading.

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Linn Energy LLC , alongside sister companies LinnCo LLC and Berry Petroleum Co. LLC, said Wednesday it has filed for Chapter 11 bankruptcy protection to implement a debt restructuring. The company said it expects normal operations to continue. Shares of Linn were halted in late trading; the stock ended the regular Wednesday session down 2.8%.

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Linn Energy LLC , alongside sister companies LinnCo LLC and Berry Petroleum Co. LLC, said Wednesday it has filed for Chapter 11 bankruptcy protection to implement a debt restructuring. The company said it expects normal operations to continue. Shares of Linn were halted in late trading; the stock ended the regular Wednesday session down 2.8%.

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Jack in the Box Inc. shares rose more than 7% late Wednesday after the fast-food chain reported better-than-expected fiscal second-quarter earnings. Jack in the Box said it earned $29 million, or 85 cents a share, in the quarter, compared with $23 million, or 61 cents a share, in the year-ago period. Adjusted per-share earnings were also 85 cents a share, compared with 69 cents a share in the fiscal second quarter of 2015. Sales reached $361 million in the quarter, up from $358 million a year ago. Analysts polled by FactSet had expected the fast-food chain to report adjusted earnings of 70 cents a share on sales on $360 million. Better margins and cost controls were key reasons for the better-than-expected earnings, the company said in a statement. Same-store sales at Jack’s Qdoba restaurants rose 2% thanks to more traffic, fewer labor costs, and better margins as compared to the first quarter, the company said. Jack in the Box same-store sales were flat for the quarter. Jack in the Box shares had ended the regular trading session down 5.2%.

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CA Inc. shares rose in the extended session Wednesday after the software developer’s quarterly results and outlook topped Wall Street expectations. CA shares advanced 4.1% to $31.20 after hours. The company reported adjusted fiscal fourth-quarter earnings of 60 cents a share on revenue of $1.01 billion. Analysts surveyed by FactSet had estimated earnings of 57 cents a share on revenue of $988.3 million. CA expects fiscal 2017 adjusted earnings of $2.51 to $2.56 a share on revenue of $4.04 billion to $4.08 billion. Analysts expect $2.49 a share on revenue of $4.05 billion.

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Oil futures climbed on Wednesday, as a drop in U.S. crude inventories and declines in domestic production lifted prices to their highest settlement since early November. The Energy Information Administration reported that crude stockpiles fell by 3.4 million barrels last week and total production edged down for a ninth week in a row. June WTI crude rose $1.57, or 3.5%, to settle at $46.23 a barrel on the New York Mercantile Exchange.

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Oil production from the Organization of the Petroleum Exporting Countries rose by 140,000 barrels a day in April from a month earlier, to 32.52 million barrels a day, according to a S&P Global Platts survey released Wednesday. Platts attributed the increase to higher output from Iran and Iraq, which lifted production by 150,000 barrels a day each. “Iran and Iraq’s hefty production increases fly in the face of the failed Doha production freeze talks,” Paul Hickin, associate editorial director of S&P Global Platts, said in a statement. “The question is how much higher can and will they go before production plateaus, because that would make a resurrection of a freeze plan at the June OPEC meeting more plausible.”

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