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President Donald Trump was set to hold a news conference on Saturday at 3:30 p.m. Eastern Time at his golf club in Bedminster, N.J., following a week of failed talks to hash out a deal to provide additional stimulus to out-of-work Americans. The planned event comes after the president held a surprise news conference at the golf club on Friday noting that he was contemplating signing a raft of executive orders that would place a moratorium on evictions, expand some unemployment benefits, defer student loan payments and defer payroll taxes for the rest of 2020. Those executive orders, however, fall short of what Congress can enact to help millions who have been economically hurt by business closures due to the novel strain of coronavirus from which COVID-19 is derived.On Friday, Democratic congressional leaders and Trump administration negotiators emerged from last-ditch coronavirus aid bargaining meetings empty-handed. Disagreement centered on the enhanced federal jobless benefits, $600 weekly add-on payments to the unemployed that lapsed in July, and how much to give to states. It's unclear what Trump's executive orders, should he decide to take that tacked, would do to negotiations between parties going forward. Friday served as a self-imposed deadline for a deal to be achieved before Congress goes into a summer recess. If lawmakers do not return to Washington later in August, the next likely window for negotiations is either September, when they will be focused on passing a temporary spending bill to keep the government open past Sept. 30, or after the Nov. 3 election. Investors have been keenly watching negotiations, with U.S. benchmarks trading as if a deal of some kind will be struck. The Dow Jones Industrial Average ended Friday trade with weekly gain of 3.8%, the S&P 500 index booked a weekly gain of 2.5%, while the technology-heavy Nasdaq Composite Index also notched a roughly 2.5% gain for the five-session period.
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Roche Holding AG said Friday that the Food and Drug Administration had approved Evrysdi, a treatment for spinal muscular atrophy in adults and most children. It's the second drug to be approved by the regulator to treat the rare disease. The therapy was developed by PTC Therapeutics Inc. and will be marketed by Genentech, a division of Roche. "We believe Evrysdi, with its favorable clinical profile and oral administration, may offer meaningful benefits for many living with this rare neurological disease," Roche's Levi Garraway said in a news release. A spokesperson said in an email that the treatment will cost about $340,000 per year, which is a lower price point than Biogen's Spinraza and AveXis Inc.'s Zolgensma; however the lower-than-expected price "could help increase market share and rapidity of adoption, though will produce lower revenue per patient than we had estimated," RBC Capital Markets' Brian Abrahams wrote in a note to investors. Since the start of the year, PTC's stock is down 0.4%, shares of Roche have gained 6.2%, and the S&P 500 is up 3.7%.
yesterday
Chinese electric-vehicle maker X Peng Inc. has filed for an initial public offering, seeking to sell $100 million worth of American depositary shares, although that number is often a placeholder used to calculate fees. The company seeks to trade on the New York Stock Exchange under the symbol XPEV, it said in a filing late Friday. Credit Suisse, BofA Securities, and J.P. Morgan are among the underwriters. X Peng, founded in 2015, dubbed itself as "one of China's leading" smart electric-vehicle makers. It makes the G3, an SUV, and the P7, a four-door sports sedan. The G3 entered production in November 2018; as of last week, X Peng had delivered 18,741 vehicles to customers. Deliveries of the P7 sedan began in May, with the company delivering 1,966 units as of last week. A third EV, a sedan, is planned for next year, the company said. X Peng's plan to tap U.S. equity markets comes on the heels of a success for Li Auto's ADS, which soared 50% on their first day of trading, but also as President Donald Trump has dialed up his criticism of Chinese tech and related companies, recently issuing executive orders aimed at banning U.S. company from dealing with TikTok and WeChat. Also Friday, China-based real estate company KE Holdings Inc. set the terms for its IPO, aiming to raise around $1.9 billion by offering 106 million ADSs between $17 and $19 a piece.
