Tag: stock market

Shares of car parts retailer Genuine Parts Co. fell about 3% in premarket trade Thursday, after third-quarter profit fell short of estimates and the company lowered profit guidance for the full year. The Atlanta-based company said it had net income of $158.4 million, or $1.08 a share, in the quarter, down from $185.3 million, or $1.24 a share, in the year-earlier period. Adjusted per-share earnings came to $1.16, below the FactSet consensus of $1.28. Sales rose to $4.1 billion from $3.9 billion, matching the FactSet consensus. “While we are disappointed with this quarter’s results, we are excited about the opportunities ahead and we move forward with a deep sense of urgency as we focus on maximizing shareholder value and positioning the Company for long-term success,” Chief Executive Paul Donahue said in a statement. The company raised its full-year sales growth forecast to 4% to 4.5% from a prior 3% to 4%, reflecting revenue to be added through acquisitions. But it lowered its profit outlook to $4.55 to $4.60 a share from a prior $4.70 to $4.75. Shares had gained 2.6% in 2017 through Wednesday, while the S&P 500 has gained 14.4%.

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All 30 of the Dow Jones Industrial Average components have traded premarket, and 28 of them are trading lower, as Dow futures slump 107 points. The biggest percentage decliner is Nike Inc.’s stock , which dropped 1.8% after a downgrade at Goldman Sachs. The next biggest decliners were shares of Apple Inc. , which shed 1.7% after the independent cellular connection feature of its Apple Watch was abruptly cut off in China, and American Express Co. , which was shedding 1.4% after the company reported third-quarter results late Wednesday and said CEO Kenneth Chenault will step down. Of the two gainers, shares of Verizon Communications Inc. rose 2% and Travelers Cos. inched up less than 0.1%, after both companies reported better-than-expected results earlier Thursday.

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Apple Inc.’s stock dropped 1.5% in premarket trade Thursday, putting it on track to suffer the biggest decline in a month, amid a broad selloff in the large-cap technology sector. Also weighing on Apple was a report in The Wall Street Journal that the new Apple Watch’s independent cellular connection feature was abruptly cut off in China, without explanation, after a brief availability with one telecom company. The stock’s premarket price decline of $2.36 would shave about 16 points off the price of the Dow Jones Industrial Average , and Dow futures were down 90 points. Futures for the tech-heavy Nasdaq 100 were down 0.6%. Apple’s stock decline would be the biggest since the stock fell $2.68, or 1.7%, on Sept. 21. The stock had climbed 5.8% over the past three months through Wednesday, while the Nasdaq 100 had gained 3.4% and the Dow had climbed 7.0%.

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Imax Corp.’s third quarter box office revenue came in above B. Riley analyst Eric Wold’s expectations, but the premium film exhibitor’s earnings will likely be hurt by the poor performance of its experiment with “Marvel’s Inhumans.” Box office revenue was $215.5 million, above Wold’s initial projection of $183.6 million and his increased September projection of of $210.4 million. “Inhumans” was initially scheduled as part of Marvel Studios’ film slate, but after being relegated to the small screen, Walt Disney Co.’s TV division partnered with Imax to premiere the first two episodes of the ABC TV show in Imax theaters. The partnership was marketed as the first time a TV show had premiered on Imax screens. The poor result of the partnership, however, drove Wold to lower Imax EBITDA estimates for the third quarter. “Even with the box office and expected revenue upside from our prior estimates, we expect the weak theatrical box office results for ‘Marvel’s Inhumans’ to weigh on third quarter EBITDA and EPS,” Wold wrote in a note to investors. Imax will report earnings before the market opens on Oct. 26. Shares of Imax have declined 33% in the year to date, while the S&P 500 index is up more than 14% and the Dow Jones Industrial Average is up more than 17%.

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Shares of Verizon Communications Inc. were up nearly 2% in premarket on Thursday after the company reported third quarter profit and revenue above Wall Street expectations. The wireless, internet and TV provider reported net income of $3.74 billion, or 89 cents per share, compared with $3.75 billion, or 89 cents per share during the same period a year ago. Per share earnings excluding special items was 98 cents, above FactSet’s 97 cents per share consensus. Revenue for the quarter was $31.72 billion, up from $30.94 billion. FactSet’s consensus on revenue was $31.44 billion. Verizon said it added 66,000 Fios internet subscribers and lost 18,000 subscribers in video, which the company said reflects the shift from traditional linear video to internet streaming. Verizon said Fios revenue increased 4.8%. In wireless, Verizon added 30,000 postpaid customers, after a loss of 107,000 customers in the year earlier period. Shares of Verizon are down nearly 9% in the year to date, while the S&P 500 index is up more than 14% and the Dow Jones Industrial Average is up more than 17%.

