Tag: stock market

Best Buy Co.’s stock slumped 5.3% in premarket trade Thursday, after the consumer electronics retailer reported holiday-period sales that were below expectations, as weakness in mobile phone sales offset strength in home theater, health & wearables and appliances. For the nine week ended Jan. 2, U.S. sales fell to $10.05 billion from $10.13 billion in the same period a year ago. International sales declined 30% to $911 million. Domestic same-store sales during the period fell 1.2%, as mobile phones sales dropped 7.2%. U.S. online sales increased 13%. “From a financial perspective, despite a slightly softer-than-expected topline, we are improving our fourth quarter operating income rate outlook as a result of our continuing conviction to a disciplined promotional strategy and strong expense management,” said Chief Executive Hubert Joly. The stock has tumbled 16% over the past three months through Wednesday, while the S&P 500 has lost 5.2%.

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Shares of Renault SA slumped 20% in Paris on Thursday after a report said the French car maker’s offices were raided in what may be a fraud probe into emission tests. AFP said French anti-fraud detectives have raided several production sites and seized personal computers, indicating authorities in the country are starting an investigation into whether Renault rigged emission tests. The actions come after Volkswagen last year admitted to cheating on environmental tests on some of the its diesel cars, prompting a recall of 11 million cars.

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UBS slashed its oil-price forecast for 2016 on Thursday, joining the growing group of investment banks that have turned more negative on the commodity after the recent selloff. In a report dated Jan. 13, but released on Thursday, UBS said it expects crude oil to average $40 a barrel in 2016, down from its previous forecast of $52.50. For Brent, the bank lowered its outlook to $42.50, down from $57.50. “In the near-term the market remains oversupplied and we expect global inventories to continue building until 3Q16, dampening any potential price recovery,” the analysts said in a note. Crude oil traded around $30.70 on Thursday, while Brent traded at $30.66. The forecast change at UBS comes after Barclays on Tuesday cut its 2016 estimate to $37 a barrel, while Bank of America Merrill Lynch downgraded its outlook to $45 a barrel on Monday. Also this week, Morgan Stanley rekindled the idea that crude oil could fall to $20 a barrel.

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A series of large explosions rocked Jakarta, the capital of Indonesia, on Thursday morning. The Associated Press reports one blast was in front of a popular shopping mall, and there have been at least six other explosions as well as gunfire. At least one person is reported dead. The area of the mall blast contains many luxury hotels, offices and embassies. Police cordoned off the area and sounds of gunfire could be heard. ABC News reported Indonesia has been on high alert against threats by Islamic extremists after foiling a terror plot late last month.

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Wednesday night’s record Powerball jackpot — estimated at $1.6 billion — has at least one winner. The California Lottery announced on Twitter that one winning ticket was sold in Chino Hills. Other states are still checking to see if there are additional winning tickets. The winning numbers are: 8, 27, 34, 4, 19 and the Powerball of 10.

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Activist investor Carl Icahn has reported a 4.66% stake in Gannett Co. Inc. , according to a filing Wednesday. Icahn had sold his shares in the media company last year. Gannett spun off its broadcast and digital media businesses under Tegna Inc in 2015. Gannett owns newspapers and other media assets. Gannett shares were flat in late trading Wednesday after ending the regular session down 0.1%.

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Extra Space Storage Inc. shares advanced in the extended session Wednesday after S&P Dow Jones Indices said the storage-space real-estate investment trust would replace Chubb Corp. on the S&P 500 Index . Extra Space shares rose 2% to $91.30 after hours. The change is scheduled to occur after the close of trade on Jan. 15, when ACE Ltd. is expected to close on its acquisition of Chubb.

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Ambarella Inc. shares fell in the extended session Wednesday after GoPro Inc. cut its outlook and announced layoffs. Ambarella shares dropped 11% to $39.85. The company is a major chip supplier for GoPro’s wearable cameras. In early December, Ambarella warned of lighter-than-expected sales citing a weakness in the wearable camera market. Late Wednesday, GoPro shares dove more than 20% after the camera maker cut its fourth-quarter revenue outlook and announced it would cut 7% of its workforce.

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GoPro Inc. warned investors that holiday sales were disappointing Wednesday and announced that it would cut its workforce by 7%, and shares dove more than 20% in late trading. The action-camera company said that it expects fourth-quarter revenue to be about $435 million, well below analysts’ average expectations of $521 million, according to FactSet, and GoPro’s guidance of $500 million to $550 million. While noting that its workforce had grown by 50% annually in the past two years to a total of 1,500 at the end of 2015, GoPro said it would lay off 7% of its workers, incurring a charge of $5 million to $10 million. GoPro stock has suffered a freefall after a booming initial public offering and early performance, declining 72% in the past six months. GoPro shares plunged more than 20% in late trading Wednesday after being halted, falling lower than $11 after closing at $14.61, a penny higher than its all-time closing low. The company expects to release full financial results for the fourth quarter and year on Feb. 3.

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GoPro Inc. warned investors that holiday sales were disappointing Wednesday, and announced that it would cut its workforce by 7%. The action-camera company said that it expects fourth-quarter revenue to be about $435 million, well below analysts’ average expectations of $521 million, according to FactSet, and GoPro’s guidance of $500 million to $550 million. While noting that its workforce had grown by 50% annually in the past two years to a total of 1,500 at the end of 2015, GoPro said it would lay off 7% of its workers, incurring a charge of $5 million to $10 million. GoPro stock has suffered a freefall after a booming initial public offering and early performance, declining 72% in the past six months. GoPro shares were halted ahead of Wednesday’s announcement and were expected to begin trading again at 4:40 p.m. eastern time. The company expects to release full financial results for the fourth quarter and year on Feb. 3.

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