Tag: stock market

Charlie Rose, host of the “Charlie Rose” show and a “60 Minutes” correspondent, was accused by multiple former employees of sexual harassment in a report released Monday afternoon. The Washington Post reported that eight women told reporters that Rose made unwanted advances toward them, including groping them and exposing himself. Three of the eight spoke on the record about their experiences, which happened on a small staff working on the “Charlie Rose” show, which airs on PBS but is produced by Rose’s own company. In a statement to the Post, Rose acknowledged the accusations and apologized, while saying he does not believe all of the women’s stories. “It is essential that these women know I hear them and that I deeply apologize for my inappropriate behavior,” Rose said. “I am greatly embarrassed. I have behaved insensitively at times, and I accept responsibility for that, though I do not believe that all of these allegations are accurate. I always felt that I was pursuing shared feelings, even though I now realize I was mistaken.”

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Stanley Furniture Co. Inc. said late Monday it has agreed to sell virtually all of its assets to Churchill Downs LLC for $11.5 million in cash, a $4.6 million subordinated secured promissory note of the buyer, and a 5% equity interest in Churchill Downs’ post-closing parent company. The buyer would also assume all of Stanley’s liabilities, Stanley said in a statement. Stanley would get to keep a few assets, including $1.5 million in cash and any remaining payments under an anti-dumping act. Churchill Downs is a Delaware limited liability company formed by Walter Blocker, the chairman of Vietnam Trade Alliance in Ho Chi Minh City, Vietnam, to acquire the Stanley assets, according to the statement. The asset sale, expected to close in the first quarter of 2018, is subject to shareholder approval and to the buyer securing financing. Stanley shares were halted in the late session after ending the regular session up 3.9%.

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Hormel Foods Corp. said late Monday its board of directors has authorized a 10% increase to the company’s annual dividend, to 75 cents a share from 68 cents a share, the company said in a statement. The first dividend of 18.75 cents is payable Feb. 15 to shareholders of record Jan. 16, Hormel said. Shares of Hormel were flat in late trading after ending the regular session up 0.9%.

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Agilent Technologies Inc. shares declined from a record closing price in late trading Monday after the company issued fiscal fourth-quarter earnings that were better than expected but forecast lower profit than analysts’ estimates. The scientific-equipment company reported fourth-quarter net income of $177 million, or 54 cents a share, on sales of $1.19 billion, up from $1.11 billion a year ago. After adjustments for acquisition costs and other effects, the company claimed profit of 67 cents a share, up from 59 cents a share a year ago. Analysts on average expected adjusted earnings of 62 cents a share on sales of $1.17 billion, according to FactSet. The company’s forecast for the fiscal first quarter and full year came up shy of analyst estimates, though. For the first quarter, Agilent expects adjusted earnings of 55 cents to 57 cents a share on sales of $1.15 billion to $1.17 billion, while analysts on average expected 60 cents a share on sales of $1.15 billion, according to FactSet. For the full year, Agilent guided for adjusted earnings of $2.50 to $2.56 a share on sales of $4.72 billion to $4.74 billion, while analysts on average expected adjusted profit of $2.59 a share on sales of $4.73 billion, according to FactSet. Agilent shares declined to less than $67 in late trading, after closing at an all-time high of $69.96.

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Palo Alto Networks Inc. shares rallied in the extended session Monday after the cybersecurity company reported earnings and outlook that topped Wall Street estimates and named a new financial chief. Palo Alto shares surged 6% to $150.49 after hours. The company reported a fiscal first-quarter loss of $64 million, or 70 cents a share, compared with a loss of $56.9 million, or 63 cents a share, in the year-ago period. Adjusted earnings were 74 cents a share. Revenue rose to $505.5 million from $398.1 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 68 cents a share on revenue of $488.8 million. Palo Alto estimates adjusted earnings of 78 cents to 80 cents a share on revenue of $518 million to $528 million for the fiscal second quarter, and $3.35 to $3.41 on revenue of $2.15 billion to $2.19 billion for the year. Analysts expect earnings of 77 cents a share on revenue of $519.6 million for the second quarter, and $3.31 on revenue of $2.15 billion for the year. Palo Alto also announced that Kathy Bonanno will become the company’s next chief financial officer.

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Shares of Urban Outfitters Inc. jumped more than 10% late Monday after the parent company of Anthropologie and other retail brands reported third-quarter sales and earnings above Wall Street expectations. Urban Outfitters said it earned $45 million, or 41 cents a share, in the quarter, compared with $47 million, or 40 cents a share, in the year-ago period. Sales were up 3.5% to $893 million, compared with $862 million a year ago, and a record for the company, Urban Outfitters said. Analysts polled by FactSet had expected per-share earnings of 33 cents a share on sales of $861 million. Comparable-store sales, which include the comparable direct-to-consumer channel, rose 1%. The analysts surveyed by FactSet had expected a decline in same-store sales of 2.2%. “Comparable Retail segment sales were driven by strong, double-digit growth in the direct-to-consumer channel, partially offset by negative retail store sales,” the company said.

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Intuit Inc. shares declined Monday afternoon despite a first-quarter earnings beat. The company, which makes accounting software such as QuickBooks, reported a net loss of $17 million, or 7 cents a share, on revenue of $886 million, up from $778 million a year ago. After adjustments for stock-based compensation and other effects, the company claimed earnings of 11 cents a share, up from 6 cents a share last year. Analysts on average expected adjusted earnings of 5 cents a share on sales of $855 million, according to FactSet. Intuit said it expected second-quarter adjusted earnings of 31 cents to 34 cents a share on sales of $1.16 billion to $1.18 billion. Analysts on average expected adjusted earnings of 32 cents a share on sales of $1.12 billion. Intuit stock declined about 1% in late trading after the report was released.

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Shares of General Electric Co. slumped 1.2% in afternoon trade Monday, after Moody’s Investors Service said the industrial conglomerate’s “mounting end-market challenges” outweigh any boost to cash flow from the halving of the dividend. The stock is suffering its fifth loss in six sessions, to shed 12.2% since the industrial conglomerate revealed its turnaround plan on Nov. 13. At that time, GE said it was cutting its annual dividend to 48 cents a share from 96 cents. Moody’s said in an issuer comment Monday that it expects the “severe deterioration” in GE’s power business to last at least through 2019. The ratings agency also expects continued weakness in GE’s oil and gas business, while its transportation business grapples with weak for freight locomotives. Last Thursday, Moody’s downgraded GE’s credit rating to A2 from A1, while affirming the short-term Prime-1 rating. GE’s stock has plunged 26.7% over the past three months and 43.1% year to date. In comparison, the Dow Jones Industrial Average has gained 8.1% the past three months and 18.5% this year.

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Janet Yellen on Monday announced she will leave the Federal Reserve — rather than stay on the board as governor — once her replacement as chair as in place. President Trump nominated Jerome Powell to take over from Yellen when her term expires in February. “As I prepare to leave the Board, I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses,” she wrote. She wrote she was confident that Powell “is deeply committed” to the mission of the central bank.

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President Donald Trump is putting North Korea back on the U.S.’s list of state sponsors of terrorism, the White House said Monday. Trump’s move will return North Korea to the list for the first time since 2008.

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