Tag: stock market

Xilinx Inc. shares rose in the extended session Wednesday to near 17-year highs after the chipmaker reported record revenue for the quarter, topping Wall Street estimates. Xilinx shares rallied 4.8% to $77 after hours. The company reported third-quarter net income of $11.9 million, or 5 cents a share, compared with $141.8 million, or 52 cents a share, in the year-ago period. Results included a charge of $183 million from the recently passed U.S. tax overhaul law. Revenue rose to $631.2 million from $585.7 million in the year-ago period. Analysts surveyed by FactSet had estimated 63 cents a share on revenue of $630 million. “We delivered our ninth consecutive quarter of revenue growth with December quarter revenues establishing a new record for Xilinx and we achieved our operating margin target of 30% one quarter ahead of schedule,” said Moshe Gavrielov, Xilinx president and chief executive, in a statement. For the fourth quarter, Xilinx estimates revenue of $635 million to $665 million, and a tax rate of 0% to 5%. Analysts expect revenue of $643.4 million.

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Dolby Laboratories Inc. shares surged in the extended session Wednesday after the electronics maker reported its fiscal first-quarter results. Dolby shares jumped nearly 9% to $70 after hours. The company reported fiscal first-quarter net losses of $81.6 million, or a loss of 51 cents a share, compared with net income of $84.1 million, or 79 cents a share, in the year-ago period. Adjusted earnings were 79 cents a share. In the fiscal first quarter, Dolby recorded a tax expense of $154.6 million related to the new U.S. tax law. Revenue rose to $287.8 million from $266.3 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 44 cents a share on revenue of $266 million. For the fiscal second quarter, analysts model earnings of 58 cents a share on revenue of $291 million. Dolby estimates fiscal second-quarter earnings of 60 cents to 66 cents a share on sales of $295 million to $305 million. Dolby stock has gained 30% in the past year, with the S&P 500 index rising 25%.

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Whirlpool Corp. shares fell in the extended session Wednesday after the company reported fourth-quarter results. Whirlpool stock dropped 1% to $177.07 after hours. The home appliance maker reported fourth-quarter net losses of $268 million, or a loss of $3.69 a share, compared with net earnings of $180 million, or $2.63 a share, in the year-ago period. Adjusted earnings were $4.10 a share. Revenue rose to $5.7 billion from $5.66 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $3.99 s share on revenue of $5.83 billion. Whirlpool expects full year 2018 earnings of $12.45 to $13.45 a share, while analysts model earnings of $14.56 a share. Whirlpool stock has fallen 5% in the past year, with the S&P 500 index rising 25%.

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Varian Medical Systems Inc. shares soared more than 11% from prices that were already record highs in late trading Wednesday after reporting stronger-than-expected earnings results. The maker of medical devices reported a first-quarter net loss of $112.2 million, or $1.22 a share, on sales of $678.5 million, up from $601.5 million a year ago. Varian said that its earnings were hit by the new tax law, as it will take a charge of $169.3 million for repatriating overseas earnings and recognize a $37.8 million charge for deferred tax benefits. After adjusting for the tax charges and other effects, the company claimed profit of $1.06 a share, more than double the adjusted earnings of 50 cents a share reported a year ago. Analysts on average expected adjusted earnings of 93 cents a share on sales of $635 million, according to FactSet. The company also increased its full-year guidance, now predicting revenue growth of 4% to 7% and annual adjusted earnings of $4.24 to $4.36 a share. Varian shares closed at a record high of $103.05 Wednesday, then shot higher than $126 in late trading following the release of the results.

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Shares of Ford Motor Co. fell nearly 1% late Wednesday after the car maker reported mixed preliminary fourth-quarter results. Ford reported a net income of $2.4 billion, or 60 cents a share, in the quarter, versus a loss of $781 million, or 20 cents a share, in the year-ago period. Adjusted for one-time items, Ford earned 39 cents a share, compared with 30 cents a share a year ago. Sales rose 7% to $41.3 million, compared with $38.7 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 43 cents a share on sales of $36.3 billion. Ford shares ended the regular session up 0.8% but still hovered around four-month lows.

