Tag: stock market

Ralph Lauren Corp. said Thursday that Christopher Peterson has decided to leave the company effective May 31, barely a year into his tenure as president of global brands. That position, created in April, is being eliminated, the company said. Global brands will respond directly to Chief Executive Stefan Larsson, “streamlining the senior leadership and giving Mr. Larsson direct oversight of brands,” the retailer said. Peterson joined Ralph Lauren in 2012 and prior to the April appointment had been the retailer’s executive vice president and chief financial officer, among other duties. Shares of Ralph Lauren fell 1% in late trading Thursday after ending the regular trading session up 2.2%.

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Ralph Lauren Corp. said Thursday that Christopher Peterson has decided to leave the company effective May 31, barely a year into his tenure as president of global brands. That position, created in April, is being eliminated, the company said. Global brands will respond directly to Chief Executive Stefan Larsson, “streamlining the senior leadership and giving Mr. Larsson direct oversight of brands,” the retailer said. Peterson joined Ralph Lauren in 2012 and prior to the April appointment had been the retailer’s executive vice president and chief financial officer, among other duties. Shares of Ralph Lauren fell 1% in late trading Thursday after ending the regular trading session up 2.2%.

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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Shares of Monster Beverage Corp. slid in Thursday’s extended session after the energy-drink maker reported quarterly results and a stock repurchase program of up to $1.75 billion. Monster Beverage reported fourth-quarter earnings of $138.7 million, or 67 cents a share, compared with $125.3 million, or 72 cents a share, a year ago. Revenue rose 6.6% to $645.4 million. Analysts surveyed by FactSet had projected earnings of 82 cents a share on revenue of $700 million. Monster Beverage shares fell 5.7% in after-hours trading.

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Weight Watchers International Inc. shares dropped in the extended session Thursday after the weight-loss program company reported a surprise loss for the quarter. Weight Watchers shares fell 18% to $12.85 after hours on heavy volume. The company reported an adjusted fourth-quarter loss of 3 cents a share on revenue of $259.2 million. Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $257 million. Weight Watchers forecast 2016 earnings of 70 cents to $1 a share, while analysts are looking for 83 cents a share.

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Kraft Heinz Co. shares rose 2% in late trading Thursday after the food company swung to gains and reported sales in line with forecast. Kraft Heinz said it earned 23 cents a share in the fourth quarter, versus a loss of 4 cents a share in the year-ago period. Adjusted for one-time items, the company said it earned 62 cents a share, from 56 cents a share a year ago. Revenue reached $7.12 billion, down 5% from the year-ago period. Analysts polled by FactSet had expected the food company to report adjusted earnings of 58 cents a share on of $7 billion. “The important integration work and financial results we delivered in 2015 set a solid base on which we can drive sustainable growth across our global business,” Kraft Heinz CEO Bernardo Hees said. “We are working to implement proven management methodologies, remove inefficient spending and streamline our organization, while investing in our brands and innovation to drive long-term profitable growth.”

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Oil futures erased early losses to end sharply higher Thursday, turning north after news reports said Venezuela’s oil minister announced his country would meet with fellow oil producers next month in an effort to stabilize prices. West Texas Intermediate crude futures on the New York Mercantile Exchange finished with a gain of 92 cents, or 2.9%, at $33.07 a barrel. Venezuela oil minister Eulogio Del Pino said Russia, Saudi Arabia and Qatar would participate in the meeting, according to news reports.

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Halliburton Co. stock dropped 1% after the energy company announced it would cut 5,000 jobs, or about 8% of its workforce, citing “ongoing market conditions,” according to The Wall Street Journal. The company already announced 22,000 job cuts amid low oil prices. Halliburton shars are down 26.4% for the past year while the S&P is down 8.1% for the same period.

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Gold futures were little-changed Thursday, as the yellow metal appeared to take a pause after two straight days of sharp gains. April gold closed 30 cents, or less than 0.1%, lower at $1,238.80 an ounce. Gold is looking at a 0.2% weekly gain. The precious commodity has benefited from haven bids amid uncertainty about the global economy, the emergence of negative interest rates in Japan and Europe, and the prospect of rates being lower for longer in the U.S.

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Nevada Gov. Brian Sandoval said Thursday he is not interested in being considered for a seat on the Supreme Court. Wednesday, the Washington Post reported Sandoval, a Republican, was being vetted by the White House for a possible nomination. Sandoval said in a statement that he notified the White House he doesn’t want to be considered “at this time” for a nomination and that he told Senate leaders the same thing. President Barack Obama is planning to name a candidate to fill the seat of the late Antonin Scalia, though Republicans say they will not hold hearings.

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Bankrate Inc.’s stock plunged $5.88, or 46%, to a record low in active trade Thursday, as disappointing results and outlook, and concerns over Google’s product changes, put the shares on course for their biggest-ever one-day price and percentage decline. Volume of about 2.3 million shares in the first half-hour of trade was already three times the full-day average over the past 30 days, according to FactSet. The stock’s second-biggest percentage decline was 22% in October 2012. The online personal finance content company, which went public in June 2011 at an initial-public-offering price of $15, reported late Wednesday fourth-quarter profit and sales that missed expectations. The company said “forward visibility is limited,” while it assessed the impacts of the Google developments, which include the termination of its Compare Credit Cards service, and the displaying of additional paid ads on top of search results. RBC downgraded bankrate Thursday to sector perform from outperform, and slashed its stock price target to $9 from $16.

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