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IPO Mania Continues

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8:00 a.m. Today - By MarketWatch
The Dow is on track for its best October in 6 years and third-quarter earnings are strong so far. What could go wrong?A traditionally troublesome month is turning out to be anything but for the stock market…so far.
5:00 a.m. Today - By MarketWatch
The Dow is on track for its best October in 6 years and third-quarter earnings are strong so far. What could go wrong?A traditionally troublesome month is turning out to be anything but for the stock market…so far.
1:00 p.m. Oct. 16, 2021 - By MarketWatch
The Dow is on track for its best October in 6 years and third-quarter earnings are strong so far. What could go wrong?A traditionally troublesome month is turning out to be anything but for the stock market…so far.
8:00 a.m. Oct. 16, 2021 - By MarketWatch
How to beat inflation: Favor stocks of companies that have the luxury of pricing power — but whose costs aren’t risingInvestors and analysts recommend shares of Comcast, Air Lease and Matson, among others.
5:00 a.m. Oct. 16, 2021 - By MarketWatch
First U.S. Bitcoin ETF looks set to debut Monday or Tuesday from ProShares TrustProShares looked set to be the first bitcoin exchange-traded fund, according to sources and fund specialists.
1:00 p.m. Oct. 15, 2021 - By MarketWatch
The Reddit crowd has found a new tactic in the war against Wall Street: cutting brokers out altogetherMeme stocks closed mixed on Thursday, but retail investors appear to be finally jumping in with the gusto on so-called direct registration.
12:23 p.m. Oct. 15, 2021 - By William Watts
S&P 500 sees biggest weekly rise since July as stocks rally on earningsStocks ended higher Friday, booking solid weekly gains for major indexes as investors cheered a strong start to earnings season and data showing stronger-than-expected September retail sales. The Dow Jones Industrial Average advanced around 383 points, or 1.1%, to close near 35,295, ending above the 35,000 threshold for the first time since Sept. 8, according to Dow Jones Market Data. The Dow rose 1.6% for the week. The S&P 500 gained around 33 points, or 0.7%, to finish near 4,472, leaving the large-cap benchmark with a 1.8% weekly rise --- its largest since July 23, according to FactSet. The tech-heavy Nasdaq Composite ended near 14,897, up around 74 points, or 0.5%. The Nasdaq rallied 2.2% for the week, its biggest such rise since August. Goldman Sachs Group Inc. shares rose 3.8% Friday, leading Dow gainers after earnings that topped estimates.
6:09 a.m. Oct. 15, 2021 - By Jeffry Bartash
U.s. business inventories jump 0.6% in AugustU.S. business inventories rose 0.6% in August, the government said Friday. That matched the forecast of economists polled by The Wall Street Journal. Sales fell 0.1% in the month. An increase in inventories adds to gross domestic product and is usually a sign of an expanding economy. The ratio of inventories to sales, meanwhile, rose to 1.26 from 1.25. That's how many months it would take to sell all the inventory on hand. Inventories soared early in the pandemic as sales slumped, but now companies can't keep enough inventory in stock. Sales are strong, but shortages of supplies and labor are holding back production.
5:34 a.m. Oct. 15, 2021 - By William Watts
Dow up over 200 points as stocks open with gains after retail sales dataStocks opened higher Friday, looking to build on the previous session's sharp gains, after a stronger-than-expected rise in September retail sales. The Dow Jones Industrial Average rose 208 points, or 0.6%, to 35,120, while the S&P 500 advanced 0.5% to 4,459 and the Nasdaq Composite advanced 0.3% to 14,869. The Dow was led higher by shares of Goldman Sachs Group Inc. , up more than 2% after topping Wall Street forecasts.
5:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
2:20 a.m. Oct. 15, 2021 - By Tomi Kilgore
Alcoa's stock set for strong open after earnings beat, dividend initiation and new $500 million buyback programShares of Alcoa shot up 5.5% in premarket trading Friday, after the aluminum company reported , said it was initiating a cash dividend and set a new . The company said late Thursday revenue growth was driven by higher aluminum and alumina prices, and higher premiums for value-add products. The new quarterly cash dividend of 10 cents a share will be payable Nov. 19 to shareholders of record on Oct. 29. Based on Thursday's stock closing price of $48.60, the annual dividend rate implies a dividend yield of 0.82%, compared with the implied yield for the S&P 500 of 1.36%. And the new stock buyback program represents 5.5% of Alcoa's market capitalization as of Thursday's close. The stock, which is on track to open just shy of the Sept. 15 three-year closing high of $51.68, has more than doubled (up 110.9%) year to date through Thursday, while the S&P 500 has gained 18.2%.
6:21 a.m. Oct. 14, 2021 - By Tomi Kilgore
Plug Power's stock pulls back to snap long win streak after unveiling highlights of annual SymposiumIn an apparent case of buy the rumor, sell the news, shares of Plug Power Inc. pulled back 4.4% in morning trading, putting them on track to snap a seven-day win streak, after the after the hydrogen and fuel-cell systems company unveiled some highlights of its much-anticipated annual Symposium. The stock had soared 12.8% on Wednesday, , and had soared 38% over the past seven days. The company said it now expects 2022 sales of $825 million to $850 million, which is above the FactSet consensus of $759.7 million. Plug also established 2025 sales guidance of $3 billion, which compares with the current FactSet consensus of $2.22 billion. Among other highlights, Plug said it was partnering with Fortescue Future Industries to form a 50-50 joint venture to build a gigafactory in Australia, entered into an agreement to buy liquified hydrogen transportation company Cryo Technologies and confirmed plans to generate 500 tons per day of liquid green hydrogen by the end of 2025. The stock has run up 21.0% over the past three months, while the S&P 500 has gained 1.1%.
3:44 a.m. Oct. 14, 2021 - By Tonya Garcia
Domino's Pizza shares slide after revenue missDomino's Pizza Inc. stock fell 4.7% in Thursday premarket trading after the pizza delivery chain reported third-quarter revenue that missed the Street. Net income totaled $120.4 million, or $3.24 per share, up from $99.1 million, or $2.49 per share last year. Revenue totaled $997.99 million, up from $967.7 million. The FactSet consensus was for EPS of $3.11 and revenue of $1.03 billion. U.S. same-store sales fell 1.9% while international same-store sales rose 8.8%. The FactSet consensus was for a U.S. increase of 1.7% and international rise of 8%. This week, Domino's declared a quarterly dividend of 94 cents, payable to shareholders of record as of December 15 on December 30. Domino's stock has gained 24.2% for the year to date while the S&P 500 index is up 16.2% for the period.
3:21 a.m. Oct. 14, 2021 - By Tonya Garcia
Walgreens profit and sales beat expectationsWalgreens Boots Alliance Inc. shares rose 2.5% in Thursday premarket trading after the pharmacy retailer reported fiscal fourth-quarter earnings and sales that beat expectations. Net income totaled $627 million, or 72 cents per share, up from $373 million, or 43 cents per share, last year. Adjusted EPS of $1.17 beat the FactSet consensus for $1.02. Sales of $34.26 billion rose from $30.37 billion and were also ahead of the FactSet consensus for $33.03 billion. U.S. comparable pharmacy sales rose 8.1% while Boots UK comparable pharmacy sales were up 11.4%. U.S. comparable retail sales increased 8.9% while Boots UK comparable retail sales rose 15%. Walgreens provided 13.5 million COVID-19 vaccinations in the quarter, and 34.6 million for the entire fiscal year. Walgreens has a virtual investor conference taking place on Thursday. Walgreens stock has gained 18.5% for the year to date, outpacing the S&P 500 index , which is up 16.2% for the period.
7:43 a.m. Oct. 13, 2021 - By Tonya Garcia
Kroger comes to the northeast with a hi-tech customer fulfillment center offering delivery serviceKroger Co. has announced its entry into the northeast market with a customer fulfillment center powered by Ocado Group rather than a grocery store. The facility will offer next-day and same-day delivery. The two companies launched their first hi-tech facility in the U.S. . "Kroger's growing seamless ecosystem continues to scale, and we're committed to doubling both our digital sales and profitability rate by the end of 2023 and Kroger Delivery will help us reach this target," said Kroger Chief Executive Rodney McMullen in a statement. Kroger is also adding two customer fulfillment centers (CFCs) in California, and entering the South Florida market with two smaller facilities. "We have a pipeline of sites in development across the U.S., with several scheduled to open next year, and we're excited to continue delivering the Kroger experience to more doorsteps," said Gabriel Arreaga, Kroger's senior vice president and chief supply chain officer, also in a statement. Kroger stock has gained 24.7% for the year to date while the S&P 500 index is up 15.5% for the period.
