Breaking Stock Market and Financial News

Taco Bell to start taking reservations at its test kitchen

MarketWatch Market Pulse - Thu, 04/27/2017 - 08:06

Taco Bell, the Yum Brands Mexican quick-service chain, said Thursday that it will start taking reservations for the Taco Bell Test Kitchen via OpenTable. The Test Kitchen in located at the company headquarters in Irvine, CA. The dinner will be open to 32 diners ages 21 and older, and will feature items from the Taco Bell menu and menu items not-yet available to the public. The reservation URL will launch on May 5, Cinco de Mayo, for seats on May 19. Additional dates will be announced throughout the year. Yum Brands shares are inactive in premarket trading, and up 12.4% for the past year. The S&P 500 index is up 14% for the last 12 months.

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UPS profit and revenue rise above expectations

MarketWatch Market Pulse - Thu, 04/27/2017 - 07:58

United Parcel Service Inc. reported first-quarter net earnings that rose to $1.16 billion, or $1.32 a share, from $1.13 billion, or $1.27 a share, in the same period a year ago. That beat the FactSet consensus of $1.29 a share. Revenue increased 6.2% to $15.32 billion from $14.42 billion, above the FactSet consensus of $15.17 billion. Domestic package revenue rose 5.0% to $9.54 billion, international package revenue grew 4.9% to $3.06 billion and supply chain & freight revenue increased 12.5% to $2.72 billion. The package delivery giant affirmed its 2017 EPS outlook of $5.80 to $6.10. "First quarter results continue to show the benefit of our operating plan improvements across all business units," said Chief Financial Officer Richard Peretz. "Our current momentum, combined with accelerated investment initiatives gives us confidence in our ability to attain our full-year guidance." The stock, which was still inactive in premarket trade, has dropped 6.1% year to date, while the Dow Jones Transportation Average has tacked on 1.4% and the S&P 500 has gained 6.6%.

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AbbVie stock surges 1.5% after first-quarter profit, revenue beats

MarketWatch Market Pulse - Thu, 04/27/2017 - 07:52

AbbVie Inc. shares surged 1.5% in premarket trade Thursday after the company reported first-quarter profit and revenue beats. Earnings for the latest quarter rose to $1.71 billion, or $1.06 per share, from $1.35 billion, or 83 cents per share, in the year-earlier period. Adjusted earnings-per-share were $1.28, compared with the FactSet consensus of $1.26, Revenue rose to $6.54 billion from $5.96 billion, compared with the FactSet consensus of $6.48 billion. Revenue for AbbVie's Humira came in at $4.12 billion, above the FactSet consensus of $4.07 billion, as did sales of Imbruvica, at $551 million compared with the FactSet consensus of $540 million. The company said it expects adjusted EPS for 2017 of $5.44 to $5.54, compared with the FactSet consensus of $5.49. AbbVie shares have surged 8.4% over the last three months, compared with a 4.0% rise in the S&P 500 .

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American Airlines stock slumps after earnings

MarketWatch Market Pulse - Thu, 04/27/2017 - 07:47

Shares of American Airlines Group Inc. slumped 3% in premarket trade, after the air carrier reported first-quarter results, and announced a pay increase for crewmembers. Net earnings fell to $234 million, or 46 cents a share, from $700 million, or $1.14 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 61 cents, beating the FactSet consensus of 57 cents. Revenue rose to $9.62 billion from $9.44 billion, matching the FacSet consensus. Mainline passenger revenue rose 0.6% to $6.61 billion, above the FactSet consensus of $6.54 billion, but regional passenger revenue growth of 1.7% to $1.55 billion fell well short of expectations of $1.83 billion. The company said it will raise base pay levels for flight attendants and pilots, outside of contract negotiations, to the top of the industry. The stock has lost 0.6% year to date through Wednesday, while the NYSE Arca Airline Index has gained 2.3% and the S&P 500 has climbed 6.6%.

