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S&P 500 and Nasdaq break above closing records for first time in months as stock market climbs

2 hours ago

The S&P 500 index and the Nasdaq Composite on Tuesday hit record territory, last hit in in the fall and late summer, as a rebound in the health-care and gains in the consumer-discretionary sectors brought the benchmarks to the brink of all-time highs. At last check, the S&P 500 index was up 0.9%, or 27 points, at 2,935, above its closing high at 2,930.75 put in on Sept. 20. The health-care sector, as reflected in the Health Care Select Sector SPDR ETF , was up 1% late-morning Tuesday. Consumer-discretionary shares, as gauged by the Consumer Discretionary Select Sector SPDR ETF climbed 0.8%. The Nasdaq Composite Index was up 1.3% at 8,118, above its Aug. 29 all-time closing high at 8,109.69, according to FactSet data. Meanwhile, the Dow Jones Industrial Average was up 0.7% at 26,690, just off its Oct. 3 record at 26,828.39. The three main benchmarks have mounted a steady ascent since putting in their lows on Dec. 24.

Lyft stock rated a buy at PiperJaffray

3 hours ago

Analysts at PiperJaffray on Tuesday started coverage of Lyft Inc. shares at their equivalent of buy, saying they see Lyft as both "a driver and beneficiary of the growth of ridesharing and autonomous tech over the next 10+ years." Lyft may not be the right fit for all investors, given that it is unprofitable, "but for those with a long-term view, and patience, we recommend owning shares at these levels," the analysts said. PiperJaffray's $78 price target on Lyft represents a 27% upside over Tuesday share prices. Lyft has garneredother positive Wall Street takes this week although it is trading below its initial public offering price of $72 a share.

Walgreens to require customers be 21 years old to buy tobacco products

3 hours ago

Walgreens Boots Alliance Inc. said Tuesday it will begin requiring customers to be at least 21 years old to buy tobacco products in all of its stores, starting Sept. 1. The move comes after Senate Majority Leader Mitch McConnell (Repub-Ky.) said earlier this month he will introduce legislation to raise the age to buy tobacco and vaping products to 21 from 18, although members of the military would be exempted. "We've seen positive results from other recent efforts to strengthen our policies related to tobacco sales, and believe this next step can be even more impactful to reduce its use among teens and young adults," said Richard Ashworth, Walgreens president of operations. Walgreens stock fell 0.9% in morning trade. It has tumbled 21.5% year to date, while the Dow Jones Industrial Average has gained 14.1%.

Pepsi adding three fruit flavors to cola lineup

4 hours ago

PepsiCo Inc. unveiled three new flavors for spring: Pepsi Berry, Pepsi Lime, and Pepsi Mango. Each is made with "real fruit juice," the company said. The flavors will be available until June 14. Thereafter, the flavors will be in eight packs at Walmart Inc. and Target Corp. Pepsi is already available in Wild Cherry and Vanilla. Pepsi shares have gained about 15% in 2019 while the S&P 500 index is up 16.5% for the year to date.

Hasbro shares soar after revenue rises in the wake of Toys 'R' Us liquidation

4 hours ago

Hasbro Inc. shares soared 16% in Tuesday trading after the toy company reported a revenue rise despite continued grappling with the Toys 'R' Us liquidation. Chief Executive Brian Goldner said on the earnings call that Magic: The Gathering, Play-Doh, Transformers and Monopoly showed gains. "Point-of-sale comparisons will remain challenged through the first half of the year as Toys 'R' Us moved into liquidation in the U.S.," Goldner said, according to a FactSet transcript. "Absent Toys 'R' Us, global point of sale for the quarter was down approximately 10% and in line with our expectations." MKM Partners analysts called the results a "solid beat" in the year's smallest quarter, and are bullish about upcoming items. "We were pleased to see revenue grow in the quarter, especially since last year's result included about $36 million of shipments to Toys 'R' Us and benefited from an early Easter," analysts said. MKM rates Hasbro shares buy with a $102 price target. Goldner said Nerf has a lineup prepped for the year that will cross price points and include digital components, including Nerf Fortnite, which launched in February. Hasbro competitor Mattel Inc. recently recalled the Fisher-Price Rock 'N'Play, which has been tied to a number of infant deaths. The recall could cost the company up to $60 million. Mattel is scheduled to announce first-quarter earnings on Thursday after the closing bell. Hasbro stock has gained 25.6% in 2019 to date while the S&P 500 index is up 16.4% for the period.

