Tag: stock market

Guess Inc. shares fell 9.8% in after-hours trading after the company reported fourth-quarter earnings that missed estimates and the company forecast losses in the first quarter. The apparel, accessories and consumer products company said it had net income of $47.8 million, or 57 cents per share, in the fourth quarter 2016, down from $53.9 million, or 63 cents per share, for the same period last year. The FactSet consensus was 58 cents. The company said it saw a 30% negative currency impact. Revenue for the quarter totaled $658.3 million, down from $696.7 million last year, but beating the FactSet consensus of $657 million. Asia saw the biggest revenue decline at 18%, while the Americas retail business saw the smallest, with a 3% decline. Guess sees a first quarter loss between 17 cents and 20 cents per share, with a currency headwind of 4 cents per share. Revenues are expected to fall between 0.5% and 1.5% on a constant currency basis, and between 2.5% and 3.5% including currency headwinds. The FactSet consensus is for first-quarter earnings of 3 cents per share and revenue totaling $466 million. Guess shares are up 13% for the year so far while the S&P 500 is down 0.8% for the same period. Guess shares closed down 1.8% on Wednesday at $21.32.

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Shares of FedEx Corp. gained in Wednesday’s extended session after the package-delivery giant posted better-than-expected quarterly earnings. FedEx reported fiscal third-quarter earnings fell to $507 million, or $1.84 a share, from $628 million, or $2.18 a share, a year ago. On an adjusted basis, the company earned $2.51 a share. Revenue rose to $12.7 billion versus $11.7 billion. Analysts surveyed by FactSet had projected earnings of $2.35 a share on revenue of $12.36 billion. FedEx credited some of its profit increase to positive impact from lower oil prices and tightened its fiscal 2016 earnings outlook to $10.70 to $10.90 from a range of $10.40 to $10.90. “We now expect our fiscal 2016 adjusted earnings to be up 20% to 22% over last year,” said Alan Graf, FedEx’s executive vice president and chief financial officer, in a statement. Shares rose 4.8% in after-hours trading.

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Williams-Sonoma Inc. shares dropped in the extended session Wednesday after the high-end home furnishings retailer’s outlook and quarterly results fell short of Wall Street estimates. Williams-Sonoma shares fell 6.4% to $55.65 after hours. The company forecast adjusted first-quarter earnings of 48 cents to 52 cents a share on revenue of $1.07 billion to $1.09 billion. Analysts surveyed by FactSet had estimated earnings of 55 cents a share on revenue of $1.1 billion. Williams-Sonoma reported fourth-quarter earnings of $1.55 a share on revenue of $1.59 billion. Analysts had expected earnings of $1.58 a share on revenue of $1.62 billion.

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Jabil Circuit Inc. shares fell in the extended session Wednesday after the electronics company’s quarterly results and outlook missed Wall Street targets. Jabil shares fell 8% to $20.20 after hours. For the fiscal third quarter, Jabil forecast adjusted earnings of 12 cents to 18 cents a share on revenue of $4.1 billion to $4.3 billion. Analysts surveyed by FactSet had estimated earnings of 51 cents a share on revenue of $4.75 billion. The company reported adjusted fiscal second-quarter earnings of 57 cents a share on revenue of $4.4 billion. Analysts had forecast earnings of 60 cents a share on revenue of $4.5 billion.

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Jabil Circuit Inc. shares fell in the extended session Wednesday after the electronics company’s quarterly results and outlook missed Wall Street targets. Jabil shares fell 8% to $20.20 after hours. For the fiscal third quarter, Jabil forecast adjusted earnings of 12 cents to 18 cents a share on revenue of $4.1 billion to $4.3 billion. Analysts surveyed by FactSet had estimated earnings of 51 cents a share on revenue of $4.75 billion. The company reported adjusted fiscal second-quarter earnings of 57 cents a share on revenue of $4.4 billion. Analysts had forecast earnings of 60 cents a share on revenue of $4.5 billion.

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Oil futures rose sharply Wednesday, extending gains ahead of the close as the dollar fell in the wake of a dovish Federal Reserve statement. West Texas Intermediate oil for April delivery rose $2.12, or 5.8%, to end at $38.46 a barrel. The dollar fell versus major rivals after the Fed cut its forecast for interest-rate hikes this year to two from four. A weaker dollar can boost commodities priced in the currency by making it cheaper to users of other currencies.

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The dollar plunged against both its major and emerging-market rivals Wednesday after the Federal Reserve cut its expectations for the number of interest-rate hikes expected in 2016. The euro jumped to $1.1172 after the Fed’s updated monetary policy statement and forecasts were released, compared with $1.1089 shortly before. The dollar slipped to 113.07 yen, compared with 113.65 yen shortly before. The pound strengthened to $1.4225, from $1.4115 before. In the emerging-market space, the dollar slipped to 17.75 Mexican pesos after the announcement, from 17.92 pesos before. The dollar slipped against the Russian ruble , falling to 70.0 rubles from 70.6 rubles shortly before.

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The dollar plunged against both its major and emerging-market rivals Wednesday after the Federal Reserve cut its expectations for the number of interest-rate hikes expected in 2016. The euro jumped to $1.1172 after the Fed’s updated monetary policy statement and forecasts were released, compared with $1.1089 shortly before. The dollar slipped to 113.07 yen, compared with 113.65 yen shortly before. The pound strengthened to $1.4225, from $1.4115 before. In the emerging-market space, the dollar slipped to 17.75 Mexican pesos after the announcement, from 17.92 pesos before. The dollar slipped against the Russian ruble , falling to 70.0 rubles from 70.6 rubles shortly before.

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After a district court ruled in favor of Amgen Inc. in two patent claims, Regeneron Pharmaceuticals Inc. and Sanofi SA said Wednesday they disagreed and would appeal the judgment. The lawsuit’s dispute centers around two Amgen patents for antibodies targeting the PCSK9 protein. Known as PCSK9 inhibitors, both Regeneron and Sanofi’s Praluent and Amgen’s Repatha are high-cost, cholesterol-lowering drugs that are close competitors. Regeneron and Sanofi said in a press release that the suit will not affect Praluent injection or “our ability to deliver it to physicians and patients at this time.” Trading of Regeneron shares were halted at around 11:45 a.m. Wednesday, before the news broke. After the halt, Regeneron shares were up 0.7%, with the S&P 500 down 0.1%.

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Standard & Poor’s Ratings Services said Wednesday it is considering lowering its credit ratings on Valeant Pharmaceuticals International Inc. given the drug maker’s lowered outlook and delayed annual report. S&P placed Valeant’s B+ corporate credit rating and other ratings on “CreditWatch Negative.” “Given delays in reporting its 10-K, the company will likely violate reporting covenants this month and the company has until the end of April to resolve the covenants in the credit agreement,” S&P said in a statement. The ratings agency said it will decide on whether to lower ratings within 90 to 180 days. Valeant shares dropped 51% Tuesday after the company lowered its outlook and delayed it annual report.

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