Tag: stock market

With the economy growing and the financial system returned to health, now is a good time to review the raft of banking regulations put in place since the financial crisis, Federal Reserve Governor Jerome Powell said Thursday. “Many of the statutory provisions and regulations put in place…were novel; it is not likely we would have gotten everything exactly right on the first attempt,” Powell said in a speech to The Global Finance Forum. Powell was not specific about many of the changes he would support beyond giving relief to smaller banks. He said “core reforms” should be protected but bank management should not be trapped in paperwork and unable to “devote as much of their resources to supporting economic growth.”

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From:: Stock Market News

Starbucks Corp. was upgraded on Thursday to buy from hold at Stifel, with analysts anticipating same-store sales growth to accelerate to at least 5% to 6% for the next four quarters, starting in the fiscal third quarter. The price target was raised to $67 from $60. Analysts say the company will benefit from “increasingly favorable comparisons” and “modest contribution” from beverages, more food options, and technology. The My Starbucks Rewards loyalty program and mobile order and pay are also expected to continue to contribute to same-store sales growth. Stifel also thinks the company has opportunities to grow its global packaged coffee and tea and ready-to-drink beverage businesses. “Starbucks shares have meaningfully underperformed consumer and restaurant peers over the past 12 months, and we believe meeting consensus comp expectations will result in outperformance,” analysts wrote. Starbucks shares are up 1.5% in Thursday premarket trading and up 6.3% for the year so far. The S&P 500 index is up 4.4% for 2017 to date.

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Railroad company CSX Corp. shares jumped almost 6% in premarket trade Thursday, as the company said it’s raising its quarterly dividend by 11% and unveiled a new $1 billion share buyback program. CSX reported stronger-than-expected earnings for the first quarter after the bell on Wednesday. CSX said it will pay a higher dividend of 20 cents a share on June 15 to shareholders of record as of May 31. The board is expecting to complete a $1 billion share buyback by the end of the first quarter in 2018. “In line with the company’s balanced approach in deploying capital, CSX now expects to invest $2.1 billion in 2017, including approximately $270 million for Positive Train Control,” it said in a statement. CSX shares have gained about 31% in 2017 so far, while the S&P 500 has gained 4.4%.

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Verizon Communications Inc. shares fell more than 2% in premarket trading after the telecom company reported first-quarter earnings on Thursday that missed Wall Street expectations. Verizon’s net income for the first quarter was $3.6 billion, or 84 cents per share, compared with $4.4 billion, or $1.06 per share during the same quarter a year ago. Adjusted per share earnings were 95 cents, just below FactSet’s 96 cents consensus. Revenue hit $29.8 billion during the quarter, compared with $32.2 billion in the year earlier period. FactSet’s revenue consensus was $30.4 billion. Verizon said it saw a decline of 307,000 wireless phone customers along with 13,000 Fios video subscribers. The company added 35,000 Fios internet users. Shares of Verizon have declined more than 8% in the year to date, while the S&P 500 index is up more than 4% in the year.

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Shares of Philip Morris fell 3% in premarket trade Thursday after the company missed first-quarter profit and revenue expectations. The company reported net income of $1.59 billion, or $1.02 per share, up from $1.53 billion, or 98 cents per share, in the year-earlier period. It reported adjusted earnings per share of 98 cents, below the FactSet consensus of $1.03. Net revenue excluding excise taxes was $6.06 billion, down from $6.08 billion in the year-earlier period and below the FactSet consensus of $6.48 billion. For the full year, Philip Morris expects diluted earnings per share between $4.84 and $4.99 and adjusted earnings per share of $4.48. The FactSet consensus for adjusted earnings was $4.88. Shares of Philip Morris have gained 20% in the past three months, while the S&P 500 has gained 3%.

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Foot Locker Inc. shares fell 3.6% in Thursday premarket trading after the athletic apparel and footwear retailer issued a profit warning for the first quarter. Foot Locker now expects first quarter earnings to be $1.36 to $1.39 per share, equal to or just below last year. Same-store sales are expected to increase in the low-single-digit percentage range. The FactSet EPS consensus is for $1.47, and the same-store sales estimate is for a 2.7% increase. The company revised the full-year EPS estimate to mid-single-digit percentage growth from double-digit growth due to the expected first-quarter result. Chief Executive Richard Johnson said the year was off to a slow start due to the income tax refund delay that affected February same-store sales, which were down low double digits. Even when refunds were issued and sales rebounded in March, it wasn’t enough to offset the sluggish beginning. Foot Locker shares are up 18.5% for the past year while the S&P 500 index is up 11.2% for the period.

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Insurer Travelers Cos. Inc. said Thursday it had net income of $617 million, or $2.17 a share, in the first quarter, down from $691 million, or $2.30 a share, in the year-earlier period. Adjusted per-share earnings came to $2.16, below the FactSet consensus of $2.37. Revenue rose 4% to $6.942 billion, ahead of the FactSet consensus of $6.326 billion. “Core income of $614 million and core return on equity of 10.8% reflected unusually high first quarter catastrophe losses that arose from a record number of tornado and hail events,” Chief Executive Alan Schnitzer said in a statement. Net premiums written rose 5% to a record level in the quarter with all business segments contributing, he said. Net investment income rose 9% to $610 million before tax, he said. Travelers is raising its quarterly dividend by 7.5% to 72 cents a share. The board has approved an additional $5 billion share buyback program. Shares were slightly lower premarket, but are down 1.7% in 2017, while the Dow Jones Industrial Average has gained 3.3%.

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Shares of Sinclair Broadcast Group Inc. inched higher in the extended session Wednesday after a strong close following reports it was looking to buy Tribune Media Co. Shares of Sinclair rose 1.4% to $40.95 after hours, following a 3.1% gain during the regular session. Sinclair is looking to acquire Tribune in the high $30-a-share price range, according to a Bloomberg report. Tribune shares reached an intraday high of $40.01, before closing up 1.8% at $38.41, where they remained after hours.

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Select Comfort Corp. shares rallied in the extended session Wednesday after the maker of Sleep Number beds topped Wall Street estimates for the quarter and increased its forecast for the year. Select Comfort shares surged 13% to $29.28 after hours. The company reported first-quarter earnings of 56 cents a share on revenue of $393.3 million. Analysts surveyed by FactSet had estimated 45 cents a share on the revenue of $370.2 million. For the year, Select Comfort sees earnings of $1.25 to $1.50 a share, up from a previous range of $1.20 to $1.40 a share. Analysts had estimated $1.31 a share.

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From:: Stock Market News

Select Comfort Corp. shares rallied in the extended session Wednesday after the maker of Sleep Number beds topped Wall Street estimates for the quarter and increased its forecast for the year. Select Comfort shares surged 13% to $29.28 after hours. The company reported first-quarter earnings of 56 cents a share on revenue of $393.3 million. Analysts surveyed by FactSet had estimated 45 cents a share on the revenue of $370.2 million. For the year, Select Comfort sees earnings of $1.25 to $1.50 a share, up from a previous range of $1.20 to $1.40 a share. Analysts had estimated $1.31 a share.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News