Tag: stock market

Chipotle Mexican Grill Inc. shares rose 2.8% in Tuesday premarket trading after the fast-casual chain announced same-store sales that progressively improved over the fourth quarter, and a new share repurchase program. Chipotle expects a fourth-quarter same-store sales decline of 4.8%. The company said same-store sales decreased 20.2% in Oct. 2016, decreased 1.4% in Nov. 2016, and increased 14.7% in Dec. 2016. The company expects fourth-quarter sales of $1.035 billion, up from $997.5 million last year, but below the FactSet consensus of $1.049 billion. And Chipotle said earnings per share are expected to be in the range of 50 cents to 58 cents. The FactSet EPS consensus is 96 cents. Chipotle’s board has also authorized a new $100 million share repurchase program, in addition to the previously announced $2.1 billion authorization. As of Jan. 10, 2017, there is $200 million left of the previous program. Chipotle shares are down 4.4% for the last 12 months while the S&P 500 index is up 18.1% for the same period.

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Shares of Williams Cos. tumbled 11% in active premarket trade Tuesday, after the natural gas infrastructure company said its stock offering priced at a deep discount and that it would increase its stake in Williams Partners L.P. . Volume topped 6.1 million shares ahead of the open, enough to make the stock the most actively traded in the premarket. Williams said late Monday that its 65 million share offering, which would increase the shares outstanding by 8.7%, priced at $29, or 9.2% below Monday’s closing price of $31.93. Williams said it would use the proceeds from the sale to help boost its stake in Williams Partners to 72%. Williams said it would increase its quarterly dividend by 50%, while Williams Partners will cut its quarterly payout by 29%. Williams Partner’s stock fell 1.7% before the open. Williams’ stock has soared 57% over the past 12 months through Monday, while Williams Partners’ shares have run up 65% and the S&P 500 has climbed 18%.

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Red Robin Gourmet Burgers, Inc. said Tuesday that it expects same-restaurant fourth-quarter revenue to be down 4.5%. Red Robin sees fourth-quarter revenue of $290.8 million, below the FactSet consensus of $300 million. The company expects a comparable guest count decrease of 2.9%. Red Robin said it will report earnings Feb. 21, after the market closes. Shares of Red Robin have fallen 19.5% in the past 12 months, compared to the S&P 500’s gain of 18%.

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Icahn Enterprises L.P. said Tuesday its board has approved a rights offering that aims to raise about $600 million. The investing arm of billionaire Carl Icahn said the offering aims to enhance its depositary unit holder equity, improve its credit ratings and raise equity capital for general partnership purposes. Last May, Standard & Poor’s lowered the company’s credit rating to BB, placing it in speculative, or “junk” status. The rating agency cited the firm’s weak investment performance and high borrowing levels as motives for the move. Icahn Enterprises said it will distribute freely-tradable rights on a pro rata basis to holders of record as of close of business on a record date that has yet to be decided. The rights will allow a unit holder to acquire a newly-issued depositary unit of Icahn Enterprises at an exercise price that is also yet to be determined. Icahn owns about 90% of the company’s outstanding depositary units and has told the company that certain of his affiliates will fully exercise all basic rights allocated in the offering. IEP shares were not yet active premarket, but are up just 2.9% in the last year, while the S&P 500 has gained 18%.

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Pixelworks Inc. shares jumped almost 8% in premarket trade Tuesday, after the video display technology company said it expects fourth-quarter revenue to come in at the high end of its guidance of $15 million to $16 million. The company said it expects to post a profit for the quarter, after previous guidance of a loss of 6 cents a share to breakeven. The company is expecting to end the quarter with a cash balance of about $19.6 million, net of borrowing, which about $3 million more than at the end of the third quarter. Shares have gained about 28% in the last year, while the S&P 500 has gained 18%.

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Ascena Retail Group Inc. warned that fiscal second-quarter losses would be wider than expected, as disappointing holiday traffic led to increased promotional activity. The apparel retailer, which store brands include Ann Taylor and Loft, now expects and adjusted per-share loss of 11 cents to 8 cents, compared with the FactSet consensus for a loss of 3 cents. The company now expects fiscal 2017 adjusted earnings per share of 37 cents to 42 cents, below the FactSet consensus of 58 cents. Same-store sales for the holiday period–Nov. 19 through Jan. 2–fell 3.1%, with Ann Taylor sales down 8.2%, Loft sales down 1.8% and Lane Bryant sales down 5.1%. “Outside of discrete peaks during the holiday season, we experienced stronger than expected store traffic headwinds,” said Chief Executive David Jaffe. “As a result, we were forced into a more highly promotional stance in order to move through inventory in the face of softer overall consumer demand.” The stock, which was still inactive in premarket trade, has tumbled 43% over the past 12 months, while the SPDR S&P Retail ETF has gained 6.9% and the S&P 500 has rallied 18%.

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Zimmer Biomet Holdings Inc. said Tuesday it expects fourth-quarter net sales of about $2.013 billion, up 4.1% from the year-earlier period, and ahead of the current FactSet consensus of $1.972 billion. The maker of orthopedic reconstructive products said full-year sales are expected to come to $7.684 billion, up 28.1% over the year earlier. The FactSet consensus is for full-year sales of $7.642 billion. The company is unable to provide updated guidance for full-year EPS using Generally Accepted Accounting Principles as it works to complete the accounting for its acquisition of LDR Holding Corp., but said it expects adjusted EPS to come in towards the upper end of its range of $7.90 to $7.95. Shares rose 1.2% premarket, and are up 5.4% in the last year, while the S&P 500 has gained 18%.

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Italian police have arrested two people for allegedly cyberspying on top officials, including European Central Bank President Mario Draghi and former Italian Prime Minister Matteo Renzi, Italy’s state police said on Tuesday. The arrests come after Italy’s Polizia Postale discovered a central cyber-espionage center that for years has collected sensitive information on politicians, public authorities and top entrepreneurs. The findings were made with help from the FBI Cyber Division. The pair — a nuclear engineer and his sister — will now to have answer charges of obtaining information concerning state security, unauthorized access to computer systems and illegal interception of communications, Polizia di Stato said. The two live in London, but are domiciled in Rome.

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Pluristem Therapeutics Inc. shares surged 5.4% in premarket trade Tuesday, after the company said the U.S. Food and Drug Administration has granted approval for a late-stage trial of PLX-PAD cells in the treatment of critical limb ischemia, or CLI. CLI is a condition in which fatty deposits block arteries in the leg, reducing blood flow and causing pain, non-healing ulcers, and gangrene. Patients suffering from CLI often require limb amputation. Pluristem, an Israeli developer of placenta-based cell therapy products, said it will use the Phase III study of its PLX-PAD cells to support an application for a marketing approval for the treatment. The company is aiming to start enrolling patients in the U.s. and Europe in the first half of 2017. Shares have gained 47% in the last 18 months, while the S&P 500 has gained 18%.

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Valeant Pharmaceuticals International, Inc. announced Monday night it was selling its Dendreon cancer business to Chinese conglomerate Sanpower Group Co. for $819.9 million in cash. Dandreon’s only commercial product is Provenge, a treatment for prostate cancer. “With this sale, we are better aligning our product portfolio with Valeant’s new operating strategy by exiting the urological oncology business, which is one of our non-core assets,” Valeant CEO Joseph Papa said in a statement. Quebec-based Valeant said it would use the sale proceeds to repay loan debt, and expects the deal to close in the first half of 2017.

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