Breaking Stock Market and Financial News

Lumber Liquidators reports narrower-than-expected loss, but same-store sales miss

MarketWatch Market Pulse - Tue, 02/21/2017 - 07:56

Shares of Lumber Liquidators Holdings Inc. were indicated sharply higher in premarket trade Tuesday, after the hardwood floor seller reported a narrower-than-expected loss, although same-store sales missed expectations. The loss for the quarter to Dec. 31 was $5.5 million, or 20 cents a share, compared with a loss of $19.8 million, or 73 cents a share, in the same period a year ago. The FactSet consensus for per-share losses was 30 cents. Revenue rose to $244.9 million from $234.8 million, to beat the FactSet consensus of $242.4 million. Same-store sales rose 2.8%, which included a 3.0% increase in average sales and a 0.2% decline in customers invoiced, compared with the FactSet same-store sales consensus of 5.3% growth. The stock, which was indicated up over 6% ahead of the open, has gained 8.1% over the past 12 months, while the S&P 500 has climbed 23%.

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EyeGate Pharma surges 15% on news of Valeant licensing agreement

MarketWatch Market Pulse - Tue, 02/21/2017 - 07:44

EyeGate Pharmaceuticals Inc. shares surged as much as 15% in pre-market trade Tuesday after an announcement of the company's licensing agreement with Valeant Pharmaceuticals International Inc. . The deal is for exclusive, global commercial and manufacturing rights for EyeGate's EyeGate II Delivery System, which is an alternative to eye drops and ocular injections, and EGP-437 combination product, which is being developed for post-operative pain and inflammation in patients who've had ocular surgery. The companies did not state the deal's value and did not appear to have yet filed it with the Securities and Exchange Commission. The deal consists of cash upfront for EyeGate, potential milestone payments and royalties on Valeant's net sales of the product. Valeant had previously licensed the same product, EGP-437, from EyeGate for uveitis in 2015. EyeGate reported positive results from a early/mid-stage trial in December. Valeant shares retreated 0.25% in pre-market trade Tuesday after the news. Valeant shares have dropped 12.6% over the last three months, and EyeGate shares have dropped 8.4%, compared with a 7.0% rise in the S&P 500 .

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Exclusive: White House delivered EU-skeptic message before Pence visit - sources

Top Reuters News - Tue, 02/21/2017 - 07:31
BERLIN (Reuters) - In the week before U.S. Vice President Mike Pence visited Brussels and pledged America's "steadfast and enduring" commitment to the European Union, White House chief strategist Steve Bannon met with a German diplomat and delivered a different message, according to people familiar with the talks.

Bristol-Myers announces $2 bln accelerated share buyback; adds former Bausch & Lomb CFO, others to board

MarketWatch Market Pulse - Tue, 02/21/2017 - 07:22

Bristol-Myers Squibb Co. announced early Tuesday a $2 billion accelerated share buyback program. The company also said three new members are joining its board, including Robert Bertolini, the former chief financial officer of Bausch & Lomb, Matthew Emmens, who has served as chief executive officer at Vertex Pharmaceuticals, Shire Pharmaceuticals and Merck and Astra AB's joint venture, Astra Merck, and Theodore Samuels, a current member of the Perrigo Company and Stamps.com boards. Bristol-Myers shares lifted 1.2% in pre-market trade after the announcement. Shares have retreated 3.8% over the last three months, compared with a 7.0% rise in the S&P 500 .

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Wal-Mart shares gain 2% premarket as Q4 profit beats expectations

MarketWatch Market Pulse - Tue, 02/21/2017 - 07:21

Shares of Wal-Mart Stores Inc. saw a 2.4% bump in premarket trade on Tuesday after the company reported earnings for the fiscal fourth quarter, in which profit came in above Wall Street expectations. Net income for the quarter was $3.8 billion, or $1.22 per share, down compared with $4.6 billion, or $1.43 per share during the same quarter a year ago. Adjusted per-share earnings were $1.30, above FactSet's $1.28 earnings consensus. Revenue hit $130.9 billion in the quarter, compared with $129.7 billion during last year's same quarter. FactSet had forecast for $131.1 billion in revenue. Domestic same-store sales for the fourth quarter were up 1.8%, more than FactSet's consensus of 1.3%. Wal-Mart said it expects fiscal year 2018 per-share earnings to be in the range of $4.20 to $4.40. Shares of Wal-Mart have gained more than 7% in the trailing 12-month period, while the S&P 500 Index is up more than 22% during the same period.

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Exclusive: CIA-backed aid for Syrian rebels frozen after Islamist attack - sources

Top Reuters News - Tue, 02/21/2017 - 07:17
BEIRUT/AMMAN/WASHINGTON (Reuters) - CIA-coordinated military aid for rebels in northwest Syria has been frozen since they came under major Islamist attack last month, rebel sources said, raising doubts about foreign support key to their war against President Bashar al-Assad.

