Tag: stock market

Immersion Corp. shares plunged in the extended session Thursday after the touch-feedback technology, or haptics, company reported a wider-than-expected loss for the quarter and an outlook that fell short of Wall Street estimates. Immersion shares dropped 17% to $8.90 after hours. The company reported an adjusted loss of 27 cents a share on revenue of $9.3 million. Analysts surveyed by FactSet had estimated a loss of 16 cents a share on revenue of $10.3 million. For 2017, the company forecast an adjusted loss of 76 cents to $1.05 a share on revenue of $38 million to $42 million. Analysts had estimated a loss of 21 cents a share on revenue of $54.1 million. “In addition to normal considerations, our guidance for 2017 takes into account the ongoing litigation with Apple and the current unlicensed status of Samsung,” Immersion said in a statement. Last year, Immersion filed patent infringement lawsuits against Apple Inc. for technology used in iPhones and the trackpads used in MacBooks.

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Caterpillar Inc. late Thursday said that a raid by federal authorities was likely the result of a tax matter contested by the company. In a Securities and Exchange Commission filing, Caterpillar said it is fighting Internal Revenue Service tax increases and penalties of up to $2 billion over how it booked transactions with its Swiss unit CSARL. “While the warrant is broadly drafted, we believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter,” Caterpillar said in a statement. The company said it is cooperating with authorities. Shares of Caterpillar slipped 0.4% to $94.01 after hours, following a 4.3% drop in the regular session.

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Apple Inc. has filed another lawsuit – its fourth – against Qualcomm Inc. related to a battle over licensing fees, according to a report by Bloomberg. The iPhone maker filed the suit in a U.K. court, expanding similar legal cases it has against Qualcomm, one of its long-time suppliers, in California and China. The lawsuit reportedly claims that Qualcomm unfairly charged royalties for technologies that weren’t covered by their long-time agreement and would use its position as the world’s biggest smartphone chip maker to bully Apple into paying more than it should have. According to the Verge, Apple says the lawsuit was filed back in January alongside the other lawsuits, but just now is being brought to the surface because of a refiling in the U.K. Shares of Qualcomm, which saidearnings were hit last quarter in part because of high legal fees, fell 0.2% in after-hours trade.

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The Australian, New Zealand and Canadian dollars weakened against the dollar on Thursday as commodity prices tumbled and rising interest-rate expectations bolstered the greenback. The Australian dollar tumbled 1.4% to 75.71 cents, its weakest level in a month, its largest one-day drop since Dec. 15, the day after the Federal Reserve raised interest rates at its December meeting. By comparison, it traded at 76.75 cents late Wednesday. The New Zealand dollar fell 1.14% to 70.63 cents, compared with 71.45 cents. The dollar rose 0.5% to C$1.3392, its strongest level in two months, compared with C$1.3329 late Wednesday. In recent days, a bevy of Fed officials have talked up the likelihood that the central bank will raise interest rates at its meeting later this month, sending market-based expectations of a hike to 80%, according to CME Group data. “I think its an overall very dollar positive market right now,” said Juan Perez, a currency trader at Tempus Inc. The price of a barrel of oil fell 2.2% to $52.63 in recent trade. The three dollars are commonly referred to as the “commodity dollars” because Canada, Australia and New Zealand are all major commodity exporters.

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Prominent Democratic senators on Thursday wrote to President Donald Trump to urge him to support the work of the Bureau of Labor Statistics.
The BLS produces economic statistics that Trump questioned as a candidate. The Thursday letter noted his “clear skepticism and distrust” of such data and urged him to “commit to supporting and standing by the independence and integrity” of the department.

