Tag: stock market

Under Armour shares rose 4% in Thursday premarket trading after the company beat earnings expectations and slightly revised up its full-year revenue guidance. The sports apparel and accessories company said it had first-quarter net income of $19 million, or 4 cents per share, up 63% from $12 million, or 3 cents per share, for the same period last year. This year’s earnings per share reflect the April 7 Class C stock dividend, which had the same effect as a two-for-one stock split. The FactSet consensus was 2 cents per share. Revenue rose 30% to $1.05 billion from $805 million last year, beating the $1.04 billion FactSet consensus. During the first quarter, apparel revenue increased 20% to $667 million versus $555 million last year. Footwear revenue was up 64% to $264 million from $161 million last year, owing largely to the Steph Curry basketball line and expanded running line. Accessories were up 26% to $80 million from $63 million last year, driven by headwear and bags. Under Armour says it now expects full-year revenue of $5 billion, up from the $4.95 billion forecast previously. Under Armour shares are up 5.5% for the year so far, outpacing the S&P 500, which is up 2.9% for the same period.

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Travelers Companies Inc. reported Thursday first-quarter earnings that fell to $691 million, or $2.30 a share, from $833 million, or $2.55 a share, in the same period a year ago. Excluding non-recurring items, operating earnings per share declined to $2.33 from $2.53, due primarily to higher catastrophe losses related to hail storms in Texas last month. The FactSet EPS consensus was $2.55. Total revenue increased to $6.686 billion from $6.629 billion, while net written premiums rose 5% to $6.166 billion. That beat the FactSet consensus for total revenue of $6.707 billion and net written premiums of $6 billion. The insurance giant raised its quarterly dividend 10% to 67 cents a share. “Our results from time to time will be impacted by higher levels of catastrophe losses, as they were this quarter, but the strength of our franchises, our meaningful and sustainable competitive advantages and our relentless execution have enabled us to deliver industry-leading returns over time, and we are well positioned to continue to do so,” said Chief Executive Alan Schnitzer. The stock, which was still inactive in premarket trade, has gained 2.6% year to date, while the Dow Jones Industrial Average has climbed 3.9%.

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Apple Inc. changed the planned date of its first-quarter earnings report Wednesday, pushing the report back a day. According to Wall Street Journal reporter Daisuke Wakabayashi, Apple moved its earnings date from Monday, April 25, to Tuesday, April 26, because many executives plan to attend memorial services for Bill Campbell, a former Apple board member and Intuit Inc. CEO who died this week. Apple is expected to report the first year-over-year decline in iPhone sales since the smartphone was introduced in 2007.

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From:: Stock Market News

Apple Inc. changed the planned date of its first-quarter earnings report Wednesday, pushing the report back a day. According to Wall Street Journal reporter Daisuke Wakabayashi, Apple moved its earnings date from Monday, April 25, to Tuesday, April 26, because many executives plan to attend memorial services for Bill Campbell, a former Apple board member and Intuit Inc. CEO who died this week. Apple is expected to report the first year-over-year decline in iPhone sales since the smartphone was introduced in 2007.

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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American Renal Associates Holdings Inc. said Wednesday it priced its initial public offering of 7.5 million shares at $22.00 a share, at the higher end of the expected pricing range of $20 to $23. The provider of dialysis services also granted the underwriters the option of purchasing an additional 1.13 million shares at the IPO price. American Renal is expected to begin trading on the New York Stock Exchange on Thursday under the ticker ARA. Bank of America Merrill Lynch, Barclays and Goldman Sachs & Co. are serving as lead joint book-running managers.

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Wal-Mart Stores Inc. said Wednesday it has cut down the number of its board members to 12 from 15 directors in an effort to “maximize” the board’s “effectiveness in supporting the company’s strategy,” the retailer said in statement. The company also said it added Marissa Mayer, president and CEO of Yahoo Inc., and Kevin Systrom, CEO and co-founder of Instagram, to its board in order to focus on technology. Four board members will retire. The changes take effect after the company’s annual meeting on June 3. Shares of Wal-Mart rose 0.1% in late trading Wednesday after ending the regular trading day down 0.8%.

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Las Vegas Sands Corp. shares fell in the extended session Wednesday after the casino operator’s quarterly earnings fell short of Wall Street estimates. Las Vegas Sands shares declined 4.2% to $49.83 after hours. The company reported adjusted earnings of 45 cents a share on revenue of $2.89 billion. Analysts surveyed by FactSet had forecast 63 cents a share on revenue of $2.88 billion.

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Yum Brands Inc. shares rallied in Wednesday’s extended session after the fast-food company posted better-than-expected earnings, largely on the back of strong sales at its China division. Yum reported its first-quarter earnings rose to $391 million, or 93 cents a share, from $362 million, or 83 cents a share, a year earlier. On an adjusted basis, the parent company of KFC and Taco Bell would have earned 95 cents a share. Revenue was mostly flat at $2.62 billion. Analysts surveyed by FactSet had projected the Louisville, Ky., company to earn 83 cents on revenue of $2.66 billion. Its China division, which it plans to spin off by the end of the year, reported same-store sales of 6% while global same-store sales increased 2%. Yum raised its core operating profit growth outlook for 2016 to 12% versus 10% previously. Shares of Yum gained 3.7% in after-hours trading.

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The Market Vectors Gold Miners ETF’s intraday swing lower produced a bearish “key reversal day” chart pattern, which warns that the rally may be over. The gold miners ETF (GDX) rose as much as 2.4% intraday to a 19-month high of $23.82, before reversing to close down 1.8% at $22.84, below the previous session’s intraday low of $22.92. Many technicians believe this marks the end of the previous uptrend. A close above the pattern’s high–$23.82–would be needed to negate the bearish reversal signal. The GDX has soared 78% over the past three months, far outpacing the 13% gain in the SPDR Gold ETF .

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Hedge funds suffered investment capital outflows of $15.1 billion in the first quarter, the largest quarterly outflow since the second quarter of 2009, according to Hedge Fund Research Inc. It also marks the first back-to-back quarters of outflows since 2009. Equity hedge funds had $5.7 billion in outflows, HFR said. Total hedge fund assets fell to $2.86 trillion at the end of March, with equity hedge funds assets slipping to $806.5 billion. It’s no wonder investors left, because despite a strong March, hedge funds lost money during the quarter while the stock market rose. The HFRI Fund Weighted Composite Index shed 0.67% during the quarter, despite a 2% jump in March, HFR said. The HFRI Equity Hedge Fund Index shot up 3.4% in March, but still ended the quarter with a 1.7% drop. In comparison, the S&P 500 index posted a 0.8% gain during the quarter, after surging 6.6% in March.

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