Breaking Stock Market and Financial News

Goodyear Tire beats profit expectations, but sales miss

MarketWatch Market Pulse - 13 hours 48 min ago

Goodyear Tire & Rubber Co. reported Friday first-quarter net earnings that fell to $166 million, or 65 cents a share, from $184 million, or 68 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 74 cents, beating the FactSet consensus of 63 cents. Revenue inched up to $3.70 billion from $3.69 billion, below the FactSet consensus of $3.78 billion, as sales were flat in the Americas, declined slightly in the Europe, Middle East and Africa region and edged up in Asia Pacific. "While raw material inflation has moderated in recent weeks, we continue to expect a significant year-over-year headwind in 2017," said Chief Executive Richard Kramer. "We remain confident in our ability to offset raw material cost inflation over time." The stock, which was still inactive in premarket trade, has soared 15% year to date, while the S&P 500 has gained 6.7%.

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Vince shares plummet after management announces 'substantial doubt' that it can continue as a going concern

MarketWatch Market Pulse - 13 hours 49 min ago

Vince Holding Corp. shares plummeted 41% after the company said Friday that there's "substantial doubt" the luxury clothing brand can continue as a going concern, due to its inability to comply with the leverage ratio under its term loan facility. The company is taking steps to remediate "material weaknesses" in internal controls of its financial reporting, it said. Vince reported fourth-quarter net loss of $162.1 million, or $3.28 per share, compared with income of $1.8 million, or 5 cents per share, last year. The FactSet consensus was for a 4-cent loss. Sales for the quarter totaled $63.9 million, down from $81.8 million last year and below the $74.5 million FactSet consensus. Same-store sales including e-commerce were down 20.5% for the quarter due to traffic declines, fewer transactions, and lower average order value. Chief Executive Brendan Hoffman also said the company was hurt by delayed Spring product and off-price shipments. The company has suspended 2017 sales and EPS guidance, he said. Vince shares are down 79.4% for the past year while the S&P 500 index is up 15.1% for the period.

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Asia weighs risk and reward in Trump's 'bromance' with China's Xi

Top Reuters News - 14 hours 28 min ago
BEIJING (Reuters) - U.S. President Donald Trump's warm words for Chinese counterpart Xi Jinping as a "good man" will reassure Beijing that he finally understands the importance of good ties, but risks leaving America's regional allies puzzling over where they fit into the new order.

More Americans say race relations deteriorating: Reuters poll

Top Reuters News - 14 hours 30 min ago
WASHINGTON (Reuters) - Tiffany Cartagena said she was eating with her mixed-race girlfriend at a restaurant in Ohio last month when she heard nearby diners remark about the "monkey" at the next table.

Wrangler and North Face parent VF Corp. misses profit and sales expectations

MarketWatch Market Pulse - 14 hours 39 min ago

Shares of VF Corp. fell 1.6% in light premarket trade Friday, after the apparel maker and accessories seller, which brands include Lee and Wrangler jeans and JanSport and The North Face outdoor products, missed first-quarter profit and sales expectations. Net earnings fell to $209.2 million, or 50 cents a share, from $260.3 million, or 61 cents a share, in the same period a year ago. Excluding non-recurring items, ongoing earnings per share came to 52 cents, below the FactSet consensus of 55 cents. Revenue declined 2% to $2.58 billion, missing the FactSet consensus of $2.73 billion, as a slight beat in outdoor and action sports sales was offset by bigger-than-expected declines in jeanswear, imagewear and sportswear. The company affirmed its 2017 revenue growth outlook in the "low single-digit" percentage range. "The company's largest brands and international and direct-to-consumer platforms performed well, delivering solid results against a retail backdrop that continues to experience significant dislocation," said Chief Executive Steve Randle. The stock has climbed 8.4% year to date through Thursday, while the S&P 500 has gained 6.7%.

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Colgate-Palmolive shares slip after first-quarter earnings miss

MarketWatch Market Pulse - 14 hours 43 min ago

Shares of Colgate-Palmolive Company were down 1.5% in premarket trade Friday after the company missed first-quarter revenue expectations. The company reported net income of $570 million, or 64 cents per share, up from $533 million, or 59 cents per share, reported in the year-earlier period. It reported adjusted earnings per share of 67 cents, above the FactSet consensus of 66 cents. Revenue was $3.76 billion, unchanged from the year-earlier period and below the FactSet consensus of $3.80 billion. For 2017, the company expects gross margin expansion and earnings per share to be flat on a GAAP basis. Shares of Colgate-Palmolive have gained 13% in the past three months, compared to the S&P 500's gain of 4%.

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How North Korea gets its oil from China: lifeline in question at U.N. meeting

Top Reuters News - 14 hours 49 min ago
BEIJING (Reuters) - As the United Nations Security Council decides whether to tighten the sanctions screws on North Korea, the country's increasingly isolated government could lose a lifeline provided by state-owned China National Petroleum Corp (CNPC).

