Tag: stock market

Ford Motor Co. said Tuesday U.S. car sales rose 8.7% in September to 222,248 units. Retail sales rose 4.4% to 169,544 units, while fleet sales jumped 25.1% to 52,704 units. “We’re pleased to say recovery in Houston and
Florida is moving quickly, with all of our dealers in the area now back up,” Mark LaNeve, vice president, U.S. marketing, sales and service said in a statement. Ford shares rose 1.6% in early trade, and are up 1.3% for 2017, while the S&P 500 has gained 13%.

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Shares of General Motors Co. shot up 2.8% to a record high in morning trade Tuesday, after the auto maker said September sales rose 12% from a year ago to 279,397 units, with Chevrolet sales up 17% and GMC sales up 9%. Deliveries of crossover vehicles grew 43% and truck deliveries were up 10%, offsetting an 11% decline in passenger cars. Retail deliveries rose 8%, the best September retail performance in 10 years, while commercial deliveries increased 25% and government deliveries grew 38%. For the third quarter ended September, GM said U.S. inventory were down about 160,000 vehicles. The stock has soared 22% over the past three months, while the S&P 500 has gained 4.2% and the Dow Jones Industrial Average has advanced 5.2%.

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U.S. stocks on Tuesday opened slightly higher as equity benchmarks extended a multisession rise powered by hope of a more favorable tax regime and an upbeat outlook for coming corporate results. The Dow Jones Industrial Average opened up 32 points, or 0.1%, at 22,591, the S&P 500 index climbed 2 points, or 0.1%, at 2,531, while the Nasdaq Composite Index gained 9 points, or 0.1%, at 6,525. The S&P 500 and the Dow hit opening intraday records early in the session, with the Nasdaq not far behind. All three major stock gauges finished at all-time highs on Monday, as well as the small-cap oriented Russell 2000 Index , shaking off the grimness of a Sunday massacre in Las Vegas that left 59 people dead and scores more injured. In corporate news, shares of gun makers were still in focus, after Sunday’s mass shooting, with Smith & Wesson-parent American Outdoor Brands Corp. trading higher after strong gains on Monday. Meanwhile, shares of home builder Lennar Corp. were climbing after better-than-expected corporate results.

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Shares of Chicken Soup for the Soul Entertainment Inc. ran up 2.7% in premarket trade Tuesday, after the provider of entertaining video content reported results for the quarter that ended just before the company went public. For the quarter to June 30, the company reported a net loss of $698,786, or 8 cents a share, after a profit of $53,218, or a penny a share, in the same period a year ago. Revenue fell 31% to $792,717 from $1,154,545, as TV revenue dropped 37% and online revenue slipped 3.7%. The company affirmed its 2017 revenue target of $20 million and 2018 target of $36 million. “This filing does not give effect to the company’s August IPO and its positive impact on the company’s financial strength,” said Chief Executive William Rouhana, Jr. The company went public on Aug. 18, when the stock closed at $9.25, or 23% below its IPO price of $12. The stock has lost 21% since then, while the S&P 500 has gained 4.3%.

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Analysts at Evercore lowered estimates slightly for CBS Corp. full-year earnings for 2017 and 2018. Evercore analysts, led by Vijay Jayant, maintain an outperform rating and $75 12-month price target on CBS, but lowered 2017 earnings estimates to $4.44 from $4.47. Jayant also lowered 2018 estimates to $5.17 from $5.18. CBS shares, down nearly 9% in the last three months, have among the lowest valuation of the media sector, but at current levels, Jayant sees a buying opportunity heading into 2018. In his view, CBS is insulated from cord cutting, fears of which have continued to impact media companies’ stocks. “The company’s proprietary [over-the-top] services hedge against changes in pay-TV distribution,” Jayant wrote in a note to investors. “Further, we understand that CBS has been commanding better rates from most virtual [multichannel video programming distributor] platform operators compared with pricing within the traditional ecosystem.” Jayant also wrote that CBS’s underlying advertising fundamentals appears solid, despite recent ratings softness. Shares of CBS are down 8% in the year to date, while the S&P 500 index is up 13% and the Dow Jones Industrial Average is up more than 14%.

