Tag: stock market

Shares of Xerox Corp. surged more than 8% in after-hours trading Tuesday after a Wall Street Journal report that Japan’s Fujifilm Holdings Corp. was nearing a deal to buy a little more than half of the company. The Journal said a deal could be announced as soon as Wednesday. Xerox has a market cap of about $8.32 billion. Earlier this month, the Journal reported that activist Xerox investors Carl Icahn and Darwin Deason were urging the company to pursue a sale. Xerox shares closed Tuesday down slightly at $32.68, but are up 12% year to date, compared to the S&P 500’s 5.5% rise.

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Exxon Mobil Corp. on Tuesday said it plans to triple its Permian Basin daily production to more than 600,000 oil-equivalent barrels by 2025, and that “tight” oil production from the Delaware and Midland, two of the largest lobes that comprise the Permian, will increase five-fold in the same period. Exxon also plans on investing $2 billion on transportation infrastructure to support the Permian operations, saying in a statement that changes brought by the U.S. tax overhaul “create an environment for increased future capital investments.” The news comes a day after Chief Executive Darren Woods announced a $50 billion investment over the next five years in Exxon’s domestic production, and ahead of company earnings before the bell Friday. Exxon in January 2017 beefed up its presence in the Permian with a $6 billion deal with the Bass family. Exxon shares fell 0.2% in late trading after ending the regular session down 1.4%.

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Juniper Networks Inc. shares plunged in the extended session Tuesday after the networking company’s forecast missed analyst expectations. Juniper shares dropped 5.9% to $26.64 after hours. The company reported fourth-quarter net losses of $148.1 million, or losses of 40 cents a share, compared with net income of $188.9 million, or 49 cents a share, in the year-ago period. Adjusted earnings were 53 cents a share. Revenue fell to $1.24 billion from $1.39 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 52 cents a share on revenue of $1.24 billion. Analysts model first quarter earnings of 30 cents a share on sales of $1.16 billion. Juniper said it expects adjusted earnings of 22 cents to 28 cents a share on sales of $1.02 billion to $1.08 billion. The company also increased its cash dividend 80% to 18 cents a share that will be paid on March 22, to shareholders of record at the close of business March 1. Juniper stock has gained 7% in the past year with the S&P 500 index rising 25%.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 3.23 million barrels for the week ended Jan. 26, according to sources. Gasoline stockpiles also rose 2.69 million barrels, while inventories of distillates dropped by 4.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude traded at $64.09 a barrel in electronic trading versus the settlement price of $64.50 on the New York Mercantile Exchange.

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Wingstop Inc. said late Tuesday its board of directors has approved a special cash dividend of $3.17 a share in conjunction with the company closing on a new $250 million senior secured credit facility. The special cash dividend represents about 7% of Wingstop’s market capitalization, the company said in a statement. The special cash dividend will be paid on Feb. 14 to stockholders of record as of Feb. 9. Wingstop shares rose 0.4% in the late session, matching the share increase at the close of the regular trading day.

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Align Technology Inc. shot more than 7% higher in late trading Tuesday after announcing earnings, sending one of the best-performing stock of 2017 toward yet more record highs. The maker of Invisalign orthodontics reported fourth-quarter earnings of $10.3 million, or 13 cents a share, down from $1.01 a share a year ago due to charges related to the new tax law. Without the tax charge, Align said it would have reported earnings of $1.19 a share, easily beating average analyst estimates of 96 cents a share, according to FactSet. Revenue was $421.3 million, up from $385.3 million a year ago and well higher than analysts’ average estimate of $396 million. Align’s first-quarter forecast also handily beat analyst estimates, as the company said it expects to report earnings of 94 cents to 98 cents a share on revenue of $400 million to $410 million. Analysts on average expected first-quarter earnings of 88 cents a share on revenue of $396 million, according to FactSet. Shares topped $290 in after-hours action following the report, after closing with a 2.4% decline at $270.08; Align’s record intraday high in regular trading is $287.32.

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The Dow Jones Industrial Average on Tuesday fell sharply adding to its losses to start the week and marking its worst two-session skid in about 16 months, according to WSJ Market Data Group. The Dow closed off about 362 points, or 1.4% at 26,076, marking its steepest daily percentage drop since Aug. 18 and its worst two-session percentage slump since Sept. 9, 2016. The S&P 500 index closed down 1.1% at roughly 2,822, while the Nasdaq Composite Index ended the day off 0.9% at around 7,400. The blue-chip Dow industrials registered the worst performance of the three main benchmarks, with shares of UnitedHealth Group Inc. cutting 72 points from the price-weighted gauge. The move lower for stocks comes as borrowing costs, by virtue of the 10-year Treasury yield , climbed to its highest level in more than three years on Monday. Despite the downturn for stocks that had mostly been in an uptrend, Wall Street strategists mostly see the updraft for stocks as intact. Looking ahead, investors are awaiting the State of the Union address from President Donald Trump later Tuesday as well as the Federal Reserve’s latest policy update on Wednesday.

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Advanced Micro Devices Inc. shares fell in the extended session Tuesday even after the chip maker’s quarterly results and outlook topped Wall Street views. AMD shares dropped 5% to $12.25 after hours, and were up 25% year to date at Tuesday’s close. The company reported fourth-quarter net income of $61 million, or 6 cents a share, compared with a loss of $51 million, or 6 cents a share, in the year-ago period. Adjusted earnings were 8 cents a share. Revenue rose to $1.48 billion from $1.11 billion in the year-ago period. Analysts surveyed by FactSet had estimated 5 cents a share on revenue of $1.41 billion. For the first quarter, AMD estimates revenue of $1.5 billion to $1.6 billion. Analysts expect revenue of $1.25 billion.

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Moody’s Investors Service on Tuesday changed its outlook on Ford Motor Co. to negative from stable, keeping its rating on the car maker’s debt Baa2, the next-to-last rung of investment grade. The company’s rating reflects its “competitive position” in the North American and Chinese markets as well as “sound” liquidity position, but Ford faces challenges such as rising incentives, softening demand in North America, higher commodity costs, and increased spending to expand its portfolio of electric vehicles. “These factors have contributed to weaker operating performance and an erosion in credit metrics which are now weak for the Baa2 rating level,” Moody’s said. Shares of Ford fell 0.3% as the close of the regular trading day approached, which would be their second straight day of losses.

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Facebook Inc. has banned ads for cryptocurrencies, initial coin offerings and binary options, the company said Tuesday. Facebook stock is up less than 1% to $187.11 in late afternoon trading. In a blog, Facebook product management director Rob Leathern wrote the company believes that ads should be safe and “misleading and deceptive ads have no place on Facebook.” Leathern described the ban as “intentionally broad” and the company plans to begin enforcement on its core app, as well as the Audience Network and Instagram. Facebook stock has gained 43% in the past 12 months, as the S%P 500 index rose 25%.

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