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Align Technology shares surge after hours on outlook

Thu, 27 Apr 2017 22:55:58 GMT

Align Technology Inc. shares rallied in the extended session Thursday after the maker of Invisalign braces issued a forecast above Wall Street estimates. Align shares surged 13% to $135.75 after hours. The company forecast earnings of 71 cents to 74 cents a share on revenue of $340 million to $345 million for the second quarter. Analysts surveyed by FactSet had estimated 71 cents a share on revenue of $324.2 million. For the first quarter, Align reported earnings of 85 cents a share, which included a 26-cents-a-share benefit from excess tax benefits from stock-based compensation, on revenue of $310.3 million. Analysts had estimated 67 cents a share without the benefit on revenue of $297.5 million.

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Honeywell shares rally after Third Point takes stake

Thu, 27 Apr 2017 22:24:29 GMT

Honeywell International Inc. shares rallied in the extended session Thursday after activist investor Daniel Loeb's Third Point LLC said it took a stake in the company and urged it to spin off its aerospace business. Honeywell shares surged 4.4% to $135.65 after hours. In an investor letter, Third Point said Honeywell spinning off the aerospace business could result in an increase of $20 billion in shareholder value. "Spinning off Aerospace would transform Honeywell into an industrial growth company with a focus on automation and productivity," Third Point said in the letter. In a statement, Honeywell said it and its board would would "take the time necessary to ensure a comprehensive, informed and objective review of the potential separation of the Aerospace business."

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Trivago shares rise after full-year outlook lifted

Thu, 27 Apr 2017 22:06:57 GMT

Trivago NV gained in the extended session Thursday after the online hotel booking site raised its outlook for the year following the earnings release of majority shareholder Expedia Inc. . U.S. shares of Düsseldorf, Germany-based Trivago rose 3.8% to $15.80 after hours. "Given our strong start to the year, we have increased our full-year guidance and now expect annual revenue growth to be around 50% in 2017," said Trivago Chief Financial Officer Axel Hefer in a statement. Trivago reports quarterly results on May 15. Expedia shares slipped 2% after hours as the online travel company's earnings missed Wall Street estimates by a penny.

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Google has taken 'significant steps' to address YouTube controversy, CEO says

Thu, 27 Apr 2017 21:28:55 GMT

Google Inc. Chief Executive Sundar Pichai said Thursday that his company has taken "significant steps" to address advertisements appearing on controversial videos on YouTube, owned by Google-parent Alphabet. YouTube came under fire from brands this March after their advertisements had appeared alongside inappropriate content. Google has drawn upon machine learning and other technical solutions to prevent the issue from happening in the future, Pichai said. The company is still in its early stages of combating the issue, but Pichai said it has "made progress." "Advertisers have clearly noticed all the improvements that we've made," Pichai said, later adding that Google had made "thousands and thousands" of calls to advertisers in the past few weeks. Shares of Alphabet were up 4% late Thursday, following the company's first-quarter earnings beat.

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Skyworks shares retreat after hours even as results, outlook top Street view

Thu, 27 Apr 2017 20:40:43 GMT

Skyworks Solutions Inc. shares fell in the extended session Thursday even after the wireless chip supplier's quarterly results and outlook topped Wall Street estimates. Skyworks shares declined 2.6% to $101.50 after hours. The company reported adjusted fiscal second-quarter earnings of $1.45 a share on revenue of $851.7 million. Analysts surveyed by FactSet had estimated earnings of $1.40 a share on revenue of $840.4 million. For the third quarter, Skyworks sees adjusted earnings of $1.52 a share, while analysts estimate $1.49 a share. Shares of Skyworks have rallied nearly 33% since the company's previous earnings report on Jan. 19.