Wal-Mart raises dividend 2% to $2.04

MarketWatch Market Pulse - Tue, 02/21/2017 - 07:15

Wal-Mart Stores Inc. said Tuesday that it has raised its dividend 2% to $2.04 from $2.00 for fiscal year 2018. The annual dividend will be paid in four quarterly installments of 51 cents per share on April 3, June 5, Sept. 5, and Jan. 2, 2018. The record dates will be March 10, May 12, Aug. 11, and Dec. 8. Wal-Mart shares are up 2.2% in premarket trading, and up 7.3% for the past year.

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SeaWorld now sees 2016 revenue of $1.344 bln, mulls debt refinancing

MarketWatch Market Pulse - Tue, 02/21/2017 - 07:09

SeaWorld Entertainment Inc. said Tuesday it expects 2016 reveneu of about $1.344 billion, just below the FactSet consensus of $1.345 billion. The theme park operator offered the preliminary guidance in connection with a potential debt refinancing and said it will report final fourth-quarter and full-year earnings on Feb. 28. The company said it expects 2016 attendance of about 22 million guests, matching the FactSet consensus. "We are also exploring a possible debt refinancing transaction in order to improve our capital structure by extending maturities and improving certain other terms of our debt," Chief Executive Joel Manby said in a statement. Shares were not yet active premarket, but have gained 1.1% in the last 12 months, underperforming the S&P 500 , which has gained 22%.

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Seeking to secure Sinai, Egypt builds closer ties with Hamas

Top Reuters News - Tue, 02/21/2017 - 05:26
CAIRO/GAZA (Reuters) - After years of strained relations, Egypt is moving closer to Hamas in Gaza, offering concessions on trade and free movement in return for moves to secure the border against Islamic State fighters who have killed hundreds of policemen and soldiers in northern Sinai.

French far-right's Le Pen refuses to wear headscarf to meet Lebanon's Grand Mufti

Top Reuters News - Tue, 02/21/2017 - 05:23
BEIRUT (Reuters) - Marine Le Pen, presidential candidate for France's far-right National Front party, canceled a meeting on Tuesday with Lebanon's Grand Mufti after refusing to wear a headscarf for the encounter.

Suicide bombers in Pakistan kill five in attack on court

Top Reuters News - Tue, 02/21/2017 - 04:46
PESHAWAR, Pakistan (Reuters) - Suicide bombers attacked a court complex in Pakistan on Tuesday, killing five people and wounding 20, police officials said, the latest incident in a new surge of Islamist violence.

China opposes U.S. naval patrols in South China Sea

Top Reuters News - Tue, 02/21/2017 - 04:22
BEIJING (Reuters) - China said on Tuesday it opposed action by other countries under the pretext of freedom of navigation that undermined its sovereignty, after a U.S. aircraft carrier strike group began patrols in the contested South China Sea.

Malaysia says still to establish what killed North Korean

Top Reuters News - Tue, 02/21/2017 - 04:10
KUALA LUMPUR (Reuters) - Malaysian authorities said on Tuesday they had still to establish what was used to kill the estranged half-brother of North Korean leader Kim Jong Un, and the body had not been formally identified as no next of kin have come forward.

Wells Fargo fund business on the defensive amid sales scandal

Top Reuters News - Tue, 02/21/2017 - 03:06
(Reuters) - When a scandal over unauthorized accounts rocked Wells Fargo & Co's retail division last fall, executives at its asset management arm sprang into action to limit its fallout at an already tough time for their business.

Five die as light plane crashes into mall in Australia

Top Reuters News - Mon, 02/20/2017 - 22:53
SYDNEY (Reuters) - Five people were killed on Tuesday when a small plane crashed in to the roof of a shopping mall after taking off from an airfield outside Melbourne, Australia's second-largest city, police said.

Asian stocks steady, euro pressured by French election worries

Top Reuters News - Mon, 02/20/2017 - 19:45
HONG KONG (Reuters) - Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds.

Ecuador leftist leads presidential vote but may face runoff

Top Reuters News - Mon, 02/20/2017 - 17:53
QUITO (Reuters) - Ecuador's leftist government candidate Lenin Moreno looked set for victory on Monday in a presidential election, but slow results meant it may take days to know if he will face a runoff with former banker Guillermo Lasso.

Kremlin says Ukraine peace plan mooted by lawmaker 'absurd'

Top Reuters News - Mon, 02/20/2017 - 16:29
MOSCOW (Reuters) - The Kremlin said on Monday it had no prior knowledge of a Ukrainian lawmaker's peace plan for his country, which was detailed in the New York Times newspaper, and called it absurd anyway.

Exclusive: Burger King and Tim Hortons owner nears deal to buy Popeyes - sources

Top Reuters News - Mon, 02/20/2017 - 15:59
(Reuters) - Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc, people familiar with the matter said on Monday.

Trump opponents protest outside UK parliament as lawmakers debate planned visit

Top Reuters News - Mon, 02/20/2017 - 13:56
LONDON (Reuters) - Thousands of Donald Trump's opponents gathered outside the British parliament on Monday to protest against a planned state visit while lawmakers debated whether the new U.S. president should be given a lavish meeting with Queen Elizabeth.

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