Tag: stock market

Shares of Carvana Co. fell more than 7% late Tuesday after the company reported a wider-than-expected fourth-quarter loss and revenue that also missed expectations. Carvana, a platform for buying used cars online, said it lost $47 million in the quarter, or 45 cents a share, compared with a loss of $36 million, or 26 cents a share, a year ago. Sales rose to $265 million, from $107 million a year ago. Analysts polled by FactSet had expected the company to report a loss of 39 cents a share on sales of $270 million. Carvana shares ended the regular trading session up 0.3%.

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Shares of Sunrun Inc. fell in Tuesday’s extended session after the solar energy company posted a quarterly loss. Sunrun reported a fourth-quarter net loss of $68.2 million, compared with a loss of $85.8 million a year ago. Its net income available to common stockholders rose to $58.9 million, or 55 cents a share, from $29 million, or 28 cents a share, in the year-earlier period. Revenue grew to $146.4 million versus $120.6 million. Sunrun shares slid more than 2% after hours.

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Royal Bank of Scotland on Tuesday agreed to a $500 million settlement linked to charges that it sold faulty residential mortgage-backed securities to investors in the lead up to the financial crisis in 2007-08, according to New York State Attorney General Eric Schneiderman. The settlement includes some $100 million cash to to New York State and $400 million in consumer relief for homeowners throughout the Empire state, according to a statement. Royal Bank of Scotland’s shares trading in Europe finished the day off 0.6% and have been down 6.4% so far in 2018. Comparatively, the S&P 500 index maintains a year-to-date gain of 2% after finishing Tuesday’s session up by 0.3%. Compared against its peers, RBS trails, with a exchange-traded fund of large banks, the SPDR S&P Bank ETF , up 7.9% so far this year. RBS reported its first annual profit in a decade, warning investors that legacy issues related to its sale and packaging of residential mortgage backed securities lingered.

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J.M. Smucker Co. said Tuesday that it was ending its bid for the Wesson cooking-oil unit of Conagra Brands Inc. after the Federal Trade Commission filed an administrative complaint challenging the action. Smucker stock was down a fraction after hours, and Conagra stock fell less than 1%. The FTC had charged that combining the Wesson oil brand with Smucker’s Crisco oil unit would allow Smucker to drive up the price of cooking oil in the U.S, and control 70% of the market. In a statement late Tuesday, Smucker Chief Executive Mark Smucker said, “While we disagree with the FTC’s conclusion, we have mutually determined with Conagra that it is not in the best interest of either party to expend the anticipated significant additional time and resources to challenge the FTC’s administrative complaint. We believe the FTC underestimated the significant role that private label brands play in the oils category, which account for approximately 50 percent of all cooking oil sales and hold significantly higher market share at some retailers.” Smucker stock has dropped 7.4% in the past 12 months, as the S&P 500 index has gained 15%. Conagra stock has dropped 7.2% in the past year.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies rose 5.7 million barrels for the week ended March 2, according to sources. The API data also showed a decline of 4.5 million barrels in gasoline stockpiles, while inventories of distillates saw a climb of 1.5 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 climb of 2.5 million barrels for crude inventories. They also forecast declines of 500,000 barrels for gasoline and 1.6 million barrels for distillate supplies. April crude was at $62.30 a barrel in electronic trading, down from the settlement of $62.60 on the New York Mercantile Exchange.

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Bojangles’ Inc. shares rose more than 8% late Tuesday after the fast-food company beat quarterly earnings and sales forecasts. Bojangles’ said it earned $48.8 million, or $1.27 a share, in the fourth quarter, compared with $9.8 million, or 26 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $8.7 million, or 23 cents a share, compared with $10.6 million, or 28 cents a share, a year ago. Revenue rose 6.2% to $148.1 million, from $139.4 million a year ago. Comparable-restaurant sales decreased 3.1%. Analysts polled by FactSet had expected earnings of 18 cents a share on sales of $147 million. The same analysts had expected comparable-restaurant sales to fall 3.7%. Bojangles’ said it expects sales between $550 million to $560 million in 2018, and adjusted per-share earnings of 64 cents to 72 cents for the year. The analysts surveyed by FactSet expect 2018 sales of $547 million and EPS of 75 cents a share for the year. Bojangles’ shares ended the regular trading day down 6.4%.

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Autodesk Inc. shares shot up in the extended session Tuesday after the company beat Wall Street earnings and revenue expectations. Autodesk shares jumped 9.2% after hours. The company reported fourth-quarter net losses of $173.5 million, or 79 cents a share, compared with losses of $173.4 million, or 78 cents a share, in the year-ago period. Adjusted losses were 9 cents a share. Revenue rose to $553.8 million from $478.8 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 11 cents a share on revenue of $545 million. The company said it expected first-quarter adjusted earnings of 1 cent to 4 cents a share on revenue of $550 million to $560 million, under the new accounting standard ASC 606. Autodesk stock has gained 45% this year, with the S&P 500 index rising 15%.

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Oil prices settled a few cents higher on Tuesday to notch a third-straight session climb, buoyed by weakness in the U.S. dollar, continued declines in OPEC production and winter weather on the East Coast. Pressure from expectations for a weekly climb in U.S. crude stockpiles and rising domestic production, however, nearly offset the price gains. April WTI crude tacked on 3 cents, or less than 0.1%, to settle at $62.60 a barrel on the New York Mercantile Exchange.

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Shares of General Electric Co. rallied 1.1% in afternoon trade, putting it on track to post a third-straight gain. The last time the stock rose for three-straight days was the three-session streak ending Jan. 11, 2018. Following the end of that streak, GE announced a $6.2 billion after-tax charge related to its insurance portfolio. In the current streak, the stock has run up 4.0% since it closed last Thursday at $14.02, the lowest close since July 6, 2010. Earlier Tuesday, GE’s transportation business announced announced the expansion of multimodal data connectivity capabilities with a collaboration with project44. GE’s stock has now shed 16.5% year to date, making it the worst performer among Dow Jones Industrial Average components for that time frame, while the Dow has gained 0.6% over the same time.

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Facebook Inc. has been sued by BlackBerry Ltd. over patent infringement related to several of BlackBerry’s mobile messaging-related technologies, according to court documents filed Tuesday. BlackBerry stock is up nearly 1% to $12.51 in midday trading; Facebook stock is up a fraction to $180.60. The complaint filed by BlackBerry asks for an unspecified amount in damages as well as a court order preventing Facebook from continuing to use the seven main technologies brought up by the lawsuit. A BlackBerry spokeswoman said in an emailed statement that it has a “strong claim Facebook has infringed on our intellectual property, and after several years of dialogue, we also have an obligation to our shareholders to pursue appropriate legal remedies.” For its part, Facebook said it plans to contest the claims: “Blackberry’s suit sadly reflects the current state of its messaging business. Having abandoned its efforts to innovate, Blackberry is now looking to tax the innovation of others. We intend to fight,” Facebook deputy general counsel Paul Grewal said in a statement. Facebook stock has gained 31% in the past year, as the S&P 500 index rose 15%. Blackberry stock has gained 78% in the last 12 months.

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