Kohl's will accept Amazon returns at all its stores, stock soars

5 hours ago

Kohl's Corp. stock soared 7.7% in Tuesday trading after the retailer announced that it would now accept Amazon.com Inc. returns at all its stores. Kohl's first announced that it would pilot the returns program in September 2017, operating in 100 stores in Los Angeles, Chicago and Milwaukee. Now customers will be able to return Amazon merchandise to all 1,150 Kohl's locations. Kohl's is also carrying Amazon products in more than 200 stores. Convenient returns have become a focus for a number of companies and retailers, including Walgreens Boots Alliance Inc. , which is working with Narvar to accept returns at its locations. Kohl's stock has rallied 9.5% in 2019, while the S&P 500 index is up 16.2% for the period.

Stocks open modestly higher as Dow earnings stay in focus

5 hours ago

Stocks rose slightly at the opening bell on Tuesday as investors sift through a raft of corporate earnings from blue-chip firms, including four Dow constituents. The S&P 500 was up less than 0.1% to 2,910. The Dow Jones Industrial Average advanced 16 points, or or less than 0.1%, to 26,527. The Nasdaq Composite was up more than 0.1% to 8,027. Investors will closely watch if the first-quarter's corporate results will lift equities back to record highs. The S&P 500 remains less than 1% away from its all-time closing high. Shares of Coca-Cola Co. rose 1.5% in pre-market trading after it beat analysts' revenue and earnings expectations.

Netflix to issue $2 billion worth of debt, shares slip

5 hours ago

Netflix Inc. said Tuesday it plans to offer $2 billion in U.S. dollar and euro denominated senior unsecured debt. The stock fell 0.6% in premarket trade. The interest rate, maturities and provisions have not yet been determined. The streaming video giant plans to use the proceeds from the debt offering for general corporate purposes, including content acquisitions, production and development and potential acquisitions. The stock has soared 41% year to date through Monday, while the S&P 500 has gained 16%.

PulteGroup's stock surges toward 9-month high after earnings and revenue beats

6 hours ago

Shares of PulteGroup Inc. shot up 3.9% toward a 9-month high in premarket trade Tuesday, after the home builder reported a first-quarter profit and revenue that beat expectations. Net income was $166.8 million, or 59 cents a share, compared with $170.8 million, or 59 cents a share, in the same period a year ago, beating the FactSet EPS consensus of 47 cents. Revenue increased 1.4% to $2.00 billion, above the FactSet consensus of $1.93 billion, as a 2% increase in home sale revenue to $1.9 billion was driven by a 2% increase in average selling price to $421,000. New orders totaled 6,463 homes valued at $2.7 billion, down from 6,875 homes valued at $2.9 billion a year ago. "Helped by the recent decline in mortgage rates, homebuyers have been steadily returning to the market after a period of slowing demand that began in the second half of 2018," said Chief Executive Ryan Marshall. The stock, on track to open at the highest level seen during regular-session hours since July 19, 2018, has run up 16.3% year to date, while the iShares U.S. Home Construction ETF has rallied 26.3% and the S&P 500 has gained 16.0%.

Hormel shares fall after J.P. Morgan downgrade on rising hog prices

6 hours ago

Hormel Foods Corp. stock fell 4% in Tuesday premarket trading after the company was downgraded to underweight from neutral at J.P. Morgan due to rising hog prices. J.P. Morgan cut its price target to $36 from $40. "Hormel is heavily reliant upon pork as an input for its products (17%+ of total cost of goods sold by our estimate), and we do not think the company will be able to fully offset these cost increases through pricing," analysts wrote. Hormel products include Black Label Bacon, Real Bacon Toppings and Spam. In addition to hog prices, Jennie-O has lost more than 10% of its distribution thanks to a salmonella-related recall, and prices of Skippy peanut butter will likely come down after J.M. Smucker Co. lowered the price of Jif. Hormel stock is down 5.3% for the year to date while the the S&P 500 index is up 16%.

HCA stock upgraded to outperform from market perform by Raymond James

6 hours ago

Shares of HCA Healthcare Inc. were up 1.4% in premarket trade Tuesday after being upgraded to outperform from market perform by Raymond James. The firm also set a target price of $135 on the stock, which is currently trading at $115. "The sell-off is based on legislation that has almost no chance of passing," analysts wrote in a note to clients, referring to the recent decline in HCA shares, whose 8% fall in the year to date has been attributed by analysts to investor jitters around U.S. Sen. Bernie Sanders' proposal of a single-payer health system. Analysts at Raymond James think the stock will recover, saying: "Medicare for all, in our opinion, has less than a 1% chance of passing." Health-care stocks have declined overall in recent weeks -- the Health Care Select Sector SPDR Fund has fallen 0.6% in the year to date, while the S&P 500 has gained 16%.

