Tag: stock market

Shares of Caterpillar Inc. were up less than 1% in premarket trade Thursday after the company beat fourth-quarter earnings expectations. The company reported a net loss of $1.35 billion, or a loss of $2 per share, wider than a loss of $247 million, or a loss of 16 cents per share in the year-earlier period. It reported adjusted profit of 83 cents, above the FactSet consensus of 63 cents. Caterpillar reported sales of $9.57 billion, below $11.03 billion in the year-earlier period and below the FactSet consensus of $9.94 billion. The company attributed the quarter’s loss to three non-cash charges and higher than expected restructuring costs. The company said it sees “modest recovery”in a few of its businesses going forward and cut its 2017 sales outlook to $36 billion to $39 billion. It sees a 2017 EPS of $2.30 and adjusted EPS of $2.90 at the midpoint of the range. Shares of Caterpillar have fallen 16.7% in the last three months, compared to the S&P 500’s gain of 7.4%.

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The U.K. government on Thursday published its bill seeking approval from lawmakers to trigger Article 50, which will start the Brexit process. Debates over the European Union Notification of Withdrawal bill will last for three days starting on Tuesday, and a vote will be held on Feb. 8, the government said. The short bill comes after the U.K. Supreme Court on Tuesday ruled the Conservative Party-led government couldn’t start the process of Britain leaving the EU without first consulting parliament.

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Shares of Ford Motor Company dropped nearly 1% in premarket trade on Thursday after the company reported a loss of $800 million, or 20 cents per share for the fourth quarter. That compares to a loss of $2.7 billion during the same quarter a year ago. The loss per share for the year-earlier period was not readily available. Net income for the full year, however, came in at $4.6 billion, or $1.15 per share. Ford’s adjusted earnings for the fourth quarter were 30 cents per share, just shy of FactSet’s 31 cents consensus. Revenue for the quarter hit $38.7 billion, above the $35.0 billion FactSet consensus. The company did not make the year-earlier revenue available. Looking toward 2017, Ford expects operating margin and profit to be lower than 2016, due mainly to unfavorable volume and mix and increased investments in emerging opportunities, according to a news release. Shares of Ford are up more than 4% in the trailing 12-month period, while the S&P 500 Index is up nearly 21%.

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Bristol-Myers Sqibb shares sunk 2.7% in pre-market trade Thursday after the company reported a fourth-quarter earnings miss and revenue beat. Earnings for the latest quarter were $894 million, or 53 cents per share. In the year-earlier period the company had a loss of $197 million, or 12 cents per share. Adjusted EPS was 63 cents, compared with the FactSet consensus of 67 cents. Revenue rose to $5.24 billion from $4.29 billion, beating the FactSet consensus of $5.12 billion. The company said global revenue growth was driven by sales for its blockbuster cancer drug Opdivo, along with drugs Eliquis, Orencia, Sprycel and Yervoy. Bristol-Myers confirmed its 2017 EPS guidance range of $2.47 to $2.67 and reduced its adjusted EPS guidance range to $2.70 to $2.90 from $2.85 to $3.05. Shares of Bristol-Myers have risen 0.5% over the last three months, compared with a 7.4% rise in the S&P 500 .

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Endo International PLC said it will cut 90 full-time jobs as part of a restructuring aimed at saving $40 million to $50 million a year. With about 6,400 employees, according to FactSet, the cuts amount to about 1.4% of the workforce. The jobs affected will primarily be from its operations in Malvern, Penn. and Chestnut Ridge, NY. The Dublin-based drugmaker said it expects to record a cash charge of $15 million to $20 million as a results of the restructuring. “In a competitive and challenging healthcare environment, these difficult but necessary steps are intended to best position Endo for long-term success,” said Chief Executive Paul Campanelli. The stock, which was still inactive in premarket trade, has plunged 80% over the past 12 months while the S&P 500 has gained 21%.

