Tag: stock market

Wayfair Inc. shares rose 3% in Thursday premarket trading after the online home retailer announced sales that beat estimates. Net loss for the quarter was $44.0 million, or 51 cents, compared with a $15.5 million loss, or 18 cents, for the same period last year. Adjusted loss was 34 cents per share, ahead of the FactSet consensus for a 50-cent loss. Sales were $984.6 million, up from $739.8 million, and beating the $970.0 million FactSet consensus. The number of active customers rose 53.9% year-over-year to 8.3 million as of Dec. 31, 2016. Average order value was $203 for the quarter, down from $222 the year prior. Wayfair shares are up nearly 1% for the past year while the S&P 500 index is up 23% for the same period.

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Shares of Chesapeake Energy Corp. surged 2.2% in premarket trade Thursday, after the oil and natural gas exploration and production company matched fourth-quarter profit expectations and said it expected rig counts to grow this year. For the quarter to Dec. 31, the company reported a loss of $741 million, or 84 cents a share, compared with a loss of $2.22 billion, or $3.36 a share, in the same period a year ago. Excluding non-recurring items, such as unrealized losses on commodity derivatives and on exchange of preferred stock, adjusted earnings per share came to 7 cents, in line with the FactSet consensus. Revenue fell to $2.02 billion from $2.65 billion, just shy of the FactSet consensus of $2.04 billion. Oil equivalent production fell to 53 million barrels of oil equivalent from 61 million. The average rig count for 2016 declined to 10 from 28 in 2015, but is expected to climb to 16 to 18 in 2017. The stock has lost 11% over the past three months through Wednesday, while the SPDR Energy Select Sector ETF has slipped 2.4% and the S&P 500 has gained 7.2%.

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Kohl’s Corp. shares rose 3.2% in Thursday premarket trading after the retailer announced fourth-quarter earnings that beat expectations and raised its dividend. Net income was $252.0 million, or $1.44 per share, down from $296.0 million, or $1.58 per share, last year. The FactSet consensus was $1.33. Sales were $6.2 billion, down from $6.4 billion last year but meeting the FactSet consensus. The sales slide was attributed to “declines in brick-and-mortar traffic, and offset somewhat by strength in online demand,” said Chief Executive Kevin Mansell in a statement. Same-store sales declined 2.2%, while the FactSet consensus was for a 2.1% decline. Kohl’s quarterly dividend of 55 cents per share is 10% higher year-over-year and payable March 22, 2017 to shareholders of record at the close of business on March 8, 2017. Kohl’s expects fiscal 2017 EPS of $3.50 to $3.80. The FactSet consensus is $3.66. The company expects a sales change between down 1.3% and up 0.7%. And same-store sales are expected to range from 2% decline to flat. Kohl’s shares are down 7% for the past year while the S&P 500 index is up 23% for the same period.

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Hormel Foods Corp. reported Thursday a fiscal first-quarter profit of $235.1 million, or 44 cents a share, compared with a profit of $235.2 million, or 43 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 45 cents. Revenue slipped to $2.28 billion from $2.29 billion, matching the FactSet consensus of $2.28 billion, as growth in grocery products and Jennie-O Turkey sales offset declines in refrigerated foods, specialty foods and international sales. Volume declined 2% from a year ago. The company said it cut its 2017 EPS outlook to $1.65 to $1.71, which compares with the FactSet consensus of $1.71, because of challenging market conditions in the turkey industry. “We are tempering our full year outlook for the Jennie-O Turkey Store segment given the shortfalls in the first quarter and the expected continuation of pricing pressure due to low commodity turkey prices,” said Chief Executive Jim Snee. The stock, which was still inactive in premarket trade, has dropped 14% over the past 12 months, while the S&P 500 has gained 23%.

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Nissan Motor Co. said late Wednesday that Carlos Ghosen will step down as chief executive of the Japanese automaker on April 1. Ghosen will remain on as chairman. Hiroto Saikawa will succeed Ghosen as CEO, Nissan said. Ghosn said he is stepping down to focus more attention on the Renault-Nissan-Mitsubishi Alliance, an auto group formed last year with the addition of Mitsubishi.

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The American Petroleum Institute late Wednesday reported a 884,000 barrel decline in U.S. crude supplies for the week ended Feb. 17, according to sources. Analysts and traders polled by The Wall Street Journal expected a consensus gain of 3.4 million barrels. API also reported a decline of 893,000 barrels of gasoline and a 4.3 million barrel decline in distillates. Analysts expected a decline in gasoline stockpiles of 1.2 million barrels and a decline of distillates of 400,000 barrels. The API report precedes the more closely watched Energy Information Administration report on Thursday. After the report, crude oil for April delivery rose to $53.90 a barrel in electronic trading, following a day in which crude futures snapped a three-session winning streak to settle at $53.59 a barrel.

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L Brands Inc. shares sank 11.5% in late Wednesday trading after the Victoria’s Secret parent gave weak guidance. Net income was $631.7 million, or $2.18 per share, compared with $636.0 million, or $2.15 per share, last year. Adjusted EPS was $2.03, beating the $1.90 FactSet consensus. Sales were $4.49 billion, up from $4.40 billion and meeting the FactSet consensus. Same-store sales for the quarter were flat, also meeting the FactSet consensus. However, same-store sales at Victoria’s Secret declined 3%, while at Bath & Body Works, same-store sales increased 5%. L Brands expects 2017 EPS between $3.05 and $3.35, falling short of the $3.61 FactSet consensus. The company expects to report a mid-to-high-teens same-store sales decline in the month of February, reflecting declines at both Victoria’s Secret and Bath & Body Works. L Brands’ exit from the swim and apparel categories will also hurt same-store sales for the month by 6 percentage points, the company said. L Brands shares are down 30.8% for the last year while the S&P 500 index is up 21.5% for the same period.

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Treasury Secretary Steven Mnuchin said the strong U.S. dollar is a “good thing” in the long run in an interview with The Wall Street Journal. Mnuchin said that the strength of the dollar has to do with where the U.S. economy is relative to the rest of the world’s. “For longer-term purposes, an appreciation of the dollar is a good thing, and I would expect longer-term, as you’ve seen over periods of time, the dollar does appreciate.”

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Shares of Square Inc. rose more than 5% after hours on Wednesday, after the payments company narrowed its losses and reported results that were better than Wall Street expected. Square reported a net loss of $15.2 million for the fourth quarter, or 4 cents per share, compared with a loss of $80.5 million, or 34 cents during the same quarter a year ago. Analysts tracked by FactSet expected Square to report a per-share loss of 9 cents. Revenue hit $451.9 million in the quarter, up from $374.4 million in the year-earlier period and above the FactSet consensus of $449.8 million. Square’s gross payment volume increased 34% in the fourth quarter to $13.7 billion. The company expects 2017 total revenue to be in the range of $2.09 billion to $2.15 billion. FactSet expects revenue for the year to hit $2.1 billion. Square shares have gained nearly 45% in the trailing 12-month period, while the S&P 500 Index is up more than 21% in the same time frame

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The Dow Jones Industrial Average’s rally Wednesday to a 9th-straight record close helped push its 50-day moving average as far above its 200-day moving average as it has been in nearly 18 years. The 50-day MA, seen by many as a short-term trend tracker, rose to 20,017.83. The 200-day MA, which many use as a dividing line between longer-term uptrends and downtrends, rose to 18,703.43. That put the 50-day MA 1,314.40 points above the 200-day MA, the most since June 17, 1999. On a percentage basis, the the 50-day MA closed 6.79% above its 200-day MA, the biggest spread since Aug. 6, 2013.

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