Tag: stock market

Shares of Intuit Inc.–the maker of tax-preparation software TurboTax–were on track to post their best one-day rise in about six years in early Thursday trade. Intuit’s stock was up nearly 8% putting it on pace for its best daily gain since August 2011, according to FactSet data. The advance for Intuit come on the heels of Wednesday’s big reveal of President Donald Trump’s simplified tax-code proposal. Shares of tax-preparer H&R Block Inc. were also trading higher. Trump’s tax plan would, among other things, cut most itemized tax deductions and reduce the individual tax code to three brackets from seven, in theory making tax-filing significantly simpler. Meanwhile, the broader market was seeing tepid gains, with the S&P 500 index up about 0.1% at 2,389 and the Dow Jones Industrial Average also up about 0.1% at 20,994. Still, the Nasdaq Composite Index hit a fresh intraday record–its second in a row–to trade at 6,043.

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Stocks opened higher on Thursday, with the Nasdaq Composite Index trading above its highest-ever closing level, as a spate of encouraging corporate earnings lifted the broader market. The S&P 500 index advanced 2 points, or 0.1%, to 2,389, while the Dow Jones Industrial Average climbed 19 points, or 0.1%, to 20,990. The Nasdaq gained 12 points, or 0.2%, to 6,037. Shares of Ford Motor Co. rose after the car giant’s earnings and revenue topped analysts’ expectations. Dow Chemical Co. shares rose after its earnings came in above expectations. Shares of Under Armour Inc. soared after the athletic-apparel maker reported a smaller-than-expected loss for the first quarter. Stocks finished marginally lower on Wednesday after the White House unveiled the broad strokes of its long-anticipated tax plan. The plan largely hewed to policies that President Donald Trump advocated during the campaign, which had already been incorporated into the market’s valuation, market strategists said.

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Shares of GrubHub Inc. soared 13% in premarket trade Thursday toward a 2 1/2-month high, after the online food-ordering company reported first-quarter results beat expectations. Net income rose to $17.7 million, or 20 cents a share, from $9.9 million, or 12 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 29 cents, above the FactSet consensus of 24 cents. Revenue increased 39% to $156.1 million from $112.2 million, beating the FactSet consensus of $153.0 million. Active diners increased 26% to 8.75 million, while daily average grubs grew 21% to 324,600. Looking ahead, the company expects second-quarter revenue of $153 million to $161 million, surrounding the FactSet consensus of $157.9 million. The stock has slumped 6.9% year to date through Wednesday, while the S&P 500 has gained 6.6%.

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Synchronoss Technologies Inc. stock plummeted 28.1% in premarket trade Thursday on news that the company’s chief executive officer and chief financial officer are leaving the company to “pursue other interests” and a first-quarter revenue warning. Synchronoss Chief Executive Officer Ronald Hovsepian will be replaced by the company’s founder and chairman Stephen Waldis and Chief Financial Officer John Frederick will be replaced by Lawrence Irving. Both the new CEO and CFO have served in the positions before, the company said. Synchronoss also said it expects total revenue in the first quarter to come in $13 million to $14 million below the company’s guidance, which was $173 million to $178 million, according to FactSet, compared with the FactSet consensus of $175.5 million. The company also said it expects operating margins to come in below its guidance. Synchronoss is “disappointed” with its first-quarter performance, which follows a $821 million acquisition of software provider Intralinks Holdings in December, and it will likely affect full year guidance. Company shares have plummeted 37.6% over the last three months, compared with a 4.0% rise in the S&P 500 .

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H&R Block Inc. said Thursday its chief innovation officer, Jason Houseworth, will leave the company “by mutual agreement,” effective April 30. He had joined the company in August 2009. Separately, the tax preparation services company reported late Wednesday results for the 2017 tax season, with e-files declining 0.1% through April 21, but beating the IRS’s reported decline of 0.3%. “Despite an overall industry decline, I am delighted to report that we improved the client trajectory for the tax season and achieved overall market share gains,” said Chief Executive Bill Cobb. On Wednesday, the stock fell 1.4% after the release of President Donald Trump’s plan to simplify the tax code. The stock, which was indicated up over 2% ahead of Thursday’s open, has gained 3.9% year to date through Wednesday, while the S&P 500 has climbed 6.6%.