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Microsoft shares down more than 2% after revenue miss

Thu, 27 Apr 2017 20:22:07 GMT

Shares of Microsoft Corp. fell late Thursday after the software company reported quarterly sales below Wall Street expectations. Microsoft said it earned $4.8 billion, or 61 cents a share, in the fiscal third quarter, compared with $3.8 billion, or 47 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $5.7 billion, or 73 cents a share, compared with $5 billion, or 63 cents a share, a year ago. Revenue was $22.1 billion, up from $20.5 billion in the fiscal third quarter of 2016. Analysts polled by FactSet had expected the company to report adjusted earnings of 70 cents a share on sales of $23.6 billion. "Our results this quarter reflect the trust customers are placing in the Microsoft Cloud," Chief Executive Satya Nadella said in a statement. The shares had ended the regular session up 0.7%

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Amazon shares jump 5% following strong earnings report

Thu, 27 Apr 2017 20:18:27 GMT

Shares of Amazon.com Inc. rallied in after-hours trade Thursday following the company's stronger-than-expected earnings report. The e-commerce and cloud-services giant reported first-quarter net income of $724 million, or $1.48 a share, compared with $513 million, or $1.07 a share, in the year-earlier period. Analysts had forecast earnings of $1.08 a share. Revenue for the period climbed to $35.7 billion from $29.1 billion a year earlier, topping the consensus view of $35.3 billion. Amazon Web Services revenue increased to $3.66 billion from $2.57 billion in the year-earlier period. The company forecast second-quarter earnings of between $35.25 billion and $37.75 billion, bracketing - but mostly below - the $37 billion FactSet forecast. Shares of Amazon jumped nearly 5% to $963 in after-hours trade. The stock had gained 10% in the past three months and 51.5% in the past 12 months, as of Thursday's close. It has outperformed the S&P 500 , which is up 4% in the past three months and 14% in the past year. Follow MarketWatch live blog for coverage of Amazon's conference call and further earnings reaction.

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Google-parent Alphabet beats first-quarter earnings expectations

Thu, 27 Apr 2017 20:18:24 GMT

Shares of Google-parent Alphabet Inc. climbed 3% late Thursday after the company beat first-quarter earnings expectations. It reported net income of $5.4 billion, or $7.73 per share, up from $4.2 billion, or $6.02 per share, in the year-earlier period. The FactSet consensus was for earnings per share of $7.38. Revenue was $24.7 billion, up from $20.2 billion in the year-earlier period and above the FactSet consensus of $19.7 billion. Google advertising revenues contributed $21.4 billion, while "other bets" revenues contributed $244 million. The company reported a 2% increase in aggregate paid clicks sequentially. Shares of Alphabet have gained 6% in the past month, compared to the S&P 500's gain of 2%.

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GoPro's stock jumps after results, outlook beat expectations

Thu, 27 Apr 2017 20:18:05 GMT

Shares of GoPro Inc. jumped 3.7% in after-hours trade Thursday, after the action camera maker reported better-than-expected first-quarter results and second-quarter outlook. The net loss widened to $111.2 million, or 78 cents a share, from $107.5 million, or 78 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted per-share loss was 44 cents, compared with the FactSet loss per share of 45 cents. Revenue rose 19% to $218.6 million from $183.5 million, beating the FactSet consensus of $208.1 million. The company said non-U.S. markets generated 60% of first-quarter revenue. For the current quarter, GoPro expects revenue of $270 million, plus or minus $10 million, well above the FactSet consensus of $243 million. "GoPro is executing a turnaround," said Founder and Chief Executive Nicholas Woodman. "We had a great first quarter and feel good about our outlook for the second quarter." The stock had tacked on 2.6% year to date through Thursday's close, while the S&P 500 has gained 6.7%.

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Intel shares slide after first-quarter earnings release

Thu, 27 Apr 2017 20:17:38 GMT

Shares of Intel Corp. fell in Thursday's extended session after the chip maker announced quarterly earnings. Intel reported its first-quarter earnings rose to $3 billion, or 61 cents a share, from $2 billion, or 42 cents a share, a year earlier. On an adjusted basis, the tech giant would have earned 66 cents a share. Revenue grew 7% to $14.8 billion. Analysts surveyed by FactSet had forecast earnings of 65 cents a share on revenue of $14.81 billion. The company projected second-quarter revenue of $14.4 billion, plus or minus $500 million and adjusted earnings per share of 68 cents, slightly above Wall Street's earnings expectation. For the full year, Intel sees revenue of $60 billion and adjusted EPS of $2.85. Shares declined 3.2% after hours.

