Tag: stock market

Tenet Healthcare Corp. fell 10% in late trading Monday after substantially missing earnings expectations. The hospital operator reported a fourth-quarter loss of $79 million, or 79 cents a share, on revenue of $4.86 billion. After adjustments for restructuring- and acquisition-related costs, as well as other effects, Tenet claimed profit of 6 cents a share. Analysts polled by FactSet expected on average for Tenet to report adjusted earnings of 22 cents a share on sales of $4.96 billion. The company also whiffed on its forecast, projecting first-quarter losses of 45 cents to 60 cents a share on sales of $4.75 billion to $4.95 billion, and full-year profit of $1.05 to $1.30 a share on sales of $19.7 billion to $20.1 billion. Analysts projected first-quarter adjusted profit of 45 cents a share and sales of $4.95 billion for Tenet, and full-year adjusted earnings of $1.97 a share on revenue of $20 billion. Shares decline to less than $20.50 in after-hours action Monday, after closing with a 3.1% gain at $22.67.

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Shares of Perrigo Co. Plc fell more than 9% late Monday after the Dublin, Ireland, -based drug maker reported unaudited 2016 results and said it had agreed to sell the royalties from Tysabri, a multiple sclerosis drug. The Tysabri royalties would be sold to RPI Finance Trust, an affiliate of Royalty Pharma, for up to $2.85 billion, composed of $2.2 billion cash at closing and up to $650 million in payments based on future net sales. The deal is expected to close within 30 business days, subject to certain conditions, Perrigo said in a statement. Perrigo reported a preliminary 2016 loss in a range of $28.85 and $29 a share, and preliminary adjusted earnings per diluted share in the range of $7.10 a share and $7.25 a share. Perrigo said it expects 2017 reported earnings per share to be in the range of $3.39 to $3.74, and adjusted earnings per diluted share to be in the range of $6.30 to $6.65. The company also appointed Ron Winowiecki as acting chief financial officer, effective immediately, after the resignation of Judy L. Brown, who joined another pharmaceutical company. Perrigo is conducting a search for a permanent CFO, “which includes Mr. Winowiecki as a key candidate,” the company said in a separate statement.

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Hertz Global Holdings Inc. shares rose in the extended session Monday after an initial drop as the car-rental company reported a wider-than expected loss for the quarter. Hertz shares were up 0.5% to $20.10 after hours at last check. The company reported an adjusted fourth-quarter loss of 71 cents a share on revenue of $2.01 billion. Analysts surveyed by FactSet had estimated a loss of 56 cents a share on revenue of $2.02 billion.

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Tricon Capital Group Inc. will buy Silver Bay Realty Trust Corp. for $21.50 a share in a deal valued at $1.4 billion, the Canadian company announced late Monnday. The transaction includes about $820 million in equities and $600 million of Silver Bay debt. The purchase, when finalized in the second quarter, is expected to add to Tricon’s earnings. Shares of Silver Bay surged 18% to $21.45 while Tricon fell 2.7% after hours.

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Walt Disney-owned network ABC drew its lowest Oscar viewership in nine years. The Oscars award ceremony pulled in an average 32.9 million total viewers, according to Nielsen data, which was down compared with last year’s 34.4 million viewers. Though the broadcast has been slipping in recent years it still managed to beat out the Golden Globes by 12.9 million viewers and the Grammys by 6.8 million. The ceremony garnered a 22.4/36 Nielsen overnight rating for its telecast of the 89th Annual Academy Awards on Sunday. That means 22.4% of households with a TV watched the awards ceremony and 36% of households actually watching TV at the time were tuned into the Oscars. “Moonlight” took home the night’s grand prize of best picture, beating out favorite “La La Land” in a surprise twist ending. The ceremony, coming a little more than a month after President Donald Trump’s inauguration, served as a platform for filmmakers and host Jimmy Kimmel to make political commentary and jokes. The 2017 telecast was on par with last year’s show, which had a 22.5/36 rating. Shares of Disney are up nearly 16% in the trailing 12-month period, while the S&P 500 index is up more than 21% and the Dow Jones Industrial Average is up 25% in the same time frame.

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Intelsat shares climbed 25% as Sky News reported that Japanese technology investor SoftBank is looking to merge the New York-listed company with OneWeb. SoftBank would participate by paying down Intelsat debt, the report said. Intelsat shares were halted.

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The Dow Jones Industrial Average was heading for a 12th-straight record close, the longest such streak in 30 years, but you’d never know it by looking at how the components were behaving. Only 11 of the 30 components were trading higher, and with only 2 of the gainers hitting record highs and another reaching a 1 1/2-year high. The 2 record setters were Boeing Co.’s stock , which climbed $2.27, or 1.3%, and UnitedHealth Group Inc. shares , which rose $1.99, or 1.2%. Those stocks were adding about 29 points to the Dow, which was up 28 points in afternoon trade. The Dow’s biggest point losers were the stocks of IBM Corp. , which lost $1.51, or 0.8%, and DuPont & Co. which lost 76 cents, or 1%. Combined, those stock were shaving about 16 points off the Dow.

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ServiceNow Inc. dropped in Monday trading after announcing a change at the top, with former eBay Inc. Chief Executive John Donahoe taking over from Frank Slootman. Slootman will move to the chairman role on April 3 after six years as CEO of the cloud-software company to make room for Donahoe. “I am confident that we are making this transition from a position of strength,” Slootman said in Monday’s announcement. Donahoe left the CEO role at eBay after overseeing the split of PayPal Holdings Inc. into a separate company, and has served as chairman of PayPal since. ServiceNow shares fell as much as 5.3% Monday before settling at a loss of around 4%.

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A budding price war in unlimited data plans sent shares of the major wireless carriers lower in, after AT&T Inc. and T-Mobile U.S. Inc. fired the latest salvos on Monday. AT&T’s stock slid 1.4% in afternoon trade after the company lowered the price of its unlimited plan to $90 from $100, less than two weeks after opening up the plan to all subscribers. T-Mobile’s stock shed 0.6% after the company said early Monday that it was giving a free line of service for a limited time to virtually all of its customers with at least two voice lines. On Feb. 14, Verizon had finally caved to competition by reintroducing unlimited wireless plans, in response similar moves by its competition. Verizon’s stock slumped 1.6% in afternoon trade Monday. Elsewhere, Sprint Corp.’s stock shed 0.3%. Meanwhile, the iShares U.S. Telecommunications ETF tacked on 0.3%. AT&T shares have gained 6.5% over the past three months, while T-Mobile’s stock has rallied 13%, Verizon shares have lost 1.7% and the S&P 500 has climbed 7.1%.

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Gold futures edged higher on Monday to score a third straight session climb, buoyed by uncertainty surrounding President Donald Trump’s address to Congress late Tuesday. April gold saw a modest climb of 50 cents to settle at $1,258.80 an ounce. That was the highest finish for a most-active settlement since Nov. 10, according to FactSet data.

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