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Costco Wholesale Corp. shares fell more than 4% late Thursday after the retailer reported fiscal second-quarter per-share earnings and sales below expectations and said it plans to raise membership fees in June by $5 to its U.S. and Canadian members. Costco said it earned $515 million, or $1.17 a share, in the quarter, compared with $546 million, or $1.24 a share, in the year-ago period. Net sales for the quarter rose 6% to $29.13 billion, from $27.57 billion a year ago. Analysts polled by FactSet had expected earnings of $1.36 a share on sales of $29.85 billion. Comparable-store sales for the quarter rose 3%, while the FactSet analysts had expected a 3.6% increase. The company also announced that, effective June 1, it will increase annual membership fees by $5 for U.S. and Canada individual, business, and business add-on members, which will cost $60 annually. Also effective June 1, annual fees for “executive” memberships in the U.S. and Canada will increase from $110 to $120, and the maximum annual 2% reward associated with the executive membership will increase from $750 to $1,000. The fee increases will impact around 35 million members, roughly half of them executive members, Costco said. Shares of Costco ended the regular trading day up 0.1%.

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Nutanix Inc. , one of the hottest tech IPOs of 2016, plunged more than 17% Thursday after its second earnings report as a public company issued a forecast that didn’t meet Wall Street’s expectations. The company, which sells cloud computing resources focused on combining storage and computing power, reported a net loss of $93.2 million, or 66 cents a share, on sales of $182.2 million. After adjusting for stock-based compensation, the company claimed a loss of 28 cents a share. That performance in the company’s second fiscal quarter easily beat analysts’ estimates of adjusted losses of 35 cents a share on sales of $178.4 million, according to FactSet. Nutanix’s forecast for the current quarter did not meet expectations, however. The company said it expects adjusted losses of 45 cents to 48 cents a share in the fiscal third quarter on revenue of $180 million to $190 million. Analysts on average projected adjusted losses of 35 cents a share on sales of $188.5 million, FactSet reported. Nutanix Chief Financial Officer Duston Williams noted in the announcement that increased costs of some components were affecting the company’s costs; Hewlett Packard Enterprise Co. said in its earnings call last week that increased prices for some memory chips had affected its results. Nutanix, which also suffered after its first earnings report as a public company, fell lower than $26 in late trading after closing with a 1.3% gain at $31.12.

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Attorney General Jeff Sessions said Thursday he’ll recuse himself from any investigations related to the Trump campaign, following reports he met with the Russian ambassador to the U.S. during the campaign. Democrats have called for him to resign following those reports. Sessions told a news conference he didn’t have meetings with Russian operatives about the Trump campaign. Sessions said his discussion with the Russian ambassador Sergey Kislyak concerned terrorism and the Ukraine, and that the discussion became “testy.”

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Marvell Technology Group Ltd. shares rose in the extended session Thursday after the chipmaker’s quarterly results and outlook topped Wall Street estimates. Marvell shares rose 2.2% to $16.20 after hours. The company reported adjusted fourth-quarter earnings of 22 cents a share on revenue of $571.4 million. Analysts surveyed by FactSet had estimated earnings of 19 cents a share on revenue of $567.7 million. For the first quarter, Marvell sees adjusted earnings of 19 cents to 23 cents on revenue of $570 million, give or take $11.4 million. Analysts had estimated 17 cents a share on revenue of $546 million.

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Shares of Stage Stores Inc. took a dive in afternoon trade Thursday once a trading halt was lifted, after the department store chain questioned the validity of a filing made earlier in the session that suggested an entity named HMA Acquisition Inc. had acquired a 5% stake in the company. “Stage Stores…today noted that it has not received any offer or other communication from such entity and has not been able to confirm that such an entity exists,” the company said in a statement. The stock had plunged as much as 22% to a record low of $1.80 within minutes of the opening bell, after the company reported disappointing fourth-quarter results and provided a downbeat outlook. At 9:44 a.m. ET, the HMA filing ran, saying the California-based corporation had acquired 1,366,415 shares of Stage Stores, or 5.03% of the shares outstanding. The stock spiked to a gain of as much as 3.4% to an intraday high of $2.40 by 9:48 a.m., before pulling back. The stock was down 7.8% at $2.14 at 2:22 p.m. when it was halted for news, then dropped further to $2.06 in recent trade. The stock has now shed 54% over the past three months, while the SPDR S&P Retail ETF has lost 4.8% and the S&P 500 has climbed 8.9%.

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