Tag: stock market

Cannae Holdings Inc. said Wednesday that its portfolio company, ceridian HCM Holding Inc., a human resources services company, has confidentially filed for an initial public offering. Cannae, which owns majority and minority stakes in a number of companies, including food services company American Blue Ribbon Holdings LLC, said the number of shares and price range have not yet been determined. Cannae shares were not yet active premarket, but have gained 31% in the last 12 months, while the S&P 500 has gained 22%.

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General Electric Co. said Wednesday it signed contracts valued at over $900 million wiht Kazakhstan’s state-run railroad to help develop the country’s railway infrastructure. The contracts with GE Transportation include delivering 300 shunter locomotives and an 18-year service agreement for the maintenance of 175 Evolution series locomotives. The first 2 shunters are expected to be delivered in 2019, with the rest delivered over the next 10 years. GE’s stock fall 0.8% in premarket trade. The stock had shed 2.9% on Tuesday after the company disclosed billions in dollars in losses in its legacy insurance business. It has tumbled 21.5% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 12.2%.

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Construction and industrial supplies maker Fastenal Co; said Wednesday it had net income of $152.4 million, or 53 cents a share, in the fourth quarter, up from $114.8 million, or 40 cent a share, in the year-earlier period. Sales rose to $1.09 billion from $947.9 million. The FactSet consensus was for EPS of 45 cents and sales of $1.08 billion. The company said employee-related costs, which account for 65% to 70% of operating and administrative costs, rose 15.5% in the quarter, mostly due to an increase in its full-time equivalent headcount, higher expenses relating to improving growth including bonuses and commissions and profit sharing and the inclusion of personnel from the Mansco acquisition last year. Shares slid 3.6% in premarket trade, but have gained 15% in the last 12 months, while the S&P 500 has gained 22%.

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Shares of NeuroMetrix Inc. rocketed 78% toward a 7-month high in active premarket trade Wednesday, after chronic pain treatments company announced a collaboration with GlaxoSmithLine PLC involving NeuroMetrix’s lead product, Quell Wearable Pain Relief Technology. Volume topped 270,000 shares more than two hours before the open, compared with the full-day average of about 184,000 shares. Under terms of the collaboration, GlaxoSmithKline will acquire exclusive ownership of Quell technology for markets outside the U.S., while NeuroMetrix will retain exclusive ownership for the U.S. market. GlaxoSmithKline will pay $5 million, and up to $21.5 million for the achievement of certain development and commercialization milestones. NeuroMetrix’s stock has tumbled 71% over the past 12 months, while GlaxoSmithKline shares have slipped 3.5% and the S&P 500 has rallied 22%.

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Shares of Tiffany & Co. initially fell in premarket trade before recovering Wednesday, after the company said it expects the tax bill signed into law in December to create charges of $115 to $165 million for its quarter ending Jan. 31, 2018. The charges stem from a revaluation of the deferred tax assets as well as a repatriation tax on foreign earnings. The company unveiled the charges as it reported holiday sales and updated its outlook for fiscal 2017, saying it expects sales to rise about 4% from the year-earlier and for EPS to increase by a double-digit percentage over the $3.55 earned in fiscal 2016. Those numbers do not include the effect of the tax changes. The company also said sales for the two months ended Dec. 31 rose 8% to $1.05 billion, while same-store sales rose 5%. “While we are encouraged with the holiday sales results, we believe that the preceding negative comparable store sales trend can only be reversed on a sustainable basis by continuing to evolve our product offerings and customer experience and also by stepping up certain strategic spending in our business, all of which is reflected in our preliminary 2018 plans and earnings outlook,” Chief Executive Alessandro Bogliolo said in a statement. Shares have gained 35% in the last 12 months, while the S&P 500 has gained 22%.

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Bank of America shares rose Wednesday before the market opened even as the bank reported revenue results that missed analyst expectations. The bank reported fourth-quarter net income of $2.4 billion, down from $4.5 billion a year ago. Per-share earnings were 20 cents in the most recent quarter, down from 39 cents a year ago and missing the FactSet consensus of 45 cents. That included a 27-cent charge stemming from the tax package passed late in 2017. Total revenue came to $20.44 billion, an increase from the $19.99 billion booked a year ago but missing the FactSet consensus of $21.49 billion. Net interest income rose 11% to $11.5 billion, just shy of the FactSet consensus of $11.55 billion. Consumer banking revenue was $8.95 billion, vs. $8.11 billion a year ago. “Responsible growth delivered solid results in 2017,” said Brian Moynihan, the bank’s CEO, in a statement. Bank of America shares have gained 41.7% over the past 12 months, more than the 30.1% jump in the Dow Jones Industrial Average and most other big banks.

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Skanska AB shares dropped nearly 7% during Wednesday’s trading session after the Swedish construction heavyweight warned of a restructuring charge and said it plans to lay off thousands of workers. In a move to boost profitability, Skanska will take a restructuring charge of 1.1 billion Swedish krona ($1.36 billion) in the fourth quarter of 2017. That will be followed by a charge in 2018 of 600 million Swedish krona. Skanska said 3,000 employees will be laid off and that move should lead to annual cost savings of 1 billion Swedish krona. The company said it will restructure its Polish operations and leave the power sector in the U.S., among other moves.

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A former Central Intelligence Agency officer has been arrested on suspicion of betraying the agency’s informants in China, the New York Times reported late Tuesday. Jerry Chun Shing Lee, 53, was at the center of a mole hunt that began around 2012, the Times said, after more than a dozen informants in China were killed and the CIA’s spying operation in China was taken apart. Lee, who left the CIA in 2007 and had been living in Hong Kong, was arrested at JFK Airport and charged in northern Virginia federal court. Prosecutors said Lee had written down the real names and phone numbers of CIA informants and undercover agents in China. The loss of the spy network in China was seen as one of the biggest CIA blunders in recent years.

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The commanders of two U.S. Navy ships involved in fatal collisions last year will face negligent homicide charges, according to report late Tuesday. Citing a Navy spokesman, the Associated Press said the charges will be presented at an Article 32 hearing, which will determine if the officers should face court-martial. The charges involve incidents involving the USS Fitzgerald, in which seven sailors were killed after it hit a commercial ship off Japan last June, and the USS John S. McCain, in which 10 sailors died after the ship hit an oil tanker off Singapore in August. In November, a report found both incidents were preventable, and cited a number of failures by the respective crews.

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Exelixis Inc. and Ipsen said Tuesday that a cancer drug achieved its target in a late-stage study and will be submitted to the Food and Drug Administration before the end of the quarter. The companies said that its cabozantinib drug helped patients with advanced hepatocellular carcinoma survive a median 2.2 months longer than patients who received placebos in a phase 3 trial. “Given the worldwide prevalence of advanced hepatocellular carcinoma, there is a continued urgency to bring new treatment options to this patient population,” Exelixis Chief Medical Officer Gisela Schwab said in Tuesday’s announcement. “We look forward to submitting our supplemental New Drug Application to the FDA for cabozantinib in the first quarter of 2018.” The companies plan to present the results at a symposium in San Francisco later this week, and will hold a webcast meant for investors Friday evening. Exelixis shares were halted ahead of the announcement, and gained about 2% in after-hours action after they began trading again at 5:30 p.m. Eastern time.

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