Dow's earnings reporters would give a 34-point boost to Dow's price

6 hours ago

Earnings reports are giving a healthy boost to the Dow Jones Industrial Average , as the premarket share price moves in components that reported first-quarter results were adding a combined net of about 34 points to the Dow's price. And Dow futures were up 74 points ahead of the open. Shares of Procter & Gamble Co. fell 1%, with the implied price decline shaving about 7 points off the Dow; Coca-Cola Co. rallied 3.1%, and would add about 10 points to the Dow; United Technologies Corp. climbed 3.4% and would add about 31 points to the Dow; and Verizon Communications Inc. was little changed, and would virtually no affect on the Dow.

Sherwin-Williams shares fall as earnings fall short of estimates

6 hours ago

Shares of paint maker Sherwin-Williams Co. fell 2.6% in premarket trade Tuesday, after the company's first-quarter earnings fell short of estimates. The company said it had net income of $245.2 millin, or $2.62 a share, down from $250.1 million, or $2.62 a share, in the year-earlier period. Adjusted per-share earnings, excluding acquisition-related costs and pension settlement costs, came to $3.60, below the $3.66 FactSet consensus. Sales rose to $4.04 billion from $3.97 billion, also below the FactSet consensus of $4.09 billion. "We made good progress on our pricing initiatives across all segments during the quarter and effectively managed SG&A spending, but volumes fell short of expectations due to a slower start to the architectural painting season in North America and continued challenging conditions in many end markets outside North America," Chief Executive John Morikis said in a statement. The company is expecting volume growth to improve in the second half, particularly in the back half of the year, he said. For the second quarter, the company is expecting sales to grow 2% to 5%. "As a reminder, second quarter revenue comparisons to 2018 in The Americas Group and the Performance Coatings Group are the most challenging of the year, and Consumer Brands Group faces comparisons to early load in volume from the Lowes program and the divested Guardsman business," said Morikis. For the full year, the company expects sales to grow 4% to 7%. It expects full-year EPS of $16.93 to $17.39 and adjusted EPS of $20.40 to $21.40. The FactSet consensus is for EPS of 21.09. Shares have gained 16.6% in the last 12 months, while the S&P 500 has gained 8.9%.

Amazon Key for Garage now available

6 hours ago

Prime customers who want to get deliveries to their garage can now use Amazon.com Inc.'s Key for Garage, available today. Customers with myQ-connected technology can link their account with Amazon, or customers can purchase a Key Smart Garage Kit. With the addition of the Amazon Cloud Cam, users can see into their garage remotely. Key by Amazon delivery service is available in 50 U.S. cities. Amazon, which will announce earnings on Thursday, has seen its shares rally 25.7% for the year to date while the S&P 500 index is up 16% for the period.

Roku stock gains after Susquehanna starts coverage with bullish rating

6 hours ago

Shares of Roku Inc. were up 2.2% in premarket trading Tuesday after Susquehanna analyst Shyam Patil began coverage of the stock with a positive rating and $80 target price. Roku's operating system "is purpose built for low-cost TV hardware, while its competitors have largely repurposed operating systems from phones and tablets, and this matters as TV profit margins are razor thin and the hardware in TVs is not nearly as sophisticated as mobile devices," he wrote. "Second, Roku is unbiased with the content it allows on its platform, and this is important as the apps from the top 4 players all have at least ~30% reach of total over-the-top households." He sees the connected-TV ad market inflecting and called Roku one of the top ways to play this trend. "In all, we see Roku as a 30%+ top-line grower with upside potential and a clear path to sustainable profitability," Patil wrote. Roku's stock has gained 90% so far this year, as the S&P 500 has risen 16%.

