Tag: stock market

Endo International PLC shares plunged in the extended session Thursday after the drug maker cut its outlook for the year. Endo shares dropped 25% to $19.92 after hours. The company said it now expects adjusted earnings of $4.50 to $4.80 on revenue of $3.87 billion to $4.03 billion for the year. Analysts surveyed by FactSet had forecast earnings of $5.68 a share on revenue of $4.3 billion. For the first quarter, Endo reported adjusted earnings of $1.08 a share on revenue of $964 million. Analysts had expected $1.05 a share on revenue of $960.3 million. Separately, Endo announced its head of U.S. branded pharmaceuticals, Brian Lortie, was stepping down once a successor is found.

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Arista Networks Inc. shares rose in the extended session Thursday after the cloud-network software company topped Wall Street estimates for the quarter. Arista shares rose 5.9% to $67.53 after hours. The company reported adjusted first-quarter earnings of 68 cents a share on revenue of $242.2 million. Analysts surveyed by FactSet had forecast earnings of 61 cents a share on revenue of $237.6 million. For the second quarter, Arista estimated revenue of $259 million to $265 million, while analysts are looking for $253.6 million.

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Valeant Pharmaceuticals International Inc. late Thursday said it is forming a new committee that will oversee how the company’s drugs are priced. Chief Executive Joseph Papa will lead the group that will include Valeant staff, doctors and scientists. The drug company also admitted that it has made mistakes in the past on how it priced its products and the committee is aimed at preventing a repeat of the same errors. Valeant shares remained weak in after hours, falling 2%, following a decline of 2.8% in the regular session. The stock is down 66% amid accounting problems dating back to 2014. Valeant’s woes have also weighed on Bill Ackman’s Pershing Square Holdings Ltd. which has a sizable stake in the company. The hedge fund is down 18% year to date at the end of April.

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Shares of Herbalife Ltd. surged in Thursday’s extended session after the nutritional-products company turned quarterly results that beat analysts’ expectations. Herbalife reported its first-quarter earnings rose to $95.8 million, or $1.12 a share, from $78.2 million, or 92 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.36 a share. Revenue grew 1% to $1.1 billion. Analysts surveyed by FactSet had projected earnings of $1.09 a share on revenue of $1.07 billion. Herbalife projected second-quarter adjusted earnings per share of $1.10 to $1.20 and revenue growth of flat to up 3%. Wall Street is looking for EPS of $1.16 on $1.19 billion in revenue. Meanwhile, the company’s talks with the Federal Trade Commission is in advanced stages and it may pay $200 million to reach a settlement, CNBC reported Thursday. Herbalife has locked in a battle for credibility with hedge fund manager Bill Ackman, who has characterized the company as a pyramid scheme. Shares surged 8% in after-hours trading.

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Shares of GoPro Inc. surged more than 3% in after-hours trade Thursday, after the company reported stronger-than-expected sales for the first quarter despite swinging to a loss and narrowing its margins. The action camera maker reported a loss of $107.5 million, or 78 cents a share, compared with a year-earlier profit of $16.7 million, or 11 cents a share. Excluding one-time items, GoPro lost 63 cents a share, slightly wider than the 59-cent loss analysts had been expecting, according to a FactSet poll. Non-GAAP gross margin dipped to 33% from 45% last year. Revenue fell 50% to $183.5 million from $363.1 million last year, but topped the consensus estimate of $169 million. The company reiterated its fiscal 2016 revenue guidance range between $1.35 billion and $1.5 billion, versus the median analyst estimate of $1.35 billion.

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U.S. stocks closed little changed Thursday as weak economic data and disappointing earnings weighed against a rise in oil prices. The Dow Jones Industrial Average advanced 9 points to close at 17,661. The S&P 500 Index slipped 0.5 point to close at 2,051. The Nasdaq Composite Index shed nearly 9 points to finish at 4,717. Both the S&P 500 and Nasdaq logged a third straight day of losses. Oil futures for June settled up 1.4% at $44.32 a barrel as a wildfire in Canada’s oil-sands region and fighting in Libya threatened to disrupt production.

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Apple Inc. announced another partnership aimed at improving the standing of its iPhones and iPads in office environments Thursday, this time with SAP SE . Like an earlier deal with Cisco Systems Inc. , Apple’s deal with SAP seeks to ensure SAP’s software aimed at businesses works well with Apple devices. Apple has made a big push for enterprise business, leading to $25 billion in revenues last year and hopes for more. “This partnership will transform how iPhone and iPad are used in enterprise by bringing together the innovation and security of iOS with SAP’s deep expertise in business software,” Apple Chief Executive Tim Cook said in Thursday’s announcement.

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Oil futures ended higher Thursday, lifted as a wildfire in Alberta knocked at least 500,000 barrels of Canadian production offline. West Texas Intermediate crude for June delivery on the New York Mercantile Exchange rose 54 cents, or 1.2%, to close at $44.32 a barrel.

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Gold futures succumbed to a rebound in the U.S. dollar to end lower Thursday, a day ahead of a closely watched jobs report, which could influence the path of the yellow metal. Gold had spent much of the session in positive territory, trading as high as $1,288.40 an ounce, before legging lower only a few minutes before it settled on Comex. June gold finished $2.10, or 0.2%, to settle at $1,272.30 an ounce. The ICE U.S. Dollar Index , a gauge of the greenback’s strength against a basket of six currencies, was up 0.6% in most recent trade Thursday afternoon. A stronger buck can dull the allure of dollar-priced metals, making them more expensive to buyers using other currencies. An earlier rise in gold prices had been attributed to bargain-hunting ahead of Friday’s closely watched nonfarm-payrolls report set to be released at 8:30 a.m. Eastern Time. The U.S. is expected to add 205,000 jobs in April and the unemployment rate is forecast to tick lower to 4.9% from 5%.

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Apple Inc.’s stock may have snapped a long losing streak this week, but that hasn’t stopped bears from selling, as it fell 0.8% in afternoon trade Thursday toward the lowest close since June 27, 2014. The stock is on track to suffer the 13th loss in 15 sessions–it has tumbled 17% during that stretch–since it closed at a four-month high of $112.10 on April 14. Included in that string of losses was an eight-session losing streak, the longest such stretch since the eight-day streak ending July 28, 1998. In comparison, the Dow Jones Industrial Average has lost about 287 points, or 1.6%, since April 14, while the Nasdaq 100 Index has shed 5.5%.

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