Tag: stock market

La-Z-Boy Inc. said Wednesday it is recalling power supplies sold with lift chairs because of a shock hazard. The maker of recliners and other furniture said the lift chair’s power supply cover can crack and end up detaching and exposing the electrical components, which could give users an electric shock. No injuries have been reported so far. “Consumers should immediately stop using the power supplies to power the lift chairs and contact La-Z-Boy for a free replacement power supply,” the company said. About 2,500 units are affected, 210 of which were sold in Canada. The recall involves: Gold Series electric Lift Chairs, the Clayton Luxury-Lift (Model 1HL562) and Power Lift (Model 1ML562), and Luxury-Lift (Models 1LF505 and 1LF819), said the company. Consumers can contact La-Z-Boy toll-free at 855-592-9087 from 9 a.m. to 5 p.m. Eastern Monday through Friday. La-Z-Boy shares were down 0.7% in early trade, but have gained 41.5% in the last 12 months, outperforming the S&P 500’s 23.5%.

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The New York Times Co. said Wednesday it will offer digital subscribers who sign up for a year unlimited access to streaming music service Spotify Premium. The offer will be available for a limited time to U.S. residents who are not current subscribers to the paper or to Spotify Premium. The deal can be accessed at nytimes.com/spotify. The service will cost $5 a week and give consumers access to a catalogue of more than 30 million songs and two billion playlists along with access to the Times and Times Insider, said the Times. A regular Spotify Premium subscription costs $120 a year. New York Times shares were down about 1% in early trading, but have gained 16.5% in the last year, underperforming the S&P 500’s 23% gain.

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U.S. stocks opened lower as falling oil prices weighed on the shares of energy companies. The S&P 500 index shed four points, or 0.2%, to 2,288. The Dow Jones Industrial Average retreated 53 points, or 0.3%, to 20,038. The Nasdaq Composite Index slipped 12 points, or 0.2%, to 5,662. The American Petroleum Institute said late Tuesday that the U.S. crude supply increased by 14.2 million barrels last week, far beyond the 2.5 million expected. Official weekly inventory data from the Energy Information Administration due later Wednesday will be closely watched. Oil prices fell 1% to $51.60 in recent trade. Time Warner Inc. shares rose after the company reported stronger than expected quarterly earnings. Alaska Air Group Inc. jumped after reporting a double-digit increase in quarterly revenue. Zillow Group Inc. shares fell after the real-estate website forecast a wider loss for the year than Wall Street had expected.

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Vice President Mike Pence and Tesla Inc. chief executive Elon Musk are scheduled to talk on the phone on Wednesday afternoon, the White House announced. The purpose of the call was not disclosed. Musk has tried to distance himself from President Donald Trump even though he is a member of the president’s economic advisory council. Musk tweeted that being on the advisory council did not mean he agreed with the administration’s actions.

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Shares of GrubHub Inc. dropped 3.4% in premarket trade Wednesday, after the online takeout food-ordering company missed fourth-quarter profit and sales expectations. Net earnings rose to $13.6 million, or 16 cents a share, from $11.3 million, or 13 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 23 cents, below the FactSet consensus of 25 cents. Revenue rose 38% to $137.5 million, but fell short of the FactSet consensus of $137.6 million. Active diners rose 215 to 8.2 million, while daily average grubs (DAGs) grew 21% to 292,500. The company expects first-quarter revenue of $148 million to $156 million, surrounding the FactSet consensus of $150.8 million. “Fueled by data-driven product enhancements, substantial strides in delivery, and a refreshed marketing approach, we exited the year growing DAGs faster than we did a year ago,” said Chief Executive Matt Maloney. The stock has more than doubled over the past 12 months through Tuesday, while the S&P 500 has climbed 24%.

