Tag: stock market

Kraft Heinz Co. late Wednesday reported its first-quarter earnings rose to $896 million, or 73 cents a share, from $276 million, or 24 cents a share, a year earlier, calculated as if the two companies had been combined during the earlier period. On an adjusted basis, it also earned 73 cents a share. Revenue grew to $6.57 billion versus $2.48 billion. Analysts surveyed by FactSet had forecast earnings of 63 cents a share and revenue of $6.5 billion. Kraft Heinz was formed via a merger of H.J. Heinz Co. and Kraft Foods Group Inc. in July and is in the process of reducing its annual spending by $1.5 billion by the end of 2017. Kraft rallied 5% to $84 a share on Thursday after it had risen 5% in Wednesday’s after-hours trading.

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Matson Inc.’s stock tumbled 12% to a 16-month low in morning trade Thursday, enough to pull the Dow Jones Transportation Average down into negative territory, on the heels of the shipping company’s disappointing first-quarter report and outlook. The price decline of $4.72 was shaving off about 28 points from the Dow transports index, which was down just 12 points. That compares to the 23-point gain in the Dow Jones Industrial Average . Late Wednesday, Matson reported earnings and revenue that missed expectations, and said it expected full-year 2016 ocean transportation earnings to be 15% to 20% below last year. The stock, which was trading at the lowest level since Jan. 8, 2015, has now plunged 23% year to date, while the Dow transports has lost 5.5% and the Dow industrials have gained 1.4%.

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From:: Stock Market News

Matson Inc.’s stock tumbled 12% to a 16-month low in morning trade Thursday, enough to pull the Dow Jones Transportation Average down into negative territory, on the heels of the shipping company’s disappointing first-quarter report and outlook. The price decline of $4.72 was shaving off about 28 points from the Dow transports index, which was down just 12 points. That compares to the 23-point gain in the Dow Jones Industrial Average . Late Wednesday, Matson reported earnings and revenue that missed expectations, and said it expected full-year 2016 ocean transportation earnings to be 15% to 20% below last year. The stock, which was trading at the lowest level since Jan. 8, 2015, has now plunged 23% year to date, while the Dow transports has lost 5.5% and the Dow industrials have gained 1.4%.

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.

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U.S. stocks rose modestly at the open Thursday as oil prices surged on worries that wildfires raging in Alberta could hamstring crude output. The S&P 500 gained 2 points, or 0.1% to 2,053. The Dow industrials rose 29 points, or 0.2%, to 17,673. The Nasdaq Composite climbed 13 points, or 0.1%, to 4,740. Strong earnings from Tesla Motors Inc. and Alibaba Group Holdings Ltd. also helped boost shares.

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Amazon.com Inc. said Thursday that it has launched the first-ever summer toy list. Selections fall into the following six categories: Teachers’ STEM Picks, toys focused on science, technology, engineering and math; travel and beach; rainy days; backyard adventures; toys with wheels; and epic play sets that contain things like rock walls and slides. Some expected best sellers include Power Wheels Batman Dune Racer by Mattel Inc. and the John Deere Pedal Tractor and Wagon . Amazon shares are up 0.5% in premarket trading and up 59.3% for the past year. The S&P 500 is down 1.8% for the last 12 months.

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Cablevision Systems Corp. on Thursday said net income for the first quarter was $94.38 million, or 34 cents per share, compared with $44.63 million, or 16 cents a share during the same quarter a year ago. The FactSet consensus on earnings was 19 cents per share. Revenue hit $1.64 billion in the quarter, compared with $1.61 billion in the year earlier period. The FactSet consensus was $1.64 billion. The company said it lost 15,000 video subscribers and 8,000 telephone subscribers during the quarter, while adding 19,000 high-speed Internet subscribers. Cablevision expects its acquisition by Altice, which will buy the Cablevision for $34.90 per share in cash, to close in the second quarter.

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From:: Stock Market News

Cablevision Systems Corp. on Thursday said net income for the first quarter was $94.38 million, or 34 cents per share, compared with $44.63 million, or 16 cents a share during the same quarter a year ago. The FactSet consensus on earnings was 19 cents per share. Revenue hit $1.64 billion in the quarter, compared with $1.61 billion in the year earlier period. The FactSet consensus was $1.64 billion. The company said it lost 15,000 video subscribers and 8,000 telephone subscribers during the quarter, while adding 19,000 high-speed Internet subscribers. Cablevision expects its acquisition by Altice, which will buy the Cablevision for $34.90 per share in cash, to close in the second quarter.

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L Brands Inc.’s stock tumbled 8.1% in premarket trade Thursday, after the retailer reported fiscal first-quarter sales that missed expectations. The company, which store brands include Victoria’s Secret, Bath & Body Works and Henri Bendel, said sales for the quarter ended April 30 rose to $2.61 billion from $2.51 billion a year ago, below the FactSet consensus of $2.67 billion. Same-store sales for the quarter increased 3%, missing the FactSet consensus of 3.9% growth. For the month of April, sales increased 2% to $737.5 million, while same-store sales rose 1%. The stock, which was on track to open at the lowest price seen during regular-session hours since November 2014, has dropped 16% year to date through Wednesday, while the S&P 500 has gained 0.4%.

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Abercrombie & Fitch Co. said Thursday its chief operating officer, Jonathan Ramsden, will leave the apparel retailer effective June 15, after more than two years in the role and more than seven years at the company. Ramsden’s responsibilities will be assumed by several executives, including Executive Chairman Arthur Martinez, Chief Merchandising Officer Fran Horowitz and Chief Financial Officer Joanne Crevoiserat. “The decision to leave was a very difficult one, but I know that the Company is in the hands of an outstanding leadership team and that we have built a strong foundation for growth and success,” Ramsden said. The stock, which was unchanged in premarket trade, has lost 2.2% year to date, while the S&P 500 has gained 0.4%.

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AMC Networks Inc. said on Thursday its net income for the first quarter fell to $113.44 million, or $1.55 per share, compared with $120.92, or $1.66 per share during the same period a year ago. Adjusted earnings per share came in at $1.64, below the $1.80 per share FactSet consensus. The media company said earnings were impacted by charges incurred from refinancing debt. Revenue for the quarter rose to $706.58 million, compared with $668.68 million in the year earlier period and was above the $694.00 million FactSet consensus. Overall revenue was driven by a 10.7% increase in distribution revenue, boosted by increases in digital distribution, licensing and affiliate fees. AMC also saw a 6.4% bump at its national networks, which include AMC, We TV, BBC America, IFC and SundanceTV, while advertising revenue increased 1.3%. Shares of AMC, which were inactive in premarket trade, are down nearly 15% in the year to date, underperforming the S&P 500 Index, which is up 0.4%.

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