Tag: stock market

Lumber Liquidators LL said late Tuesday that it reached an agreement with a group of plaintiffs to settle lawsuits associated with Chinese-made laminate flooring previously sold by Lumber Liquidators during Jan. 1, 2009 to May 31, 2015. Under the terms of the memorandum of understanding, Lumber Liquidators will pay $22 million in cash and provide $14 million in store credit to the plaintiffs. “The company’s execution of the MOU does not constitute an admission by the company of any fault or liability,” said Lumber Liquidator in a statement. The lumber retailer had come under fire after “60 Minutes” in 2015 reported that the company sold wood flooring containing dangerous levels of formaldehyde. Shares of Lumber Liquidator rose 2.6% after hours.

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Juniper Networks Inc. shares plunged in the extended session Tuesday after the company issued softer-than-expected fourth-quarter guidance and missed on earnings. Juniper shares fell 6.6% to $24.44 after hours. The company reported third-quarter net income of $174.4 million, or 46 cents a share, compared to $172.4 million, or 45 cents a share, in the year-ago period. Adjusted earnings were 55 cents a share. Revenue fell to $1.26 billion from $1.29 billion in the year-ago period. Analysts surveyed by FactSet had estimated an adjusted 56 cents a share on revenue of $1.28 billion. For the fourth quarter, Juniper executives estimate adjusted earnings of 49 cents to 55 cents a share on revenue of $1.23 billion, plus or minus 30 million. Analysts model earnings of 62 cents a share on revenue of $1.35 billion. Juniper stock has fallen 7.4% this year, with the S&P 500 index rising 14.6%.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 519,000 barrels for the week ended Oct. 20, according to sources. The API data, however, also showed a drop of 5.8 million barrels in gasoline stockpiles, while inventories of distillates fell by nearly 5 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 425,000 barrels in crude inventories, along with declines of 2.3 million barrels for gasoline and nearly 2.1 million barrels for distillate supplies. December crude was at $52.54 a barrel in electronic trading, up from the settlement of $52.47 on the New York Mercantile Exchange.

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Advanced Micro Devices Inc. shares declined in the extended session Thursday even after the chipmaker topped Wall Street estimates for the quarter. AMD shares, which are usually volatile after earnings, fell 6.5% to $13.33 after hours. The company reported third-quarter net income of $71 million, or 7 cents a share, compared with a loss of $406 million, or 50 cents a share, in the year-ago period. Adjusted earnings were 10 cents a share. Revenue rose to $1.64 billion from $1.31 billion in the year-ago period. Analysts surveyed by FactSet had estimated 8 cents a share on revenue of $1.51 billion. For the fourth quarter, AMD estimates revenue to decline 12% to 18% sequentially, which works out to $1.34 billion to $1.44 billion. Analysts, on average, expect revenue of $1.34 billion.

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Chipotle Mexican Grill Inc. shares plunged in the extended session Tuesday after the company missed earnings expectations. Chipotle shares dropped 5.4% to $324.30 after hours. The company reported third-quarter net income of $19.6 million, or 69 cents a share, compared to $7.8 million, or 27 cents a share, in the year-ago period. The company said there was a 64 cents per share impact from a cybersecurity breach announced in April of 2017 and a 13 cents per share impact from hurricanes Harvey and Irma. Revenue increased to $1.13 billion from $1.04 billion in the year-ago period. Analysts surveyed by FactSet had estimated $1.65 a share on revenue of $1.14 billion. For the fourth-quarter, analysts model earnings of $1.80 a share on revenue of $1.14 billion. Chipotle stock has dropped 14% this year, with the S&P 500 index rising 14.6%.

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Shares of Acadia Healthcare Co. Inc. tanked more than 18% late Tuesday after the company missed third-quarter earnings and revenue expectations. Acadia said it earned $45.6 million, or 52 cents a share, in the quarter, versus a net loss of $117.8 million, or $1.36 a share, for the third quarter of 2016. Adjusted for one-time items, the company reported earnings of 58 cents a share. Revenue fell 2.4% to $716.7 million, compared with $734.7 million for the third quarter of 2016. Analysts polled by FactSet had expected adjusted earnings of 65 cents a share on sales of $726 million.

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Texas Instruments Inc. shares slipped in the extended session Tuesday even after the chipmaker topped Wall Street estimates for the quarter. Texas Instruments shares declined 0.2% to $96.30 after hours. The company reported third-quarter net income of $1.29 billion, or $1.26 a share, compared with $1.02 billion, or 98 cents a share, in the year-ago period. The $1.26 a share in earnings included a 2-cents-a-share tax benefit. Revenue rose to $4.12 billion from $3.68 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.12 a share on revenue of $3.91 billion. For the fourth quarter, Texas Instruments estimates earnings of $1.01 to $1.15 a share on revenue of $3.57 billion to $3.87 billion. Analysts expect earnings of $1.01 a share on revenue of $3.67 billion.

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Sen. Jeff Flake, a moderate Republican from Arizona, announced Tuesday he will not seek re-election in 2018, according to a report in the Arizona Republic. Flake has been one of the Senate’s more prominent critics of President Donald Trump.

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Oil prices climbed for a third session in a row on Tuesday to settle at their highest level since mid-April. Prices got a boost after Saudi Arabia’s oil minister reiterated a pledge to bring the crude market into balance and as risks to output from Iran and Iraq lingered. December WTI crude rose 57 cents, or 1.1%, to settle at $52.47 a barrel on the New York Mercantile Exchange–the highest since April 17, according to FactSet data.

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Gold prices settled Tuesday at their lowest level in more than two weeks, with strength in the U.S. stock market dulling demand for the precious metal amid uncertainty surrounding the leadership for the U.S. Federal Reserve. December gold fell $2.60, or 0.2%, to settle at $1,278.30 an ounce–the lowest since Oct. 6, according to FactSet data.

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