Tag: stock market

Snapchat parent Snap Inc. filed to go public Thursday. The social media company reported revenue of $404.5 million for the year-ended Dec. 31, 2016, up from $58.7 million in the previous year. Snap reported net losses of $514.6 million for 2016, compared to a net loss of $372.9 million in the year-earlier period. It reported global average revenue per user in the three months ended Dec. 31, 2016 of $1.05, up from 31 cents in the year-earlier period. The company said it has an average of 158 million daily users, with 2.5 million “snaps” made a day. The company plans to list on the New York Stock Exchange under the proposed symbol “SNAP.” It did not yet disclose the terms of its offering. Morgan Stanley, Goldman, Sachs & Co, J.P. Morgan and Deutsche Bank Securities are the lead underwriters on the offering.

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Snapchat parent Snap Inc. filed to go public Thursday. The social-media company reported revenue of $404.5 million for the year ended Dec. 31, up from $58.7 million in the previous year. Snap reported a net loss of $514.6 million for 2016, compared with a net loss of $372.9 million in the prior year. It reported global average revenue per user in the three months ended Dec. 31, 2016, of $1.05, up from 31 cents in the year-earlier period. The company said it has an average of 158 million daily users, with 2.5 million “snaps” made a day. The company plans to list on the New York Stock Exchange under the proposed symbol “SNAP.” It did not yet disclose the terms of its offering. Morgan Stanley, Goldman Sachs, J.P. Morgan and Deutsche Bank Securities are the lead underwriters on the offering.

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Deckers Outdoor Corp. shares plunged in the extended session Thursday after the maker of Ugg boots missed Wall Street targets for the quarter and issued a weak outlook. Deckers shares dropped 23% to $43.01 after hours. The company reported adjusted fiscal third-quarter earnings of $4.11 a share on revenue of $760.3 million. Analysts surveyed by FactSet had estimated $4.22 a share on revenue of $789 million. For the fourth quarter, Deckers expects a per-share loss of 10 cents to break-even with a 5% to 6% decline in revenue for the quarter, which works out to an estimate of $355.9 million to $359.7 million. Analysts had forecast earnings of 42 cents a share on revenue of $383 million.

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.

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Uber Chief Executive Travis Kalanick is stepping down from President Donald Trump’s business advisory council, according to news reports. Kalanick’s position on the council had been criticized by users, leading to a call to boycott the service, and by his drivers, who called for him to leave the council, following Trump’s immigration ban. Kalanick had said he wanted to bring immigration concerns to the president when the council met Friday. The New York Times and Recode reported the news.

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.

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From:: Stock Market News

Uber Chief Executive Travis Kalanick is stepping down from President Donald Trump’s business advisory council, according to news reports. Kalanick’s position on the council had been criticized by users, leading to a call to boycott the service, and by his drivers, who called for him to leave the council, following Trump’s immigration ban. Kalanick had said he wanted to bring immigration concerns to the president when the council met Friday. The New York Times and Recode reported the news.

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.

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Oil futures fell Thursday to mark the first loss in three sessions as traders continued to weigh progress with global crude production cuts against concerns over the potential for a sizable increase in U.S. output. March West Texas Intermediate crude fell 34 cents, or 0.6%, to settle at $53.54 a barrel on the New York Mercantile Exchange, after gaining 2% on Wednesday.

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Shares of Ryder System Inc. tumbled 7.9% in afternoon trade Thursday, wiping out all of their post-election gains, after the truck rental company reported before the open fourth-quarter earnings that fell well short of expectations. The stock was the biggest decliner within the Dow Jones Transportation Average , which slumped 1.2% in afternoon trade, while the Dow Jones Industrial Average inched down 0.1%. The stock had soared 16% to a 16-month high in the first month after the election, but was now trading 1.8% below where it closed on Nov. 8. Ryder Chief Executive Robert Sanchez said the results reflected a used vehicle market what was “ever more challenging than expected,” and he expects these conditions to continue over the next 18 months. When asked on the post-earnings conference call about how the company would be affected by the new administration’s tax plan as written, the company said lower taxes and less regulation would benefit most of Ryder’s customers, but the border tax would get a little tricky since Ryder has operations in Mexico that support plants that feed product into the U.S.

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The Russian ruble and its stock market jumped on Thursday after media reports that the Treasury Department would ease sanctions on Russia’s intelligence agency. The dollar fell more than 2% against the ruble after the initial reports, but soon recovered some of that decline after President Donald Trump’s press secretary Sean Spicer denied that sanctions had been lifted. Still, the greenback was off 1.5% at 59.18 rubles, on track for its second-worst daily performance of the year. Russian stocks also soared on the news. The iShares MSCI Russian Capped ETF rose 1% to $34.22. Trump has repeatedly praised Russian President Vladimir Putin while also criticizing the North Atlantic Treaty Organization. These comments have been especially controversial in light of Russia’s annexation of Crimea, and the continued fighting between government forces and Russia-backed rebels in Eastern Ukraine.

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The Treasury Department is not easing sanctions on Russia, White House spokesman Sean Spicer said Thursday. The Treasury Department released a document showing some information technology products and services can now be sold to Russia’s intelligence agency. But at the daily White House briefing, Spicer said there was a misunderstanding. “We are not easing sanctions,” he said. “From what I understand, it is a regular course of action that Treasury does quite often when there are sanctions imposed,” he said. Treasury often goes back and makes carveouts for certain products and services, he said. The Russian ruble rallied on the announcement.

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Shares of Micron Technology Inc. climbed roughly 2% in afternoon trade Thursday following the announcement of CEO Mark Durcan’s planned retirement. The chip maker said it has formed a special committee to oversee the succession process and has initiated a search for his replacement. The company doesn’t have a timeframe regarding when the switch will happen, and said Durcan will continue to lead Micron in the meantime. Shares of Micron traded around $25.15 shortly after the announcement. They’ve increased 51% in the past there months and 137% in the past year, vastly outperforming the S&P 500 , which is up 8.5% in past three months and 20% in the past year.

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