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Corbus Pharmaceutical Holdings Inc. shares surged 21.4% in premarket trade on Thursday after the company reported positive results from a phase 2 trial of its autoimmune disease drug. The drug, anabasum, is intended for the rare inflammatory condition dermatomyositis, which is associated with an itchy and painful rash and progressive muscle weakness, according to the Mayo Clinic. In the clinical trial, which enrolled 22 adults and lasted 16 weeks, the drug outperformed the placebo in the primary efficacy outcome and in multiple secondary efficacy outcomes, the company said. There were also no signs of safety issues, Corbus said. Currently, “we have little to offer patients with moderate to severe disease activity except immunosuppressive therapies with often limited efficacy and significant side effects,” said Dr. Victoria Werth, a principal investigator in the study and a professor of dermatology at the Hospital of the University of Pennsylvania. Corbus Pharma shares have surged 6.9% over the last three months to $7.00 per share, compared with a 3.5% rise in the S&P 500 .

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Shares of Winnebago Industries Inc. surged 3.6% in premarket trade Thursday, after the recreational vehicle maker beat fiscal fourth-quarter profit and sales expectations, and launched a stock buyback program. Net income for the quarter to Aug. 26 rose to $24.92 million, or 79 cents a share, from $13.1 million, or 49 cents a share, in the same period a year ago. The FactSet EPS consensus was 71 cents. Revenue rose to $454.9 million from $263.3 million,. That beat the FactSet consensus of $439.9 million. Motorized revenue fell 4.4% to $226.2 million, while towable revenue increased to $228.7 million from $26.6 million, boosted by the addition of $193.4 million in revenue from the Grand Design acquisition. The company authorized a $70 million stock repurchase program, which would represent about 5% of Winnebago’s market capitalization as of Wednesday. “We made significant progress in Fiscal 2017 to transform Winnebago Industries into a larger, more profitable outdoor lifestyle company offering a full line of RVs,” said Chief Executive Michael Happe. The stock has run up 40% year to date through Thursday, while the S&P 500 has gained 14%.

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Philip Morris Inc. shares fell 1.3% in premarket trade Thursday, after the cigarette distributor missed profit and revenue estimates for the third quarter. The company said it had net income of $1.97 billion, or $1.27 a share, in the third quarter, up from $1.94 billion, or $1.25 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.27, below the FactSet consensus of $1.38. Revenue excluding excise taxes rose 7% to $7.5 billion, also below the FactSet consensus of $7.7 billion. For the full-year, the company said it expects EPS of $4.75 to $4.80, compared with a FactSet consensus of $4.84. Shares have gained 23% in 2017, while the S&P 500 has gained 14%.

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The Spanish government will move to suspend Catalonia’s autonomy on Saturday, media reports said Thursday, after the region’s leaders failed to drop a push for independence. The central government will trigger Article 155 of the country’s constitution, after Catalan President Carles Puigdemont missed a deadline of 10 a.m. local time to meet its demand to pullback from a breakaway. Instead, Puigdemont called once again for negotiations, saying the region’s parliament could set a vote on a declaration of independence — currently suspended, after a referendum backed the move — if Madrid declined to talk. “Consequently, the Spanish government will continue with the steps laid out in Article 155 of the constitution to restore the legality of self-government in Catalonia,” the Spanish government said in a letter. If home rule is suspended in Catalonia — known as the “nuclear option” — the central government would likely impose direct rule on the region, a big contributor to the country’s economy.

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U.S. stock futures fell sharply on Thursday, led by a hefty tumble for Nasdaq-100 futures as shares of eBay Inc. slid. Dow Jones Industrial Average futures slid 115 points, or 0.5%, to 23,000, while S&P 500 futures dropped 13.10 points, or 0.5%, to 2,547.75. Nasdaq-100 futures slumped 46 points, or 0.7%, to 6,074. Shares of eBay slumped 6% in thin premarket trading — the online auctioneer’s shares took a hit late Wednesday after the company lowered its annual profit outlook. Other tech shares followed the shares lower in premarket trading, with Netflix Inc. down 1%, Apple Inc. off 1.6% and Nvidia Inc dropping 1.1%. European shares were also taking a hit with the Stoxx Europe 600 index down 0.5%. Asia also saw heavy hits, with the Hong Kong Hang Seng Index closing down 1.8% and the Shanghai Composite Index tumbling 2.1%. Growth data released earlier in the day revealed a slowdown in China.

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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