Financial News
3M board OKs $10 billion share buyback program, dividendExternal Link

3M Co. said late Tuesday its board of directors has authorized the buyback of up to $10 billion of 3M's shares, replacing the company's existing repurchase program. In the same statement, the company said its board declared a dividend of $1.36 a share for the fourth quarter of 2018. The dividend is payable Dec. 12 to shareholders of record on Nov. 23. 3M shares rose 0.8% in the extended session after closing 0.7% higher during the regular trading day.

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Tue, 13 Nov 2018 22:52:30 GMT
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Deputy NSA Ricardel may be fired after clash with First Lady: reportExternal Link

Deputy National Security Adviser Mira Ricardel may be fired,The Wall Street Journal reported, citing an unnamed White House official. Ricardel had clashed with First Lady Melania Trump over issues including seating on the trip to Africa as well as the belief Ricardel was the source of negative stories. Earlier the First Lady's office had issued an unusual, public statement saying Ricardel "no longer deserves the honor of serving in this White House." According to the report, she also repeatedly clashed with Defense Secretary Jim Mattis.

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Tue, 13 Nov 2018 21:43:04 GMT
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O'Reilly ups share buyback, agrees to buy assets in South FloridaExternal Link

O'Reilly Automotive Inc. said late Tuesday its board of directors has authorized an increase of $1 billion in the auto parts retailer's share buyback program, raising the authorization to $11.75 billion. In the same statement, O'Reilly said it has agreed to buy all of the auto parts-related assets of privately held Bennett Auto Supply, Inc. of Pompano Beach, Fla. The asset buying is expected to be completed by the end of the year, O'Reilly said. Bennett operates 33 stores in southern Florida, O'Reilly said. Shares of O'Reilly were flat in the extended session and rose 2.3% in the regular trading day.

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Tue, 13 Nov 2018 21:41:21 GMT
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Blue Apron stock declines after revenue missExternal Link

Blue Apron Holdings Inc. shares declined in the extended session Tuesday after the subscription meal service posted revenue that fell below Wall Street estimates and said it was laying off staff. Blue Apron shares fell 5% after hours, following a 2.4% decline to close the regular session at $1.22. The company reported a third-quarter loss of $33.9 million, or 18 cents a share, compared with $87.2 million, or 47 cents a share, in the year-ago period. Revenue declined to $150.6 million from $210.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 22 cents a share on revenue of $157.9.million. Blue Apron said it was laying off 4% of its workforce to speed up its path to profitability in 2019, and said its Chief Marketing Office Jared Cluff no longer worked at the company.

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Tue, 13 Nov 2018 21:31:32 GMT
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SurveyMonkey parent posts narrower Q3 adjusted lossExternal Link

Shares of SVMK Inc. rose 0.3% in the extended session Tuesday after the parent company of SurveyMonkey Inc. reported adjusted third-quarter results above expectations. SVMK said it lost $102.4 million, or 99 cents a share, in the quarter, compared with a loss of $13 million, or 13 cents a share, a year ago. Adjusted for one-time items, the company lost one penny a share. Revenue rose 18% to $65.2 million from $55.3 million a year ago as "strength across the business drove our results," the company said in a statement. Analysts polled by FactSet expected an adjusted loss of 5 cents a share on sales of $62.9 million. GAAP EPS loss was seen at 94 cents. "We are off to a great start as a public company resulting from our strong execution and focus," CEO Zander Lurie said. The company said it expects fourth-quarter revenue between $64.8 million and $66.8 million, and revenue between $251.2 million and $253.2 million for 2018. SVMK had its initial public offering in September. Net proceeds from the IPO and private placement totaled $225.3 million, the company said. The stock lost 1.8% in the regular session Tuesday.

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Tue, 13 Nov 2018 21:25:47 GMT
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