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: Ambarella stock rises on better-than-expected results, outlookExternal Link

Ambarella Inc. AMBA shares rose in the extended session Monday after the video components maker reported a better-than-expected outlook and results. Ambarella shares gained 5.5% after hours, following a 0.1% decline in the regular session to close at $66.37. The company reported a third-quarter loss of $17.1 million, or 49 cents a share, compared with a loss of $4.3 million, or 13 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 9 cents a share, compared with 32 cents a share in the year-ago period. Revenue declined to $56.1 million from $67.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of 5 cents a share on revenue of $54.1 million. Ambarella expects revenue between $56 million and $60 million in the fourth quarter, while analysts had forecast on revenue of $51.8 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 Nov 2020 21:55:00 GMT
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: Nutanix stock rallies as results, outlook top Street viewExternal Link

Nutanix Inc. NTNX shares rallied in the extended session Monday after the cloud-software company’s results and forecast topped Wall Street estimates. Nutanix shares, which had jumped more than 10% following the report, were last up 7.5% after hours, after closing flat at $28.47 in the regular session. The company reported a fiscal first-quarter loss of $265 million, or $1.31 a share, compared with a loss of $229.3 million, or $1.21 a share, in the year-ago period. The adjusted loss, which excluded stock-based compensation expenses and other items, was 44 cents a share. Revenue declined to $312.8 million from $314.8 million in the year-ago quarter, while annual contract value billings rose 10% to $137.8 million. Nutanix defines ACV billings as “total annualized value of a contract, excluding amounts related to professional services and hardware.” Analysts surveyed by FactSet had forecast a loss of 57 cents a share on revenue of $298.4 million and ACV billings of $119.7 million. Nutanix expects ACV billings of $145 million to $148 million in the second quarter, while analysts had forecast $134.4 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 Nov 2020 21:28:00 GMT
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Dow ends more than 300 points higher on vaccine progressExternal Link

Stocks closed with solid gains Monday, boosted by another round of positive news regarding the development of COVID-19 vaccines, while extending gains late in the session after The Wall Street Journal reported that President-elect Joe Biden would nominate former Federal Reserve Chair Janet Yellen to serve as Treasury secretary in his administration. The Dow Jones Industrial Average rose around 330 points, or 1.1%, to end near 29,594, according to preliminary figures, while the S&P 500 finished up around 20 points, or 0.6%, near 3,578. The Nasdaq Composite rose around 26 points, or 0.2%, ending the session near 12,424. AstraZeneca on Monday said its vaccine candidate had an efficacy rate of up to 90% in late-stage trials, following positive news earlier this month regarding a vaccine candidate developed by Pfizer Inc. and BioNTech and another developed by Moderna Inc.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 Nov 2020 21:02:41 GMT
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Dow heads to session highs Monday as ex-Fed boss Yellen seen as Biden's pick for Treasury SecretaryExternal Link

U.S. stocks were trading near session highs on Monday as investors digest a report that former Federal Reserve boss Janet Yellen would be President-elect Joe Biden's pick for Treasury Secretary, theWall Street Journal reported. If confirmed, Yellen would become the first woman to hold the post, taking over from Steven Mnuchin, the Journal reported. The Dow Jones Industrial Average was up nearly 400 points, or 1.3%, at 29,642, the S&P 500 index was trading 0.7% higher at 3,583, while Nasdaq Composite Index climbed 0.5% at around 11,913. Biden had promised to make his nomination for Treasury known around Thanksgiving, which is three days away. Biden last week said he believed his pick would be widely accepted by conservatives, moderates and progressives alike. Market participants are anticipating a greater likelihood that the 74-year-old Yellen will pursue further economic stimulus to help out-of-work Americans and troubled businesses.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 Nov 2020 20:17:52 GMT
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Biden picks Yellen for Treasury secretary: WSJExternal Link

President-elect Joe Biden has selected former Federal Reserve Chairwoman Janet Yellen to lead the Treasury Department, said a Wall Street Journal report on Monday citing unnamed sources. Biden had said he expected to reveal his choice for Treasury secretary around Thanksgiving.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 Nov 2020 20:09:41 GMT
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