Breaking Stock Market and Financial News

Seagate's stock pulls back sharply after revenue miss offsets profit beat

MarketWatch Market Pulse - 10 hours 57 min ago

Shares of Seagate Technology PLC slumped 5.7% in premarket trade Wednesday, after the data storage company reported fiscal third-quarter revenue that missed expectations. The company swung to a profit of $194 million, or 65 cents a share, in the quarter to March 31, from a loss of $21 million, or 7 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.10, above the FactSet consensus of $1.07. Revenue increased to $2.67 billion from $2.60 billion, but was below the FactSet consensus of $2.71 billion. Cash flow from operations was $426 million, above the FactSet consensus of $340.6 million. The stock had soared 32% year to date to close Tuesday at the highest level since September 2015. The S&P 500 has gained 6.7% so far this year.

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Trump slams federal court ruling on funding for 'sanctuary cities'

Top Reuters News - 10 hours 59 min ago
WASHINGTON (Reuters) - President Donald Trump on Wednesday attacked a federal judge's ruling that blocked his executive order seeking to withhold funds from "sanctuary cities" for illegal immigrants, vowing to appeal it to the U.S. Supreme Court.

Starbucks Reserve Roastery coming to Chicago in 2019

MarketWatch Market Pulse - 11 hours 16 min ago

Starbucks Corp. said Wednesday that it will open a Starbucks Roastery on Chicago's Michigan Avenue in 2019. The Chicago Roastery will cover 43,000 square feet and four stories in a glassy, modern structure that is now the flagship location for Chicago-based retailer Crate & Barrel. In addition to offering multiple brewing methods and special Reserve beverages, the new Starbucks concept will also include food from Princi. The location will be the third Roastery in the U.S. and the sixth globally. The Seattle location opened in 2014, and a New York City Roastery will open in 2018. Shanghai, Milan and Tokyo locations are slated for openings in the coming year. Starbucks shares are up 0.7% in premarket trading, and are up 9.8% for the year so far. The S&P 500 index is up 6.7% for 2017 to date.

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Boeing shares fall premarket after revenue falls short of estimates

MarketWatch Market Pulse - 11 hours 33 min ago

The Boeing Co. shares fell 1.1% in premarket trade Wednesday, after the company's first-quarter revenue came in below expectations. The aerospace company said it had net income of $1.45 billion, or $2.34 a share, in the first quarter, up from $1.22 billion, or $1.83 a share, in the year-earlier period. Adjusted per-share earnings came to $2.01, ahead of the FactSet consensus of $1.91. Revenue fell to $20.9 billion from $22.6 billion, just below the FactSet consensus of $21.3 billion. "We remain on track to achieve our full-year revenue, earnings and cash flow targets as our teams deliver on our large and diverse order backlog," Chief Executive Dennis Muilenburg said in a statement. The company raised its full-year EPS outlook to a range of $10.35 to $10.55 from a prior range of $10.25 to $10.45. It raised its adjusted full-year outlook to $9.20 to $9.40 from a prior range of $9.10 to $9.30. Revenue is expected to range from $90.5 billion to $92.5 billion. Shares have gained 19% in 2017, while the Dow Jones Industrial Average has gained 6%.

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Chipotle detected 'unauthorized activity' in card payment network at its restaurants

MarketWatch Market Pulse - 11 hours 40 min ago

Chipotle Mexican Grill Inc. disclosed Wednesday that it recently detected "unauthorized activity" on the payment-processing network that supports its restaurants. Although the fast-casual Mexican food restaurant operator said it has reported the issue to the authorities and payment card processors. The company believes the issue has been contained, and additional security measures have been taken, but the investigation into the matter is continuing. The probe is focused on card transactions at its restaurants from March 24, 2017 to April 18, 2017. The company said it is still unable to estimate the costs related to the issue, but expects costs associated with the probe will be covered by insurance. The disclosure follows Chipotle's first-quarter results released late Tuesday, in which profit, revenue and same-store sales all beat expectations. The stock, which rallied 2.5% in premarket trade, has soared 25% year to date through Tuesday, while the S&P 500 has gained 6.7%.

