Tag: stock market

Xerox Corp.’s stock rose 1.5% in premarket trade Thursday, after the copy machine and other office products maker beat profit and revenue expectations, and raised its earnings outlook. Net income fell to $179 million, or 68 cents a share, from $183 million, or 69 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 89 cents, above the FactSet consensus of 83 cents. Revenue fell 5% to $2.50 billion from $2.63 billion, but beat the FactSet consensus of $2.49 billion, as services, maintenance and rentals revenue declined 3.1% to $1.44 billion. The company raised its 2017 adjusted EPS guidance range to $3.28 to $3.44 from $3.20 to $3.44, compared with the FactSet consensus of $3.36. The stock has soared 44% year to date through Wednesday, while the S&P 500 has gained 14% and the Dow Jones Industrial Average has climbed 18%.

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Mylan NV shares rose 1.7% in premarket trade Thursday on news that the company won an United Kingdom patent case over Teva’s popular multiple sclerosis drug Copaxone. Teva Pharmaceutical Industries Ltd. shares declined 0.6% in premarket trade. The United Kingdom’s High Court of Justice found that Teva’s patent claims related to the high, 40 mg dose of Copaxone were “invalid based on obviousness,” Mylan said. The U.K. decision could have positive implications for Mylan’s generic Copaxone becoming available in other parts of the world, Mylan said. Both the low and high doses of Mylan’s generic Copaxone were approved in the U.S.earlier this month; Teva noted immediately after the approval news that it is challenging Mylan and others in several patent lawsuits. Mylan shares have declined 0.4% over the last three months and Teva shares have plummeted 57.8%, compared with a 3.2% rise in the S&P 500 .

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LegoLand parent Merlin Entertainments PLC said Thursday that it will open a LegoLand Park in Goshen, New York in 2020, the third park in North America, joining California and Florida. It will be 60 miles from New York City and within two hours of 23 million people, the company said. The park will require a $350 million investment and include a 250-bedroom Lego-themed hotel that will be open throughout the year. The park will be open from April to November. The report is expected to create more than 1,000 jobs and 800 construction jobs. Merlin shares are down 17.5% for the year so far while the S&P 500 index is up 14.2% for the period.

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Pfizer Inc. will begin the auction process for its consumer healthcare unit in November, which it hopes will end in a $15 billion sale, Reuters reported late Wednesday, citing sources close to the matter. GlaxoSmithKline PLC. and Reckitt Benckiser are among those companies that have said they would consider bidding for the Pfizer unit. One of the sources told Reuters that initial discussions with Reckitt have already happened. Other possible bidders may include Procter & Gamble , Sanofi SA , Johnson & Johnson and Nestle [s:
ch:nesn], sources said. The companies have been contacted for comment.

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CSX Corp. shares added to losses after hours Wednesday as the railroad operator said it was postponing its investor conference following the appointment of a new chief operating officer. CSX shares fell 3.6% to $51 after hours, following a 2.6% decline to close at $52.92 during the regular session. CSX also announced after the bell it was buying back $1.5 billion in its shares. The company investor conference, which had been scheduled for Oct. 30, will be moved to “a later date,” the company said in a statement. Earlier Wednesday, CSX named James Foote as COO to succeed Cindy Sanborn, who plans to retire on Nov. 15.

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Universal Health Services Inc. shares fell in the extended session Wednesday after the hospital and health care facility operator reported quarterly results that missed Wall Street estimates and cut its outlook for the year. Universal Health shares fell 4.7% to $105.50 after hours. The company reported third-quarter net income of $141.2 million, or $1.47 a share, compared with $151.7 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $1.49 a share. Revenue rose to $2.78 billion from $2.61 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.67 a share on revenue of $2.83 billion. For the year, Universal Health reduced estimated earnings to a range of $7.25 to $7.50 a share from a range of $7.50 to $8 a share. Analysts had expected earnings of $7.66 a share.

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Varian Medical Systems Inc. shares dropped more than 6% in after-hours trading Wednesday following an earnings report that showed disappointing profit. The medical-device company reported fourth-quarter net income of $82.7 million, or 89 cents a share, on sales of $739 million, down from $747.2 million a year ago. After adjustments for restructuring and other effects, the company claimed earnings of $1.09 a share, up from $1.03 a share last year. Analysts on average had expected adjusted earnings of $1.19 a share on revenue of $741.7 million, according to FactSet, and Varian had guided for earnings of $1.15 to $1.23 a share. The company’s outlook for its new fiscal year was also lower than expectations, as Varian said full-year adjusted earnings will be $4.20 to $4.32 a share on revenue of $2.72 billion to $2.78 billion. Analysts on average were forecasting adjusted earnings of $4.47 a share on sales of $2.8 billion. Varian shares fell lower than $101 in late trading after closing at $107.90.

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Universal Health Services Inc. shares fell in the extended session Wednesday after the hospital and health care facility operator reported quarterly results that missed Wall Street estimates and cut its outlook for the year. Universal Health shares fell 4.7% to $105.50 after hours. The company reported third-quarter net income of $141.2 million, or $1.47 a share, compared with $151.7 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $1.49 a share. Revenue rose to $2.78 billion from $2.61 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.67 a share on revenue of $2.83 billion. For the year, Universal Health reduced estimated earnings to a range of $7.25 to $7.50 a share from a range of $7.50 to $8 a share. Analysts had expected earnings of $7.66 a share.

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O’Reilly Automotive Inc. shares declined in the extended session after the auto-parts retailer’s earnings outlook fell below Wall Street estimates. O’Reilly shares fell 5.9% to $190.80 after hours. For the fourth quarter, the company estimated earnings of $2.65 to $2.75 a share, while analysts surveyed by FactSet expect earnings of $2.80 a share. The company reported third-quarter net income of $283.7 million, or $3.22 a share, compared with $278.5 million, or $2.90 a share, in the year-ago period. Revenue rose to $2.34 billion from $2.22 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $3.15 a share on revenue of $2.34 billion.

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Nutrisystem Inc. skidded in Wednesday’s extended session despite better-than-expected quarterly earnings and a new stock buyback plan. Nutrisystem reported its third-quarter earnings jumped to $15 million, or 49 cents a share, from $7.9 million, or 27 cents a share, a year earlier. Revenue rose 27% to $158.1 million. Analysts surveyed by FactSet had forecast earnings of 46 cents a share on revenue of $155 million. The company projected fourth-quarter revenue of $126 million to $131 million and earnings per share of 37 cents to 42 cents. Analysts are looking for revenue of $128 million and EPS of 39 cents in the current quarter. Nutrisystem also plans to buy back up to $50 million in shares once the existing program expires in November. Shares of the provider of weight management products tanked 12% after hours.

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