3:46 a.m. Oct. 13, 2021 - By Ciara Linnane
Stoneridge issues profit and sales warning for Q3 as supply chain snags and higher costs weigh on its OEM customersStoneridge Inc. , a Novi, Michigan-based maker of electrical and electronic vehicle systems, lowered its third-quarter guidance on Wednesday, and said the continued supply chain-related challenges and higher costs had reduced production schedules for its original equipment manufacturers, or OEM, customers. The company noted an IHS Markit forecast from Sept. 16 for third-quarter worldwide automotive production suggested its weighted average end-markets declined by about 13% f relative to assumptions made on its second-quarter earnings call. "The overall transportation industry continues to be challenged by the global pandemic and its aftermath," CEO Jon DeGaynor said in a statement. "Recent production shutdowns and altered production forecasts at our automotive and commercial vehicle OEM customers, often on short notice, have created volatility and had a negative impact on our financial results for the third quarter." The company is now expecting a third-quarter loss per share of 40 cents to 34 cents, and adjusted loss per share of 29 cents to 23 cents. Sales ae expected to come in at about $180 million. The FactSet consensus is for a loss per share of 10 cents and sales of $185 million. The company has raised prices to mitigate the higher costs, where possible. Shares were down 1.5% premarket and have lost 31% in the year to date, while the S&P 500 has gained 16%.
8:13 a.m. Oct. 12, 2021 - By Tonya Garcia
Coconut water brand Vita Coco sets IPO terms, plans to raise $224 million Vita Coco Co., makers of coconut water and other beverages, has set terms for its initial public offering, with plans to raise $224 million. The company will offer 11.5 million shares, expected to price in a range of $18 to $21. Vita Coco would be valued at $1.1 billion at the midpoint of that range. Keurig Dr. Pepper Inc. has agreed to purchase $20 million worth of shares from Verlinvest in a private placement transaction. Vita Coco plans to list on the NASDAQ under the ticker "COCO." Goldman Sachs, BofA Securities, Credit Suisse, Evercore ISI, Wells Fargo Securities, Guggenheim Securities, Piper Sandler, and William Blairare the underwriters for the deal. Founded in 2004, Vita Coco is based in New York City and had sales of $311 million for the year ending Dec. 31, 2020, up from $284 million the previous year. The Renaissance IPO ETF has slipped 1.7% for the year to date while the S&P 500 index has gained 16.4% for the period.
3:30 a.m. Oct. 12, 2021 - By Steve Gelsi
Fastenal sales rise 10% but costs increase Fastenal Co. said Tuesday its third-quarter net income rose to $243.5 million or 42 cents a share from $221.5 million or 38 cents a share, in the year-ago quarter. Sales increased by 10% to $1.55 billion. A survey of analysts by FactSet estimated earnings of 42 cents a share on sales of $1.54 billion. Employee-related costs increased by 16.8%. The company said it'll continue to take actions in the fourth quarter to mitigate transportation and product costs, amid upward price pressure related to materials. The construction products distributor said it saw "strong growth in underlying demand for manufacturing and construction equipment and supplies." While the company recorded an uptick in sales of certain COVID-related supplies, relative to the prior year, "the impact on our net sales of the current increase in infections and hospitalizations is significantly reduced from what was experienced in the year earlier period," the company said. Shares of Fastenal fell 2.6% in pre-market trades Prior to Tuesday, the shares were up 7% in 2021, compared to a rise of 16.1% in the S&P 500 .