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ECB leaves rates unchanged, reiterates asset-purchase plans

MarketWatch Market Pulse - Thu, 04/27/2017 - 07:46

The European Central Bank, as expected, made no changes to interest rates Thursday and repeated that it could increase the size or lengthen the duration of its asset-buying program if inflation looks set to fall far back below its target of near but just below 2%. The ECB Governing Council left the rate on main refinancing operations at 0% and held the deposit rate paid on funds parked overnight at the bank at minus 0.4%. The rate on the ECB's marginal lending facility remains at 0.25%. As previously announced, the ECB reduced its monthly bond purchases to 60 billion euros beginning in April, a pace the central bank reiterated it would maintain until the end of December, or beyond, if necessary. ECB President Mario Draghi will hold a news conference at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.

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Domino's Pizza earnings beat estimates

MarketWatch Market Pulse - Thu, 04/27/2017 - 07:41

Domino's Pizza Inc. reported first-quarter net income of $62.5 million, or $1.26 per share, up from $45.5 million, or 89 cents per share, for the same period last year. The FactSet consensus was for $1.16 per share. Revenue was $624.2 million, up from $539.2 million and ahead of the $616.0 million FactSet consensus. Domestic same-store sales grew 10.2%, and global same-store sales were up 4.3%. Shares were nearly flat in Thursday premarket trading, and are up 35.4% for the last year. The S&P 500 index is up 14% for the past 12 months.

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Under Armour shares soar after earnings beat

MarketWatch Market Pulse - Thu, 04/27/2017 - 07:13

Under Armour Inc. shares rose 9.1% in Thursday premarket trading after the athletic apparel company reported first-quarter earnings that beat estimates. Under Armour reported a net loss of $2.27 million, or a penny per share, compared with a net income of $19.18 million, or 4 cents per share, for the same period last year. The FactSet consensus was for a loss of 4 cents. Sales for the quarter were $1.12 billion, up from $1.05 billion last year and ahead of the $1.11 billion FactSet consensus. The company says sales were driven by a 4% increase in wholesale revenue to $773.0 million and a 13% increase in direct-to-consumer revenue to $302 million. North American sales were down by 1% with new distribution offset by bankruptcies in 2016. The company affirmed its full-year revenue guidance. Under Armour shares are down 32.2% for the year so far, and down 56% for the past 12 months. The S&P 500 index is up 14% for the last year.

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Ford profit drops on higher costs, lower vehicle sales

Top Reuters News - Thu, 04/27/2017 - 07:09
DETROIT (Reuters) - Ford Motor Co on Thursday reported a lower quarterly net profit due to higher costs and investments, plus a slight decline in vehicle sales.

Bristol-Myers Squibb stock surges 3% after first-quarter profit, revenue beats

MarketWatch Market Pulse - Thu, 04/27/2017 - 07:09

Bristol-Myers Squibb Co. shares surged 3.2% in premarket trade Thursday after the company reported first-quarter profit and revenue beats. Earnings for the latest quarter rose to $1.57 billion, or 94 cents per share, from $1.20 billion, or 71 cents per share in the year-earlier period. Adjusted earnings-per-share were 84 cents, compared with the FactSet consensus of 73 cents. Revenue rose to $4.93 billion from $4.39 billion, compared with the FactSet consensus of $4.75 billion. The latest results include a 60% increase in global revenues for cancer drug Opdivo compared with the year-earlier period, the company said. Bristol-Myers shares have surged 12.6% over the last three months, compared with a 4.0% rise in the S&P 500 .

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Dow Chemical shares rise 1.4% premarket as company beats profit and revenue estimates

MarketWatch Market Pulse - Thu, 04/27/2017 - 06:59

The Dow Chemical Co. said Thursday it had net income of $888 million, or 72 cents a share, up from $169 million, or 15 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.04, ahead of the FactSet consensus of 99 cents. Sales rose to $13.230 billion from $10.703 billion, also ahead of the FactSet consensus of $12.454 billion. "The global economy is showing signs of positive momentum, with excellent leading indicators across much of the world -- though geopolitical risks and volatility will persist," Chief Executive Andrew Liveris said in a statement. Shares rose 1.4% premarket, and are up 12.4% in 2017, while the S&P 500 has gained 6.6% and the Dow Jones Industrial Average has gained 6%.

