Tag: stock market

Whole Foods Market Inc. has signed leases for fives new, lower-priced 365 by Whole Foods Market stores, the company said Thursday. The new stores will be located in Evergreen Park, Ill.; Gainesville, Fla.; and Concord, Claremont and Los Alamitos, Calif. There are now 13 signed leases for the new 365 stores, the company said. The first will open in Los Angeles in about 100 days, said Jeff Turnas, president of 365. The company plans to open 10 stores by October 2017. Whole Foods shares are down 0.4% in Thursday trading and down 46.3% for the past year. The S&P is down 12.2% for the same period.

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Sling TV said Thursday it has added HBO-owned Cinemax to its programming line-up, marking the first time the cable channel will be available on a standalone Internet TV service. Sling TV, the Dish Network Corp.’s $20-a-month Internet streaming service, will charge an extra $10 a month to customers who sign up for its “Best of Live TV” or Sling International base package for Cinemax, which includes a live channel, as well as more than 500 on-demand films and TV shows. Until now, Cinemax was only available on traditional cable packages. Dish shares were trading up 3.9% in early afternoon trade, as the S&P 500 was down about 2%. HBO parent Time Warner Inc. was up 3.6%.

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Boeing Co.’s stock was tumbling $12.36, or 11%, to a 2 1/2-year low in morning trade Thursday, after Bloomberg reported that the aerospace giant was being investigated by the Securities and Exchange Commission regarding accounting for its 787 Dreamliner and 747 jumbo jetliners. The selloff puts the stock on track to suffer the biggest one-day price drop since the company went public in January 1972. The stock’s previous biggest price drop was $11.43 (8.9%) on Jan. 27, 2016 after Boeing reported fourth-quarter results. The stock’s price drop was shaving off about 85 points from the Dow Jones Industrial Average , which is a price-weighted index. Bloomberg reported earlier Thursday, citing people with knowledge of the matter, that the SEC is probing whether Boeing properly accounted for the costs and expected sales, and its projections on the long-term profitability, of its two jetliners. Boeing’s stock has plunged 28% year to date, while the Dow has lost 11%.

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BJ’s Wholesale Club said on Thursday that it will source all of its whole eggs from cage-free farms. BJ’s, a membership warehouse club operating in the Eastern U.S., has more than 210 locations. It plans to source its liquid eggs from cage-free suppliers by 2025. Recently, a number of other food companies have announced plans to source cage-free eggs in the coming years, including Bob Evans Farms Inc. , McDonald’s Corp. and Kellogg Co..

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(Correcting typo in spelling of Proteostasis in headline)
Proteostasis Therapeutics Inc. said Thursday its initial public offering of 6.25 million shares priced at $8 a share, well below the expected per-share range of $12 to $14. The amount of shares the biopharmaceutical company sold was above the 3.85 million shares they had expected to sell, according to a regulatory filing out earlier this week. The company raised $50 million in its IPO, compared with expectations of $46.2 million to $53.9 million at the previously-expected number of shares and expected price range. Leerink Partners and RBC Capital Markets acted as joint book-running managers of the IPO. The stock is expected to being trading on Nasdaq Thursday, with the ticker symbol “PTI.”

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Tesla Motors Inc.’s stock surged 8.2% in active morning trade Thursday, after Chief Executive Elon Musk said reservations for the Model 3 can be made next month, and on the heels of the electric car maker’s fourth-quarter results. Volume of 3.3 million shares in the first 20 minutes of trade was already about two-thirds of the full-day average, according to FactSet. Musk tweeted early Thursday that reservations for the Model 3 can be made with $1,000 down, in stores on March 31 and online on April 1. He more details on the Model 3 will be unveiled in coming weeks. Late Wednesday, the company reported a wide, surprise loss and sales that missed expectations, but provided an upbeat outlook on profitability and that it expected to be cash flow positive next month. Before the results were released, the stock had closed Wednesday at the lowest level since January 2014.

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Edward Lampert, the chief executive of Sears Holdings Corp. , now owns more than half of the outstanding shares of Sears Hometown & Outlet Stores Inc. , according to a regulatory filing released Thursday. The filing showed that Lampert and his hedge fund, ESL Partners L.P., now own 11.52 million shares of Sears Hometown, or 50.7% of the shares outstanding. A Jan. 5 filing showed that Lampert and ESL owned about 11.16 million Sears Hometown shares, or 49.1% of the shares outstanding, as of Dec. 31. Shares of Sears Hometown, which was separated from Sears Holdings in October 2012, have tumbled 34% year to date through Wednesday. In comparison, Sears Holdings’ stock has dropped 27% this year, while the S&P 500 has lost 9.4%.

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3D Systems Corp.’s stock shot up 6.7% in premarket trade Thursday, after the 3D digital design products company provided a fourth-quarter revenue outlook that was above expectations. The company said it expects revenue of $183 million, compared with the FactSet consensus of $160.2 million. Full results are scheduled to be released before the market opens on Feb. 29. The company said it expects to record a goodwill and intangibles impairment charge in the range of $510 million to $570 million in the fourth quarter. The charge isn’t expected to impact future business activities or cash flow, the company said in a statement. “Industry conditions remain challenging and demand may be uneven in the coming periods,” said Interim Chief Executive Andy Johnson. “We are prioritizing our resources around professional and industrial applications to foster sustainable growth and improve profitability.” The stock has dropped 11% over the past three months through Wednesday, in line with the S&P 500’s decline.

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The Wendy’s Co. was downgraded to neutral from overweight after analysts determined the company won’t lower its capital expenditures. The price target was lowered to $10.50 from $12. J.P. Morgan upgraded Wendy’s on Aug. 6, 2015 believing the company’s fiscal 2017 and 2018 capital expenditure guidance of $150 million was too high if there would be fewer than 400 company stores by the end of fiscal 2016. Analysts expected strong free cash flow. “We would have thought that capital expenditures could/should come down as we find it hard to articulate company operated U.S. unit expansion and more, so difficult to agree with $20-$25 million a year of company funding for franchisee capex in Canada,” J.P. Morgan wrote in a Thursday note. “However, this appears to be the plan of the well-respected and newly appointed Chief Executive Todd Penegor, so expecting a near-term change in a just-announced strategy is unlikely in our view.” Wendy’s shares are inactive in premarket trading, but down 12.7% for the past 12 months. The S&P 500 is down 10.5% for the same period.

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Kellogg Co. said it had a net loss of $41 million, or 12 cents per share, in the fourth quarter, up from a loss of $293 million, or 82 cents per share in the year earlier period. Adjusted earnings were 79 cents per share ahead of the FactSet consensus of 74 cents per share. Sales fell 10.6% to $3.1 billion for the quarter from $3.5 billion last year below the FactSet consensus of 3.2 billion. Currency exchange lowered earnings by 6 cents per share for the quarter. Kellogg said U.S. cereal trends continued to improve in the third quarter and each of the company’s international regions reported higher sales for the quarter. Kellogg shares are inactive in premarket trading, but up 6.9% for the past 12 months. The S&P 500 is down 10.5% for the past year.

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