Tag: stock market

Acorda Therapeutics Inc. shares surged 9.0% in early morning trade after the company said its drug showed an improvement in motor function for patients with Parkinson’s disease in a late-stage clinical trial. The drug, CVT-301 is inhalable and was tested during “off” periods, or when patients aren’t responding as well to medication. The phase 3 trial enrolled 339 participants, with two dose levels of the drug and a placebo arm. The study had 11 serious adverse effects total, including three in the placebo arm of the trial, and one patient committed suicide, which was judged not to be related to the drug, the company said. Acorda shares have surged 11.3% over the last three months, compared with a 6.3% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

U.S. stocks opened modestly higher on Thursday, with the Nasdaq inching toward its third-straight record, after a spate of strong earnings reports helped lift the broader market. The S&P 500 index gained two points, or 0.1%, to 2,296.63. The Dow Jones Industrial Average climbed 26 points, or 0.1%, to 20,081. The Nasdaq Composite Index advanced three points, or 0.1%, to 5,686. Viacom Inc. rose after beating earnings and revenue forecasts, while Coca-Cola shares retreated after profits met expectations but its outlook fell short. CVS Health Corp. shares jumped after beating earnings and revenue forecasts. Dunkin’ Brands Group Inc. rose after posting a fourth-quarter profit. Twitter Inc. shares slipped after posting lackluster quarterly results.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Gannett Co. Inc. shares rose nearly 9% in premarket trade on Thursday after the USA Today owner reported fourth-quarter earnings that were better than Wall Street had forecast. Gannett posted net income of $24.6 million, or 21 cents per share, improved compared with last year’s $20.4 million, or 17 cents during the same quarter a year ago. Adjusted per-share earnings for the quarter were 50 cents, well above FactSet’s 39 cents consensus. Revenue for the quarter hit $867.0 million, up from $739.3 million in the year-earlier period, and above FactSet’s consensus of $849.0 million. Gannett’s print advertising and circulation demand continued to decline in the quarter, with print advertising revenue at USA Today falling 15.3% in the US and 14.2% in the U.K. Gannett shares are down more than 41% in the trailing 12-month period, while the S&P 500 Index is up nearly 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Kellogg Co. shares are up 1% in Thursday premarket trading after the food company reported fourth-quarter earnings that beat estimates. Kellogg had a net loss of $53 million, or a loss of 15 cents per share, compared with a loss of $41 million, or 12 cents per share, for the same period last year. Adjusted EPS was 92 cents per share, beating the 85-cent FactSet consensus. The EPS decline was driven mainly by a charge for deconsolidating its Venezuela subsidiary, the company said. Sales for the quarter were $3.10 billion, down from $3.14 billion, but ahead of the $3.07 billion FactSet estimate. Kellogg also announced that it will eliminate its Kellogg direct store delivery selling and distribution system, which will affect about 60% of the U.S. Snacks segment. That portion of the snacks business will move to the retailer warehouse distribution system, which is used for the rest of the U.S. snacks business and all other North America businesses. The transition will be primarily executed in the second and third quarters. Kellogg sees a 2017 sales decline of 2% on a currency-neutral basis. Kellogg shares are up 3% for the past year, while the S&P 500 index is up nearly 24% for the last 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

