Tag: stock market

Ford Motor Co. said its China sales set a record of more than 1.1 million vehicles sold in 2015, up 3% from the year earlier. December also set a record of 124,768 vehicles sold, up 27% from the year earlier. Changan Ford Automobile, the company’s passenger car joint venture, also set annual and December sales records. It sold 836,425 vehicles in the year, a 7% increase over 2014, and 96,960 vehicles in December, up 49% from the year earlier. Ford shares were up 0.8% in premarket trade, but are down 18% in the last 12 months, while the S&P 500 has fallen 6%.

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Shares in Cirrus Logic Inc. dropped 3% in premarket action Friday after the chip company reduced its revenue outlook for its quarter ended Dec. 26. The Apple Inc. supplier cited softer-than-expected demand for “certain portable audio products.” The weakness “escalated over the last few weeks of December and is expected to continue to significantly impact our revenue in the March quarter,” said Cirrus CEO Jason Rhode in a news release late Thursday. He said the company still expects its results for the 2016 fiscal year will “reflect meaningful year-over-year revenue growth” and anticipates “strong growth” for the 2017 fiscal year “based on several anticipated new product introductions.” Earlier in the week, Apple suppliers were rocked by news of cuts in iPhone 6s production.

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Saudi Arabia’s state-owned oil company Saudi Aramco confirmed on Friday it’s considering listing the company on the capital markets through an initial public offering. In a statement on its website, the company said it has been “studying various options to allow broad public participation in its equity through the listing in the capital markets of an appropriate percentage of the company’s shares and/or the listing of a bundle [of] its downstream subsidiaries.” Saudi Aramco, which is the world’s largest oil producer, is believed to be the world’s most valuable company and its market value could exceed that of Apple Inc.’s . The Economist reported late Thursday an IPO could be in the offing as the country tries to balance its budget amid steep losses in oil prices.

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U.S. stock futures jumped sharply early Friday, after a punishing and volatile week that has wiped around 5% off the S&P 500 index so far. Dow industrials futures jumped 166 points, or 0.9%, to 16,579, while S&P 500 futures rose 20 points, or 1%, to 1,953.50 in early trading. Nasdaq 100 futures rose 52.75 points, or 1.2%, to 4,341.50. The gains came as China stocks rose Friday, taking a breather from an meltdown that has kicked off the trading year. Overnight in China, authorities removed a controversial new circuit breaker system, blamed for triggering a stampede out of China stocks. Stocks in China were suspended both Monday and Thursday after falling by the 7% limit imposed by that circuit breaker. Wall Street has been taking hard hits this week, heavily influenced by worries over China and slides in commodity prices. U.S. stocks will be looking to important nonfarm payrolls data for December on Friday. Oil prices were also on the rebound early Friday, with February crude up 66 cents, or 2%, to $33.93 a barrel in electronic trading.

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Re/Max Holdings Inc. late Thursday said Dave Metzger, who holds the dual title of chief financial officer and chief operating officer, has resigned, effective March 31. The company named Karri Callahan, corporate controller, to succeed him as CFO, and Adam Contos, senior vice president of marketing, as COO. Callahan and Contos will assume their new roles on Jan. 15, Re/Max said. Shares were unchanged in after hours after the stock closed down 1.7% during the regular session.

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Gap Inc. shares are down 7% in after-hours trading after it said same-store sales were down 5% for the month. The consensus estimate was a decline of just 3.5%, according to Reuters. Net sales for the five-week period ending Jan. 3 were $2 billion, a 4% decline from $2.1 billion for the same period last year. Same-store sales at Gap Global were down 2% versus consensus estimate of a decline of 2.9%, according to Reuters. Same-store sales at the company’s Old Navy brand fell 7% for the month of December. The Reuters consensus was for a 0.2% decline. Old Navy same-store sales sank into negative territory in November. Same-store sales at Banana Republic were down 9%. The Reuters consensus was for a 13.4% decline. Gap shares are down 38.7% for the past year while the S&P is down 4.1% for the same period.

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Steep losses during the first four trading sessions of 2016 have marked the worst start to a new year for the S&P 500 and Dow Jones Industrial Average in history. The S&P 500 lost 100 points, or 4.9% over the past four sessions, closing at 1,943.09 on Thursday, its lowest level since October. The Dow Jones Industrial Average lost 911 points, or 5.2% since Monday, according to FactSet. On Thursday, the Dow lost 392.41 points, or 2.3%, to 16,514.10, closing 10% below its intraday record in May. Meanwhile, the Nasdaq Composite fell 146.34 points, or 3%, to 4,689.43, erasing its modest year-to-date gain. Over the past four sessions, the tech-heavy index lost 6.35%, its worst start to the year since 2000. All three main indexes are down about 10% from their record highs in May.

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Shares of Bed Bath and Beyond fell 2% Thursday after the company missed third-quarter sales expectations. The company reported net income of $177.8 million, or $1.09 per share, down from $225.4 million, or $1.23 per share, in the year-earlier period. The FactSet consensus was for earnings per share of $1.09. Bed Bath and Beyond had lowered its earnings forecast to $1.07 to $1.10 a share in December, from a previous range of $1.14 to $1.21.Bed Bath and Beyond reported sales of $2.95 billion, up from $2.94 billion in the year-earlier period. The FactSet consensus was for sales of $2.97 billion. The company issued fourth-quarter guidance of $1.72 to $1.86 per share and $4.91 to $5.05 for the full year of 2015

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Helen of Troy Ltd. shares rose in the extended session Thursday after the housewares and consumer products company topped Wall Street estimates. Helen of Troy shares advanced 3.4% to $89.95. The company, which owns such brands as OXO, PUR, and Brut, reported adjusted third-quarter earnings of $2.07 a share on revenue of $445.5 million. Analysts surveyed by FactSet had forecast earnings of $1.97 a share on revenue of $442 million. Helen of Troy expects adjusted fiscal 2016 earnings of $5.50 to $5.85 a share. Analysts estimate $5.71 a share.

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Shares of Container Store Group Inc. sank in Thursday’s extended session after the retailer posted disappointing results. The storage and organization products company swung to a third-quarter loss of $1.7 million, or 4 cents a share, from a profit of $6.2 million, or 13 cents a share, a year earlier. Latest quarter results reflect 3 cents a share in expenses related to strategic initiatives, which was a cent higher than anticipated, the company said. Revenue increased to $197.2 million from $190.9 million a year ago while same-store sales rose 0.5% from the same period last year. Analysts surveyed by FactSet had forecast Container Store to report earnings of 5 cents a share on revenue of $200 million. Shares sank 12% in after-hours trading.

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