Breaking Stock Market and Financial News

Myriad Genetics shares jump on earnings beat, outlook

MarketWatch Market Pulse - Tue, 05/02/2017 - 17:20

Myriad Genetics Inc. [s; mygn] shares jumped in the extended session Tuesday after the medical diagnostic test company's quarterly results and outlook topped Wall Street estimates. Myriad Genetics shares jumped 15% to $21.50 after hours. The company reported adjusted fiscal third-quarter earnings of 27 cents a share on revenue of $196.9 million. Analysts surveyed by FactSet had forecast earnings of 23 cents a share on revenue of $189.1 million. For the fourth quarter, Myriad sees adjusted earnings of 26 cents to 28 cents a share on revenue of $192 million to $194 million. Analysts expect earnings of 26 cents a share on revenue of $188.5 million.

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First Solar shares surge on surprise earnings, outlook

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:46

First Solar Inc. shares surged in the extended session Tuesday after the solar-energy-system company reported a surprise profit for the quarter. First Solar shares rose 6.9% to $32.39 after hours, adding to a 2.6% gain in the regular session. The company reported adjusted earnings of 25 cents a share on revenue of $891.8 million. Analysts surveyed by FactSet had forecast a loss of 13 cents a share on revenue of $693 million. First Solar sees full-year adjusted earnings of 25 cents to 75 cents a share on revenue of $2.85 billion to $2.95 billion. Analysts had estimated 30 cents a share on revenue of $2.8 billion.

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API data show hefty drop in weekly U.S. crude supplies: sources

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:42

The American Petroleum Institute late Tuesday reported a drop of 4.2 million barrels in U.S. crude supplies for the week ended April 28, according to sources. The API data also showed a fall of 1.9 million barrels in gasoline supplies, while inventories of distillates were down 436,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decrease of 2.25 million barrels in crude inventories. June crude was at $47.97 a barrel in electronic trading, up from the contract’s settlement of $47.66 on the New York Mercantile Exchange.

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Apple stock falls amid iPhone, services disappointment

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:42

Shares of Apple fell more than 1% in after-hours trade Tuesday following a mixed quarterly earnings report that showed a decline in unit sales for the iPhone. The company reported net income of $11 billion, or $2.10 a share, compared with $10.5 billion, or $2.02 a share, in the year-earlier period. Analysts surveyed by FactSet had been calling for earnings of $2.02 a share. Revenue for the period increased to $52.9 billion from $50.5 billion a year ago, virtually in line with the consensus view of $53 billion. iPhone unit sales reached 50.8 million, down slightly from 51 million last year, and missing the Street view of 52 million. Services revenue, the company's second-biggest revenue driver, also fell short of expectations, rising to $7.04 billion, compared with $6 billion last year, which was slightly below the $7.06 billion analysts had been anticipating. Shares of Apple have outperformed both the Dow Jones Industrial Average and S&P 500 over the past year. As of Tuesday's close, its shares had been up 57.5% in the past three months, compared with an increase of 5.4% for the Dow 30.

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Weight Watchers swings to first-quarter profit as subscribers grow

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:36

Shares of Weight Watchers International Inc. soared in Tuesday's extended session after the weight-loss company swung to a net profit. Weight Watchers reported first-quarter earnings of $10.7 million, or 16 cents a share, from a loss of $10.8 million, or 17 cents a share, a year earlier. Revenue rose 7.2% to $329.1 million while subscribers increased 16%. Analysts surveyed by FactSet had forecast a loss of 4 cents a share. The company closely associated with entertainment mogul Oprah Winfrey after she took a stake projected 2017 earnings per share of $1.40 to $1.50, better than the average $1.27 a share projected by analysts. Weight Watchers shares jumped 11% after hours.

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Etsy shares down 15% after online marketplace swings to Q1 loss

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:29

Shares of Etsy Inc. fell more than 15% late Tuesday after the online marketplace company swung to a loss in the first quarter, missed quarterly sales expectations, and announced its chief executive is stepping down. Etsy said it lost $421,000 in the first quarter, versus a net income of $1.2 million in the first quarter of 2016. Revenue hit $96.9 million, from $81.85 million a year ago. Analysts polled by FactSet had expected per-share earnings of 1 cent on sales of $98.4 million. Etsy also said its board of directors has appointed Josh Silverman, on the board since November, as the company's new chief executive, effective Wednesday. Josh replaces Chad Dickerson, who Etsy said will step down as CEO and board of directors chair. Dickerson will serve in an advisory role to the company through the end of May. Etsy also said that John Allspaw, chief technology officer, will be leaving the company, and Mike Brittain, VP of Engineering, will be named interim CTO. The company said its new management team will review the company's 2017 guidance, and a new guidance is planned in conjunction with second-quarter results. Shares of Etsy had ended the regular trading day up 2.9%.