12:02 p.m. Oct. 11, 2021 - By William Watts
Dow ends nearly 250 points lower as investors prepare for earningsStocks gave up early gains to finish lower Monday, slumping as investors await the kickoff of earnings season, as well as economic data due later this week on inflation and retail sales. The Dow Jones Industrial Average fell around 249 points, or 0.7%, to end near 34,497, while the S&P 500 lost around 30 points, or 0.7%, to close near 4,361. The Nasdaq Composite gave up around 93 points, or 0.6%, finishing near 14,486.
5:03 a.m. Oct. 11, 2021 - By Emily Bary
Zuora stock rallies after Needham upgradeShares of Zuora Inc. are up 3.4% in premarket trading Monday after Needham analyst Joshua Reilly assumed coverage of the software stock from a colleague and upgraded it to buy, setting a $24 price target. "We believe Zuora will accelerate billings growth thanks to changes to its go-to-market and product strategy," he wrote. Zuora saw 28% growth in subscription billings in its fiscal second quarter, up from 21% in the fiscal first quarter, which suggests to Reilly that the company is having success with recent changes it's enacted. "We believe key changes to the [go-to-market] organization including a partner first strategy and focus on 'strategic land and expand' are resonating with customers and leading to improved sales metrics," Reilly wrote. Zuora shares have gained 19.5% so far this year, as the S&P 500 has risen 16.9%.
4:27 a.m. Oct. 11, 2021 - Barrons.com
IPO Mania ContinuesAmid a record year for IPOs in 2021, Spenser Skates, CEO and co-founder Amplitude, discusses the appeal of going public through a direct listing. Plus, Tom Bohn, CEO of the association for corporate growth, discusses the key catalysts that could continue driving M&A.
3:13 a.m. Oct. 11, 2021 - By Ciara Linnane
Flexion Therapeutics shares soar 39% premarket on news to be acquired by Pacira BiosciencesTampa, Fla.-based Pacira BioSciences Inc. said Monday it is acquiring Flexion Therapeutics Inc. , based in Burlington, Mass., for $8 a share in cash, plus a non-tradeable contingent value right (CVR) worth up to $8.50 a share in cash, in a deal aimed at expanding its position in non-opioid pain management. The CVR is payable based on the company meeting certain sales and regulatory milestones. Flexion's lead product, ZILRETTA(R) (triamcinolone acetonide extended-release injectable suspension) is the first and only FDA-approved treatment for osteoarthritis knee pain using extended-release microsphere technology, the companies said in a joint statement. It also offering non-opioid treatments for musculoskeletal conditions, including postsurgical pain and low back pain. "We believe the Flexion portfolio further solidifies Pacira as a leader in opioid-sparing pain management as we continue to redefine the role of opioids as a last resort rescue medication," Pacira CEO Dave Stack said in a statement. The deal is expected to immediately boost revenue and to lift 2022 earnings and be strongly accretive after that. The deal is expected to close in the fourth quarter. Flexion shares jumped 39% on the news, but are down 50% in the year through Friday's close, while the S&P 500 has gained 17%.
6:00 a.m. Oct. 8, 2021 - By Tomi Kilgore
Sirius XM stock falls after J.P. Morgan analyst backs away from long-time bullish stanceShares of Sirius XM Holdings Inc. shed 2.0% in morning trading Friday, after J.P. Morgan analyst Sebastiano Petti backed away from his long-time bullish stance on the satellite radio company, citing expectations of slowing auto sales, , and rising expenditures related to satellite builds. Petti cut his rating to neutral, after being at overweight at least as long as since January 2019, while cutting his stock price target to $7 from $8. Following management comments at recent industry conferences, Petti said he raised his third-quarter self-pay net subscriber additions estimate to 400,000 from 315,000 on record second-quarter trial starts, low churn, rising penetration and higher digital-only subscriptions. However, he trimmed his 2021 self-pay net adds estimate to 1.10 million from 1.15 million and dropped his 2020 estimate to 750,000 from 1.05 million, saying the chip shortage is likely to become "more acute in coming quarters." The stock has lost 3.2% year to date, while the S&P 500 has gained 17.2%.
