Tag: stock market

Shares of Lumentum Holdings Inc. soared 5.6% in premarket trade, after the optical networking products company reported fiscal second-quarter results that beat expectations, offsetting a downbeat outlook. Net income for the quarter to Dec. 30 rose to $204.8 million, or $3.17 a share, up from $11.8 million, or 19 cents a share, in the same period a year ago. Excluding non-recurring items, such as the one-time effects of recent tax legislation, adjusted earnings per share came to $1.67, above the FactSet consensus of $1.13. Revenue rose 53% to $404.6 million, beating the FactSet consensus of $357.0 million, boosted by strength in its 3D sensing, ROADM, industrial and telecom pump laser businesses. Looking ahead, the company expects fiscal third-quarter adjusted EPS of 65 cents to 80 cents, below the FactSet consensus of 93 cents, and revenue of $280 million to $305 million, which is below expectations of $323 million. The stock has plunged 26% over the past three months through Monday, while the S&P 500 has gained 2.2%.

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Shares of Netflix Inc. were down as much as 3% in premarket trade on Tuesday after dropping roughly 5% on Monday as the broader market continues to sell off. Netflix shares are now down more than 11% from its Jan. 29 intraday high. Other stocks in the FAANG category continued their downward trend in premarket on Tuesday as broader market sank. Facebook Inc. and Amazon.com Inc. were down more than 1%, Apple Inc. was down a little less than 1% and Alphabet Inc. (formerly Google) was down 2%. Some of Netflix’s cohorts in the media sector were also struggling in premarket trade. Walt Disney Co. shares were down more than 2%, while shares of Viacom Inc.’s commonly-owned class B shares were down roughly 4% and shares of Discovery Communications Inc. were down more than 3%.

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Shares of General Motors Co. gained 0.2% in premarket trade Tuesday, bucking the selloff in the broader stock market, after the automaker reported fourth-quarter earnings that beat expectations. Dow futures were down 168 points in recent trade. GM’s net loss for the quarter to Dec. 31 was $5.17 billion, or $3.65 a share, after a profit of $1.84 billion, or $1.19 a share, in the same period a year ago. Excluding non-recurring items, such as a $7.3 billion non-cash charge related to tax legislation and a $6.2 billion non-cash charge from the sale of Opel/Vauxhall, adjusted earnings per share came to $1.65, above the FactSet consensus of $1.39. Revenue fell 5.5% to $3.72 billion from $39.90 billion, but topped the FactSet consensus of $36.98 billion. Vehicle sales for 2017 totaled 8.9 million, up 0.8% from 2016. The company ended 2017 with an underfunded pension position of $14.1 billion, compared with $18.2 billion at the end of 2016. The stock has lost 6.2% over the past three months through Monday, while the Dow Jones Industrial Average has gained 3.4%.

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Allergan PLC shares rose 1.2% in premarket trade Tuesday after the company reported fourth-quarter profit and revenue beats. Earnings for the latest quarter came to $3.05 billion, or $8.88 per share, after a loss of $70.2 million, or a loss of 20 cents per share in the year-earlier period. Adjusted earnings-per-share were $4.86, compared with the FactSet consensus of $4.74. Revenue rose to $4.33 billion from $3.86 billion, compared with the FactSet consensus of $4.28 billion. The latest results included higher revenue from Botox, Juvederm, Alloderm and CoolSculpting and new products, Allergan said, and was partially offset by lower revenues due to patent exclusivity losses and continuing declines for Aczone and Namenda XR. Allergan expects 2018 revenue of $15 billion to $15.3 billion, compared with the FactSet consensus of $15.33 billion, and a 2018 loss per share of $2.27 to $1.52, compared with the FactSet consensus of a loss per share of $2.13. Allergan received a net provisional benefit of about $2.8 billion related to the U.S.’s corporate tax overhaul, which includes a $730 million provisional expense related to repatriated earnings and a $3.5 billion net reduction of U.S. deferred tax liabilities, among other things. Allergan also reported positive late-stage trial results for its migraine drug early Tuesday. Allergan shares have dropped 5.4% to $165.00 over the last three months, compared with a 2.2% rise in the S&P 500 and a 3.4% rise in the Dow Jones Industrial Average .

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Shares of 30 Dow Jones Industrial Average components are trading lower in premarket trade Tuesday, with biggest decliners mixed among industrials, health care and retail sectors. The fact that all 30 Dow stocks were trading 2 1/2 hours before the open was also a sign of heightened investor anxiety, as Dow futures tumbled 390 points. Among the biggest decliners, shares of UnitedHealth Group Inc. dropped 3.9%, United Technologies Corp. shed 3.8%, Nike Inc. lost 3.7%, American Express Co. gave up 3.5% and Boeing Co. fell 3.4%. In retail, Home Depot Inc.’s stock lost 2.0% and WalMart Inc. shares slid 2.0%. In technology, Microsoft Corp. shares declined 2.1% and Apple Inc.’s stock was down 0.8%.

