Tag: stock market

Brinker International Inc. shares sank 4.6% in Wednesday premarket trading after the restaurant company reported second-quarter earnings and sales that missed consensus and cut its guidance. Brinker, whose brands include Chili’s Bar & Grill and Maggiano’s Little Italy, reported net income of $34.6 million, or 69 cents per share, down from $47.7 million, or 80 cents per share, for the same period last year. Adjusted EPS was 71 cents, falling short of the 74-cent FactSet forecast. Sales for the quarter totaled $748.7 million, down from $765.7 million last year and missing the $786.0 million FactSet consensus. Systemwide same-restaurant sales fell 3.1% for the quarter. Brinker now sees full-year adjusted EPS in the range of $3.05 to $3.15, and revenue down 2% to 2.5% from the $3.3 billion reported in 2016. The FactSet estimate is for EPS of $3.55 and sales of $3.2 billion. Same-store sales are expected to be down 1.5% to 2.0%, compared with a flat FactSet estimate. Brinker shares are down nearly 4% for the past year while the S&P 500 index is up 21.5% for the same period.

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President Donald Trump said Wednesday morning he will ask for a “major investigation” into voter fraud. His statement, on Twitter, came a day after his White House spokesman said Trump believes millions of votes were cast illegally in the presidential election. But spokesman Sean Spicer did not provide any evidence for Trump’s belief.

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United Technologies Corp. reported Wednesday fourth-quarter earnings that fell to $1.01 billion from $3.28 billion. Earnings per share, including discontinued operations, fell to $1.25 a share, from $4.16. Excluding non-recurring items, adjusted EPS was $1.56, matching the FactSet consensus. Revenue rose to $14.66 billion from $14.30 billion, just shy of the FactSet consensus of $14.71 billion. Among the industrial conglomerate’s segments, Otis sales of $3.06 billion compared with the FactSet consensus of $3.07, Pratt & Whitney sales of $3.99 billion beat the FactSet consensus of $3.85 billion and aerospace systems sales of $3.60 billion fell shy of expectations of $3.68 billion. The company affirmed its 2017 adjusted EPS outlook of $6.30 to $6.60 and its sales outlook of $57.5 billion to $59 billion. “Despite an uncertain global macro environment, our growing aerospace backlog and strategic investments in the commercial businesses position us well to generate higher organic growth in 2017, and we remain on track to our 2020 targets,” said Chief Executive George Hayes. The stock, which was still inactive in premarket trade, has run up 31% over the past 12 months, while the Dow Jones Industrial Average has gained 21%.

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President Donald Trump is expected to sign a number of executive orders this week cracking down on immigration. Among them are plans to build a wall along the border with Mexico, and orders to block immigrants from seven Middle Eastern and African countries. Immigration by most refugees would be temporarily suspended for months, Reuters reported Tuesday, until the vetting process can made tougher. Immigrants from Syria, Iraq, Iran, Libya, Somalia, Sudan and Yemen would be blocked from getting visas, Reuters reported. The Associated Press reported Tuesday that the wall announcement would come Wednesday, with more immigration restrictions coming later in the week. Both the border wall and a crackdown on Middle Eastern immigration would be consistent with promises Trump made during his presidential campaign.

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Cisco Systems Inc. announced an agreement Tuesday to acquire AppDynamics Inc. for $3.7 billion, just before the tech startup was set for an initial public offering that would have valued the company at potentially half that total. AppDynamics increased its price range in a filing Tuesday morning, which was expected to be one of the last steps before the software firm sold its first batch of public shares. The IPO was expected to value AppDynamics at a similar or lower level to its most recent private investment, which placed a $1.9 billion price tag on the company. AppDynamics tracks and manages data and performance from business-focused applications, which could be a selling point for Cisco as it looks to provide more software to its large enterprise customers. “As companies across industries are expanding their digital infrastructure, IT departments are faced with vast amounts of complex, siloed data,” wrote Rob Salvagno, Cisco’s head of mergers and acquisitions, in a blog post. “AppDynamics helps many of the world’s largest enterprises translate this data into business insights and empowers them to drive value for their customers in today’s digital world.” Cisco shares gained about 0.2% in late trading after the acquisition was announced Tuesday evening.

