Tag: stock market

Shares of MoviePass majority owner Helios and Matheson Analytics Inc. ballooned nearly 22% in premarket trade on Tuesday after the movie theater subscription service said its subscriber base has surpassed 600,000 members. Two months ago the company lowered the price of its subscription to $10 a month from as much as $50. Before the price cut MoviePass had roughly 20,000 subscribers. The company said that number rose to more than 150,000 just a few days after the decrease. MoviePass said the continued growth has exceeded initial expectations. The company also said that its subscriber churn rate has been shrinking, from 4.2% in the first month to 2.4% in month two. “Month after month we aim to improve our service with faster card delivery, improved application updates and an easier-to-use web site,” MoviePass Chief Executive Mitch Lowe said in a statement. “I believe our ongoing investments in customer experience, usability and convenience have steadily improved customer satisfaction and retention.” Shares of Helios and Matheson have gained more than 300% in the year to date, while the S&P 500 index is up nearly 15% and the Dow Jones Industrial Average is up close to 18%.

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Gilead Sciences Inc. said early Tuesday that its nonalcoholic steatohepatitis therapy had positive results in a phase 2 trial. Company shares rose 0.8% in premarket trade. After 12 weeks, a higher dose of the therapy, GS-0976, was associated with statistically significant reductions in liver fat buildup and a noninvasive marker of fibrosis relative to the placebo, the company said. The clinical trial enrolled 126 patients, who either received a 20 mg dose of GS-0976, a 5 mg dose of GS-0976 or a placebo once a day. Results for the 5 mg dose relative to the placebo were not statistically significant. Nonalcoholic steatohepatitis or NASH is a common but silent disease that typically has few symptoms but can significantly harm the liver. Drugmakers have been racing to capture the market, which they expect to be worth billions of dollars. Gilead shares have surged 7.8% over the last three months, compared with a 3.9% rise in the S&P 500 .

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Shares Polaris Industries Inc. surged 5.7% in premarket trade Tuesday, putting them on track to open at the highest level since November 2015, after the off-road vehicle maker beat third-quarter profit and revenue expectations. Net income increased to $81.9 million, or $1.28 a share, from $32.3 million, or 50 cents a share, in the same period a year ago. Excluding non-recurring items, including costs to wind down Victory Motorcycles and other one-time costs, adjusted earnings per share of $1.46 beat the FactSet consensus of $1.21. Revenue rose 25% to $1.48 billion, above the FactSet consensus of $1.40 billion, as the 12% growth in off-road-vehicle/snowmobiles sales to $1.01 billion beat expectations of $939.9 million. Polaris raised its 2017 adjusted EPS guidance range to $4.75 to $4.85 from $4.35 to $4.50. The stock has soared 15% over the past three months through Monday, while the S&P 500 has gained 3.9%.

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The premarket surges in Caterpillar Inc.’s and 3M Co.’s stocks would add over 100 points to the Dow Jones Industrial Average , boosted by better-than-expected third-quarter earnings reports. Caterpillar’s stock rallied $9.07, or 6.9%, ahead of the open, on track to open at a record high. That would add about 62.5 points to the Dow’s price. 3M shares ran up $6.45, or 2.9%, in the premarket, and were also headed for a record high. That price gain would add about 44.5 points to the Dow. Dow futures climbed 125 points ahead of the open.

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McDonald’s Corp. reported third-quarter net income of $1.88 billion, or $2.32 per share, up from $1.28 billion, or $1.50 per share, for the same period last year. Adjusted EPS was $1.76, meeting the FactSet consensus. Revenue totaled $5.75 billion, down from $6.42 billion last year and in line with the FactSet estimate. The company attributed the revenue decline to its refranchising efforts. Global same-restaurant sales rose 6% for the quarter, ahead of the 4.6% FactSet consensus. McDonald’s shares are up 0.2% in Tuesday premarket trading, and up nearly 44% for the last year. The S&P 500 index up 19.2% for the past 12 months, and the Dow Jones Industrial Average is up 27.7% for the period.