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Expedia shares slide 2.7% after earnings miss

Thu, 27 Apr 2017 20:13:36 GMT

Online travel company Expedia Inc. said Thursday it had a net loss of $86.1 million, or 57 cents a share, in the first quarter, narrower than the $108.6 million loss, or 72 cents a share, posted in the year-earlier period. Adjusted per-share earnings came to 5 cents, just below the FactSet consensus of 6 cents. Revenue rose to $2.19 billion from $1.90 billion, ahead of the FactSet consensus of $2.14 billion. Gross bookings rose 14% to $23.6 billion. Room nights stayed, including at its HomeAway business, rose 12%, while room nights booked climbed 18%. Shares fell 2.7% in after-hours trading, but are up 20% in 2017, while the S&P 500 has gained 6.7%.

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Starbucks shares slip as revenue falls short of Street view

Thu, 27 Apr 2017 20:12:21 GMT

Starbucks Corp. shares declined in the extended session Thursday after the coffee chain matched Wall Street earnings estimates but fell short of consensus revenue targets. Starbucks shares fell 3.2% to $59.31 after hours. The company reported fiscal second-quarter earnings of 45 cents a share on revenue of $5.29 billion. Analysts surveyed by FactSet had forecast earnings of 45 cents a share on revenue of $5.42 billion.

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Nasdaq races to an all-time high, as Dow, S&P 500 end flat

Thu, 27 Apr 2017 20:08:55 GMT

The Nasdaq Composite closed at a record Thursday, during an busy day of corporate quarterly results, but the broader market ended in neutral territory as a slump in energy and questions about President Donald Trump's tax plan weighed on Wall Street. The Nasdaq Composite ended up 0.4% at 6,048, marking a fresh record for the tech-heavy index--its second all-time closing high for the week. The Dow Jones Industrial Average closed at break-even levels at 20,981, as did the S&P 500 index at 2,388. Energy stocks declined 1.1%, representing the worst performer among the S&P 500's 11 sectors as U.S. crude-oil prices settled at the lowest level in a month. Subdued trade in the broader market came as analysts said Trump's tax proposal delivered Wednesday afternoon, was light on specifics and failed to address the question of how the proposed cuts would be funded. In corporate news, American Airlines Group Inc. shares slumped after reporting disappointing first-quarter results. Investors were also awaiting a slew of earnings for tech names, including those for Google-parent Alphabet Inc. , Microsoft Inc. and Amazon Inc. , all reporting after Thursday's close of regular trade.

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United Airlines passenger dragged off flight agrees to settlement with airline: lawyers

Thu, 27 Apr 2017 19:28:38 GMT

The 69-year-old passenger who was dragged off a United Airlines flight bloodied and disheveled on April 9 has agreed to a settlement with the airline, according to his attorneys. Dr David Dao, whose experience became part of a viral video after passengers filmed him being dragged away by police officers, has reached "an amicable settlement," attorneys Thomas Demetrio of Corboy & Demetrio and Stephen Golan of Golan Christie Taglia said in a statement. The terms of the settlement are to remain confidential, they said. "[United CEO Oscar] Munoz said he was going to do the right thing, and he has," said Demetrio. Earlier Thursday, United announced "10 substantial changes to how it flies, serves and respects its customers," saying the shifts come after scrutiny of its policies in the wake of the incident. These include offering up to $10,000 to passengers who volunteer to give up their seats when a plane is too full. Shares of United parent United Continental Holdings Inc. were down 1.1% late Thursday and are down 3% in 2017, while the S&P 500 has gained 6%.

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Molina Healthcare says if Obamacare payments aren't made it will pull out of the market

Thu, 27 Apr 2017 19:23:29 GMT

Molina Healthcare Inc. said in a letter to Congressional leaders Thursday that if cost-sharing payments that are part of the Affordable Care Act aren't funded it has "no choice" but to pull out of the health law's marketplaces immediately. "That would result in about 650,000 to 700,000 people losing insurance coverage in 2017, and we would not participate in Marketplace in 2018, resulting in over 1 million Americans losing health insurance coverage," the letter -- first reported by news outlet Axios -- said. The subsidies allow health insurers to provide health plans with lower cost-sharing to low-income individuals, and have become a point of contention in a government spending measure that would avert a shutdown. Molina, which described itself as one of the largest participants in the ACA's marketplaces, is one of the few health insurers to make money on the exchanges. In the Thursday letter, the company directly refuted a claim made by President Donald Trump that the payments amounted to "bailing out insurance companies." The payments reduce co-pays and deductibles for eligible low-income members and are used directly to pay the provider, Molina Chief Executive Officer J. Mario Molina said. "Thus, this is not a bail-out or windfall to the insurance company," he said. Molina shares have declined 15.3% over the last three months, compared with a 4.1% rise in the S&P 500 .