yesterday
U.S. stocks ended's Friday choppy session with meager gains but enough for the the sixth straight gain for the Dow and S&P 500, as Wall Street watched Congress get down to brass tacks on another coronavirus aid package before the summer recess, which looked in doubt as reports suggested that talks may spill over into the weekend. The Dow Jones Industrial Average rose 0.2% at 27,434, the S&P 500 index edged up 2 points to about 3,351, gaining less than 0.1%, while the Nasdaq Composite Index finished solidly lower off 0.9%, ending a streak of seven gains in a row that had taken the tech-heavy index to a series of record closes and a finish about the psychologically significant mark at 11,000 for the first time on Thursday. On display on Friday, and throughout the week, were signs that a rotation out of stocks as again percolating. The small-capitalization Russell 2000 index finished up more than 1% on the day and marked a weekly advance of more than 5%. The benchmark is composed of companies that are viewed as more sensitive to weakness in the economy so rotation there is viewed as a bet on a better outlook for the business environment in the U.S. Similarly, the Dow Jones Transportation Average gained 2.4% on the day and 5.8% on week, with the average consisting of airlines, truckers, railroads and shippers that are also viewed as economically sensitive. The moves for stocks came after the U.S. added 1.76 million jobs in July-just one-third of the unexpected 4.8 million gain last month-with the unemployment rate falling to 10.2% from 11.1% in June. Consensus estimates from economists polled by MarketWatch had been for an increase of 1.7 million jobs on the month. Wall Street is still awaiting a resolution between Democrats and Republicans that might pave the way for an additional coronavirus aid package which is viewed as necessary for limiting the harm from the COVID-19 pandemic.
yesterday
A last-chance effort to salvage a deal on a big new coronavirus aid package collapsed Friday, with both White House negotiators and congressional Democrats blaming the other side. "Unfortunately, we did not make progress today," Treasury Secretary Steven Mnuchin told reporters after meeting for more than an hour with House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer. "I've told them to come back when you're ready to give us a higher number," Pelosi told reporters. The House Democrats had offered a $3.4 trillion bill in May, while Senate Republicans, with the White House's blessing, put forward proposals scored independently at $1.1 trillion. Mnuchin said he and White House Chief of Staff Mark Meadows were willing to return if Democrats made new proposals.
yesterday
Gold futures finished sharply lower Friday, snapping a five-session streak of record settlements, as investors contended with a U.S. dollar that was firming and a monthly employment report on the U.S. labor market that fell mostly in line with expectations. December gold closed down $41.40, or 2%, at $2,028, holding well above the psychologically level at $2,000 and booking a weekly gain of 2.2%, based on last Friday's close for the most-active contract. The decline for bullion comes as the dollar popped 0.8% higher in the session, approaching its first weekly gain in the past six weeks, dating back to a 0.3% weekly gain in the period ended June 19. Weakness in the dollar has been one of the key factors that has helped bullion notch five straight record gains since the end of July. A weaker dollar can make assets, like gold, priced in the currency more appealing to overseas buyers. Meanwhile, the U.S. added 1.76 million jobs in July and the unemployment rate fell to 10.2% from 11.1%, the Labor Department said. Consensus estimates from economists polled by MarketWatch had been for an increase of 1.7 million jobs on the month.
yesterday
Oil futures remained lower in afternoon trade Friday, showing little movement after oil-field services company Baker Hughes said the number of U.S. oil rigs fell by 4 this week to 176. West Texas Intermediate crude for September delivery on the New York Mercantile Exchange was down 68 cents, or 1.6%, at $41.27 a barrel.
yesterday
A Boeing 737 aircraft operated by Air India Express crash landed at Kozhikode airport in Kerala state in Southern India before breaking in two, AFP reported Friday, citing local officials and media reports. A deputy from the state told the news agency that at least the pilot had died in the crash. "The flight was coming from Dubai. It had over 185 passengers. Rescue operations are on but the rains are making it difficult," an emergency services official, speaking on condition of anonymity, told AFP. Boeing shares were last down 1.2%.
yesterday
Illinois Tool Works Inc. said Friday its board has approved a 7 cents increase in its quarterly cash dividend, boosting it to $1.14 a share. The new dividend will be payable Oct. 14 to shareholders of record as of Sept. 30. Shares were slightly higher and have gained 5% in the year to date, while the S&P 500 has gained 3.4%.
