Tag: stock market

Shares of Big Lots Inc. tumbled 7.5% in premarket trade Friday, after the discount retailer beat profit expectations but reported a surprise decline in same-store sales. Net income for the quarter to Feb. 3 rose to $104.8 million, or $2.46 a share, from $90.1 million, or $1.99 a share, in the same period a year ago. Excluding non-recurring items, such as a expense of $4.5 million related to recent tax legislation, adjusted earnings per share came to $2.57, above the FactSet consensus of $2.44. Revenue increased to $1.64 billion from $1.58 billion, just shy of the FactSet consensus of $1.66 billion, while same-store sales declined 0.1%, compared with expectations of 1.3% growth. For 2018, the company expects EPS to rise to $4.75 to $4.95 from 2017 adj. EPS of $4.45. The FactSet 2018 EPS consensus is $4.97. Separately, the company said it increased its quarterly dividend 20% to 30 cents a share from 25 cents a share, with the new dividend payable April 6 to shareholders of record on March 23. The stock has shed 9.5% over the past three months through Thursday, while the SPDR S&P Retail ETF has slipped 0.4% and the S&P 500 has gained 3.3%.

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China Resources Beer Co. is in talks about potentially purchasing Heineken NV’s business in China, a transaction that could be worth more than $1 billion, Reuters reported , citing five people close to the talks. Heineken and other European brewers have been facing fierce competition from local brewers in emerging markets, including China, the world’s largest beer market by volume, said the report published Thursday. Details of the potential deal haven’t been finalized and a transaction may not go through, the sources said.

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Former President Barack Obama and his wife, Michelle, are in negotiations with Netflix Inc. [s; nflx] to produce an exclusive series of shows, the New York Times reported late Thursday. While little is known about the series, or its number of episodes, the Times said the Obamas were interested in telling inspirational stories. The series is not intended as a direct response to the Trump administration’s policies, sources told the Times. “President and Mrs. Obama have always believed in the power of storytelling to inspire,” Obama adviser Eric Schultz told the Times. “As they consider their future personal plans, they continue to explore new ways to help others tell and share their stories.” It is unclear how much the Obamas might be paid, but Netflix plans to spend close to $8 billion on original content in 2018, and has recently shelled out tens of millions of dollars to Hollywood heavyweights such as Ryan Murphy and Shonda Rimes to create new series.

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President Donald Trump will meet with North Korean leader Kim Jong Un by May, South Korea’s national security adviser Chung Eui-Yong announced late Thursday. A South Korean delegation met with Trump at the White House on Thursday with Kim’s invitation to meet, and an offer to suspend nuclear and ballistic missile tests. “I told President Trump that in our meeting, North Korean leader Kim Jong-un said he’s committed to denuclearization,” Chung said in a televised statement from the White house. The White House later confirmed the meeting, saying in a statement that Trump “will accept the invitation to meet with Kim Jong Un at a place and time to be determined. We look forward to the denuclearization of North Korea. In the meantime, all sanctions and maximum pressure must remain.” Stocks in Japan and South Korea immediately surged following the announcement.

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President Donald Trump will meet with North Korean leader Kim Jong Un in May, South Korea’s national security adviser Chung Eui-Yong announced late Thursday. A South Korean delegation met with Trump at the White House on Thursday with Kim’s invitation to meet, and an offer to suspend missile tests during talks.

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Tesla Inc. said late Thursday that Eric Branderiz, its chief accounting officer and controller, has left the company. Branderiz left “for personal reasons,” Tesla said in a filing that did not specify an interim controller nor outlined a search for his replacement. According to a LinkedIn profile, Branderiz had been at Tesla since October 2016, and previously worked at SunPower Corp. Tesla shares fell 1.3% late Thursday after ending the regular session down 1%.

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DavidsTea Inc. announced Thursday afternoon that co-founder Herschel Segal will leave its board after his attempt to take the company private was not well-received. The beleaguered Canadian retailer released two letters sent by Segal in a filing with the Securities and Exchange Commission, a Feb. 20 letter from his investment firm seeking to buy out minority investors and take the company private, and a March 5 letter resigning his position on the board. “We all hoped that the current CEO, who joined DavidsTea just over one year ago, would be able to implement the measures necessary to turn around the performance and results of the company,” Segal wrote in his resignation letter. “However, judging by the December results and the preliminary results since then, this is clearly not the case.” Segal also said he was “very disturbed” by the board’s reaction to the letter seeking to take the company private, though he was not specific about the reaction. DavidsTea is undergoing a strategic review, and said in its filing it would consider the offer from Segal along with other options. The stock has lost more than 85% of its value since debuting on Wall Street in 2015, and the company is valued at less than $100 million at Thursday’s closing price of $3.65.

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Funko Inc. shares surged in the extended session Thursday after the toy and collectibles maker topped Wall Street estimates for the quarter. Funko shares rallied 8% after hours, following a 0.9% rise to close at $7.94 in the regular session. Shares have struggled since their November initial public offering and have never traded at or above their IPO price of $12. The company reported fourth-quarter net income of $6.3 million, or 7 cents a share, compared with $15.8 million in the year-ago period. Adjusted earnings were 22 cents a share. Revenue rose to $169.5 million from $132.4 million in the year-ago period. Analysts surveyed by FactSet had estimated 16 cents a share on revenue of $146.6 million.

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El Pollo Loco Holdings Inc. shares shot up 7% in the extended session Thursday after the company beat earnings expectations and issued higher-than-expected guidance for 2018. El Pollo stock closed at $9.60 during the regular session. The company reported fourth-quarter net losses close to break-even, or $38,000, which amounts to zero cents a share. In the year-ago period, the restaurant holding outfit logged net income of nearly $500,000, or 1 cent a share. Adjusted earnings were 11 cents a share. Revenue rose to $95.2 million from $92.5 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 10 cents a share on revenue of $95.3 million. El Pollo said for 2018 it expects adjusted earnings of 68 cents to 73 cents a share, while Wall Street expected earnings of 70 cents a share. El Pollo stock has dropped 19% this year, with the S&P 500 index rising 15%.

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Cooper Cos. late Thursday said Chief Executive Robert Weiss will retire at the end of April and will be succeeded by Chief Financial Officer Albert White on May 1. Weiss will continue to remain with the company until Dec. 31 as an adviser. Cooper Cos. shares were unchanged after hours.

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