Tag: stock market

Dycom Industries Inc. shares dropped in the extended session Tuesday after the specialty contractor’s quarterly earnings and outlook fell short of Wall Street estimates. Dycom shares fell 17% to $49.50 after hours. The company reported adjusted fiscal second-quarter earnings of 54 cents a share on revenue of $559.5 million. Analysts surveyed by FactSet had estimated 56 cents a share on revenue of $544.1 million. Dycom estimates third-quarter earnings of 70 cents to 78 cents a share on revenue of $585 million to $605 million. Analysts expect 84 cents a share on revenue of $592.1 million. Separately, Dycom said its board authorized an additional buyback of $50 million in company shares.

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HealthSouth Corp. late Tuesday topped Wall Street estimates for the fourth quarter and raised its outlook for the year. The healthcare-services company reported adjusted fourth-quarter earnings of 59 cents a share on revenue of $879.3 million. Analysts surveyed by FactSet had forecast 58 cents a share on revenue of $859.3 million. The company now sees 2016 earnings of $2.32 to $2.44 a share, while analysts estimate $2.50 a share. Shares of HealthSouth were flat at $32.82 after hours.

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The American Petroleum Institute late Tuesday reported that crude supplies rose by 7.1 million barrels for the week ended Feb. 19, according to sources who reviewed the report. Analysts polled by Platts forecast a climb of 3 million barrels. April crude traded at $31.28 a barrel in electronic trading, down from the contract’s settlement of $31.87 on the New York Mercantile Exchange. The closely-watched Energy Information Administration report is due Wednesday.

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Avis Budget Group Inc. shares tanked 11% on Tuesday after the car rental company missed Wall Street fourth-quarter estimates. The company said it lost $5 million, or 6 cents a share, in the fourth quarter, versus a gain of $23 million in the year-ago period. Adjusted for one-time items, Avis earned $18 million, or 18 cents a share, down from $25 million, or 23 cents a share, a year ago. Revenue reached $1.9 billion, from $1.88 billion a year ago. Analysts polled by FactSet had expected Avis to report adjusted earnings of 17 cents a share on sales of $1.93 billion. Shares ended the regular trading session up 1%. Avis also forecast higher per-vehicle fleet costs for this year, to $280 to $290 a month compared with $277 in 2015.

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Etsy Inc. shares rallied in the extended session Tuesday after the online crafts marketplace topped Wall Street forecasts for the quarter. Etsy shares surged 11% to $8.23 after hours. The company reported fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization of $14 million on revenue of $87.9 million. Analysts surveyed by FactSet had forecast adjusted EBITDA of $12.4 million on revenue of $86.6 million. The company forecast revenue growth of 20% to 25% over the next three years, and growth at the high end of that range for this year, which would work out to revenue of up to $341.9 million for 2016. Analysts expect 2016 revenue of $347.9 million.

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Viacom Inc. is looking for a significant minority investment in its film company Paramount Pictures, the company said on Tuesday. Shares of Viacom were up roughly 3.5% following the news. “We have received indications of interest from potential partners seeking a strategic investment in Paramount Pictures and I have decided to pursue discussions with a select group of potential investors,” Philippe Dauman, Viacom’s chairman and chief executive said in a statement. Dauman recently took over as executive chairman of the media company after long-time chairman Sumner Redstone stepped down. Viacom said it has retained investment bank PJT Partners to advise and assist with the process.

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Fitbit is facing another possible class action lawsuit from investors who say the company did not disclose problems with its technology. Filed Monday by Rosen Law Firm, a global investors rights firm, the suit includes purchasers of Fitbit stock from June 18, 2015 to Jan. 6, 2016. The claim is that the company did not disclose that Fitbit’s heart rate technology is inaccurate and therefore could pose health risks to consumers. Consumers filed a class-action lawsuit against Fitbit in January, making that claim. Fitbit has said the technology is accurate. When “the true details entered the market,” meaning the consumer lawsuit, the investors “suffered damages,” according to the suit. The class has not yet been certified in the investor lawsuit.

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Oil futures lost more ground on Tuesday after Saudi Arabia’s Oil Minister Ali al-Naimi said he has no concerns about oil demand and that he welcomes additional supplies, including shale oil. He emphasized in his speech at IHS CERAWeek that “we have not delcared war on shale” or on production from any country or company. “Our purpose is not market share.” Al-Naimi said oil is in a “painful downturn” but the market will be balanced and demand will pick up. He said he remains optimistic. On the New York Mercantile Exchange, April oil fell $1, or 3%, to $32.39 a barrel.

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Twitter Inc. was upgraded to outperform from market perform Tuesday at Raymond James. The analysts established a $25 price target. The analysts say that Twitter’s risk reward is attractive right now, and that the company’s strategies, including simplifying how users can see tweets and conversations, as well as monetization efforts, could drive user growth and revenue in the future. The analysts added that they see recent insider buying from executives such as Twitter Chairman Omid Kordestani as positives. Shares of Twitter were up 2% in early trade Tuesday.

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U.S. stocks opened slightly lower on Tuesday as oil prices reversed earlier strong gains, turning negative. The S&P 500 opened 7 points, or 0.3%, lower at 1,938. The Dow Jones Industrial Average lost 42 points, or 0.3%, to 16,578 shortly after the open. Meanwhile, the Nasdaq Composite began the day down 22 points, or 0.5%, at 4,550.

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