Tag: stock market

Advanced Micro Devices Inc. shares dropped in the extended session Tuesday after the chip maker’s forecast revenue range for the first quarter mostly fell below the Wall Street consensus. AMD shares declined 6.7% to $1.82. The company estimated first-quarter revenue would decline 14%, plus or minus 3 percentage points, from the year-ago quarter. That translates into $885.8 million, or $854.9 million at the low end and $916.7 million at the high end. Analysts had forecast revenue of $898.5 million. AMD reported an adjusted fourth-quarter loss of 10 cents a share on revenue of $958 million. Analysts had estimated a loss of 10 cents a share on revenue of $954.7 million.

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Netflix Inc. shares jumped late Tuesday after the streaming company beat Wall Street earnings expectations. Netflix said it earned $43 million, or 10 cents a share, in the fourth quarter, compared with $83 million, or 19 cents a share, in the year-ago period. Revenue hit $1.82 billion in the quarter, compared with $1.48 billion a year ago. Analysts polled by FactSet had expected the Internet streaming company to report earnings of 2 cents a share on sales of $1.83 billion. The company said it ended 2015 with a net addition of 17 million members, just shy of 75 million members by the end of the quarter. It predicted it will grow by more than 6 million users in the first quarter given its international expansion. It also predicted “modest” operating income results for the current quarter as it invests in its overseas business. Shares of Netflix rose 8.3% in late trading Tuesday after ending the regular session up 3.7%.

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Shares of International Business Machines Corp. dropped in Tuesday’s extended session after the technology giant reported its revenue fell year-on-year for a 15th straight quarter. IBM said its fourth-quarter earnings fell to $4.46 billion, or $4.46 a share, from $5.48 billion, or $5.51 a share, a year earlier. Excluding charges and items, Big Blue would have earned $4.84 a share. Revenue shrank to $22.06 billion versus $24.11 billion. Analysts surveyed by FactSet had forecast earnings of $4.81 a share on revenue of $22.09 billion. IBM shares fell 1.7% in after-hours trading.

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Cree Inc. shares rose in the extended session Thursday after the LED light maker’s quarterly results topped Wall Street estimates and gave a mixed outlook. Cree shares rallied 6.6% to $25.90. The company reported adjusted fiscal second-quarter earnings of 30 cents a share on revenue of $435.8 million. Analysts surveyed by FactSet had estimated 24 cents a share on revenue of $434.8 million. Cree said it expects adjusted fiscal third-quarter earnings of 22 cents to 29 cents a share on revenue of $400 million to $430 million. Analysts had forecast 23 cents a share on revenue of $431.8 million.

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U.S. stocks closed marginally higher on Tuesday, as the main indexes struggled to regain momentum following a renewed rout in oil prices. The S&P 500 closed a point higher at 1,881.36. The Dow Jones Industrial Average added 27.80 points, or 0.2%, to 16,015.88. Meanwhile, the Nasdaq Composite ended the day down 11.47 points, or 0.3%, at 4,476.95.

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Twitter Inc. shares were down 6.3% Tuesday, on course for another record close as the shares declined for the 10th day out of the past 11 trading sessions. The stock has lost 27% during that streak. Square Inc., run by Twitter CEO Jack Dorsey, was also tanking Tuesday, with shares approaching the company’s initial public offering price of $9. The S&P 500 was up less than 1%.

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Walt Disney Co. is recalling about 10,000 Darth Vader and Disneyland 60th infant bodysuits because of a choking hazard, the U.S. Consumer Product Safety Commission said Tuesday. The garments have three snaps that can detach and pose a hazard to small children, the CPSC said on its website. The Darth Vader suits were sold in five sizes and have a picture on the front of an infant Darth Vader holding a light saber. The Disneyland 69th suits have a picture of either Mickey Mouse, Goofy, Donald Duck or Pluto on the front. No accidents or incidents have been reported, the CPSC said. Disney shares were up 0.1% in early afternoon trade, but are down 1.2% in the last 12 months, while the S&P 500 has fallen 6.7%.

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The Securities and Exchange Commission settled charges Tuesday with Equinox Fund Management LLC, a Denver-based alternative assets fund that allegedly overcharged management fees and misled investors about how it valued managed futures assets in its Frontier Fund. An SEC investigation alleged that the firm calculated management fees contrary to the method described in its registration statements. The firm neither admitted nor denied the findings, but agreed to return $5.4 million in excessive management fees collected from 2004 to 2011 plus $600,000 in prejudgment interest and to pay a $400,000 penalty. The firm also agreed to be censured.

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Bank of America Corp.’s stock turned down 2.4% in active midday trade, and was on course for the lowest close in over two years, as the banking giant’s disappointing fourth-quarter revenue offset a profit beat. The stock, which was the most-active in the U.S. market with 81.5 million shares traded as of 12 p.m. Eastern, had been up as much as 2.3% early in the session before losing ground. BofA’s fourth-quarter earnings beat expectations for the third-straight quarter, but revenue as measured by net interest income missed for the second-straight quarter, and seventh of the last eight, according to FactSet. Total revenue also rose less than expected. In a conference call with analysts, Chief Financial Officer Paul Donofrio said that although the U.S. economy is improving slowly, “revenue growth remains challening,” according to a transcript provided by FactSet. The stock, which was on track to close at the lowest level since November 2013, has tumbled 13% over the past three months, while the S&P 500 has lost 7.1%.

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Shake Shack’s Inc.’s stock shot up 6.3% in morning trade Tuesday, after the burger chain was upgraded by William Blair analyst Sharon Zackfia, who suggested the stock has now fallen far enough to make it attractive to investors. The stock’s closing price of $31.92 last Wednesday was about one-third record close of $92.86 reached May 21. She believes last week’s introduction of the Chick’n Shack sandwich is a potential “positive wildcard” to sales, as she believes it could boost traffic, margins and customer frequency. “While still the richest valuation in restaurants, Shake Shack’s premium has narrowed substantially versus its peer group, and we now see the opportunity for strong earnings growth with likely upside to more than offset any further potential valuation compression,” Zackfia wrote in a note to clients. Of the nine analysts submitting their Shake Shack ratings to a FactSet survey, Zackfia is now the only one with a bullish rating. The stock, which was still trading 62% above its initial public offering price of $21–it went public on Jan. 30, 2015–has tumbled 23% over the past three months, while the S&P 500 has lost 7%.

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