Breaking Stock Market and Financial News

A walk through western Mosul

Top Reuters News - Tue, 04/25/2017 - 09:38
IRAQ, Mosul (Reuters) - Inside are tattered curtains, crumbling walls and torn up floors. Outside is a near ghost town.

Dole Food Company to test the public market again

MarketWatch Market Pulse - Tue, 04/25/2017 - 09:33

Dole Food Company is testing the public market again and filed to go public Tuesday. The company filed for an offering of up to $100 million, likely a placeholder amount, and has not specified an exchange or stock symbol. Dole Food recorded $4.51 billion in revenue on top of a $23 million net loss in 2016. The company was taken private by its chief executive David Murdock in November 2013. Since being taken private, Dole says it has bought three new West Coast vessels, gaining greater control of the supply chain, and increased their acreage by 20%. Morgan Stanley, Bank of America Merrill Lynch and Deutsche Bank Securities are the underwriters on the offering.

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U.S. stocks open higher on strong earnings; Nasdaq tops 6,000

MarketWatch Market Pulse - Tue, 04/25/2017 - 09:32

U.S. stocks opened higher on Tuesday, with the Dow seeing a particularly strong gain as several key components reported better-than-expected quarterly results. The Dow Jones Industrial Average rose 0.7%, or 147 points, to 20,911. The S&P 500 climbed 5.7 points, or 0.2%, to 2,380. The Nasdaq Composite Index rose 21.5 points to 6,006, an advance of 0.4%. The Nasdaq hit a new intraday record and topped 6,000 for the first time ever. Among the biggest companies to report results on Tuesday, McDonald's Corp climbed 3.2% while Caterpillar Inc. jumped 6.4%. Both topped forecasts in their results, while Caterpillar also raised its full-year outlook. The day's gains were broad, with 10 of the 11 S&P 500 sectors up on the day. The top performing sector of the day was materials, which rose 0.1%.

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Mexican peso falls to 1-month low as Trump tweets support for border wall

MarketWatch Market Pulse - Tue, 04/25/2017 - 09:12

The dollar surged on Tuesday against the Mexican peso after President Donald Trump tweeted that he remains committed to building a wall along the Mexican border. The dollar rose 1.4% to 18.99, its strongest level in a month, after trading at 18.73 late Monday in New York. On Monday, Trump told a group of reporters that he would drop his demand that funding for the border wall be included in a funding bill that must be passed by the weekend to avert a government shutdown. Instead, he said, his administration will return to the issue in September.

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Amazon downgraded on stock price concerns ahead of earnings report

MarketWatch Market Pulse - Tue, 04/25/2017 - 08:52

Shares of Amazon.com Inc. slipped 0.2% in premarket trade Tuesday, bucking a strong rally in the broader market, after Raymond James downgraded the ecommerce giant, citing concerns over valuation ahead of first-quarter results. Analyst Aaron Kessler cut his rating to market perform, after being at outperform the past 13 months. Kessler said with the stock near his previous price target of $925, he believed the shares were "fully valued," especially since investment levels are expected to remain elevated, earnings expectations appear aggressive and the belief price cuts and increasing competition will reduce the potential upside for Amazon's cloud business. "At current levels, we believe Amazon will need to begin to show greater operating leverage for shares to move meaningfully higher and reach our bull case," Kessler wrote in a note to clients. "Specifically, we would like to see improved margins/less losses for international, shipping costs, Prime Video." Amazon is scheduled to report results after Thursday's close. The stock has soared 21% year to date through Monday, while the S&P 500 has gained 6%.

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Freeport-McMoRan reports first-quarter earnings, revenue misses

MarketWatch Market Pulse - Tue, 04/25/2017 - 08:40

Freeport-McMoRan Inc. shares rose nearly 1% in premarket trade Tuesday after the company swung to a profit, though it missed earnings and revenue expectations. Earnings for the latest quarter were $306 million, or 16 cents per share, compared with a loss of $4.1 billion, or a loss of $3.35 per share in the year-earlier period. Adjusted earnings-per-share were 15 cents, compared with the FactSet consensus of 16 cents. Revenue rose to $3.3 million from $2.3 million, compared with the FactSet consensus of $3.5 million. Freeport-McMoRan shares have dropped 25.9% over the last three months, compared with a 3.3% rise in the S&P 500 .

