Tag: stock market

Fogo de Chão Inc. shares declined in the extended session Tuesday after the Brazilian steakhouse chain forecast quarterly results below the Wall Street view. Fogo shares declined 3.7% to $11.60 after hours. The company forecast unadjusted earnings of 8 cents to 10 cents a share, which included an estimated 3-cents-a-share impact from hurricanes. For the year, Fogo expects adjusted earnings of 77 cents to 80 cents a share on revenue of $306 million to $311 million. Analysts surveyed by FactSet had forecast earnings of 17 cents a share on revenue of $74.8 million for the quarter, and 91 cents on revenue of $317.8 million for the year.

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Amazon Studios head Roy Price has resigned, Amazon.com inc. confirmed Tuesday, days after being suspended over sexual harassment allegations. Deadline first reported his resignation. Price, who led Amazon Studios since 2014, was suspended last week following a Hollywood Reporter interview with a female Amazon TV producer who alleged lewd comments and unwelcome sexual advances by Price. Price’s departure follows the ouster of Hollywood mogul Harvey Weinstein, who was fired last week from his production company amid reports of sexual harassment, assault and rape, bringing the issue of sexual misconduct in the entertainment industry to center stage.

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MobileIron Inc. shares fell in the extended session Tuesday after the enterprise security company said Chief Executive Barry Mainz was leaving the company following a mutual decision, effective immediately, and forecast revenue below Wall Street estimates. MobileIron shares fell 11% to $3.40 after hours. Simon Biddiscombe, the chief financial officer, has been appointed CEO and president and will join the board, while Shawn Ayers, vice president of finance, will serve as interim CFO as the company searches for a new CFO. The company forecast third-quarter revenue of $42 million to $43 million, while analysts surveyed by FactSet expect $45.2 million.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 7.1 million barrels for the week ended Oct. 13, according to sources. The API data, however, also showed that gasoline stockpiles rose by 1.9 million barrels, while inventories of distillates climbed by 1.6 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 drop of 3.9 barrels in crude inventories, along with declines of 340,000 barrels for gasoline and 2 million barrels for distillate supplies. November crude was at $52.02 a barrel in electronic trading, up from the settlement of $51.88 on the New York Mercantile Exchange.

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Lam Research Corp. shares slipped in the extended session Tuesday even after the chip-making equipment company’s quarterly results topped Wall Street estimates. Lam shares declined 0.4% to $193.87 after hours, following a 1.1% rise in the regular session. Shares are up 84% for the year. The company reported fiscal first-quarter net income of $590.7 million, or $3.21 a share, compared to $263.8 million, or $1.47 a share, in the year-ago period. Adjusted earnings were $3.46 a share. Revenue rose to $2.48 billion from $1.63 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $3.27 a share on revenue of $2.46 billion.

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The Dow Jones Industrial Average technically missed its first close at or above 23,000 by less than 40 cents. The Dow closed at 22,997.44, or 2.56 points below 23,000. Based on the Dow’s “divisor,” which the keepers of the Dow use to calculate the price of the index, the Dow would have reached 23K if the shares of the 30 components closed higher by a combined total of 37 cents (37.2 cents to be exact). The Dow is a price-weighted index, meaning price changes are determined by changes in price of its components’ stocks. For many other indexes like the S&P 500 , percentage changes of components with higher market capitalizations are weighted more than moves of components with lower market caps.

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Target Corp. said Tuesday it was voluntarily recalling 7,500 Room Essentials black leather pouf ottomans, made in China, for a choking hazard. There were no incidents of injuries reported. The ottomans were sold in Target stores nationwide and online from June 2017 through August 2017, for about $35. “The zippers on the pouf ottomans can be opened by children who can then suffocate or choke on the pouf’s polystyrene beads,” the statement on the U.S. Consumer Product Safety Commission’s website said. Target said consumers will get a full refund when the ottomans are returned to a Target store. Target’s stock eased less than 0.1% in afternoon trade. It has rallied 12% over the past three months, while the SPDR S&P Retail ETF has slipped 0.5% and the S&P 500 has gained 4.0%.

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Sens. Lamar Alexander and Patty Murray reached a deal to stabilize Obamacare markets, Murray announced Tuesday. Reports said the two-year deal would allow subsidies to health insurers begin again. However, the deal would need to get through Congress. At a news conference, President Donald Trump called it a “short-term deal” and said Obamacare was “virtually dead.” He said a bill allowing block grants to states is the answer. Shares of Humana , Aetna and Cigna were trading higher following the announcement.

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Gold prices fell below $1,300 an ounce on Tuesday to finish at their lowest level in more than a week on the back of strength in the U.S. dollar and inflation growth in the United Kingdom. December gold lost $16.80, or 1.3%, to settle at $1,286.20 an ounce. That was the lowest finish since Oct. 9 and biggest one-day percentage decline since Sept. 21, according to FactSet data.

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President Trump will announce his pick to head the Federal Reserve before he leaves for his Asian trip that starts Nov. 3, multiple news outlets including The Wall Street Journal reported Tuesday. The candidates appear to be those whose names who have been widely circulated: the current Fed chair, Janet Yellen, as well as Fed Gov. Jerome Powell, former Fed Gov. Kevin Warsh, National Economic Council Director Gary Cohn and Stanford professor John Taylor.

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