Tag: stock market

Biogen Inc.’s hemophilia business will begin trading on its own as Bioverativ, with the ticker BIVV, starting Thursday. Biogen previously announced the spin-off in May of 2016, and said it would allow Biogen to focus on its neurological treatments. Biogen shares rose 0.8% in pre-market trade Wednesday. Company shares have sunk 1.9% over the last three months, compared with a 7.9% rise in the S&P 500 .

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Apple Inc.’s stock surged 3.9% in active premarket trade Wednesday, putting it on track to open at 1 1/2-year high, after the technology giant reported better-than-expected earnings. The stock’s recent premarket price gain of $4.74 would about 32 points to the Dow Jones Industrial Average’s price. Dow futures were up about 41 point. The stock recently changed hands at $126.09 ahead of the open, the highest price seen during regular-trading hours since July 23, 2015. Apple shares have run up 26% over the past 12 months through Tuesday, while the Dow has gained 21%.

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Automatic Data Processing Inc. on Wednesday reported profit for the fiscal second quarter that was above Wall Street expectations, while falling just short on revenue. Net income for the quarter came in at $510.9 million, or $1.13 per share, compared to $341.4 million, or 75 cents per share during the same quarter a year ago. Adjusted earnings per share were 87 cents, above the FactSet consensus of 81 cents. ADP revenue hit $2.99 billion during the quarter, up from $2.81 billion, but just short of FactSet’s $3.02 billion. The company cut its new business outlook for 2017 to about flat, from 4% to 6% growth and ADP also cut revenue growth guidance to 6% from previous growth outlook of 7% to 8%. Shares of ADP have gained nearly 22% in the trailing 12-month period, while the S&P 500 Index is up 17%.

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Tobacco giant Altria Group Inc. said Wednesday it had net income of $10.276 billion, or $5.27 a share, in the fourth quarter, up from $1.248 billion, or 64 cents a share, in the year-earlier period. Net earnings were boosted by special items, including a pretax gain of $13.9 billion related to its combination with SABMiller Plc in which it owns a 9.6% stake. Adjusted for those items, the company had EPS of 68 cents, just ahead of the FactSet consensus of 67 cents. Revenue fell to $6.252 billion from $6.318 billion. Net of excises, revenue came to $4.7 billion. The FactSet consensus was for revenue of $4.8 billion. Looking ahead, Altria is expecting 2017 adjusted EPS to range from $3.26 to $3.32. Capex is expected to range from $180 million to $220 million. Shares were not yet active in premarket trade, but are up 17% in the last 12 months, while the S&P 500 has gained 17.5%.

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President Donald Trump on Tuesday nominated Judge Neil Gorsuch to fill the vacancy on the Supreme Court that has been empty since Justice Antonin Scalia’s death almost a year ago. Gorsuch, 49, who sits on Denver’s 10th Circuit Court, is a conservative said to be of the same ideological mold as Scalia, though with a more amiable temperament. The decision was announced during a prime-time event some compared to a reality show, with the final decision coming down between Gorsuch and Judge Thomas Hardiman of Pittsburgh’s 3rd Circuit. Gorsuch is likely to face stiff Democratic opposition in his Senate confirmation; some Democrats have already said they would flatly oppose whoever Trump picked.

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Paul Singer’s Elliott Management is moving aggressively to press Arconic Inc. to adopt changes, including replacing the current chief executive, to boost its share price to at least $33 to $54. As part of this effort, Elliott hired Larry Lawson, former chief executive of Spirit AeroSystems Inc., as a consultant and a candidate to take over from current CEO Klaus Kleinfeld. Elliott, which owns a 10.5% stake in Arconic, named five nominees for the company’s board. Elliott is calling on Arconic, which recently separated from Alcoa, to reallocate funds to growth-oriented projects and increase shareholder value. Arconic shares extended gains in the extended session to $23.11 after closing at $22.79.

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Overstock.com Inc. shares jumped in the extended session Tuesday after the online retailer swung to a surprise profit for the fourth quarter. Overstock shares rallied 14% to $18.90 after hours. The company reported earnings of 12 cents a share on revenue of $526.2 million. Analysts surveyed by FactSet had forecast a per-share loss of 4 cents on revenue of $523.5 million.

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Shares of Match Group Inc. fell more than 6% late Tuesday after the parent of Tinder and other online dating sites reported quarterly sales slightly below Wall Street expectations. Match said it earned $74 million, or 27 cents a share, in the fourth quarter, compared with $36 million, or 16 cents a share, in the year-ago period. Adjusted for one-time items, Match Group earned 29 cents a share, compared with 24 cents a share a year ago. Revenue reached $320 million in the quarter, up 19% from $268 million a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 24 cents a share on sales of $321 million. Tinder more than doubled the number of its paid members in 2016, and on average the group’s paid member count rose 23%, Match said in a statement. In the same statement, the Dallas, Texas, company said it has agreed to sell The Princeton Review and other non-dating business to education technology company ST Unitas. The deal is expected to close in the first half of the year and terms were not disclosed. Shares had ended the regular trading session down 0.5%.

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Shares of Apple Inc. climbed 2% in after-hours trade Tuesday following the company’s stronger-than-expected earnings report, buoyed by iPhone and services revenue. The company reported net income of $17.9 billion, or $3.38 a share, compared with $18.4 billion, or $3.30 a share, in the year-earlier period. Revenue for the period increased to $78.35 billion compared with $75.9 billion last year, topping the Wall Street consensus estimate of $77.3 billion. The company sold 78.3 million iPhone units during the quarter, topping analysts’ expectations of 77 million. Services revenue increased to $7.17 billion, up from $6.01 billion last year and topping the $6.9 billion FactSet estimate. Shares of Apple have increased 7% in the past three months and 25% in the past year. The Dow Jones Industrial Average , by comparison, has increased 9.5% in the past three months and 21% in the past year.

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The American Petroleum Institute late Tuesday reported an increase of 5.8 million barrels in U.S. crude supplies for the week ended Jan. 27, according to sources. Analysts polled by S&P Global Platts forecast a climb of 2.2 million barrels. The API data also showed a rise of roughly 2.9 million barrels in gasoline supplies and a climb of 2.3 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude was at $52.84 a barrel in electronic trading, nearly unchanged from the contract’s settlement of $52.81 on the New York Mercantile Exchange.

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