Tag: stock market

The European Central Bank on Thursday cut its key lending rate to zero, pushed its deposit rate further into negative territory and significantly expanded the size and scope of its asset-buying program. ECB policy makers cut the bank’s key lending rate, known as the refi rate, to zero from 0.05% and pushed the rate on its deposit facility to minus 0.4% from minus 0.3%. The central bank also announced it would expand the size of its monthly bond purchases to 80 billion euros from its current level of 60 billion euros beginning in April and would include purchases of investment-grade, euro-denominated, non-bank corporate bonds. The ECB also said it would launch a new series of longer-term refinancing operations with maturities of four years.

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Dollar General Corp. reported Thursday fiscal fourth-quarter earnings that rose to $376.2 million, or $1.30 a share, from $355.4 million, or $1.17 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.26. Sales rose to $5.29 billion from $4.94 billion, topping the FactSet consensus of $5.28 billion, with strength in candy and snacks, perishables, tobacco and food. Same-store sales increased 2.2%, beating the FactSet consensus of 1.9% growth. The discount retailer increased its quarterly dividend 14% to 25 cents a share, payable April 12 to shareholders of record on March 29. The company said it intends to buy back $1 billion worth of its shares in fiscal 2016. “We continue to take the appropriate strategic steps to ensure that we are investing in the Company for sustainable and consistent growth,” said Chief Executive Todd Vasos. The stock, which was still inactive in premarket trade, has climbed 4.7% year to date, while the S&P 500 has lost 2.7%.

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Valeant Pharmaceuticals International Inc. said late Wednesday it reached a settlement with R&O Pharmacy LLC and the companies have jointly requested that a court dismiss litigation proceedings. Valeant shares rose 1.3% to $67.72 after hours. Back in October, Valeant countersued R&O following the fallout of a billing dispute that focused attention on how Valeant deals with specialty pharmacies. Valeant said the terms of the settlement are confidential but it involves a payment for an undisclosed amount to Valeant from R&O. The dispute arose after short-selling firm Citron Research alleged that Valeant, through mail-order pharmacy Philidor, was faking sales with R&O, causing Valeant shares to drop.

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Nasdaq said Wednesday it has agreed to acquire International Securities Exchange, an operator of three electronic options exchanges, from Deutsche Börse Group for $1.1 billion. The deal is expected to be accretive to Nasdaq earnings within 12 months of closing and “deliver attractive returns on capital,” the company said in a statement. Nasdaq said it intends to fund the purchase price through a mix of debt and cash on hand. The deal is currently expected to close in the second half of 2016. Shares of Nasdaq were halted late Wednesday after ending the regular trading session up 0.8%.

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Shareholders of Travelport Worldwide Ltd. are planning to sell 10.6 million common shares in a secondary offering with Credit Suisse serving as the sole underwriter for deal, the company said. Travelport floated 30 million shares in its initial public offering in September 2014 through which it raised $480 million. Travelport is a travel-services platform that acts as the middleman between tour operators and travelers. Shares slid 0.1% in after-hours trading.

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The New Zealand dollar plunged Wednesday after the Reserve Bank of New Zealand cut its official cash interest rate by 25 basis points to 2.25%. Most analysts believed the RBNZ would opt to leave rates on hold in March, though many expected a cut would follow some time this year, according to Marshall Gittler, head of FX research at FX Primus. Policy makers said the outlook for global growth has deteriorated since December, largely due to weaker growth in China and other emerging markets, as well as slower growth in Europe. The kiwi traded at 66.47 cents in recent trade, compared with 67.44 cents late Tuesday in New York.

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Box Inc. shares rallied in the extended session Wednesday after the cloud-storage company’s quarterly results and outlook topped Wall Street expectations. Box shares surged 12% to $14 after hours. The company reported an adjusted fourth-quarter loss of 26 cents a share on revenue of $85 million. Analysts surveyed by FactSet had forecast a loss of 29 cents a share on revenue of $81.7 million. Box forecast a loss of 23 cents to 24 cents a share on revenue of $88 million to $89 million for the first quarter, and an adjusted loss of 83 cents to 85 cents a share on revenue of $390 million to $394 million for the year. Analysts expect a loss of 24 cents on revenue of $86.9 million for the first quarter, and a loss of 88 cents on revenue of $392 million for the year.

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Shares of Square Inc. rose in Wednesday’s extended session after the payment processing company posted its first quarterly results following its initial public offering in November. Square reported its fourth-quarter loss widened to $80.5 million, or 34 cents a share, from a loss of $37.1 million, or 25 cents a share, a year earlier. Revenue increased to $374.4 million from $250.9 million while gross payment volume rose 47% year over year to $10.2 billion. Analysts surveyed by FactSet had forecast a loss of 14 cents a share on revenue of $322 million. Shares extended gains, climbing 5% in the late trade after closing the regular session up 4.8% to $12.03.

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From:: Stock Market News

Shares of Square Inc. rose in Wednesday’s extended session after the payment processing company posted its first quarterly results following its initial public offering in November. Square reported its fourth-quarter loss widened to $80.5 million, or 34 cents a share, from a loss of $37.1 million, or 25 cents a share, a year earlier. Revenue increased to $374.4 million from $250.9 million while gross payment volume rose 47% year over year to $10.2 billion. Analysts surveyed by FactSet had forecast a loss of 14 cents a share on revenue of $322 million. Shares extended gains, climbing 5% in the late trade after closing the regular session up 4.8% to $12.03.

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Oil futures settled higher on Wednesday, at their highest level since early December, buoyed by expectations that major producers this month will make a move to stabilize their crude output levels and stem the rise in the glut of oil inventories. U.S. government data showed that crude-oil stockpiles grew by a more-than-expected 3.9 million barrels last week. April West Texas Intermediate crude rose $1.79, or 4.9%, to settle at $38.29 a barrel on the New York Mercantile Exchange.

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