Tag: stock market

Genesco Inc. shares rose 4.6% in premarket trade on Friday after the footwear and apparel company reported a fourth-quarter profit above Wall Street’s expectations. Net income for the quarter was $46.8 million, or $2.40 per share, compared to $45.0 million, or $2.07 per share during the same period a year ago. Adjusted earning per share were $2.15, beating FactSet’s consensus of $1.78. Sales in the quarter fell to $883 million from $932 million, and below FactSet’s $901 consensus. Genesco shares have declined 16.7% in the trailing 12-month period, while the S&P 500 index is up 18.9%.

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Shares of ski operator Vail Resorts Inc. rose 3% in premarket trade Friday, after the company blew past earnings estimates for its latest quarter and said it is raising its dividend. Vail said it had net income of $149.2 million, or $3.63 a share, in its fiscal fourth quarter to end January, up from $116.9 million, or $3.14 a share, in the year-earlier period. Revenue rose to $725.2 million from $599.4 million. The FactSet consensus was for EPS of $3.40 and revenue of $709 million. “We had strong results during the holidays and the month of January despite a slower start to the season at our U.S. resorts resulting from below average early season conditions,” Chief Executive Rob Katz said in a statement. The company said its board has approved a 30% increase in its quarterly dividend to $1.053 per share, payable April 13 to shareholders of record as of March 29.

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Tesla Inc. Chief Executive Elon Musk on Friday offered to help the state of South Australia overcome power outages by installing 100 megawatt hours worth of battery storage, according to media reports. Musk said he could fulfill a contract within 100 days, and if he failed, he would not charge for what would be about $25 million of battery storage. Mike Cannon-Brookes, the Australian co-founder of Silicon Valley startup Atlassian, on Friday tweeted Musk to ask if Tesla was serious about being able to install the capacity. Musk said Tesla could do it in 100 days of the contract being signed, or else provide it free, adding: “That serious enough for you?” Musk said he would charge $250 per kilowatt hour for 100 megawatt hour systems, which is equal to $25 million. Cannon-Brookes replied on Twitter: You’re on mate. Give me 7 days to try and sort out politics & funding.” South Australia has been hit by power outages after a record-breaking summer. Tesla shares were slightly higher premarket, and are up 19% in the last 12 months, matching the S&P 500’s gains.

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Tesla Inc. Chief Executive Elon Musk on Friday offered to help the state of South Australia overcome power outages by installing 100 megawatt hours worth of battery storage, according to media reports. Musk said he could fulfill a contract within 100 days, and if he failed, he would not charge for what would be about $25 million of battery storage. Mike Cannon-Brookes, the Australian co-founder of Silicon Valley startup Atlassian, on Friday tweeted Musk to ask if Tesla was serious about being able to install the capacity. Musk said Tesla could do it in 100 days of the contract being signed, or else provide it free, adding: “That serious enough for you?” Musk said he would charge $250 per kilowatt hour for 100 megawatt hour systems, which is equal to $25 million. Cannon-Brookes replied on Twitter: You’re on mate. Give me 7 days to try and sort out politics & funding.” South Australia has been hit by power outages after a record-breaking summer. Tesla shares were slightly higher premarket, and are up 19% in the last 12 months, matching the S&P 500’s gains.

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U.S. Secretary of State Rex Tillerson has recused himself from dealings with the controversial Keystone XL pipeline, the State Department said late Thursday. “He has not worked on that matter at the Department of State, and will play no role in the deliberations or ultimate resolution of TransCanada’s application,” a letter from the State Department to the environmental group Greenpeace said. Tillerson made the decision in early February, the State Department said. TransCanada Corp. in January resubmitted its application for the pipeline, which President Donald Trump signed. The project had been rejected by former President Barack Obama in 2015. Greenpeace had urged Tillerson to recuse himself, since he used to be the chief executive of Exxon Mobil Corp. , which stands to financially benefit if the pipeline is built. The Keystone XL pipeline will transport crude oil almost 1,200 miles from Canada and North Dakota to the Gulf of Mexico.

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The Securities and Exchange Commission said a California company and its founder falsely touted record revenues, when its earnings came from sham transactions with a secret affiliate. Medbox said it sold vending machines capable of dispensing marijuana on the basis of biometric identification. Instead, nearly 90% of revenue in the first quarter of 2014 came from “sham transactions” with a shell company, the SEC says. Vincent Mehdizadeh and Medbox, which has since changed its name to Notis Global, have agreed to settle the SEC’s charges, and Mehdizadeh will pay a fine of more than $12 million and agreed to be barred from serving as an officer or director of a public company or participating in any penny stock offerings. Litigation continues against then CEO Bruce Bedrick, Mehdizadeh’s then fiancee Yocelin Legaspi, and the shell company, New-Age Investment Consulting.

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Shares of Ulta Beauty Inc. fell 3.6% late Thursday after the beauty products retailer reported quarterly earnings and sales above expectations but predicted slightly lower-than-expected sales in the fiscal first quarter and planned on more store openings this year. Ulta said it earned $140.2 million in the fourth quarter, or $2.24 a share, compared with $107.8 million, or $1.69 a share, in the year-ago period. Sales rose to $1.58 billion, from $1.27 billion a year ago. Analysts polled by FactSet had expected earnings of $2.14 a share on sales of $1.54 billion. Comparable-store sales rose 17% in the quarter, Ulta said. For the first quarter of fiscal 2017, the company said it expects net sales in the range of $1.24 billion to $1.27 billion. The analysts surveyed by FactSet expect sales around $1.28 billion. Ulta’s board of directors also authorized a $25 million share buyback program. Ulta shares ended the regular session down 0.6%.

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Finisar Corp. shares dropped in the extended session Thursday after the fiber-optics equipment company’s quarterly earnings and outlook fell below Wall Street views. Finisar shares dropped 17% to $29.10 after hours. The company reported adjusted fiscal third-quarter earnings of 59 cents a share on revenue of $380.6 million. Analysts surveyed by FactSet had estimated 62 cents a share on revenue of $389.7 million. For the fourth quarter, Finisar said it expects adjusted earnings of 50 cents to 56 cents a share on revenue of $360 million to $380 million. Analysts expect 58 cents a share on revenue of $393.4 million.

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The Kroger Co. said Thursday its board has approved a new $500 million share buyback program. The new authorization will add to the $120 million remaining in the last program as of March 8. Shares were flat Thursday, but are down 23% in the last 12 months, while the S&P 500 has gained 19%.

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Oil prices settled under $50 a barrel on Thursday, at their lowest level since November. Recent U.S. government data showing a ninth weekly rise in domestic crude supplies, as well as total production at a more than one-year high, raised concerns that OPEC-led output cuts won’t be enough to rebalance the market. April West Texas Intermediate crude lost $1, or 2%, to settle $49.28 a barrel on the New York Mercantile Exchange, the lowest finish for a front-month contract since Nov. 29, according to FactSet data.

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