Tag: stock market

Dell Inc. is exploring a number of transformative strategic alternatives, including an IPO and a deal with VMware Inc. , according to a Wall Street Journal report Thursday night. Dell currently holds a stake in VMware, which is valued at about $50 billion. Dell went private in 2013 after it was acquired by Michael Dell, its founder and CEO. In 2015, Dell acquired EMC Corp. for $67 billion.

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President Donald Trump will back a pathway to citizenship for 1.8 million undocumented immigrants who came to the U.S. as children, NBC News and other outlets reported Thursday, citing a telephone briefing by the White House for Republican congressional staff. White House demands include a $25 billion “trust fund” for a border wall and an end to so-called chain migration, NBC said.

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Western Digital Corp. shares plunged in the extended session Thursday after the company reported fiscal second-quarter earnings. Shares fell 5% to $83.51 after hours. The hardware maker reported fiscal second-quarter net losses of $823 million, or a loss of $2.78 a share, compared with a net income of $235 million, or 80 cents a share, in the year-ago period. GAAP losses include a net tax charge of $1.6 billion due to changes in the U.S. tax code. Adjusted earnings were $3.95 a share. Revenue rose to $5.34 billion from $4.89 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $3.80 a share on revenue of $5.31 billion. Analysts model fiscal third-quarter adjusted earnings of $3.06 a share on revenue of $4.95 billion. Western Digital stock has gained 10% in the past year, with the S&P 500 index rising 24%.

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Shares of Starbucks Corp. fell more than 3% late Thursday after the company reported same-store sales below expectations and narrowly missed sales forecasts. Starbucks said it earned $2.25 billion, or $1.57 a share, in the quarter, compared with $752 million, or 51 cents a share, in the year-ago period. Adjusted for one-time items, Starbucks earned 65 cents a share, including a 7-cent benefit from the U.S. tax overhaul. Sales rose to $6.1 billion, from $5.7 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 57 cents a share on sales of $6.2 billion. Starbucks’ same-store sales rose 2% globally. The analysts surveyed by FactSet had expected a 3% rise. The company said it expects GAAP per-share earnings in the range of $3.32 to $3.36 for fiscal 2018, and adjusted EPS in the range of $2.48 to $2.53 for the year. The new guidance is “consistent” with prior guidance but it was updated to include impact of the new tax rate and related reinvestments, the company said. Shares ended the regular session down 0.5%.

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Intel Corp. shares rallied in the extended session Thursday after the chipmaker’s quarterly earnings and 2018 outlook topped Wall Street views. Intel shares rose 4% to $47.10 after hours. The company reported a fourth-quarter loss of $687 million, or 15 cents a share, compared with net income of $3.87 billion, or 73 cents a share, in the year-ago period. Adjusted earnings, factoring out the $5.4 billion tax loss from recently passed U.S. tax overhaul legislation, were $1.08 a share. Revenue rose to $17.05 billion from $16.37 billion in the year-ago period. Analysts surveyed by FactSet had estimated 87 cents a share on revenue of $16.34 billion. Intel estimates adjusted earnings of 65 cents to 75 cents a share on revenue of $14.5 billion to $15.5 billion for the first quarter, and earnings of $3.37 to $3.73 a share on revenue of $64 billion to $66 billion for the year. Analysts expect earnings of 72 cents a share on revenue of $15.03 billion for the first quarter, and $3.27 a share on revenue of $63.86 billion for the year. Intel’s board also increased the annual dividend by 10% to $1.20 a share.

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Equinix Inc. Chief Executive Steve Smith resigned Thursday after what the company called “poor judgment with respect to an employee matter.” Equinix will replace Smith on an interim basis with former CEO Peter Van Camp, who had been serving as executive chairman for the data-center company since handing the reins to Smith in 2007. “The Board gave this matter the deepest consideration and recognizes the many contributions Steve made over the past eleven years to achieve the global scale, reach and market leadership the company enjoys today. He has worked hard to grow and sustain the business, and we greatly appreciate his efforts,” Van Camp said in the announcement, adding that the incident that led to Smith’s resignation “was not related to the company’s operational performance or financial condition.” Equinix shares fell more than 1% in after-hours trading following the announcement.

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George Soros delivered a strident criticism of two of the world’s biggest technology giants: Facebook Inc. and Google Inc., in a Thursday speech. The billionaire investor who runs family office Soros Fund Management said Facebook Inc. and Google are “obstacles to innovation.” He said their businesses and social networks would see marginal returns, during a speech in Davos, Switzerland at the World Economic Forum. The remarks from the prominent octogenarian come as Facebook is restructuring its newsfeed and social-media platform in the face of criticisms that platforms like Google and Facebook helped to turn the tide of the 2016 U.S. election in favor of Donald Trump, giving a platform to Russians to influence voters. He said the days of dominance of those tech giants are numbered because of taxation and regulation.

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World Wrestling Entertainment Inc. Chief Executive Vince McMahon said Thursday he plans to relaunch his XFL professional-football league in 2020, and will not allow players to make political statements on the field. McMahon, whose previous XFL attempt fell apart after two seasons, said he would use $100 million of his own money to start the league apart from the WWE; McMahon sold just under $100 million in WWE stock late last year, according to a filing with the Securities and Exchange Commission. In a news conference announcing the league, which McMahon said would have eight teams, he said that his ownership of all the teams would allow him to have greater control over players than in the National Football League. NFL players were lambasted by President Donald Trump earlier this year for kneeling during the national anthem as a protest against police brutality and racial injustice; McMahon’s wife, Linda, works in the Trump administration as head of the Small Business Association. “People don’t want social and political issues coming into play when they are trying to be entertained,” McMahon said, according to ESPN.com. “We want someone who wants to take a knee to do their version of that on their personal time.” McMahon also said he would not accept any player with a criminal record.

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Billionaire investor George Soros on Thursday warned that President Donald Trump’s administration threatens to put the U.S. and North Korea on a war footing. He described the administration as “a danger to the world” but said he expected a landslide win during the 2018 midterm elections in the U.S. to turn the tide on the presidency. The 87-year-old Hungarian-born investor’s comments came during a speech in Davos, Switzerland at the World Economic Form. Soros in the past has expressed concerns about Trump and democracy across the globe since Britain voted to exit from the European Union in June of 2016. According to The Wall Street Journal, Soros lost about $1 billion on wrong-way bets following the stock market’s rally after Trump’s election victory. Soros helped pioneer the hedge-fund industry and is best known for an outsize bet against the pound in the early 1990s.

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The U.S. Securities and Exchange Commission is looking into “certain market practices” by participants in the municipal bond market, according to Bloomberg News. The California treasurer’s office said the SEC was conducting an investigation into the $3.8 trillion market, after a request for information led to the unexpected disclosure. But the treasurer’s office was vague on the extent of the probe. An SEC spokesman declined to comment on the report.

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