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Ryder shares slide 6% after earnings miss, lowered outlook

MarketWatch Market Pulse - Tue, 04/25/2017 - 08:18

Shares of Ryder System Inc. tumbled 6% in premarket trade Tuesday, after the fleet management company posted weaker-than-expected earnings and lowered its outlook for the full year. Ryder said it had net income of $38.3 million, or 71 cents a share, in the first quarter, down from $56.2 million, or $1.05 a share, in the year-earlier period. Adjusted per-share earnings came to 82 cents, below the FactSet consensus of 84 cents. Revenue rose to $1.7 billion from $1.6 billion, matching the FactSet consensus. The results "came in at the bottom end of our forecast range, driven by weaker than expected rental demand, which is consistent with the soft freight environment," Chief Executive Robert Sanchez said in a statement. "In addition, used vehicle sales results were slightly below plan, due to modestly lower pricing." The company lowered its full-year EPS outlook to $3.90 to $4.20 from a prior forecast of $4.78 to $5.08. It cut its adjusted EPS forecast to $4.25 to $4.55 from a prior range of $3.10 to $5.40. Shares have gained 6% in 2017, while the S&P 500 has gained the same amount.

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McDonald's shares rise after earnings beat estimates

MarketWatch Market Pulse - Tue, 04/25/2017 - 08:10

McDonald's Corp. shares rose 2.6% in Tuesday premarket trading after the fast-food giant reported first-quarter earnings that beat consensus. Net income was $1.21 billion, or $1.47 per share, up from $1.12 billion, or $1.25 per share, last year. The FactSet consensus was $1.34. Revenue was $5.68 billion, down from $5.90 billion, but ahead of the $5.53 billion FactSet consensus. Global same-store sales rose 4%, and U.S. same-store sales increased 1.7%. U.S. same-store sales benefited from menu initiatives like the Big Mac and beverage value promotions. Same-store sales for the International Lead segment were up 2.8% driven by momentum in the U.K. and the Canada launch of All-Day Breakfast. And same-store sales for High Growth segment were up 3.8% led by China. McDonald's shares are up 10.3% for the year so far while the Dow Jones Industrial Average is up 5.1% for the period.

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Dow getting an 87-point boost from earnings, led by Caterpillar and 3M stock rallies

MarketWatch Market Pulse - Tue, 04/25/2017 - 08:05

The Dow Jones Industrial Average is getting a big boost from earnings reports Tuesday, as the shares of four components that reported first-quarter results could be adding about 87 points to the Dow's price. Caterpillar Inc.'s stock rallied $4.64, or 4.8%, ahead of the open, which would add about 32 points to the Dow, while 3M Co. shares rose $4.17, or 2.2%, and would add 29 points. Elsewhere, McDonald's Corp. shares climbed $2.37, or 1.8%, and would add about 16 points; DuPont & Co.'s stock was up $1.31, or 1.7%, and would tack on 9 points; Coca-Cola Co.'s stock gained 15 cents, or 0.4%, and would add 1 point. Dow futures were recently up 134 points.

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JetBlue shares rise after earnings beat estimates

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:48

JetBlue Airways Corp. shares rose 3% in Tuesday premarket trading after the company reported first-quarter earnings that beat estimates. Net income was $85.0 million, or 25 cents per share, down from $207.0 million, or 61 cents per share, last year. The FactSet consensus was 22 cents. Total revenue was $1.60 billion, down from $1.62 billion last year and below the $1.62 billion FactSet consensus. Passenger revenue per available seat mile (RASM) was down 5.8% year-over-year to 10.68 cents, and operating expense per available seat mile (CASM) was down 4.8% to 11.81 cents. JetBlue sees a second-quarter capacity increase between 4% and 6% year-over-year. RASM is expected to increase between 3% and 6% compared with last year. And CASM excluding fuel is expected to grow between 4.5% and 6.5% in the second quarter. JetBlue shares are down 3% for the year so far, but up 6.8% for the last 12 months. The S&P 500 index is up 6% for 2017.

