Tag: stock market

Shares of Yintech Investment Holdings , a Chinese online provider of spot commodity trading services, opened at $13.80 on the Nasdaq Wednesday, above its IPO issue price of $13.50. Each ADS share represents 20 ordinary shares of the company. The company sold 7.5 million American depositary shares to raise about $101.3 million. Jefferies LLC was the lead underwriter.

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Americans are expected to spend $172.22 on mom this Mother’s Day, down slightly from $172.63 last year, according to the National Retail Federation’s annual survey. Total spending should reach $21.4 billion. Consumers will spend the most on jewelry ($4.2 billion), followed by outings like dinner ($4.1 billion), flowers ($2.4 billion) and gift cards ($2.2 billion). Greeting cards are the most common gift, with 78.4% of respondents saying they would give one, but they only account for $792 million of the total annual projected spend. The survey of 7,000 customers was conducted between April 5 and April 13.

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U.S. stocks opened lower Wednesday, weighed down by Apple Inc. , after the world’s largest company by market capitalization saw its quarterly revenue decline for the first time in 13 years. The S&P 500 shed 6 points, or 0.3%, to 2,086. The Dow Jones Industrial Average slid 51 points, or 0.3%, to 17,939. The Nasdaq Composite fell 32 points, or 0.6%, to 4,857.

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Mondelez International Inc. shares are up 2.4% in Wednesday premarket trading after the company reported first-quarter earnings that beat estimates and reaffirmed its full-year 2016 guidance. The food producer said it had net income of $554 million, or 35 cents per share, up from $324 million, or 19 cents per share, for the same period last year. Adjusted earnings were 48 cents per share, exceeding the FactSet estimate of 40 cents per share. Revenue for the quarter totaled $6.5 billion, down 16.8% from $7.8 billion last year, but above the FactSet consensus of $6.4 billion. Mondelez reaffirmed its full-year 2016 outlook, forecasting double-digit adjusted earnings per share growth on a constant currency basis. The company also announced that its chief commercial officer Mark Clouse is leaving the company after 20 years. He will join Pinnacle Foods Inc. , effective May 23. The company will not appoint a new CCO. Mondelez shares are up 15.5% for the past year while the S&P 500 is down 0.8% for the same period.

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Dr. Pepper Snapple Group Inc. beat first-quarter earnings and revenue expectations, but provided a downbeat earnings outlook for 2016. Earnings for the latest quarter rose to $182 million, or 96 cents per share, from $157 million, or 81 cents per share, in the same period a year ago. Adjusted earnings-per-share were 94 cents, compared with the FactSet consensus of 86 cents. Revenue rose to $1.49 billion from $1.45 billion, beating the FactSet consensus of $1.47 billion. For 2016, the company expects adjusted EPS to be “at the high end” of $4.20 to $4.30, below the FactSet consensus of $4.33. The stock had lost 3.1% over the past three months, while the S&P 500 rose 11.1%.

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Pinnacle Foods Inc. said it named Mark Clouse as its chief executive officer, effective May 23, to replace current CEO Bob Gamgort, who is leaving the company at the end of April. Clouse is currently the chief commercial officer at Mondelez Interational Inc. . Pinnacle, which brands include Vlasic, Wish-Bone dressings, Mrs. Butterworth’s and Birds Eye Frozen, said Chief Financial Officer Craig Steeneck will assume the role of interim CEO after Gamgort leaves through May 22. Pinnacle affirmed its 2016 adjusted earnings-per-share outlook of $2.08 to $2.13, which surrounds the FactSet consensus of $2.11. The stock, which was still inactive in premarket trade, has gained 3.8% year to date, while the S&P 500 has tacked on 2.3%.

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Arianna Huffington, co-founder of The Huffington Post, has joined the board of ride-hailing service Uber, the company’s CEO Travis Kalanick said Wednesday. Kalanick said he choose Huffington due to her leadership and “ability to tell stories.”It’s Arianna’s emotional intelligence that I am most excited to learn from,” Kalanick said in a press release. Existing Uber board members include investor Bill Gurley and David Plouffe, formerly a senior White House advisor.

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International Paper Co. reported Wednesday first-quarter earnings that rose to $334 million, or 81 cents a share, from $313 million, or 74 cents a share, in the same period a year ago. Operating earnings per share fell to 80 cents from 87 cents. The FactSet EPS consensus was 69 cents. Revenue fell to $5.11 billion from $5.52 billion, compared with the FactSet consensus of $5.20 billion, amid bigger-than-expected declines in industrial and consumer packaging sales. “Demand outlook is positive and we remain focused on productivity improvements, allocating capital to high return investments and generating free cash flow,” said Chief Executive Mark Sutton. The stock, which was still inactive in premarket trade, has run up 15% year to date, while the S&P 500 has gained 2.3%.

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United Technologies Corp. said Wednesday it had net income of $1.19 billion, or $1.42 a share, in the first quarter, down from $1.43 billion, or $1.53 a share, in the year-earlier quarter. Adjusted per-share earnings to exclude restructuring charges came to $1.47, ahead of the FactSet consensus of $1.39. Sales rose to $13.4 billion from $13.3 billion, also ahead of the FactSet consensus of $13.2 billion. Looking ahead, the company said it still expects full-year adjusted EPS of $6.60 to $6.80, on sales of $56 billion to $58 billion. The FactSet consensus is for full-year EPS of $6.50 and sales of $57 billion. United Tech said it will buy back $3 billion of shares in 2016, beyond the repurchases to be completed under a previously announced $6 billion accelerated buyback program. The company has set aside $1 billion to $2 billion for acquisitions. Shares were not yet active in premarket trade, but are up 9% in the year so far, while the Dow Jones Industrial Average has gained just 3%.

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J.C. Penney Co. Inc. said Tuesday that it will add 60 new Sephora Inside J.C. Penney locations, including a flagship opening in the fall in Salinas, CA. Most of the new locations will be open by June 17, with nearly half to launch April 29. The openings are timed to take advantage of the back-to-school and holiday shopping seasons, J.C. Penney said in a release. Sephora has had stores inside J.C. Penney for a decade and will be in nearly 600 J.C. Penney’s 1,000 stores. The partnership increases revenue per customer, J.C. Penney said, and positively impacts the entire store’s performance. The new flagshp will be one of the biggest at 3,000 square feet. J.C. Penney shares are up 0.1% in after-hours trading, and up 42.5% for the year so far. The S&P 500 is up 2.3% for the year to date.

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