Tag: stock market

Arconic Inc. continues to “flip the table” in its earnings press releases, which refers to the practice of listing prior-year results in a financial statement to the left of current-year results. It’s a basic financial-reporting principle that tables are read from left to right, so Arconic’s practice in public press releases to have them read from right to left could mislead investors. In Arconic’s audited 10-Q filings with the Securities and Exchange Commission, the tables are read from left to right. On Monday, the aluminum producer’s year-ago earnings were higher than the current-year’s results, so some readers accustomed to reading tables from left to right may initially mistake the result to show earnings growth. The stock rallied 1.4% in premarket trade after Arconic beat revenue expectations but missed on earnings. The stock has climbed 7.8% over the past three months, while the S&P 500 has gained 4.2%.

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Exactech Inc. shares were halted in premarket trade Monday on news that the company will be acquired by private equity investment firm TPG Capital in a deal valued at $625 million. TPG Capital will acquire outstanding shares of Exactech stock for $42 per share in cash, above Exactech’s $32 per share price as of Friday’s close. Certain management shareholders’ shares will be exchanged for new equity securities, Exactech said. When the transaction closes, which is expected in the first quarter of next year, Exactech — which makes orthopedic implant devices and surgical instruments — will be privately-held and based in Gainesville, Florida. Exactech shares have surged 4.9% over the last three months, compared with a 4.2% rise in the S&P 500 .

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Netflix Inc. said on Monday that it plans to offer $1.6 billion in senior notes in order to help raise money to continue its content acquisition goals. The company said the interest rate, redemption provisions, maturity date and other terms of the bond offering will be determined by negotiations between Netflix and the initial purchasers. Netflix said it also plans to use the proceeds for capital expenditures, investments, working capital and potential acquisitions and strategic transactions. The company made its first-ever acquisition as a company during its most recent third quarter for comic book company Millarworld, and management suggested in its quarterly earnings release that investors could expect further deals and acquisitions. After the company’s second quarter results Netflix completed its first-ever euro denominated bond deal of 1.3 billion euros. Shares of Netflix have gained nearly 57% in the year to date, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up 18%.

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Shares of T-Mobile US Inc. were up nearly 2% in premarket trade on Monday after the wireless phone company reported third-quarter earnings that were above Wall Street expectations. T-Mobile reported net income of $550 million for the quarter, or 63 cents per share, compared with income of $366 million, or 42 cents per share during the same period a year ago. FactSet’s per-share earnings consensus was 45 cents. Reported revenue was $10.019 billion, up from $9.305 billion during the year-prior period and up slightly compared with FactSet’s $10.016 billion revenue consensus. T-Mobile said it added 1.3 million customers during the quarter, and that it now covers 316 million Americans. The company said it plans to increase its coverage to 321 million by the end of the year. T-Mobile increased expectations on earnings before interest, taxes, depreciation and amortization for the full year 2017 to a range of $10.8 to $11.0 billion, up from $10.5 to $10.9 billion. Shares of T-Mobile have gained more than 5% in the year to date, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up 18% during the same time.

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Kimberly-Clark Corp. shares slipped 0.4% in Monday premarket trading after the personal-care company reported third-quarter sales that missed expectations. Net income for the quarter totaled $567.0 million, or $1.60 per share, up from $550.0 million, or $1.52 per share, for the same period last year. The FactSet consensus was $1.54. Revenue totaled $4.64 billion, up from $4.59 billion and below the $4.66 billion FactSet estimate. Sales in the consumer tissue and K-C Professional segments rose, while the sales from the personal care segment, which includes Huggies diapers and baby wipes, fell. The company maintained its guidance for full-year 2017 EPS at the low end of the range of $6.20 to $6.35. The FactSet consensus is $6.20. Kimberly-Clark shares are down 9.5% for the last three months, and down 0.6% for the year so far. The S&P 500 index is up 15% for 2017 to date.

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Global Blood Therapeutics shares dropped 11.5% in premarket trade Monday after the company said it is discontinuing its idiopathic
pulmonary fibrosis therapy. Results from three early and mid-stage clinical trials “did not demonstrate sufficient overall clinical benefit to justify continuing the program,” said Chief Executive Ted Love. The company will continue developing the therapy, GBT440, for sickle cell disease, Love said, with early clinical trial results for a phase 3 trial expected in the first half of 2019. GBT440 appears to be the only therapy in Global Blood Therapeutics’ pipeline, according to the company’s website. Global Blood Therapeutics shares have risen 8.7% to $32.55 over the last three months, compared with a 4.2% rise in the S&P 500 .

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Shares of Deltic Timber Corp. were indicated up over 7% in premarket trade Monday, after the timberland holding company agreed to merge with Potlatch Corp. , creating a company with total enterprise value of $4.0 billion. Under terms of the deal, Deltic shareholders will receive 1.8 Potlatch shares for each Deltic share they own. Based on Friday’s stock closing prices, that values Deltic shares at $95.40 each, a 7.05% premium. After the deal closes, which is expected to occur in the first half of 2018, Potlatch shareholders will own 65% of the combined company. Deltic will convert to a real estate investment trust (REIT) structure, and will pay out accumulated profits of $250 million to shareholders through a dividend consisting of 80% stock and 20% cash by the end of 2018. The companies expect to realize synergies of $50 million. Deltic’s stock has rallied 15.6% year to date through Friday, while Potlatch shares have run up 27.3% and the S&P 500 has gained 15.0%.

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VF Corp. shares rose 4% in Monday premarket trading after the clothing company reported third-quarter earnings that beat expectations and raised its outlook. VF Corp. brands include Timberland, The North Face, Wrangler and Dickies. Net income for the quarter totaled $386.1 million, or 97 cents per share, down from $498.5 million, or $1.19 per share. Adjusted EPS was $1.23, ahead of the $1.12 per share FactSet consensus. Revenue was $3.51 billion, up from $3.33 billion last year and ahead of the $3.39 billion FactSet consensus. VF Corp. now expects 2017 revenue of $12.1 billion, up from previous guidance of $11.85 billion. EPS is expected to be $2.73, and adjusted EPS is expected to be $3.01. The previous adjusted EPS estimate was $2.96. On Oct. 19, VF Corp. raised its dividend to 46 cents per share, up 10% from the previous quarter. VF Corp. shares are up 13.2% for the last three months, and up 24.4% for the year so far. The S&P 500 index is up 15% for 2017 to date.

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Bank of America’s Merrill Lynch has been hit with a £34.5 million ($45.5 million) fine by U.K. regulators for failing to report 68.5 million exchange traded derivative transactions between February 2014 and February 2016. The Financial Conduct Authority said Monday the reporting requirement was one of the “key reforms” introduced after the financial crisis to improve transparency. “There needs to be a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements,” said Mark Steward, FCA executive director of enforcement and market oversight, in a press release. Merrill Lynch agreed to settle at an early stage, receiving a 30% discount on the overall fine, the FCA said. Bank of America shares were down 0.6% in premarket trade.

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Voters in two Northern Italian regions supported greater autonomy from Rome’s central government, according to reports early Monday. More than 90% of voters in separate referendums in Lombardy and Veneto backed a drive toward more independence, according to Reuters which cited preliminary results. The Lega Nord party, which promoted the nonbinding referendums, was aiming to give regional leaders a mandate to seek better terms for financial independence, education and security from Rome, reports said. The Italian votes were held after the Oct. 1 referendum in Spain’s Catalonia region, where 92% of voters who participated supported declaring independence from the central Madrid government.

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