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Caterpillar shares soar after first-quarter earnings beat

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:45

Shares of Caterpillar Inc. rose 6% in premarket trade Tuesday after the company beat first-quarter earnings expectations and issued an upbeat outlook. It reported net income of $192 million, or 32 cents per share, down from $271 million, or 46 cents per share, in the year-earlier period. Excluding restructuring costs, it reported earnings per share of $1.28. The FactSet consensus was for earnings per share of 63 cents. Revenue was $9.82 billion, up from $9.46 billion in the year-earlier period and above the FactSet consensus of $9.26 billion. Caterpillar raised its 2017 revenue outlook to $38 billion to $41 billion, above the FactSet consensus of $37.9 billion. It expects profit per share of $2.10 at the midpoint of sales or $3.75 excluding restructuring costs, compared to the FactSet consensus of $3.25. It expects higher restructuring costs for the year, amounting to $1.25 billion. Shares of Caterpillar have gained 4.4% month-to-date, compared to the S&P 500's gain of 0.5%.

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3M's stock jumps after profit and sales rise above expectations

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:42

Shares of 3M Co. surged 1.9% in premarket trade Tuesday, after the diversified industrial and consumer products company beat first-quarter profit and sales expectations. Net earnings rose to $1.32 billion, or $2.16 a share, from $1.28 billion, or $2.05 a share, in the same period a year ago. The FactSet consensus was for earnings per share of $2.07. Revenue increased to $7.69 billion from $7.41 billion, above the FactSet consensus of $7.49 billion, as sales of its industrial, safety and graphics, health care and electronics and energy businesses topped forecasts while consumer came up a bit shy. The company raised its 2017 outlook for local-currency sales growth outlook to 2% to 5% from 1% to 3%, and its EPS outlook to $8.70 to $9.05 from $8.45 to $8.80. The stock has rallied 8.8% year to date through Monday, while the Dow Jones Industrial Average has gained 5.1%.

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Tyson Foods to acquire AdvancePierre Foods Holdings for $4.2 bln

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:41

Tyson Foods Inc. said early Tuesday that it has agreed to acquire AdvancePierre Foods Holdings Inc. in a deal valued at $4.2 billion, including $3.2 billion in equity value and $1.1 billion in assumption of AdvancePierre debt. Tyson's offer is $40.25 per share for AdvancePierre's outstanding shares, above the $36.67 value of AdvancePierre shares as of Monday's close. AdvancePierre stock rose 9.1% in premarket trade Tuesday after the news. The deal is expected to close in the third quarter. Tyson shares have surged 4.4% over the last three months, and AdvancePierre shares have surged 33.2%, compared with a 3.3% rise in the S&P 500 .

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UPDATE: Lockheed Martin shares slide 2.6% as sales fall slightly short

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:38

Defense company Lockheed Martin Corp. said Tuesday it had net income of $763 million, or $2.61 a share, in the first quarter, down from $806 million, or $2.91 a share, in the year-earlier period. The number included charges that reduced earnings by 39 cents a share. Adjusted per share earnings of $2.61 included a 16 cents special charge, the company said. The FactSet consensus was for EPS of $2.79. Sales rose to $11.1 billion from $10.4 billion, just below the FactSet consensus of $11.2 billion. The company said it now expects full-year sales of $49.5 billion to $50.7 billion, compared with a prior forecast of $49.4 billion to $50.6 billion. It expects full-year EPS of $12.15 to $12.45 compared with a prior forecast of $12.25 to $12.55. Shares slid 2.6% premarket, but are up 10.5% in the year so far, while the S&P 500 has gained 6%.

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Shares of USA Today owner Gannett jump more than 7% after Q1 earnings beat

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:37

Shares of media and publishing company Gannett Co. Inc. were up 7.6% in premarket trade after the company reported first-quarter earnings that were above Wall Street expectations. Gannett reported a net loss of $2.1 million during the quarter, or a 2 cents loss per share, after net income of $39.6 million, or 33 cents per share in the year-earlier period. Adjusted earnings per share were 14 cents, well above FactSet's 7 cents earnings consensus. Revenue hit $773.5 million, up from $659.4 million during the same quarter a year ago and above FactSet's consensus of $768.0 million. "Operating performance in the first quarter of 2017 trended better than our original guidance, with seasonal softness in revenues early in the year more than offset by continuing cost improvements leading to better than expected adjusted EBITDA and strong cash flow from operating activities," said Gannett Chief Executive Robert Dickey in a statement. Gannett maintained its revenue guidance for 2017, expecting it to land somewhere in the range of $3.15 billion to $3.22 billion. Shares of Gannett have declined 10.4% in the year to date and 48.2% over the last 12 months. By comparison, the S&P 500 index has gained 6.0% in the year and 13.7% in the prior 12-month period.

