Tag: stock market

Shares of Twitter Inc. fell 9% in premarket trade after the company missed fourth-quarter revenue expectations and posted flat sequential user growth. The company reported a net loss of $167 million, or 23 cents per share, compared to a loss of $90.2 million, or a loss of 13 cents in the year-earlier period. It reported adjusted earnings per share of 16 cents, above the FactSet consensus of 12 cents. Revenue was $717 million, up 1% from the year-earlier period, but below the FactSet consensus of $739.7 million. Twitter reported 319 million monthly active users for the quarter, an increase of 0.6% from the 317 million in the previous quarter, and up 4% year-over-year. The company said daily active users had grown 11% year-over-year for the quarter, compared to an increase of 7% in the previous quarter. For the first quarter of 2017, Twitter said it expected adjusted EBITDA between $75 million and $95 million and stock based compensation expense between $125 million and $135 million. For the full-year 2017, Twitter expects non-GAAP expenses to be about 5%, which is flat compared to 2016. Shares of Twitter have fallen 2% in the past three months, while the S&P 500 has gained of 6%.

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Tesla Inc. will produce test versions of its Model 3 vehicle this month, Reuters reported Wednesday afternoon, ahead of a mid-year deadline to start production of the new car. Anonymous sources told Reuters that the electric-car company plans to begin test-building the sedans at its Fremont, Calif., factory on Feb. 20, two days before Tesla details fourth-quarter earnings. Tesla has already disclosed disappointing fourth-quarter deliveries, though that hasn’t hurt its stock price, which is up 22.6% so far in 2017. Chief Executive Elon Musk has framed the Model 3 as his attempt to offer an electric car for the masses, with a targeted starting price of around $35,000, and an important piece of his plan for the company. After revealing the car at an event last April, Tesla reported more than 370,000 reservations were taken to purchase one, a move that required customers to put up $1,000. Musk has promised to reach a production rate of 500,000 cars by the end of 2018 to meet that demand, though the company failed to deliver its stated goal of at least 80,000 cars in 2016.

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PayPal Holdings Inc. shares declined in the extended session Wednesday after the payment-services company said it received a subpoena from the Department of Justice over a money-laundering probe. PayPal shares fell 2.2% to $39.99 after hours. In a filing with the Securities and Exchange Commission late Wednesday, the company said it received subpoenas “seeking the production of certain information related to our historical anti-money laundering program.” PayPal said it is cooperating with the investigation and that it is unable to predict the government’s response.

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Zendesk Inc. shares rose in the extended session Wednesday after the enterprise software company reported a narrower-than-expected loss for the quarter. Zendesk shares rose 6% to $26.01 after hours. The company reported an adjusted fourth-quarter loss of 4 cents a share on revenue of $88.6 million. Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $87.3 million. Zendesk expects an adjusted first-quarter loss between $6 million and $7 million on revenue of $91 million and $93 million. Analysts expects a loss of $5.4 million on revenue of $91.9 million.

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A federal appeals court temporarily stopped another judge’s decision that would have forced Regeneron and Sanofi to stop selling cholesterol drug Praluent. The Tuesday decision, though expected, “means that Praluent will not come off the market by Feb. 21,” and could even stay on the market through the rest of the year, said Evercore ISI analyst Mark Schoenebaum. The previous judge’s decision in favor of Amgen Inc. was a key victory for Amgen, and sent its shares up on Jan. 7, the day the decision emerged. Praluent and Amgen’s drug Repatha are part of an expensive class of drugs that cost upward of $14,000 a year. Regeneron shares, which were halted on the news, have slumped 4.0% over the last three months, compared with a 7.3% rise in the S&P 500 .

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iRobot Corp. shares fell late Wednesday despite an earnings and sales beat for the maker of Roomba, the robotic vacuum cleaner. iRobot said it earned $13.7 million, or 49 cents a share, in the fourth quarter, compared with $19.3 million, or 65 cents a share, in the year-ago period. Sales reached $212.5 million, compared with $206.4 million a year ago. Analysts polled by FactSet expected iRobot to report earnings of 41 cents a share on sales of $206 million. The company said it was expecting revenue of $770 million to $785 million this year. Shares ended the regular trading session down 1.1%.

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Shares of Whole Foods Market Inc. fell more than 3% late Wednesday after the Austin, Texas, grocery-store chain reported a higher-than-expected decline in same-store sales in the fiscal first quarter and tweaked its yearly outlook to brace against slower sales growth. Whole Foods said it earned $95 million, or 30 cents a share, in the quarter, compared with $157 million, or 47 cents a share, in the year-ago period. Adjusted for one-time items, Whole Foods earned $123 million, or 39 cents a share, compared with $157 million, or 46 cents a share, a year ago. Fiscal first-quarter results included a $34 million charge related to store and facility closures, and the company said it expects to incur an additional charge in the second quarter of approximately $30 million, or 6 cents a share, related to such closures. First-quarter revenue rose 1.9% to $4.92 billion, compared with $4.83 billion a year ago. Comparable-store sales fell 2.4%, the company said. Analysts polled by FactSet had expected adjusted earnings of 39 cents on sales of $4.98 billion. The company is “refining” its growth strategy to face an “increasingly competitive marketplace,” CEO John Mackey said in a statement. Whole Foods also updated its outlook to reflect lower sales growth, saying it expects full-year earnings of $1.33 a share or greater. Last year it said it expected earnings of $1.42 or greater for the year.

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Imperva Inc. shares rallied in the extended session Wednesday after the cybersecurity company’s quarterly results and outlook topped Wall Street estimates. Imperva shares rose 9.1% to $46.80 after hours. The company reported adjusted fourth-quarter earnings of 32 cents a share on revenue of $78.4 million. Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $70.2 million. For the first quarter, Imperva sees a loss of 2 cents to 6 cents a share on revenue of $67 million to $69 million. Analysts expect a loss of 11 cents a share on revenue of $66.3 million. Separately, Imperva announced it acquired data masking company Camouflage Software Inc., and is selling its Skyfence cloud-access service, both for unspecified amounts.

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Lions Gate Entertainment Corp. revenue jumped in its fiscal third quarter after the acquisition of Starz, but the blockbuster performance of Oscars favorite “La La Land” is still to come. The film and television company reported a net loss of $31 million, or 19 cents a share, on sales of $752 million, a sales gain of 12% from the year before. After adjustments for restructuring charges and other effects, Lions Gate reported a profit of 21 cents a share. Analysts on average expected Lions Gate to report adjusted profit of 25 cents a share on revenue of $769 million. The quarterly performance reflected less than a month’s worth of performance from Starz, since the $4.4 billion deal closed in December, and did not include the musical “La La Land,” which was released widely just after the new year and has brought in nearly $300 million worldwide and a record-tying 14 Academy Award nominations. Lions Gate’s biggest movie releases of the quarter were “Tyler Perry’s Boo! A Madea Halloween” and “Hacksaw Ridge,” the company said. Shares were initially steady in late trading after closing with a 1.2% decline at $27.70.

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The U.K. House of Commons on Wednesday approved legislation that would allow Prime Minister Theresa May to begin negotiations regarding the country’s exit from the European Union. The lower house of Parliament backed the bill in a 494-122 vote, according to the BBC. The bill now moves to the House of Lords. May wants to trigger Article 50 of the Lisbon Treaty by March 31, a move that would formally kick off exit talks. U.K. citizens narrowly voted last June to leave the EU. The British pound was up 0.4% at $1.2529 but little-changed from its level ahead of the vote.

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