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Oil prices end at lowest level in a month

Thu, 27 Apr 2017 18:46:02 GMT

Oil prices settled with a loss on Thursday, as growing U.S. crude production and news of the restart of Libya's biggest oil field helped send prices to their lowest finish in about month. June WTI crude fell 65 cents, or 1.3%, to settle $48.97 a barrel on the New York Mercantile Exchange, a level not seen since March 28, according to FactSet data.

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MGM Resorts stock jumps 3.4% as CFRA reiterates strong buy rating

Thu, 27 Apr 2017 17:58:13 GMT

Shares of casino operator MGM Resorts International rose 3.4% Thursday, after the company reported stronger-than-expected earnings for its first quarter. CFRA reiterated its strong buy rating on the stock and raised its stock price target to $36 from $34 on the news. MGM said it had net income of $207 million, or 36 cents a share, in the quarter, up from $67 million, or 12 cents a share, in the year-earlier period. Revenue rose to $2.71 billion from $2.21 billion, ahead of the FactSet consensus of $2.63 billion. "MGM National Harbor and Borgata, our newest additions on the East Coast, are leading their respective markets, and we continue to work toward expanding our footprint in Macau with the opening of MGM Cotai later this year," Chief Executive Jim Murren said in a statement. Shares have gained 7% in 2017, while the S&P 500 has gained 6.6%.

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Anadarko's stock tumbles as explosion prompts closure of over 3,000 wells for weeks

Thu, 27 Apr 2017 16:27:22 GMT

Shares of Anadarko Petroleum Corp. tumbled 6.3% in active midday trade Thursday to a nine-month low, after the oil and gas exploration company said it would close more than 3,000 wells in response to the last week's fatal home explosion in Firestone, Colo. The stock changed hands recently at $56.13, the lowest level seen since Sept. 16, while volume spiked to 7.9 million shares, or more than double the full-day average. The company said late Wednesday that the wells, which account for total production of about 13,000 barrels of oil equivalent per day, could remain shut for two to four weeks while inspections and testing of equipment can be conducted. Analyst Paul Grigel at Macquarie Research reiterated his overweight rating on the stock, saying he believed any impact from the shut in production will be limited. "We believe the ultimate impact on financials and the company is likely to be de minimis but do recognize this will likely be a near-term focus until the investigation by local fire officials is complete," Grigel wrote in a note to clients. The stock has plunged 19% year to date, while the SPDR Energy Select Sector ETF has shed 11% and the S&P 500 has gained 6.5%.

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Bitcoin price hits fresh all-time high

Thu, 27 Apr 2017 16:05:24 GMT

Bitcoin climbed to a fresh all-time high on Thursday, shrugging off worries about a global banking crackdown on digital-currency exchanges. The price of a single coin traded as high as $1,331 Thursday, according to the CoinDesk Bitcoin Price Index. Bitcoin's most recent advance comes as Bitfinex, one of the world's largest digital-currency exchanges, has struggled to establish new banking relationships after halting U.S. dollar withdrawals two weeks ago. The freeze has caused the price of bitcoin traded on Bitfinex to soar, possibly distorting prices across the market, as investors are forced to buy coins at a premium in order to move their assets off the exchange. The digital currency has climbed more than 30% this year, even as Chinese regulators instigated a precipitous drop in local trading volume by forcing local exchanges to upgrade their anti-money laundering controls. In the U.S., the Securities and Exchange Commission has rejected two proposed bitcoin exchange-traded funds, though it recently said it would review one of those decisions.

