Tag: stock market

Macy’s Inc. said on Friday that it is adding $1.5 billion to its share repurchase program. The company also announced a 5% increase to the quarterly dividend, raising it to 37.75 cents per share from 36 cents. The board has yet to set the record date, but it’s expected to be on or about June 15. It’s effective with the July 1 dividend payment. Macy’s shares are up 0.6% in Friday trading, and up 24.8% for the year so far. The S&P 500 is down 4.2% for the year-to-date.

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Tupperware Brands Corp. was downgraded to sector weight from overweight at KeyBanc Capital Markets on concerns about the company’s ability to offset struggling emerging markets with growth in other regions. Brazil and China have become headwinds for many companies, with Indonesia, India and Malaysia also becoming “much more challenged,” KeyBanc analysts said in a Friday note. A number of these countries “are among Tupperware’s larger regions.” The company is relying on North America to generate 6% to 8% organic growth, which leaves “little room for error,” the note said. Analysts also view the announcement that Tupperware’s 10-K has been delayed as “another complication that this story did not need.” Tupperware shares are up 1.4% in Friday trading, but are down 31.8% for the past year. The S&P 500 is down 7.4% for the past 12 months.

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U.S. stocks opened higher on Friday, boosted by a jump in oil prices and an upgrade to the fourth-quarter economic growth rate. The main indexes were on track to finish the week higher for a second week in a row. The S&P 500 opened 8 points, or 0.4%, higher at 1,960. The Dow Jones Industrial Average gained 90 points, or 0.5%, to 16,788. Meanwhile, the Nasdaq Composite began the day up 33 points, or 0.7%, at 4,615.

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Foot Locker Inc. on Friday reported quarterly results that came in above Wall Street’s expectations. Fourth-quarter net earnings at the athletic-products retailer rose to $158 million, or $1.14 a share, from $146 million, or $1.01 a share, a year earlier. Adjusted earnings for the most recent period were $1.16 a share. Sales rose to $2.007 billion from $1.91 billion. Analysts polled by FactSet had expected adjusted earnings of $1.12 a share on sales of $2.006 billion. Same-store sales for the quarter were higher by 7.9%. Foot Locker shares pushed higher by 4.4% in premarket trade following the results.

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Sotheby’s reported Friday a fourth-quarter loss of $11.2 million, or 17 cents a share, compared with a profit of $74 million, or $1.06 a share, in the same period a year ago. Excluding non-recurring items, such as a one-time tax charge for the planned repatriation of foreign earnings, adjusted earnings per share came to $1.19, above the FactSet consensus of $1.05. Revenue fell to $335.8 million from $351.2 million, but beat the FactSet consensus of $331.1 million, helped by a less-than-expected decline in agency commission and fees. “We will likely have one or more difficult quarters as we ride through the current cycle, but we are being careful on guarantees and capital commitments, watching our liquidity carefully, continuing to invest in the people and capabilities that will drive our future success, and taking the opportunity with our excess cash to repurchase shares,” said CHief Executive Tad Smith. The stock, which was still inactive in premarket trade, has tumbled 45% over the past year, while the S&P 500 has lost 7.5%.

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From:: Stock Market News

Sotheby’s reported Friday a fourth-quarter loss of $11.2 million, or 17 cents a share, compared with a profit of $74 million, or $1.06 a share, in the same period a year ago. Excluding non-recurring items, such as a one-time tax charge for the planned repatriation of foreign earnings, adjusted earnings per share came to $1.19, above the FactSet consensus of $1.05. Revenue fell to $335.8 million from $351.2 million, but beat the FactSet consensus of $331.1 million, helped by a less-than-expected decline in agency commission and fees. “We will likely have one or more difficult quarters as we ride through the current cycle, but we are being careful on guarantees and capital commitments, watching our liquidity carefully, continuing to invest in the people and capabilities that will drive our future success, and taking the opportunity with our excess cash to repurchase shares,” said CHief Executive Tad Smith. The stock, which was still inactive in premarket trade, has tumbled 45% over the past year, while the S&P 500 has lost 7.5%.

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A mass shooting in Kansas has left four people dead and 18 wounded, according to authorities. The Associated Press reported “a number of crime scenes” in a series of shootings in and around an Excel Industries plant in Hesston, Kansas. Excel makes riding lawn mowers in the small town north of Wichita. Law enforcement officials said the gunman was shot and killed by police, and was an employee of Excel. Harvey County Sheriff T. Walton said at a news conference the suspect, who has not been identified, killed three people, and at one point was shooting at people as he drove in his car. “Apparently right now it all looks random,” Walton said.

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From:: Stock Market News

A mass shooting in Kansas has left up to four people dead and as many as 20 wounded, according to reports. The Associated Press reports “a number of crime scenes” in a series of shootings, including at an Excel Industries plant in Hesston, Kansas. Law enforcement officials said the gunman was shot and killed by police, and was an employee of Excel. Harvey County Sheriff T. Walton said at a news conference that “as many” as three to four people were killed, including the suspect.

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Stamps.com Inc. shares rallied in the extended session Thursday after the Internet-based postage service topped Wall Street estimates for the quarter. Stamps.com shares surged 21% to $116.61 after hours. The company reported adjusted fourth-quarter revenue of $1.57 a share on revenue of $69.9 million. Analysts surveyed by FactSet had forecast earnings of 95 cents a share on revenue of $58.4 million. For the year, the company sees adjusted earnings of $5 to $5.50 a share on revenue of $290 million to $300 million, while analysts expect $5.46 a share on revenue of $346.6 million.

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Shares of Herbalife Ltd. rose in Thursday’s extended session after the nutritional-products company posted better-than-projected quarterly results. Herbalife reported its fourth-quarter earnings fell to $84.5 million, or 98 cents a share, from $103.3 million, or $1.21 a share, a year ago. On an adjusted basis, the company would have earned $1.19 a share. Revenue slid to $1.1 billion from $1.13 billion a year ago. Analysts surveyed by FactSet had projected earnings of 94 cents a share on revenue of $1.06 billion. Herbalife forecast first-quarter adjusted EPS of 97 cents to $1.07, which is below analysts’ average estimate of $1.09 a share. The company also expects revenue to decrease 3% to 6%. Herbalife has been fighting a war of words with hedge fund manager Bill Ackman, who has characterized the company as a pyramid scheme. Shares gained 2.2% in after-hours trading.

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