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Tile Shop Holdings Inc. shares plummeted 33% in Tuesday premarket trading after the specialty retailer issued a sales warning for the third quarter. Tile Shop said after-hours Monday that it expects sales of $84.0 million, up from $78.6 million last year, but below the $86.6 million FactSet consensus. Same-store sales are expected to rise 1%, below the FactSet estimate for a 2.2% increase. In addition to a competitive environment, Chief Executive Chris Homeister said the miss was due to heightened demand for “opening price point offerings,” which drove increased promotions and advertising. The company is introducing new items to meet the demand, Homeister said in a statement, and adjusting its promotions approach. Tile Shop will announce full third-quarter results on September 30. Tile Shop shares are down 32.5% for the year so far while the S&P 500 index is up 13% and the Dow Jones Industrial Average {s: djia] is up 14.1% for the period.

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Specialty pharma company Optinose on Tuesday outlined the terms of its planned initial public offering. The company, which specializes in products for ear, nose and throat and allergies, said it plans to sell 6.25 million shares priced at $15 to $17 each. Jefferies, Piper Jaffray, BMO Capital Markets and RBC Capital Markets are underwriters on the deal. The company is planning to list on the Nasdaq under the ticker symbol “OPTN.” The company is planning to use the proceeds of the IPO to suppor the launch of Xhance for the treatment of chronic sinusitis, for working captial and general corporate purposes.

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Wal-Mart Stores Inc. said Tuesday that it has acquired Parcel, a New York City-based delivery service that specializes in bringing customers goods across the “last mile.” Parcel delivers same-day, overnight and in scheduled two-hour windows. Wal-Mart plans to leverage the Parcel purchase to deliver to New York City customers, including same-day, and fresh and frozen groceries from Walmart and Jet.com. Parcel will also continue to service its current clients. The company has partnerships with a number of meal kit, grocery and e-commerce companies. The financial details of the acquisition weren’t disclosed, but Wal-Mart said the deal “was smaller than previous acquisitions we’ve made this year.” Among those acquisitions were women’s clothing company ModCloth and menswear company Bonobos, which was bought for $310 million. Wal-Mart recently announced that it is testing a program with August Home to deliver in a customer’s home, including in their refrigerator. Wal-Mart shares are down 0.2% in premarket trading, and are up 13.5% for the year so far. The S&P 500 index is up 13% for 2017 to date and the Dow Jones Industrial Average is up 14.1% for the period.

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Tesla, Inc. on Monday said it delivered 26,150 vehicles in the third quarter and raised its full-year outlook to 100,000 vehicles. That would represent a 31% yearly increase for deliveries and would mitigate lingering uncertainty about the company’s ability to overcome production glitches. “Production should continue to ramp and we believe Model S and X demand remains strong,” wrote Ben Kallo, a senior research analyst at Baird in a Tuesday note. “We would be aggressive buyers on any weakness.” Kallo noted strong demand for Tesla’s products, upcoming new product launches including a Semi Truck, and announcements about new technologies such as Tesla Energy. Shares in the company have gained 60% in the year-to-date, compared to a 13% gain for the S&P 500 .

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Warren Buffett’s investment vehicle Berkshire Hathaway Inc. said Tuesday it is buying a 38.6% stake in Pilot Travel Centers LLC, which does business as Pilot Flying J, a family-owned operator of travel centers in North America. The Haslam family will continue to own a majority stake in the company, which has more than $20 billion in revenues, more than 27,000 employees and 750 locations across the U.S. and Canada, Berkshire said in a statement. Jimmy Haslam will remain as chief executive, and the management team will remain in place. The company will remain headquartered in Knoxville, TN. The Maggelet family will retain its 11.3% ownership. In 2023, Berkshire will buy an additional 41.4% equity stake and become majority shareholder, leaving the Haslam family with a 20% stake. Buffett also owns stakes in a number of U.S. airlines, including American Airlines Group Inc. , Delta Air Lines Inc. , Southwest Airlines Co. and United Continental Holdings Inc. . Berkshire class B shares were slightly higher premarket, and have gained 14% in 2017, while the S&P 500 has gained 13%.

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