Tag: stock market

Shares of FedEx Corp. rose more than 2% late Tuesday after the logistics company reported second-quarter results that beat Wall Street expectations. FedEx said it earned $755 million, or $2.84 a share, in the quarter, compared with $700 million, or $2.59 a share, in the year-ago period. Adjusted for one-time items, the company reported earnings of $3.18 a share, compared with $2.77 a share a year ago. Revenue rose to $16.3 billion in the quarter, from $14.9 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $2.73 a share on sales of $15.7 billion. “Strategic execution by the FedEx team and a stronger global economy drove improved financial results,” Chief Executive Frederick W. Smith said in a statement. The company is on track “for another record holiday-shipping season,” he said. Shares of FedEx ended the regular session up 0.3%.

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Stitch Fix Inc. shares plunged in the extended session Tuesday after the company reported earnings for the first time as a public company. Stitch Fix shares dropped 12% to $21.84 after hours. The online clothing retailer reported fiscal first quarter net income of $13.5 million, compared with $13.2 million in the year-ago period. Revenue rose to $295.6 million from $236 million in the year-ago period. Analysts surveyed by FactSet had estimated revenue of $295 million. For the fiscal second quarter, analysts model revenue of $286 million. Executives forecast fiscal second-quarter sales of $287 million to $294 million. Stitch Fix stock has gained 53% since its November IPO, with the S&P 500 index rising 4.3%.

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Micron Technology Inc. shares rose in the extended session Tuesday after the memory chip maker’s results for the November-ending quarter and outlook topped Wall Street estimates. Micron shares surged 3.8% to $45.55 after hours. By Tuesday’s close, Micron shares have risen just over 100% for the year. The company reported fiscal first-quarter net income of $2.68 billion, or $2.19 a share, compared with $180 million, or 16 cents a share, in the year-ago period. Adjusted earnings were $2.45 a share. Revenue rose to $6.8 billion from $3.97 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $2.20 a share on revenue of $6.44 billion. For the second quarter, Micron estimates earnings of $2.51 to $2.65 a share on revenue of $6.8 billion to $7.2 billion. Analysts had estimated earnings of $2.04 a share on revenue of $6.24 billion.

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Stocks ended with modest losses Tuesday, pulling back from all-time highs. Stocks remained lower as the House of Representatives, as expected, passed tax legislation that would slash corporate rates, sending it on to the Senate where a vote is expected Tuesday evening. The tech-weighted Nasdaq Composite ended 0.4% lower, while the S&P 500 lost 0.3%. The Dow Jones Industrial Average ended around 37 points, or 0.2%, lower to end around 24,755.

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Shares of General Electric Co. slumped 1% in afternoon trade Tuesday, putting them on course to close at the lowest level since Dec. 20, 2011. Since the stock closed at a 6-year low of $11.66 on Dec. 6, it has followed a three-session pattern of bouncing the next session, then closing at a lower 6-year low two sessions later; Tuesday’s selloff would be the third straight time the stock has followed that pattern. The stock has now plunged 14.2% since the new CEO John Flannery unveiled the industrial conglomerate’s turnaround plan on Nov. 13, while the Dow Jones Industrial Average has rallied 1,355 points, or 5.8%, over the same time.

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PlayAGS Inc., a Las Vegas-based maker of electronic gaming machines (EGMs), has filed to go public. The company, which was founded in 2005, has focused on supplying EGMs, including slot machines and video bingo machines, to the Native American gaming market. The filing said the company expects to raise $100 million in the offering, but that is a placeholder amount used to estimate a registration fee, as PlayAGS did not yet provide the number of shares it plans to sell. The company said it plans to apply for listing on the New York Stock Exchange, under the ticker symbol “AGS.” The company said it lost $35.9 million in the nine months ended Sept. 30, 2017, compared with a loss of $63.3 million in the same period a year ago. Revenue rose to $154.3 million from $124.1 million. The company’s IPO filing comes at a time that Renaissance IPO ETF has gained 5.9% over the past three months, while the S&P 500 has rallied 7.1%.

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The House of Representatives passed Republicans’ tax bill on Tuesday, advancing the sweeping legislation a step closer to enactment. The Tax Cuts and Jobs Act heads next to the Senate, where Majority Leader Mitch McConnell says it will come up for a vote Tuesday evening. The bill cuts corporate and individual rates and doubles the child tax credit, among many other steps. The vote in the House was 227 to 203, with no Democrats supporting the bill.

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Roku Inc.’s stock hit a new all-time intraday high in Tuesday trading, putting shares on course to close at a record high for the third straight session. Shares of the streaming-media firm are up 4% in afternoon trading. The company said in a filing released late Monday that Morgan Stanley had a 5.1% stake in the company. Roku shares are up 314% from their September IPO price of $14. The S&P 500 Index has gained 7.1% since Roku went public.

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After signing new deals with two major music labels, Alphabet Inc.’s YouTube may be in a good position to finally launch a new subscription streaming service. YouTube inked long-term agreements with Universal and Sony, according to Bloomberg. The arrangements establish royalty terms and require YouTube to get stricter about copyrighted content on its platform, the report said. YouTube signed a deal with Warner Music Group earlier this year. The service has introduced other subscription offerings over the years but is looking for a way to better compete with Apple Inc.’s Apple Music and Spotify. Alphabet shares are up 36% this year, while Apple’s stock has gained 51%. The S&P 500 has risen 20% in that time.

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The Senate will vote on the Republican tax bill Tuesday evening, Majority Leader Mitch McConnell said. The House is scheduled to vote on the legislation, called the Tax Cuts and Jobs Act, early Tuesday afternoon. Passage by both would allow signature by President Donald Trump as early as Wednesday.

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