5:00 a.m. Oct. 7, 2021 - By Tonya Garcia
Lamb Weston stock sinks after earnings miss, gross margin warningLamb Weston Holdings Inc. shares sank 8.6% in Thursday premarket trading after the potato-and-vegetable company reported fiscal first-quarter profit and sales that missed expectations. Net income totaled $29.8 million, or 20 cents per share, down two-thirds from $89.3 million, or 61 cents per share, last year. Sales of $984.2 million were down from $871.5 million last year. The FactSet consensus was for EPS of 37 cents and sales of $1.00 billion. Though foodservice business improved, there are challenges ahead. "[T]he impact of extreme summer heat that negatively affected potato crops in the Pacific Northwest, combined with industrywide operational challenges, including highly inflationary input and transportation costs, labor availability, and upstream and downstream supply chain disruptions, will result in higher costs as the year progresses, and significantly pressure our earnings," said Chief Executive Tom Werner in a statement. "Accordingly, we expect our gross profit margins to remain below pre-pandemic levels through fiscal 2022." The company is raising prices, adjusting worker schedules and taking other steps to offset these problems. Lamb Weston expects fiscal 2022 net sales to be above the long-term target of low-to-mid single digits. The Factset consensus is for sales of $4.119 billion, implying an increase of 12.2%. Lamb Weston stock is down 20.8% for the year to date while the S&P 500 index has gained 16.2% for the period.
3:55 a.m. Oct. 7, 2021 - By Tonya Garcia
Conagra sales decline but beat the StreetConagra Brands Inc. reported fiscal first quarter net income totaling $235.4 million, or 49 cents per share, down from $329.0 million, or 67 cents per share, last year. Adjusted EPS of 50 cents beat the FactSet consensus for 48 cents. Sales of $2.653 billion were down from $2.679 billion but also ahead of the FactSet consensus for $2.539 billion. The decline was attributed, in part, to divestitures of the Peter Pan, Egg Beaters and H.K. Anderson businesses. Remaining brands include Vlasic, Duncan Hines and Healthy Choice. In a statement Chief Executive Sean Connolly said the company is on track for its profit plan for the year, despite the declines. "We continue to experience ongoing inflationary pressure, but expect the sustained elevated consumer demand and the comprehensive actions we have executed and expect to execute in the future, will enable us to successfully deliver our adjusted EPS guidance for the year," he said. For fiscal 2022, Conagra is guiding for organic net sales growth of about 1%, up from previous guidance of flat sales, and adjusted EPS of $2.50. The FactSet consensus is for sales of $11.024 billion, implying a 1.4% decline, and EPS of $2.46. Conagra shares rose 1.7% in Thursday premarket trading, but are down nearly 5% for the year to date. The S&P 500 index has gained 16.2% for 2021 so far.
3:18 a.m. Oct. 7, 2021 - By Steve Gelsi
Tilray posts larger-than-expected lossTilray Inc. said Thursday its first quarter net loss widened to $34.6 million or 8 cents a share, from a loss of $21.7 million, or 9 cents a share in the year-ago period. The cannabis company said sales increased to $168 million from $117.5 million. Tilray was expected to report a loss of 6 cents a share on sales of $172.6 million, according to an analyst survey by FactSet. Tilray said it's on track with at least $80 million cost savings from its merger deal with Aphria. Shares of Tilray rose 2.3% in pre-market trades on Thursday. Tilray shares are up 30.6% this year, compared to a rise of 12.5% for the Nasdaq.
2:59 a.m. Oct. 7, 2021 - By Tomi Kilgore
Helen of Troy beats profit and sales expectations, boosts full-year outlookHelen of Troy Ltd. reported Thursday fiscal second-quarter profit and revenue that fell from a year ago but beat expectations, amid strength in housewares and beauty sales, and raised its full-year outlook. Shares of the company, which brands include Vicks, Braun and Hydro Flask, were still inactive in premarket trading. Net income for the quarter to Aug. 31 fell to $51.3 million, or $2.11 a share, from $87.3 million, or $3.43 a share, in the year-ago period. Excluding non-recurring items, core earnings per share came to $2.65, beating the FactSet consensus of $2.25. Sales declined 10.5% to $475.2 million, above the FactSet consensus of $424.6 million, as housewares sales grew 6.6% to $215.2 million, health and home sales fell 33.1% to $141.5 million and beauty sales increased 0.8% to $118.5 million. For fiscal 2022, the company raised its guidance ranges for core EPS to $7.68 to $8.11 from $6.60 to $7.28 and for sales to $2.02 billion to $2.07 billion from $1.93 billion to $1.98 billion. The stock has lost 1.9% year to date, while the S&P 500 has gained 16.2%.
