Tag: stock market

The third suspect in the Brussels Airport bombing may still be on the run from police on Wednesday. Belgian newspaper DH said earlier that special police forces had arrested Najim Laachraoui in Brussels’s Anderlecht district, but the news outlet later said it was another man that had been arrested. Laachraoui is believed to be one of three men caught on CCTV at the Zaventem airport on Tuesday, shortly before two bombs went off and killed 14 people. The two other suspects in the photo have been identified as brothers Khalid and Brahim El Bakraoui, who are believed to have died as they set off suicide bombs. Authorities have been searching for Laachraoui after his DNA was found in a Brussels apartment linked to the Paris terror attacks.

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General Mills Inc. reported Wednesday fiscal third-quarter earnings that rose to $361.7 million, or 59 cents a share, from $353.8 million, or 56 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 65 cents, beating the FactSet consensus of 62 cents. Sales fell to $4 billion from $4.35 billion, just shy of the FactSet consensus of $4.08 billion, as better-than-expected sales in its U.S. retail business was offset by misses in international sales and its convenience stores and foodservice business. The packaged foods company, which brands include Cheerios, Pillsbury and Haagen-Dazs, affirmed its full-year growth outlook. “Our third-quarter financial results were in line with our expectations,” said Chief Executive Ken Powell. “We reported a decline in net sales as anticipated, primarily reflecting the Green Giant divestiture and continued foreign exchange headwinds.” The stock, which was still inactive in premarket trade, had climbed 5.4% year to date, while the S&P 500 has ticked up 0.3%.

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Former Florida Governor Jeb Bush is endorsing Republican Ted Cruz to become the next U.S. president, according to reports Wednesday. Bush, who dropped out of the presidential race last month, called on Republicans to reject Donald Trump, the party’s current frontrunner for the presidential nomination. “For the sake of our party and country, we must move to overcome the divisiveness and vulgarity Donald Trump has brought into the political arena,” Bush said in a statement given to CNN. Cruz, a Texas senator, “is a consistent, principled conservative who has demonstrated the ability to appeal to voters and win primary contests,” Bush reportedly said.

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A fugitive terror suspect in Tuesday’s Brussels bombings was arrested Wednesday morning, according to Belgian newspaper DH. Najim Laachraoui, suspected to be involved in the Zaventem airport explosions, was arrested in the city’s Anderlecht district by a special forces unit, the newspaper said. Laachraoui is believed to be the third man identified in a photograph at the Brussels Airport on Tuesday, shortly before two suicide bombs went off and killed 14 people. Two of the men — brothers Khalid and Brahim El Bakraoui — are said to have died in the blasts. Authorities had been searching for Laachraoui after his DNA was found in a Brussels apartment where the suicide bombs used in the November Paris attacks were believed to be assembled.

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The American Petroleum Institute late Tuesday reported that crude supplies jumped nearly 8.8 million barrels for the week ended March 18, 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 2.7 million barrels for crude inventories. May crude traded at $41.24 a barrel in electronic trading, down from the contract’s settlement of $41.45 on the New York Mercantile Exchange.

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Five Below Inc. shares slipped in the extended session after the teen and pre-teen retailer’s outlook was a little on the weak side and quarterly results topped Wall Street estimates. Five Below shares fell 5% to $36.95 after hours. The company sees 9 cents to 10 cents a share on revenue of $186 million to $189 million for the first quarter, and $1.27 to $1.31 a share on revenue of $995 million to $1.01 billion for the year. Analysts surveyed by FactSet expect earnings of 10 cents a share on revenue of $188.6 million for the first quarter, and $1.31 a share on revenue of $1.01 billion for the year. The company reported fourth-quarter earnings of 77 cents a share on revenue of $326.4 million. Analysts had forecast earnings of 76 cents a share on revenue of $323.6 million.

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Shares of Krispy Kreme Doughnuts Inc. dropped 3.5% in after-hours trade Tuesday, after the doughnut seller missed fiscal fourth-quarter sales expectations and provided a downbeat profit outlook for the next year. For the quarter ended Jan. 31, earnings rose to $8.2 million, or 13 cents a share, from $6.5 million, or 10 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 22 cents, beating the FactSet consensus of 20 cents. Revenue rose 4% to $130.4 million, but missed expectations of $131.4 million. The 1.6% increase in domestic same-store sales fell short of expectations of 2.9% growth. For the current fiscal year, the company expects adjusted EPS of 87 cents to 91 cents, below the FactSet consensus of 92 cents. The company increased its stock repurchase program by $100 million. The stock has climbed 2.1% year to date through Tuesday’s close, while the S&P 500 has tacked o 0.3%.

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Shares of Nike Inc. fell more than 4% late Tuesday after the apparel and footwear maker reported mixed fiscal third-quarter results. Nike said it earned $950 million, or 55 cents a share, in the quarter, compared with $791 million, or 45 cents a share, in the year-ago period. Revenue reached $8 billion, up 8% from $7.46 billion a year ago. Gross margins were flat compared to prior-year margins, with higher average selling prices offset by higher warehousing costs, excess inventory in North America, and a stronger dollar, the company said. Analysts polled by FactSet had expected the apparel retailer to report earnings of 48 cents a share on sales of $8.2 billion. Shares of Nike ended the regular trading day up 0.3%.

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Dean Foods Co.’s stock plunged 12% in active afternoon trade Tuesday, putting it on course for the biggest one-day decline since November 2010, after Morgan Stanley said Wal-Mart Stores Co.’s decision to develop milk processing capacity “is clearly an unfavorable development” for dairy products seller. Wal-Mart is Dean Foods’ biggest customer, representing 16% of 2015 sales, according to FactSet. On Friday, Wal-Mart said it plans to establish a milk processing plant in Fort Wayne, Ind., with more than 200 employees, by the summer of 2017. Analyst Matthew Grainger said he believes the stores that will be affected by the move will represent “a meaningful portion” of Dean Foods’ total volume. “In the mid term, [Dean Foods] will need to more aggressively manage its cost base to mitigate the anticipated volume deleverage,” Grainger wrote in a note to clients. The stock has tumbled 15% amid a four-session losing streak. It has now lost 1.5% year to date, while the S&P 500 has edged up 0.3%.

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Oil futures fell on Tuesday, as terror attacks in Brussels contributed to volatile trading, but by the end of the session, prices recouped much of the losses they had suffered through the day. The terror attacks “should be a non-event” for oil, said James Williams, energy economist at WTRG Economics. Belgium does not produce crude and its three refineries are unlikely to be affected, he said. May WTI crude fell 7 cents, or 0.2%, to settle at $41.45 a barrel on the New York Mercantile Exchange.

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