Tag: stock market

Target Corp. shares slid about 5% in premarket trade Wednesday, after the retailer cut its fourth-quarter sales and profit guidance following weaker-than-expected holiday sales. The company said same-store sales fell 1.3% in the November to December holiday period. Total sales fell 4.9%, including the impact of the Dec. 2015 sale of the company’s pharmacy and clinic business. “While we were pleased with Black Friday sales, December digital sales growth of more than 40 percent and continued strength in our signature categories, these results were offset by early season sales softness and disappointing traffic and sales trends in our stores,” said Brian Cornell, chairman and CEO of Target. The company is now expecting GAAP per-share earnings from continuing operations of $1.45 to $1.55, down from prior guidance of $1.55 to $1.75. Full-year EPS is forecast at $4.57 to $4.67, compared with prior guidance of $4.67 to $4.87. Same-store sales are expected to decline 1.5% to 1.0% for the quarter. Shares have gained 1.2% in the last 12 months, while the S&P 500 has gained 20.6%.

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Shares of CoLucid Pharmaceuticals Inc. soared 31% in premarket trade Wednesday, after the developer treatments for acute migraines agreed to be acquired by Eli Lilly & Co. for $960 million in cash. Under terms of the deal, Eli Lilly will pay $46.50 for each CoLucid share outstanding, representing a 33% premium to Tuesday’s closing price of $34.90. Eli Lilly expects to record a charge of $850 million, or 80 cents a share, in the first quarter of 2017, as an acquired in-process research and development charge. The deal is expected to close by the end of the first quarter. CoLucid’s key drug is lasmiditan, which was originally discovered at Eli Lilly and was out-licensed to CoLucid in 2005. CoLucid’s stock has rocketed five-fold over the past 12 months through Tuesday, while Eli Lilly shares have lost 5.4% and the S&P 500 has gained 21%.

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Former U.S. President George H.W. Bush has been hospitalized, KHOU 11 News reported Wednesday, citing his office chief of staff Jean Becker. Bush, who is 92 years old, is “doing fine,” Becker told the CBS affiliate station. No reason was given for Bush’s admission to the Methodist Hospital in the Texas Medical Center, but the former U.S. leader has previously been treated for a neck fracture, shortness of breath and fever. He regularly uses a wheelchair and suffers from a form of Parkinson’s Disease, according to KHOU. Bush served a term as president from 1989 to 1993 and before that, was vice president to Ronald Reagan from 1981 to 1989.

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Cameco Corp. shares fell in the extended session Tuesday after the uranium miner said it would cut 10% of its workforce and that a continued weak market in the metal will lower earnings. Cameco shares dropped 8.7% to $12.11 after hours. “We expect our adjusted net earnings for 2016 will be significantly lower than analysts’ earnings estimates,” Cameco said in a statement. “In presenting our adjusted net earnings, we expect to make total adjustments to net earnings between approximately $180 million and $220 million after-tax ($0.45 to $0.56 per share)[Canadian].” Analysts surveyed by FactSet estimate 2016 earnings of 53 cents a share. Cameco said it will lay off 120 employees to improve efficiency at its uranium mining operations.

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Apollo Global Management LLC is preparing an initial public offering for the Chuck E. Cheese restaurant chain, according to a report from Reuters on Tuesday. Reuters reported that the IPO would seek to value the chain at more than $1 billion. Apollo purchased Chuck E. Cheese parent company CEC Entertainment Inc. in 2014, valuing the company at $1.3 billion at the time. Apollo is aiming for an IPO in the second half of this year, and is open to offers for an outright purchase, Reuters reported, based on anonymous sources.

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Hewlett Packard Enterprise Co. said late Tuesday Chief Operating Officer and Executive VP Chris Hsu will resign from the company to become the chief executive officer of the previously announced, proposed spin-off and merger of its software business with Micro Focus International PLC. That deal is expected to go through by Aug. 31, the company said in a filing. Shares of HPE were flat after hours after ending the regular trading day down 1.1%. HPE said earlier Tuesday it had agreed to buy SimpliVity for $650 million in cash.

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United Continental Holdings Inc. shares slid in the extended session Tuesday even as the airline topped Wall Street estimates for the quarter. United shares declined 1.8% to $72.49 after hours, after closing down 0.8% in the regular session. The company reported adjusted fourth-quarter earnings of $1.78 a share on revenue of $9.05 billion. Analysts surveyed by FactSet had estimated $1.73 a share on revenue of $9.04 billion.

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Shares of Gigamon Inc. sank in Tuesday’s extended session after the networking-hardware company warned that its fourth-quarter results are likely to fall short of its targets. Gigamon projected adjusted earnings per share of 35 cents to 37 cents versus its outlook of 36 cents to 38 cents. Revenue is expected in a range of $84.5 million to $85 million compared with its guidance of $91 million to $93 million. “We are disappointed our fourth quarter revenue was below our prior guidance, but we are pleased with our overall financial performance in 2016,” Paul Hooper, chief executive of Gigamon, said in a statement. Gigamon shares skidded 22% after hours. Gigamon is scheduled to announce its quarterly earnings on Feb. 2.

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President Barack Obama has commuted the sentence of Chelsea Manning, the Army intelligence analyst who leaked troves of files to WikiLeaks. Manning’s sentence will be commuted to expire on May 17. The decision wasn’t a total surprise, as a White House spokesman had contrasted Manning’s situation with Edward Snowden, noting that Manning already has gone through the U.S. legal system and acknowledged her crimes. In all, Obama granted commutation of sentence to 209 individuals and pardons to 64 individuals.

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Shares of Qualcomm Inc. closed down 4% Tuesday as the Federal Trade Commission filed a complaint against the chipmaker for tactics to maintain a monopoly on chips used in cell phones and other consumer products. Qualcomm shares finished the day down at $64.19, and were up 0.3% in after-hours activity. In a statement, the FTC alleged Qualcomm “has used its dominant position as a supplier of certain baseband processors to impose onerous and anticompetitive supply and licensing terms on cell phone manufacturers and to weaken competitors.”

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