Wire
Barrington Research Adjusts Concentrix Price Target to $30 From $38, Maintains Outperform Rating
Barrington Research Adjusts Concentrix Price Target to $30 From $38, Maintains Outperform Rating
$CNXC
$CNXC
5 stories mentioning CNXCUpdated 44d ago
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Asia Markets
Wall Street Set to Open Marginally Lower in Tuesday Trading; Investors Continue to Monitor Middle East Conflict, Await Key Labor Data
US stocks look set to open marginally lower in Tuesday's trading session as investors continue to monitor flare ups in Middle East fighting and potential peace negotiations, while looking ahead to key labor data set for release later in the morning.The Dow Jones Industrial Average futures was off 0.1%, while S&P 500 futures and Nasdaq futures were down nearly 0.1% each.Oil prices were moving modestly higher, with front-month global benchmarks Brent crude rising 0.1% to $73.18 a barrel, while West Texas Intermediate crude was up 0.2% to $70.93 a barrel.In other world markets, Japan's Nikkei rose 0.9%, Hong Kong's Hang Seng declined 0.6%, and China's Shanghai Composite was up 0.5%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was up 0.9%, Germany's DAX increased 1.4%, and France's CAC was dropping 0.6%.In equities, shares of ABIVAX Societe Anonyme (ABVX) soared 36% pre-bell after the biotech firm reported positive phase 3 topline data Tuesday for obefazimod to treat ulcerative colitis.AeroVironment (AVAV) shares surged 28% after the company reported better-than-expected fiscal Q4 adjusted earnings and revenue.AEVEX's (AVEX) stock advanced 9% after it said Tuesday that it has received a $50 million US Air Force contract to continue expanding unmanned mission support capabilities for current operations.On the losing side, shares of Concentrix (CNXC) tumbled 24% after it reported fiscal Q2 non-GAAP net income late Monday of $2.63 per diluted share, down from $2.70 a year earlier.Shares of Vishay Intertechnology (VSH) fell 10% after it priced an underwritten public offering late Monday of 15 million common shares at $50 apiece for expected gross proceeds of about $750 million.Patrick Industries' (PATK) stock shed close to 9% after it and LCI Industries (LCII) agreed to merge in an all-stock transaction, the companies said Tuesday.
Dow JonesNasdaq CompositeS&P 500$ABVX$AVAV$AVEX$CNXC$LCII$PATK$VSH
Wire
Concentrix Fiscal Q2 Earnings Fall, Revenue Rises; FY Outlook Cut; Shares Tumble After Hours
Concentrix (CNXC) reported fiscal Q2 non-GAAP net income late Monday of $2.63 per diluted share, down from $2.70 a year earlier.Four analysts polled by FactSet expected $2.64.Revenue in the three months ended May 31 rose to $2.46 billion from $2.42 billion a year earlier.Four analysts expected $2.47 billion.Concentrix expects fiscal Q3 non-GAAP EPS of $2.65 to $2.77 on revenue of $2.47 billion to $2.49 billion.Four analysts project EPS of $3.09 on revenue of $2.53 billion.The company lowered full-year EPS guidance to $10.83 to $11.18 on revenue of $9.93 billion to $10.03 billion. The previous forecast pegged EPS at $11.48 to $12.07 on revenue of $10.04 billion to $10.18 billion.Four analysts expect EPS of $11.71 on revenue of $10.11 billion.Concentrix shares fell 26% in after-hours trading.The company maintained its quarterly dividend of $0.36 a share, payable Aug. 4, to stockholders of record July 24.
