Tag: stock market

Former Google Inc. Chief Financial Officer Patrick Pichette is joining the board of Twitter Inc. , as PepsiCo Inc. CFO Hugh Johnston leaves to join the board of Microsoft Corp. . Pichette resigned from Google in 2015 after serving as CFO of the web giant for nearly seven years, and will join as an independent director on Dec. 1 for a two-year term. “After taking a two-year sabbatical to spend time with my wife and travel the world, I’m excited to join the Twitter Board and help the company advance its mission,” Pichette said in the announcement. Johnston will step down Oct. 1, and explained in Tuesday’s announcement that PepsiCo policies limit the number of boards he can join, so his appointment at Microsoft means he must step down at Twitter. After the changes take place, Twitter will have a nine-person board of directors. Twitter shares added 0.6% in late trading, after closing with a 0.9% gain at $17.76.

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Krystal Biotech Inc. late Tuesday boosted the number of shares available for its initial public offering. The Pittsburgh-based gene therapy company, which develops treatments for dermatological diseases, upped its offering to 3.96 million shares at $10 a share to raise up to $39.6 million. An additional 594,000 shares are available to cover overallotments. Last week, Krystal’s Securities and Exchange Commission filing offered 3 million shares at a price range of $9 to $11 a share. In late August, Krystal Biotech said it hoped to raise up to $35 million in its IPO.

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Next week’s tax reform blueprint from top Congressional and White House leaders is likely to move away from the idea of allowing the immediate deduction of new capital investment, in favor of a limited period of accelerated capital investment deductions, Politico reported, citing people familiar with the matter. The report also said that the statement from the so-called Big Six, which includes Treasury Sec. Steven Mnuchin, House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell, will scrap the idea of a 15% corporate tax rate, which has been President Trump’s stated goal.

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Bed Bath & Beyond Inc. reported earnings far below expectations Tuesday, citing restructuring- and hurricane-related issues, and promised information on new initiatives later in the afternoon as shares plummeted. The retailer announced fiscal second-quarter profit of $94.2 million, or 67 cents a share, on sales of $2.9 billion, down from earnings of $1.11 a share on revenue of $2.99 billion in the year-ago quarter. Analysts on average expected earnings of 93 cents a share on sales of $3 billion, according to FactSet. Bed Bath & Beyond listed issues that caused the profit miss and their effects, including restructuring charges (8 cents a share), Hurricane Harvey impacts (2 cents a share) and a new accounting standard (a penny a share). The retailer said that it “is undertaking a number of transformational initiatives,” which it will discuss in a conference call at 5 p.m. Eastern. Trading was halted for the stock ahead of the announcement, and the price plunged more than 18% in after-hours action after trading resumed; shares closed with a 1% decline at $27.03 Tuesday after reaching a 52-week intraday low of $26.54.

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Shares of FedEx Corp. fell more than 3% late Tuesday after the logistics company reported fiscal first-quarter earnings below expectations, saying the quarter offered “significantly operational challenges” due to a cyberattack and Hurricane Harvey. FedEx said it earned $596 million, or $2.19 a share, in the quarter, down from $715 million, or $2.65 a share, in the year-ago period. Adjusted for one-time items, the company reported per-share earnings of $2.51, from $2.82 a share a year ago. Revenue rose to $15.3 billion in the quarter, from $14.7 billion a year ago. Analysts polled by FactSet had expected FedEx to report adjusted earnings of $3.09 a share on sales of $15.35 billion. Higher base rates were “more than offset” by reduced revenue and increased expenses resulting from the TNT Express cyberattack, TNT Express integration expenses, higher costs at FedEx Ground, a higher tax rate, and the impact from Hurricane Harvey, the company said in a statement. FedEx did not provide a fiscal 2018 GAAP earnings outlook, and lowered its 2018 adjusted fiscal-year forecast, saying it predicts earnings to be $11.05 to $11.85 a share for fiscal 2018. The earnings forecast before some pension accounting adjustments and excluding expenses related to the TNT Express integration and certain legal matters is $12 to $12.80 a share for fiscal 2018, the company said. The forecasts “assume moderate economic growth and continued recovery from the cyberattack,” FedEx said. The shares ended the regular trading session 0.5% higher.

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Adobe Systems Inc. shares slipped in the extended session Tuesday even after the software company topped Wall Street estimates for the quarter. Adobe shares declined 1% to $154.99 after hours. The company reported third-quarter net income of $419.6 million, or 84 cents a share, compared to $270.8 million, or 54 cents a share, in the year-ago period. Adjusted earnings were $1.10 a share. Revenue rose to $1.84 billion from $1.46 billion in the year-ago period. Analysts surveyed by FactSet had estimated $1.01 a share on revenue of $1.82 billion.

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The U.S. dollar hit a 2-week high against the Mexican peso on Wednesday, after an earthquake hit Mexico City. The quake measured 7.1 on the Richter scale. One dollar bought 17.8292 pesos at the intraday high, its highest level since Sept. 5. The pair since retreated to 17.8022 pesos per dollar.

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The Consumer Financial Protection Bureau could have fined Wells Fargo $10 billion instead of $100 million last year for the unauthorized customer accounts fraud, Reuters reported Tuesday. The regulator settled for so much less to resolve the matter quickly, according to documents sent to Republican staff on the House Financial Services Committee whose chairman, Representative Jeb Hensarling, released a 929-page report on Tuesday entitled, “Did the CFPB let Wells Fargo ‘beat the rap’?” One memo CFPB staff sent to Director Richard Cordray in July 2016 that was included in the report recommended the smaller figure, saying it was enough to act as an effective deterrent and close the matter quickly. CFPB spokesman David Mayorga told Reuters the agency has not had a chance to review the report, but defended its work policing Wells Fargo.

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Comcast Corp.-owned broadcast network NBC said on Tuesday that its Emmy-winning sketch comedy show “Saturday Night Live” will remain live from coast to coast for its upcoming season, the show’s 43rd. The program began testing live coast-to-coast airings in April for the previous season and experienced an 11% bump in viewership compared with the prior season. Each episode of “SNL,” starting with the Sept. 30 premiere, featuring Ryan Gosling as host and Jay-Z as the musical guest, will air at 11:30 p.m. Eastern time, 10:30 p.m. Central, 9:30 p.m. Mountain and 8:30 p.m. Pacific. “SNL,” after what many contend was one of its best seasons in recent years, won four Emmy Awards, including a win for outstanding variety sketch series. Shares of Comcast have gained 8% in 2017, while the S&P 500 index is up 12% so far this year.

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Mexico City has been hit by a powerful earthquake, which has been registered as a magnitude 7.1, according to the US Geological Survey. According to reports the tremors caused “buildings to sway sickeningly on the anniversary of a 1985 quake that did major damage to the capital.” Tuesday’s earthquake follows a separate quake in Mexico about two weeks ago. The extent of damage or injuries wasn’t immediately clear, according to the reports.

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