yesterday
New York Gov. Andrew Cuomo said Friday that schools could reopen in September. The decision is based on low infection rates in the state's 10 regions, Cuomo said. He also called on school districts to have discussions with parents and explain their plans for reopening and safety guidelines. He said the districts must give parents three opportunities by Aug. 21 to explain their plans and allow them to ask questions. "The more dialogue, the better," he said. -- Pete Catapano
yesterday
Shares of GW Pharmaceuticals PLC slumped 12% Friday, after the company swung to a loss in the second quarter, hurt by the effect of the coronavirus pandemic. The U.K. company is the only one to have U.S. Food and Drug Administration approval for a cannabis-based drug, Epidiolex, a treatment for severe forms of childhood epilepsy. The company posted a loss of $8.8 million, or 2 cents a share, for the quarter, after income of $79.7 million in the year-earlier period. Revenue rose to $121.3 million from $72.0 million. "We were pleased with the strength of U.S. Epidiolex sales in the second quarter in spite of the COVID-19 pandemic," Chief Executive Justin Gover said in a statement. Epidiolex sales came to $117.7 million. "Further, the recent approval and imminent launch of Epidiolex for the treatment of seizures associated with TSC provides a meaningful new opportunity to accelerate momentum through the second half of 2020 and beyond," he said. Leerink analyst Marc Goodman said the numbers were "solid" coming in the midst of the pandemic, and in line with management's guidance from its first-quarter conference call. "... we think GW executed through the volatility well, and thus we are surprised that the stock is down ~10% in the after market," he wrote in a Thursday note to clients. Leerink rates the stock as outperform with a $190 stock price target. Shares have gained 11% in the year to date, as the S&P 500 has gained 3.6%.
yesterday
Popular mobile app TikTok said in a Friday statement that it was "shocked" by the Trump Administration's executive order that will ban U.S. companies from dealing with the owner of TikTok starting in 45 days. The Administration issued a separate order Thursday banning transactions with WeChat, which is owned by Tencent Holdings Ltd. While the specifics of the orders remain somewhat vague, President Donald Trump has been threatening a ban on TikTik use in the U.S., citing national security concerns. TikTok said that it has "sought to engage with the U.S. government in good faith" but that what the company "encountered instead was that the Administration paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses." TikTok maintained that it has never shared user data with the China government and hinted at a possible legal battle ahead. "We will pursue all remedies available to us in order to ensure that the rule of law is not discarded and that our company and our users are treated fairly - if not by the Administration, then by the U.S. courts," the company said.
yesterday
U.S. stocks fell slightly at the start of the opening bell on Friday after the July official employment report came in stronger-than-expected but underlined the long slog for the U.S. economy as it tries to reclaim all the job losses during the pandemic. The S&P 500 fell 0.3% to 3,340. The Dow Jones Industrial Average shed 111 points, or 0.4%, to 27,276. The Nasdaq Composite retreated 0.3% to 11,077. The jobs report showed that the U.S. added 1.76 million jobs in July, with the unemployment rate falling to 10.2% from 11.1% in June. Investors were still waiting for updates on negotiations for another coronavirus fiscal relief package.
yesterday
The National Institutes of Health said it will conduct a randomized, controlled clinical trial testing a combination of Gilead Sciences Inc.'s remdesivir with Merck KGaA's interferon beta-1a as a treatment for COVID-19 patients. The study plans to enroll 1,000 people who have been hospitalized because of a COVID-19 infection. The federal agency said it expects to have preliminary results in the fall. Since the Food and Drug Administration granted an emergency use authorization to remdesivir in May, several clinical trials have been initiated that aim to pair the investigational therapy with other drugs to see if the combination can better treat severely ill COVID-19 patients. This includes another NIH trial pairing remdesivir with Eli Lilly & Co. and Incyte Corp. 's Olumiant. Roche Holding AG has also said it will test its rheumatoid arthritis drug in combination with remdesivir.
yesterday
Shares of Biogen gained 11.7% in premarket trading on Friday after the company said the Food and Drug Administration (FDA) had accepted the application for the company's investigational, and somewhat controversial, Alzheimer's disease treatment. The regulator is expected to make a decision whether or not to approve aducanumab by March 7. In early 2019, Biogen had shelved the experimental therapy after a futility analysis indicated the drug wouldn't meet the primary endpoints in clinical studies. Then, in October, the company surprised investors by resurfacing plans to pursue FDA approval of aducanumab. Biogen's stock is down 6.4% for the year, while the S&P 500 is up 3.6%.
yesterday
U.S. Treasury yields shifted higher on Friday after the U.S. Labor Department reported the economy had added 1.76 million jobs in June, coming above analysts' expectations. MarketWatch-polled economists had a consensus estimate of 1.68 million. The 10-year note yield rose a basis point to 0.546%, while the 2-year note rate was at 0.119%. The 30-year bond yield added 0.9 basis point to 1.209%. The U.S. unemployment rate fell to 10.2%, from 11.1%. Investors had worried that a weaker-than-expected employment report could confirm the market's worst fears around a stalling U.S. recovery, as COVID-19 infections picked up across many states.
