Tag: stock market

WASHINGTON (MarketWatch) – The cost of imported goods jumped 0.7% in September in the biggest gain in more than a year, led by fuel prices and industrial supplies. Excluding fuel, import prices rose a smaller 0.3%. Over the past 12 months the import price index has risen 2.7%, up from 2.1% in the prior month, the government said Tuesday. That’s still well below a recent high of 4.7% in February. Export prices rose 0.8% last month.

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From:: Stock Market News

The Dow Jones Industrial Average was set to open up slightly higher on Tuesday, inching closer to a key level at 23,000, with Goldman Sachs Group Inc. delivering the lion’s share of that upswing. Shares of the investment banking powerhouse were set to provide the Dow a 20-point jolt after it reported third-quarter results early Tuesday that beat market expectations. Goldman reported third-quarter net revenue of $8.3 billion, or $5.02 a share, up from $8.2 billion and $4.88, in the year-ago quarter. The company still produced a weak performance in its bread-and-butter business of fixed-income trading, but that weakness was in line with its rivals. Goldman is one of the more influential components of the price-weighted Dow by dint of its more than $200 share price. In premarket trade, Goldman shares traded $2.89 or 1.2%. That equates to a roughly 20-point gain for the Dow because a $1 move in any one of the gauge’s 30 components translates to a swing of 6.89. Dow futures were up 21 points, or 0.1%, at 22,920. Elsewhere, the market looked to open little changed, with the S&P 500 index futures trading flat, while futures for the Nasdaq-100 were trading near breakeven levels. All three benchmarks, the Nasdaq Composite , the Dow, and the S&P 500 closed at records.

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From:: Stock Market News

Impax Laboratories Inc. and privately-held Amneal Pharmaceuticals LLC announced Tuesday an agreement to merge in a all-stock deal, forming a new publicly traded company named Amneal Pharmaceuticals Inc. Impax shareholders will own 25% of the new company’s shares and Amneal Holdings member will own 75%. The companies said the new company will have the fifth largest generics business in the U.S. Impax’s market capitalization was $1.48 billion at Monday’s stock closing price. In connection with the deal, Amneal Holdings member have entered into private-placement agreements with TPG and Fidelity management & Research Co. to sell 46.8 million unregistered common shares at $18.25 a share. The companies expects annual synergies of $200 million within three years after the deal closes, which is expected in the first half of 2018. Separately, Impax affirmed its 2017 financial guidance. Impax’s stock, which is currently halted for news, had run up 51% year to date, while the SPDR S&P Pharmaceuticals ETF had gained 9.3% and the S&P 500 had advanced 14%.

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From:: Stock Market News

Shares of Goldman Sachs Group, Inc. jumped more than 1 percent in pre-market trading after the bank reported third-quarter results that handily beat market expectations. Goldman said it had third-quarter net revenue of $8.3 billion, or per-share earnings of $5.02, up from $8.2 billion and $4.88, in the year-ago quarter. Analysts surveyed by FactSet had forecast revenues of $7.5 billion and EPS of $4.17. Investment banking revenue was 17% higher than in the third quarter of 2016, the bank said. But revenues from trading of fixed income, currencies and commodities sank 26% for the year. For the year to date, the stock has gained only 1.2%, compared to a 16% increase for the Dow Jones Industrial Average , and 15.8% for rival Morgan Stanley .

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From:: Stock Market News

Harley-Davidson Inc. reported third-quarter net income of $68.2 million, or 40 cents per share, down from $114.1 million, or 64 cents per share, for the same period last year. The FactSet consensus was 39 cents. Revenue totaled $962.1 million, down from $1.09 billion last year but ahead of the $952.0 million FactSet estimate. Harley-Davidson noted that while its U.S. motorcycle sales were down 8.1% year-over-year, the overall U.S. industry was down 9.2% for the period. The company continues to expect to ship 241,000 to 256,000 motorcycles to dealers around the world in 2017 down 6% to 8% from last year. In the fourth quarter the company expects to ship 46,700 to 51,700 in the fourth quarter compared with 42,414 last year. Harley-Davidson shares are inactive in Tuesday premarket trading, and down 20.2% for the year so far. The S&P 500 index was up 14.2% for 2017 so far.

