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Dow Jones Futures: After Stock Market Rally Pause, First Solar, Universal Display, Zscaler Are Big Earnings Movers Investor's Business DailyStock market news live: Stocks end lower but pare some losses after intraday selloff Yahoo FinanceStocks slump as gold, oil gain Fox BusinessUS stocks retreat from record highs Financial TimesDow drops over 300 points on Fed comments, coronavirus worries Yahoo Finance
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A discussion of all that's moving the market today including the coronavirus, Morgan Stanley buying E-Trade and more.
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 Ingevity Corp. announced Thursday afternoon that its chief executive resigned as "the result of matters relating to his personal conduct." The chemical company said that its board and CEO D. Michael Wilson agreed to the resignation, but did not provide any particulars about the executive's conduct. Wilson will be replaced as president and CEO on an interim basis by Richard Kelson, the company's chairman, and the board established a committee to search for a new CEO. Wilson had been CEO of Ingevity since September 2015. Ingevity also said that it expects the coronavirus outbreak to reduce its first-quarter revenue by $20 million to $30 million and adjusted earnings by $10 million to $15 million, but reiterated its full-year guidance. "We believe we will recover some or all of the impacts of the coronavirus over the course of the year," CFO John Fortson said in Thursday's release. "These estimates assume a slowdown of the coronavirus public health crisis by the end of the first quarter." Ingevity shares were stable in after-hours trading, following a 2.2% decline to $62.92 in the regular session.
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.
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Shares of Reliance Steel & Aluminum Co. tumble 8.7% toward a four-month low in afternoon trading Thursday, putting them on track for the worst one-day performance in 8 1/2 years, after the metals service company beat fourth-quarter profit expectations and raised its dividend, but provided downbeat first-quarter outlook. Net income rose to $165.6 million, or $2.44 a share, from $85.6 million, or $1.22 a share, in the year-ago period. Adjusted earnings per share was also $2.44, but that was well above the FactSet consensus of $1.73. Sales fell 13% to $2.45 billion, just shy of the FactSet consensus of $2.49 billion, citing both demand and pricing pressure. The company said it based on its expectation that overall metals pricing will remain near current levels, it expects first-quarter adjusted EPS of $2.00 to $2.10, well below the FactSet consensus of $2.39. Separately, the company raised its quarterly dividend to 62.5 cents a share from 55 cents, with the new dividend payable March 27 to shareholders of record on March 13. Based on current stock prices, the new annual dividend rate implies a dividend yield of 2.33%, compared with the implied yield for the S&P 500 of 1.80%. Reliance's stock has shed 8.7% over the past three months, while the S&P 500 has gained 8.4%.
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.
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First Solar Inc. shares fell more than 11% in the extended session Thursday after the solar-power company swung to a surprise quarterly loss and reported sales below expectations. First Solar said it lost $59 million, or 56 cents a share, in the fourth quarter, versus a profit of $52 million, or 49 cents a share, in the year-ago period. Sales rose to $1.4 billion from $691 million a year ago. Analysts polled by FactSet had expected First Solar to report a profit of $2.75 a share on sales of $1.7 billion. In a separate statement, First Solar guided for sales between $2.7 billion and $2.9 billion for 2020, with per-share profit between $3.25 and $3.75. The analysts surveyed by FactSet expect EPS of $3.64 on sales of $3.36 billion for the year.
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.
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Shares of Livent Corp. fell more than 8% in the extended session Thursday after the lithium producer missed adjusted profit and sales expectations and said it expects lithium prices to remain "depressed." Livent said it lost $200,000, breakeven in per-share terms, in the fourth quarter, versus earnings of $26 million, or 19 cents a share, in the year-ago period. Adjusted for one-time items, Livent earned 5 cents a share, compared with 42 cents a share a year ago. Sales fell to $78 million from $120 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 7 cents a share on sales of $81 million. Livent guided for 2020 revenue between $375 million and $425 million, and adjusted EPS between 18 cents and 31 cents. Its 2019 reflected "declining prices throughout the year, primarily due to industry supply additions outpacing demand growth," Livent said. Shares of Livent had ended the regular trading day up 3.9%.
