Tag: stock market

A production freeze agreed upon last week by key oil-producing nations is a “first step,” and crude heavyweights could “take other steps in the future,” said OPEC’s Abdalla Salem El-Badri on Monday, according to media reports. El-Badri, secretary general of the Organization of Petroleum Exporting Countries, said at an energy conference in Houston that the freeze should be evaluated after three to four months to see if it succeeds, according to a CNBC report. He declined to elaborate on what he meant by next steps, a Financial Times report said. El-Badri noted that Iran and Iraq, whose agreement to the freeze is key to its happening, “will come back later” with their response to it.

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Microsoft Corp. 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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Shares of Chegg Inc. skidded in Monday’s extended session after the online textbook vendor issued a disappointing revenue outlook for the current quarter. Chegg reported its fourth-quarter earnings rose to $3.63 million, or 4 cents a share, from $1.69 million, or 2 cents a share, a year earlier. Revenue fell to $68.2 million, compared with $72.1 million projected by analysts in a FactSet survey. For the full year, the company reported a loss of $59.2 million on revenue of $301.4 million. For the first quarter, Chegg forecast revenue in a range of $60 million and $65 million, below analysts’ estimate of $75.2 million. Chegg slumped more than 23% in after-hours trading.

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Sen. Claire McCaskill said Monday she has been diagnosed with breast cancer. McCaskill, a Missouri Democrat, said in a statement that her prognosis is good “and I expect a full recovery.” The senator said she would be in St. Louis for the next three weeks for treatment but that her staff will continue to assist constituents.

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Sen. Claire McCaskill said Monday she has been diagnosed with breast cancer. McCaskill, a Missouri Democrat, said in a statement that her prognosis is good “and I expect a full recovery.” The senator said she would be in St. Louis for the next three weeks for treatment but that her staff will continue to assist constituents.

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Shares of Fitbit Inc. tanked in Monday’s extended session after the maker of wearable fitness-tracking devices posted outlooks for the current quarter and the full year that were significantly below Wall Street’s expectations. Fitbit reported its fourth-quarter earnings rose to $64.2 million, or 26 cents a share, from $39.2 million, or 19 cents a share, a year ago. On an adjusted basis, the San Francisco company would have earned 35 cents a share. Revenue nearly doubled to $711.6 million from $370.2 million. Analysts surveyed by FactSet had projected earnings of 25 cents a share on revenue of $649 million. Fitbit expects first-quarter adjusted earnings per share of break even to 2 cents in the current quarter and $1.08 to $1.20 for 2016. Analysts are projecting first-quarter EPS of 23 cents and full year EPS of $2.15. Fitbit also forecast first-quarter revenue in a range of $420 million to $440 million and $2.4 billion to $2.5 billion for the full year, compared with the Street’s estimate of $484 million in the first quarter and $9.36 billion for 2016. Fitbit shares slumped 13% in after-hours trading.

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U.S. stocks closed sharply higher Monday, with the Dow industrials gaining more than 200 points, as surging oil prices supported previously battered energy shares. The S&P 500 gained 27.71 points, or 1.4%, to 1,945.49. The Dow industrials rose 228.53 points, or 1.4%, to 16,620.52. The Nasdaq Composite finished 66.18 points, or 1.5%, higher at 4,570.61.

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Uber Technologies Inc. said it will be holding a conference call Monday afternoon to address questions about a driver who reportedly shot eight people, killing six, in Kalamazoo, Mich. Saturday night. The suspect, Jason B. Dalton, was charged Monday with six counts of murder. Dalton did not have a criminal record before this incident, according to The Wall Street Journal.

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Shares of United Technologies Corp. and Honeywell International Inc. rallied in afternoon trade Monday, after CNBC said the companies had held merger talks, citing people familiar with the situation. The talks were centered on a deal in which Honeywell would offer a premium to acquire United Technologies, largely in stock but with some cash, CNBC reported. United Tech shares were last up 4.5%, while Honeywell was up 1.7%. The S&P 500 was last up 1.3%.

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Imax Corp.’s stock shot up 4% to a five-week high in morning trade Monday, after the movie technology company was upgraded by analyst Michael Pachter at Wedbush Securities, citing “favorable” valuation and expectations of earnings acceleration. Pachter raised his rating to outperform, after being at neutral for at least the last three years. He kept his 12-month stock price target at $38, which is 19% above current levels. “After years of flat installations and a growing backlog, it appears that the installation pace is now accelerating, and we think the theater base is large enough to capture leverage on an improving release slate,” Pachter wrote in a note to clients. He expects laser technology to help accelerate earnings growth starting in 2018. Pachter said he believes the company’s multiyear film deals with Disney and Warner Bros. ensures that each of those studios’ superhero film slates will hit Imax screens. The stock, which has soared 22% since closing at a 19-month low on Feb. 12, has still lost 11% year to date, while the S&P 500 has slipped 5.1%.

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