$CNXC
US Markets
Update: Equities Rise Intraday as US, Iran Halt Hostilities Ahead of Qatar Meeting
(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as Washington and Iran agreed to halt renewed hostilities, while US President Donald Trump said the two countries will hold a meeting Tuesday.The Nasdaq Composite was up 1.9% at 25,771.3 after midday Monday, while the S&P 500 rose 1.1% to 7,433.8. The Dow Jones Industrial Average advanced 0.7% to 52,217.3. Among sectors, communication services paced the gainers, while materials saw the sharpest drop.On Sunday, the US and Iran agreed to cease attacks on each other and allow commercial vessels to pass freely through the Strait of Hormuz, CNBC reported. "Technical talks are slated to continue on all areas of the (memorandum of understanding)," a US official told CNBC. "Both sides will stand down for now and vessels can move freely."In a social media post Monday, Trump said Iran has requested a meeting that will take place in Doha, Qatar, Tuesday.West Texas Intermediate crude oil was up 2.4% at $70.92 a barrel intraday Monday, while Brent advanced 1.8% to $73.31."Renewed US-Iran tensions failed to materially lift oil prices," ING Bank said in a note. "While the oil market is technically in oversold territory, momentum appears to still be to the downside."US Treasury yields were higher intraday, with the two-year rate up 2.5 basis points at 4.11% and the 10-year rate rising 1.3 basis points to 4.38%.In company news, Alphabet's (GOOGL) class A shares were up 4.8% intraday, the top gainer on the Dow, as the Google parent joined the index, replacing Verizon Communications (VZ), which fell 5.8% and was the second-worst performer on the S&P 500.Alphabet's class C shares (GOOG) rose 5.1%.Comcast (CMCSA) said it plans to split into two publicly traded companies, separating its NBCUniversal and Sky media businesses from its broadband and connectivity operations as the media giant aims to boost strategic focus for each unit. Comcast shares were up 5.7%.Honeywell International (HON) shares were down 2.7%, the worst performer on the Dow. The company completed the spinoff of its aerospace business into an independent publicly traded company.Nike (NKE), Constellation Brands (STZ) and General Mills (GIS) are expected to release their latest financial results this week. AeroVironment (AVAV) and Concentrix (CNXC) are scheduled to report after the closing bell Monday.Gold was down 1.4% at $4,040.50 per troy ounce, while silver dropped 1.1% to $58.56 per ounce.
Dow JonesNasdaq CompositeS&P 500$AVAV$CMCSA$CNXC$GIS$GOOG$GOOGL$HON$NKE$STZ
US Markets
Stocks Rise Pre-Bell as US-Iran Agree to Halt Renewed Hostilities; Traders Await Fresh Labor Data
The benchmark US stock measures were tracking in the green before the opening bell Monday as the US and Iran agreed to halt renewed hostilities, while traders await fresh labor market data later in the holiday-shortened week.The S&P 500 rose 0.5%, the Dow Jones Industrial Average increased 0.2% and the Nasdaq added 0.8% in premarket activity. The indexes finished Friday trading lower, with the Nasdaq extending its losses for a fifth consecutive session.US markets will be closed on Friday for the July 4 Independence Day holiday.The US and Iran agreed on Sunday to cease attacks on each other and allow commercial vessels to pass freely through the Strait of Hormuz, CNBC reported. "Technical talks are slated to continue on all areas of the (memorandum of understanding)," a US official told CNBC. "Both sides will stand down for now and vessels can move freely."The US launched a fresh round of strikes against multiple targets in Iran over the weekend, the US Central Command said in a statement on Saturday. The attacks came amid reports that Iran had carried out strikes on eight key US military installations across the Middle East.Last week, President Donald Trump accused Tehran of violating the ceasefire agreement signed earlier in the month by attacking ships passing through the strait with drones. "There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started," Trump said in a social media post on Saturday.West Texas Intermediate crude oil inclined 1.7% to $70.42 a barrel before the open, while Brent advanced 1.4% to $72.96.Investors will be looking ahead to fresh labor market data later this week, beginning with the Job Openings and Labor Turnover Survey for May on Tuesday, followed by the ADP employment report and the Challenger Job Cut report, both for June, on Wednesday. The government's nonfarm payrolls data for June is scheduled to be released on Thursday.Treasury yields were trending upwards in premarket action, with the two-year rate increasing 2.1 basis points to 4.11% and the 10-year rate rising 1 basis point to 4.38%.Last week, government data showed that consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years.Minneapolis Federal Reserve President Neel Kashkari reportedly said Friday that an interest rate increase looks necessary this year.Consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, according to a survey by the University of Michigan on Friday.Monday's thin economic calendar has the Dallas Fed manufacturing survey for June at 10:30 am ET.Comcast (CMCSA) shares jumped 18% pre-bell after the company announced plans to separate its media and technology businesses into two publicly traded entities. Verizon Communications (VZ) edged down 0.2% as the telecommunications giant agreed with UK-based BT Group to combine their international businesses in a joint venture.Nike (NKE), Constellation Brands (STZ) and General Mills (GIS) are expected to release their latest financial results this week. AeroVironment (AVAV) and Concentrix (CNXC) post their earnings after the markets close Monday.Gold declined 1.1% to $4,052 per troy ounce, while bitcoin gained 1.3% to $60,117.
Dow JonesNasdaq CompositeS&P 500$AVAV$CMCSA$CNXC$GIS$NKE$STZ$VZ