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Trump says he'll give Nafta re-negotiation a 'good, strong shot'

Thu, 27 Apr 2017 16:01:44 GMT

President Donald Trump said Thursday he'll give the re-negotiation of the North American Free Trade Agreement a "good, strong shot" but reiterated he would "terminate" U.S. participation if he doesn't get what he called a fair deal. He said he decided to have talks since pulling out would be a "shock to the system." Trump said early Thursday on Twitter that the leaders of Canada and Mexico asked him to re-negotiate the deal. Trump's tweets followed a report that the White House was readying an executive order to pull out of the trade agreement.

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Speaker Ryan says he's confident Congress will pass bill to avoid shutdown

Thu, 27 Apr 2017 15:45:51 GMT

House Speaker Paul Ryan said Thursday he's confident Congress will pass a "short-term extension" of current government funding that would keep operations going past Friday. The government is funded through Friday and would partially shut down early Saturday without a new bill. House lawmakers have released a bill that would fund the government for a week. Ryan did not give a time for a vote, however.

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Johnson & Johnson to increase quarterly dividend by 5% from 80 cents per share to 84 cents

Thu, 27 Apr 2017 14:54:05 GMT

Johnson & Johnson said Thursday morning that the company will be increasing its quarterly dividend rate to 84 cents per share from 80 cents per share, a 5% increase. The company made the change "in recognition of our 2016 results, strong financial position and confidence in the future of Johnson & Johnson," Chairman and Chief Executive Officer Alex Gorsky said. The company reported a first-quarter earnings beat on April 19. Johnson & Johnson shares have surged 8.9% over the last three months, compared with a 3.9% rise in the S&P 500 .

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Synchronoss Technologies stock plummets 47% on departures from CEO and CFO; revenue warning

Thu, 27 Apr 2017 14:40:02 GMT

Synchronoss Technologies Inc. stock plummeted 47.3% in Thursday morning trade on news that the company's chief executive officer and chief financial officer are leaving the company to "pursue other interests" and a first-quarter revenue warning. Trading volume Thursday morning was already 14 times the full day average. Synchronoss Chief Executive Officer Ronald Hovsepian will be replaced by the company's founder and chairman Stephen Waldis and Chief Financial Officer John Frederick will be replaced by Lawrence Irving. Both the new CEO and CFO have served in the positions before, the company said. Synchronoss also said it expects total revenue in the first quarter to come in $13 million to $14 million below the company's guidance, which was $173 million to $178 million, according to FactSet, compared with the FactSet consensus of $175.5 million. The company also said it expects operating margins to come in below its guidance. Synchronoss is "disappointed" with its first-quarter performance, which follows a $821 million acquisition of software provider Intralinks Holdings in December, and it will likely affect full year guidance. Company shares have plummeted 67.2% over the last three months, compared with a 4.1% rise in the S&P 500 .

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Natural-gas prices pare losses as rise in U.S. supplies meets market expectations

Thu, 27 Apr 2017 14:37:42 GMT

Data from the U.S. Energy Information Administration Thursday showed that domestic supplies of natural gas rose by 74 billion cubic feet for the week ended April 21. That was generally in line with the increase of 73 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 2.189 trillion cubic feet, down 358 billion cubic feet from a year ago, but 299 billion cubic feet above the five-year average, the government said. June natural gas fell 1.6 cents, or 0.5%, from Wednesday's settlement to $3.255 per million British thermal units. It traded at $3.217 before the data.

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Atlanta Fed tracker forecasts paltry 0.2% growth for the first quarter

Thu, 27 Apr 2017 14:17:54 GMT

The Atlanta Fed's tracker for first-quarter growth forecasts a mere 0.2% increase after the latest round of economic data. The 0.2% growth would be the worst showing in three years. The Atlanta Fed's GDPNow tracker was previously pointing to 0.5% growth. The Commerce Department releases its first estimate of first-quarter GDP on Friday.

