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Sanmina shares plunge 15% on revenue, profit warning
Sanmina Corp shares plunged in the extended session Friday after the electronics maker warned investors about its fiscal first-quarter results. Sanmina shares fell 16% to $29.90 after hours. The company said it expects first-quarter adjusted per-share losses of 48 cents, compared with its previous guidance of adjusted earnings of 68 cents to 74 cents. Sanmina now expects revenue of $1.74 billion and had previously issued guidance of sales of $1.75 billion to $1.8 billion. Analysts surveyed by FactSet had estimated adjusted earnings of 71 cents a share on revenue of $1.77 billion. "Our disappointing financial results are driven by slower than expected new program ramps and an unfavorable program mix," said Chief Executive Bob Eulau. "Our GAAP financial results were mainly impacted by the non-cash charge to our deferred tax assets that resulted from the enactment of the Tax Cuts and Jobs Act. We are right-sizing our fixed cost structure and we remain confident that our pipeline is strong and our second half of fiscal 2018 will be stronger than our first half as we continue to execute on our strategy." Said it expects fiscal second-quarter profits of 40 cents to 50 cents a share on sales of $1.6 billion to $1.7 billion. Analysts modeled adjusted earnings of 70 cents on sales of $1.73 billion. Sanmina stock has gained less than 1% in the last 12 months, as the S&P 500 index rose 24%.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.
REFILE-ADT's IPO likely to fall short on price
NEW YORK, Jan 18 (IFR) - Home security company ADT was
headed Thursday for a somewhat disappointing IPO likely to fall
roughly 20% short of the US$2.1bn sum it hoped to raise from
Facebook introduces WhatsApp app for businesses in push to expand messaging
Facebook Inc. shares are up 0.6% in Thursday morning trading after its WhatsApp segment said it would roll out a new messaging app for small businesses. WhatsApp said in a blog post that the new app would "make it easier for companies to connect with customers, and more convenient for our 1.3 billion users to chat with businesses that matter to them." The platform will enable customers to view basic information about small businesses within WhatsApp and let merchants devise "quick replies" to answer basic questions. WhatsApp said in July that it had a billion daily active users and 1.3 billion monthly active users. Facebook shares have gained 40% over the past 12 months, compared with a 23% rise for the S&P 500 in that time. 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.
Countrywide slumps 17% after "disappointing" Q4 performance
Shares of Countrywide PLC tanked 17% on Thursday after the real estate agent said 2017 profit is expected to have fallen by 9%. In a trading update before the company releases its full-year report in March, Countrywide said total profit is forecast to come in at £672 million, compared with £737 million a year ago. Profit in the sales and lettings business is expected to be £360 million, down 14% from 2016, reflecting a "a disappointing fourth quarter performance," Countrywide said. 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.
A10 Networks shares drop as revenue forecast cut
A10 Networks Inc. shares dropped in the extended session Tuesday after the network software company cut its revenue outlook for the quarter. A10 shares dropped 17% to $6.05 after hours. The company forecast fourth-quarter revenue of $55.5 million to $56 million, down from its prior forecast range of $64 million to $67 million. A10 expects earnings of 5 cents to 6 cents a share, compared with a previous estimated range of 1 cents to 7 cents a share. Analysts surveyed by FactSet had estimated earnings of 3 cents a share on revenue of $65.1 million. "We are disappointed with our revenue results for the quarter, which were below our guidance primarily due to a shortfall in North America sales as we experienced lower than expected seasonal demand trends in the region," said Lee Chen, A10 president and chief executive, in a statement.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.
Trump told Xi U.S.'s trade deficit with China is unsustainable: White House
President Donald Trump told President Xi Jinping of China that the U.S.'s trade deficit with Beijing is "not sustainable," the White House said in a readout of the leaders' call. The two spoke on Monday and Trump told Xi he was disappointed "that the United States' trade deficit with China has continued to grow." 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.
Axovant's stock tumbles toward record low after disappointing drug trial results
Shares of Axovant Sciences Ltd. plunged 46% toward a record low in premarket trade Monday, after the biopharmaceutical company said it would discontinue its intepirdine program for the treatment of dementia after it failed to meet its primary efficacy endpoints in a phase 2 trials. "Based on the totality of intepirdine data to date, there is no evidence to support its further development," said Chief Executive David Hung. "We are incredibly disappointed and saddened for the millions of people living with these difficult conditions, and are deeply grateful to the patients, caregivers and investigators who participated in our trials." Separately, the company said its investigational drug nelotanserin met its primary safety endpoing in a phase 2 visual hallucination study. The stock has tumbled 24% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF has lost 3.2% and the S&P 500 has gained 7.6%.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.
