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  • 11/13/2017 05:46:59

    Tyson shares rise after earnings and sales beat

    Tyson Foods Inc. shares rose 3.9% in Monday premarket trading after the company reported fourth-quarter earnings and sales beat estimates. Net income totaled $394.0 million, or $1.07 per share, up from $391.0 million, or $1.03 per share, for the same period last year. Adjusted EPS was $1.43, beating the $1.35 FactSet consensus. Revenue was $10.1 billion, up from $9.2 billion last year and beating the $9.9 billion FactSet estimate. Tyson brands include Jimmy Dean, Hillshire Farm, Ball Park and its namesake. The company began to divest itself of non-protein businesses during the quarter, part of an effort to focus on protein brands. And the company is integrating AdvancePierre Foods, a recent acquisition, that will provide manufacturing capabilities for sandwiches and prepared foods and increase Tyson's presence at convenience stores, according to a statement from Chief Executive Tom Hayes. The company expects $200 million in savings in fiscal 2018, fiscal year capital expenditures of $1.4 billion, and doesn't plan to repurchase shares until it a net debt of around twice EBITDA (earnings before interest, taxes, depreciation and amortization). Tyson shares are up 13.1% for the last three months, and up 20.2% for the year so far. The S&P 500 index is up 15.3% for 2017 to date.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.

  • 10/26/2017 12:10:29

    Stein Mart to cut 10% of its corporate office workforce

    Shares of Stein Mart Inc. slipped 0.4% in afternoon trade Thursday, after the Florida-based discount department store chain it would cut its corporate office workforce by 10%, as part of ongoing cost cutting efforts. The company expects to cuts to save about $10 million in 2018. The job cuts are in addition to previously-announced cost-cutting measures, such as the suspension of the dividend announced in May, lowering inventories by 15% and cutting capital expenditures by $22 million. "While we believe our sales-driving strategies are now taking hold, we are still in a very challenging retail environment," said Chief Executive Hunt Hawkins. The stock has plunged 78.4% year to date, while the SPDR S&P Retail ETF has slipped 7.2% and the S&P 500 has gained 14.5%. 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.

  • 10/16/2017 09:17:52

    Sears' stock tumbles after CIO of large shareholder steps down from board

    Shares of Sears Holdings Corp. plunged 12% in active morning trade Monday, putting it on track to close at an 8-month low. The struggling department store chain said that Bruce Berkowitz, chief investment officer of investment advisor Fairholme Capital Management LLC, was stepping down from its board of directors at the end of the month. Fairholme Capital controlled 28.9 million Sears shares as of June 30, which would make it the second-largest shareholder with 26.9% of the shares outstanding. The stock has now erased virtually all the gains it has made since it announced a $1 billion restructuring in early February. The stock has now lost 26% over the past three months, while the SPDR S&P Retail ETF has lost 0.4% and the S&P 500 has gained 3.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 10/11/2017 15:44:53

    AT&T warns of lower Q3 revenue, profit on hurricanes, Mexican earthquakes

    AT&T Inc. late Wednesday warned investors to expect lower third-quarter revenue and profit after several "devastating hurricanes, as well as earthquakes in Mexico, significantly impacted certain regions of our service area during the third quarter," the company said in a filing. Damage to the company's network and other property, costs to restore services, and revenue declines from waived charges will decrease third-quarter revenue nearly $90 million, and pre-tax earnings about $210 million, or 2 cents a share, AT&T said. "We expect further reductions in the fourth quarter as we continue to assess damage to our network and fully restore service," it said. The company reiterated its full-year 2017 guidance of mid-single-digit adjusted earnings growth, adjusted consolidated operating margin expansion, capital expenditures in the $22 billion range, and free cash flow at the low end of the $18 billion range. The company also said it expects to report a net decline in total video subscribers, thanks to "heightened competition in traditional pay TV markets and over-the-top services, hurricanes and our stricter credit standards." Shares of AT&T fell 0.2% after hours, and ended the regular session down 0.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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