Pope Francis arrives in Cairo seeking to mend ties with Islam

Top Reuters News - 18 hours 5 min ago
CAIRO (Reuters) - Pope Francis arrives in Cairo on Friday hoping to mend ties with Islamic religious leaders just as Egypt's ancient Christian community faces unprecedented pressure from Islamic State militants who have threatened to wipe it out.

Tillerson to lay U.N. groundwork to boost North Korea sanctions

Top Reuters News - 18 hours 14 min ago
UNITED NATIONS (Reuters) - U.S. Secretary of State Rex Tillerson will press the United Nations Security Council on Friday to further isolate North Korea by swiftly imposing stronger sanctions in the event of further provocations by the reclusive state, including a long-range missile launch or sixth nuclear test.

Exclusive: Trump vows to fix or scrap South Korea trade deal, wants missile system payment

Top Reuters News - 20 hours 30 min ago
WASHINGTON (Reuters) - U.S. President Donald Trump told Reuters on Thursday he will either renegotiate or terminate what he called a "horrible" free trade deal with South Korea and said Seoul should pay for a U.S. anti-missile system that he priced at $1 billion.

Exclusive: Trump says he thought being president would be easier than his old life

Top Reuters News - 21 hours 22 min ago
WASHINGTON (Reuters) - He misses driving, feels as if he is in a cocoon, and is surprised how hard his new job is.

Exclusive: Trump complains Saudis not paying fair share for U.S. defense

Top Reuters News - 21 hours 23 min ago
WASHINGTON (Reuters) - President Donald Trump complained on Thursday that U.S. ally Saudi Arabia was not treating the United States fairly and Washington was losing a “tremendous amount of money” defending the kingdom.

Exclusive: 'If there's a shutdown, there's a shutdown,' Trump says

Top Reuters News - 21 hours 24 min ago
WASHINGTON (Reuters) - President Donald Trump downplayed the severity of a potential government shutdown on Thursday, just two days shy of a deadline for Congress to reach a spending deal to avert temporary layoffs of federal workers.

Exclusive: Tesla's Klaus Grohmann ousted after clash with CEO Musk - sources

Top Reuters News - Thu, 04/27/2017 - 22:53
FRANKFURT (Reuters) - Tesla executive Klaus Grohmann was ousted last month after a clash with Chief Executive Elon Musk over the strategy of Grohmann's firm, which Tesla had acquired in November, a source familiar with the matter told Reuters.

Exclusive: Trump complains Saudis not paying fair share for U.S. defense

Top Reuters News - Thu, 04/27/2017 - 22:21
WASHINGTON (Reuters) - President Donald Trump complained on Thursday that U.S. ally Saudi Arabia was not treating the United States fairly and Washington was losing a “tremendous amount of money” defending the kingdom.

Exclusive: Trump says 'major, major' conflict with North Korea possible, but seeks diplomacy

Top Reuters News - Thu, 04/27/2017 - 22:19
WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday a major conflict with North Korea is possible in the standoff over its nuclear and missile programs, but he would prefer a diplomatic outcome to the dispute.

In nod to oil industry, Trump to order review of offshore drilling bans

Top Reuters News - Thu, 04/27/2017 - 21:31
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday will order a review of offshore areas currently off limits to oil and gas drilling to determine which might be reopened, in his administration's latest move to expand domestic energy production.

Exclusive: Trump spurns Taiwan president's suggestion of another phone call

Top Reuters News - Thu, 04/27/2017 - 21:30
WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday spurned the Taiwanese president’s suggestion that the two leaders hold another phone call, saying he did not want to create problems for Chinese President Xi Jinping at a time when Beijing appears to be helping with efforts to rein in North Korea.

Number of U.S. visas to citizens of Trump travel ban nations drops

Top Reuters News - Thu, 04/27/2017 - 20:55
WASHINGTON (Reuters) - The United States issued about 40 percent fewer temporary visas in March to citizens of seven countries covered by President Donald Trump's temporary travel bans than it did in an average month last year, according to a Reuters analysis of preliminary government data released on Thursday.

Cleveland Browns pick Myles Garrett first in NFL Draft

MarketWatch Market Pulse - Thu, 04/27/2017 - 20:30

The Cleveland Browns selected defensive end Myles Garrett as the No. 1 pick in the NFL Draft on Thursday night in Philadelphia. Garrett, who played for Texas A&M, was widely expected to be the top player chosen, although the Browns were also rumored to be interested in North Carolina quarterback Mitchell Trubisky. Garrett, who had 31 sacks in his college career, should help bolster Cleveland's dismal defense. The San Francisco 49ers traded the second pick in the draft to the Chicago Bears, who selected Trubisky in a surprise move. The 49ers picked Stanford defensive end Solomon Thomas with the third pick.

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