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Citrix Systems Inc. shares fell in the extended session Wednesday after the software company issued an outlook that fell below Wall Street numbers. Citrix shares declined 3.9% to $91.99 after hours. The company forecast 2017 adjusted earnings of $4.60 to $4.65 on revenue of $2.81 billion to $2.84 billion with the separation of the company’s GoTo business. Analysts surveyed by FactSet estimated $5.35 a share on revenue of $3.55 billion, while it was unclear of the extent to which analysts estimated charges in their consensus. For the fourth quarter, Citrix reported adjusted earnings of $1.61 a share on revenue of $908 million, while analysts expected $1.49 a share on revenue of $901 million.

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EBay shares rose more than 7% in after-hours trading Wednesday after the e-commerce company detailed growth in the holiday-shopping season. The online-shopping destination reported net income of almost $6 billion, or $5.31 a share, thanks to a $4.6 billion income tax benefit and $800 million from the sale of its holdings in MercadoLibre Inc. EBay said that aside from those one-time gains, and after adjusting for stock-based compensation and other factors, it had profit of 54 cents a share on revenue of $2.4 billion for the fourth quarter. Analysts on average expected eBay to report adjusted earnings of 53 cents a share, up from 50 cents in the year-ago quarter, on revenue of $2.4 billion, according to FactSet. “Q4 was a record quarter highlighted by solid performance in our eBay business,” eBay Chief Executive Devin Wenig said in the announcement. “During the holiday season, eBay was one of the top consumer shopping destinations in the world and the second most visited eCommerce site in the U.S.” EBay predicted that it would have adjusted earnings of 46 cents to 48 cents a share in the first quarter of 2017 and $1.98 to $2.03 for the full year, both below analyst estimates, according to FactSet. EBay stock, which closed with a 0.8% gain at $30.23, increased to about $32.50 in late trading after the report was released.

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Kraft Heinz Co. and Weight Watchers International Inc. shares advanced in the extended session Wednesday after Heinz and Oprah Winfrey, who owns 10% of Weight Watchers, announced a partnership to launch a new packaged food line. Kraft Heinz shares advanced 0.5% to $89.30 and Weight Watchers shares rose 0.7% to $12.10 after hours. While Weight Watchers was not mentioned in the statement, Winfrey owns 10% of the weight-control company which also markets its own line of packaged meal programs. Under the partnership, Kraft Heinz, which is 26.8% owned by Warren Buffett’s Berkshire Hathaway , and Winfrey will launch a joint venture called Mealtime Stories LLC, “new line of food that will make real, nutritious products more accessible to everyone” with brand specifics and product details to be released later in the year, the statement said.

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McKesson Corp. said late Wednesday it had agreed to buy privately held CoverMyMeds for $1.1 billion, saying the acquisition of the Columbus, Ohio, software company will “strengthen our technology offerings.” McKesson also reported fiscal third-quarter sales slightly below Wall Street expectations. The company said it earned $633 million, or $2.86 a share, in the quarter, compared with $634 million, or $2.71 a share, a year ago. Adjusted for one-time items, McKesson earned $3.18 a share in the quarter. Revenue reached $50.1 billion, up 5% from $47.9 billion a year ago, the San Francisco-based company said. Analysts polled by FactSet expected the healthcare services and IT company to report adjusted earnings of $2.91 a share on sales of $50.5 billion.

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Mattel Inc. shares sank 9.7% in late Wednesday trading after the toy company reported fourth-quarter earnings and sales that missed estimates. Net income was $173.8 million, or 50 cents per share, down from $215.2 million, or 63 cents per share, for the same period last year. Adjusted EPS was 52 cents, missing the 71-cent FactSet consensus. Sales were $1.83 billion, down from $2.00 billion last year and below the $1.96 billion FactSet consensus. Mattel said gross sales of Fisher-Price products were down 3% worldwide, and Barbie gross sales fell 2% globally. Hasbro Inc. took over the license for the Disney Princess dolls from Mattel in 2016. Mattel shares are up 18% for the past year while the S&P 500 index is up 22.4% for the same period.

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