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Lam Research Corp. shares rose in the extended session Wednesday after the chip-making equipment company’s quarterly results and outlook topped Wall Street estimates. Lam shares rose 3% to $216.60 after hours. The company reported a fiscal second-quarter loss of $10 million, or 6 cents a share, compared with earnings of $590.7 million, or $3.21 a share, in the year-ago period. Adjusted earnings were $4.34 a share. Revenue rose to $2.58 billion from $1.88 billion in the year-ago period. Analysts surveyed by FactSet had estimated $3.68 a share on revenue of $2.57 billion. For the third quarter, Lam estimates adjusted earnings of $4.20 to $4.50 a share on revenue of $2.73 billion to $2.98 billion. Analysts expect earnings of $3.77 a share on revenue of $2.65 billion. Lam also announced that Tim Archer, who will remain chief operating officer, was promoted to president, and Martin Anstice will continue on as chief executive.

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Shotspotter Inc. said late Wednesday that it will partner with Verizon Communications Inc. to expand its gunshot-detection network by using a Verizon internet-of-things platform set up on street lights. Shotspotter stock is up 8.5% to $17.50 and Verizon stock is flat after hours. Now attached to Verizon’s Light Sensory Network, Shotspotter will be able to cover larger areas in cities with its tech, which uses acoustic sensors and software to detect and pinpoint gunshots in “near real time.” The acoustic and other data the tech collects is then sent to emergency dispatchers and law enforcement, which can respond more quickly to potential safety concerns, Shotspotter said. Shotspotter went public in 2017 at $11 and the stock is up 28% in the past six months, as the S&P 500 index has gained 15%.

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Cerus Corp. shares rose 17.6% in Wednesday trade after the company said a late-stage clinical trial evaluating the company’s Intercept treatment for chronic anemia in patients with the inherited blood disorder thalassemia had positive results. In the phase 3 trial, which enrolled 86 patients, individuals with Intercept-treated red blood cells met the trial’s primary efficacy and safety endpoints, the company said. The company plans to file for commercialization in Europe in the second half of this year. Cerus shares have surged 77.4% over the last three months, compared with a 10.5% rise in the S&P 500 and a 11.8% rise in the Dow Jones Industrial Average .

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A unit of Electronic Arts Inc. has pushed the release of one of its key gaming titles into early 2019, several months behind its scheduled release this year, according to the gaming blog Kotaku. EA stock is down 2.8% to $114.44 in afternoon trading Wednesday. The stock was trading steadily until the report hit the web at 1:30 p.m eastern time. Kotaku, citing unnamed sources, reported that EA’s BioWare unit has pushed back the release of “Anthem,” which the company announced in 2017. “All else equal, this likely wouldn’t have a massive impact to estimates; it raises further concerns about the production of the game if it gets pushed a second time,” wrote KeyBanc analyst Evan Wingren in a note to clients. “These concerns are likely to be amplified given the recent execution concerns. We currently model 9M units for the game.” EA will not allow BioWare to delay the release beyond March 2019, when the company’s fiscal year closes, the report said. EA did not immediately respond to a request for comment. EA stock is up 43% in the past year, as the S&P 500 index rose 25%.

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Campbell Soup Co. said Wednesday it is planning to close a manufacturing plant in Toronto and move its Canadian headquarters and commercial operations to a new location in the Greater Toronto Area. The food company said the move is part of a previously announced cost saving program that has already generated $345 million in annual savings. “Several factors have resulted in excess capacity in Campbell’s North American thermal supply chain network, including significant productivity improvements and volume declines of canned soup in North America,” said the company. Canadian production will be integrated into the U.S. manufacturing network. The company said 380 jobs out of 600 will be affected. Campbell currently has about 18,500 employees worldwide. Shares were down about 1% Wednesday, and have fallen 26% in the last 12 months, while the S&P 500 has gained 25%.

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