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JetBlue Airways Corp. reported Tuesday third-quarter net income of $179 million, or 55 cents a share, down from $199 million, or 58 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 53 cents. The air carrier estimates that hurricanes reduced its EPS by 6 cents. Revenue rose 4.7% to $1.81 billion, just shy of the FactSet consensus of $1.83 billion, as passenger revenue growth of 3.3% to $1.62 billion missed expectations of $1.66 billion. Load factor declined to 85.1% from 86.3%, below the FactSet consensus of 85.4%. Passenger revenue per available seat mile (PRASM) decreased 0.4% to 11.34 cents, while operating revenue per available seat mile (RASM) increased 0.9% to 12.67 cents. The stock, which tacked on 0.6% in premarket trade, has plunged 12.7% over the past three months through Monday, while the NYSE Arca Airline Index has lost 5.6% and the S&P 500 has gained 3.9%.

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Shares of Caterpillar Inc. rose more than 7% in premarket trade on Tuesday after the construction equipment company reported third-quarter earnings that were above Wall Street expectations. Caterpillar reported net profit of $1.06 billion, or $1.77 per share, compared with $283 million in profit, or 48 cents per share during the same period a year ago. Adjusted earnings were $1.95 per share, above FactSet’s consensus of $1.27. Revenue for the quarter was $11.4 billion, up from $9.2 billion a year ago and above the $10.7 billion FactSet consensus. The company said it continues to see strength in construction in China and on-shore oil and gas in North America. Management is increasing production to meet customer demand for improving markets. Caterpillar expects earnings per share for the full year to be about $4.60 per share, or $6.25 on an adjusted basis. That’s in increase from its previous forecast of $5.00 when adjusted. The company also said it expects revenue for the full year to be $44 billion, which is the top of the range it provided in July. Shares of Caterpillar are up 42% in the year to date, while the S&P 500 index is up nearly 15% and the Dow Jones Industrial Average is up almost 18% during the same time frame.

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Shares of Lockheed Martin were nearly 1% lower in pre-market trading on Tuesday after the company said it had third-quarter earnings that just missed analyst estimates. Lockheed reported third quarter net income of $939 million and per-share earnings of $3.24, compared to $1.1 billion and EPS of $7.93, in the year-ago period. Adjusted per-share earnings came to $3.24, versus $3.26 a year ago, and missing the FactSet consensus estimate of $3.26. For the third quarter, revenue came to $12.2 billion. The company said it now expects full-year sales of $50.0 to $51.2 billion, up from earlier estimates of $49.8 to $51.0 billion, and earnings per share of $12.85 to $13.15, versus $12.30 to $12.60. CEO Marillyn Hewson pointed to “a record backlog that supports long term growth” in a statement. Shares of the defense company have gained 28.3% for the year to date, while the S&P 500 [s:spx] is up 14.6% for the same period.

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Shares of 3M Co. rallied 1.6% in premarket trade Tuesday, after the industrial, safety and consumer products company beat profit and revenue expectations, and raised its earnings outlook. Net income rose to $1.43 billion, or $2.33 a share, from $1.33 billion, or $2.15 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.21. Revenue increased to $8.17 billion from $7.71 billion, beating the FactSet consensus of $7.92 billion. Sales at its industrial, health care and electronics and energy businesses were above expectations, while safety and graphics and consumer sales matched. The company raised its net EPS guidance range to $9.00 to $9.10 from $8.80 to $9.05. The stock has surged 24% year to date through Monday, while the Dow Jones Industrial Average has climbed 18%.

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Impax Laboratories Inc. shares rose 4.4% in premarket trade Tuesday after the company said that its generic Renvela, used to lower phosphorus levels for patients on kidney dialysis, had been approved by the Food and Drug Administration. Impax said it has “immediately” launched commercialization activities for generic Renvela. Sales of the product are included in the company’s previously-announced 2017 earnings guidance, the company said. Brand and generic sales of Renvela totaled nearly $2 billion in the year ending August 2017, Impax said, referencing IMS Health data. Sanofi manufactures Renvela , and generic maker Dr. Reddy’s Laboratories Ltd. recently launched a generic Renvela in the U.S. Impax shares have surged 8.5% over the last three months, compared with a 3.9% rise in the S&P 500 .

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.

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