Verizon's stock rallies after profit beat, raised guidance

7 hours ago

Shares of Verizon Communications Inc. rallied 1.1% in premarket trade Tuesday, after the wireless, internet and TV services provider beat first-quarter profit expectations, while revenue was in line, and raised its outlook. Net income rose to $5.16 billion, or $1.22 a share, from $4.67 billion, or $1.11 a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS rose to $1.20 from $1.17, beating the FactSet consensus of $1.17. Revenue grew 1.1% to $32.13 billion, compared with the FactSet consensus of $32.15 billion. Total wireless revenue rose 3.7% to $22.7 billion, above the FactSet consensus of $22.5 billion, while wireline revenue fell 3.9% to $7.3 billion, matching expectations of $7.3 billion. Wireless retail postpaid net additions totaled 61,000, consisting of net losses of 44,000 phones and 156,000 tablets, and net additions of 261,000 other connected devices, primarily wearables. Postpaid smartphone net additions were 174,000. The company raised it guidance for 2019 adjusted EPS to show "low single-digit percentage growth" versus previous guidance that it would be "similar" to 2018. The stock has gained 3.8% year to date through Monday, while the SPDR Communications Services Select Sector ETF has run up 19.6% and the Dow Jones Industrial Average has hiked up 13.7%.

Lockheed Martin shares rally as earnings top estimates, company raises guidance

7 hours ago

Lockheed Martin Corp. shares rose 4.8% in premarket trade Tuesday, after the aerospace and defense giant blew past estimates for the first quarter and raised its full-year guidance. The company said it had net income of $1.704 billion, or $5.99 a share, in the quarter, up from $1.310 billion, or $4.02 a share, in the year-earlier period. Sales rose to $14.336 billion from $11.635 billion. The FactSet consensus was for EPS of $4.34 and sales of $12.580 billion. Sales rose at all of the company's divisions, including aeronautics, missiles and fire control, rotary and missions systems and space. The company raised its outlook for the full year and now expects sales to range from $56.750 billion to $58.250 billion, up from a prior range of $55.750 billion to $57.250 billion. It expects EPS of $20.05 to $20.35, up from a prior range of $19.15 to $19.45. Shares have fallen 12.1% in the last 12 months, while the S&P 500 has gained 8.9%.

JetBlue's stock jumps after profit beats expectations, revenue rises in line

7 hours ago

Shares of JetBlue Airways Corp. rallied 2.5% in premarket trade Tuesday, after the air carrier reported first-quarter earnings that beat expectations and revenue that matched, while load factor fell shy. Net income fell to $42 million, or 14 cents a share, from $90 million, or 28 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS was 16 cents, above the FactSet consensus of 12 cents. Revenue grew 6.7% to $1.87 billion, in line with the FactSet consensus. Revenue per available seat mile (RASM) fell 3.1%. The FactSet revenue consensus was $1.87 billion. Load factor fell to 82.5% from 84.6%, below the FactSet consensus of 82.9%. For the second quarter, JetBlue expects RASM growth of 1.0% to 4.0% and capacity to increase 4.5% to 6.5%. The stock has gained 4.8% year to date through Monday, while the NYSE Arca Airline Index [s; xx:xal] ahs climbed 12.6% and the S&P 500 has advanced 16.0%.

Murphy Oil to acquire Gulf of Mexico assets from LLOG Exploration for $1.375 billion in cash

7 hours ago

Murphy Oil Corp. said Tuesday it has reached a deal to acquire deep water Gulf of Mexico assets from LLOG Exploration Offshore LLC and LLOG Bluewater Holdings LLC for $1.375 billion in cash. The deal will immediately boost earnings and add 32,000 to 35,000 of net barrels of oil equivalent per day on an annualized basis for full year 2019 to Murphy's Gulf of Mexico production. "We expect these newly acquired assets to generate meaningful cash flow over the next several years that will provide us with additional flexibility for future capital allocation," Chief Executive Roger W. Jenkins said in a statement. Murphy Oil shares were not yet active premarket, but have fallen 6.4% in the last 12 months, while the S&P 500 has gained 8.9%.

United Technologies stock up 2.8% after earnings and revenue beat

7 hours ago

Shares of United Technologies Corp. rose 2.8% in premarket trade Tuesday after the company reported earnings and revenue that beat expectations and boosted its full-year outlook. Profit for the latest quarter rose to $1.346 billion, or $1.56 per share, compared with $1.297 billion, or $1.62 per share, in the year-earlier quarter. Adjusted EPS was $1.91 a share, beating the FactSet consensus of $1.71. Revenue for the quarter came in at $18.365 billion, beating the FactSet consensus of $17.996 billion and higher than $15.242 billion a year ago. The company raised its full-year outlook, saying it now expects an adjusted EPS of between $7.80 and $8.00, compared with its previous estimate of between $7.70 and $8.00. Shares of United Technologies have gained 29% in the year to date, while the S&P 500 has gained 16%.

