Tag: stock market

The Trump administration is considering mobilizing National Guard troops to round up unauthorized immigrants, the Associated Press reported Friday. Citing a draft memo, the AP said the White House is mulling the use of as many as 100,000 troops. The memo said the proposed enforcement would go as far east as New Orleans, La., and as far north as Portland, Ore. A senior assistant White House press secretary tweeted “not true” about the story but did not go into any detail.

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From:: Stock Market News

U.S. stock-market indexes started in negative territory on Friday, retreating from record levels for a second straight session. The main indexes were still on track to post solid weekly gains, however. In corporate news, investors were closely watching shares of Kraft Heinz Co. and Unilever PLC after Kraft said it made an offer to purchase Unilever that was rejected, but added that talks were still ongoing. The S&P 500 opened down 7 points, or 0.3%, at 2,339. The Nasdaq Composite began the session down 12 points, or 0.2% at 5,802. The Dow Jones Industrial Average declined 80 points or 0.4%, to 20,540 at the open.

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The People’s Bank of China said Friday that it would crack down on financial crimes like money laundering, tax evasion and terrorist financing. Over the past month, the central bank has stepped up monitoring of several prominent bitcoin exchanges to try and prevent Chinese citizens from using digital currencies to circumvent the country’s stringent capital controls.The central bank also warned that it sees asset bubbles forming in certain markets and that it will increasingly monitor the country’s financial markets for abnormal moves. Chinese stocks finished lower on Friday, with the Shanghai Composite Index down 0.9% at 3,202 and the Shenzen A Share index fell 0.7% to 24,033.74. The dollar strengthened 0.2% to 6.87 yuan.

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DineEquity Inc. shares fell 2.2% in Friday premarket trading after the company announced that Chief Executive Officer Julia Stewart has resigned, effective Mar. 1, and reported preliminary fourth-quarter earnings that missed expectations. Richard Dahl, lead director of the board, will serve as interim CEO while a search for a permanent replacement is conducted. Fourth-quarter net income was $21.1 million, or $1.18 per share, and adjusted EPS was to be $1.37. The FactSet consensus is $1.39. IHOP’s domestic system-wide same-store sales were down 2.1% for the quarter, compared with a FactSet consensus of 1.2% growth. And Applebee’s domestic system-wide same-store sales were down 7.2%, compared with a FactSet consensus of a 4.9% decline. The company will report quarterly and full-year earnings on Mar. 1. DineEquity shares are down 21.1% for the past year while the S&P 500 index is up 21.8% for the same period.

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General Mills Inc. shares dropped 4.1% in Friday premarket trading after the food company lowered its guidance for fiscal 2017, ending in May. The revision is largely due to recent sales performance of U.S. yogurt and soup. General Mills organic net sales are now expected to fall about 4%, which is the low end of the 3%-to-4% decline in the previous guidance range, “due primarily to a widening gap between the company’s level of promotional activity and that of competitors in the U.S. yogurt and soup categories.” Adjusted earnings per share are expected to increase 5% to 7% in constant currency. General Mills shares are up 5.9% for the past year while the S&P 500 index is up 21.8% for the same period.

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Shares of both Kraft Heinz Co. and Unilever PLC rose in Friday premarket trading after Kraft revealed that it made a merger proposal to Unilever that was declined. Shares of Unilever shot up 8.1%, while Kraft Heinz stock rose 3.1%. “While Unilever has declined the proposal, we look forward to working to reach an agreement on the terms of a transaction,” Kraft Heinz said in the statement. Kraft brands include Oscar Meyer, Velveeta and Jell-O. Dove, Lipton and Vaseline are among Unilever’s brands. Kraft stock is up 17.6% in the past year, Unilever shares are down 1.4% over that period, and the S&P 500 index is up 21.8% in the past 12 months.

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Campbell Soup Co. shares slumped nearly 1% in pre-market trade Friday after the company reported a second-quarter profit miss and earnings beat. Earnings for the latest quarter fell to $205 million, or 33 cents per share, from $414 million, or 85 cents per share in the year-earlier period. Adjusted earnings-per-share were 91 cents, above the FactSet consensus of 88 cents. Revenue fell to $2.17 billion from $2.20 billion, below the FactSet consensus of $2.22 billion. Chief Executive Officer Denise Morrison said she was “not satisfied with our sales performance this quarter,” attributing the decline to the Campbell Fresh segment, which performed below expectations. The segment, which caused troubles last year too, will take longer to recover the originally planned and is not expected to grow this fiscal year, Morrison said. Still, she said the company is confident in the growth potential of this category. Campbell shares have risen 15.4% over the last three months, compared with a 7.3% rise in the S&P 500 .

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From:: Stock Market News

Shares of both Kraft Heinz Co. and Unilever N.V. rose in Friday premarket trading after Kraft announced that it made a merger proposal to Unilever that was declined. Shares of Unilever shot up 8.1% while Kraft Heinz stock rose 3.1%. “While Unilever has declined the proposal, we look forward to working to reach an agreement on the terms of a transaction,” Kraft Heinz said in the statement. Kraft brands include Oscar Meyer, Velveeta and Jell-O. Dove, Lipton and Vaseline are among Unilever’s brands. Kraft stock is up 17.6% for the past year, Unilever shares are down 1.4% for the period, and the S&P 500 index is up 21.8% for the last 12 months.

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Shares of J.M. Smucker Co. fell 2.8% in light premarket trade on Friday after the food and fruit spread company reported fiscal third-quarter sales that missed Wall Street expectations. Net income for the quarter was $134.6 million, or $1.16 per share, compared with $185.3 million, or $1.55 per share during the same quarter a year ago. Adjusted earnings per share were $2.00, which was in line with FactSet’s consensus. J.M. Smucker sales hit $1.88 billion, down from $1.97 billion during the year-earlier period, and below FactSet’s $1.92 billion consensus. The company said it expects 2017 sales to decrease 5% from fiscal 2016, excluding divestiture, net sales are forecast to decrease 3%. J.M. Smucker had previously forecast a 0% to 1% decrease in net sales. The company also said full year 2017 EPS should fall in the range of $7.60 to $7.70. Analysts tracked by FactSet expect J.M. Smucker to report full-year per-share earnings of $7.68. Shares of J.M. Smucker have gained 8% in the trailing 12-month period. By comparison, the S&P 500 Index has gained nearly 22% in the same time frame.

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Shares of Deere & Co. surged 2.8% in premarket trade Friday, after the maker of construction and agricultural equipment beat fiscal first-quarter profit and sales expectations and provided an upbeat outlook. Earnings for the quarter to Jan. 29 fell to $193.8 million, or 61 cents a share, from $254.4 million, or 80 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was 56 cents. Net sales slipped to $4.70 billion from $4.77 billion, but was above the FactSet consensus of $4.62 billion, as agriculture and turf and construction and forestry sales both topped expectations. Total revenue rose to $5.63 billion from $5.52 billion, beating expectations of $5.41 billion. Looking ahead, Deere expects 2017 revenue growth of 4%, while the FactSet consensus implies flat revenue. The stock has rallied 19% over the past three months, while the S&P 500 has gained 7.3%.

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