Tag: stock market

Panera Bread Co. said Tuesday that it has set new animal welfare goals for its broiler chickens, to be met by 2024. The goals, which are in line with the Global Animal Partnership’s Broiler Chicken Standard, include providing birds with more space and better environments. Panera made a commitment in Nov. 2015 to use only cage-free eggs by 2020. The restaurant chain says that as of 2016, all of the poultry in its sandwiches and salads are raised without antibiotics, all of its pork products including ham and bacon served in sandwiches and salads are antibiotic-free and raised without the use of gestation crates, and 95% of its beef is grass-fed and free-range. Panera shares are down 0.2% in Tuesday trading, but up 8.6% for the past year. The S&P 500 index is up 13.3% for the last 12 months.

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U.S. stocks opened higher on Tuesday as the Dow Jones Industrial Average climbed nearer to the psychologically important 20,000 level. The S&P 500 index gained 5 points, or 0.2%, to 2,267. The Dow advanced 48 points, or 0.2%, to 19,934, trading above its previous closing record. The Nasdaq Composite Index added 14 points, or 0.3%, to 5,473. Investors’ appetite for risky assets remained intact despite a series of attacks in Turkey and Germany. BlackBerry moved higher after the handset maker reported narrowing losses for the third quarter. Darden Restaurants , owner of several restaurant chains including the Olive Garden, saw its shares rise after reporting a rise in same-restaurant sales for the second quarter. Rising oil prices also helped boost energy shares.

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Chesapeake Energy Corp.’s stock climbed 1.1% in premarket trade Tuesday, after the oil and gas exploration company said it agreed to sell a portion of its Haynesville Share assets for $465 million to an affiliate of Covey Park Energy LLC. The sale of the northern-Louisiana assets include 41,500 net acres and 326 wells, which are currently producing about 50 million cubic feet of gas per day. The company expects the deal to close in the first quarter of 2017. “Upon closing, this strong bid for our second Haynesville package, along with our recent new issue and tender, will position Chesapeake with significant liquidity as we begin a new year,” said Chief Executive Doug Lawler. The stock has soared 62% year to date through Monday, while the SPDR Energy Select Sector ETF has run up 26% and the S&P 500 has gained 11%.

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Amazon.com Inc. said Tuesday that it will add more than 1,000 full-time jobs in two new Illinois fulfillment centers in Aurora. One will span nearly one million square feet and handle small items such as books and consumer goods. The other will be about 400,000 square feet and handle larger items like big-screen televisions. The e-commerce giant already has centers in Edwardsville, Joliet and Romeoville with another under construction in Monee. Amazon has announced eight fulfillment centers in Illinois over the past two years. Once the latest facilities open, the company will have more than 7,000 full-time Illinois staffers. Amazon shares are up 0.3% in premarket trading, and up 15.3% for the past 12 months. THe S&P 500 index is up 12.8% for the last year.

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Shares of Rite Aid Corp. shot up 6% in active premarket trade Tuesday, after the drug store chain announced a deal with Walgreens Boots Alliance Inc. to sell 865 Rite Aid stores to Fred’s Inc. for $950 million. With volume of about 2.6 million shares, Rite Aid’s stock was the most actively traded ahead of the open. Rite Aid, which is in the process of being acquired by Walgreens, said the deal is subject to approval by the Federal Trade Commission. In October, Walgreens and Rite Aid pushed out the deadline to close their $9.4 billion merger to next year, citing delays in selling stores the companies were required to divest to get regulators to approve the merger. Walgreens said it is in talks with the FTC regarding the deal, and is working toward closing its Rite Aid acquisition in early 2017. Walgreens’ stock rose 1.4% in premarket trade, while Fred’s shares were still inactive. Rite Aid’s stock has gained 4.2% year to date through Monday, while Walgreens’ shares have tacked on 1.1% and the S&P 500 has gained 11%.

