Tag: stock market

Sprint Corp. reported a wider loss for its fiscal third quarter on Tuesday than previously expected. The mobile phone provider posted a net loss of $479 million, or 12 cents per share, compared with a loss of $142 million or 4 cents during the same quarter a year ago. FactSet’s consensus was for a 8 cents loss per share. Revenue for the quarter hit $8.5 billion, compared with last year’s $8.2 billion in revenue. That was above FactSet’s forecast of $8.3 billion in revenue. Sprint said it added 368,000 postpaid phone customers, which is the highest in four years. Sprint shares are up nearly 202% in the trailing 12-month period, while the S&P 500 Index is up more than 17%.

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Under Armour Inc.’s Class A shares plunged 26.9% toward a three-year low in active premarket trade Tuesday, after the athletic apparel and accessories maker reported disappointing fourth-quarter results and said Chief Financial Officer Chip Molloy was leaving for personal reasons. Volume hit 480,000 shares two hours ahead of the open, making the stock the premarket’s fourth-most active. The stock is danger of suffering the biggest one-day percentage decline since it went public on Nov. 18, 2005. The previous biggest decline was 24.4% on Jan. 18, 2008, in the midst of the Great Recession. Shares of Under Armour’s rivals were also taking a hit, with Nike Inc.’s stock shedding 2.3% ahead of the open. Under Armour’s stock had already plunged 34% over the past 12 months through Monday, while Nike shares had lost 14% and the S&P 500 has rallied 18%.

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The euro jumped to intraday highs Tuesday after a trade adviser to U.S. President Donald Trump called the shared currency ‘grossly undervalued’. The euro leapt to $1.0764 after the head of Trump’s recently formed National Trade Council, Peter Navarro, told the Financial Times that Germany is using the currency’s low valuation to exploit the U.S. and the European Union. Navarro also told the FT that Germany stands as one of the main hurdles to a trade deal between the U.S. and the EU. The euro late Monday bought $1.0690.

the head of Mr Trump’s new told the Financial Times the euro was like an “implicit Deutsche Mark” whose low valuation gave Germany an advantage over its main partners. His views suggest the new administration is focusing on currency as part of its hard-charging approach on trade ties.

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Under Armour Inc. shares plummeted 23.4% in Tuesday premarket trading after the athletic apparel and accessories company reported fourth-quarter earnings that missed expectations and gave weak guidance. Net income totaled $104.9 million, or 23 cents per share, down from $105.6 million, or 24 cents per share, for the same period last year. The FactSet consensus was 25 cents. Revenue for the quarter totaled $1.31 billion, up from $1.17 billion last year, but below the $1.41 billion FactSet consensus. Under Armour expects full-year 2017 revenue to rise 11% to 12% to nearly $5.4 billion, below the $6.06 billion FactSet estimate. Under Armour also announced that the company’s Chief Financial Officer Chip Molloy will leave the company for personal reasons. He will stay on as an advisor to help with the transition. David Bergman, senior vice president of corporate finance, will serve as acting CFO, effective Feb.3. Under Armour shares are down 34.4% for the past year while the S&P 500 index is up 17.6% for the same period.

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Harley-Davidson Inc. shares fell nearly 2% in premarket trade on Tuesday after the motorcycle manufacturer reported fourth-quarter earnings that fell short of Wall Street expectations. Net income for the quarter came in at $47.2 million, or 27 cents per share, compared with $42.2 million, or 22 cents during the same quarter a year ago. FactSet’s per-share earnings consensus was for 31 cents. Sales hit $933.0 million during the quarter, down from $1.0 billion in the year-earlier period. Consolidated revenue was $1.1 billion for the quarter. FactSet had forecast sales to hit $977.0 million. Harley-Davidson said it expects full-year 2017 margins to be in line with 2016 and shipments of motorcycles to be flat to down compared with 2016. Shares of Harley-Davidson are up 45% in the trailing 12-month period, while the S&P 500 Index are up more than 17%.

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A range of tech companies plan to meet Tuesday to talk about pushing back against President Trump’s order banning citizens of seven predominantly Muslim countries from entering the U.S., said a Reuters report. The companies will discuss filing an amicus brief in support of a lawsuit challenging the order, according to the report. Github has been organizing the meeting, and Twilio, Box and AdRoll are among the tech companies that have said they will attend. Silicon Valley leaders have been speaking out against Trump’s immigration order.

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Teva Pharmaceutical Industries Ltd. shares fell in the extended session Monday after a court did not uphold patent infringement claims made by the company. Teva shares fell 10% to $31 after hours. The court sided with Mylan NV , which claimed the patents in question were invalid. Mylan shares rose 0.7% to $36.60. The ruling from the U.S. District Court for the District of Delaware stated that the patents in contention, those covering Teva’s multiple sclerosis treatment Copaxone, were not valid. Teva said it plans to appeal the decision.

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PNC Financial Services Group Inc. will increase its stock buyback plan by $300 million on top of the $2 billion it had already announced previously, the company said Monday. The stock repurchase program is slated to expire on June 30. PNC Financial shares rose 0.2% in the extended session after closing down 1% at $120.38.

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WASHINGTON (MarketWatch) – The Federal Reserve on Monday exempted 20 regional banks from part of its annual “stress tests,” leaving only 13 large financial firms that have to comply. Under the new rule, the regional banks will not have to take part in the “qualitative” review of the strength of their capital planning process. However, these banks will still have to participate in the assessment of their capital adequacy in case of another financial crisis.

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F5 Networks Inc. said late Monday it has named François Locoh-Donou as its new president and chief executive effective April 3. Locoh-Donou succeeds John McAdam, who will remain on as a board member. Locoh-Donou currently serves as chief operating officer at Ciena Corp. . Shares of F5 were unchanged at $134.69 after hours, while shares of Ciena declined 1.3% to $24.01.

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