Tag: stock market

Wendy’s Co. reported fourth-quarter earnings that fell to $28.9 million, or 11 cents a share, from $85.9 million, or 31 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share slipped to 8 cents from 12 cents, missing the FactSet consensus of 9 cents. Revenue declined to $309.9 million from $464.4 million, but was above the FactSet consensus of $308.4 million. The decline in sales resulted primarily from the ownership of 522 less company-operated restaurants. Same-restaurant sales in North America rose 0.8% from a year ago, beating expectations of 0.5% growth. The fastfood company said it was increasing its quarterly dividend by 0.5 cents to 7 cents a share, and authorized a new $150 million stock buyback program. Looking ahead, Wendy’s expects 2017 North America same-restaurant sales growth of 2% to 3%. The stock, which was still inactive in premarket trade, has run up 19% over the past three months, while the S&P 500 has climbed 7.9%.

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Avis Budget Group Inc. shares declined in the extended session Wednesday after the car rental company’s quarterly earnings fell below Wall Street estimates. Avis shares fell 6.5% to $38 after hours. The company reported adjusted fourth-quarter earnings of 15 cents a share on revenue of $1.88 billion. Analysts surveyed by FactSet had estimated earnings of 17 cents a share on revenue of $1.97 billion. For 2017, Avis sees adjusted earnings of $3.05 to $3.75 on revenue of $8.8 billion to $8.95 billion. Analysts had estimated earnings of $3.46 a share on revenue of $9.01 billion.

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SunPower Corp. shares declined in the extended session Wednesday after the solar power company posted a wider-than-expected loss for the quarter. SunPower shares fell 6.2% to $6.80 a share after hours. The company reported an adjusted fourth-quarter loss of 64 cents a share on revenue of $1.1 billion. Analysts surveyed by FactSet had forecast a loss of 46 cents a share on revenue of $1.05 billion. For the first quarter, SunPower estimated revenue of $370 million to $420 million, while analysts had forecast $459.2 million.

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Shares of Marriott International Inc. rose in Wednesday’s extended session after the lodging company announced quarterly results. Marriott reported its fourth-quarter earnings climbed to $244 million from $202 million. On a per share basis, earnings fell to 62 cents versus 77 cents due to an increase in shares outstanding while adjusted earnings rose 20% to 85 cents. Revenue grew to $5.46 billion from $3.71 billion. Analysts surveyed by FactSet had forecast earnings of 85 cents a share on revenue of $5.04 billion. Marriott expects first-quarter earnings per share in the range of 87 cents to 91 cents, compared with an average of 90 cents forecast by analysts. Shares gained 0.8% after hours.

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Time Warner Inc. shareholders on Wednesday voted, by 99%, to approve AT&T Inc.’s proposed $85.4 billion merger. The deal was the biggest announced in 2016 and drew a fair share of criticism. Analysts and those in the media industry have speculated for months now whether or not the deal would pass regulatory review. President Donald Trump declared on the campaign trail he would block the deal when he got into office. Time Warner said it still expects the deal to close before the end of 2017. “By combining Time Warner’s leading brands and video content with AT&T’s distribution, we will accelerate our ability to innovate, develop and deliver the next generation of video services, making our content even more valuable to consumers and business partner,” Time Warner Chief Executive Jeff Bewkes said in a statement. Shares of Time Warner have gained nearly 55% in the trailing 12-month period while AT&T shares have increased 13% and the S&P 500 Index is up 26% in the same period.

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Blackhawk Network Holdings Inc. shares dropped in the extended session Wednesday after the gift-card and prepaid phone company’s quarterly results and outlook fell short of Wall Street estimates. Blackhawk shares dropped 10% to $33.60 after hours. The company reported adjusted fourth-quarter earnings of $1 a share on adjusted revenue of $352 million. Analysts surveyed by FactSet had estimated $1.10 a share on revenue of $367.9 million. For 2017, Blackhawk sees adjusted earnings of $1.56 to $1.70 a share on revenue of $1.03 billion to $1.14 billion. Analysts expect $1.89 a share on revenue of $1.07 billion.

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Outerwear maker Canada Goose Holdings Inc. has filed Wednesday for an initial public offering. The company set a placeholder offering of $100 million. Canada Goose has applied for the listing of its stock on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol “GOOS.” The Toronto-based company reported revenue for the nine months ended Dec. 31 of C$352.7 million, up from C$248.9 million in the same period a year earlier, and net income that rose to C$42.1 million from C$35.7 million. Private equity firm Bain Capital had acquired a majority interest in Canada Goose in December 2013.

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CBS Corp. reported a fourth-quarter net loss Wednesday of $271 million, or a loss of 26 cents per share, after net income of $261 million, or earnings of 55 cents per share, in the year-earlier period. It reported adjusted earnings per share of $1.11, above the FactSet consensus of $1.10. CBS reported revenue of $3.52 billion, down from $3.59 billion in the year-earlier period. The FactSet revenue consensus was $3.95 billion. CBS said it was presenting its CBS Radio earnings as part of discontinued operations as the radio segment agreed to merge with a subsidiary of Entercom Communications Corp. on February 2. Shares of CBS were down less than 1% in after hours trade Wednesday. Shares of CBS have gained 10% in the past three months, compared to the S&P 500’s gain of 7.7%.

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Kraft-Heinz Co. shares fell 1.7% in Wednesday after-hours trading after the food company reported a fourth-quarter sales decline. Net income for the quarter totaled $944.0 million, or 77 cents per share, up from $285.0 million, or 23 cents per share, for the same period last year. Adjusted EPS was 91 cents, beating the 87-cent FactSet consensus. Sales for the quarter were $6.86 billion, down from $7.12 billion but ahead of the $6.73 billion FactSet consensus. Sales in the U.S. were down 3.1% to $4.8 billion with strength in coffee and the macaroni-and-cheese portfolio offset by lower shipments in food service and cold cuts. Sales in Canada were down 2.4% to $617.0 million, European sales fell 13.3% to $600.0 million, and the rest of the world, which includes Latin America and Asia Pacific, Middle East and Africa, were down 0.7% in sales to $801.0 million. Kraft-Heinz shares are up 26.7% for the past year while the S&P 500 index is up 26% for the same period.

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Editas Medicine Inc.’s stock spiked by more than 30% in Wednesday trading, putting it on course for its biggest one-day gain since it went public a year ago, after reports of a favorable decision in a closely watched patent dispute. Editas has an exclusive license to medical breakthroughs stemming from the use of patents awarded to co-founder Feng Zhang of the Broad Institute for CRISPR, a gene-editing technique. The Broad, which is affiliated with Harvard University and Massachusetts Institute of Technology, has been in a dispute with University of California at Berkeley on those patents. Cal scientists developed the technology behind CRISPR, and the Broad showed how it could be used to edit genes in specific species, leading to a dispute over who could claim ownership. Stat News and others reported Wednesday that the U.S. Patent and Trademark Office had ruled in the Broad’s favor, though the USPTO told MarketWatch that the decision would not be made public until Thursday. Cambridge, Mass.-based Editas suddenly jumped after the news hit Wednesday, trading near $25 a share after opening at $18.71. It has rallied 51% over the past three months, while the S&P 500 has gained 7.8%. Among other companies affected by the patent ruling, shares of CRISPR Therapeutics AG tumbled 14% and Intellia Therapeutics Inc.’s stock dropped 12%.

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