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Rite Aid shares jump after earnings beat

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:17

Rite Aid Corp. shares jumped 4.6% in Tuesday premarket trading after the pharmacy retailer reported fourth-quarter earnings that beat expectations. Net loss was $21.1 million, or 2 cents per share, compared with earnings of $65.6 million, or 6 cents per share, for the same period last year. Adjusted EPS was break even, ahead of the FactSet consensus of a 4-cent loss. Revenue was $8.54 billion, up from $8.27 billion last year and beating the FactSet consensus of $8.27 billion. Chief Executive John Standley said "the lengthy merger process" with Walgreens Boots Alliance Inc. is "having a negative impact" on the company's results. The company is reviewing its strategy while discussions with the Federal Trade Commission take place, he said. The companies are working toward a close of the merger by July 31, 2017. Rite Aid shares are down 54.7% for the year so far while the S&P 500 index is up 6% for the period.

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Netflix enters China streaming market via original content licensing deal: Variety

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:15

Netflix Inc. has inked a deal to enter the China streaming market through an original content licensing deal with one of the country's largest digital distributors, iQIYI, according to a report from Variety. For years analysts and industry experts have speculated whether Netflix would be able to enter the country's budding entertainment industry. During the annual APOS conference in Indonesia, Netflix's Vice President of content acquisition Robert Roy made the announcement, but a spokesperson for Netflix told Variety the deal was too new to offer details on. iQIYI's platform totes more than 500 million unique users. Shares of Netflix have gained more than 16% in the year to date, while the S&P 500 index is up 6% and the Dow Jones Industrial Average is up 5% in the same time frame.

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Biogen stock rises after first-quarter earnings, profit beat

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:14

Biogen Inc. shares rose as much as 4.8% in premarket trade Tuesday after the company reported a first-quarter earnings and profit beat. Earnings for the latest quarter declined to $747.6 million, or $3.46 per share, from $970.9 million, or $4.43 per share, in the year-earlier period. The latest results include the $263 million cost of a settlement and license agreement with Forward Pharma , Biogen said. Adjusted earnings-per-share were $5.20, compared with the FactSet consensus of $4.97. Revenue rose to $2.81 billion from $2.73 billion, compared with the FactSet consensus of $2.73 billion. Revenue from Biogen's key multiple sclerosis drug, Tecfidera, rose to $958.2 million from $945.2 million, below the FactSet consensus of $977.5 million. Biogen shares have surged 10.0% over the last three months, compared with a 3.3% rise in the S&P 500 .

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Coca-Cola misses first-quarter earnings expectations

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:05

Shares of Coca-Cola Co. were down less than 1% in premarket trade Tuesday after the company missed first-quarter earnings expectations. It reported net income of $1.18 billion, or 27 cents per share, down from $1.48 billion, or 34 cents per share in the year-earlier period. It reported adjusted earnings per share of 43 cents, below the FactSet consensus of 44 cents. Revenue was $9.12 billion, above the FactSet consensus of $8.89 billion. For the full year, it expects adjusted EPS to fall 1% to 3%, compared to $1.91 in 2016. Shares of Coca-Cola have gained 3% in the past three months, compared to the S&P 500's gain of 3.3%.

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Eli Lilly swings to loss on higher sales, cuts 2017 EPS view

MarketWatch Market Pulse - Tue, 04/25/2017 - 07:00

Eli Lilly & Co. on Tuesday said it swung to a quarterly net loss, but adjusted earnings and revenue exceeded expectations. The drug maker swung to a first-quarter loss of $110.8 million, or 10 cents a share, stemming from Lilly's purchase of CoLucid Pharmaceuticals Inc., which closed in March. On an adjusted basis, per-share earnings were 98 cents a share, above the 96 cents a share expected in a FactSet survey of analysts. Revenue for the period rose to $5.23 billion from $4.87 billion. Wall Street anticipated sales of $5.215 billion. Lilly lowered its 2017 net earnings forecast to $2.60 to $2.70 a share, citing severance costs. It previously forecast earnings of $2.69 to $2.79 a share.

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