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Anthem stock surges 3% after first-quarter earnings beat

MarketWatch Market Pulse - 11 hours 43 min ago

Anthem Inc. shares rose 2.9% in premarket trade Wednesday after the company reported a first-quarter earnings beat and upbeat full year guidance. Earnings rose to $1.0 billion, or $3.73 per share, from $703 million, or $2.63 per share, in the year-earlier period. Adjusted earnings-per-share were $4.68, compared with the FactSet consensus of $3.88. Revenue rose to $22.53 billion from $20.29 billion, compared with the FactSet consensus of $21.30 billion. Anthem also raised its adjusted earnings guidance for full year 2017 to greater than $11.60 per share, compared with the FactSet consensus of $11.58. Anthem shares have risen 13.2% over the last three months compared with a 4.0% rise in the S&P 500 .

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KKR Real Estate Finance Trust to offer 10 million shares in IPO

MarketWatch Market Pulse - 11 hours 45 min ago

KKR Real Estate Finance Trust Inc. unveiled Wednesday the launch of its initial public offering, in which it will sell 10 million shares priced in a range of $20.50 to $21.50. The company, which originates and acquires senior loans secured by commercial real estate assets, is planning to list on the New York Stock Exchange under the ticker symbol "KREF." Wells Fargo, Morgan Stanley and KKR are lead underwriters on the deal, with Barclays, Goldman Sachs and J.P. Morgan acting as co-managers.

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Dr. Pepper Snapple earnings beat estimates, but revenue falls short

MarketWatch Market Pulse - 11 hours 49 min ago

Dr. Pepper Snapple Group Inc. reported first-quarter net income of $177.0 million, or 96 cents per share, compared with $182.0 million, or 96 cents per share, for the same period last year. Adjusted earnings were $1.01 per share, ahead of the 96-cent FactSet consensus. Sales were $1.51 billion, up from $1.49 billion but below the $1.55 billion FactSet consensus. Sales volumes were up 1% for the quarter, inclusive of the Bai beverage acquisition. Carbonated soft drinks grew 1% driven by the fountain foodservice business, with Canada Dry up 5% and Schweppes up 8%. Non-carbonated beverages were down 6%, which the company largely attributed to promotional activity timing. The company sees full-year 2017 sales growth of about 4%. Dr. Pepper Snapple shares are up 12.1% for the past year while the S&P 500 index is up 14.2% for the period.

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Sarkozy camp eyes power-sharing role under France's Macron

Top Reuters News - 11 hours 50 min ago
PARIS (Reuters) - France's center-right party, seeking to rebound after the defeat of its presidential candidate, said on Wednesday it could share power with Emmanuel Macron if he is elected, as pollsters predict, on May 7.

Twitter reports 6 percent increase in monthly active users

Top Reuters News - 11 hours 55 min ago
(Reuters) - Twitter Inc reported a 6 percent increase in monthly active users, beating analysts' expectations, after several quarters of stagnating growth.

Twitter shares soar after first-quarter earnings beat

MarketWatch Market Pulse - 11 hours 57 min ago

Shares of Twitter Inc. soared 13% in premarket trade Wednesday after the social media company beat first-quarter earnings expectations. Twitter reported a net loss of $62 million, or a loss of 9 cents per share, compared to a net loss of $80 million, or a loss of 12 cents per share, in the year-earlier period. It reported adjusted earnings per share of 11 cents, above the FactSet consensus of 2 cents. It reported revenue of $548 million, a decrease of 8% from the year-earlier period revenue of $595 million, but above the FactSet consensus of $517 million. It reported average monthly active users of 328 million for the quarter, a 6% increase year-over-year and compared to 319 million in the previous quarter, and 14% growth in daily active users year-over-year. The FactSet consensus was for 321 monthly active users. Twitter issued second quarter guidance for adjusted EBITDA between $95 million and $115 million and said it expects total non-GAAP expenses to be flat to down 5% for 2017, compared to the full year 2016. Shares of Twitter have fallen 13% in the past three months, while the S&P 500 has gained 4%.

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P&G earnings beat expectations, but revenue misses

MarketWatch Market Pulse - 11 hours 59 min ago

Procter & Gamble Co. shares fell 0.5% in Wednesday premarket trading after it reported third-quarter sales that missed expectations. Net income was $2.52 billion, or 93 cents per share, down from $2.75 billion, or 97 cents per share, for the same period last year. Adjusted earnings were 96 cents, beating the 94-cent FactSet consensus. Sales totaled $15.61 billion, down from $15.76 billion last year, and below the $15.73 billion FactSet consensus. The consumer products company maintained its fiscal 2017 adjusted EPS guidance of $3.67. The FactSet forecast is for $3.85 per share. P&G shares are up 13.1% for the past year while the Dow Jones Industrial Average is up 16.7% for the period.

