Tag: stock market

Lululemon Athletica Inc. shares were up 9.1% in Thursday premarket trading after the athletic company reported same-store sales that exceeded estimates. More than a half dozen analysts raised Lululemon’s price target after the earnings announcement. Lululemon’s same-store sales increased 8% in the third quarter, beating the 5.3% increase FactSet forecast. “Lululemon is firing on all cylinders,” wrote Susquehanna Financial Group analysts led by Sam Poser. “Improvements up and down the supply chain, strengthening customer engagement, and a burgeoning digital presence are driving solid results across geographies.” Lululemon shares are up 13.1% for the last year while the S&P 500 index is up 17.3% for the period.

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Sony Corp. said its PlayStation 4 (PS4) gaming and entertainment system has cumulatively sold more than 70.6 million units worldwide as of Dec. 3, while more than 617.8 million copies of PS4 games have been sold, both through retail stores and digital downloads. PlayStation VR, the virtual reality systems, has cumulatively sold through more than two million units, with more than 12.2 million copies of PS VR games sold. Sony Interactive Entertainment said there are currently more than 130 games and other entertainment content in development for PS VR, which are scheduled to launch by the end of 2018. The U.S.-listed shares of the Japan-based consumer electronics giant, which were still inactive in premarket trade, have soared 60% year to date, while the iShares MSCI Japan ETF has climbed 21% and the S&P 500 has gained 17%.

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American Tower Corp. said Thursday its board has approved a stock buyback program of up to $2 billion. The company has about $345 million remaining under its current authorization approved in March 2011. Shares were not yet active premarket, but have gained 34% in 2017, while the S&P 500 has gained 17%.

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Online lender Curo Group Holdings Corp. said Thursday it has priced its initial public offering at $14 a share. The company sold 6.7 million shares to raise $93.8 million. Proceeds will be used to pay down debt. Credit Suisse, Jefferies and Stephens Inc. were lead underwriters, with William Blair acting as co-manager. The stock will start trading later Thursday on the New York Stock Exchange under the ticker symbol “CURO”.

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Sage Therapeutics Inc. shares soared more than 65% in premarket trade Thursday, after the company reported positive results in a midstage trial of a depression treatment. Sage said the Phase 2 trial of Sage-217 involving 89 adult patients with moderate to severe major depressive disorder met its primary and secondary endpoints. These very encouraging data suggest the potential of SAGE-217 in the treatment of MDD as well as other mood-related disorders that we may pursue,” Sage Chief Executive Jeff Jonas M.D. said in a statement. There has been little innovation in depression treatments in the last two decades, he said. Shares have gained 80% in 2017 through Wednesday, while the S&P 500 has gained 17%.

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Pacira Pharmaceuticals Inc. said Thursday it has named Scott Braunstein as chief operation officer and Richard Scranton as chief scientific officer. Scranton will head research, while leading communications and market access for Exparel, the company’s non-opioid treatment for managing post-surgical pain. Shares were not yet active premarket, but have gained 34% in 2017, while the S&P 500 has gained 17%.

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Edwards Lifesciences Corp. said Thursday it authorized a new $1 billion stock repurchase program. At Wednesday’s stock closing price of $113.36, the program could represent about 4.2% of the shares outstanding. Separately, the heart disease treatment company said it entered into a $150 million accelerated stock buyback deal in November. The company also affirmed its 2017 financial guidance, and projected 2018 adjusted earnings per share of $4.10 to $4.30, compared with the FactSet consensus of $4.14. Revenue is expected to be $3.5 billion to $3.9 billion in 2018, representing underlying growth of 9% to 10%, and surrounding the FactSet consensus of $3.7 billion. “Our global growth is being driven by our transcatheter aortic valve therapies, and continued advancement in each of our market-leading product lines,” said Chief Executive Michael A. Mussallem. The stock, which was still inactive in premarket trade, has rallied 21% year to date, while the SPDR Health Care Select Sector ETF has climbed 19% and the S&P 500 has gained 17%.

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Shares of Ciena Corp. dropped 3.6% in premarket trade Thursday, after the networking technology company reported a fiscal fourth-quarter profit that missed expectation, although sales beat. Net income for the quarter to Oct. 31 rose to $1.16 billion, or $7.32 a share, from $36.6 million, or 25 cents a share, in the same period a year ago. Excluding non-recurring items, such as a $1.13 billion tax benefit, adjusted earnings per share came to 46 cents, below the FactSet consensus of 50 cents. Revenue rose to $744.4 million from $716.2 million, above the FactSet consensus of $736.9 million, as networking platforms revenue of $598.9 million beat expectations of $592.5 million. Separately, the company announced a new $300 million stock repurchase program, which will be in place through fiscal 2020. The stock has lost 13.3% year to date through Wednesday, while the SPDR Technology Select Sector ETF has run up 30.1% and the S&P 500 has gained 17.4%.

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Dollar General Corp. said Thursday it had net income of $253 million, or 93 cents a share, in the third quarter, up from $235 million, or 84 cents a share, in the year-earlier period. The EPS number included a 5 cents charge related to hurricane damage. Sales rose 11% to $5.90 billion and same-store sales rose 4.3%. The FactSet consensus was for EPS of 94 cents, sales of $5.79 billion and same-store sales growth of 2.7%. Chief Executive Todd Vasos said the company is planning to execute about 2,000 real estate projects in fiscal 2018, comprised of 900 new stores, 1,000 store remodels and 100 store relocations. “We continue to believe that investing in the business through our high-return new store growth is the best use of our capital to help drive long-term shareholder value. Our new store growth is complemented with a significant increase in our store remodel program from fiscal 2017 that we view as an investment to enhance and consistently deliver on our brand promise to help our customers save time and money every day,” he said in a statement. The company narrowed its fiscal 2017 guidance and now expects EPS of $4.37 to $4.47, compared with prior guidance of $4.35 to $4.50. It expects sales to grow about 7%, compared with prior guidance of 5% to 7% and it expects same-store sales to grow about 2.5%, compared with prior guidance of slightly positive to up 2%. Shares rose 1.3% premarket, and have gained 23% in 2017, while the S&P 500 has gained 17%.

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Hamas leader Ismail Haniya has called for a new Palestinian intifada — or uprising — against Israel after U.S. President Donald Trump on Wednesday recognized Jerusalem as the Israeli capital. “Jerusalem is being kidnapped and ripped from us,” Haniya said in a speech in Gaza on Thursday, according to media reports. “We should call for and we should work on launching an intifada in the face of the Zionist enemy,” he said. Trump’s move breaks with decades of U.S. policy to recognize Jerusalem as the capital, with previous administrations avoiding moves that could inflame tensions in the region. Jerusalem is a holy city to Muslims, Jews and Christians and has long been highly contested between Israel and Palestine. Israel claims all of the city is a united capital under its control, while the Palestinians see East Jerusalem as the capital of their future state.

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