Tag: stock market

Sturm Ruger & Co. shares rose in the extended session Wednesday after the gun maker topped Wall Street estimates for the quarter. Sturm Ruger shares advanced 5.9% to $68 after hours. The company reported fourth-quarter earnings of 88 cents a share on revenue of $152.4 million. Analysts surveyed by FactSet had forecast earnings of 75 cents a share on revenue of $137.1 million.

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Restoration Hardware Holdings Inc. shares dropped 15.8% in after-hours trading after the company said it would miss fourth-quarter estimates when it reports on March 24. The home design retailer expects net income of $33.8 million, or 80 cents per share, down from $42.5 million, or $1.02 per share, for the same period last year. Expected adjusted earnings are 99 cents, below the FactSet consensus of $1.39. The company expects revenue of $647.2 million, up from $583 million last year, but well below the $711 million FactSet consensus. Restoration Hardware says three factors impacted the quarterly results: shipping delays as some vendors struggle to produce items from the new RH Modern line; underperformance in markets like Canada, Texas and Miami that are impacted by energy, oil, or currency fluctuations; and additional promotional activity that didn’t drive the anticipated level of revenue, which the company said is “signaling further pullback by the high-end consumer.” Restoration Hardware shares are down 39.1% for the past 12 months while the S&P is down 8.8%.

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Imax Corp. shares dropped in the extended session after the large-screen theater company fell short of Wall Street earnings estimates for the quarter. Imax shares fell 10% to $29.05 after hours. The company reported adjusted fourth-quarter earnings of 39 cents a share on revenue of $119.3 million. Analysts surveyed by FactSet had forecast earnings of 43 cents a share on revenue of $115.8 million.

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Tupperware Brands Corp. shares were down 6.1% on Wednesday afternoon after the company said in an SEC filing that it completed its annual 10-K for the year ended Dec. 26, 2015. The company said it’s still assessing deficiencies related to the information technology systems used in its financial reporting. “Although the Company has not concluded its assessment of the effectiveness of its internal control over financial reporting, the Company believes that these deficiencies could represent a material weakness in its internal control over financial reporting,” the filing said. Tupperware expects to file the annual report and related documents within the 15-day extension period. Tupperware sahres are down 33.3% for the past 12 months while the S&P 500 is down 9.2% for the same period.

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Oil futures finished higher after a volatile session on Wednesday, finding support from a weekly decline in U.S. crude production, as strong demand for gasoline pointed to a possible rise in demand for oil to make the fuel. A bigger-than-expected weekly increase in U.S. crude supplies, however, helped limit the gains for oil prices, however. April West Texas Intermediate crude added 28 cents, or 0.9%, to settle at $32.15 a barrel on the New York Mercantile Exchange. Prices traded between a low of $30.56 and a high of $32.36 during the session.

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Nevada Gov. Brian Sandoval is being vetted by the White House for a potential nomination to the Supreme Court, the Washington Post reported, citing two people familiar with the process. The Post says the Republican governor is increasingly viewed by some key Democrats as perhaps the only nominee President Barack Obama could pick who could break a Republican blockade. Republicans have said they won’t vote or hold hearings on an Obama nominee to replace the late Justice Antonin Scalia.

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Ford Motor Co. is reaching its full earnings potential, and about to enter more challenging and uncertain times, analysts at Morgan Stanley said in a note Wednesday. The analysts cut their price target on Ford stock to $12 from $15, adding that Wall Street may be too bullish about the company’s earnings this year. Like its U.S. peers, Ford benefits from “strong market conditions” at home and in the European Union and China, the analysts said. “Moving forward, these markets are exposed to greater cyclical factors that present negative earnings risk,” they said. Shares of Ford fell 4.2% on Wednesday at $11.91. Shares are down 27% in the past 12 months, and 18% in the last three months; that compares with losses of 10% and 8.7%, respectively, for the S&P 500 index.

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A Missouri jury has awarded $72 million to the family of an Alabama woman, who argued that her death from ovarian cancer was caused by using baby powder made by New Jersey-based Johnson & Johnson, the Associated Press reported Wednesday. The civil suit was part of a broader case involving nearly 60 people, said the AP. Johnson & Johnson has been targeted in the past by health groups claiming that some of the ingredients in its products are harmful. The company had pledged in 2012 to eliminate two of them, 1,4-dioxane and formaldehyde, from all products by 2015. A spokeswoman said the company is considering its next legal move. Shares were trading down 0.8% on Wednesday, while the S&P 500 was down 1.3%.

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Oil futures pared losses on Wednesday after the U.S. Energy Information Administration reported a 3.5 million-barrel climb in crude-oil supplies for the week ended Feb. 19. That was below the 7.1 million-barrel increase reported by the American Petroleum Institute, but above the rise of 3 million barrels expected by analysts polled by Platts. Gasoline supplies fell 2.2 million barrels, while distillate stockpiles declined by 1.7 million barrels last week, according to the EIA. April crude was at $31.37 a barrel on the New York Mercantile Exchange, down 50 cents, or 1.6%. Prices traded at $30.92 before the data.

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Silver Run Acquisition Corporation , the year’s biggest initial public offering in terms of dollars raised, was trading just above its issue price of $10 in its debut on the Nasadaq Wednesday. The company is a special purpose acquisition entity, with no assets of its own, that plans to use the proceeds to buy oil and gas assets. The company sold 45 million units to raise $450 million. Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. underwrote the offering. So far this year, there have only been four other IPOs, according to market intelligence firm Ipreo. In 2015, there were 22 as of Tuesday.

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