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Shares of Galena Biopharma Inc. plunged 37% in premarket trade Wednesday toward a record low, after the biopharmaceutical company’s stock offering priced at a steep discount. Galena said late Tuesday that it has commenced a public offering of common stock, and warrants to buy common stock, as part of a previously filed shelf registration. Early Wednesday, Galena said it priced the offering at $1.00, which was 29% below Tuesday’s closing price of $1.40, with the warrants immediately exercisable at a price of $1.10. Galena said it expects gross proceeds of $17 million from the offering. Through Tuesday, Galena had a market capitalization of $15.2 million, according to FacdtSet. The stock has plummeted 89% over the past 12 months through Tuesday, while the iShares Nasdaq Biotechnology ETF has climbed 14% and the S&P 500 has rallied 24%.

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Worldwide spending on technology products and services is expected to increase 3.5% in 2017 to reach nearly $2.4 trillion, and maintain a similar rate of growth through 2020, according to a new industry report by IDC. Spending is expected to grow at an annual rate of around 3% over the next four years and reach $2.65 trillion by 2020. The growth in IT spending will be led by the banking, investing and insurance industries, as more people manage their finances online and from mobile devices. One surprising drag on the market will be consumer spending on smartphones and PCs. While consumer tech is expected to comprise more than 20% of all technology revenues, spending on those products will be nearly flat through the forecast period. This comes as smartphones makers such as Apple Inc. , Samsung Electronics and Alphabet Inc. have all suffered relatively tepid growth in recent years, as the between upgrade cycles for next-generation devices continues to lengthen. Apple nevertheless topped earnings expectations in its most recent quarter. Its shares have increased 18% in the past three months, outperforming a 7% increase for the S&P 500 .

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Theater chain AMC Entertainment Holdings Inc. saw shares fall nearly 5% in premarket trade on Wednesday after the company said late Tuesday it was selling more than 19 million shares of the its class A common stock at $31.50 per share. AMC also granted the underwriters a 30-day option to buy up to an additional 2.9 million shares at the same price. AMC, which is owned by Chinese conglomerate Dalian Wanda Group, said it expects to make $579 million on the public offering, which the theater operator plans to use to repay loans incurred from its acquisitions of Carmike Cinemas and Nordic Cinema Group Holding AB. Citigroup, Bank of America Merrill Lynch, Barclays and Credit Suisse will serve as bookrunners for the offering. AMC shares are up more than 60% in the trailing 12-month period, outperforming the S&P 500 Index , up nearly 24%.

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Intuit Inc. , owner of TurboTax, said Wednesday that revenue, earnings per share and operating income for its second fiscal quarter were lower than expected as tax season is kicking off more slowly than is usual. The company is now expecting consumer tax revenue to shift to its third fiscal quarter, which allowed it to reiterate its full-year guidance. The company is now expecting second-quarter revenue of $1.01 billion to $1.02 billion, compared with a current FactSet consensus of $1.06 billion. The company is expected adjusted per-share earnings of 24 cents to 25 cents, compared with a FactSet consensus of 36 cents.”Data points to the tax category forming slowly for all prep methods,” said Dan Wernikoff, executive vice president and general manager of Intuit’s TurboTax business. The company is expecting its full-year earnings to meet its guidance. It is planning to announce second-quarter earnings on Feb. 23 along with the first of two season-to-date unit updates for its consumer tax products and services. Shares were halted premarket, but have gained 27% in the last 12 months, while the S&P 500 has gained 23%.

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Goodyear Tire & Rubber Company reported a fourth-quarter profit beat and revenue miss early Wednesday. Earnings for the latest quarter were $561 million, or $2.14 per share. The company had a loss of $380 million, or a loss of $1.42 per share, in the year-earlier period. Adjusted earnings per share were 95 cents, compared with the FactSet consensus of 87 cents. Revenue sank to $3.7 billion from $4.1 billion, compared with the FactSet consensus of $3.9 billion. The latest results include the deconsolidation of the company’s subsidiary in Venezuela. The company expects to meet 2020 targets and increased its share buyback authorization by $1 billion. Goodyear shares have risen 13.4% over the last three months, compared with a 7.2% rise in the S&P 500 .

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