Tag: stock market

Mauser Group N.V., a packing supply company, agreed to be sold to Stone Canyon Industries for $2.3 billion in cash ahead of an expected initial public offering, the company said Tuesday. Mauser is owned by Clayton, Dubilier & Rice, who agreed to the sale through Stone Canyon’s subsidiary, BWAY Corop. Mauser was expected to price its offering of up to $265 million this week. The acquisitionfollows the recently announced sale of AppDynamics to Cisco for $3.7 billion less than 24 hours before it was expected to sell shares to the public.

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Amazon.com Inc. increased its impact in online payments in 2016. The company said on Tuesday that Amazon Payments volume nearly doubled last year, with more than 33 million customers having used Amazon’s payment method to make online purchases. Amazon Payments allows Amazon customers to use the financial information already stored on their Amazon accounts to make purchases on other merchant websites. “Amazon Payments connects merchants with customers that are accustomed to making purchases online,” said Amazon Payments Vice President Patrick Gauthier in a statement. In 2016, Amazon expanded payments into France, Italy and Spain with new verticals including government payments, travel, digital goods, insurance, entertainment, non-profits and charities. Amazon said 32% of the transactions were made on a mobile device and the average purchase in 2016 was $80, with the largest being $40,000, according to a news release. Shares of Amazon are up nearly 61% in the trailing 12-month period, outperforming the S&P 500 Index , which is up 22%

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Cardinal Health reported a second-quarter profit beat and revenue miss early Tuesday. Profit for the latest quarter declined to $324 million, or $1.02 per share, from $326 million, or 98 cents per share in the year-earlier period. The latest results include headwinds in its pharmaceutical business due to generic pricing and the loss of a large pharmaceutical distribution customer, which caused segment profit to decrease 14% from the year-earlier period, Cardinal Health said. Adjusted earnings per share were $1.34, above the FactSet consensus of $1.23. Revenue rose to $33.1 billion from $31.4 billion in the year-earlier period, compared with the FactSet consensus of $33.5 billion. Cardinal Health shares have risen 15.1% over the last three months, compared with a 7.6% rise in the S&P 500 .

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Michael Kors Holdings Ltd shares sank 8% in Tuesday premarket trading after the company announced third-quarter sales that missed consensus and guidance below estimates. Net income was $271.3 million, or $1.64 per share, compared with $294.6 million, or $1.59 per share, for the same period last year. The FactSet consensus was $1.63. Sales for the quarter were $1.35 billion, down from $1.40 billion last year and just below the $1.36 billion FactSet consensus. Same-store sales fell 6.9%, missing the FactSet consensus for a decline of 5.1%. The company was “disappointed” with North American and European same-store sales performance, said Chief Executive John Idol in a statement. Michael Kors now sees fourth-quarter revenue between $1.035 and $1.055 billion, and a same-store sales decrease in the low-teens range. EPS is expected to be in the range of 68 cents to 72 cents. FactSet sees fourth-quarter sales of $1.11 billion, same-store sales decrease of 4.1% and EPS of 92 cents. Michael Kors shares are down 20.4% for the year while the S&P 500 index is up 22% for the same period.

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Archer Daniels Midland Co. reported fourth-quarter net income of $424 million Tuesday, or 73 cents per share, down from $718 million, or $1.19 per share in the year-earlier period. It reported adjusted earnings per share of 75 cents, below the FactSet consensus of 77 cents. Revenue was $16.5 billion, up from $16.45 billion in the year-earlier period and above the FactSet consensus of $16.48 billion. The company raised its dividend to 32 cents from 30 cents, to be payable on March 14, 2017 to shareholders of record on Feb. 21, 2017. Shares of Archer-Daniels have fallen 6.4% in the past three months, compared to the S&P 500’s gain of 9.9%.

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Teva Pharmaceutical Industries Ltd. share slid in the extended session Monday after the Jerusalem-based drugmaker said Erez Vigodman would step down as chief executive effective immediately. Teva shares declined 1% to $34 after hours. The company said Yitzhak Peterburg, the company’s chairman since January 2015, will serve as interim CEO, ceding his role as active chairman in accordance with Israeli law, Teva said. Board member Sol Barer was elected to serve as chairman. Teva said it has started a search for a permanent CEO.

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WASHINGTON (MarketWatch) — FXCM has been banned from operating in the U.S. after the Commodity Futures Trading Commission found the retail currency broker had an undisclosed interest in the market maker that consistently “won” the largest share of FXCM’s trading volume – and thus was taking positions opposite its retail customers. The CFTC also found that FXCM willfully made false statements to the National Futures Association in order to conceal FXCM’s role in the creation of its principal market maker as well as the fact that the market maker’s owner had been an FXCM employee and managing director. FXCM also agreed to pay a $7 million fine and never seek to register with the CFTC, and the two founding partners, Dror Niv and William Ahdout, will withdraw from CFTC registration. FXCM, Niv and Ahdout didn’t admit or deny the findings.

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Shares of Gap Inc. rose 2.7% late Monday after the retailer reported higher January and fourth-quarter sales, which included holiday sales. Net sales for January rose 2% to $828 million, compared with $813 million in January 2016. For the fourth quarter of fiscal 2016, Gap’s net sales rose 1% to $4.43 billion, compared with $4.39 billion for the year-ago period. Sales at Old Navy and Gap rose 2% and 3%, respectively, in January, while sales at Banana Republic fell 4%. Gap said it expects adjusted earnings between $2.01 a share and $2.02 a share for fiscal 2016. Shares of Gap ended the regular trading session up less than 0.1%.

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Shares of Twenty-First Century Fox Inc. fell 1.3% late Monday after the media company reported a quarterly decline in film revenues. Fox’s fiscal second-quarter earnings came in above Wall Street expectations, while quarterly sales were in line with forecasts. Fox reported quarterly income from continuing operations of $857 million, or 46 cents a share, compared with $674 million, or 34 cents a share, in the prior-year quarter. Adjusted for one-time items, Fox earned 53 cents a share, compared with 44 cents a share a year ago. Sales reached $7.7 billion, a 4% increase from the $7.38 billion reported a year ago. Growth reflected higher affiliate and advertising revenues at both the cable network programming and television segments, which were partially offset by lower content revenues at the filmed entertainment segment, the company said in a statement. The stock had ended the regular trading session down 1.1%.

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Stocks closed lower Monday following a mixed bag of earnings and continued friction against President Donald Trump implementing a wave of executive orders last week. The Dow Jones Industrial Average fell 19.04 points, or 0.1%, to finish at 20,052.42, with shares of Verizon Communications Inc. and Home Depot Inc. weighing on the average. The S&P 500 index closed down 4.86 points, or 0.2%, at 2,292.56, with energy and telecom stocks leading decliners. The Nasdaq Composite index slipped 3.21 points, or 0.1%, to finish at 5,663.55.

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