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French intelligence says Assad forces carried out sarin attack

Top Reuters News - 12 hours 4 min ago
PARIS (Reuters) - French intelligence has concluded that forces loyal to Syrian President Bashar al-Assad carried out a sarin nerve gas attack on April 4 in northern Syria and that Assad or members of his inner circle ordered the strike, a declassified report showed.

Trump tax plan slashing business rates to test support in Congress

Top Reuters News - 12 hours 5 min ago
WASHINGTON (Reuters) - U.S. President Donald Trump will release a tax plan on Wednesday proposing some deep rate cuts, mostly for businesses, including a slashed corporate income tax rate and steeply discounted tax rate for overseas corporate profits brought into the United States, officials said.

Burger King parent Restaurant Brands beats first-quarter earnings expectations

MarketWatch Market Pulse - 12 hours 14 min ago

Burger King and Popeyes Louisiana Kitchen parent Restaurant Brands International Inc. beat first-quarter earnings expectations. It reported net income of $50.2 million, or 21 cents per share, compared to $50 million, or 21 cents per share, in the year-earlier period. It reported adjusted earnings per share of 36 cents, above the FactSet consensus of 34 cents. Revenue was $1 billion, up from $918.5 million in the year-earlier period, and above the FactSet consensus of $967 million. Share of Restaurant Brands have gained 23% in past three months, compared to the S&P 500's gain of 4%.

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Northrop Grumman tops estimates, raises full-year EPS outlook

MarketWatch Market Pulse - 12 hours 15 min ago

Northrop Grumman Corp. said Wednesday it had net income of $640 million, or $3.63 a share, in its first quarter, up from $556 million, or $3.03 a share, in the year-earlier period. Adjusted per-share earnings came to $3.13. Sales climbed to $6.267 billion from $5.956 billion. The FactSet consensus was for EPS of $2.93 and sales of $6.146 billion. The defense company raised its full-year outlook for EPS to $11.80 to $12.10 from a prior $11.30 to $11.60. The company is expecting full-year sales to total about $25 billion. The current FactSet consensus is for full-year EPS of $11.82 and sales of $25.2 billion. Shares rose 0.8% premarket, but are up 6.7% in 2017, while the S&P 500 has gained the same amount.

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United Technologies' stock climbs as profit and sales rise above expectations

MarketWatch Market Pulse - 12 hours 22 min ago

Shares of United Technologies Corp. rose 0.8% in premarket trade Wednesday, after the diversified industrial company reported first-quarter profit and sales that beat expectations. Net earnings increased to $1.39 billion, or $1.73 a share, from $1.18 billion, or $1.42 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.48, above the FactSet consensus of $1.39. Revenue rose 3% to $13.82 billion from $13.36 billion, beating the FactSet consensus of $13.49 billion, as sales from its Otis, Pratt & Whitney and climate, controls and security businesses all topped forecasts. The company affirmed its 2017 outlook for adjusted EPS of $6.30 to $6.60, which surrounds the FactSet consensus of $6.54, and sales guidance of $57.5 billion to $59 billion. The stock has rallied 6.6% year to date through Tuesday, while the Dow Jones Industrial Average has gained 6.2%.

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Exclusive: China seeks to cement globalization credentials at Silk Road summit

Top Reuters News - 12 hours 25 min ago
SHANGHAI/BEIJING (Reuters) - China says its Silk Road initiative is helping create "a new era of globalization" open to all, according to a draft communique for a summit next month on the project, as Beijing burnishes its free trade credentials amid protectionist forces elsewhere.

PepsiCo. quarterly sales, core earnings surpass expectations

MarketWatch Market Pulse - 12 hours 32 min ago

PepsiCo. on Wednesday posted quarterly sales and earnings that outstripped Wall Street's forecasts. The food and beverage heavyweight said first-quarter net income was $1.32 billion, or 91 cents a share, compared with $931 million, or 64 cents a share, a year ago. Core earnings of 94 cents a share were above the FactSet estimate of 92 cents a share. PepsiCo.'s sales for the period came in at $12.05 billion, up from $11.86 billion in the year-ago period. Analysts expected $11.98 billion in sales.

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Congress moves closer to deal to avert U.S. government shutdown

Top Reuters News - 13 hours 1 min ago
WASHINGTON (Reuters) - The U.S. Congress was moving closer to crafting a deal to avoid shutting down at the stroke of midnight on Friday, but the details and even broad strokes of an agreement were still murky.

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