Tag: stock market

Netgear Inc. shares fell in the extended session Wednesday after the company beat Wall Street earnings expectations. Netgear shares were down 2.4% to $46.70 after hours. The company reported third-quarter net income of $20.8 million, or 64 cents a share, compared with $25.9 million, or 62 cents a share, in the year-ago period. Adjusted earnings were 81 cents a share. Revenue rose to $355.5 million from $338.5 million in the year-ago period. Analysts surveyed by FactSet had estimated 68 cents a share on revenue of $349.4 million. For the fourth quarter, analysts model earnings of adjusted earnings of 81 cents a share on revenue of $387 million. Netgear stock has fallen 12% this year, with the S&P 500 index rising 14.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of ServiceNow Inc. fell 9% late Wednesday after the Santa Clara, Calif., company narrowed its quarterly losses but called for adjusted subscription billings below expectations for the year. ServiceNow said it lost $24.2 million, or 14 cents a share, in the third quarter, compared with a loss of $36.3 million, or 22 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $69.3 million, or 38 cents a share, compared with $39.5 million, or 23 cents a share, a year ago. Revenue reached $498 million, compared with $357.7 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 32 cents a share on sales of $492 million. The company guided for subscription revenue around $1.73 billion, compared with expectations of $2.3 billion according to FactSet.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Citrix Systems Inc. fell 5% in late trading Wednesday after the company reported earnings that missed expectations, but still increased its forecast for the full year. In a third-quarter report, the enterprise tech firm said it had net income of $127 million, or 82 cents a share, on revenue from continuing operations of $691 million, up from $669 million a year ago. After adjusting for stock-based compensation and other effects, the company claimed earnings of $1.22 a share, up from $1.06 a share last year. Analysts on average expected adjusted earnings of $1.60 a share on revenue of $773 million. Citrix increased its guidance for full-year profit despite the earnings miss, saying it expects to collect $4.79 to $4.81 a share for the year, after previously projecting a range of $4.60 to $4.65. Shares fell close to $78 in late trading after closing with a 0.9% loss at $82.43.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Xilinx Inc. shares dropped in the extended session Wednesday after the chip maker’s earning topped Wall Street estimates but revenue fell short of the consensus view. Xilinx shares fell 5% to $67.21 after hours. The company reported fiscal second-quarter net income of $168 million, or 65 cents a share, compared with $164 million, or 61 cents a share, in the year-ago period. Revenue rose to $620 million from $579 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 63 cents a share on revenue of $621 million. For the fiscal third quarter, Xilinx estimates revenue of $615 million to $645 million. Analysts expect revenue of $626 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

After a difficult few months in which the price of buffalo wings affected finances, Buffalo Wild Wings Inc. seems to have found its way with boneless wings. The restaurant chain announced much better profit than expected in a third-quarter earnings report released Wednesday afternoon, despite revenue coming in a bit short of expectations, after announcing in July a focus on the boneless product that costs less. “The recent Tuesday promotion shift from traditional to boneless wings at company-owned restaurants will continue to improve cost of sales while traditional wing prices remain elevated,” Chief Executive Sally Smith said in Wednesday’s announcement, referring to the chain’s popular half-price wing specials on Tuesday. Buffalo Wild Wings reported net income of $18.7 million, or $1.17 a share, on total sales of $496.7 million, up from $494.2 million a year ago. After adjusting for stock-based compensation and other effects, the company claimed earnings of $1.36 a share. Analysts on average expected adjusted earnings of 79 cents a share on revenue of $501 million. The company also increased its forecast for full-year adjusted earnings to a range of $4.85 to $5.15 a share, after previously guiding to $4.50 to $5 a share. Buffalo Wild Wings stock was halted ahead of the announcement, and were expected to resume trading at 4:25 p.m. Eastern.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

President Donald Trump does not intend to appoint his economic adviser Gary Cohn to lead the Federal Reserve, according to a report by Bloomberg News. The report is based on three people familiar with the matter. The front-runners for the top central bank job are Fed governor Jerome Powell, Stanford University economist John Taylor and current Fed Chairwoman Janet Yellen.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of A.O. Smith Corp. fell 4.4% Wednesday, after Boenning & Scattergood downgraded the stock to neutral from outperform following its 38% gain in the last 12 months. The maker of water and air purification products had another strong quarter with per-share earnings climbing 14% and revenue up 10%, “and the fundamental underpinnings of the story (including consistent growth in both North America and China) are firmly intact,” analyst Ryan Connors wrote in a note. But the stock is now trading at a price/earnings ratio of 25 times his revised (upward) 2018 estimate of revenue growth of 9% and EPS growth of 17%, “a modest premium to the water infrastructure peer group average of 24.2 times,” said Connors. Margins for the company’s rest of the world division, which includes China, where it is expanding to second and third-tier cities, continue to be soft at 40 basis points below the year-earlier period, he wrote. Still, the company is one of the highest-quality names in the water infrastructure space and even in the broader industrial space, he said. Shares have gained 24% in 2017, while the S&P 500 has gained 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Sears Holding Corp. said Wednesday that it has relaunched its Wish Book, a holiday catalog that was last available in 2011. The 120-page book includes holiday decorations, appliances, toys and more. The digital Wish Book is also available online and on the Sears app. Pricing online will shift to ensure customers get the best deal. Sears says its “best members” will receive the book while select Shop Your Way loyalty members will receive an email invitation to pick up a copy at their local Sears store while supplies last. Sears shares are down nearly 5% in Wednesday trading and down more than 49% for the last year. The S&P 500 index is up 19.3% for the past 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Gold prices turned higher by the settlement on Wednesday to tally a modest gain as the U.S. dollar index traded near the session’s lows. The ICE U.S. Dollar Index was down 0.1% at 93.644, near the day’s low of 93.608 as gold prices settled, offering support for dollar-denominated prices of the yellow metal. December gold rose 70 cents, or less than 0.1%, to settle at $1,279 an ounce. Prices on Tuesday lost 0.2% to settle at $1,278.30–their lowest since Oct. 6.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Boeing Co. tumbled $9.77, or 3.7%, in afternoon trade Wednesday, enough to make it the biggest percentage decliner among Dow Jones Industrial Average components, as better-than-expected third-quarter results couldn’t support the recent sharp run up. The percentage decline would be the biggest in 16 months, while the price decline would be the second-biggest in the stock’s history, behind only the $11.43 plunge suffered on Jan. 27, 2016. “After last quarter’s barnstormer, Boeing’s 3Q result is relatively dull,” said analyst Robert Stallard, at Vertical Research Partners. The stock had shot up 9.9% on July 26, after Boeing reported second-quarter earnings that were well above estimates, although revenue came up a bit shy. The stock has been on a tear, soaring 25% over the past three months through Tuesday’s record close of $266. The stock has still run up 64.5% year to date, the best performer this year among Dow components, while the Dow has climbed 17.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News