Tag: stock market

First Solar Inc.’s stock fell 1.7% in premarket trade Tuesday, after the solar energy company was downgraded at J.P. Morgan analyst Paul Coster, who said the company’s solid fundamentals are now fully priced. Coster cut his rating to neutral, after being at overweight since June 24, 2013. The stock has run up 8.9% year to date through Monday, to close above Coster’s year-end stock price target of $69, while the S&P 500 has lost 5.5% this year. He said he was keeping his earnings estimates and stock price target intact. “Furthermore, we believe First Solar’s 2016-2018 fundamentals remain solid,” Coster wrote in a note to clients. “[First Solar] is probably the highest-quality stock in the solar space, so it pains us to step aside at this time and in this manner, but the risk-reward trade-off seems balanced here, in our view.”

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Dollar Tree Inc. shares slumped 6.4% in premarket trade Tuesday, after the retailer missed sales estimates for the fourth quarter. The company said it had net income of $229 million, or 97 cents a share, in the quarter, compared with $206.6 million, or $1.00 a share, in the year-earlier period. Adjusted per-share earnings came to $1.16, ahead of the FactSet consensus of $1.07. Sales rose to $5.27 billion from $2.48 billion, but were below the FactSet consensus of $5.41 billion. The company said it now expects first-quarter EPS of 75 cents to 83 cents, and sales of $5.05 billion to $5.12 billion. The FactSet consensus is for first=quarter EPS of 81 cents and sales of $5.09 billion. Shares have gained 0.4% in the last 12 months, while the S&P 500 is down 8%.

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Kate Spade & Co.’s stock dropped 4.1% in premarket trade Tuesday, after the women’s accessories seller missed fiscal fourth-quarter sales expectations and provided a downbeat full-year outlook. For the quarter ended Jan. 2, earnings fell to $61.5 million, or 48 cents a share, from $126.5 million, or 99 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 32 cents, matching the FactSet consensus. Revenue rose 14% to $428.96 million, which was below the FactSet consensus of $441 million, as both North America and international sales fell shy of expectations. For 2016, sales are expected to be $1.385 billion to $1.410 billion, and EPS is seen at 70 cents to 80 cents; the FactSet consensus is for sales of $1.44 billion and EPS of 82 cents. The stock has climbed 12% year to date through Monday, while the S&P 500 has lost 5.5%.

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Career Education Corp. late Monday reported it swung to fourth-quarter earnings of $142.5 million, or $2.08 a share, from a loss of $25.6 million, or 38 cents a share, a year earlier. Revenue fell 8.1% to $199.9 million. The for-profit educator said in December that it will wind down its Le Cordon Blue operations in North America after failing to reach a deal with potential investors. Shares of Career Education rallied 6.4% in after-hours trading.

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Marathon Oil Corp. said Monday it plans to offer 135 million shares of its common stock, granting underwriters a 30-day option to buy up to 20.25 million additional shares. The company said it plans to use net proceeds to strengthen its balance sheet and for general corporate purposes, including funding a portion of its capital program. Shares of Marathon fell 3.8% late Monday after ending the regular trading day up 2.2% at $8.21. Several energy companies are selling assets and issuing equity amid a persistent slump in oil prices.

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Marathon Oil Corp. said Monday it plans to offer 135 million shares of its common stock, granting underwriters a 30-day option to buy up to 20.25 million additional shares. The company said it plans to use net proceeds to strengthen its balance sheet and for general corporate purposes, including funding a portion of its capital program. Shares of Marathon fell 3.8% late Monday after ending the regular trading day up 2.2% at $8.21. Several energy companies are selling assets and issuing equity amid a persistent slump in oil prices.

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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Workday Inc. late Monday reported its fourth-quarter loss widened to $81.1 million, or 42 cents a share, from a loss of $59.5 million, or 32 cents a share, a year earlier. On an adjusted basis, the cloud software company would have lost a penny a share. Revenue jumped 43% to $323.4 million while subscription revenue surged 52% to $929.2 million. Analysts polled by FactSet had forecast a loss of 4 cents a share on revenue of $320 million. The company projected first-quarter revenue of $337 million to $339 million and subscription revenue of $277 million to $278 million. Shares of Workday fell 0.9% in after-hours trading.

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GoPro Inc. said Monday it has agreed to buy mobile editing apps Splice and Replay for an undisclosed sum. “Splice, Replay and GoPro will combine to deliver what we believe will be the fastest and most enjoyable mobile editing experience,” Nicholas Woodman, founder and CEO of GoPro, said in a statement. “We believe the accessibility, speed and efficiency of mobile will make it the predominant editing platform of the future.” Terms of the deals were also not disclosed. Shares of GoPro were flat in late trading Monday after ending the regular trading day off 3.4%.

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Amazon.com Inc. has entered into an agreement with UK-based Wm Morrison Supermarkets to bring hundreds of Morrisons products to British Amazon Prime Now and Amazon Pantry customers in the coming months. Amazon Pantry launched in the U.K. in November 2015 with more than 4,000 items across categories including food, household and baby. Wm Morrison Chief Executive David Potts said the supply agreement combines his company’s “fresh food expertise” with Amazon’s “online and logistics capabilities” in a Monday release. “This is a low risk and capital light wholesale supply arrangement that demonstrates the opportunity we have to become a broader business,” Potts said. Wm Morrison shares are up 5.6% in Monday trading while Amazon shares are up 0.6%. Amazon shares are up 47% for the past year while the S&P 500 is down 7.3% for the same period.

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Sprint Corp. said Monday it is launched a joint venture with Dixons Carphone that will lead to the opening of up to 500 Sprint-branded stores across the U.S.. Dixons Carphone is a European wireless and consumer electronics retailer. “The joint venture is expected to help fuel Sprint’s retail transformation, including the expansion of its retail store footprint,” the company said in a statement. The companies will fund the venture equally and have a 50% stake in it. Sprint shares rose 0.6% in early trade, but are down 35% in the last 12 months, while the S&P 500 has lost about 7%.

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