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Texas Instruments Inc. shares fluctuated between gains and losses in the extended session Tuesday after the chip maker topped Wall Street estimates for its latest quarter. Texas Instruments shares declined 0.6% to $76.61 a share at last check after hours, following a 1.8% gain during the regular session. The company reported fourth-quarter earnings of $1.02 a share on revenue of $3.41 billion. Analysts surveyed by FactSet had estimated earnings of 81 cents a share on revenue of $3.32 billion. The company noted that earnings included a benefit of 14 cents a share for items not accounted for its outlook. For the first quarter, Texas Instruments forecast earnings of 78 cents to 88 cents on revenue of $3.17 billion to $3.43 billion. Analysts expect 75 cents a share on revenue of $3.21 billion.

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The American Petroleum Institute late Tuesday reported an increase of 2.9 million barrels in U.S. crude supplies for the week ended Jan. 20, according to sources. Analysts polled by S&P Global Platts forecast a climb of 1.9 million barrels. The API data also showed a rise of roughly 4.9 million barrels in gasoline supplies and a climb of 2 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude was at $52.91 a barrel in electronic trading, down from thecontract’s settlement of $53.18 on the New York Mercantile Exchange.

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Shares of Cree Inc. rose nearly 5% late Tuesday after the LED lighting maker reported fiscal second-quarter adjusted earnings and sales above expectations. Cree said it earned $6 million, or 6 cents a share, in the fiscal second quarter, compared with $13 million, or 13 cents a share, for the second quarter of fiscal 2016. Adjusted for one-time items, Cree earned $30 million, or 30 cents a share, in the quarter, compared with $28 million, or 28 cents a share, a year ago. Revenue from continuing operations reached $347 million in the quarter, down from $394 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 8 cents a share on sales of $325 million. Shares of Cree had ended the regular trading session down 0.3%.

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Bob Evans Farms Inc. announced a pair of acquisitions Tuesday along with an executive change meant to focus the company on grocery store sales, and shares jumped 10% in late trading. Bob Evans said that it would sell its chain of Bob Evans Restaurants to private equity firm Golden Gate Capital for $565 million plus the transfer of certain liabilities, with the cash used to pay down debt and issue a special $7.50-per-share dividend to stockholders. Bob Evans also said it has agreed to purchase Pinelands Farm Potato Company for $115 million financed with debt, beefing up its offerings of refrigerated side dishes for home consumption. Current Chief Executive Saed Mohseni will remain in charge of the restaurant division after the sale, while the president of the Bob Evans foods division, former co-CEO Mike Townsley, will take over the CEO role for Bob Evans Farms. Mohseni called the moves, made after a board review of the company’s business, “a major step in our strategic transformation.” “The sale of Bob Evans Restaurants enables us to concentrate exclusively on BEF Foods, our fastest growing and most profitable segment,” Mohseni said in the announcement. Bob Evans also reaffirmed its forecast of full fiscal-year adjusted earnings at $2.15 to $2.30 a share, established guidance for 2018 fiscal year revenue at $470 million, and said it would target continued quarterly dividends of 34 cents a share. Shares, which closed with a 0.4% loss at $47.95, jumped to nearly $53 in late trading.

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Gap Inc. said Tuesday that Andi Owen, global brand president for Banana Republic, will leave the company in late February. Gap’s brands include its namesake, Banana Republic and Old Navy. Owen joined Gap Inc. in 1991. Gap Inc. Chief Executive Art Peck will oversee the brand while the search for a new president is conducted. Banana Republic has struggled with same-store sales declines, with the brand reporting a 7% decline for the month of December. Gap shares are down 0.3% in Tuesday after-hours trading, but up 2.2% for the last year. The S&P 500 index is up 19.6% for the past 12 months.

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