Tag: stock market

The dollar advanced against the yen on Friday while paring an earlier decline against the euro after preliminary data showed a modest expansion in U.S. economic growth during the first quarter. The dollar climbed 0.3% to 111.55 yen in recent trade, while the euro pared an earlier drop, buying $1.0926 in recent trade. The greenback traded at 111.26 yen and $1.0874 late Thursday in New York. The U.S. GDP expanded by 0.7% in the first quarter, just slightly below a consensus forecast of 0.8% from a survey of economists conducted by MarketWatch. Economic growth during the first quarter has been weak in recent years. Meanwhile, the employment cost index, a leading indicator for inflation, advanced 0.8% during the quarter, besting expectations for a 0.6% increase.

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Chevron Corp. shares rose 2.2% in premarket trade Friday, after the oil major beat first-quarter profit expectations. Chevron said it had net income of $2.7 billion, or $1.41 a share, in the quarter, after a loss of $725 million, or 39 cents a share, in the year-earlier quarter. The net number includes a $600 million gain from the sale of an upstream asset. Revenue rose to $33.4 billion from $23.6 billion. The FactSet consensus was for EPS of 86 cents and revenue of $34.9 billion. Chief Executive John Watson said the company is making progress on cutting spending, with operating costs down abut 14% from the year earlier and capex down more than 30%. “Overall net oil-equivalent production in the first quarter increased 3 percent compared to the 2016 full year and we are on track to meet the 4-9 percent growth goal for 2017 before the effect of asset sales,” Watson said. Shares are down 10.4% in 2017, while the S&P 500 has gained 6.7%.

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Amazon.com Inc.’s stock surged 3.6% in premarket trade Friday, putting it on track to set an all-time high at the open, after the e-commerce giant reported better-than-expected first-quarter results. The stock changed hands at $951.64 ahead of the open, above Thursday’s record close of $918.38 and above the April 5 record intraday high of $923.72. With about 490 million shares outstanding at the end of the first quarter, the stock’s price gain of $33.26 would about $16.3 billion to Amazon’s market capitalization. The gain would also add about $2.7 billion to founder Jeff Bezos’s pocket, as he is the largest shareholder with about 80.9 million, or 17% of the shares outstanding, according to FactSet. The stock had run up 22% year to date through Thursday, while the S&P 500 had climbed 6.7%.

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Time Inc. on Friday said that after months of speculation with regard to whether the media company would be acquired, its board of directors has decided not to sell the company. Following the news, Time Inc. shares were down more than 19%. The company said the board had evaluated the expressed interests in the company, but has decided to continue its strategic plan. “We strongly believe in the future and potential of this company,” said lead independent director John Fahey in a statement. He said the board has full confidence in Time Inc. Chief Executive Officer Rich Battista to execute on the company’s strategic plan, which includes growth in digital audience and revenue led by branded native content and video, diversifying revenue across TV, over the top streaming, events, licensing and new products, as well as enhancing data, targeting and self-service programmatic advertising. “Time Inc. is a reinvigorated company uniquely positioned to succeed in the multi-platform media marketplace,” Battista said in a statement. “The Company is better positioned to capitalize on this potential with its recent shift from a siloed, legacy publishing structure, to an integrated, enterprise platform structure.” Shares of Time have gained more than 2% in the year to date and more than 22% over the prior 12-month period. By comparison, the S&P 500 index is up nearly 7% in the year and 15% in the last 12 months.

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Shares of Bristol-Myers Squibb Co. said Friday it has won approval from the China Food and Drug Administration for its oral treatment for chronic hepatitis C virus. The drug company said Daklinza in combination with Sunvepra will be China’s first all-oral regimen for the disease. Daklinza has already been approved for use in combination with other agents. “The burden of HCV in China is extremely high, and now for the first time, we have an all-oral treatment option in the combination of Daklinza and Sunvepra, which is a significant step forward for patients and doctors alike,” said Hui Zhuang, a professor at the Beijing University Medical School and a member of the Chinese Academy of Engineering, in a statement. HCV is the fourth most commonly reported infectious disease in China with about 10 million people currently suffering from it across the country. Bristol-Myer shares rose about 0.8% premarket, but are down 4.7% in 2017, while the S&P 500 has gained 6.7%.

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Shares of VF Corp. fell 1.6% in light premarket trade Friday, after the apparel maker and accessories seller, which brands include Lee and Wrangler jeans and JanSport and The North Face outdoor products, missed first-quarter profit and sales expectations. Net earnings fell to $209.2 million, or 50 cents a share, from $260.3 million, or 61 cents a share, in the same period a year ago. Excluding non-recurring items, ongoing earnings per share came to 52 cents, below the FactSet consensus of 55 cents. Revenue declined 2% to $2.58 billion, missing the FactSet consensus of $2.73 billion, as a slight beat in outdoor and action sports sales was offset by bigger-than-expected declines in jeanswear, imagewear and sportswear. The company affirmed its 2017 revenue growth outlook in the “low single-digit” percentage range. “The company’s largest brands and international and direct-to-consumer platforms performed well, delivering solid results against a retail backdrop that continues to experience significant dislocation,” said Chief Executive Steve Randle. The stock has climbed 8.4% year to date through Thursday, while the S&P 500 has gained 6.7%.

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Shares of Colgate-Palmolive Company were down 1.5% in premarket trade Friday after the company missed first-quarter revenue expectations. The company reported net income of $570 million, or 64 cents per share, up from $533 million, or 59 cents per share, reported in the year-earlier period. It reported adjusted earnings per share of 67 cents, above the FactSet consensus of 66 cents. Revenue was $3.76 billion, unchanged from the year-earlier period and below the FactSet consensus of $3.80 billion. For 2017, the company expects gross margin expansion and earnings per share to be flat on a GAAP basis. Shares of Colgate-Palmolive have gained 13% in the past three months, compared to the S&P 500’s gain of 4%.

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The Cleveland Browns selected defensive end Myles Garrett as the No. 1 pick in the NFL Draft on Thursday night in Philadelphia. Garrett, who played for Texas A&M, was widely expected to be the top player chosen, although the Browns were also rumored to be interested in North Carolina quarterback Mitchell Trubisky. Garrett, who had 31 sacks in his college career, should help bolster Cleveland’s dismal defense.

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Align Technology Inc. shares rallied in the extended session Thursday after the maker of Invisalign braces issued a forecast above Wall Street estimates. Align shares surged 13% to $135.75 after hours. The company forecast earnings of 71 cents to 74 cents a share on revenue of $340 million to $345 million for the second quarter. Analysts surveyed by FactSet had estimated 71 cents a share on revenue of $324.2 million. For the first quarter, Align reported earnings of 85 cents a share, which included a 26-cents-a-share benefit from excess tax benefits from stock-based compensation, on revenue of $310.3 million. Analysts had estimated 67 cents a share without the benefit on revenue of $297.5 million.

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Honeywell International Inc. shares rallied in the extended session Thursday after activist investor Daniel Loeb’s Third Point LLC said it took a stake in the company and urged it to spin off its aerospace business. Honeywell shares surged 4.4% to $135.65 after hours. In an investor letter, Third Point said Honeywell spinning off the aerospace business could result in an increase of $20 billion in shareholder value. “Spinning off Aerospace would transform Honeywell into an industrial growth company with a focus on automation and productivity,” Third Point said in the letter. In a statement, Honeywell said it and its board would would “take the time necessary to ensure a comprehensive, informed and objective review of the potential separation of the Aerospace business.”

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