Tag: stock market

Xerox Corp. reported first-quarter earnings of $34 million, or 3 cents a share, down from $225 million, or 19 cents a share, in the same period a year ago. Excluding non-recurring items, such as restructuring costs related to its plan to separate into two companies, adjusted earnings per share came to 22 cents, missing the FactSet consensus of 23 cents. Revenue declined 4% to $4.28 billion, above the FactSet consensus of $4.24 billion. For the second quarter, the maker of printers and copiers expects adjusted EPS of 24 cents to 26 cents, compared with the FactSet consensus of 26 cents. Xerox recorded $126 million in restructuring charges during the quarter, and expects total restructuring costs of $300 million, related to the separation. “We put in place a robust program management structure, mapped our path to the separation, initiated leadership searches and began building the strategic, operational and financial foundation of each company,” said Chief Executive Ursula Burns. The stock, which was still inactive in premarket trade, has climbed 5.1% year to date, while the S&P 500 has gained 2.3%.

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U.S. stocks edged up on Friday, gaining for a second week in a row, but the tech-heavy Nasdaq bucked the trend as bellwether tech stocks lagged. Alphabet Inc. and Microsoft Corp. led the decliners in the wake of weaker-than-expected quarterly earnings. The S&P 500 added less than a point to close at 2,091 while the Dow Jones Industrial Average rose 21 points, or 0.1%, to end at 18,003. However, the Nasdaq slid 39 points, or 0.8%, to close at 4,906.

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Oil futures settled higher Friday as recent declines in U.S. crude production and domestic oil-rig counts helped prices tally a third weekly gain. June WTI crude rose 55 cents, or 1.3%, to settle at $43.73 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices saw a weekly gain of 8.3%.] as recent declines in U.S. crude production and domestic oil-rig counts helped prices tally a third weekly gain. June WTI crude rose 55 cents, or 1.3%, to settle at $43.73 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices saw a weekly gain of about 8.3%.

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Under Armour Inc. said Friday that it has partnered with the University of California, Berkeley for a 10-year agreement that will provide athletic gear, internships, jobs, discounts and more. The agreement, which starts July 1, 2017, will outfit the men’s and women’s teams in Under Armour gear. The additional benefits are part of UC Berkeley’s University Partnership Program, which launched last summer. Under Armour shares are down 0.3% in Friday trading, but up 12.3% for the year so far. The S&P 500 is up 2.2% for the year to date.

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Gold futures settled sharply lower Friday on the back of a stronger U.S. dollar, to finish out the week with a loss of 0.4%. June gold dropped $20.30, or 1.6%, to settle at $1,230 an ounce. For the week, prices lost roughly 0.4%, according to FactSet data.

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Oil futures gained more ground after data from Baker Hughes showed that the number of active U.S. rigs drilling for crude fell by 8 to 343 as of Friday, down a fifth straight week. The total U.S. rig count fell 9 to 431. June crude was at $43.72 a barrel on the New York Mercantile Exchange, up 54 cents, or 1.3%. It was trading at $43.60 before the data.

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Offshore drilling contractor Noble Corp. Plc on Friday slashed its dividend to 2 cents a share in a move aimed at preserving cash and bolstering its liquidity. The company’s last quarterly dividend was 15 cents a share, paid in early February. “Noble continues to implement strategic adjustments that further reinforce our sound position as we guide the company through this historic downturn,” Chief Executive David Williams said in a statement. The company had $2.7 billion of liquidity at end March, he said. The new payment will be made May 9 to shareholders of record as of May 2. Shares were trading up 6% Friday, and have gained 12% in the year so far, while the S&P 500 has gained about 2%.

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Shares of Advanced Micro Devices Inc. were having their best day in over 40 years, after the company announced a new licensing deal to a chip joint venture in China and reported better-than-expected quarterly results and outlook. The stock rocketed 36% in morning trade, the biggest percentage gain since it shot up 63% way back on Jan. 29, 1975. Volume hit 66 million shares within 90 minutes after the open, already about five times the full-day average. The stock was both the biggest gainer and most active on the Nasdaq exchange. Analyst Ian Ing at MKM Partners upgraded AMD to buy from neutral, and raised its stock price target to $4 from $2.90, saying the new China JV could become the best challenge yet to Intel Corp.’s server dominance. It has now surged 56% over the past 12 months, putting it on track to close at the highest level since Sept. 29, 2014. In comparison, Intel shares have lost 3.4% over the past year and the S&P 500 has slipped 1.2%.

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SecureWorks Inc. , the year’s first U.S. tech initial public offering, was trading at $13.69 Friday, below its issue price of $14. SecureWorks, a cybersecurity company, is a spinoff of Dell Inc. and had already priced below the initial range of $15.50 to $17.50. The company sold 8 million shares to raise $112 million. Bank of America Merrill Lynch, Morgan Stanley, Goldman, Sachs & Co. and J.P. Morgan were the lead underwriters.

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From:: Stock Market News

SecureWorks Inc. , the year’s first U.S. tech initial public offering, was trading at $13.69 Friday, below its issue price of $14. SecureWorks, a cybersecurity company, is a spinoff of Dell Inc. and had already priced below the initial range of $15.50 to $17.50. The company sold 8 million shares to raise $112 million. Bank of America Merrill Lynch, Morgan Stanley, Goldman, Sachs & Co. and J.P. Morgan were the lead underwriters.

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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From:: Stock Market News