Debenhams warns on profit after disappointing Christmas sales
Debenhams PLC has warned on profit after reporting a disappointing start to its post-Christmas sale. In its Christmas trading update released Thursday, the department store chain said like-for-like sales dropped 1.8% in the 17 weeks ended Dec. 30. Sales in the six-week Christmas period were 1.2% higher, but the company had made price cuts to help spur growth after the early weeks of the quarter were disappointing. "However, the first week of post-Christmas sale was below expectations despite further markdown investment, particularly in the highly seasonal gift category," Debenhams said in a statement. The retailer said that if the "competitive and volatile environment" continues, full-year 2018 profit is now likely to be in the range of £55 million ($74.6 million) to £65 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.
MoneyGram, Alibaba unit merger killed off
MoneyGram International Inc. shares fell more than 8% late Tuesday after the Texas-based money transfer company and Ant Financial Services group, an affiliate of China-based Alibaba Group Holding Ltd. , said they have agreed to end their merger agreement after months of wrangling with the U.S. government. The companies couldn't obtain approval from the Committee on Foreign Investment, MoneyGram said in a statement. They plan to work together "on new strategic initiatives" around remittances and digital payments in Asian markets after the deal didn't materialize, they said. "Despite our best efforts to work cooperatively with the U.S. government, it has now become clear that CFIUS will not approve this merger. We are disappointed in the termination of this compelling transaction, which would have created significant value for our stakeholders," MoneyGram Chief Executive Alex Holmes said in the statement. Ant Financial in April upped the deal to buy MoneyGram to $18 a share, after a competitor came in with an unsolicited offer in the increasingly politicized takeover battle. The potential deal was first announced in January 2016. American depositary shares of Alibaba were flat late Tuesday, after ending the regular session up 6.5%. MoneyGram stock ended Tuesday's trading 1% higher.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.
Tesla shares dip as KeyBanc lowers estimates for fourth-quarter Model 3 deliveries
KeyBanc analysts on Wednesday lowered their fourth-quarter estimates for Tesla Inc.'s Model 3 deliveries, saying they expect the electric car maker to announce delivery of about 5,000 Model 3s sometime early next week. "While it is likely to be a few quarters before the company's true Model 3 gross margin judgment day arrives, we remain sector weight as we think the M3 margin ramp will disappoint and investors will have to acknowledge no S/X growth at some point, which is not reflected in the shares," analysts Brad Erickson and Elliot Arnson wrote in a note. The analysts said their channel checks, based on conversations with salespeople at 18 Tesla stores around the U.S., peg Model 3 deliveries at about 5,000, below their previous estimate of 15,000. "We talked to stores in California doing as many as a dozen per week with around 10 being the average, and we estimate stores outside of California were doing something closer to half a dozen per week," said the note. "We also spoke with Tesla salespeople regarding the Model S/X and believe S/X deliveries for the quarter are tracking generally in line with management's expectation that 2H deliveries would be ahead of 1H deliveries of approximately 47,000 cars." They acknowledged that the shortfall is unlikely to faze investors, who are more focused on the car being produced without defects and that consumer response is favorable. Tesla shares were slightly lower premarket, but have gained 48% in 2017, while the S&P 500 has gained about 20%. 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.
Uber names new COO
Uber Technologies Inc.'s long search for a chief operating officer has come to an end. Barney Harford, the former CEO of Orbitz, will take on the Uber COO job, he said on Twitter Wednesday. Harford worked at Expedia with Uber's new CEO, Dara Khosrowshahi, after Expedia Inc. acquired Orbitz in 2015. He has been working as a senior advisor at Uber since October, according to Bloomberg. Uber is trying to change up its corporate culture after a series of scandals. Founder Travis Kalanick was ousted from the CEO job earlier this year. Uber was dealt a disappointing blow earlier Wednesday after European regulators deemed the company a transit service, which could open the firm up to more regulations. 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.