2:04 p.m. Oct. 6, 2021 - By Claudia Assis
Children's clothing subscription company Kidpik files for IPOKidpik Corp. has filed for an initial public offering. The company, which offers a clothing styling and subscription service for children, is seeking to sell $17.9 million worth of shares, including warrants, according to a filing late Wednesday. Kidpik, headquartered in New York City, plans to list the shares on the Nasdaq under the symbol PIK. Kidpik's Chief Executive Ezra Dabah led The Children's Place more than a decade ago. "We believe we have a competitive advantage over our subscription-based e-commerce clothing competitors" thanks to the executive team's "extensive knowledge and experience of the childrenswear and footwear industries," the company said in its prospectus. The company listed sales of nearly $17 million for 2020, compared with sales of $13.5 million for sales in 2019. Losses for 2020 fell to $4.2 million, compared with losses of $4.6 million in the year-ago period. In the six months of this year, Kidpik lost $2.9 million on sales of $11 million.
4:08 a.m. Oct. 6, 2021 - By Steve Gelsi
Constellation Brands earnings fall on Canopy Growth lossesConstellation Brands Inc. said Wednesday its second-quarter earnings fell to $1.5 million, or a penny a share, from $512.1 million, or $2.62 a share in the year-ago period. Excluding losses from its ownership stake in Canadian cannabis company Canopy Growth , the wine and spirits company earned $2.52 a share in the latest period. Sales increased to $2.57 billion from $2.46 billion. Analysts expected earnings of $2.79 a share on sales of $2.3 billion, according to a FactSet survey. The company said it expects fiscal 2022 adjusted earnings of $10.15 to $10.45 a share, compared to the analyst projection of $10.05 a share. Constellation Brands shares are down 2.7% this year, compared to a rise of 15.7% by the S&P 500 .
3:32 a.m. Oct. 6, 2021 - By Tomi Kilgore
Voyager Therapeutics stock rockets after license option deal with Pfizer that could be valued at $630 millionShares of Voyager Therapeutics Inc. rocketed 38.9% in premarket trading Wednesday, after closing at a record low in the previous session, after the gene therapy company announced a license option agreement with Pfizer Inc. that could valued at more than $600 million. Trading volume spiked up to 3.9 million shares ahead of the open, which compares with the full-day average of about 173,000 shares. The agreement allows Pfizer to exercise options to license novel capsids generated from Voyager's RNA-driven screener technology, which would be used by Pfizer to develop, make and commercialize gene therapies. As part of the agreement, Voyager will receive an upfront payment of $30 million, and is entitled to receive up to $20 million in exercise fees. Voyager will also be eligible to receive up to $580 million in milestone payments, and will be eligible to receive "mid- to high-single-digit tiered royalties" based on sales of Pfizer products using the licensed capsids. The stock, which closed at a record low of $2.47 on Tuesday, has tumbled 36.5% over the past three months while the S&P 500 has inched up 0.1%.
3:10 a.m. Oct. 6, 2021 - By Ciara Linnane
Boston Scientific to acquire Baylis Medical Co. for $1.75 billionBoston Scientific Corp. said Wednesday it has entered an agreement to acquire Baylis Medical Co. Inc. for an upfront payment of $1.75 billion. The deal will "expand the Boston Scientific electrophysiology and structural heart product portfolios to include the radiofrequency (RF) NRG(R) and VersaCross(R) Transseptal Platforms as well as a family of guidewires, sheaths and dilators used to support left heart access," Boston Scientific said in a statement. "These platforms have advanced transseptal puncture and are clinically proven to enhance safety, efficacy and efficiency when crossing the atrial septum to deliver therapies in the left side of the heart, such as atrial fibrillation ablation, left atrial appendage closure (LAAC) and mitral valve interventions." Baylis is expected to generate net sales of almost $200 million in 2022, after achieving double-digit sales growth in each of the past five years. The deal is expected to close in the first quarter of 2022 and to boost adjusted per-share earnings by one cent. On a GAAP basis, the deal is expected to be less accretive or dilutive, based on closing charges and amortization costs. Boston Scientific shares were down 1% premarket, but have gained 18% in the year to date, while the S&P 500 has gained 15.7%.