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Southwest Airlines' stock falls after earnings miss expectations

MarketWatch Market Pulse - Thu, 04/27/2017 - 06:53

Shares of Southwest Airlines Co. sank 4.5% in premarket trade Thursday, after the air carrier reported first-quarter profit and revenue that missed expectations. Net income fell to $351 million, or 57 cents a share, from $513 million, or 79 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 61 cents, below the FactSet consensus of 63 cents. Revenue rose 1.2% to $4.88 billion from $4.83 billion, but missed the FactSet consensus of $4.93 billion. Revenue per available seat mile (RASM) declined 2.8%, due primarily to the competitive fare environment and shift in Easter travel demand. Unit costs increased because of higher fuel costs and pay increases because of amended union contracts. The company expects RASM to be positive in the second quarter, and continues to target growth for the year. The stock has rallied 14% year to date through Wednesday, while the NYSE Arca Airline Index has tacked on 2.3% and the S&P 500 has gained 6.6%.

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Exclusive: Taiwan president says phone call with Trump can take place again

Top Reuters News - Thu, 04/27/2017 - 06:41
TAIPEI (Reuters) - Taiwan President Tsai Ing-wen said another direct phone call with U.S. President Donald Trump could take place again and she urged the self-ruled island's political rival China to step up to its global responsibility to keep the peace as a large nation.

Asylum-seekers fleeing U.S. may find cold comfort in Canada’s courts

Top Reuters News - Thu, 04/27/2017 - 06:09
TORONTO/WINNIPEG, Manitoba (Reuters) - Migrants who applied for asylum in the United States but then fled north, fearing they would be swept up in President Donald Trump's immigration crackdown, may have miscalculated in viewing Canada as a safe haven.

Arkansas plans fourth execution in about a week

Top Reuters News - Thu, 04/27/2017 - 06:03
(Reuters) - Arkansas plans to end its series of April executions by putting to death on Thursday an inmate convicted of murdering a cheerleader and who escaped from prison and killed two other people before being captured again.

Sanctions short-circuit Russia's electricity plans for annexed Crimea

Top Reuters News - Thu, 04/27/2017 - 04:08
MOSCOW/SEVASTOPOL, Crimea(Reuters) - Russia's $1.3 billion plan to build two new power plants in Crimea aimed to show that Moscow could complete high-tech projects on the annexed peninsula despite Western technology sanctions.

Difficult legal path forward for Trump in sanctuary cities case

Top Reuters News - Thu, 04/27/2017 - 02:49
NEW YORK/SAN FRANCISCO (Reuters) - Even if President Donald Trump wins an appeal of a court ruling blocking his executive order on sanctuary cities, arguments made by the government in the case could permanently harm its efforts to cut off wide swaths of federal funding to targeted cities, some legal experts say.

Israel strikes arms depot near Syrian capital's airport: sources

Top Reuters News - Thu, 04/27/2017 - 02:41
AMMAN/BEIRUT (Reuters) - Syrian rebel and intelligence sources said Israel struck an arms supply hub on Thursday operated by the Lebanese Hezbollah group near Damascus airport where weapons from Tehran are regularly sent by commercial and military cargo planes.

United to offer passengers up to $10,000 to surrender seats

Top Reuters News - Thu, 04/27/2017 - 01:06
NEW YORK (Reuters) - United Airlines said on Thursday it would offer passengers who volunteer to forfeit their seats on overbooked flights up to $10,000 as part of the carrier's efforts to repair the damage from the rough removal of a passenger.

South Korea, U.S. warn of punishment for North Korea; U.S. stresses sanctions

Top Reuters News - Thu, 04/27/2017 - 00:39
SEOUL/WASHINGTON (Reuters) - South Korea and the United States agreed on Thursday on "swift punitive measures" against North Korea in the event of more provocation, although the United States signaled sanctions and diplomatic pressure were its priorities for now.

Push for South China Sea code stirs ASEAN suspicions about Beijing's endgame

Top Reuters News - Thu, 04/27/2017 - 00:24
MANILA (Reuters) - China's support for finalizing a code of conduct in the hotly contested South China Sea is generating some hope in Southeast Asia of settling disputes, but those working out the terms remain unconvinced of Beijing's sincerity.

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