Tag: stock market

CSM Bakery Solutions, the company that supplies fast-food chain Chick-fil-A with its Chocolate Chunck Cookies, has issued a voluntary recall of the cookies “due to the potential presence of undeclared peanut allergens,” Chick-fil-A said in a Friday release. Chick-fil-A will stop selling the cookies until the issue is resolved. Currently the nutrition and allergen information says the cookie is peanut-free. Customers are urged to discard the cookies, or they can return them to Chick-fil-A for a full refund.

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.

…read more

From:: Stock Market News

Microsoft Corp.’s stock plunged 8.5% in active morning trade, wiping away about $38 billion in market value and cutting the Dow Jones Industrial Average’s gain in half, in the wake of disappointing quarterly results. Volume topped 35 million shares within the first 45 minutes after the opening bell, compared with the full-day average of of 26.4 million shares. The stock on course to suffer the biggest percentage decline since it tumbled 9.3% on Jan. 27, 2015, which also followed disappointing quarterly results. With about 7.91 billion shares outstanding, according to FactSet, the price decline of $4.75 was erasing $37.57 billion from its market cap. The decline was also shaving off about 33 points from the Dow, which was recently up 22 points.

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.

…read more

From:: Stock Market News

NGL Energy Partners’ stock rocketed 31% in active morning trade Friday, after the energy company announced a $200 million investment from Oaktree Capital Management. Volume topped 6.5 million shares within the first 30 minutes of trade, compared with the full-day average of 1.5 million shares. The company said late Thursday that it will issue $200 million of Class A convertible preferred units to funds managed by Oaktree. NGL said it plans to use the proceeds from the investment to pay down debt. The company said it also formed a strategic relationship with Oaktree to pursue opportunities. “The investment by Oaktree is a strong endorsement of our business model, strategy and future growth projects,” said NGL Chief Executive Mike Krimbill. “We plan to jointly pursue certain attractive assets together that Oaktree will assist in financing/structuring and NGL will operate.” The stock has now gained 29% year to date, but is still down 49% over the past 12 months.

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.

…read more

From:: Stock Market News

Stocks opened mostly lower on Friday, but remained on track for a second-straight weekly gain, after a series of disappointing earnings reports offset a rise in crude oil prices. The S&P 500 shed 5 points, or 0.2%, to 2,087. The Dow Jones Industrial Average gained 13 points, or 0.1%, to 17,994 as General Electric Co. , Caterpillar Inc. and Microsoft Corp. constrained gains after reporting quarterly results. However, a stronger-than-expected report from McDonald’s Inc. was helping to support the Dow. The Nasdaq Composite fell 40 points, or 0.8%, to 4,905.

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.

…read more

From:: Stock Market News

Shares of McDonald’s Corp. surged 2.3% in premarket trade Friday, after the fast-food giant reported first-quarter profit and sales that beat expectations. Earnings rose to $1.10 billion, or $1.23 a share, from $811.5 million, 84 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was $1.16. Revenue slipped to $5.90 billion from $5.96 billion, but beat the FactSet consensus of $5.82 billion, as a decline in sales by company operated restaurants was partially offset by an increase in sales from franchised restaurants. U.S. same-store sales increased 5.4%, beating the FactSet consensus of 4.4% growth, as its all-day breakfast and McPick 2 initiatives provided a boost. The stock has climbed 6.5% year to date through Thursday, while the Dow Jones Industrial Average has gained 3.2%.

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.

…read more

From:: Stock Market News

Shares of American Airlines reported net income of $700 million, or $1.14 per share, down from $932 million, or $1.30 per share, in the year-earlier period. The company reported adjusted earnings per share of $1.99, above the FactSet consensus of $1.19. American Airline’s 2016 results will include a provision for income taxes at a 38 percent rate. The company reported revenue of $9.43 billion, down from $9.83 billion in the year-earlier period and below the FactSet consensus of $9.44 billion. American Airlines said revenue was hurt by “competitive capacity growth,” a weak Latin American economy and foreign currency weakness. The company authorized a $2 billion share repurchase program which will end at the end of 2017. American Airlines shares were up 1% in premarket trade.

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.

…read more

From:: Stock Market News

Shares of American Airlines reported net income of $700 million, or $1.14 per share, down from $932 million, or $1.30 per share, in the year-earlier period. The company reported adjusted earnings per share of $1.99, above the FactSet consensus of $1.19. American Airline’s 2016 results will include a provision for income taxes at a 38 percent rate. The company reported revenue of $9.43 billion, down from $9.83 billion in the year-earlier period and below the FactSet consensus of $9.44 billion. American Airlines said revenue was hurt by “competitive capacity growth,” a weak Latin American economy and foreign currency weakness. The company authorized a $2 billion share repurchase program which will end at the end of 2017. American Airlines shares were up 1% in premarket trade.

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.

…read more

From:: Stock Market News

Caterpillar Inc.’s stock dropped 1.8% in premarket trade Friday, after the maker of construction and mining equipment missed first-quarter profit and sales expectations, and lowered its full-year outlook. Earnings fell to $271 million, or 46 cents a share, from $1.25 billion, or $2.03 a share, in the same period a year ago. Excluding one-time restructuring costs, adjusted earnings per share came to 67 cents, missing the FactSet consensus of 68 cents. Revenue fell to $9.46 billion from $12.70 billion, just shy of the FactSet consensus of $9.50 billion, amid “substantial” declines in its construction, oil and gas, mining and rail businesses. For 2016, the company cuts its adjusted EPS outlook to $3.70 from $4.00 and its revenue outlook to $40 billion to $42 billion from $40 billion to $44 billion. “While many of the industries we serve are challenged, we remain focused on what we can control: the quality of our products, our market position, safety in our facilities and continued restructuring and cost reduction,” said Chief Executive Doug Oberhelman. The stock has run up 16% year to date through Thursday, while the Dow Jones Industrial Average has gained 3.2%.

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.

…read more

From:: Stock Market News

Consumer goods company Kimberly-Clark Corp. said Friday it had net income of $545 million, or $1.50 a share, in the first quarter, up from $468 million, or $1.27 a share, in the year-earlier period. Adjusted per-share earnings came to $1.53, ahead of the FactSet consensus of $1.51. The maker of Kleenex tissues and Huggies diapers said sales edged down to $4.5 billion from $4.7 billion, but matched the FactSet consensus. Looking ahead, the company said it’s sticking with its forecast of organic sales growth of 3% to 5% for the full year, and EPS of $5.95 to $6.15. The FactSet consensus is for EPS of $6.15. The company said it expects the costs of a restructuring announced last year to come in at the high end of its range of $130 million to $160 million after tax, while pre-tax savings are also expected to be at the high end of its $120 million to $140 million range by the end of 2017. Shares edged down 1.3% in premarket trade, but are up 3.5% in the year so far, while the S&P 500 has gained 2.3%.

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.

…read more

From:: Stock Market News

Carnival Corp. said Friday that Cuba-born passengers will be able to travel on its ships headed to Cuba starting May 1. Previously, Cuba-born travelers were allowed to travel back and forth to the island nation by air, but boat travel was restricted. The cruise company announced earlier this week that it might have to delay the launch of cruises to Cuba if an agreement couldn’t be reached with Cuban authorities to change the policy. Carnival’s new Fathom brand of cruises will sail every other week on seven-day voyages visiting Havana, Cienfuegos and Santiago de Cuba. Carnival shares are nearly flat in premarket trading, and down 9.7% for the year so far. The S&P 500 is up 2.3% for the year to date.

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.

…read more

From:: Stock Market News