Tag: stock market

Marathon Petroleum Corp. said Friday it agreed to sell its general partner economic interest in MPLX LP, a master limited partnership formed to develop and acquire midstream energy assets, to MPLX in exchange for 275 million MPLX shares. Based on Thursday’s closing price for MPLX shares of $37.94, the deal is valued at $10.43 billion. After the deal’s closing, which is expected to be Feb. 1, 2018, Marathon will own about 64% of MPLX shares outstanding. Shares of Marathon and MPLX were still inactive in premarket trade. Marathon’s stock has gained 9.6% year to date, while MPLX shares have run up 28% and the S&P 500 has gained 18.5%.

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Performance Food Group Co. said Friday Chief Financial Officer Tom Ondrof will leave the position, to become the foodservice distributor’s strategic growth leader. Ondrof joined the company as CFO in October 2016. He will be succeeded as CFO by Jim Hope, currently the executive vice president of operations, effective March 1, 2018. Separately, the company said it still expects 2018 adjusted earnings per share to grow 13% to 18% over a year ago. The FactSet 2018 EPS consensus of $1.41 implies 13.7% growth over last year’s $1.24. The stock, which was inactive in premarket trade, has rallied 27.3% year to date, while shares of rival Sysco Corp. have gained 10.0% and the S&P 500 has climbed 18.5%.

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European Union leaders on Friday agreed to move to the second phase of talks with the U.K. over Britain’s exit from the bloc. Leaders of 27 EU member states determined that a sufficient amount of progress in negotiations has been made in recent months and they are now ready to start discussing trade an other issues. Donald Tusk, president of the European Council, in a tweet congratulated U.K. Prime Minister Theresa May. EU leaders made the decision in Brussels where they gathered for a summit.

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CSX Corp. said Thursday that it’s President and CEO E. Hunter Harrison has been placed on medical leave “due to unexpected complications from a recent illness.” The board of directors named Chief Operating Officer James Foote as acting CEO. “Hunter is a good friend and has been a colleague of mine for many years. He is an icon in the industry and we pray for his speedy recovery,” Foote said in a company press release. The company said it would update investors on the situation with a conference call Friday at 7:30 a.m. Eastern. CSX, based in Jacksonville, Fla., provides rail, intermodal and rail-to-truck services.

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Airbus SE Chief Executive Tom Enders has told the board he will depart in 2019, The Wall Street Journal reported late Thursday. Airbus declined to comment on the changes, the Journal said. Fabrice Brégierand, the company’s Chief Operating Officer will take over the top boss spot. Airbus faces turnover among senior executives as it is facing corruption allegations and other regulatory scrutiny in multiple countries including the U.S., France, U.K. and Germany, the Journal reported.

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Waste Management Inc. shares ticked higher in the extended session Thursday after the trash disposal and recycling company’s board hiked the quarterly dividend 9.4% and approved share buybacks. Waste management shares rose 1% to $85.47 after hours. The company raised its quarterly dividend to 46.5 cents a share from 42.5 cents a share. Also, Waste Management said it plans to buy back up to $1.25 billion in shares with the plan to go into effect immediately.

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Shares of Jabil Inc. rose more than 4% late Thursday after the St. Peterburg, Fla., company reported fiscal 2018 first-quarter earnings and sales above Wall Street forecasts. Jabil said it earned $64 million, or 35 cents a share, in the quarter, compared with $87 million, or 47 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 80 cents a share, compared with 69 cents a share a year ago. Revenue rose to $5.6 billion in the quarter, from $5.1 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 79 cents a share on sales of $5.5 billion. For the second quarter, Jabil said it expects revenue between $4.75 billion and $5.05 billion, and adjusted earnings of 50 cents to 74 cents a share. Jabil shares ended the regular trading session Thursday down 3.8%.

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Shares of Costco Wholesale Corp. rose 1.1% late Thursday after the retailer reported fiscal first-quarter per-share earnings and revenue above Wall Street estimates. Costco said it earned $640 million, o $1.45 a share, in the quarter, compared with $545 million, or $1.24 a share, in the year-ago period. Revenue rose to $31.81 billion, compared with $28.1 billion a year ago. Analysts polled by FactSet had expected earnings of $1.33 a share on revenue of $31.13 billion. Comparable-store sales rose 10.5%, and e-commerce sales rose 43.5%, Costco said. The stock ended the regular Thursday session down 0.9%.

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Oracle Corp. shares declined in the extended session Thursday after the enterprise software company topped broader Wall Street estimates but fell short of the mark on cloud revenue estimates. Oracle shares fell 4% to $48.20 after hours. The company reported fiscal second-quarter net income of $2.23 billion, or 52 cents a share, compared with $2.03 billion, or 48 cents a share, in the year-ago period. Adjusted earnings were 70 cents a share. Revenue rose to $9.62 billion from $9.04 billion in the year-ago period, or to $9.63 billion from $9.07 billion adjusted. Analysts surveyed by FactSet had estimated earnings of 68 cents a share on revenue of $9.57 billion. Total cloud revenue rose 44% to $1.52 billion while software-as-a-service revenue grew 55% to $1.12 billion. Analysts had forecast total cloud revenue of $1.56 billion, and forecast SaaS revenue of $1.14 billion.

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Adobe Systems Inc. shares rose in the extended session Thursday after the software maker beat Wall Street sales and earnings expectations. Adobe stock rose 3.5% to $181.23 after hours. The company reported fiscal fourth-quarter net income of $501.6 million, or $1 a share, compared with $399.6 million, or 80 cents a share, in the year-ago period. Adjusted earnings were $1.26 a share. Revenue rose to $2.01 billion from $1.61 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.16 a share on revenue of $1.95 billion. For the first fiscal quarter of 2018, analysts model adjusted earnings of $1.25 a share on revenue of $2.04 billion. Adobe stock has gained 71% this year, with the S&P 500 index rising 19%.

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