yesterday
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 19 million on Friday, according to data aggregated by Johns Hopkins University, and the death toll rose to 715,163. At least 11.5 million people have recovered. The U.S. case tally climbed to 4.88 million and the death toll rose above 160,000, after the U.S. added another 1,000 deaths overnight and counted another 57,000 new cases. Brazil is second to the U.S. with 2.9 million cases and 98,493 deaths. India is third measured by cases that rose above 2.0 million on Thursday, followed by Russia with 875,378 and South Africa with 538,184. Mexico has 462,690 cases and 50,517 deaths, the third highest in the world. The U.K. has 309,796 cases and 46,498 fatalities, the highest in Europe and fourth highest in the world. China, where the illness was first reported late last year, has 88,460 cases, and 4,680 fatalities.|
yesterday
Shares of Pfizer Inc. gained 1.0% in premarket trading on Friday after it announced that it will help manufacture Gilead Sciences Inc.'s COVID-19 treatment remdesivir as part of a multi-year agreement. Gilead's stock was up 0.6% on Friday before the market opened. This is a rare manufacturing deal between two of the world's largest drugmakers; "Together, we are more powerful than alone," Pfizer CEO Albert Bourla said in a news release. Remdesivir, which has received an emergency authorization from the Food and Drug Administration as a treatment for severely ill COVID-19 patients, has not been formally approved by the regulator. Since the start of the year, Pfizer's stock is down 2.3%, shares of Gilead have gained 5.9%, and the S&P 500 has rallied 3.6%.
yesterday
Designer Brands Inc. , owner of shoe retailers including DSW Designer Shoe Warehouse, said Friday it is taking steps to bolster liquidity, including replacing a $400 million revolving credit facility with an equally-sized, asset-based revolving credit facility, as well as a $250 million privately placed senior secured term loan. "Since confronted with the challenges posed by COVID-19, we have acted decisively to prioritize the health and safety of our associates and customers and protect the long-term sustainability of our business," Chief Executive Roger Rawlins said in a statement. "Today's announcement represents another critical step that increases our financial flexibility and total liquidity." The company reorganized and cut staff in July impacting more than 1,000 positions, or about 8% of its North American work force. It expects to save about $40 million pretax annually from the actions. At the end of the company's fiscal second quarter, 517 of its retail locations in the U.S. and 145 locations in Canada had reopened, qual to 99% of its overall footprint. Shares rose 0.6% premarket, but have fallen 60% in the year to date, while the S&P 500 has gained 3.7%.
yesterday
Dish Network Corp. shares jumped 2.6% in premarket trade Friday, after the satellite TV company beat second-quarter earnings estimates. Englewood, Colo-based Dish said it had net income of $452 million, or 78 cents a share, in the quarter, up from $317 million, or 60 cents a share, in the year-earlier period. Revenue fell to $3.19 billion from $3.21 billion. The FactSet consensus was for EPS of 59 cents and revenue of $3.09 billion. The company said Dish TV net subscribers fell by about 40,000 in the quarter, while SLING TV subscribers fell about 56,000. "The COVID-19 pandemic has caused significant disruption in certain commercial segments served by DISH, including the hospitality and airline industries," the company said in a statement. Dish paused service on about 250,000 commercial accounts in the first quarter and removed them from its subscriber count. In the second quarter, about 45,000 of those accounts resumed normal service. The company ended the quarter with 11.27 Pay-TV subscribers, including 9.02 million Dish TV subscribers and 2.25 million SLING TV subscribers. Shares have fallen 3.3% in the year through Thursday, while the S&P 500 has gained 3.7%.