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.
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Dropbox Inc. shares were initially up 17% before settling to 7% in after-hours trading Thursday after the file-sharing service reported fourth-quarter earnings that beat Wall Street estimates. The company also reported jumps in paying users (to 14.3 million) and average revenue per user (to $125). Dropbox reported a net loss of $6.6 million, or 2 cents a share, in the quarter, compared with a net loss of $9.5 million, or 2 cents a share, in the year-ago fourth quarter. Revenue improved 19% to $446 million from $375.9 million a year ago. Analysts surveyed by FactSet had expected a loss of 3 cents a share on sales of $443 million. Dropbox shares are down 26.9% over the last 12 months. The broader S&P 500 index has gained 21.6% in the last year.
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.
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Shares of eHealth Inc. rallied in the extended session Thursday after the online health insurance exchange's results and outlook topped Wall Street estimates. EHealth shares surged 14% after hours, following a 2.3% decline in the regular session to close at $129.18. The company reported fiscal fourth-quarter net income of $88.8 million, or $3.58 a share, compared with $26.1 million, or $1.25 a share, in the year-ago period. Adjusted earnings were $4.13 a share. Revenue rose to $301.7 million from $134.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.43 a share on revenue of $231.6 million. EHealth expects adjusted 2020 earnings of $3.56 to $4.09 a share on revenue of $580 million to $620 million, while analysts had forecast $3.01 a share on revenue of $546 million.
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.
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TrueCar Inc. shares tanked 19.7% in extended trading Thursday after the automotive pricing and information website reported fourth-quarter earnings that were shy of Wall Street estimates. TrueCar reported a net loss of $8.8 million, or 8 cents a share, in the quarter, compared with a net loss of $6.4 million, or 6 cents a share, in the year-ago fourth quarter. Revenue slipped 2% to $89.7 million from $91.1 million a year ago. Analysts surveyed by FactSet had expected a loss of 11 cents a share on sales of $88 million. TrueCar shares are down 48.4% over the last 12 months. The broader S&P 500 index has gained 21.6% in the last year.
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.
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Zscaler Inc. shares dropped in the extended session Thursday after the cybersecurity company's earnings outlook fell short of the Wall Street consensus while other metrics topped estimates. Zscaler shares fell 11% after hours, following a less than 0.1% rise in the regular session to close at $65.18. For the fiscal third-quarter, Zscaler said it expects earnings of 1 cent to 3 cents a share on revenue of $105 million to $107 million, and earnings of 14 cents to 16 cents a share with billings of $512 million to $517 million for the year. Analysts surveyed by FactSet expect earnings of 4 cents a share on revenue of $104.5 million for the third quarter, and 15 cents a share with billings of $506.5 million for the year. The company reported a second-quarter loss of $29.2 million, or 23 cents a share, compared with a loss of $3.6 million, or 3 cents a share, in the year-ago period. Adjusted earnings were 9 cents a share. Revenue rose to $101.2 million from $74.3 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 3 cents on revenue of $99 million.
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.
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Shares of Intelsat S.A. shot up 9.6% in midday trading Thursday, paring earlier gains of as much as 19%, after the Luxembourg-based communications satellite reported before the open a narrower-than-expected loss and revenue that fell less than forecast. The net loss was $115.0 million, or 81 cents a share, after a loss of $111.3 million, or 81 cents a share, in the year-ago period. The FactSet consensus was for a net loss per share of 94 cents. Revenue fell 4.8% to $517.0 million, above the FactSet consensus of $500.9 million. Network services revenue fell 1% to $200.2 million, media revenue declined 9% to $210.6 million and government revenue fell 2% to $96.0 million. For 2020, the company expects revenue of $1.93 billion to $1.98 billion, compared with the FactSet consensus of $1.98 billion. The stock, which has now bounced 42% since it closed at a 2-year low of $3.10 on Feb. 14, has still plunged 38.3% over the past three months through Wednesday, while the S&P 500 has gained 7.9%.
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.
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