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Allergan PLC shares surged in premarket trade Tuesday after the company said its migraine drug had positive results in a late-stage clinical trial. Allergan also reported fourth-quarter earnings early Tuesday. In the Achieve I study, which enrolled 1,327 patients, “a statistically significant greater percentage” of patients who were treated for a migraine attack with either the low or high dose were free from pain about two hours after the initial dose relative to the placebo. A statistically significant greater percentage of patients on the drug, ubrogepant, also no longer had some of the “most bothersome” migraine-associated symptoms at two hours, the company said. The most common side effects of the therapy were nausea, drowsiness and dry mouth. Results from a second phase 3 trial, Achieve II, are expected in the first half of this year, and Allergan plans to file for approval with the Food and Drug Administration next year. About 38 million Americans have migraines, and for many of them they are a serious, chronic and even disabling condition characterized by head pain, nausea, vomiting, dizziness and sensitivity to lights, sounds and smells. There haven’t been many treatment options for migraines until recently, with a suite of drugmakers developing drugs to prevent migraines before they occur and stop attacks once they happen, with ubrogepant falling in the latter camp. Allergan shares have dropped 5.4% over the last three months, compared with a 2.2% rise in the S&P 500 and a 3.4% rise in the Dow Jones Industrial Average .

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U.S. stock futures pointed to a higher open in extremely volatile trading on Tuesday, with Dow Jones Industrial Average futures erasing an 850-point loss to gain almost 50 points. That’s as global equities picked up the selling baton from historic losses on Wall Street on Monday, with sharp losses across Asia and Europe. Down as much as 850 points earlier, Dow Jones Industrial Average futures (s: YMH8) were up 54 points, or 0.2%, to 23,993. S&P 500 futures (s: ESH8) also completely reversed an earlier drop and rose 28.80 points, or 0.8%, to 2,628.75. Nasdaq-100 futures (s: NQH8) jumped 57.75 points, or 0.9%, to 6,485.75.

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U.S. stock futures pointed to sharp losses when Wall Street opens later Tuesday, on the heels of a more than 1,100-point plunge for the Dow Jones Industrial Average, its worst one-day point drop in history. In extremely volatile trading, Dow futures plunged 447 points, or 1.9%, to 23,486, according to FactSet data. S&P 500 futures dropped 17.95 points, or 0.7%, to 2,588.50. Nasdaq-100 futures eased 12.5 points, or 0.2%, to 6,406.50. Asian markets on Tuesday picked up the baton after a brutal day for U.S. stocks, with Japan’s Nikkei 225 index sliding nearly 5%, and sharp losses across the region. German DAX 30, FTSE 100 and French CAC 40 index futures were all down around 3%. The Dow Jones Industrial Average slumped 1,175.21 points, or 4.6%, to 24,345.75 on Monday, while the S&P 500 slid 113.19 points, or 4.1%, to 2,648.94, in action that at times appeared to take on characteristics of a panic. The Dow is now negative for the year. The Cboe Volatility Index , Wall Street’s so-called fear gauge, jumped 104% to 35.02, its highest level since August 2015. Among other assets, gold futures rose $9.40, or 0.7%, to $1,345.90 an ounce on Tuesday, while crude oil fell 1% to $63.54 a barrel. The dollar fell against the yen, but was overall holding steady.

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President Donald Trump’s attorneys have advised him to refuse an interview request with special counsel Robert Mueller, the New York Times reported Monday. The attorneys, including longtime defense lawyer John Dowd, are reportedly worried that Trump may say something false and be charged with lying to investigators. Trump has said he’d be willing to speak to Mueller, who is leading the investigation into Russian election meddling. By refusing to agree to an interview, Trump may force Mueller to seek a grand jury subpoena, which could lead all the way to the Supreme Court and likely have deep political implications.

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Skyworks Solutions Inc. shares rose in the extended session Monday after the wireless chipmaker reported earnings that topped Wall Street estimates and announced a new share buyback program. Skyworks shares advanced 1.5% to $96.10 after hours. The company reported fiscal first-quarter net income of $70.4 million, or 38 cents a share, compared with $257.8 million, or $1.38 a share, in the year-ago period. Adjusted earnings were $2.00 a share. Revenue rose to $1.05 billion from $914.3 million in the year-ago period. Analysts surveyed by FactSet had estimated $1.91 a share on revenue of $1.05 billion. For the second quarter, however, Skyworks issued an outlook that fell short of Street estimates, forecasting earnings of $1.60 a share on revenue around $910 million. Analysts expect earnings of $1.63 a share on revenue of $940.6 million. Skyworks also announced that its board approved a $1 billion share buyback program. The new share buyback program replaces an old $500 million program that had $2 million left on it, Skyworks said.

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From:: Stock Market News