Tag: stock market

California Public Employees’ Retirement System, or Calpers, elected Priya Mathur as board president, the first woman to hold the elected position, the agency said late Tuesday. Mathur joined the board of the $358 billion fund in 2002 and has represented public employees, serving on four committees. In addition to her work at Calpers, which is the largest defined public-benefit pension in the U.S., Mathur is principle financial analyst for the Bay Area Rapid Transit District. Calpers also elected Rob Feckner as vice president; Feckner has served as the board president in the past.

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Boeing Co. and Adient Plc said Tuesday they formed a joint venture, Adient Aerospace, to develop, manufacture, and sell airplane seats. “Seats have been a persistent challenge for our customers, the industry and Boeing, and we are taking action to help address constraints in the market,” Kevin Schemm, a vice president at Boeing, said in a statement. The seats will be available for new planes as well as retrofit configurations, the companies said. Adient is primarily a maker of seating for the auto industry. The new joint venture headquarters and plant will be located near Frankfurt, Germany. Adient is the majority stakeholder, with 50.01% share, with Boeing the 49.99% partner. Shares of Boeing rose 0.1% in late trading after ending the regular session down 0.3%; Adient shares fell 2.7% in after hours after ending the regular trading day down 0.6%.

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Celgene Corp. is in talks to buy Juno Therapeutics Inc. , according to a report on The Wall Street Journal Tuesday that cited unnamed sources. Juno is a biotech company developing cancer treatments. Juno stock soared more than 30% in late trading Tuesday and ended the regular trading day down 6.5%. Celgene shares rose 1% and closed the regular session down 1.1%. Celgene earlier this month released preliminary fourth-quarter and full-year 2017 results and provided a downbeat outlook for 2018.

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Papa John’s International Inc. Chief Financial Officer Lance Tucker is leaving the company March 2, to take the CFO job at Jack in the Box Inc. , Papa John’s said late Tuesday. Papa John’s stock was down 3.3% to $58.45 after hours. Tucker’s exit follows former Chief Executive John Schnatter’s decision to resign the top boss position as of Jan. 1. Papa John’s president Steve Ritchie replaced Schnatter in the CEO spot. Papa John’s stock has lost 29% in the past 12 months, as the S&P 500 index rose 23%.

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Aerohive Networks Inc. warned Tuesday that fourth-quarter revenue will be lower than the company’s previous guidance. Aerohive said that it expects revenue of about $37 million for the final quarter of 2017, after previously stating expectations of $40 million to $42 million. The company said it expects to report a net loss of $3 million to $4 million, but a non-GAAP operating profit after subtracting stock-based compensation and other effects. “Following the change in our sales leadership at the end of our third quarter, we uncovered underlying sales execution issues which became fully apparent in the last month of the fourth quarter,” Chief Executive David Flynn said in Tuesday’s announcement. “We have taken actions to replace underperforming sales team members, and we believe that the new people we have been putting in place, combined with other actions, will enable us to capitalize on our improved product offering and exciting roadmap in 2018.” The company expects to fully report fourth-quarter earnings on Feb. 8. Aerohive shares plunged more than 18% in light after-hours trading following the announcement.

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A10 Networks Inc. shares dropped in the extended session Tuesday after the network software company cut its revenue outlook for the quarter. A10 shares dropped 17% to $6.05 after hours. The company forecast fourth-quarter revenue of $55.5 million to $56 million, down from its prior forecast range of $64 million to $67 million. A10 expects earnings of 5 cents to 6 cents a share, compared with a previous estimated range of 1 cents to 7 cents a share. Analysts surveyed by FactSet had estimated earnings of 3 cents a share on revenue of $65.1 million. “We are disappointed with our revenue results for the quarter, which were below our guidance primarily due to a shortfall in North America sales as we experienced lower than expected seasonal demand trends in the region,” said Lee Chen, A10 president and chief executive, in a statement.

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Shares of CSX Corp. rose 1.5% late Tuesday after the railroad company reported adjusted earnings above Wall Street expectations. CSX said it earned $4.1 billion, or $4.62 a share, in the fourth quarter, compared with $458 million, or 49 cents a share, in the year-ago period. The net earnings included a $3.6 billion tax reform benefit and a $10 million restructuring charge, the company said. Adjusted for these and other items, CSX earned $573 million, or 64 cents a share. Sales reached $2.86 billion, from $3.04 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 56 cents a share on sales of $2.88 billion. The stock ended the regular trading session down 1.9%.

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Stock indexes shed their earlier gains on Tuesday to end slightly below break-even levels. The S&P 500 fell 10 points, or 0.3%, to 2,777, according to preliminary figures. The Dow Jones Industrial Average declined 10 points to 25,793. The Nasdaq Composite Index was down 37 points, or 0.5%, to 7,234. The Dow gave up most of its advance that had taken the blue-chip index above 26,000 for the first time.

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Shale crude-oil production from seven major U.S. oil plays is expected to see a monthly climb of 111,000 barrels a day in February to 6.549 million barrels a day, according to a report from the Energy Information Administration released Tuesday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 76,000 barrels a day. February West Texas Intermediate oil settled on the New York Mercantile Exchange, ahead of the report’s release, at $63.73 a barrel, down 57 cents, or 0.9%.

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Troubled department-store operator Bon-Ton Stores Inc. said Tuesday it has entered forbearance agreements with some of its lenders, after failing to make a $14 million interest payment. The interest payment was due Dec. 15, but the company opted to take a 30-day grace period that has now ended. Under the terms of the forbearance agreements which Bon Ton made with its ABL Credit Agreement lenders and a group of holders of about 75% of the company’s 8.0% second lien secured notes that mature in 2021, lenders have agreed not to exercise any remedies available to them for the missed payment. The agreements expire on Jan. 26, unless further extended. “As previously disclosed, the Company is engaged in ongoing discussions with its debt holders in an effort to strengthen its capital structure to support the business,” Bon-Ton said in a statement. The notes were last trading at 25 cents on the dollar, according to trading platform MarketAxess, but that was 9 points higher than their trading level on Friday. Shares, which trade over-the-counter, were down about 31% on Tuesday.

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