American Airlines Group Inc. reported Thursday that January travel demand declined slightly from a year ago despite an increase in seat supply. Traffic slipped 0.3% to 17.0 billion revenue passenger miles, while capacity increased 1.2% to 21.7 billion available seat miles. That pushed the load factor down to 78.6% from 79.7%. Domestically, traffic fell 1.7% to 9.66 billion RPMs, while capacity increased 0.8% to 12.04 billion ASMs, to knock load factor down to 80.2% from 82.3%. The air carrier affirmed its first-quarter outlook of total revenue per available seat mile (TRASM) growth of 2.5% to 4.5%. The stock, which was still inactive in premarket trade, has rallied 24% over the past 12 months, while the NYSE Arca Airline Index has soared 43% and the S&P 500 has climbed 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Tempur Sealy International Inc. said Thursday it has adopted a stockholder rights plan, a tactic often used by companies to stave off a hostile takeover. The news comes just weeks after the mattress company’s stock suffered its biggest one-day selloff in nearly nine years on the news that it had terminated all contracts with major customer Mattress Firm. That came after Mattress Firm and its South African owner Steinhoff International demanded significant changes to supply agreements. With its stock so low, Tempur Sealy could become a target for an interested buyer. Under the rights plan, the company is distributing one right for each outstanding share as a dividend on Feb. 20. The company said the plan “is intended to protect Tempur Sealy and its stockholders from the actions of third parties that the Board of Directors determines are not in the best interests of Tempur Sealy and its stockholders, and to enable all stockholders to realize the long-term value of their investment in Tempur Sealy.” Shares were slightly higher in premarket trade, but have lost 20% in the last 12 months, while the S&P 500 has gained 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Twitter Inc. continued to drop 11% in premarket trade Thursday after the company issued a weak outlook and revealed relatively flat fourth-quarter growth in the U.S. Twitter touted its live-video streaming services, saying live-streaming of the inauguration had 8.6 million unique viewers, the biggest election numbers for the platform, followed by 7.5 million on election night and 4.2 million for the final presidential debate. Still, Twitter posted flat sequential growth in U.S. monthly active users, with 67 million for the third and fourth quarter. Twitter saw a slight boost in international MAUs which were at 252 million for the quarter, up from 250 million in the previous quarter. Overall, Twitter reported 319 monthly active users, a 0.6% increase from the previous quarter. Analysts had said that the election should give Twitter a boost in users, given President Donald Trump’s proclivity for tweeting. International growth also drove Twitter’s revenue growth, with U.S. decreasing 5% year-over-year and international revenue increasing 12% year-over-year. Shares of Twitter have fallen 2% in the past three months, while the S&P 500 has gained of 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Tobacco company Reynolds American Inc. shares lifted 1.1% after the company reported a fourth-quarter earnings and revenue beat early Thursday. Earnings for the latest quarter rose to $851 million, or 60 cents per share, from $279 million, or 19 cents per share in the year-earlier period. Adjusted earnings per share were 62 cents, above the FactSet consensus of 60 cents. Revenue rose to $3.19 billion from $3.05 billion, above the FactSet consensus of $3.15 billion. Reynolds shares have risen 11.0% over the last three months, compared with a 6.1% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Viacom Inc. class A voting shares jumped 3% in premarket trade Thursday, after the media company blew past earnings estimates and outlined a five-point strategic plan. The company’s nonvoting class B shares were inactive. Viacom said it had net income of $396 million, or $1.00 per share during its fiscal first quarter, compared with $449 million, or $1.13 during the same quarter a year ago. Adjusted earnings were $1.04 per share, well above FactSet’s 83 cents consensus. Revenue for the quarter hit $3.32 billion, improved compared with $3.15 billion last year and above the FactSet consensus of $3.18 billion. Revenue at Viacom’s media networks rose 5%, with affiliate revenue growing 2%, but advertising revenue seeing a 2% decline. The company’s struggling MTV network showed its first ratings growth since 2014 during the quarter. And revenue at Viacom’s film studio grew 24%. As part of Chief Executive Bob Bakish’s much anticipated turnaround plan, Viacom plans to put it’s full capabilities behind its six flagship brands: BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount Pictures. Viacom also laid out plans to revitalize and elevate its approach to content and talent, deepen partnerships to drive traditional revenue, make big moves in the digital and physical world and to continue to optimize and energize the organization. Shares of Viacom have gained nearly 22% in the trailing 12-month period, while the S&P 500 Index is up nearly 24%

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Coca-Cola Co. slipped 0.5% in premarket trade Thursday, after the beverage giant matched profit expectations, but provided a downbeat outlook for this year. Net earnings for the quarter to Dec. 31 fell to $550 million, or 13 cents a share, from $1.24 billion, or 28 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 37 cents, matching the FactSet consensus. Revenue fell 6% to $9.4 billion from $10.0 billion, but beat the FactSet consensus of $9.1 billion. Total unit case volume declines 1% for the quarter, as growth in developed markets was offset by continued challenges in Latin America. For 2017, Coke expects adjusted EPS to decline 1% to 4% from $1.91 in 2016, while the FactSet consensus is for an increase to $1.95. The stock has lost 3% over the past 12 months through Wednesday, while the Dow Jones Industrial Average has climbed 25%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News