Tag: stock market

BlackBerry Ltd said Friday it had a net loss of $238 million, or 45 cents per share during its fiscal fourth quarter, after a profit of $28 million last year, or 5 cents per share. The adjusted loss for the quarter was 3 cents a share, less than the FactSet consensus of 13 cents. Revenue came in $464 million, a nearly 30% drop compared with $660 in the year earlier period, well below the $787 milllion FactSet revenue consensus. The company said it expects to grow its software and services about 30% and anticipates positive cash flow in fiscal 2017. Shares of BlackBerry were inactive in premarket trade, but in the year so far the company has seen shares fall 12.8%, while the S&P 500 index has gained just under 1%.

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General Electric Co. said Friday it is selling a majority stake in Poland’s Bank BPH’s Core Bank to Alior Bank in a multilayered deal with an ending net investment of about $2.1 billion. Bank BPH will be transformed into two units, the Core Bank and the Mortgage Bank, followed by a spinoff and demerger of Core Bank into Alior. GE is expected to pocket $200 million in capital, and will retain $3.9 billion of mortgages in the Mortgage Bank unit and BPH TFI, the bank’s asset management business. The move is the latest by GE as it sheds its financial units to focus on its core industrial businesses. In total, the company is planning to sell about $200 billion of GE Capital businesses worldwide, the bulk of which are expected to completed by the end of 2016. GE shares were slightly lower in premarket trade, but are up 2% in the year so far, while the Dow Jones Industrial Average is up about 1.5%.

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General Electric Co. said Friday it is selling a majority stake in Poland’s Bank BPH’s Core Bank to Alior Bank in a multilayered deal with an ending net investment of about $2.1 billion. Bank BPH will be transformed into two units, the Core Bank and the Mortgage Bank, followed by a spinoff and demerger of Core Bank into Alior. GE is expected to pocket $200 million in capital, and will retain $3.9 billion of mortgages in the Mortgage Bank unit and BPH TFI, the bank’s asset management business. The move is the latest by GE as it sheds its financial units to focus on its core industrial businesses. In total, the company is planning to sell about $200 billion of GE Capital businesses worldwide, the bulk of which are expected to completed by the end of 2016. GE shares were slightly lower in premarket trade, but are up 2% in the year so far, while the Dow Jones Industrial Average is up about 1.5%.

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Shares of Marvell Technologies Group Ltd. fell 5% late Thursday as the company said it expects its fiscal 2016 net revenue to be “significantly” lower on less demand for its storage products and the restructuring of its mobile platform busness, according to a filing. The company also said it expects a net loss for fiscal 2016 due to charges linked to the company’s settlement of its litigation with Carnegie Mellon University for $750 million, as well as charges related to the restructuring and severance packages for the mobile platform business, to the tune of about $75 million. The company said it is unable to file its annual report on time and is working to complete it “as soon as practicable.” Shares of Marvell had ended the day down 0.1%.

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Tesla Motors Inc. Chief Executive Elon Musk tweeted late Thursday the electric-car maker moved up the start of online reservations for the Model 3 in order to avoid server overload. Online reservations will start at 7:30 p.m. Pacific, one hour earlier than initially scheduled, he said. Tesla is unveiling the Model 3, a sedan expected to cost $35,000 and run 200 miles between charges, at an event later Thursday at its design center outside Los Angeles. The start of the event was kept at 8:30 p.m. Pacific. Meanwhile, thousands lined up at Tesla’s stores worldwide to be first among those dropping $1,000 to reserve their Model 3. Tesla expects to start production of the car in late 2017.

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Shares of Starwood Hotels & Resorts Worldwide Inc. fell in Thursday’s extended session following a report from Dow Jones Newswires that China’s Anbang Insurance Group Co. will withdraw from a proposed takeover of the hotel chain. Anbang had been locked in a bidding war for Starwood with Marriott International Inc. that has inflated the offer price to $14 billion, or $82.75 a share. Starwood shares slumped 4.7% in after-hours trading while Marriott International shares skidded 5.2%.

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U.S. stocks closed down on Thursday but still had one of their best months since October as market sentiment stabilized on a more dovish Federal Reserve. The S&P 500 fell 4 points, or 0.2%, to close at 2,059 for the session and rallied 6.6% in March. The Dow Jones Industrial Average shed 31 points, or 0.2%, to finish at 17,684 for the day and gained 7.1% for the month. The Nasdaq closed up less than a point at 4,869 on Thursday for a monthly rise of 6.8%. For the quarter, the S&P 500 added 0.7% and the Dow advanced 1.5% while the Nasdaq dropped 2.8%.

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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U.S. stocks closed down on Thursday but still had one of their best months since October as market sentiment stabilized on a more dovish Federal Reserve. The S&P 500 fell 4 points, or 0.2%, to close at 2,059 for the session and rallied 6.6% in March. The Dow Jones Industrial Average shed 31 points, or 0.2%, to finish at 17,684 for the day and gained 7.1% for the month. The Nasdaq closed up less than a point at 4,869 on Thursday for a monthly rise of 6.8%. For the quarter, the S&P 500 added 0.7% and the Dow advanced 1.5% while the Nasdaq dropped 2.8%.

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Oil futures finished the month on Thursday with a gain of more than 13%, with prices finding support from falling U.S. production and the prospect of a freeze in output by major producers. May WTI crude settled at $38.34 a barrel on the New York Mercantile Exchange, up 2 cents for the session. Prices gained about 13.5% for the month and 3.5% for the quarter, according to FactSet.

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The Securities and Exchange Commission on Thursday settled charges with Navistar International Corp for allegedly misleading investors about its development of an advanced technology truck engine that could be certified to meet U.S. emission standards. The company agreed to pay a $7.5 million penalty without admitting or denying the charges. Separately, the SEC filed charges against former Navistar CEO Daniel C. Ustian for aiding and abetting the company in misleading investors in this matter. That action is pending. In a June 4, 2012 meeting, EPA staff told Navistar that it had serious concerns about its application for certification of the engine and the next day informed Navistar in writing that the engine as currently designed was “unlikely” to be certified. Despite this, Navistar’s June 2012 quarterly filing and conference call suggested that Navistar was unaware of any concerns by the EPA regarding the May 2012 application – one of several misstatements in the filing and call regarding the application.

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