Coca-Cola shares rise after earnings and revenue beat expectations

7 hours ago

Coca-Cola Co. shares rose 3.2% in Tuesday premarket trading after the global beverage company reported first-quarter earnings and revenue that beat expectations. Net income totaled $1.68 billion, or 39 cents per share, up from 1.37 billion, or 32 cents per share, last year. Adjusted EPS of 48 cents beat the 46-cent FactSet consensus. Revenue was $8.02 billion, up from $7.63 billion last year and ahead of the $7.89 billion FactSet expectation. Coca-Cola will host its annual meeting on April 24, at which James Quincey will become chairman, succeeding Muhtar Kent, who started in 1978 and is retiring. The company maintained its full-year organic revenue guidance for 4% growth, and full-year adjusted EPS range from down 1% to up 1%. Coca-Cola stock is up 0.1% for 2019 to date while the Dow Jones Industrial Average has gained 13.7% for the period.

Procter & Gamble tops estimates, but offers soft outlook

7 hours ago

Procter & Gamble Co. said Tuesday it had net income of $2.776 billion, or $1.04 a share, in its fiscal third quarter, up from $2.540 billion, or 95 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.06, ahead of the $1.03 FactSet consensus. Sales rose 1% to $16.462 billion from $16.281 billion, ahead of the FactSet consensus of $16.364 billion. The maker of Oral-B, Pampers and Tide products said it now expects full year sales growth of flat to up 1%. It is sticking with its forecast for full-fiscal 2019 GAAP EPS to grow 17% to 24%, and non-GAAP EPS to climb 3% to 8%. Shares fell 1% in premarket trade, but have gained 45.2% in the last 12 months, while the Dow Jones Industrial Average , which counts P&G as a member, has gained 8.4% and the S&P 500 has gained 8.9%.

Harley-Davidson revenue tops estimates

7 hours ago

Harley-Davidson Inc. said Tuesday it had net income of $127.9 million, or 80 cents a share, in the first quarter, down from $174.8 million, or $1.03 a share, in the year-earlier period. Excluding restructuring costs and the impact of tariffs, the company said per-share earnings came to 98 cents. Revenue fell to $1.196 billion from $1.364 billion. The FactSet consensus was for EPS of 82 cents and revenue of $1.193 billion. Worldwide retail sales fell 3.8% in the quarter, while international retail sales fell 3.3%. U.S. retail sales fell 4.2%. The company is still aiming to build 2 million new riders in the U.s. , to grow international business to 50% of annual volume, launch 100 hew high impact motorbikes and do so profitably and sustainably. For the full year, it is still expecting motorcycle shipments of about 217,000 to 222,000. Shares rose 2.2% premarket, but are down 3.2% in the last 12 months, while the S&P 500 has gained 8.9%.

Hasbro's stock surges after surprise profit and revenue growth

8 hours ago

Shares of Hasbro Inc. surged 5.6% in premarket trade Tuesday, after the toy seller reported a surprise profit and growth in revenue, boosted by strength in its gaming and franchise business segments. The company swung to net income of $26.7 million, or 21 cents a share, from a loss of $112.5 million, or 90 cents a share, in the year-ago period, which included expenses associated with Toys 'R' Us and severance costs. The FactSet consensus was for a per-share loss of 11 cents. Revenue grew 2.3% to $732.5 million, above the FactSet consensus of $662.9 million. Franchise brands revenue rose 9% to $393.6 million and Hasbro gaming revenue increased 2% to $107.6 million, while partner brands revenue fell 14% to $172.0 million. "We are beginning to see improvement in our commercial markets, notably in the U.S. and Europe, and operating profit was driven by high margin revenue growth and our cost savings activities," said Chief Executive Brian Goldner. "With most of the year ahead of us, we remain on track to deliver profitable growth for the full-year 2019." The stock has gained 8.4% year to date through Monday, while the S&P 500 has climbed 14%.