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Synchronoss Technologies Inc. shares were halted in premarket trade Thursday on news that the company’s chief executive officer and chief financial officer are leaving the company to “pursue other interests” and a first-quarter revenue warning. Synchronoss Chief Executive Officer Ronald Hovsepian will be replaced by the company’s founder and chairman Stephen Waldis and Chief Financial Officer John Frederick will be replaced by Lawrence Irving. Both the new CEO and CFO have served in the positions before, the company said. Synchronoss also said it expects total revenue in the first quarter to come in $13 million to $14 million below the company’s guidance, which was $173 million to $178 million, according to FactSet, compared with the FactSet consensus of $175.5 million. The company also said it expects operating margins to come in below its guidance. Synchronoss is “disappointed” with its first-quarter performance, which follows a $821 million acquisition of software provider Intralinks Holdings in December, and it will likely affect full year guidance. Company shares have plummeted 37.6% over the last three months, compared with a 4.0% rise in the S&P 500 .

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Shares of casino operator MGM Resorts International rose 2.2% in premarket trade Thursday, after the company reported stronger-than-expected earnings for its first quarter. MGM said it had net income of $207 million, or 36 cents a share, in the quarter, up from $67 million, or 12 cents a share, in the year-earlier period. Revenue rose to $2.71 billion from $2.21 billion, ahead of the FactSet consensus of $2.63 billion. “MGM National Harbor and Borgata, our newest additions on the East Coast, are leading their respective markets, and we continue to work toward expanding our footprint in Macau with the opening of MGM Cotai later this year,” Chief Executive Jim Murren said in a statement. Shares have gained 3.3% in 2017, while the S&P 500 has gained 6.6%.

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Barnes & Noble Inc. said Thursday that it has promoted Demos Parneros to chief executive of the company. He succeeds Leonard Riggio, who is stepping down from the role, but will remain chairman of the board. Parneros was previously chief operating officer, a role he’s filled since November 2016. He’s been a director of KeyCorp since January 2014 and at Modell’s Sporting Goods since July 2009. Barnes & Noble shares are unchanged in premarket trading, and down 28% for the last year. The S&P 500 index is up 14% for the past 12 months.

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American Airlines Group Inc. was downgraded at J.P. Morgan Thursday, which had been bullish on the air carrier since at least December 2013, saying the wage increases being implemented is a “worrying precedent” for both American and the industry. Analyst Jamie Baker cut his rating to neutral from overweight. He slashed his stock price target to $52, which is 12% above Wednesday’s closing price of $46.40, from $59. The stock slumped 4.6% in premarket trade, after the company reported first-quarter earnings, and said it would raise the base pay for flight attendants and pilots, outside of contract negotiations, to industry highs. “We are troubled by [American’s] wealth transfer of nearly $1 billion to its labor groups,” Baker wrote in a note to clients. “In our minds, this is a seminal event, and represents the first, credible potential blow to our long-held ‘it’s different this time’ investment thesis.” Among other airline stocks, Delta Air Lines Inc. slid 2.2% premarket and United Continental Holdings Inc. shed 1.9%. American’s stock has soared 26% over the past 12 months, while the NYSE Arca Airline Index has rallied 25% and the S&P 500 has gained 14%.

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Taco Bell, the Yum Brands Mexican quick-service chain, said Thursday that it will start taking reservations for the Taco Bell Test Kitchen via OpenTable. The Test Kitchen in located at the company headquarters in Irvine, CA. The dinner will be open to 32 diners ages 21 and older, and will feature items from the Taco Bell menu and menu items not-yet available to the public. The reservation URL will launch on May 5, Cinco de Mayo, for seats on May 19. Additional dates will be announced throughout the year. Yum Brands shares are inactive in premarket trading, and up 12.4% for the past year. The S&P 500 index is up 14% for the last 12 months.

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