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Shares of Tesaro Inc. rallied 2.2% in premarket trade Tuesday, after the biopharmaceutical company said its new drug application (NDA) for its niraparib cancer treatment was granted priority review by the Food and Drug Administration. The company said the FDA set a target action date of June 30, 2017. “FDA’s acceptance of the niraparib NDA with a Priority Review designation is an important milestone for TESARO, and represents a significant step in our efforts to bring meaningful therapies to women with ovarian cancer,” said Chief Operating Officer Mary Lynne Hedley. The stock has more than doubled year to date through Monday, while the SPDR S&P Pharmaceuticals ETF has tumbled 22% and the S&P 500 has gained 11%.

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TheStreet Inc. announced Tuesday in a Securities and Exchange Commission filing that it received a notice from The Nasdaq Stock Market LLC on Dec. 14 stating that it is not in compliance with the organization’s closing bid price rules and is at risk of delisting. The rule states that shares must close at at least $1 per share for 30 consecutive days to maintain compliance. TheStreet’s last close above a $1 was October 31. The company has until June 12, 2017 to close at or above $1 for 10 consecutive business days to regain compliance. TheStreet shares closed Monday at 89 cents per share. Its stock is down 45.7% for the past year while the Nasdaq is up nearly 11% for the same period.

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Darden Restaurants Inc. , the parent of Olive Garden restaurants, reported fiscal second-quarter earnings that rose to $79.5 million, or 64 cents a share, from $43.2 million, or 33 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was 64 cents. Revenue for the quarter to Nov. 27 rose to $1.64 billion from $1.61 billion, just shy of the FactSet consensus of $1.65 billion, but Olive Garden sales grew 2.5% to $915.0 million to beat expectations of $910.8 million. Same-store sales grew 1.7%, beating the FactSet consensus of 1.5%, as Olive Garden sales growth of 2.6% beat expectations of 1.9%. The company affirmed its full-year adjusted EPS outlook of $3.87 to $3.97. “We had another strong quarter with same-restaurant sales growth significantly outperforming the casual dining industry benchmarks, especially at Olive Garden,” said Chief Executive Gene Lee. The stock, which was still inactive in premarket trade, has soared 19% year to date, while the S&P 500 has gained 11%.

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General Mills Inc.’s stock shed 3.3% in premarket trade Tuesday, after the consumer foods company missed profit and sales expectations. Earnings for the quarter to Nov. 27 fell to $481.8 million, or 80 cents a share, from $529.5 million, or 87 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share was 85 cents, below the FactSet consensus of 86 cents. Revenue fell 7% to $4.11 billion, missing the FactSet consensus of $4.22 billion, with its U.S. retail and convenience stores and foodservice sales falling short of expectations. For fiscal 2017, the company cut its sales guidance to a decline of 3% to 4% from a previous outlook of flat to down 2%, but its adjusted EPS growth outlook of 6% to 8% was above the growth implied by the FactSet consensus of 5.1%. “Our organic sales declines reflect the actions we’ve taken to optimize our spending and prioritize profitable volume, as well as weakening food-industry trends in the U.S.,” said Chief Executive Ken Powell. The stock has climbed 9.4% year to date through Monday, while the S&P 500 has gained 10.7%.

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Shares of BlackBerry Ltd. rallied 2.9% in premarket trade Tuesday, after the software and mobile security company reported a surprise profit for the fiscal third quarter, but missed sales expectations. The net loss for the quarter to Nov. 30 narrowed to $117 million, or 22 cents a share, from $372 million, or 71 cents a share, in the same period a year ago. Excluding non-recurring items, the company reported adjusted earnings per share of 2 cents, beating the FactSet consensus of breakeven. Revenue fell to $289 million from $334 million, below the FactSet consensus of $330 million. The company said it now expects to achieve and adjusted EPS profitability for the full year, compared with the FactSet consensus of breakeven. “”We achieved significant milestones in Q3, delivering the highest gross margin in the company’s history for the second consecutive quarter and continuing to transform our infrastructure and operations to support an enterprise software business,” said Chief Executive John Chen. The stock has tumbled 17% year to date through Monday, while the S&P 500 has gained 11%.

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