Tag: stock market

Fitbit Inc. announced the departure of its chief business officer and the shuffling of other top executive roles Monday while detailing the focus of its previously announced reorganization. Fitbit said its pared-down company will focus on two areas, both related to health, with its present consumer business of wearable gadgets planning to “focus on delivering a streamlined set of health and fitness devices” while Fitbit builds an enterprise health division that works with large businesses such as insurers and health care providers. Fitbit said Woody Scal, its chief business officer, has agreed to leave the company by the end of the month, along with Tim Roberts, the executive vice president in charge of the interactive division. Samir Kapoor was promoted to senior vice president of device engineering and Jeff Devine has joined the company as executive vice president of operations. Fitbit stock, whic has plunged nearly 25% in the past three months and more than 50% in the past year, was quiet in late trading following the announcement; shares closed down 1.2% at $6.

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Thor Industries Inc. shares fell in the extended session Monday even after the maker of recreational vehicles topped Wall Street estimates for the quarter. Thor shares dropped 5.1% to $109.50 after hours, following a gain of 1.3% during the regular session. The company reported fiscal second-quarter earnings of $1.23 a share on revenue of $1.59 billion. Analysts surveyed by FactSet had estimated $1.22 a share on revenue of $1,51 billion.

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CA Technologies Inc. announced Monday that it has agreed to purchase privately held software company Veracode for $614 million in cash. Veracode, which helps developers test the security of their applications before they are released, was founded in 2006 and has reportedly raised more than $110 million in venture funding with a valuation of roughly $450 million. Fortune reported in 2015 that Veracode had filed confidential documents for an initial public offering, but those documents were never publicly filed with the Securities and Exchange Commission. CA said that the acquisition will add 2 to 3 percentage points to its revenue in the 2018 fiscal year if it closes as expected in the first quarter of that year, though it is expected to have “a modestly adverse impact” on earnings in the 2018 and 2019 fiscal years. CA expects Veracode to add to net income in the 2020 fiscal year. CA stock held steady in late trading after closing with 1.1% gain at $32.82.

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Casey’s General Stores Inc. shares declined in the extended session Monday after the convenience-store and gas-station chain’s quarterly results fell short of Wall Street estimates. Casey’s shares declined 3.7% to $110 after hours. The company reported fiscal third-quarter earnings of 58 cents a share on revenue of $1.77 billion. Analysts had estimated earnings of 88 cents a share on revenue of $1.81 billion. Casey’s board also approved the repurchase of up to $300 million in company shares.

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Shares of Pier 1 Imports Inc. rose in Monday’s extended session after the retailer released preliminary earnings for the quarter ended Feb. 25. Pier 1 said it expects fourth-quarter earnings per share of 31 cents to 33 cents and adjusted EPS of 32 cents to 34 cents. Analysts surveyed by FactSet are projecting an average adjusted EPS of 31 cents a share. It also sees revenue falling 2.6% from a year earlier while same-store sales are likely to edge up 0.2%. Pier 1 is scheduled to officially announce its fourth-quarter earnings on April 12. Pier 1 shares gained 7.2% after hours.

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Shares of Ascena Retail Group Inc. rose in Monday’s extended session after the company that owns Ann Taylor, Dress Barn and Lane Bryant posted a smaller loss than expected. Ascena reported its second-quarter loss widened to $35.2 million, or 18 cents a share, from $22.6 million, or 12 cents a share, a year ago. On an adjusted basis, it would have lost 7 cents a share. Revenue slipped to $1.75 billion from $1.84 billion while same-store sales fell 4%. Analysts surveyed by FactSet had forecast the retailer to report a loss of 9 cents a share on revenue of $1.75 billion. Shares climbed 2% after hours.

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Oil prices settled modestly lower on Monday as lower economic growth forecasts in China and signs of further growth in U.S. crude production sparked concerns over excess supplies. Uncertainty surrounding output in Libya, on the heels of reported conflicts near major oil terminals among rival groups, as well as ongoing production cuts among members of the Organization of the Petroleum Exporting Countries provided some support. April West Texas Intermediate crude fell 13 cents, or 0.2%, to settle $53.20 a barrel on the New York Mercantile Exchange.

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Airline stocks fell in tandem Monday after Delta Air Lines Inc. lowered its forecast operating margins for the year at the Raymond James Institutional Investors Conference in Orlando, Fla. In a presentation, Delta said margins would likely contract as cost increases outpaces revenue growth with the worst of it occurring in the March quarter, calling 2017 “a transition year.” Delta said fuel prices have jumped 55% for the quarter. Shares of Delta fell 3.3%, while United Continental Holding Inc. shares declined 4.2%, American Airlines Group Inc. shares shed 4.7%, Southwest Airlines Co. fell 2.4%, and Alaska Air Group Inc. shares declined 2.5%.

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Nvidia Corp.’s stock sank briefly into bear market territory in midday trade Monday, before bouncing back out of it, but was still on course to close at a three-month low. The stock dropped as much as 3.3% to an intraday low of $95.17, which was 20.1% below the Feb. 7 record close of $119.13. Many on Wall Street define a bear market as a 20% decline on a closing bases from a significant peak, that followed a rally of at least 20% off a previous significant low. The stock was down 2.8% at $95.65, or 19.7% below its record close. If it closed at or below $95.30, it would trigger the stock’s first bear market in 13 months. Back then, the stock had closed at an 8-year high of $33.75 on Dec. 4, 2015, then dropped 25% to a closing low of $25.22 on Feb. 8, 2016. That bear market ended Feb. 19, when it closed at $30.44, or 20.6% above the Feb. 8 low. Despite the stock’s recent weakness and bearish commentary from analysts, investor sentiment remains relatively high, as the latest data shows short interest, or bets that the stock will fall, had dropped to a four-year low through mid February. The stock had still nearly tripled over the past 12 months, while the PHLX Semiconductor Index had rallied 48% and the S&P 500 had gained 19%.

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Analysts at Nomura on Monday upgraded General Motors Co. to buy from neutral, saying the car maker’s exit “from long-struggling Europe is a major positive,” one that will simplify GM’s business structure and improve profitability. GM earlier Monday agreed to sell its European business to Peugeot maker’s PSA Group for $2.3 billion. The European sale frees up resources, which GM could redeploy to develop next-generation powertrains and autonomous driving technologies “to maintain its competitive edge in the crucial North American market over the long term,” the Nomura analysts said in a note. Shares of GM have gained more than 19% in the past 12 months, compared with gains of more than 18% for the S&P 500 index in the same period.

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