Financial News
Apple wins $539 million in damages from SamsungExternal Link

A jury awarded Apple Inc. $539 million in damages from Samsung Electronics Co. Thursday in a lawsuit over smartphone tech. Apple stock was up a fraction in the extended session and closed up 0.1% to $188.15 during regular trading. Apple had sought $1 billion in the retrial of the 2012 case, and Samsung argued it should pay only $28 million. The bulk of the damages revolved around design patents, which the jury said Samsung must pay $533.3 million for. The remaining $5.3 million the jury awarded for utility patents. Apple stock has gained 11% this year. The S&P 500 index gained 2% this year and the Dow Jones Industrial Average , of which Apple is a component, rose 0.7%.

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Thu, 24 May 2018 22:50:27 GMT
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BioMarin shares rise on FDA approval of rare metabolic disorder drugExternal Link

BioMarin Pharmaceutical Inc. shares rose in the extended session Thursday after the Food and Drug Administration approved the biotech's treatment for a rare metabolic disorder. Biomarin shares rose 4.8% after hours, following a 0.2% decline to close the regular session at $88.28. The company said the FDA approved its drug Palynziq for the treatment of phenylketonuria, a hereditary disease where the body cannot break down the amino acid phenylalanine, which is present in all forms of protein and can damage the brain if levels are too high, leading to seizures or mental disorders.

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Thu, 24 May 2018 22:10:27 GMT
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PayPal raises long-term guidance at analyst dayExternal Link

PayPal Holdings Inc. said Thursday at its analyst day in San Francisco that it is raising its three-to-five-year outlook. The company now expects adjusted earnings growth of 20% and revenue growth of about 18% Following the lapse of the payment company's agreement with eBay , executives told analysts that the company plans to spend $1 billion to $3 billion on mergers and acquisitions to expand its merchant and financial services products, according to The Wall Street Journal. Chief Financial Officer John Rainey said that the company plans to return as much of half of its free cash flow to shareholders. Rainey also said that PayPal volume on the top 20 online stores, which is about what it processes on eBay, is growing at 42% versus eBay, which is growing at 8%. PayPal stock was flat after hours and closed up 0.6% to $81.55 during the regular session. PayPal shares have gained 11% this year, as the S&P 500 index has gained 2.2%.

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Thu, 24 May 2018 21:13:51 GMT
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Zoe's Kitchen shares tank after company's quarterly miss, outlook cutExternal Link

Shares of Zoe's Kitchen Inc. plunged 20% late Thursday after the fast-casual restaurant chain posted a larger-than-expected first-quarter loss, missed quarterly sales expectations, and cut its outlook for 2018. Zoe's Kitchen said it lost $3.6 million, or 19 cents a share, in the quarter, versus earnings of $19,000, breaking even on a per-share basis, in the year-ago period. Revenue rose 13% to $102.1 million, the company said. Analysts polled by FactSet had expected a loss of one penny per share on sales of $104.7 million for the quarter. Zoe's blamed its 2.3% same-restaurant sales decrease on weather and calendar shifts as well as less dine-in traffic. The analysts surveyed by FactSet had expected a 0.5% increase in same-restaurant sales. Zoe's also downgraded its outlook for 2018, saying it expects revenue between $345 million and $352 million, down from previous expectations of revenue between $358 million to $368 million, and same-restaurant sales down 2% to 4%, versus expectations of same-restaurant sales flat to 2% higher for the year. Shares of Zoe's Kitchen ended the regular trading day down 2.9%. "While we are encouraged by results coming from investments in digital, delivery, and menu innovation, it is imperative that we take aggressive actions to re-focus our efforts on building sales and improving financial performance," Chief Executive Kevin Miles said. "To do so, we will slow our future new unit growth and conduct a thorough review of under-performing restaurants. Additionally, we are taking steps to reduce our G&A infrastructure and will re-allocate resources towards marketing and technology initiatives to drive sales," he said in a statement.

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Thu, 24 May 2018 21:00:39 GMT
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Autodesk shares fall on earnings outlookExternal Link

Autodesk Inc. shares declined in the extended session Thursday after the enterprise software company's quarterly results topped Wall Street estimates but its quarterly earnings outlook fell short of the consensus. Autodesk shares fell 4.3% after hours, following a 0.3% decline to close at $138.92 in the regular session. Autodesk estimated adjusted earnings of 13 cents to 16 cents a share on revenue of $585 million to $605 million for the fiscal second quarter, and 77 cents to 95 cents a share on revenue of $2.56 billion to $2.66 billion for the year. Analysts surveyed by FactSet expect earnings of 18 cents a share on revenue of $598.5 million for the second quarter, and 90 cents a share on revenue of $2.5 billion for the year. The company reported a first-quarter loss of $82.4 million, or 38 cents a share, compared with a loss of $129.6 million, or 59 cents a share, in the year-ago period. Adjusted earnings were 6 cents a share. Revenue rose to $559.9 million from $485.7 million in the year-ago period. Analysts had estimated 3 cents a share on revenue of $558.5 million.

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Thu, 24 May 2018 20:38:51 GMT
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