Tag: stock market

A hazardous materials crew from Storey County, Nev., is working on a reported chemical spill Monday afternoon at the Tesla Inc. battery factory outside Reno, according to a local TV station. According to KOLO TV, an ABC affiliate, the spill is connected to the HVAC system and several people have reported feeling sick. It was not clear whether anyone had to be taken to a hospital, but ambulances were on scene, KOLO said. A portion of the gigafactory has been evacuated as a precaution, the station said.

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Shares of United Airlines’ parent company United Continental Holdings Inc. rose 0.7% late Monday after the company reported first-quarter per-share adjusted earnings above expectations and quarterly sales in line with forecast. United said it earned $96 million, or 31 cents a share, in the quarter, compared with $313 million, or 88 cents a share, in the year-ago quarter. Adjusted for one-time items, United earned $129 million, or 41 cents a share, in the quarter, compared with $1.23 a share a year ago. Revenue reached $8.4 billion, up 2.7% from the year-ago quarter. Analysts polled by FactSet had expected adjusted earnings of 38 cents a share on sales of $8.38 billion for the quarter. United Airlines has been mired in public-relations fiasco after videos of a passenger on one of its flights being forcibly removed from a plane went viral. “The incident that took place aboard Flight 3411 has been a humbling experience, and I take full responsibility,” CEO Oscar Munoz said in the statement. “This will prove to be a watershed moment for our company, and we are more determined than ever to put our customers at the center of everything we do.” Shares of United ended the regular trading day up 2.4%.

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Netflix Inc. shares fell nearly 4% in post market trading after the streaming giant reported it added fewer subscribers than Wall Street had expected during the first quarter. Net income for the first quarter came in at $178.2 million, or 40 cents per share, which was an improvement compared with the $27.7 million, or 6 cents per share the company reported during the same period a year ago. Analysts following the company on FactSet expected earnings per share to be 37 cents. Revenue for the quarter hit $2.64 billion, above last year’s $1.96 billion and in line with FactSet’s $2.64 billion revenue consensus. Netflix stock was likely driven down by the fact it added 4,950 subscribers during the quarter, which was lower than FactSet’s expected 5,320 new subscribers and below Netflix’s guidance for 5,200 net adds. The big drop off was in international streaming where Netflix added 3,530 memberships, which was softer growth than the 4,510 it added in the year-earlier period and the 5,120 it added during the most recent fourth quarter. Netflix said it expects to add 3,200 new subscribers in the second quarter. Shares of Netflix have gained nearly 19% in the year to date and 32% during the last 12 months. Comparatively, the S&P 500 index is up nearly 5% in the year and the Dow Jones Industrial Average is up more than 3%.

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Shares of Barracuda Networks Inc. gained in Monday’s extended session after the security and storage company posted better-than-expected earnings. Barracuda reported its fourth-quarter earnings slipped to $3.22 million, or 6 cents a share, from $3.24 million, or 6 cents a share, a year ago. On an adjusted basis, the company earned 19 cents a share. Revenue rose 7% to $89.3 million. Analysts surveyed by FactSet had forecast earnings of 15 cents a share on revenue of $88.4 million. Barracuda shares rose 1.7% after hours.

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U.S. stocks rebounded on Monday, notching their largest gains since March 1, as financial shares led markets higher while investors monitored corporate earnings and the latest developments between the U.S. and its geopolitical adversaries. The S&P 500 index climbed 20.06 points, or 0.9%, to 2,349.01, while the Dow Jones Industrial Average rose 183.67 points, or 0.9%, to 20,636.92. The Nasdaq Composite Index gained 51.64 points, or 0.9%, to 5,856.79. Shares of United Continental Holdings Inc. [S: UAL] and Netflix Inc. rose as both firms prepared to report quarterly earnings after the bell. United shares tumbled last week as the company took heat after video surfaced of a customer being violently dragged off a plane. The company is now facing a lawsuit filed by the passenger. Shares of MoneyGram International Inc. climbed after Alibaba Group Holding Ltd controlled Ant Financial Services lifted its bid for the U.S. money-transfer unit. Bank of America Inc. shares will be in focus as the company prepares to report quarterly earnings on Tuesday before the bell. In other markets, gold futures settled higher on Monday for a fourth straight session. One ounce of gold for June delivery rose $3.40, or 0.3%, to $1,291.90.

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Arconic Inc.’s largest shareholder, billionaire Paul Singer’s Elliott Management Corp., said the ousting of former CEO Klaus Kleinfeld was a “necessary first step” to fix the aerospace and automotive-parts maker. Elliott said in a statement that the “poor judgment” that Kleinfeld used that got him booted, which Arconic said was an unauthorized letter sent to a senior official at Elliott, was in a fact a letter that “read as a threat to intimidate or extort a senior officer at Elliott Management based on completely false insinuations.” Elliott said it “immediately and privately” informed Arconic’s board of Kleinfeld’s “highly inappropriate” behavior. “When such conduct manifests itself in a patter as it has here, it is not a CEO problem. It is a board problem,” Elliott said. The stock was up as much as 9.8% in intraday trade, before paring gains to be up just 3.7%. It has soared 45% year to date, while the S&P 500 has gained 4.6%.

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Oil production from seven major U.S. shale plays is forecast to climb by 124,000 barrels a day to 5.193 million barrels a day in May from April, according to a monthly report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 76,000 barrels a day. May West Texas Intermediate oil was trading 45 cents, or 0.9%, lower at $52.73 a barrel, a few minutes before the settlement on the New York Mercantile Exchange.

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Skechers USA Inc. said Monday that it has launched a new collection, You by Skechers, a women’s lifestyle line that incorporates the technologies from its performance shoes. You by Skechers aims to tap into the demand for “lightweight wellness footwear in the athleisure marketplace,” according to a press statement. Skechers has partnered with four healthy-living advocates, including fitness model Koya Webb and Pilates expert Katie Yip, to promote the collection on their social media channels. Skechers is scheduled to announce its first-quarter earnings on Thursday after the market closes. Skechers shares are up 2% in Monday trading, and up 3.6% for the year so far. The S&P 500 index is up 4.6% for 2017 to date.

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Gold prices marked a fourth straight gain Monday to hold ground at their highest finish since early November. Tensions between the U.S. and North Korea weighed on the dollar, supporting prices for the precious metal, which is traded in the greenback. June gold rose $3.40, or 0.3%, to settle at $1,291.90 an ounce.

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Tenet Healthcare Corporation shares dropped 8.7% in afternoon trade Monday and Community Health Systems shares dropped 7.5% after rival hospital operator HCA Holdings Inc. warned of a first-quarter revenue and earnings miss. Tenet shares were valued at $15.95 and Community Health Systems shares were valued at $8.42 as of Monday afternoon. HCA Holdings stock dropped 2.7% in afternoon trade after warning Monday morning that it expected earnings to come in at $1.74 per share, below the FactSet consensus of $1.79. The company also said it expects revenue to come in at $10.6 billion, below the FactSet consensus of $10.7 billion. HCA Holdings attributed the results to changes in payer mix, meaning more patients have government insurance such as Medicare, which pays less than employer-sponsored plans. Investors appear to be concerned that those factors will have industry-wide effects. Hospital operator LifePoint Health Inc. shares fell just 1.3% on Monday afternoon, and Universal Health Services shares slumped just 0.2%, compared with a 0.6% rise in the S&P 500 . Tenet shares have dropped 16.1% over the last three months, and Community Health Systems shares have risen 18.1%, compared with a 3.3% rise in the S&P 500 .

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