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Twilio shares plummet as outlook falls short of Wall Street view

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:24

Twilio Inc. shares plummeted in the extended session Tuesday after the cloud-computing company's outlook fell short of Wall Street estimates despite topping them for the most recent quarter. Twilio shares dropped 26% to $25.06 after hours, adding to a 1.3% decline during the regular session. The company forecast an adjusted loss of 10 cents to 11 cents a share on revenue of $85.5 million to $87.5 million for the second quarter, and an adjusted loss of 27 cents to 30 cents a share for the year on revenue of $356 million to $362 million for the year. Analysts surveyed by FactSet had estimated a loss of 8 cents a share on revenue of $87.8 million for the second quarter, and a loss of 16 cents a share on revenue of $370 million for the year. For the first quarter, Twilio reported an adjusted loss of 4 cents a share on revenue of $87.4 million, while analysts had forecast a loss of 6 cents a share on revenue of $83.6 million.

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Clinton says Comey's letter, Russian hackers cost her the election

Top Reuters News - Tue, 05/02/2017 - 16:24
(Reuters) - Hillary Clinton said on Tuesday she was on the path to victory in the 2016 presidential election until late interference by Russian hackers and FBI Director James Comey scared off some potential supporters.

Rival Libyan kingpins break the ice in Abu Dhabi

Top Reuters News - Tue, 05/02/2017 - 16:19
BENGHAZI, Libya (Reuters) - Libya's eastern military commander met the head of its U.N.-backed government on Tuesday, ending a 16-month standoff that has undermined diplomatic efforts to unify a country riven by factional fighting since 2011.

Oreo maker Mondelez beats first-quarter EPS, sales expectations

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:13

Shares of Mondelez International Inc. rose more than 2% late Tuesday after the company reported adjusted first-quarter earnings and sales above Wall Street expectations. Mondelez said it earned $630 million, or 41 cents a share, compared with $554 million, or 35 cents a share, in the year-ago period. Adjusted for one-time items, Mondelez earned $826 million, or 53 cents a share, in the period, compared with 51 cents a share a year ago. Sales declined slightly to $6.41 billion, compared with $6.45 billion a year ago. Analysts polled by FactSet had expected adjusted quarterly earnings of 50 cents a share on sales of $6.37 billion. Mondelez ended the regular trading session down 0.7%.

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Gilead Sciences shares fall after earnings miss

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:10

Gilead Sciences Inc. shares declined in the extended session Tuesday after the biotech company's quarterly earnings fell short of Wall Street estimates. Gilead shares fell 3.2% to $66.39 after hours, following a 0.7% gain in the regular session. The company reported adjusted first-quarter earnings of $2.23 a share on revenue of $6.51 billion. Analysts surveyed by FactSet had forecast earnings of $2.28 a share on revenue of $6.63 billion. Gilead reiterated its outlook for the year of revenue of $22.5 billion to $24.5 billion, which excludes royalty revenue. Analysts expect total revenue of $24.73 billion.

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U.S. stocks end with very slight gains as investors look ahead to Fed clarity

MarketWatch Market Pulse - Tue, 05/02/2017 - 16:02

U.S. stocks ended with a slight upward bias on Tuesday, though investors mostly held off on making big bets with the Federal Reserve engaged in a two-day policy meeting, which ends on Wednesday. The Dow Jones Industrial Average rose 34.5 points, or 0.2%, to 20,948. The S&P 500 added 2.7 points to 2,391, a rise of 0.1%. The Nasdaq Composite Index rose 3.8 points to 6,095, a rise of less than 0.1%, although this was enough to take the tech-heavy index to a record close, its second such feat in the past two days. Caution was high as the Fed's meeting got underway; while central bankers are expected to keep rates on hold at this meeting, analysts are looking for any comments on the recent slowdown in U.S. economic activity. Among the most active sectors of the day, both energy and consumer staples fell about 0.5%, while the industrial sector added 0.5%.

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Le Pen says capital controls an option during Frexit talks if she wins election

Top Reuters News - Tue, 05/02/2017 - 15:58
PARIS (Reuters) - Far-right presidential challenger Marine Le Pen said capital controls could be used if she won the election and there was a run on banks as she negotiated France's exit from the European Union, but stressed they were unlikely to be needed.

