Tag: stock market

Snap Inc. confirmed an earlier report Wednesday, pricing shares in its initial public offering at $17 for the largest U.S.-listed IPO since Alibaba Group Holdings Ltd. in 2014. The parent company of the popular Snapchat mobile app said it would sell 200 million shares for a total take of $3.4 billion, with about $2.5 billion going to the company and the rest to early investors and executives who sold shares. Snap receives an initial market capitalization of $19.7 billion, though that valuation jumps to roughly $24 billion when counting unvested shares and other potential dilution. Snap shares are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol SNAP.

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Planet Fitness Inc. shares declined in the extended session Wednesday after the gym chain’s full-year forecast earnings range fell short of the Wall Street view. Planet Fitness shares fell 8.1% to $20.08 after hours. The company forecast adjusted 2017 earnings of 72 cents to 75 cents a share on revenue of $405 million to $415 million. Analysts surveyed by FactSet expect 75 cents a share on revenue of $411.2 million. For the fourth quarter, Planet Fitness reported adjusted earnings of 20 cents a share on revenue of $116.4 million. Analysts had estimated 19 cents a share on revenue of $115.5 million.

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Pure Storage Inc. fell as much as 11% in late trading Wednesday after reporting earnings that beat expectations but coming up short in its forecast for the current quarter. The flash-storage firm reported a net loss of $42.9 million, or 21 cents a share, on sales of $227.9 million. After adjustments for stock-based compensation and other effects, Pure Storage claimed a loss of 2 cents a share. Analysts on average expected adjusted losses of 8 cents a share on sales of $224.5 million, according to FactSet. For the current quarter, though, Pure Storage predicted revenue of $171 million to $179 million, well short of analysts’ average forecast of $201 million, according to FactSet. Pure Storage was more in line with analysts’ forecasts for the full fiscal year, predicting revenue of $975 million to $1.025 billion, while FactSet reports analysts on average projecting sales of $1.01 billion.

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Juno Therapeutics Inc. stock declined as much as 4% after the bell on Wednesday after the company said it won’t be moving forward with its JCAR015 drug, which is intended for relapsed or refractory acute lymphoblastic leukemia, saying it recognizes the “unfortunate and unexpected toxicity” of the drug. The company also reported fourth-quarter earnings. Several patients died during clinical trials last year in the summer and then the fall. The company initially attributed the deaths to the chemotherapy drug used with JCAR015, which it removed from the trial, but then two additional patients died, the company said in late November. The company said its investigation found that certain patient, product and other characteristics may have added to the trial’s risk. Changes could allow the trial to proceed, Juno said, but it would require another phase 1 trial. As such, Juno said it, along with partner Celgene Corp. , made the “strategic decision” to focus resources on another drug in this disease area, with a trial planned for next year. Juno shares have increased 27.2% over the last three months, compared with a 9.4% rise in the S&P 500 .

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Shares of Monster Beverage Corp. rallied in Wednesday’s extended session after the energy drink maker posted higher earnings and announced a new $500 million stock repurchase plan. Monster reported its fourth-quarter earnings rose to $172.9 million, or 30 cents a share, from $138.7 million, or 22 cents a share, a year earlier. The company said its bottom line was negatively impacted by $46.3 million in distribution termination fees. Revenue increased to $753.8 million from $645.4 million. Analysts surveyed by FactSet had forecast earnings of 30 cents on revenue of $724 million. Shares gained more than 6% after hours.

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Broadcom Ltd. shares rose in the extended session Wednesday after the chipmaker’s quarterly results topped Wall Street estimates for the quarter. Broadcom shares rose 3.8% to $222.97 after hours. The company reported adjusted fiscal first-quarter earnings of $3.63 a share on adjusted revenue of $4.15 billion. Analysts surveyed by FactSet had estimated $3.48 a share on revenue of $4.08 billion. Broadcom forecast adjusted second-quarter revenue of $4.1 billion, give or take $75 million, while analysts expect $3.91 billion.

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Shares of DineEquity Inc. , which owns the Applebee’s Neighborhood Grill & Bar and IHOP restaurants, plunged 12% toward a 4 1/2-year low in afternoon trade Wednesday, after the restaurant operator announced the resignation of its chief financial officer and reported disappointing fourth-quarter results. CFO Thomas Emrey’s resignation–he’s leaving to be CFO of Munchkin Inc.–will be effective March 15, after 5 1/2 years in the role. His resignation comes less than two weeks after Chairman and Chief Executive Julia Stewart said she would resign effective March 1. The company named Corporate Controller Greggory Kalvin as interim CFO until a permanent replacement is found. Separately, DineEquity reported adjusted earnings per share of $1.37 and revenue of $154.2 million, compared with the FactSet consensus for EPS of $1.39 and for revenue of $159.2 million. Same-store sales for Applebee’s declined 7.2%, compared with the FactSet consensus for a decline of 4.9%, while IHOP same-store sales declined 2.1% versus expectations of 1.2% growth. The stock has plunged 39% over the past three months, while the S&P 500 has gained 9.5%

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Dynavax Technologies Corp. shares surged 54.4% in afternoon trade Wednesday after the company said the Food and Drug Administration would again review its Hepatitis B vaccine, after the regulator decided not to approve it last fall. Dynavax said it has responded to the additional information requested by the FDA, and that the FDA plans to make the decision by August 10. The surge may also be in part attributable to comments made by President Donald Trump during his first Congressional address late Tuesday, in which he said the FDA’s approval process was “slow and burdensome” and that restraints needed to be removed. Dynavax shares have surged 58.0% over the last three months, compared with a 9.6% rise in the S&P 500 .

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General Dynamics Corp. said Wednesday that it will increase its quarterly dividend by 10.5% to 84 cents a share from 76 cents a share. The new dividend will be payable May 5 to shareholders of record on April 7. Based on current share prices, the new annual dividend rate implies a dividend yield of 1.74%, compared with the aggregate dividend yield of the S&P 500 of 1.99%. Separately, the defense contractor said it authorized the buyback of 10 million shares. The stock, which climbed 1.5% in afternoon trade, has rallied 9.2% over the past three months, while the S&P 500 has gained 9.5%.

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Gold futures settled lower Wednesday for a second straight session. Strength in the dollar, a rally in U.S. equities and rising expectations for an interest-rate increase from the Federal Reserve combined to push prices for the metal to their lowest finish in a week. April gold lost $3.90, or 0.3%, to settle at $1,250 an ounce. That was the lowest finish for a most-active settlement since Feb. 22, according to FactSet data.

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