Tag: stock market

Chipotle Mexican Grill Inc. was downgraded to sell from hold at Deutsche Bank on uncertainty over the way in which customers will receive the company’s turnaround efforts after a months-long E. coli outbreak. The price target remains at $400, with shares opening Tuesday at about $526. Deutsche Bank analysts said in a Tuesday note that they still have questions about whether Chipotle could withstand another outbreak incident, whether there has been a permanent loss of customers, and about the duration of “softer sales” through the recovery. Analysts said they’ve also noticed that items on the menu are increasingly out of stock and there are longer wait times at restaurants. They also expressed concern about the company’s lag in data analytics about its customers. Chipotle shares are up 9.6% for the year so far, but down 21.6% for the past 12 months. The S&P 500 is down 7.8% for the same period.

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TheStreet Inc. said Tuesday it has appointed Chairman Larry Kramer as interim chief executive and president, replacing current CEO Elisabeth DeMarse who has resigned. The owner of financial website TheStreet.com has hired a recruitment firm and is seeking a full-time replacement. Kramer, who became chairman of TheStreet in December, has years of experience in the media sector, and was formerly president and publisher of USA Today, as well as the founder of MarketWatch, which is now owned by News Corp’s Dow Jones division.

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TheStreet Inc. said Tuesday it has appointed Chairman Larry Kramer as interim chief executive and president, replacing current CEO Elisabeth DeMarse who has resigned. The owner of financial website TheStreet.com has hired a recruitment firm and is seeking a full-time replacement. Kramer, who became chairman of TheStreet in December, has years of experience in the media sector, and was formerly president and publisher of USA Today, as well as the founder of MarketWatch, which is now owned by News Corp’s Dow Jones division.

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Shares of PTC Therapeutics Inc. fell more than 35% following news the company received a refuse to file letter from the U.S. Food and Drug Administration for a new drug, Translarna. The FDA, according to a news release, said the application for Trnaslarna was not up to standards in order to permit a substantive review. Translarna is a protein restoration therapy tasked with treating a form of muscular dystrophy mostly affecting men. PTC said it is examining what its next steps are.

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Fitbit Inc. shares are down 14% in premarket trading after the digital fitness company was downgraded to market perform from outperform at Leerink based on uncertain new product sales and poor 2016 visibility. The price target was lowered to $18 from $33. Leerink analysts said first-quarter 2016 guidance fell “well short” of Street consensus, “creating a back-end weighted year that carries risk in our view,” analysts wrote in a Tuesday note. “Given uncertainty around new product sales and second half ramp, we no longer believe a premium multiple will be achieved.” Company shares down 44.2% for the year so far, while the S&P 500 is down 4.8% for the same period.

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Macy’s Inc. shares are up 5.7% in premarket trading after the company reported fourth-quarter earnings that exceeded expectations. The retailer said it had net income of $543 million, or $1.73 per share, down from $793 million, or $2.26 per share, for the same period last year. Adjusted earnings were $2.09 per share, excluding $177 million in impairments, store closures and other costs. The FactSet consensus was $1.89. Sales for the quarter totaled $8.87 billion, down 5.3% from $9.37 billion year-over-year. The FactSet consensus was $8.83 billion. Fourth-quarter same-store sales on an owned plus licensed basis were down 4.3%. On an owned basis, same-store sales for the quarter were down 4.8%. The FactSet consensus forecast a 5.1% drop. Macy’s sees a 1% same-store sales decline for fiscal 2016 on an owned plus licensed basis. The company expects earnings between $3.80 and $3.90 for the fiscal year compared with a FactSet consensus of $3.90, and a 2% sales decline for the year. Macy’s shares are down 36% for the past year while the S&P is down 7.8%.

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Fitbit Inc. shares are down 15% in premarket trading after the digital health and fitness company was downgraded to hold from buy at Stifel based on analyst belief that a new operating model is risky. The price target is $35. “In a departure from objectives communicated since prior the IPO, Fitbit is specifically planning operating deleverage in fiscal year 2016,” analysts wrote in a Tuesday note. Investments in digital health strategies won’t drive revenue until 2017 “at the earliest,” the note said. The increased research and development spend is viewed as a risk based on unpredictable revenue growth. Fitbit gave weak guidance during its earnings announcement on Monday, warning that new products would weigh on results in the current quarter. Fitbit shares are down 44.2% for the year so far while the S&P 500 is down 4.8% for the same period.

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The pound continued to decline Tuesday, weighed by the prospect that U.K. voters may support a U.K. exit from the European Union. Sterling fell 0.4% to $1.4099, according to FactSet. The British currency on Monday fell by the most since 2009 after London Mayor Boris Johnson backed efforts to break away from the EU. On Tuesday, Bank of England Governor Mark Carney told lawmakers there’s been a pickup in buying of options aimed at protecting against future declines in sterling. Investors are facing a June 23 referendum date. On Monday night, more than one-third of companies listed on the U.K.’s FTSE 100 index voiced their support for the U.K.’s continued membership in the EU.

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Toll Brothers Inc. on Tuesday reported first-quarter net income of $73.2 million, or 40 cents a share. That was down from its year-ago result of $81.3 million, or 44 cents a share, and the result matched the 40 cents expected by analysts surveyed by FactSet. Revenue was $929 million, up from $853 million a year ago and above the consensus forecast of $915 million. The homebuilder also said Bruce E. Toll, vice chairman of its board of directors, has chosen to retire from the board, effective March 8. Shares were inactive in premarket trading.

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Microsoft Corp. co-founder Bill Gates said technology companies such as Apple Inc. should aid law enforcement in specific cases involving terrorism. The comments, made by Gates during an interview with the Financial Times that published Tuesday, are a departure from the wide support the iPhone maker has seen from both industries and consumers in its standoff with the Federal Bureau of Investigation. Gates dismissed the idea that the government’s request for a “back door” to open one of the San Bernardino shooter’s iPhones would set a wide precedent. “This is a specific case where the government is asking for access to information. They are not asking for some general thing, they are asking for a particular case,” he said. He said it was no different from a situation where officials would need information from a phone company or a bank.

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