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Smartphones that use a certain Qualcomm Inc. chip and run Alphabet Inc.'s Android operating system have hundreds of vulnerabilities that hackers can exploit to spy on users, according to cybersecurity company Check Point Software Technologies on Thursday. The company said it found more than 400 vulnerabilities in Qualcomm's digital signal processor chip that could allow hackers to access video, photos, audio, and microphone data on a target's phone, as well as render the phone inoperable. Check Point said it disclosed the finding to Qualcomm and decided not to publish technical details until mobile vendors had patched the vulnerabilities. "Although Qualcomm has fixed the issue, it's sadly not the end of the story," said Yaniv Balmas, head of cyber research at Check Point. "Hundreds of millions of phones are exposed to this security risk. You can be spied on. You can lose all your data." About 40% of phones on the market, made by Google, Samsung , LG , Xiaomi, OnePlus, and other vendors are affected, Check Point said. Check Point released the report in a blog post Thursday ahead of its presentation at DefCon's 2020 online conference. "Regarding the Qualcomm Compute DSP vulnerability disclosed by Check Point, we worked diligently to validate the issue and make appropriate mitigations available to OEMs," a Qualcomm spokesperson told MarketWatch in a statement. "We have no evidence it is currently being exploited," the spokesperson said. "We encourage end users to update their devices as patches become available and to only install applications from trusted locations such as the Google Play Store."
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Lions Gate Entertainment Corp. shares rose in the extended session Thursday after the television and movie company's results exceeded Wall Street expectations, driven by its Starz streaming network and recent syndication of the television program "Mad Men." Lions Gate shares rose 7.5% after hours, following a 3% decline in the regular session to close at $7.81. The company reported fiscal first-quarter net income of $51.1 million, or 23 cents a share, versus a loss of $54 million, or 25 cents a share, in the year-ago period. Adjusted for stock-based compensation and other items, earnings were 39 cents a share, versus a loss of 2 cents a share in the year-ago period. Revenue declined to $813.7 million from $963.6 million in the year-ago quarter, as library revenue grew to a record $219 million owing to "Mad Men." Analysts surveyed by FactSet had forecast earnings of 21 cents a share on revenue of $775.9 million. "During the quarter we took steps to monetize our film and television library, embraced innovative distribution strategies for our films, and acquired new properties while renewing others," said Jon Feltheimer, Lions Gate chief executive, in a statement. "Most important, it was a quarter in which we used all of our resources to continue growing a unique, valuable and scalable global streaming platform at Starz."
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Shares of SurveyMonkey fell nearly 5% in the extended session Thursday after the company reported mixed second-quarter results, with sales better than expected. SurveyMonkey said it lost $22.9 million, or 17 cents a share, in the quarter, compared with a loss of $18.5 million, or 14 cents a share, in the year-ago period. Revenue rose 21% to $90.9 million. Analysts polled by FactSet expected a GAAP loss of 16 cents a share on sales of $89.1 million. SurveyMonkey said it ended the quarter with more than 7,200 enterprise customers, up 51% from second-quarter 2019. The company guided for third-quarter revenue between $93 million and $96 million.
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Trade Desk Inc. shares rose in the extended session Thursday after the advertising technology company reported results and forecast an outlook that exceeded Wall Street expectations. Trade Desk shares gained 5% after hours, following a 3.1% decline in the regular session to close at $480.75. The company reported second-quarter net income of $25.1 million, or 52 cents a share, compared with $27.8 million, or 58 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share, compared with 95 cents a share in the year-ago period. Revenue declined to $139.4 million from $159.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 17 cents a share on revenue of $135.4 million. "While the advertising industry hit the pause button early in the second quarter due to uncertainty around the COVID-19 pandemic, we saw substantial improvement in ad spend as the quarter progressed," said Jeff Green, Trade Desk chief executive, in a statement. Trade Desk expects third-quarter revenue of $177 million to $181 million, while analysts had forecast on revenue of $158.7 million.
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Shares of DXC Technology Co. rose more than 6% in the extended session Thursday after the IT services company reported fiscal first-quarter sales above Wall Street expectations but missed on adjusted EPS forecasts. DXC said it lost $199 million, or 81 cents a share, in the quarter, contrasting with a profit of $168 million, or 61 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $59 million, or 21 cents a share. Revenue fell to $4.5 billion from $4.9 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 65 cents a share on sales of $4.4 billion. "Our focus on customers is allowing us to stabilize revenues, expand margins, and bring the 'new DXC' to the market," Chief Executive Mike Salvino said in a statement. The company said it is on track with the sale of its U.S. state and local health and human services business in the second quarter; moreover, the previously announced sale of its healthcare software business "will further enhance our financial flexibility," it said. Shares of DXC Technology rose 1.1% in the extended session.
