Tag: stock market

TiVo Corp. shares added more than 12% in late trading Tuesday after the company said in its fourth-quarter earnings report that the board is considering “strategic alternatives” that include a potential sale, buying another company or going private. “TiVo’s stock price is at a level that the company and its board do not believe reflects the true value of the business given the company has a strong foundation, with leading technologies, and solid cash flow from its long-term IP license agreements and guide deployments,” TiVo said in its announcement, before listing off the possible results of the review. The company reported net income of $18.4 million, or 15 cents a share, on sales of $214.2 million for the fourth quarter. In the same quarter a year ago, TiVo reported earnings of 8 cents a share on sales of $252.3 million. Analysts on average expected a loss of 3 cents a share on sales of $209.5 million. TiVo stock has dropped 29.8% in the past year, as the S&P 500 index has gained 17.3%.

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Shares of Workday Inc. fell almost 2% late Tuesday after the company surpassed fourth-quarter expectations. Workday lost $89.1 million, or 42 cents a share, in the quarter, compared with a loss of $88.2 million, or 44 cents a share, in the year-ago period. Adjusted for one-time items, Workday earned 28 cents a share, compared with 16 cents a share in the same period last year. Revenue rose to $583 million, from $439 million, and included subscriptions of $490 million. Analysts polled by FactSet had expected adjusted earnings of 20 cents on sales of $574 million. Workday shares ended the regular trading day up 0.3%.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 933,000 barrels for the week ended Feb. 23, according to sources. The API data also showed a climb of 1.9 million barrels in gasoline stockpiles, while inventories of distillates saw a decline of 1.4 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 2.1 million barrels for crude inventories. They also forecast declines of 200,000 barrels each for gasoline and distillate supplies. April crude was at $62.81 a barrel in electronic trading, down from the settlement of $63.01 on the New York Mercantile Exchange.

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Papa John’s International Inc. shares dropped more than 7% in late trading Tuesday after the pizza chain capped off a tumultuous end of the year with an earnings miss. Papa John’s reported fourth-quarter earnings of $28.5 million, or 81 cents a share, on sales of $467.6 million, up from $439.6 million a year ago. After adjusting for effects of the new tax law and impairment, the company reported earnings of 65 cents a share, down from 69 cents a share a year ago. Analysts on average had expected adjusted earnings of 70 cents a share on sales of $464 million. As the fourth quarter wound down, Papa John’s founder John Schnatter stepped down as chief executive after blaming the NFL in part for poor results, and the company soon lost its CFO as well. “We know our potential is so much greater than our results, and we are taking significant steps to reinvigorate our record of profitable growth and value creation,” new CEO Steve Ritchie said in Tuesday’s announcement, adding that he expects to see “marked improvement in sales later in 2018.” The company predicted standard earnings of $2.40 to $2.60 a share in 2018, while analysts on average were projecting GAAP earnings of $2.87 a share, according to FactSet. Shares fell more than 7% in after-hours trading following the results, which sent prices toward new 52-week lows. The stock has already declined 28.3% in the past year, as the S&P 500 index has gained 17.3%.

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Etsy Inc. shares rallied in the extended session Tuesday after the online crafts marketplace’s results and outlook topped Wall Street estimates. Etsy shares surged 14% after hours. The company reported fourth-quarter net income of $44.8 million, or 36 cents a share, compared with a loss of $21.4 million, or 19 cents a share, in the year-ago period. Revenue rose to $136.3 million from $110.2 million in the year-ago period. Analysts surveyed by FactSet had estimated 10 cents a share on revenue of $132.6 million. For the year, Etsy estimates revenue to grow 21% to 23%, or to a range of $533.9 million to $542.7 million. Analysts expect revenue of $519.3 million.

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Shares of Booking Holdings Inc. rose more than 5% late Tuesday after the company formerly known as Priceline Group Inc. reported adjusted per-share earnings and sales above Wall Street expectations. Booking said it lost $555 million, or $11.41 a share, in the quarter, versus earnings of $674 million, or 13.47 a share, in the year-ago period. Adjusted for one-time items, the company earned $836 million, or $16.86 a share, in the quarter, compared with $711 million, or $14.21 a share, a year ago. Revenue rose to $2.8 billion, from $2.3 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $14.12 a share on sales of $2.7 billion. Booking earlier this month changed its name from Priceline, saying it better reflects its business. Shares ended the regular trading session down less than 0.1%.

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Express Scripts Holding Co. shares ticked higher in the extended session Tuesday after the pharmacy-benefits manager’s results and outlook topped Wall Street estimates. Express Scripts shares rose 3% after hours. The company reported fourth-quarter net income of $2.33 billion, or $4.10 a share, compared with $1.43 billion, or $2.34 a share, in the year-ago period. Adjusted earnings were $2.16 a share. Revenue rose to $25.38 billion from $24.86 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.09 a share on revenue of $25.1 billion. Express Scripts estimates earnings of $1.73 to $1.78 a share in the first quarter, and $9.27 to $9.47 a share for the year. Analysts expect earnings of $1.73 a share for the first quarter and $8.83 a share for the year. The company also said it will offer non-executive employees tax-cut bonuses of $500 to $2,000 each based on tenure.

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U.S. stocks on Tuesday late afternoon were set to the end lower, with the S&P 500 index on pace to book its worst single-session drop since early February after the market’s buckled lower following the first public appearance for Jerome Powell as Federal Reserve chairman, replacing Janet Yellen. The S&P 500 index was on track to book its worst drop, off 23 points, or 0.8%, at 2,756, since Feb. 8, according to FactSet data. The Dow Jones Industrial Average looked set to give up about 200 points to 25,507, while the Nasdaq Composite Index was headed for a 0.9% retreat to 7,352. Powell conveyed an upbeat picture of the U.S. economy but the market focused on his emphasis on coming rate hikes in 2018 and an end to easy-money policies as the central bank tries to stave off rising inflation. The 10-year Treasury following Powell’s testimony climbed to 2.90%, while the dollar shot up to gain 0.5% to 90.38, as measured by the ICE U.S. Dollar Index which tracks the buck against a half-dozen other currencies. Bond prices rise as yields fall, with the central bank’s comments sparking selling in government debt as investors dumped their holdings in anticipation of richer yields in the future in a rising interest-rate environment. Accelerating yields and a stronger dollar, along with fears of advancing inflation, has been part of a recipe that has dragged on markets since the start of February.

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Oil prices settled lower Tuesday, with U.S. benchmark crude down after a three-session rise. Expectations that the Energy Information Administration on Wednesday will report a weekly rise in U.S. crude inventories, ongoing concerns about growth in domestic output and strength in the dollar pressured prices. April WTI crude fell 90 cents, or 1.4%, to settle at $63.01 a barrel on the New York Mercantile Exchange.

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Coca-Cola Co. confirmed with MarketWatch on Tuesday that it will cut between 250 and 350 jobs after putting a new operating model in place for its bottling system. The company will eliminate some jobs, “re-orient others” and create new positions. Coca-Cola had 12,400 employees in the U.S. as of Dec. 31, 2017, according to its most recent 8-K filing. Most of the layoffs will take place in the company’s Atlanta headquarters. The company has 5,000 workers in Georgia. Coca-Cola shares are up 5.2% for the past year while the Dow Jones Industrial Average is up 23.4% for the period.

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