Tag: stock market

Discovery Communications Inc. on Thursday said net income for the first quarter rose to $263 million, or 42 cents per share, compared with $250 million, or 37 cents during the same period a year ago. Adjusted earnings per share were 46 cents, above the FactSet consensus of 42 cents per share. Revenue during the quarter hit $1.56 billion, which was a slight increase compared with the $1.54 billion last year and right in line with the $1.56 billion FactSet revenue consensus. Discovery’s revenue was helped by an 8% bump at its U.S. networks business. The company said revenue at its international networks took a hit, due largely to foreign currency impact. Shares of Discovery were inactive in premarket trade, but have slumped 0.3% in the year so far, while the S&P 500 Index is up 0.4%.

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Elizabeth Arden Inc. said Thursday that it had a fiscal third-quarter net loss of of $27.7 million, or 59 cents per share, compared with a loss of $35.1 million, or $1.18 per share, for the same period last year. The adjusted loss was 59 cents per share, exceeding the FactSet consensus estimate of a 74-cent per-share loss. Sales for the quarter were $191.9 million, up from $191.7 million last year. The FactSet consensus was $190 million. The company will comment on fiscal 2017 and its fiscal 2016 year-end in August. Elizabeth Arden shares are unchanged in premarket trading, but are down 38.5% for the past 12 months. The S&P 500 is down 1.8% for the last year.

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Synacor Inc. shares skyrocketed in the extended session Wednesday after AT&T Inc. awarded the video and Internet tech company a portal services contract that could bring in about $100 million a year in revenue beginning in 2017. Synacor shares jumped 130% to $3.25 after hours on heavy volume. Under the contact, Synacor will provide AT&T with desktop and mobile portal services designed to engage users and make money off of search results and advertising. Synacor expects to have early products up by the second quarter, with a broader offering by the fourth quarter. Synacor’s gain is Yahoo Inc.’s loss as AT&T shifts its portal hosting and search business away from Yahoo.

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Shares of Caterpillar Inc. declined and General Motors Co. rose in the extended session Wednesday after David Einhorn of Greenlight Capital commented on the stocks at the Ira Sohn hedge fund conference. Caterpillar shares fell 1.1% to $73.40 after hours as Einhorn said he doesn’t see the stock ready for a rebound anytime soon because of weaknesses in coal and iron mining. On the other hand, shares of GM rose 1.5% to $31.05 after hours. Einhorn said GM isn’t likely to be hurt by ride-sharing services because of consumers who live outside of urban areas. Plus, GM stands to benefit from an upswing in Europe’s car market and the company’s share buyback program.

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Hedge-fund manager Zach Schreiber, chief executive officer of PointState Capital LP, says Saudia Arabia’s currency is massively overvalued given the precipitous fall in the price of crude. Speaking at the Ira Sohn Investment Conference on Wednesday in New York, Schreiber recommended that investors buy the U.S. dollar and bet against the dollar-pegged riyal , which he argues hasn’t adjusted for an oil-dependent Saudi economy that needs crude at $90 a barrel. Brent crude oil, the international benchmark, has climbed about 50% since hitting a low around February but is still 60% lower since its June 2014 highs. Similarly, West Texas Intermediate crude oil , the U.S. benchmark, has gained nearly 70% since its February lows, but is down 60% since those 2014 peaks. Saudi Arabia is the world’s largest exporter of crude oil and a heavy-hitter within the Organization of the Petroleum Exporting Countries. Schreiber said he’s skeptical of recent moves by the Saudis to shore up their balance sheet, including Deputy Crown Prince Mohammed bin Salman’s multiyear initiative to wean the country from oil dependence. The Stanley Druckenmiler protege also argued that the Saudi’s plans to publicly list Saudi Aramco, the country’s behemoth energy company, won’t be enough to address what he describes as $7 trillion in liabilities. “The Saudis are taking their money out and hedging their bets, maybe you should do the same,” Schreiber said. About two years ago at Ira Sohn, Schreiber made the accurate prediction that oil was poised to tumble. That called made his firm $1 billion, according to Bloomberg.

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Gov. John Kasich of Ohio, who has won just one state, suspended his campaign Wednesday, leaving the field wide open for real estate tycoon Donald Trump to secure the GOP presidential nomination. In an emotional speech, Kasich thanked his family, staff, and donors for their support. His departure comes after Trump’s resounding victory in Indiana’s primary. The other major contender, Sen. Ted Cruz, had thrown in the towel on Tuesday.

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Gov. John Kasich of Ohio, who has won just one state, suspended his campaign Wednesday, leaving the field wide open for real estate tycoon Donald Trump to secure the GOP presidential nomination. In an emotional speech, Kasich thanked his family, staff, and donors for their support. His departure comes after Trump’s resounding victory in Indiana’s primary. The other major contender, Sen. Ted Cruz, had thrown in the towel on Tuesday.

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Gov. John Kasich of Ohio, who has won just one state, suspended his campaign Wednesday, leaving the field wide open for real estate tycoon Donald Trump to secure the GOP presidential nomination. In an emotional speech, Kasich thanked his family, staff, and donors for their support. His departure comes after Trump’s resounding victory in Indiana’s primary. The other major contender, Sen. Ted Cruz, had thrown in the towel on Tuesday.

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Tribune Publishing Co. shares were up 4.4% in Wednesday after-hours trading after it said it sent a letter to Gannett Co. Inc. rejecting its acquisition offer of $12.25 per share in cash. Gannett shares are unchanged in after-hours trading. Tribune says the company’s board “unanimously determined that Gannett’s opportunistic proposal understates the company’s true value and is not in the best interests of its shareholders,” the release said. In the letter, written by Chief Executive Justin Dearborn, he says the company stands behind its transformation strategy, which includes capitalizing on the “global potential of the L.A. Times.” Tribune Publishing shares are up 19.5% for the year to date while the S&P 500 is up 0.4% for the same period.

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Shares of Weight Watchers International Inc. rocketed 12% in after-hours trade Wednesday, after the weight management services company reported a narrower-than-expected first-quarter loss and raised its full-year profit outlook. For the latest quarter, losses widened to $10.3 million, or 17 cents a share, from $5.4 million, or 10 cents a share, in the same period a year ago. The FactSet per-share loss consensus was 18 cents. Revenue fell 4.7% to $306.9 million, missing the FactSet consensus of $308.9 million. Subscribers at the end of the quarter were 4.8% higher than a year ago, while total attendance at meetings increased 5.8%. The company raised its full-year 2016 earnings-per-share outlook to a range of 80 cents to $1.05 from 70 cents to $1.00, according to FactSet. “Our first quarter loss was smaller than we expected, and for the first time since 2012 we grew our total subscribers year-over-year, clearly demonstrating that our business is turning around,” said Chief Executive Jim Chambers. The stock had plunged 45% year to date through Wednesday’s close, while the S&P 500 gained 0.4%.

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