Tag: stock market

U.S. stock benchmarks opened slightly higher on Tuesday to close out October, as the Federal Reserve looks poised to kick off a two-day policy meeting, which could help guide trading on the day and into November. The Dow Jones Industrial Average rose 16 points, or less than 0.1%, at 23,365, the S&P 500 index added 2 points, or 0.1%, at 2,575, while the Nasdaq Composite Index advanced the most among its equity-benchmark peers, up 0.3% at 6,716. In corporate news, shares of Under Armour Inc. slid on a revenue miss and profit warning, Archer Daniels Midland Co. stock slid after disappointing earnings, while shares of Mastercard Inc. rose on better-than-expected results.

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The British pound jumped to a three-day high versus the U.S. dollar following reports that the European Union’s chief Brexit negotiator Michel Barnier said he was ready to speed up the talks between Brussels and London. At the same time, the British government agreed to hire an additional 5,000 staff for post-Brexit planning, according to reports. The pound rallied to an intraday high of $1.3257, and last changed hands at $1.3247, compared to $1.3207 late Monday. Sterling also strengthened against the euro , with one euro buying £0.8786, down 0.4%.

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Shares of Apple Inc. surged 0.9% in premarket trade Tuesday, putting it on track to open in record territory, after Piper Jaffray analyst Michael Olson became the third analyst to target a $200 share price. The stock changed hands at $168.16 ahead of the open, above Monday’s all-time intraday high of $168.07. At current prices, the stock would be headed to the best four-day stretch since September 2016. Piper’s Olson reiterated his overweight rating, while raising his stock price target to $200 from $196, which ties for the second-highest target among the 37 analysts surveyed by FactSet. The highest target is Drexel Hamilton’s $208. Olson said he boosted his target after a recent survey of iPhone owners showed “significantly higher upgrade intentions” compared with last year’s survey, with nearly half of those indicating they will buy the higher-priced iPhone X over the iPhone 8. As a result, he raised his fiscal 2018 estimates for average selling prices to $720 from $710 and for earnings per share to $11.17 from $11.11. The stock has run up 12.1% over the past three months through Monday, while the Dow Jones Industrial Average has gained 6.7%.

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Hospital operator HCA Healthcare Inc. said Tuesday it had net income of $42.6 million, or $1.15 a share, in the third quarter, down from $618 million, or $1.59 a share, in the year-earlier period. Revenue rose to $10.7 billion from $10.3 billion. The FactSet consensus was for EPS of $1.32 and revenue of $10.7 billion. The company said hurricanes Irma and Harvey shaved about 24 cents off EPS and reduced revenue by about $140 million. Same-facility admissions rose 0.6% from the year earlier. The company said it now expects full-year revenue of $43 to $44 billion and full-year EPS of $6.45 to $6.70. The FactSet consensus is for revenue of $43.2 billion and EPS of $6.78. Shares were slightly lower premarket, but have gained about 3% in 2017, while the S&P 500 has gained 15%.

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Shares of Lumber Liquidators Holdings Inc. plunged 9.1% in premarket trade Tuesday, after the hardwood flooring retailer reported a surprise third-quarter loss and sales that fell short of expectations, according to FactSet data. The net loss was $18.92 million, or 66 cents a share, after a loss of $18.44 million, or 68 cents a share, in the same period a year ago. The FactSet consensus for earnings per share on a GAAP (generally accepted accounting principles) basis was 2 cents. The company said excluding an increase in reserves for the execution of a memorandum of understanding (MOU) in connection with multidistrict litigations (MDLs) and legal fees, and other smaller non-recurring items, operating income would have been $5.1 million. Revenue rose to $257.2 million from $244.1 million, but missed the FactSet consensus of $261.8 million, while same-stores sales growth of 3.8% missed expectations of 5.3%. The company said the hurricane season had a “slight negative impact” on sales. The stock has soared 41% over the past three months through Monday, while the SPDR S&P Retail ETF has lost 4.1% and the S&P 500 has gained 4.2%.

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Shares of Mastercard Inc. rose more than 2% in premarket trade on Tuesday after the credit and debit card company reported earnings for the third quarter that were above Wall Street expectations. Mastercard reported net income of $1.4 billion, or $1.34 per share, up from $1.2 billion, or $1.08 per share during the same period a year ago. FactSet’s earnings consensus was for $1.23 per share. Revenue was $3.4 billion, compared with $2.9 billion a year ago, and above the FactSet consensus of $3.3 billion. Mastercard said that as of Sept. 30, its customers had issued 2.4 billion Mastercard and Maestro-branded cards. The company also bought back about 6.4 million shares for $838 million during the quarter. Shares of Mastercard have gained more than 44% in the year to date, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up more than 18%.

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Kellogg Co. shares rose 4.5% in Tuesday premarket trading after the food company reported third-quarter earnings and revenue that beat estimates. Net income totaled $297.0 million, or 85 cents per share, up from $292.0 million, or 82 cents per share, for the same period last year. Adjusted EPS was $1.05, ahead of the 94-cents FactSet consensus. Revenue was $3.27 billion, up from $3.25 billion last year and ahead of the $3.21 billion FactSet consensus. Kellogg reiterated its full-year 2017 earnings guidance, however guidance is given on a currency-neutral basis. Kellogg shares are down 21.6% for the past year while the S&P 500 index is up 21% for the period.

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Denny’s Corp. said Tuesday its board has approved an additional $200 million authorization to its share buyback program. The franchisor and fast-food restaurant operator made the announcement as it agreed a new five-year $400 million revolving credit facility, which replaces a $325 million revolving line of credit. Shares were not yet active premarket, but have edged up 0.1% in 2017, while the S&P 500 has gained 15%.

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Shares of Archer Daniels Midland Co. were lower in pre-market trading on Tuesday after the company missed expectations. Archer Daniels reported net earnings of $192 million, or 34 cents per share, down from $341 million, and 58 cents, in the year-ago period. Adjusted EPS was 45 cents, missing the FactSet consensus of 55 cents. Revenue for the quarter came to $14.83 billion, down from $15.83 billion, and below the consensus estimate of $16.04 billion among FactSet analysts. Oilseeds processing revenue came to $5.75 billion, down from $5.78 billion, but beating FactSet’s consensus estimate of $6.19 billion. Third-quarter results “were below our expectations,” CEO Juan Luciano said. The company is transitioning to “lower capital spending and increasing benefits from these investments,” he added. Shares are 6.2% lower for the year to date, while the S&P 500 [s:spx] is up 14.9% for the same period.

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Shopify Inc. shares rose 2.1% in Tuesday premarket trading after the company reported earnings that beat expectations. Shopify is a cloud-based multi-channnel commerce platform for small- and medium-sized businesses. The company reported a net loss of $6.8 million, or 9 cents per share, compared with a loss of $9.7 million, or 11 cents per share, for the same period last year. Adjusted EPS was 5 cents, ahead of the FactSet consensus for a 2-cents loss. Revenue was $171.5 million, up from $99.6 million and ahead of the $166.0 million. Shopify has announced a second office in Waterloo, Ontario Canada, and plans to hire 300-to-500 people over the next two-to-three years. Shopify expects fourth-quarter revenue in the range of $206.0 million to $208 million, and full-year revenue in the range of $656 million to $658 million. The FactSet consensus is for fourth-quarter sales of $204.3 million and full-year revenue of $650.4 million. Shopify shares are up 163.8% for the past year while the S&P 500 index is up 21% for the period.

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