Tag: stock market

Mark Parker, chief executive officer of Nike Inc. , has been elected to Walt Disney Co.’s board, the media and entertainment company said Monday. The addition of Parker to the board brings the number of directors to 12. Other Disney board members include Jack Dorsey, chairman and CEO of Twitter Inc., Sheryl Sandberg, chief operating officer of Facebook Inc., and John Chen, CEO of Blackberry Ltd.

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Apollo Education Group Inc. shares jumped in the extended session Monday following a report that a private-equity group is in late talks to acquire the parent company of the University of Phoenix. Apollo Education shares surged 20% to $7.64. Private-equity firm Apollo Global Management is in advanced talks to buy Apollo Education for about $1 billion, according to a Dow Jones Newswires report, citing people close to the matter.

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Alcoa Inc. said Monday it lost $500 million, or 39 cents a share, in the fourth quarter, versus earnings of $159 million, or 11 cents a share, in the year-ago period. Adjusted for one-time items, the industrial giant earned $65 million, or 4 cents a share, in the quarter. Sales reached $5.2 billion, down 18% from $6.4 billion in the fourth quarter of 2014. Analysts polled by FactSet had expected adjusted earnings of 2 cents a share on sales of 5.3 billion for the company. “Value-add” businesses such as engineered and rolled products made up for lower alumina and aluminum prices, the company said. Alcoa said it was on track with its plan to split in two publicly traded companies, one focusing on raw materials and another on engineered products and transportation and construction businesses. Shares of Alcoa rose 1.4% in late trading Monday after ending the regular session down 0.9%.

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Shares of Lululemon Athletica Inc. jumped in Monday’s extended session after the yoga apparel company raised its fourth-quarter outlook for both revenue and earnings due to a strong holiday sales. The company said it now expects revenue in a range of $690 million to $695 million versus its earlier guidance of $670 million to $685 million. Lululemon also increased its earnings-per-share projection to 78 cents to 80 cents from 75 cents to 78 cents. Analysts surveyed by FactSet are forecasting revenue of $679 million and EPS of 77 cents for the quarter. Shares rallied 6% in after-hours trading.

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Abiomed Inc. said late Monday it expects third-quarter revenue that is higher than the Wall Street consensus estimate. The medical device company said it sees preliminary third-quarter revenue of $85.8 million, a 38% increase from the year-ago quarter. Analysts surveyed by FactSet had forecast revenue of $78.9 million. Shares of Abiomed were flat at $85 in after-hours trading.

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U.S. stocks eked out small gains after dipping in and out of negative territory throughout the session on Monday. The S&P 500 and Dow Jones Industrial Average snap a three-day losing streak, that marked the worst opening week of the year in history. A 6% plunge in oil prices hit energy and materials stocks, limiting gains on the main indexes. The S&P 500 closed 1.64 points, or less than 0.1%, higher at 1,923.67. The Dow Jones Industrial Average added 52.12 points, or 0.3% to 16,398.57. Meanwhile, the Nasdaq Composite ended the day down 5.64 points, or 0.1%, at 4,637.99, falling for the eighth consecutive session. The Russell 2000 dipped into a bear-market territory earlier in the session, but closed off session lows, down 3.54 points, 0.3% at 1,042.64, according to preliminary data on FactSet.

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Thirty-two percent of shoppers used the “click and collect” purchasing method this holiday season, purchasing items online and then picking them up in-store, according to the Holiday Consumer Purchasing Trends study published by the International Council of Shopping Centers (ICSC). Sixty-nine percent of those shoppers purchased items when they were in stores to collect their digital purchase, and 36% made a purchase at a nearby store. Nearly all consumers, 91%, purchased items in a physical store during the holidays. More than 1,000 adult consumers were surveyed between Dec. 28 and Dec. 30 for this study.

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Hillary Clinton called on Monday for a surcharge of 4% on incomes of $5 million or more a year. Clinton spoke about the proposal in Iowa, which will hold the first-in-the-nation presidential caucuses in three weeks. An aide said the proposal is part of her plan to expand the so-called Buffett rule for taxing wealthy Americans.

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WASHINGTON (MarketWatch) – The Federal Reserve may not have enough data on inflation to support a second hike in interest rates in January or March, said Atlanta Fed President Dennis Lockhart, on Monday, according to Reuters. In comments to reporters after a speech, Lockhart said “how much will we know about inflation trends or inflation developments going into the mid-March meeting? We will have some data but not a great deal more,” Lockhart said.

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Oil futures fell on Monday, with prices settling under $32 a barrel for the first time in more than 12 years. Concerns over the world’s glut of crude supplies, risks of a slowdown in energy demand from China and expectations that Iran will soon add a significant amount of oil to the global market combined to send prices lower for a sixth straight session. February crude fell $1.75, or 5.3%, to settle at $31.41 a barrel on the New York Mercantile Exchange. WTI prices settled at their lowest level for a most-active contract since Dec. 5, 2003, according to FactSet.

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