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TurboTax-maker Intuit on track for best daily stock gain in 6 years after Trump tax plan

Thu, 27 Apr 2017 13:58:06 GMT

Shares of Intuit Inc.--the maker of tax-preparation software TurboTax--were on track to post their best one-day rise in about six years in early Thursday trade. Intuit's stock was up nearly 8% putting it on pace for its best daily gain since August 2011, according to FactSet data. The advance for Intuit come on the heels of Wednesday's big reveal of President Donald Trump's simplified tax-code proposal. Shares of tax-preparer H&R Block Inc. were also trading higher. Trump's tax plan would, among other things, cut most itemized tax deductions and reduce the individual tax code to three brackets from seven, in theory making tax-filing significantly simpler. Meanwhile, the broader market was seeing tepid gains, with the S&P 500 index up about 0.1% at 2,389 and the Dow Jones Industrial Average also up about 0.1% at 20,994. Still, the Nasdaq Composite Index hit a fresh intraday record--its second in a row--to trade at 6,043.

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Stocks climb as upbeat earnings boost market; Nasdaq trades in record territory

Thu, 27 Apr 2017 13:32:53 GMT

Stocks opened higher on Thursday, with the Nasdaq Composite Index trading above its highest-ever closing level, as a spate of encouraging corporate earnings lifted the broader market. The S&P 500 index advanced 2 points, or 0.1%, to 2,389, while the Dow Jones Industrial Average climbed 19 points, or 0.1%, to 20,990. The Nasdaq gained 12 points, or 0.2%, to 6,037. Shares of Ford Motor Co. rose after the car giant's earnings and revenue topped analysts' expectations. Dow Chemical Co. shares rose after its earnings came in above expectations. Shares of Under Armour Inc. soared after the athletic-apparel maker reported a smaller-than-expected loss for the first quarter. Stocks finished marginally lower on Wednesday after the White House unveiled the broad strokes of its long-anticipated tax plan. The plan largely hewed to policies that President Donald Trump advocated during the campaign, which had already been incorporated into the market's valuation, market strategists said.

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GrubHub's stock soars after profit and sales rise above expectations

Thu, 27 Apr 2017 13:14:09 GMT

Shares of GrubHub Inc. soared 13% in premarket trade Thursday toward a 2 1/2-month high, after the online food-ordering company reported first-quarter results beat expectations. Net income rose to $17.7 million, or 20 cents a share, from $9.9 million, or 12 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 29 cents, above the FactSet consensus of 24 cents. Revenue increased 39% to $156.1 million from $112.2 million, beating the FactSet consensus of $153.0 million. Active diners increased 26% to 8.75 million, while daily average grubs grew 21% to 324,600. Looking ahead, the company expects second-quarter revenue of $153 million to $161 million, surrounding the FactSet consensus of $157.9 million. The stock has slumped 6.9% year to date through Wednesday, while the S&P 500 has gained 6.6%.

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H&R Block's stock bounces, after CIO leaves and report of tax-season results

Thu, 27 Apr 2017 12:50:44 GMT

H&R Block Inc. said Thursday its chief innovation officer, Jason Houseworth, will leave the company "by mutual agreement," effective April 30. He had joined the company in August 2009. Separately, the tax preparation services company reported late Wednesday results for the 2017 tax season, with e-files declining 0.1% through April 21, but beating the IRS's reported decline of 0.3%. "Despite an overall industry decline, I am delighted to report that we improved the client trajectory for the tax season and achieved overall market share gains," said Chief Executive Bill Cobb. On Wednesday, the stock fell 1.4% after the release of President Donald Trump's plan to simplify the tax code. The stock, which was indicated up over 2% ahead of Thursday's open, has gained 3.9% year to date through Wednesday, while the S&P 500 has climbed 6.6%.

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MGM Resorts shares jump 2.2% premarket after profit and revenue beat

Thu, 27 Apr 2017 12:49:45 GMT

Shares of casino operator MGM Resorts International rose 2.2% in premarket trade Thursday, after the company reported stronger-than-expected earnings for its first quarter. MGM said it had net income of $207 million, or 36 cents a share, in the quarter, up from $67 million, or 12 cents a share, in the year-earlier period. Revenue rose to $2.71 billion from $2.21 billion, ahead of the FactSet consensus of $2.63 billion. "MGM National Harbor and Borgata, our newest additions on the East Coast, are leading their respective markets, and we continue to work toward expanding our footprint in Macau with the opening of MGM Cotai later this year," Chief Executive Jim Murren said in a statement. Shares have gained 3.3% in 2017, while the S&P 500 has gained 6.6%.

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