Merck's Keytruda Misses Primary End Point for Gastric Cancer
Merck MRK announced disappointing results from a pivotal phase III KEYNOTE 061 study evaluating its anti PD 1 therapy Keytruda pembrolizumab as a second line treatment for patients with advanced gastric or gastroesophageal junction GEJ adenocarcinoma Notably Keytruda is
Forget Fed, Special Dividends Pouring in from REITs
Investors in the REIT space need not be disappointed by the FOMC meeting outcome and rate hike moves This is because a number of REITs like Host Hotels amp Resorts HST Piedmont Office Realty Trust PDM and Weingarten Realty Investors WRI have announced their special dividends which
BRIEF-Chesapeake Utilities Says Unit Filed With FERC Uncontested Settlement Agreement
* CHESAPEAKE UTILITIES - UNIT FILED WITH FEDERAL ENERGY
COMMISSION UNCONTESTED SETTLEMENT AGREEMENT ASSOCIATED WITH
CURRENT RATE CASE PROCEEDING
Tintri shares drop as revenue, outlook disappoints; 'strategic options' raised
Tintri Inc. shares fell in the extended session Wednesday after the flash-storage company disappointed on quarterly revenue and its outlook. The company also said it was exploring "strategic options" in only its second quarterly report as a public company. Tintri shares fell 9% to $4.99 after hours. The company reported a third-quarter loss of $37.9 million, or $1.21 a share, compared with a loss of $23.8 million, or $6.87 a share, in the year-ago period. The adjusted loss was 79 cents a share. Revenue fell to $31.8 million from $33.9 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 79 cents a share on revenue of $36.6 million. "The company was impacted by delayed and reduced purchases by some accounts, but some of the delayed transactions closed in November," said Ken Klein, Tintri chairman and chief executive, in a statement. For the fourth quarter, Tintri estimates an adjusted loss of 83 cents to 79 cents a share on revenue of $25 million to $27 million. Analysts had forecast a loss of 68 cents a share on revenue of $42.9 million. Shares of Tintri debuted at the beginning of July at $7 a share, the low end of an already reduced range.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.
Dollar drops as Fed raises rates, leaving 2018 forecast unchanged
The U.S. dollar dropped against its major rivals after the Federal Reserve hiked interest rates by 25 basis points on Wednesday and left its forecast for future rate hikes and inflation unchanged. A news conference, which will be the last of current chairwoman Janet Yellen before she hands over the reins to Jerome Powell, will follow at 2.30 p.m. Eastern. The rate hike had been much anticipated by traders and was priced almost entirely into Fed funds futures, which put more weight on the central bank's forward guidance. But traders were looking for clues for 2018 policy were disappointed. The greenback briefly fell to new session lows, with the ICE U.S. Dollar Index slipping by 0.5% at 93.635, while the euro , the buck's main rival, rose 0.5% to $1.1798.
Follow live: Fed decision and Janet Yellen press conferenceMarket Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
'Swiss-made' label lacks precision for watch industry
If you buy a "Swiss-made" watch thinking it's almost entirely produced in Switzerland, you might be mistaken. The manufacture of components including dials, sapphire glass and cases is flourishing in China, Thailand and Mauritius and many of these end up in watches designated as "Swiss-made".
Google pulls YouTube from Amazon streaming devices
Alphabet Inc. is pulling YouTube from the Amazon.com Inc. Echo Show and Fire TV streaming devices, the company said Tuesday. Alphabet class A stock and Amazon stock are flat after hours. A Google spokesman said in an emailed statement that the company has been trying to reach a reciprocal agreement with Amazon for products and services but has not done so. As a result, and because Amazon does not carry Google devices such as Google Home, Chromecast, or Nest devices, it has pulled YouTube from the Amazon devices. "Given this lack of reciprocity, we are no longer supporting YouTube on Echo Show and Fire TV," the spokesman said. "We hope we can reach an agreement to resolve these issues soon." For its part, Amazon, through a spokeswoman, said that Alphabet's Google unit is "setting a disappointing precedent by selectively blocking customer access to an open website. We hope to resolve this with Google as soon as possible." Amazon also said that now both the Echo Show and Fire TV both display a "standard web view" of YouTube.com. Alphabet class A stock is up 29% this year, as Amazon shares have risen 52%. The S&P 500 index has gained 18% this 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.