2 days ago
Teradata Corp. shares were up 10% in after-hours trading Thursday after the hybrid-cloud company reported fiscal second-quarter earnings that topped Wall Street estimates and offered strong Q3 earnings guidance. Teradata reported a loss of $43 million, or 40 cents a share, compared with a loss of $1 million, or a penny a share, in the year-ago quarter. After adjusting for stock-based compensation and other expenses, Teradata reported net income of $26 million, or 24 cents a share, compared with net income of $34 million, or 29 cents a share, a year ago. Revenue declined 4% to $457 million from $478 million a year ago. Analysts surveyed by FactSet had expected net income of 22 cents a share. For the current quarter ending in October, Teradata expects per-share earnings of between 28 cents and 31 cents, above FactSet's estimate of 21 cents. Teradata shares are down 23% this year. The broader S&P 500 index has improved 3.7% in 2020.
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SailPoint Technologies Holdings Inc. shares surged in the extended session Thursday after the cybersecurity company's results topped Wall Street estimates. SailPoint shares surged 13% after hours, following a 0.1% rise in the regular session to close at $31.50. The company reported second-quarter net income of $3 million, or 3 cents a share, versus a loss of $9.2 million, or 10 cents a share, in the year-ago period. Adjusted earnings were 15 cents a share, versus an adjusted loss of a penny a share in the year-ago period. Revenue rose to $92.5 million from $63.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 4 cents a share on revenue of $73.6 million. SailPoint expects an adjusted third-quarter loss of 6 cents to 5 cents a share on revenue of $82 million to $84 million, while analysts had forecast break-even results on revenue of $88.2 million.
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Shares of Datadog Inc. fell more than 12% in the extended session Thursday after cloud monitoring software company reported second-quarter adjusted earnings and sales above Wall Street expectations and said its customers are under "business pressures" due to the pandemic. Datadog said it earned $284,000, or breakeven, in the quarter, contrasting with a loss of $3.95 million, or 5 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 5 cents a share, versus an adjusted loss of 7 cents a share a year ago. Revenue rose 68% to $140 million, the company said. Analysts polled by FactSet expected an adjusted profit of 1 cent on sales of $135 million. "While the current macro environment has caused business pressures for our customers, we expect it to accelerate digital transformation and cloud migration over the long-term," Chief Executive Olivier Pomel said in a statement. "We continue to execute on our strategic priorities to position for the long-term, including rapid product innovation and expansion of our go-to-market." Datadog, which had an initial public offering in August 2019, said it expects third-quarter revenue between $143 million and $145 million, and an adjusted EPS between breakeven and 1 cent. For the full year, the company called for revenue between $566 million and $572 million, and adjusted EPS between 11 cents and 13 cents. Datadog stock ended the regular session down nearly 5%. The shares have nearly doubled in the past three months.
2 days ago
Groupon Inc. shares soared in the extended session Thursday after the online-coupon company beat Wall Street estimates by a wide margin in the second quarter. Groupon shares rallied 30% after hours, following a 0.5% decline in the regular session to close at $16.45. The company reported a second-quarter loss of $72.1 million, or $2.53 a share, compared with $40.2 million, or $1.42 a share, in the year-ago period. Excluding such items as stock-based compensation, the adjusted loss was 93 cents a share. Revenue declined to $395.6 million from $532.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $2.75 a share on revenue of $183.3 million. Groupon said it would start on a second round of layoffs in August to reduce expenses but did not provide a specific headcount for the phase. Back in April, Groupon said it was cutting or furloughing about 44% of its total workforce by July 2021.
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Fortinet Inc. shares fell in the extended session Thursday even after the cybersecurity company's results, with the exception of billings, topped Wall Street estimates. Fortinet shares dropped 6% after hours, following a 0.4% decline in the regular session to close at $139.51. The company reported second-quarter net income of $112.1 million, or 68 cents a share, compared with $72.7 million, or 42 cents a share, in the year-ago period. Adjusted earnings were 82 cents a share, compared with 58 cents a share in the year-ago quarter. Revenue rose to $615.5 million from $521.7 million in the year-ago quarter, and billings grew to $711.5 million from $622.4 million a year ago. Analysts surveyed by FactSet had forecast earnings of 65 cents a share on revenue of $599.1 million and billings of $712.1 million. Fortinet expects adjusted third-quarter earnings of 76 cents to 78 cents a share on revenue of $630 million to $645 million and billings of $705 million to $730 million. Analysts expect earnings of 72 cents a share on revenue of $623.5 million and billings of $707.9 million.