Tag: stock market

Sequential Brands Group Inc. said Chief Executive Yehuda Shmidman will step down from that position after about five years with the company. Shmidman is also stepping from the board of directors. The consumer brands company, which brands include Martha Stewart, Jessica Simpson and Avia, named Karen Murray as its new CEO, and appointed her to serve as a director. Murray was most recently president of VF Corp.’s VF Sportswear subsidiary, which brands included Nautica and Kipling. Sequential Brands’ stock, which was still inactive in premarket trade, has tumbled 20% year to date, while the S&P 500 has gained 4.7%.

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Shares of Nike Inc. dropped $2.46, or 4.2%, in premarket trade Wednesday, after the athletic apparel and accessories maker provided a tepid outlook as it reported fiscal third-quarter results. The price decline would be in line to shave about 17 points off the price of the Dow Jones Industrial Average , or about 44% of the 39-point drop in Dow futures in recent trade. Nike’s stock has climbed $7.18, or 14%, year to date through Tuesday, which added about 49 points to the Dow. The Dow has gained 905 points, or 4.6%, so far this year.

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Winnebago Industries Inc. reported fiscal second-quarter earnings that rose to $15.3 million, or 48 cents a share, from $9.4 million, or 35 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of 44 cents. Revenue increased 64% to $370.5 million from $225.7 million, boosted by the inclusion of sales from the recently purchased Grand Design. That exceeded the FactSet consensus of $338.4 million. The recreational vehicle seller said motorized revenue for the quarter to Feb. 25 fell 3% to $198.9 million, as a 5.2% decline in average selling prices offset a 3.6% rise in unit deliveries. Towable revenue rose 14% to $171.6 million. The stock, which was still inactive in premarket trade, has dropped 12% year to date, while the S&P 500 has gained 4.7%.

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Philip Morris International Inc. said Wednesday it has invested about 300 million euro, or the U.S. dollar equivalent of about $323.7 million, to convert a cigarette factory in Greece to a plant to make tobacco sticks for its smoke-free product IQOS. Philip Morris expects the investment to create 400 new jobs in Papastratos, in addition to the 800 people the factory had already employed. Production is expected to begin in January 2018, and the company expects the plant to have an annual capacity of 20 billion tobacco sticks. “This investment is further evidence of our progress towards a smoke-free future,” said Frederic de Wilde, regional president for the European Union at Philip Morris. “We are encouraged by the 1.4 million smokers who have already switched to IQOS around the world, and we expect this momentum to continue.” The stock, which is still inactive in premarket trade, has rallied 24% year to date while the S&P 500 has gained 4.7%.

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Dutch bank ING disclosed in its annual report published last week that it is a target of a criminal investigation into money laundering and corruption that could result in significant fines. The company on Wednesday was not confirming on record a report in Dutch newspaper Het Financieele Dagblad that linked the investigation to a case that prosecutors said allegedly involved bribes paid to the daughter of the former president of Uzbekistan by several telecommunications companies, including Amsterdam-based Vimpelcom. That press report cited a Dutch prosecution spokeswoman, according to Reuters. ING said in its annual report that it had also received requests for information from U.S. authorities and is cooperating. ING’s ADRs were trading down over 5% in U.S. premarket trading.

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Shares of Dutch paints and chemicals giant Akzo Nobel NV lost 2.4% in early Wednesday trade after the company rejected a second takeover offer from PPG Industries Inc. . U.S. coatings major PPG had offered to buy Akzo Nobel for 88.72 euros a share, up from the first offer of €83 a share. “This proposal significantly fails to recognize the value of Akzo Nobel. Our boards do not believe it is in the best interest of Akzo Nobel’s stakeholders, including our shareholders, customers and employees. That is why we have rejected it unanimously,” said the company’s chief executive Ton Büchner in a statement.

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Shares in women’s apparel chain Bebe Stores Inc. plunged almost 45% during regular trading Tuesday after a report that it will close its brick-and-mortar stores and refocus entirely on online sales. Bloomberg News reported the chain will seek to close about 170 stores without filing for bankruptcy protection, although it said Bebe may need to file Chapter 11 if landlords are not willing to negotiate to end their leases. Bloomberg reported the company had no significant debt, but lost about $200 million over the past four years. Bebe cut about 15% of its corporate workforce during a restructuring in February 2016, and brought back former chief executive Manny Mashouf to run the company. Shares were starting to recover in after-hours trading Tuesday, rising more than 5%.

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The American Petroleum Institute late Tuesday reported a climb of 4.5 million barrels in U.S. crude supplies for the week ended March 17, according to sources. The API data also showed a fall of 4.9 million barrels in gasoline supplies and a decline of 833,000 barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast an increase of 2 million barrels in crude inventories. May crude was at $48.15 a barrel in electronic trading, down from the contract’s settlement of $48.24 on the New York Mercantile Exchange.

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Fast food executive Andy Puzder will step aside as chief executive of CKE Inc. this year, months after dropping his bid to be labor secretary for President Donald Trump. CKE, which owns the Carl’s Jr. and Hardee’s chains of restaurants, announced Tuesday afternoon that Jason Marker, the president of Kentucky Fried Chicken U.S., will take over its CEO role in April. “I expressed my desire to have CKE plan for succession approximately a year ago, and I could not be more pleased to have Jason Marker selected to be the company’s next leader,” Puzder said in Tuesday’s announcement. Puzder withdrew his nomination to lead the U.S. Labor Department after being grilled in congressional hearings for the role and admitting that he failed to pay taxes on an undocumented housekeeper.

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The stock market’s internal readings suggest that while bears are dominating bulls, the selling remains relatively calm and collected, which might suggest that many investors aren’t so worried about the market yet. On the New York Stock Exchange, declining stocks outnumbered advancers by a 2,224 to 715 margin. Meanwhile, the NYSE Arms Index, a volume-weighted measure of market breadth many use to measure selling intensity, rose to 1.338. That was only slightly above the equilibrium level of 1.000, which would suggest the intensities of buyers and sellers was in perfect balance, and well below the 2.000 level, that many technicians believe implies panic selling, or capitulation by bull. The S&P 500 slumped 1%, putting it on track to snap a 109-session streak that it closed without a 1% decline.

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