GE to cut 4,500 power business jobs in Europe: report
General Electric Co. plans to cut thousands of jobs from its power equipment making business in Europe, according to a French news report late Tuesday. GE presented a plan to the European Works Council that would cut 4,500 jobs from the power equipment business acquired from Alstom SA in 2015, according to Les Echos. GE issued plans to cut 6,500 jobs from the former Alstom units at the beginning of 2016. GE shares rose less than 0.1% to $17.77 after hours. Shares have fallen more than 28% over the past three months following major restructuring efforts from new Chief Executive John Flannery and are down nearly 44% for the year. In October, Flannery expressed his disappointment in GE's power business and how it was run.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.
Russia banned from 2018 Winter Olympics for doping: International Olympic Committee
The International Olympic Committee said Tuesday it is banning Russia from the 2018 Winter Olympics in PyeongChang, South Korea, after uncovering a long history of doping. The IOC said no Russian officials will be accredited for the event, including the minister for sport and his deputy, and individual athletes will only be allowed under strict conditions wearing a neutral uniform under the Olympic flag. The decision comes after a report confirmed "the systematic manipulation of the anti-doping rules and system in Russia, through the Disappearing Positive Methodology and during the Olympic Winter Games Sochi 2014, as well as the various levels of administrative, legal and contractual responsibility, resulting from the failure to respect the respective obligations of the various entities involved," said the IOC statement. The Russian Olympic Committee has been suspended with immediate effect, it said. 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.
Facebook unveils new Instagram features with ability to save Stories
Facebook Inc. came out with new Instagram features on Tuesday, a day after announcing a messaging service for kids. The social-networking giant announced that users of Instagram Stories will now have their posts automatically saved to a private archive after 24 hours. Previously, messages posted to Stories disappeared forever after a day. Users will also be able to pin "Stories" content to the top of their profiles for an extended period of time, through a new feature called Stories Highlights. Facebook is looking for new ways to compete with Snap Inc.'s Snapchat. Shares of Facebook are up 1.5% in Tuesday afternoon trading, compared with a 0.1% gain for the S&P 500 Index .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.
Ascena Retail Group stock plunges more than 16% after earnings
Ascena Retail Group Inc. shares dropped more than 16% Monday afternoon after the parent company of stores such as Dress Barn and Lane Bryant reported quarterly financial results that it said were hit by "fashion missteps." The company reported net income of $6.6 million, or 3 cents a share, on net sales of $1.59 billion, down from $1.68 billion a year ago. After adjustments for restructuring costs and other effects, Ascena claimed earnings of 11 cents a share, down from 18 cents a share in the year-ago period. Analysts on average expected adjusted earnings of 11 cents a share on net sales of $1.59 billion, according to FactSet. In the news release, Chief Executive David Jaffe admitted that the results amounted to a "disappointing quarter." "We were unable to capitalize on the improving macro traffic environment due to fashion missteps that we cannot afford in today's environment," he said in a prepared statement. Ascena stock dropped lower than $2.20 a share in after-hours trading, after closing at $2.61.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.
Ulta Beauty shares dinged by shrinking margins but analysts remain upbeat
Wolfe Research recommends taking advantage of the weakness. Ulta Beauty Inc. (ULTA) shares slid 6% Friday, after the specialty cosmetics retailer posted a mixed performance for its third quarter, beating profit estimates but disappointing with shrinking margins. Sales rose almost 20% from the year-earlier period, and same-store sales were up 10%.
BlackBerry 'disappointed' about ICC court ruling in Nokia dispute
BlackBerry Ltd. said Friday the International Chamber of Commerce's court of arbitration ruled against it in its contract dispute with Nokia Corp. . The dispute related to whether certain payments that Nokia alleged were owed to Nokia under a patent license contract between the companies. BlackBerry said the ICC's arbitration panel awarded Nokia $137 million, which it will record as a one-time charge to earnings. "BlackBerry is disappointed that the Court of Arbitration did not agree with our arguments in the case but we accept their decision," the cybersecurity software and handheld device maker said in a statement. BlackBerry said it would continue to pursue patent infringement claims against Nokia in suits filed in both Germany and the U.S. The stock was up 0.6% in morning trade. It has rallied 18% over the past three months, while Nokia shares have tumbled 20% and the S&P 500 has gained 6.9%.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.