2:12 a.m. Oct. 6, 2021 - By Tomi Kilgore
Acuity Brands reports big profit beat, as increased sales and price increases offset higher costsAcuity Brands Inc. reported Wednesday fiscal fourth-quarter profit that was well above expectations, as increased sales volume, price increases and productivity improvements helped offset higher material, labor and freight costs. The lighting company's stock was still inactive in premarket trading. Net income rose to $98.1 million, or $2.72 a share, from $73.7 million, or $1.87 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 39.1% to $3.27, beating the FactSet consensus of $2.85. Sales grew 11.4% to $992.7 million, above the FactSet consensus of $961.6 million. Cost of sales increased 11.1% to $573.4 million, as gross margin improved to 42.2% from 42.1%. The stock has rallied 45.6% year to date, while the S&P 500 has advanced 15.7%.
2:10 a.m. Oct. 6, 2021 - By Ciara Linnane
Home Depot teams up with Walmart GoLocal service for same-day and next-day deliveryThe Home Depot said Wednesday it is teaming up with Walmart GoLocal service to expand same-day and next-day delivery for its customers for a variety of products. The home improvement retailer will start to offer the service in select markets in the coming weeks and then expand to multiple markets across the U.S. by the end of the year. "Products that qualify for this scheduled delivery, including tools, fasteners, paint and other supplies that easily fit in a car, will have that option enabled at online checkout," the company said in a statement. The company is aiming to provide customers with same- or next-day delivery options no matter what the product, from a box of nails to appliances. Home Depot's online sales rose 86% in fiscal 2020 and more than half those orders were fulfilled through its network of 2,300 stores. Home Depot shares were down 0.9% premarket but have gained 24% in the year to date, while the Dow Jones Industrial Average has gained 12%.
2:14 a.m. Oct. 5, 2021 - By Tomi Kilgore
PepsiCo's stock gains after profit and revenue beat expectations, full-year outlook increasedShares of PepsiCo Inc. edged up 0.3% in premarket trading Tuesday, after the snack and beverage giant reported third-quarter profit and revenue that beat expectations, while gross margins declined, and provided an upbeat full-year outlook. Net income rose to $2.22 billion, or $1.60 a share, from $2.29 billion, or $1.65 a share, in the year-ago period. Excluding nonrecurring items, core earnings per share came in at $1.79, above the FactSet consensus of $1.73. Revenue grew 11.6% to $20.19 billion, beating the FactSet consensus of $19.39 billion, with growth seen in all categories. Cost of sales rose 15.2% to $9.39 billion, as gross margin declined to 53.5% from 54.9%. In North America, Frito-Lay revenue rose 6%, Quaker Foods revenue increased 2% and PepsiCo Beverages revenue grew 7%. For 2021, the company raised its growth outlook for organic revenue to 8% from 6%, and now expects "at least" 12% core EPS growth versus previous growth expectations of 12%. The stock has edged up 0.9% over the past three months through Monday, while the S&P 500 has slipped 1.2%.
1:48 p.m. Oct. 4, 2021 - By Claudia Assis
Solo Stove parent files for IPOSolo Brands, a Texas-based maker of Solo fire pits and stoves for homes and camping sites as well as the Oru folding kayak, among other products, has filed for an initial public offering. The company seeks to sell $100 million worth of shares, according to a filing late Monday, although that figure is often a placeholder used to calculate filing fees. Underwriters include B. of A. Securities and J. P. Morgan. The company plans to list its shares on the New York Stock Exchange under the symbol DTC. The company last month acquired a men's outdoor apparel brand, and earlier this year the kayak brand and a paddleboard brand. The listing would come on the heels of several IPOs of home-goods and related companies as people spent more time at home during the pandemic, including the IPOs of grill makers Traeger Inc. and Weber Inc. . Solo Brands listed sales of $133 million for its Solo Stove brand in 2020. "Our customers trust our brands' commitment to improve the way they live," the company said in the prospectus, adding that its brands together generated nearly 42 million unique site visits at their respective websites last year.