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From:: Stock Market News

UnitedHealth Group Inc. reported a third-quarter earnings beat and revenue miss early Tuesday. Earnings for the latest quarter rose to $2.56 billion, or $2.51 per share, from $1.98 billion, or $2.03 per share in the year-earlier period. Adjusted earnings-per-share were $2.66, above the FactSet consensus of $2.56. Revenue rose to $50.32 billion from $46.29 billion, below the FactSet consensus of $50.37 billion. The latest results include $1.6 billion less in year-over-year consolidated revenues, related to the company’s withdrawals from Affordable Care Act markets, which the company said affects comparability of 2017 results with prior periods. Results also include the negative impact of health insurance tax deferral, the company said, and a 17% increase in revenues related to medical benefit products for seniors and Medicare products. The company’s pharmacy-benefit manager unit, Optum, also grew revenues year-over-year by 8%. UnitedHealth now expects 2017 EPS to approach $9.45 per share and adjusted net earnings to approach $10.00 per share, compared with previous 2017 net earnings guidance of $9.20 to $9.35 per share and adjusted net earnings of $9.75 to $9.90 per share. UnitedHealth shares were not active in premarket trade. Shares have risen 3.7% over the last three months, compared with a 4% rise in the S&P 500 .

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From:: Stock Market News

Shares of Johnson & Johnson rallied 1.4% in premarket trade Tuesday, after the drug and consumer products company beat third-quarter earnings expectations and raised its full-year outlook. Net income fell to $3.76 billion, or $1.37 a share, from $4.27 billion, or $1.53 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.90, above the FactSet consensus of $1.80. Revenue rose to $19.65 billion from $17.82 billion, beating the FactSet consensus of $19.29 billion. Pharmaceutical sales increased 15% to $9.7 billion, topping the FactSet consensus of $9.3 billion, while consumer sales growth of 2.9% to $3.4 billion matched expectations. The company raised its 2017 revenue outlook to a range of $76.1 billion to $76.5 billion from $75.8 billion to $76.1 billion and its adjusted EPS outlook to $7.25 to $7.30 from $7.12 to $7.22. The stock has rallied 18.2% year to date through Monday, while the SPDR Health Care Select Sector ETF has climbed 19.0% and the Dow Jones Industrial Average has advanced 16.2%.

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From:: Stock Market News

Softbank Group Corp.’s long-rumored multi-billion-dollar investment in Uber Technologies Inc. could be finalized within the next week, Uber board member Arianna Huffington said Monday night. Speaking at the WSJ D.Live conference in Laguna Beach, Calif., Huffington said the Japanese conglomerate is seeking a 14% to 20% stake in the San Francisco-based ride-hailing giant. She said Uber was still waiting for the right price, though she did not disclose any numbers. Separately, Recode reported late Monday that Softbank was considering the creation of a second investment fund, possibly even bigger than its current $93 billion Vision Fund.

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From:: Stock Market News

LiveXLive Media Inc. plans to raise up to $123.8 million in its initial public offering, according to a Securities and Exchange Commission filing late Monday. The Beverly Hills, Calif.-based live-music video content site said will offer 7.7 million shares at $12 to 14 apiece, with underwriters getting an additional 1.2 million shares to cover overallotments. BMO Capital markets is listed as the sole book-running manager. The company plans to list with the ticker “LXL” on the New York Stock Exchange. LiveXLive reported 2016 revenue of $36.7 million and a net loss of $6.6 million, or $10.5 million to common shareholders.

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From:: Stock Market News

Shares of Sonic Corp. fell more than 3% late Monday after the fast-food company reported weaker-than-expected same-store sales in the fourth quarter of fiscal 2017, pinning the decline in part to devastation brought on by Hurricane Harvey and marketing failures. Sonic said it earned $20.8 million, or 50 cents a share, compared with $25.4 million, or 53 cents a share, in the same period of last year. Adjusted for one-time items, Sonic earned 45 cents a share, the same as last year’s period. Sonic’s sales reached $123.6 million, down from $162 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 43 cents a share on sales of $126.1 million. Same-store sales fell 3.3% in the quarter. The analysts surveyed by FactSet had expected a decline of 1.6% for same-store sales.

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From:: Stock Market News