Tag: stock market

Shares of crane manufacturer Manitowoc Co. fell more than 5% late Wednesday after the company posted wider-than-expected losses and lower sales in the fourth quarter. The company said it lost $33.4 million, or 24 cents a share, in the quarter, versus earnings of $43.5 million, or 32 cents a share, in the fourth quarter of 2015. Adjusted for one-time items, the company lost $32.6 million, or 23 cents a share, in the quarter. Sales reached $378 million, down from $543 million a year ago, on “continued weak demand for the company’s products in the U.S. and the Middle East,” Manitowoc said in a statement. Analysts polled by FactSet had expected an adjusted loss of 16 cents a share on sales of $390 million. Shares of Manitowoc had ended the regular trading session up 0.4%.

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Qorvo Inc. shares dropped in the extended session Wednesday after the wireless components provider said smartphone delays by large customers will hurt the current quarter. Qorvo shares fell 7.9% to $59.06 after hours. For the fiscal fourth-quarter, Qorvo forecast earnings of 70 cents to 90 cents a share on revenue of $610 million to $650 million. Analysts surveyed by FactSet had estimated $1.04 a share on revenue of $716.6 million. “In the March quarter, we’re forecasting a greater than historical sequential decline as two of our leading customers in China and a tier-one customer in Korea delay flagship smartphone launches,” the company said in a statement. Qorvo did not provide the names of the smartphone companies. For the fiscal third quarter, the company reported earnings of $1.35 a share on revenue of $826.3 million, while analysts were looking for $1.25 a share on revenue of $821.4 million.

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Shares of MetLife Inc. fell 3% in Wednesday’s extended session after the insurer posted quarterly results that fell short of Wall Street’s expectations. MetLife reported it swung to a fourth-quarter loss of $2.1 billion, or $1.94 a share, from a profit of $785 million, or 70 cents a share, a year earlier. The sizeable shortfall was blamed on derivative losses from market fluctuations. MetLife’s operating earnings rose 3% to $1.4 billion, or $1.28 a share. Revenue fell to $12.07 billion from $17.04 billion. Analysts surveyed by FactSet had forecast adjusted earnings of $1.34 a share and revenue of $17.27 billion.

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Shutterfly Inc. shares dropped in the extended session Wednesday after the online photo products retailer missed Wall Street targets for its earnings and outlook. Shutterfly shares fell 14% to $44.36 after hours. The company reported fourth-quarter earnings of $2.63 on revenue of $561.2 million. Analysts surveyed by FactSet had estimated earnings of $2.84 a share on revenue of $584.4 million. For the first quarter, Shutterfly estimated a loss of 95 cents to $1 a share on revenue of $185 million to $190 million, while analysts expect a loss of 84 cents a share on revenue of $199.4 million.

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Tractor Supply Co. shares rose in the extended session Wednesday after the rural retailer topped Wall Street estimates for the quarter. Tractor Supply shares advanced 5% to $75.98 after hours. The company reported fourth-quarter earnings of 94 cents a share on revenue of $1.92 billion. Analysts surveyed by FactSet had forecast 91 cents a share on revenue of $1.87 billion. For 2017, the company estimated earnings of $3.44 to $3.52 a share on revenue of $7.22 billion to $7.29 billion. Analysts expect $3.52 a share on revenue of $7.18 billion.

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IAC/InterActive Corp. shares rose 1% late Wednesday after the company reported fourth-quarter adjusted earnings and sales that beat Wall Street expectations. The media and internet company, which owns internet brands such as The Daily Beast, Vimeo and Investopedia, said it earned $102 million, or $1.18 a share, in the quarter, versus a loss of $32 million, or 38 cents a share, in the year-ago period. Adjusted for one-time items, IAC earned $114 million, or $1.38 a share, compared with 75 cents a share a year ago. Fourth-quarter sales reached $811 million, down from $849 million in the fourth quarter of 2015. Analysts polled by FactSet had expected the company to report adjusted earnings of 95 cents a share on sales of $780 million. Shares of IAC had ended the regular trading session down 0.8%.

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Shares of Facebook soared 3% in after-hours trade Wednesday following the company’s stronger-than-expected fourth-quarter earnings report. Facebook reported net income of $3.6 billion, or $1.21 a share, compared with $1.6 billion, or 54 cents a share, in the year-earlier period. Excluding one-time items, Facebook reported non-GAAP earnings of $1.41 a share, beating the average analyst estimates of $1.31 a share, according to FactSet. Revenue for the period rose to $8.81 billion, compared with $5.8 billion a year ago, beating the Wall Street consensus estimate of $8.5 billion. The company’s advertising revenue soared 53% year-over-year, offsetting a 12% decline in its much smaller payments and “other fees” segment, which includes the Oculus virtual-reality headset. Monthly active users, a key metric of engagement, increased 17% year-over-year to 1.86 billion. Shares of Facebook have climbed 3% in the past three months and nearly 16% in the past year. The S&P 500 has increased 18% in the past three months and 17.5% in the past year.

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Rex Tillerson was confirmed as secretary of state in the Senate on Wednesday, by a vote of 56-43. Tillerson, formerly chief executive of Exxon Mobil Corp. , had faced opposition through his nomination process for his ties to Russia. But critical Republican senators decided to support him despite their reservations, paving the way for his confirmation.

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Shares of Apple Inc. soared past $130 for the first time in more than a year Wednesday, as investors reacted to the company’s stronger-than-expected holiday-earnings report. Shares traded more than 7% higher in afternoon trade, reaching as high as $130.12 in intraday trade. The last day the stock traded above the level was July 21, 2015, when it closed at $130.75. Wednesday’s gain would be the biggest percentage increase for Apple’s stock since April 2014. The buying frenzy comes after Apple surpassed top- and bottom-line fiscal fourth-quarter expectations, and after a number of analysts raised their price targets on the stock. Shares of Apple traded around $129.84 an hour before the market close, and have risen 16.5% in the past three months and 34.5% in the past year. The Dow Jones Industrial Average , which includes Apple, is up 10% in three months and nearly 21% in the past year.

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Apple Inc.’s stock surge in afternoon trade Wednesday has pushed the price back above where it was when it entered the Dow Jones Industrial Average nearly two years ago. The stock closed at $127.50 on March 19, 2015, its first day as member of the so-called blue-chip barometer. Since then, the stock closed above $127.50 on just 38 of 471 trading days through Tuesday, and not since July 21, 2015. The stock was recently up $8.54, or 7%, at $129.89 after reporting earnings, or has gained $2.39, or 1.9% since joining the Dow. During that time, the Dow has rallied 1,908 points, or 11%. AT&T Inc.’s stock , which Apple replaced in the Dow, has climbed $8.85, or 27%, over the same time.

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