Tag: stock market

Yahoo Inc. shares rose in the extended session Tuesday after the web portal topped Wall Street estimates for the first quarter. Yahoo shares advanced 0.6% to $36.54 after hours. The company reported adjusted earnings of 8 cents a share on revenue of $1.09 billion. Excluding traffic acquisition costs, revenue was $859 million. Analysts surveyed by FactSet had forecast earnings of 7 cents a share on adjusted revenue of $846.1 million.

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Intel Corp. said late Tuesday it will lay off 12,000 employees, or about 11% of its workforce, saying in a statement the restructuring is aimed “to speed its transition to a company that powers the cloud.” The layoffs will occur through mid-2017 through consolidation worldwide, a combination of voluntary and involuntary departures, and a re-evaluation of programs, the chipmaker said. Separately, Intel reported first-quarter earnings that beat Wall Street expectations. The company said it earned $2 billion, or 42 cents a share, in the quarter. Adjusted for one-time items, Intel earned $2.6 billion, or 54 cents a share, compared with 45 cents a share in the year-ago period. Revenue hit $13.8 billion in the quarter, up from $12.8 billion a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 47 cents a share on sales of $13.73 billion. Intel also announced that Chief Financial Officer Stacy Smith will “transition to a new role,” leading sales, manufacturing and operations once a successor is in place. Smith will remain CFO until then, the company said. Shares were halted in late trading, and ended the trading day down 0.2%.

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Silver futures rallied Tuesday to their highest level in 11 months and gold settled at a one week high, with the dollar-denominated metals buoyed by a weaker greenback. May silver rose 71.9 cents, or 4.4%, to settle at $16.972 an ounce. Prices haven’t settled at a level that high since May 22 of last year. Gold for June delivery rose $19.30, or 1.6%, to finish at $1,254.30 an ounce, the highest since April 12.

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Startup Apester, an audience engagement platform for publishers, said Tuesday it has closed the second tranche of its Series A financing, a $12 million round led by Blumberg Capital. The startup has now raised a total of $17 million from investors that include Mangrove Capital, ex-AOL CMO Tal Simantov, Wix Co-founder Gigi Kaplan, Silverstein Properties President Tal Kerret and Wellborn Ventures, it said in a statement. Apester is used by publishers including Time Inc., AOL, The Daily Telegraph, The Huffington Post, Fox, USA Today, BBC, Sky, Bild and others. The company has more than 50 employees at offices in London, Berlin, Istanbul and Tokyo, as well as a research & development center in Tel Aviv.

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Time Warner Inc.’s premium cable network HBO and Discovery Communications Inc. have bought equity stakes in holographic entertainment company Otoy Inc. Otoy, employs new technologies in creating media and entertainment content and its technology has been used in Hollywood films, such as “The Curious Case of Benjamin Button,” “Spider-Man 3” and “Fantastic Four.” The dollar figure of the investments weren’t disclosed, but it builds on HBO’s previously announced partnership with Otoy to develop programming for the network’s venture with former “Daily Show” host Jon Stewart. “The future of media and entertainment is not going to be constrained by a screen, nor consumed through monolithic apps or platforms,” said Otoy founder and Chief Executive Jules Urbach in a statement. “A key part of this endeavor is unifying production and delivery of content across all possible endpoints, from HTML5 to TV and social to wearables.” The companies hope, through the investments, to develop original holographic content and tap into emerging technologies, such as virtual and augmented reality.

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Illumina Inc.’s stock plunged in heavy volume in morning trade Tuesday, putting it on track to suffer the biggest one-day price loss in the 16 years since it went public, after the biotechnology company warned that first-quarter revenue would miss expectations. The shares tumbled $38.36, or 22%, to the lowest level seen since Feb. 12. The previous biggest price drop was the $20.05 decline on July 22, 2015, while Tuesday’s percentage drop would rank as the fifth biggest. Volume hit 3 million shares within the first 30 minutes of trade, compared with the full-day average of about 1.2 million shares. Before Tuesday’s selloff, the stock has soared 32% since it closed at 22-month low of $135.37 on Feb. 8. Late Monday, the company said it expects to report first-quarter revenue of $539 million, below the FactSet consensus of $582 million.

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U.S. stocks opened higher on Tuesday, with the Dow industrials extending gains above 18,000 level for the second straight session. However, big losses in Netflix Inc and IMB Corp were capping gains on the main indexes. The S&P 500 was up 4 points, or 0.2%, to 2,099. The Dow Jones Industrial Average added 30 points, or 0.2%, to 18,034. Meanwhile, the Nasdaq Composite was flat at 4,961 at the open.

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CVS Health Corp. said Tuesday that it has invested in and partnered with Curbside, a mobile platform that aids with pickup service. The pharmacy chain has launched CVS Express, which allows customers to make purchases via the company’s mobile app and have those purchases ready for pickup at their local store in about an hour. The service is free of charge, available for all front-of-store and over-the-counter items and currently available in San Francisco, Charlotte, N.C., and Atlanta. Additional locations will be added later this year. CVS Health stock is up 0.7% in premarket trading, and up 4.8% for the year to date. The S&P 500 is up 2.5% for the year so far.

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Internet radio company Pandora was downgraded to market perform from outperform by analysts at Raymond James on Monday. Analyst Justin Patterson said he was concerned about the uncertainties surrounding co-founder Tim Westergren taking the helm as chief executive in an environment of increasing competition. Westergren is likely the right person to successfully lead Pandora, but it cold take time for his impact to show, Patterson wrote in a note to clients. “With Pandora’s CMO also departing in the last month, we remain cautious on Pandora’s ability to grow users,” he wrote. The bulk of competition comes in the advertising space as Spotify ramps its ads focus to take advantage of its “strong daily engagement.” Patterson said he believes at Monday’s closing price of $8.80, Pandora shares are fairly valued. “We believe the changing landscape, multiple unknowns and lack of a catalyst warrant stepping to the sidelines,” Patterson wrote. Shares of Pandora have dropped 34% so far this year, while the S&P 500 index is up 2.5%.

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Panera Bread Co. was upgraded to buy from hold at Jefferies on the belief that the fast-casual chain’s same-store sales will grow over the next few years, pushing up earnings. Jeffries raised the price target to $245 from $195. Jeffries is expecting first quarter same-store sales in line with consensus, with improved traffic trends. The bank’s analysts see those trends extending through the next few years with drivers including the company’s digital initiatives, catering and delivery service. Panera reports first-quarter earnings on April 26. Shares are up 1.7% in premarket trading, and 8.5% for the year to date. The S&P 500 is up 2.5% for the year so far.

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