Tag: stock market

Men’s Wearhouse Inc. said it will launch a new publicly- trading holding company starting Jan. 31, Tailored Brands Inc. Men’s Wearhouse shareholders will become shareholders of Tailored Brands on a one-for-one basis. The holding company will replace Men’s Wearhouse as the publicly-held company starting Feb. 1, trading under the symbol “TLRD.” Company directors and executive officers won’t change. Fourth-quarter earnings will be announced on Feb. 16. Men’s Wearhouse shares are inactive in premarket trading, but down 72.2% for the last 12 months. The S&P is down 6.3% for the past year.

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Whirlpool Corp. on Friday posted quarterly adjusted earnings that exceeded Wall Street’s expectations, but sales fell short of its mark. The appliance maker’s fourth-quarter net earnings were $180 million, or $2.28 a share, more than doubling from $81 million, or $1.02 a share, a year ago. Adjusted earnings came in at $4.10 a share. Sales were $5.56 billion, compared with $6 billion in the year-earlier period. Analysts were looking for adjusted earnings of $3.91 a share, on sales of $5.71 billion. Sales excluding the impact of currency increased 4%, Whirlpool said. The company expects full-year 2016 per-share earnings of $11.25 to $12, and adjusted earnings of $14 to $14.75 a share. Shares were inactive premarket.

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U.S. stock futures pointed early Friday to sizable gains at the open, joining in a global rally after the Bank of Japan said it would adopt a negative interest rate policy for the first time. S&P 500 futures traded higher by 19.55, or 1%, to 1,900.25, while Dow Jones Industrial Average futures jumped by 160 points, or 1%, to 16,132. Nasdaq 100 futures tacked on 38.25 points, or 0.9%, to 4,192.

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The U.S. Navy has awarded Boeing Co. a $2.5 billion modification to a previously awarded, fixed-price contract for manufacturing and delivering 16 P-8A “Poseidon” aircraft for the Navy and four for Australia, according to a Department of Defense web site. The Poseidon’s primary function includes anti-submarine warfare, and intelligence, surveillance and reconnaissance. Shares of Boeing were flat in late trading Thursday after ending the regular session up 1.2%.

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Fortinet Inc. shares jumped in the extended session Thursday after the cybersecurity company topped Wall Street estimates for the quarter. Fortinet shares surged 14% to $30 after hours. The company reported adjusted fourth-quarter earnings of 18 cents a share on revenue of $296.5 million. Analysts surveyed by FactSet had forecast earnings of 7 cents a share on revenue of $277.2 million. Separately, Fortinet said its board authorized a $200 million share buyback program.

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Western Digital Corp. late Thursday reported its fiscal second-quarter earnings fell to $251 million, or $1.07 a share, from $438 million, or $1.84 a share, in the same period last year. On an adjusted basis, the maker of computer disk drives would have earned $1.60 a share. Revenue also shrank to $3.32 billion from $3.88 billion. Analysts surveyed by FactSet had forecast earnings of $1.54 a share on revenue of $3.35 billion. The company did not provide any additional details on its pending buyout of SanDisk Corp. but Chief Executive Steve Milligan cited the “challenging global economic environment” in his earnings statement. Western Digital shares were flat in after-hours trading after rallying 4.6% in the regular session.

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Visa Inc. said Thursday it earned an adjusted $1.7 billion, or 69 cents a share, in the fiscal first quarter of 2016, up 10% from the year-ago period. Revenue hit $3.56 billion in the quarter, up from $3.38 billion a year ago. Analysts polled by FactSet expected the credit-card company to report adjusted earnings of 68 cents a share on sales of $3.6 billion. Payments volume growth was 12% over the prior year at $1.3 trillion, Visa said. Processed transactions rose 8% year-on-year. Visa warned, however, that “continued moderating cross-border volume growth and subdued domestic activity” across its markets could affect full year results. Shares of Visa rose 2.4% in late trading Thursday after ending the regular session down 2.2%.

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Shares of Amazon.com Inc. tumbled 11% in after-hours trade following the company’s weaker-than-expected earnings report. The company reported net income of $482 million, or $1 a share, compared with $214 million, or 45 cents, in the year-earlier period. The results fell sharply below analyst expectations of $1.55. Sales for the period were up 22% to $35.7 billion, slightly below the FactSet consensus estimate of $35.9 billion. For the current quarter, Amazon sees revenue between $26.5 billion and $29 billion, versus the Street estimate of $27.6 billion. The company reported a 51% increase in Prime membership, though it did not give specific membership numbers. Net sales for Amazon Web Services came in at $2.4 billion, in-line with FactSet expectations, and up from $1.4 billion last year.

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Microsoft Corp. shares rallied in the extended session Thursday after the company topped Wall Street estimates for the quarter. Microsoft shares surged 7.9% to $56.15 after hours. The company reported fiscal second-quarter earnings of 62 cents a share on revenue of $23.8 billion, or 78 cents a share on revenue of $25.69 billion adjusted. Analysts surveyed by FactSet had forecast earnings of 71 cents a share on revenue of $25.27 billion. Microsoft said cloud-services revenue rose 5% to $6.3 billion for the quarter.

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​Shares of Electronic Arts Inc. skidded in Thursday’s extended trade after the video game publisher posted better-than-expected earnings but missed on revenue. EA reported it swung to a fiscal third-quarter loss of $45 million, or 14 cents a share, from a profit of $142 million, or 44 cents a share, in the same period last year. On an adjusted basis, the company would have earned $1.83 a share. Revenue fell to $1.07 billion from $1.13 billion. Analysts surveyed by FactSet had forecast earnings of $1.81 a share on revenue of $1.81 billion. EA also raised its 2016 adjusted earnings-per-share outlook to $3.04 a share from $3 a share as well as its adjusted net revenue forecast to $4.52 billion versus $4.5 billion. Shares of EA sank 11% in the after-hours session.

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