9:59 a.m. Oct. 4, 2021 - By Tomi Kilgore
3M stock hits 7-month low after J.P. Morgan downgradeShares of 3M Co. fell to a more than seven-month low before paring losses, after J.P. Morgan analyst Stephen Tusa downgraded the parent of Post-it and Scotch brands maker of N95 masks, citing a lack of fundamental direction and continued uncertainty regarding environmental liabilities. The stock was down 0.3% in afternoon trading, but was down as much as 1.6% at its intraday low of $173.78, the lowest price seen since Feb. 24. Tusa cut his rating to neutral, after being at overweight since Jan. 27, while trimming his price target to $210 from $215. "On the liability front, one could argue visibility is worse now than before, and the company's decision to report expenses in the segments, as opposed to breaking them out in corporate, is difficult to understand, while recent ear-plug suits are negative new news," Tusa wrote in a note to clients. " On the businesses, after a short bump on growth off of a bottom, the company is again missing big on margins on only a slight decline in sales and our historical concerns around an impaired business model here remain - economic recovery has not cured this problem, and companies that continually deliver big misses on only minor fundamental bumps are lower quality and deserve a discount." The stock has shed 11.9% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.
6:24 a.m. Oct. 4, 2021 - By Tonya Garcia
Chipotle's smoked brisket will be a hit, says UBSChipotle's Mexican Grill Inc.'s smoked brisket limited-time offer will be a hit, according to UBS analysts. "We anticipate solid demand for the just launched smoked brisket limited-time offer, which is priced at a 10% premium to steak and we could see a ~high-single digit sales mix based on historical launches and a favorable initial customer response based on our select store checks," analysts wrote. Chipotle announced it would add smoked brisket to the menu "We don't anticipate brisket will last as long as carne asada (went through end of Feb), but should drive incremental visits from existing customers & support new customer trial." Analysts also think workers will be a momentum driver, along with new menu items like quesadillas. "Chipotle appears positioned for elevated sales growth over the balance of '21 and long term given continued digital gains, loyalty expansion, new menu items, and a further recovery in dine-in traffic & throughput opportunities." UBS rates Chipotle stock buy and raised its price target to $2,100 from $1,850. Chipotle is scheduled to announce its third-quarter earnings on Oct. 21. Chipotle stock has rallied 30.8% for the year to date while the S&P 500 index is up 15.4% for the period.
4:38 a.m. Oct. 4, 2021 - By Ciara Linnane
AMC says weekend set post-opening records for global attendance AMC Entertainment Holdings Inc. said the weekend set new post-opening records for global attendance, admission revenue and food and beverage sales, thanks to strong performances by "Venom: Let There Be Carnage" in the U.S. and James Bond's 'No Time to Die" internationally. The company said the former garnered $90 million in domestic revenues, making it the second-biggest opening of an October movie ever. The 25th James Bond film raked up $119 million in overseas box office receipts. Overall, AMC saw more than 2.4 million people visit its U.S. theater locations over the weekend, while an additional 1.4 million went to its theaters overseas. Shares rose 1.3% premarket and have gained more than 1,000% in the year to date thanks to it being an original meme stock, while the S&P 500 has gained 16%.
1:00 p.m. Oct. 3, 2021 - By MarketWatch
The biggest risk facing investors this earnings season is lurking just beneath the surfaceGrowth rates of more than 27% for EPS and more than 15% for sales suggest corporate earnings have staged a strong rebound from their pandemic lows. But for some companies, that's far from the case.
8:00 a.m. Oct. 3, 2021 - By MarketWatch
The biggest risk facing investors this earnings season is lurking just beneath the surfaceGrowth rates of more than 27% for EPS and more than 15% for sales suggest corporate earnings have staged a strong rebound from their pandemic lows. But for some companies, that's far from the case.
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