Centene's stock shoots up after profit and revenue beat, raised outlook

8 hours ago

Shares of Centene Corp. shot up 6.1% in premarket trade Tuesday after the health-care services company reported first-quarter profit and revenue that beat expectations and raised its full-year outlook. Net income rose to $522 million, or $1.24 a share, from $340 million, or 96 cents a share, in the year-ago period. Excluding non-recurring items, adjusted EPS was $1.39, above the FactSet consensus of $1.35. Total revenue rose 40% to $18.44 billion, beating the FactSet consensus of $17.46 billion, as Medicaid revenue jumped 54% to $12.61 billion, Medicare revenue increased 19% to $1.38 billion and commercial revenue rose 19% to $3.65 billion. For 2019, the company raised its adjusted EPS guidance to $4.24 to $4.44 from $4.11 to $4.31 and its revenue outlook to $72.8 billion to $73.6 billion from $70.3 billion to $71.1 billion. The stock, which closed at a 17-month low last Wednesday amid a broad selloff in the health care sector, has tumbled 23.4% over the past three months through Monday, while the SPDR Health Care Select Sector ETF has lost 4.0% and the S&P 500 has gained 10.2%.

Nvidia says Tesla 'inaccurate' in self-driving comparison

21 hours ago

Nvidia Corp. said in a statement Monday that Tesla Inc. was wrong in describing its self-driving computer as more powerful than Nvidia's, which Tesla used until it began developing its own chip. "Tesla was inaccurate in comparing its Full Self Driving computer at 144 TOPS of processing with Nvidia Drive Xavier at 21 TOPS," a spokesman said in an email. "The correct comparison would have been against Nvidia's full self-driving computer, Nvidia Drive AGX Pegasus, which delivers 320 TOPS for AI perception, localization and path planning." The statement also contends that "while Xavier delivers 30 TOPS of processing, Tesla erroneously stated that it delivers 21 TOPS. Moreover, a system with a single Xavier processor is designed for assisted driving AutoPilot features, not full self-driving." Tesla showed off its new chip and other self-driving information at an event earlier Monday. Tesla shares finished Monday's session with a 3.9% decline, while Nvidia stock increased 1.2%.

Cadence Design Systems shares rally on better-than-expected earnings

22 hours ago

Shares of ​Cadence Design Systems Inc. rose in Monday's extended session after the chip-design software company posted quarterly results that exceeded expectations. Cadence Design reported its first-quarter earnings rose to $120.6 million, or 43 cents a share, from $72.9 million, or 26 cents a share, a year earlier. On an adjusted basis, the company would have earned 54 cents a share. Revenue rose to $543.5 million from $480.6 million. Analysts surveyed by FactSet had forecast earnings of 49 cents a share on revenue of $569 million. The company expects second-quarter adjusted earnings per share of 52 cents to 54 cents, slightly above the average 50 cents projected by analysts. Cadence Design shares gained 5.7% after hours.

Rambus stock falls after reporting first-quarter loss

22 hours ago

Rambus Inc. shares dove as much as 12% in after-hours trading Monday after the semiconductor company reported first-quarter losses. Rambus reported a net loss of $26.6 million, or 24 cents a share, on revenue of $48.4 million, up from $46.4 million a year ago. After adjusting for stock-based compensation and other effects, the company reported a loss of 8 cents a share, an improvement from an adjusted loss of 10 cents a share a year ago. After closing with a 0.6% decline at $11.82, shares dropped 6% to 12% in after-hours trading following the announcement.

Whirlpool stock rallies after earnings, outlook tops Street view

22 hours ago

Whirlpool Corp. shares rallied in the extended session Monday after the appliance maker topped Wall Street earnings estimates for the quarter. Whirlpool shares rallied 5% after hours, following a 0.2% rise to close the regular session at $139.36. The company reported first-quarter net income of $471 million, or $7.31 a share, compared with $94 million, or $1.30 a share, in the year-ago period. Adjusted earnings were $3.11 a share. Revenue declined to $4.76 billion from $4.91 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.86 a share on revenue of $4.83 billion. For the year, Whirlpool expects unadjusted earnings of $14.05 to $15.05 a share, while analysts had forecast unadjusted earnings of $13.38 a share.

Musk: Tesla to start getting some regulator approval for self driving by end of 2020

22 hours ago

Tesla Inc. Chief Executive Elon Musk said the company is expecting to get some regulatory approval for its self-driving cars, at least in some places, as early as the end of 2020. Musk was speaking at Tesla's investor day, solely dedicated to showcasing the company's self-driving capabilities and expectations. Teslas will be "feature complete" for self-driving this year, and Tesla drivers will be ready to get their hands off the wheels by the second quarter of next year, Musk said. Tesla shares ended Monday down 3.9%, slightly worse off than when the event started late morning Pacific time. The company unveiled its in-house computer at the event.