Tag: stock market

Shares of United Continental Holdings Inc. tumbled 10% in active morning trade Thursday, on the heels of the air carrier’s disappointing passenger revenue outlook. The stock’s percentage decline was the biggest among S&P 500 components, while it’s price decline of $5.86 accounted for more than half of the Dow Jones Transportation Average’s 60-point decline. Volume exceeded 8 million shares within the first 100 minutes of trade, compared with the full-day average of 4.2 million shares. The company reported late Wednesday first-quarter earnings that beat expectations, but disclosed in a filing that it expects second-quarter passenger revenue for available seat mile (PRASM) to decline 6.5% to 8.5% from last year. Analyst Helane Becker at Cowen & Co. was expecting PRASM to decline 5.9% in the current quarter. Shares of other air carriers also fell in United’s wake: American Airlines Group Inc.’s slumped 2.9%, Delta Air Lines Inc.’s shed 3.6% and JetBlue Airways Corp.’s slid 2.1%, while Southwest Airlines Co.’s was down less than 0.1%.

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Natural-gas futures saw volatile trading Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 7 billion cubic feet for the week ended April 15. Analysts polled by Platts forecast a climb of 2 billion cubic feet. Total stocks now stand at 2.484 trillion cubic feet, up 881 billion cubic feet from a year ago and 811 billion cubic feet above the five-year average, the government said. May natural gas rose 1.9 cents, or 0.9%, to $2.088 per million British thermal units after briefly trading lower immediately after the supply data. Prices traded at $2.075 before the report.

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Tesla Motors Inc. Chief Executive Elon Musk said Thursday the electric car maker now has almost 400,000 orders for its model 3 sedan, Reuters reported. Musk made the comment at a conference held in Oslo, Norway. Telsa shares were down 0.8% in early trade, but are up 3.3% in the year so far, while the S&P 500 has gained 2.7%.

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SunEdison Inc. said Thursday that it filed for bankruptcy protection, a move that has been expected by investors for weeks. The renewable energy company’s stock was halted for news. The last trade prior to the halt was at 34 cents, down 93% year to date. The company said it has secured $300 million in debtor-in-possession financing to minimize business disruptions while it restructures. “Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues,” said Chief Executive Ahmad Chatila. SunEdison said its yieldcos, TerraForm Power and TerraForm Global were not part of the filing. TerraForm Power’s stock surged 4.1% in morning trade and TerraForm Global shares climbed 3%.

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U.S. stocks opened flat Thursday, struggling to build on a three-day rally carried them to their highest levels of the year. Sliding oil prices weighed on the energy sector, while the tone of corporate earnings reports was mixed. The Dow Jones Industrial Average shed 23 points, or 0.1%, to 18,072. The S&P 500 rose 1 point, or less than 0.1%, to 2,102. The Nasdaq Composite was flat at 4,948. General Motors Co. and American Express Co. saw their shares rise after earnings surpassed expectations, while Verizon Communications Inc. reported soft results.

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PPG Industries Inc. said Thursday it raised its quarterly dividend by 4 cents, or 11%, to 40 cents a share. The paint seller’s new dividend will be payable June 10 to shareholders of record on May 10. Based on the stock’s Wednesday closing price of $116.07, the new dividend implies an annual dividend yield of 1.4%, compared with the aggregate S&P 500 dividend yield of 2.1%, according to FactSet. “This 11% increase in our per-share quarterly dividend reaffirms PPG’s commitment to sustainable dividend increases as an integral part of our capital allocation strategy,” said Chief Financial Officer Frank Sklarsky. The stock, which was still inactive in premarket trade, has soared 17% year to date, while the S&P 500 has gained 2.9%.

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Shares of Verizon Communications Inc. slid 1.6% after the internet, wireless and cable provider reported revenue fell short of expectations. The company said net income for the first quarter was $4.4 billion, or $1.06 per share, compared with $4.3 billion, or $1.03 a share during the same quarter last year. Analysts tracked by FactSet were expecting $1.06 earnings per share. Revenue for the quarter rose to $32.17 billion, up from the $31.98 billion in the prior year period, but fell short of the $32.45 billion FactSet consensus, however. During the quarter Verizon added 36,000 net new Fios video customers, as its subscriber numbers grew to 5.9 million, compared with 5.7 million a year ago. Shares of Verizon have gained nearly 12% in the year so far, while the Dow Industrial is up 3.9%.

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Shares of Imax Corp. were indicated up more than 3% in light premarket trade Thursday, after the movie theater operator reported first-quarter profit and sales that rose well above expectations, on the back strong box office growth. Earnings for the latest quarter came to $9.53 million, or 14 cents a share, compared with $391,000, or breakeven on a per-share basis, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 22 cents, beating the FactSet consensus of 15 cents. Revenue rose 48% to $92.1 million, above the FactSet consensus of $83.9 million. Global box office grew 64% to $272 million. The company approved a $50 million increase to its share repurchase program. The stock has dropped 7.3% year to date through Wednesday, while the S&P 500 has gained 2.9%.

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The European Central Bank on Thursday left official interest rates unchanged, as expected. The ECB left the interest rate on its main refinancing operations at 0%, the interest rate on its marginal lending facility at 0.25%, and the interest rate on its deposit facility at minus 0.4%. The ECB at its March meeting lowered interest rates, expanded its bond-buying program and launched a new series of cheap, long-term loans for eurozone banks. The ECB said it has started to expand its monthly asset purchases to 80 billion euros, as announced in March and that the “focus is now on the implementation of the additional non-standard measures” decided last month. ECB President Mario Draghi will hold a news conference in Frankfurt at 2:30 p.m. local time, or 8:30 a.m. Eastern. The ECB said further details of its corporate sector purchase program released last month will be released after the news conference.

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Kohl’s Corp. has partnered with designer Reed Krakoff on a 100-piece collection, the retailer said Thursday. Reed Krakoff is the creative director of an eponymous label and was the executive creative director of Coach Inc. between 1996 and 2013. The collection, called Reed, is now available and includes handbags priced between $15 and $129 and apparel priced between $38 and $130. Kohl’s shares are inactive in premarket trading, but down 38.5% for the past year. The S&P 500 is up 0.2% for the same period.

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