Tag: stock market

Shares of Opko Health Inc. fell more than 8% in premarket trade on Thursday after it said the U.S. Food and Drug Administration informed the company its application for a new drug could not be approved. The company’s third-party manufacturer failed to pass inspection, the company said in a statement. The application the FDA declined to approve was for Rayaldee, a new treatment for secondary hyperparathyroidism, but the FDA’s observations were not specific to Rayaldee, according to a news release. The third-party manufacturer has said it will respond promptly to the FDA’s observations. Opko shares have fallen nearly 25% over the last 12 months, based on Wednesday’s close, while the S&P 500 Index has dropped about 1.5%.

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Valeant Pharmaceuticals International Inc.’s stock surged 4.4% in premarket trade Wednesday, after the drug maker said it was seeking an amendment and waiver to its credit facility. As part of the waiver, the company is looking to extend the deadline for filing its Form 10-K annual report to May 31, and the deadline to file its first-quarter report to July 31. Under terms of the proposed amendment, the company is seeking to amend the interest coverage maintenance covenant and certain financial terms that would allow for additional flexibility in the financial covenants. “The Company is comfortable with its current liquidity position and cash flow generation for the rest of the year, and remains well positioned to meet its obligations,” the company said in a statement. Valeant missed the previous deadline to file its annual report as it completed an investigation into revenue recognition and inventory accounting. The company has also faced scrutiny over drug pricing. The stock has plunged 71% year to date through Tuesday, while the S&P 500 has gained 0.5%.

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State Street Corp. said Wednesday it has agreed to acquire GE Asset Management from General Electric Co. in a deal expected to cost up to $485 million in cash. GE has been selling all of its financial assets to focus on its core industrial businesses. The deal is expected to close in the third quarter and to boost operating per-share earnings in the first year after closing. The asset manager has more than $100 billion in assets under management and more than 100 institutional clients. State Street said it expects revenue from the deal to come to about $270 million to $300 million in the first year after close. It expects merger costs of $70 million to $80 million through 2018. State Street and GE shares were not yet active in premarket trade. State Street shares have lost 21% in the last 12 months, while the S&P 500 has lost 1.5%.

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The U.S. men’s soccer team stayed alive in its quest to reach the 2018 World Cup, beating Guatemala, 4-0, on Tuesday in Columbus, Ohio. The Americans could have been on the brink of elimination had they lost, following a shocking 2-0 loss to the same team last week in Guatemala City. Clint Dempsey, Geoff Cameron, Graham Zusi and Jozy Altidore scored goals in Tuesday’s game, which was never really in doubt. The U.S. has not lost a home game during World Cup qualifying since 2001. With the win, the U.S. is in favorable position to advance to the World Cup in Russia with good showings against last-place St. Vincent and the Grenadines and first-place Trinidad and Tobago in its final two games.

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The American Petroleum Institute late Tuesday reported that crude supplies rose by 2.6 million barrels for the week ended March 25, according to sources who reviewed the report. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by Platts forecast a climb of 2 million barrels for crude inventories. May crude traded at $38.54 a barrel in electronic trading, up from the contract’s settlement of $38.28 on the New York Mercantile Exchange.

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Verint Systems Inc. shares dropped in the extended session Tuesday after the software company’s quarterly results and outlook fell short of Wall Street expectations. Verint shares dropped 14% to $15.29 after hours. The company reported adjusted fourth-quarter earnings of 90 cents a share on revenue of $281.8 million. Analysts surveyed by FactSet had forecast earnings of $1.16 a share on revenue of $318.5 million. Verint said it expects 2016 adjusted earnings plus-or-minus 2% from 2015’s $3.04 a share, and revenue “similar” to the past year’s $1.13 billion. Analysts had expected 2016 earnings of $3.54 a share and revenue of $1.23 billion. Verint also said its board authorized $150 million in stock buybacks.

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From:: Stock Market News

Verint Systems Inc. shares dropped in the extended session Tuesday after the software company’s quarterly results and outlook fell short of Wall Street expectations. Verint shares dropped 14% to $15.29 after hours. The company reported adjusted fourth-quarter earnings of 90 cents a share on revenue of $281.8 million. Analysts surveyed by FactSet had forecast earnings of $1.16 a share on revenue of $318.5 million. Verint said it expects 2016 adjusted earnings plus-or-minus 2% from 2015’s $3.04 a share, and revenue “similar” to the past year’s $1.13 billion. Analysts had expected 2016 earnings of $3.54 a share and revenue of $1.23 billion. Verint also said its board authorized $150 million in stock buybacks.

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From:: Stock Market News

Verint Systems Inc. shares dropped in the extended session Tuesday after the software company’s quarterly results and outlook fell short of Wall Street expectations. Verint shares dropped 14% to $15.29 after hours. The company reported adjusted fourth-quarter earnings of 90 cents a share on revenue of $281.8 million. Analysts surveyed by FactSet had forecast earnings of $1.16 a share on revenue of $318.5 million. Verint said it expects 2016 adjusted earnings plus-or-minus 2% from 2015’s $3.04 a share, and revenue “similar” to the past year’s $1.13 billion. Analysts had expected 2016 earnings of $3.54 a share and revenue of $1.23 billion. Verint also said its board authorized $150 million in stock buybacks.

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Sonic Corp. shares jumped nearly 6% Tuesday after the drive-in fast-food chain beat fiscal second-quarter expectations. Sonic said it earned an adjusted $9 million, or 18 cents a share, in the quarter, compared with 13 cents a share in the year-ago period. Revenue reached $133 million, up from $126 million a year ago. Analysts polled by FactSet had expected Sonic to report adjusted earnings of 16 cents a share on sales of $127 million for the quarter. Sonic said its same-store sales rose 6.5%. The company revised up its expectations for adjusted earnings per share growth for fiscal 2016 to 20% to 25% from 16% to 20% and said it anticipates 50 to 60 franchise openings in the year.

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Shares of Restoration Hardware Holdings Inc. slid in Tuesday’s extended session after the upscale home furnishings retailer issued a weak outlook for the current quarter. Restoration Hardware reported its fourth-quarter earnings slid to $33.3 million, or 79 cents a share, from $42.5 million, or $1.02 a share, a year earlier. On an adjusted basis, the company earned 98 cents a share, which fell short of its own projection released in February. Revenue rose to $647.2 million from $582.7 million. The results missed FactSet survey’s estimate of earnings of $1.39 a share and revenue of $711 million. In the first quarter, Restoration Hardware is forecasting revenue in a range of $452 million to $456 million and adjusted earnings per share of 6 cents to 4 cents. Wall Street is expecting revenue of $460 million and EPS of 17 cents. For fiscal 2016, the company expects revenue to grow by low to mid-single digits and flat or slightly lower EPS compared with the previous year. Shares declined 2.3% in after-hours trading.

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