Tesla is most painful stock for short sellers in 2017

Top Reuters News - Tue, 05/02/2017 - 15:30
SAN FRANCISCO (Reuters) - Traders short selling Tesla's soaring stock have lost $3.7 billion this year, eclipsing the combined losses of traders shorting Apple , Amazon.com and Netflix .

U.S., China talk firmer U.N. response to North Korea's missiles: diplomats

Top Reuters News - Tue, 05/02/2017 - 15:27
UNITED NATIONS (Reuters) - The United States is negotiating with China on a possible stronger U.N. Security Council response - such as sanctions - to North Korea's repeated ballistic missile launches, which the 15-member body normally condemns in a statement, diplomats said.

Putin, Trump agree to work together on Syria, set up meeting: Kremlin

Top Reuters News - Tue, 05/02/2017 - 15:25
MOSCOW (Reuters) - Russia's Vladimir Putin and U.S. President Donald Trump agreed in a phone call on Tuesday to try to meet in July and work together to try to strengthen a shaky ceasefire in Syria, the Kremlin said in a statement.

Oil prices suffer back-to-back declines

MarketWatch Market Pulse - Tue, 05/02/2017 - 15:00

Oil prices dropped Tuesday, with a survey showing lower April output-cut compliance among members of the Organization of the Petroleum Exporting Countries, as well as rising production in Libya and the U.S. June WTI crude fell $1.18, or 2.4%, to settle at $47.66 a barrel on the New York Mercantile Exchange. That was the lowest for a most-active contract since Nov. 29, according to FactSet data. But based on the front-month contracts, it was the lowest finish since March 21, according to data from Dow Jones.

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Fertilizer maker Mosaic shares slide 7% after company posts quarterly loss

MarketWatch Market Pulse - Tue, 05/02/2017 - 14:24

Shares of fertilizer maker The Mosaic Co. slid 7% to a six-month low Tuesday, after the company reported weaker-than-expected earnings for the first quarter. Mosaic said it had a net loss of $1 million, or breakeven on a per-share basis, in the quarter, after earnings of $257 million, or 73 cents a share, in the year-earlier period. Sales fell to $1.58 billion from $1.67 billion as lower prices offset higher volumes. "Mosaic's performance in the first quarter was not up to our expectations and was negatively impacted by unusual factors," CFO Rich Mack said in a statement. These included mechanical failure at the Esterhazy K1 potash mine in Esterhazy, Saskatchewan, an ammonia plant outage, heavy rainfall at Miski Mayo in Peru, and rail and other logistical issues at Canoptex, a Canadian potash operation Mosaic owns with partners, he said. "We expect to see higher realized potash and phosphate prices in the second quarter, which should meaningfully improve earnings for Mosaic," said Mack. Shares are now down 15% in 2017, while the S&P 500 has gained 6.7%.

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Molina stock surges 15% after board ousts CEO and CFO

MarketWatch Market Pulse - Tue, 05/02/2017 - 14:09

Molina Healthcare Inc. shares surged 15.5% at $58.61 Tuesday afternoon after the company's Board of Directors ousted Chief Executive Officer Mario Molina and Chief Financial Officer John Molina, citing the company's "disappointing financial performance." The board appointed Chief Accounting Officer Joseph White, who has served in the position since 2003, as CFO and interim CEO. Mario and John Molina are the two sons of the company's founder, C. David Molina, and will continue to serve on the board. Molina also said it plans to report after the bell first-quarter earnings per share of $1.37, which includes a break-up fee of 84 cents per share, and compares to the FactSet consensus of 58 cents. "With the industry in dynamic transition, the Board believes that now is the right time to bring in new leadership to capitalize on Molina's strong franchise and the opportunities we see for sustained growth," said Board of Directors Chairman Dale Wolf. Molina shares have surged 3.0% over the last three months, compared a 4.8% rise in the S&P 500 .

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Vince's stock loses two-thirds of its value amid 'substantial doubt' about its prospects

MarketWatch Market Pulse - Tue, 05/02/2017 - 14:07

Shares of Vince Holding Corp. plummeted 66% toward a record low in active afternoon trade Tuesday, less than a week after the clothing and accessories brand said it had "substantial doubt" about its ability to continue as a going concern. The stock was briefly halted earlier for volatility. Volume in the stock, which was headed for its biggest-ever one-day percentage selloff, jumped to 9.2 million shares, which was nearly nine times the full-day average. The company was not immediately available for comment. The company disclosed late Friday in its annual report, which had been delayed by two weeks, said there is substantial doubt among its lenders regarding additional financing options and actions needed to improve the capital structure and contain costs. The stock closed Monday below $1 (95 cents) for the first time since it went public on Nov. 22, 2013, and was recently changing hands at 33 cents.

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