Tag: stock market

Luxury accessories maker Coach Inc. said Tuesday it had net income of $170 million, or 61 cents a share, in its fiscal second quarter, down from $183 million, or 66 cents a share, in the year-earlier period. Adjusted per-share earnings came to 68 cents, ahead of the FactSet consensus of 66 cents. Sales rose to $1.27 billion from $1.22 billion, slightly below the FactSet consensus of $1.28 billion. Chief Executive Victor Luis said the company made significant progress in its transformation plan in the quarter, despite the difficult global retail environment. “We drove further sequential improvement in our North America bricks and mortar business – led, as expected, by our retail stores, while our outlet store channel also strengthened against a backdrop of lower tourist traffic and a highly promotional environment,” he said in a statement. Coach is now expecting to return to top line growth in fiscal 2016 and to achieve positive North American comparables by the fourth quarter. Shares were not yet active in premarket trade, but are down 18% in the last 12 months, while the S&P 500 has lost about 9%.

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DuPont Co. [S: DD] on Tuesday reported fourth-quarter operating earnings of 27 cents a share, down from 57 cents a year ago. Analysts polled by FactSet had expected per-share earnings of 27 cents. The company said quarterly revenue fell to $5.3 billion, down 9% from a year ago and slightly below the consensus estimate of $5.36 billion. Shares in DuPont were inactive in premarket trading early Tuesday.

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Kuwait’s OPEC Governor Nawal al-Fuzaia hinted on Tuesday that the Organization of the Petroleum Exporting Countries is ready to cut production in an effort to stem the persistent slump in oil prices. The governor told an energy forum in Kuwait that the cartel is ready to “cooperate” with others to stabilize the oil market, according to media reports. “OPEC is willing to cooperate with producers outside the group if they show that they are serious about cooperating with OPEC. Non-OPEC producers keep on making statements that they are willing to cooperate, but the reality is different,” she said, according to Dow Jones Newswires. She also said prices are unlikely to climb back to 2014 levels of more than $100 a barrel and instead they could wobble around $40-$60 a barrel until 2020. Al-Fuzaia’s comments came as crude and Brent prices both slid below $30 a barrel on Tuesday, sending renewed shivers through global financial markets. Prices, however, reversed and moved higher later in Tuesday’s session.
UPDATE: This report has been updated to clarify that al-Fuzaia said OPEC, and not specifically Kuwait, is willing cooperate with non-members.

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The U.K. Treasury said on Tuesday Andrew Bailey will take over the helm as chief executive of the Financial Conduct Authority and serve a five-year term. Bailey, who is currently deputy governor of the Bank of England, will succeed Tracey McDermott, who has acted as interim CEO since Martin Wheatley stepped down from the post in September last year. The appointment of Bailey was seen as a surprise choice, as he had not been mentioned before in relation to who would take over after Wheatley. “We have cast the net far and wide for this crucial appointment and, having led the Bank of England’s response to the financial crisis, Andrew is simply the most respected, most experienced and most qualified person in the world to do the job,” said Chancellor of the Exchequer George Osborne in the statement.

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Kuwait’s OPEC Governor Nawal al-Fezaia hinted on Tuesday that the oil-rich nation is ready to cut production in an effort to stem the persistent slump in oil prices. The governor told an energy forum in Kuwait that the country is “ready to cooperate” with others to stabilize the oil market, according to media reports. However, she noted that producers outside the cartel are not yet ready to cooperate, the reports said. She also said prices are unlikely to climb back to 2014 levels of more than $100 a barrel and instead they could wobble around $40-$60 a barrel until 2020. Al-Fezaia’s comments came as crude and Brent prices both slid below $30 a barrel on Tuesday, sending renewed shivers through global financial markets.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Kuwait’s OPEC Governor Nawal Al-Fezaia hinted on Tuesday that the oil-rich nation is ready to cut production in an effort to stem the persistent slump in oil prices. The governor told an energy forum in Kuwait that the country is “ready to cooperate” with others to stabilize the oil market, according to media reports. However, she noted that producers outside the cartel are not yet ready to cooperate, the reports said. She also said prices are unlikely to climb back to 2014 levels of more than $100 a barrel and instead they could wobble around $40-$60 a barrel until 2020. Al-Fezaia’s comments came as crude and Brent both slid below $30 a barrel on Tuesday, sending renewed shivers through global financial markets.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Packaging Corp. of America shares declined further in the extended session Monday after the packaging-products maker topped Wall Street estimates on earnings but not on revenue, and provided a weak outlook. Packaging Corp. shares declined 1.4% to $49.50, after closing down 13% in the regular session following a downgrade from Citigroup. The company reported adjusted fourth-quarter earnings of $1.08 a share on revenue of $1.39 billion. Analysts surveyed by FactSet had forecast $1.03 a share on revenue of $1.43 billion. The company estimated first-quarter earnings of $1 a share, while analysts had forecast $1.07 a share.

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Crane Co. shares declined in the extended session Monday after the industrial-products maker reported fourth-quarter earnings that topped Wall Street estimates but provided an outlook that fell short of the consensus view. Crane shares fell 4.3% to $41.68. The company said adjusted fourth-quarter earnings came in at $1.12 a share on revenue of $680.6 million. Analysts surveyed by FactSet had forecast earnings of $1.10 a share on revenue of $694.4 million. For 2016, Crane forecast earnings of $3.85 to $4.15 a share on revenue of about $2.6 billion. Analysts estimate $4.27 a share on revenue of $2.77 billion.

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Relypsa Inc. shares surged in the extended session Monday after the biotech said an early-stage study showed its treatment for elevated blood potassium did not interfere with other drugs. Relypsa shares rallied 7% to $20.93 on heavy volume. The company said its drug Veltassa did not interfere with absorption levels of 12 other drugs, according to the study. Veltassa is approved for the treatment of hyperkalemia, a condition that causes high potassium levels in the blood.

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SanDisk Corp. and Western Digital Corp. slumped on Monday after CLSA downgraded SanDisk to underperform from outperform and cut the stock’s price target to $70 from $86. The move was based on concerns that Western Digital’s plan to buy the flash memory chip maker may be jeopardized if it is unable to secure its own investment from China’s Unisplendor, Barron’s reported. If the Chinese investor pulls out of the deal, Western Digital’s purchase of SanDisk will require approval of its shareholders, which could derail the buyout, said analyst Mark Heller at CLSA. SanDisk shares slumped 8.4% to close at $61.74 and Western Digital shares dropped 5.1% to $42.47.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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