Tag: stock market

Media General Inc.’s stock rose 2% in premarket trade Wednesday, after the local media company agreed to be acquired by Nexstar Broadcasting Group Inc. in a deal valued at $4.6 billion. Under terms of the deal, Media General shareholders will receive $10.55 in cash and 0.1249 Nexstar shares for each Media General share they own. Based on Tuesday’s closing prices, the deal values Media General’s stock at $16.69, which is 3.5% above Tuesday’s closing price of $16.13. Nexstar said it expects the deal, which the companies anticipate will be completed late in the third quarter to early in the fourth quarter, to boost free cash flow per share by about 34% to $10.50 for the 2015 to 2016 period. The deal follows the termination of the proposed merger between Media General and Meredith Corp. , which means Meredith Corp. will receive a deal-termination fee of $60 million. Shares of Nexstar and Meredith were still inactive ahead of Wednesday’s open.

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OpenTable, the Priceline-owned online reservations site, has named Jeff McCombs, formerly the chief financial officer at FlipBoard, as its CFO. Before FlipBoard, McCombs was the global head of business operations for Facebook’s ad business and held executive roles at Yahoo . Shares of Priceline were down 3.4% in pre-market trade Wednesday.

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The premarket selloffs in the shares of Apple Inc. , Boeing Co. and United Technologies , which all reported quarterly results, can be blamed for all of the 74-point drop Dow industrials futures ahead of Wednesday’s open. Apple’s stock slid $3, or 3%, to $96.99 in premarket trade, which would shave about 21 points off the price of the Dow Jones Industrial Average , after the technology giant reported late Tuesday fiscal first-quarter sales that missed expectations. Boeing’s stock tumbled $8.51, or 6.6%, to $119.50, which would cut the Dow’s price by 58 points, after the aerospace giant provided a downbeat 2016 outlook. United Technologies’ stock dropped 85 cents, or 1%, to $84.80, which would lower the Dow’s price by 6 points, after the industrial conglomerate missed fourth-quarter sales expectations by a wide margin.

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Allscripts Healthcare Solutions Inc. was upgraded Wednesday to outperform from sector perform at RBC Capital Markets, which cited a recovery from a difficult financial and operating environment from three years prior. Analyst David Francis said in a note that “we believe the team has put Allscripts firmly back on the right track-just in time to take advantage of the Population Health demand wave that is finally forming on the near-term horizon.” The company now has a foundation for modest revenue growth and leveraged earnings performance for years, he said, pointing to recent growth in customers in the U.S. and abroad, and investments allowing Allscripts to participate in the coming demand wave. The stock, which was still inactive in premarket trade, has gained 2.7% over the past three months, while the S&P 500 has lost 7.9%.

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Shares of The Boeing Company fell 4% after the company beat fourth-quarter earnings expectations but issued a full-year guidance that was below expectations. The company reported net income of $1.03 billion, or $1.51 per share, down from $1.47 billion, or $2.02 per share, in the year-earlier period. Boeing reported adjusted earnings per share of $1.60, above the FactSet consensus of $1.27 per share. Boeing reported revenue of $23.6 billion, above $24.5 billion in the year-earlier period and above the FactSet consensus of $23.5 billion. The company issued full year 2016 guidance of $8.45 to $8.65 per share and revenue of $93 billion to $95 billion, below the FactSet consensus of $9.41 and $97 billion respectively.

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Shares of The Boeing Company fell 4% after the company beat fourth-quarter earnings expectations but issued a full-year guidance that was below expectations. The company reported net income of $1.03 billion, or $1.51 per share, down from $1.47 billion, or $2.02 per share, in the year-earlier period. Boeing reported adjusted earnings per share of $1.60, above the FactSet consensus of $1.27 per share. Boeing reported revenue of $23.6 billion, above $24.5 billion in the year-earlier period and above the FactSet consensus of $23.5 billion. The company issued full year 2016 guidance of $8.45 to $8.65 per share and revenue of $93 billion to $95 billion, below the FactSet consensus of $9.41 and $97 billion respectively.

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Royal Dutch Shell PLC on Wednesday won shareholder approval for its tie-up with BG Group PLC , with 83.08% of the voters expressing support. The takeover, which will be Shell’s biggest acquisition to date, still needs to be approved by BG’s shareholders at a meeting on Thursday. If BG gives the green light, the deal is expected to be completed on Feb. 15, Shell said in a press release. Shares of BG erased an earlier loss immediately after the announcement, but have since slipped back into negative territory, down 0.2%. Shell shares extended losses and were down 2.6%.

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United Technologies Inc. said Wednesday it had net income of $3.28 billion, or $3.86 a share, in the fourth quarter, up from $1.47 billion, or $1.19 a share, in the year-earlier period. Profit was boosted by gains from the sale of the company’s Sikorsky helicopter unit. Adjusted per share earnings came to $1.53, matching the FactSet consensus. Sales fell 5% to $14.3 billion, well below the FactSet consensus of $15.3 billion. “In line with our 2015 strategic priorities, we took decisive actions to streamline our portfolio with the divestiture of Sikorsky and return over $12 billion to shareowners,” Chief Executive Gregory Hayes said in a statement. United Tech is still expecting full-year adjusted EPS to range from $6.30 to $6.60 and revenue to range from $56 billion to $58 billion. The company is expecting share repurchases to total $3 billion in 2016, beyond those to be completed under a previously announced $6 billion accelerated buyback program. Shares were not yet active in premarket trade, but are down 28% in the last 12 months, while the Dow Jones Industrial Average has lost 7%.

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Biogen Inc.’s stock jumped 5.4% in premarket trade Wednesday, after the biotechnology company beat fourth-quarter profit and sales expectations. Earnings came in at $831.6 million, or $3.77 a share, compared with $883.5 million, or $3.74 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $4.50, above the FactSet consensus $4.06. Revenue rose $2.84 billion from $2.64 billion, above the FactSet consensus of $2.71 billion. For 2016, the company expects adjusted EPS of $18.30 to $18.60, surrounding the FactSet consensus of $18.45. Revenue is expected to be $11.1 billion to $11.3 billion, compared with the FactSet consensus of $11.29 billion. The stock has slumped 11% over the past three months through Tuesday, while the S&P 500 has lost 7.9%.

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Tupperware Brands Corp. said it had net income of $58.1 million, or $1.15 per share, in the fourth quarter, down from $82.3 million, or $1.63 per share for the same period last year. Adjusted earnings per share were $1.35, against a FactSet consensus of $1.38. Sales for the quarter totaled $592.1 million, down from $679.9 million. The FactSet consensus was $608 million. “We had a disappointing quarter as we lapped a tough comparison and continued to see an impact from economic and political headwinds in many of our units,” said Chief Executive Rick Goings. The company said that emerging markets accounted for 63% of sales, with Argentina, Brazil, China and Tupperware Mexico making the largest contributions. Tupperware expects sales for the first quarter of fiscal 2016 to decline between 10% and 12% with earnings per share between 74 cents and 79 cents. Tupperware shares are down 13.8% for the past 12 months while the S&P is down 6.2% for the same period.

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