Stitch Fix closes at record high, following disappointing IPO
After a disappointing initial public offering last week, Stitch Fix Inc. closed at a record high Wednesday. Investors fueled gains ahead of the Thanksgiving holiday and sent the online clothing retailer's shares up 9.8% to $17.35. The stock closed at $15.15 its first day trading Nov. 17, just above the $15 that it debuted at. The stock reached its intraday record of $18.53 Nov. 17. Despite the lackluster IPO, several analysts MarketWatch spoke with last week said that the underlying business is quite interesting. The S&P 500 index has gained 16% this 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.
GE stock gains; CEO Flannery bought over $1 million worth of stock this week
General Electric Co.'s stock gained 0.4% in morning trade Friday, as the industrial conglomerate gave investors some good news to end a bad week. GE disclosed Friday that Chief Executive John Flannery bought 60,000 GE shares on Nov. 15 at a price of $18.27, implying a cost of $1,096,200. That was the day after the stock had plunged 12.6% in two sessions in reaction to Flannery's long-awaited, but disappointing, turnaround plan unveiled on Monday. On Nov. 15, the stock traded in a range of $17.50 to $18.38. Flannery's purchase lifted his stake to 683,026 shares, including what is in his 401K account, which is about 0.01% of the shares outstanding. GE's stock has dropped 10.5% this week, just the second weekly double-digit-percentage decline in the past 7 1/2 years. The other was the 12.8% tumble the week ending Oct. 27, following third-quarter results. GE shares have shed 26% over the past three months, while the Dow Jones Industrial Average has rallied 7.5%.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.
U.S. stocks close lower as tax reform uncertainties weigh; GE extends losses
U.S. stocks retreated Tuesday, with all three main indexes closing lower, as uncertainties over whether the Trump administration will be able to deliver sweeping tax reforms weighed on investors' confidence. Analysts had largely credited anticipation over imminent corporate tax cuts for fueling much of the market's record-setting rally this year. Shares of General Electric Co. also extended losses, slumping 5.9%, in the wake of disappointment over the company's restructuring plan that included slashing dividends. The S&P 500 fell 5 points, or 0.2%, to close at 2,578 while the Dow Jones Industrial Average shed 30 points, or 0.1%, to end at 23,409. The Nasdaq Composite Index slid 19 points, or 0.3%, to close at 6,737.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.
Switch shares slide 5% premarket after guidance disappointed investors
Shares of data-center company Switch Inc. fell 5% in premarket trade Tuesday, extending late-session losses from Monday that came after its first quarterly earnings report since going public. Wells Fargo analyst Jennifer Fritzsche said it was a solid quarter, but investors may have been disappointed that the midpoint of its first revenue guidance implies a 0.7% sequential decline in fourth-quarter revenue. "We believe SWCH is being conservative in guidance and would anticipate the company to be toward the high-end of its revenue guidance targets," Fritzsche wrote in a note. "Our struggle with the name continues to be valuation driven." Switch stock is currently trading at about a 4 times premium to the average of data center REITs, she said. Wells Fargo has a market perform rating on the stock. J.P. Morgan analysts agreed that guidance was conservative, and said it was reiterating its overweight rating and $22 stock price target. The stock has gained 18% since going public at $17 and is up about 5% in the last month. The S&P 500 has gained 0.4% in the last month. 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.
BRIEF-SAP SE says blockchain initiative expands to 27 members
* Says joins Alastria Consortium and BiTA blockchain
Source text for Eikon:
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Trump's surprise visit to Korean DMZ canceled due to poor weather
A surprise visit by President Donald Trump to the Korean demilitarized zone was called off Wednesday due to bad weather. According to the Associated Press, Trump's helicopter was almost at the DMZ when fog and poor visibility forced the trip to be aborted, and Trump returned to Seoul. White House press secretary Sarah Huckabee Sanders said Trump was disappointed. "I think he's pretty frustrated," she told reporters. The trip to the heavily fortified border with North Korea had not been announced, and in fact, last week the White House explicitly said he would not visit the DMZ. "It's becoming a little bit of a cliché, frankly," one White House official said. Trump is visiting South Korea as part of a 10-day Asian tour, and is scheduled to speak to South Korea's National Assembly later in the day.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.
Saratoga Investment CorpSAQ
Saratoga Investment CorpSAR
SCIENCE APPLICATIONS INTERNATIONAL CORPORATIONSAIC
Scorpio Bulkers Inc.SALT