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MarketWatch MarketPulseAug 06, 2020
Sonos stock sinks after earnings raise concerns about supply shortage
Sonos Inc. topped revenue expectations with its June-quarter results but shares of the smart-speaker maker are off more than 15% in Thursday trading amid concerns about supply shortages. Given recent momentum for the stock, "investors were disappointed to see supply shortages limit revenue potential," Jefferies analyst Brent Thill wrote, as the company ended the quarter out of stock of seven products due to greater-than-expected demand. "While management sounded confident in meeting Q4 demand, we worry about the commentary that the Malaysia supply chain diversification may not be complete until mid 2021," Thill said. "With Sonos facing its toughest comp in the holiday quarter...we believe the stock setup for the rest of the year could be risky." Sonos shares have gained 47% over the past three months as the S&P 500 has risen 17%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Quicken Loans parent Rocket Companies stock's debut falls flat, after downsized IPO price below expectations
Quicken Loans parent Rocket Companies Inc.'s stock public debut fell flat, after the mortgage lending giant's downsized initial public offering priced below its expected range. The stock's first trade on the New York Stock Exchange was at $18.00 at a.m. Eastern for 12.45 million shares, in line with the IPO price. It the fell to a low of $17.50 before bouncing to trade up 1.1%. The company said late Wednesday that it sold 100 million shares in the IPO, which priced at $18 a share, to raise $1.8 billion. Just last week, the company said it was offering 150 million shares in the IPO, which was expected to price between $20 and $22 a share, which could've raised up to $3.3 billion for the company. The disappointing IPO pricing came at a good time for the IPO market, as the Renaissance IPO ETF has rallied 47.6% over the past three months, while the S&P 500 has advanced 16.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Papa John's stock falls after earnings beat but revenue falls short
Shares of Papa John's International Inc. fell 2.2% in Thursday premarket trading after the pizza delivery chain reported second-quarter revenue that was below expectations. Net income totaled $15.7 million, or 48 cent per share, up from $4.9 million, or 15 cents per share, last year. Revenue totaled $460.6 million, up from $399.6 million last year. Sales for the quarter reached a record, according to a statement from Chief Executive Rob Lynch. The FactSet consensus was for EPS of 47 cents and revenue of $467.0 million. North American comparable sales rose 28% while international comparable sales were up 5.3%. The FactSet consensus was for domestic growth of 11.1% and international growth of 3%. Papa John's hired 20,000 workers during the quarter and will add another 10,000. Papa John's stock has rallied 57% for the year to date while the S&P 500 index [s:s px] is up 3% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
European stocks open lower amid Bank of England's cautious outlook
European stocks opened lower on Thursday, amid a pessimistic outlook from the Bank of England. The U.K. central bank, which held interest rates at 0.1%, said the U.K. economy will take until the end of next year to make up the ground lost during the coronavirus pandemic. Siemens shares rose over 3% after the conglomerate's industrial business reported a better-than-forecast profit, while ITV shares fell after halting its dividend as its profit tumbled. Futures on the Dow Jones Industrial Average rose 77 points.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Apple stock heads for best seven-day stretch since 2009
Apple Inc. shares are up 1.3% in Thursday trading and on track to notch gains for the seventh-straight trading session if the rally holds through the close. That would mark the longest winning streak for Apple's stock since April 8, 2019, when it gained for nine trading days in a row, according to Dow Jones Market Data. The stock has risen 19.7% over the past seven trading sessions and it's on pace for its best seven-day stretch since the period ending on March 18, 2009, when it climbed 22.2%, per Dow Jones Market Data. The stock is set to close at yet another new high. Apple reported June-quarter earnings last Thursday and delivered better-than-expected results, inspiring confidence heading into the fall launch of its first 5G enabled iPhones. Apple shares have rallied 49% over the past three months as the Dow Jones Industrial Average has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Mylan swings to profit as sales fall slightly short of estimates
Mylan N.V. said Thursday it had net income of $39.4 million, or 8 cents a share, in the second quarter, after a loss of $168.5 million, or 33 cents a share, in the year-earlier period. The company said its adjusted net income came to $574.3 million compared with 532.8 million a year ago, but did not offer an adjusted per-share figure. Revenue fell to $2.731 billion from $2.852 billion. The FactSet consensus was for EPS of 99 cents and revenue of $2.735 billion. "We now expect the overall COVID-19 recovery efforts will occur slower than anticipated and may continue throughout the rest of the year," the company said in a statement. "As a result, we expect total revenues, which absorbed a 2% net decline related to COVID-19 in the first half of the year, to have an overall similar negative impact for the second half of the year." Mylan now expects full-year revenue to range from $11.5 to $12.0 billion. The company is expecting the acquisition of Pfizer's Upjohn business to be completed in the fourth quarter. Shares were slightly higher premarket, but have fallen 16% in the year to date, while the S&P 500 has gained 3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 05, 2020
Western Digital stock plunges 12% after weak earnings outlook
Western Digital Corp. slumped more than 12% in after-hours trading Wednesday following an earnings report that included a disappointing forecast for the hard-drive maker's new fiscal year. Western Digital reported fiscal fourth-quarter earnings of $148 million, or 49 cents a share, on sales of $4.29 billion, up from $3.63 billion a year ago. After adjusting for stock-based compensation and other factors, the company reported earnings of $1.23 a share, up from 17 cents a share last year. Analysts on average expected adjusted earnings of $1.22 a share on sales of $4.36 billion. While Western Digital's revenue was a bit light, the bigger miss was in the fiscal first-quarter forecast, which called for a year-over-year decline in sales with guidance for adjusted earnings of 45 cents to 65 cents a share on sales of $3.7 billion to $3.9 billion. Analysts on average were expecting adjusted earnings of $1.35 a share on sales of $4.36 billion. Western Digital shares have declined nearly 30% so far this year, and closed with a 0.7% decline at $44.47 Wednesday before plummeting to less than $40 in after-hours trading following the announcement.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessAug 05, 2020
Bezos Sells $3.1 Billion of Amazon Shares After Wealth Jumps
(Bloomberg) -- The numbers are eye-popping: 1 million Amazon.com Inc. shares offloaded for more than $3.1 billion. And yet for the seller, Jeff Bezos, it barely puts a dent in his stake in the e-commerce giant.The disposal, disclosed Wednesday in Securities and Exchange Commission filings, adds to a $4.1 billion sale earlier this year. The proceeds are a fraction of the amount that Bezos's holdings have increased this year as the Covid-19 pandemic forced people to stay at home and created a surge in demand for Amazon's e-commerce services.For Bezos, 56, this year has been a reversal from years of relative restraint in reducing his stake in Amazon. He still holds more than 54 million shares and is worth $189.8 billion, according to the Bloomberg Billionaires Index. His net worth has surged by $74.9 billion this year with Amazon stock rising 73%.The spectacular gains for Bezos and other titans in his industry have put Big Tech under increased scrutiny. Bezos testified before Congress last month along with the chief executives of Facebook Inc., Apple Inc. and Alphabet Inc. to defend their power and influence. It's also highlighting widening income inequality with the U.S. economy entering its worst economic downturn since the Great Depression."In the 19th century, we had the Robber Barons. In the 21st century, we've got the ‘Cyber Barons,'" Representative Jamie Raskin, a Maryland Democrat, told the CEOs at the July 29 hearing. "And we want to make sure that the extraordinary power and wealth that you've been able to
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