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United Natural Foods stock falls after CEO announces retirement, Q4 profitExternal Link

United Natural Foods Inc. shares fell more than 3% in the extended session Monday after the food wholesaler beat Wall Street expectations for its fiscal fourth quarter but it is losing its CEO. United Natural Foods said that Chief Executive Steven L. Spinner is to retire after July 31, when his employment contract expires, or earlier if a successor is found. Spinner will remain on the board as executive chairman after the retirement, the company said. United Natural Foods' board has started a CEO search, and has hired an executive-search firm to assist. Both internal and external candidates will be considered, the company said. Shortly after the CEO retirement announcement, United Foods reported better-than-expected fiscal fourth-quarter results, pinning it on "strong customer demand as well as the benefits from cross selling." United Foods said it earned $52 million, or 89 cents a share, in the quarter, compared with 36 cents a share in the year-ago period. Adjusted for one-time items, the company earned $1.06 a share. Sales rose 0.4% to $6.75 billion. Analysts polled by FactSet had expected adjusted profit of 74 cents a share on sales of $6.6 billion for the quarter. It forecast "continued momentum" next fiscal year, saying that "food-at-home consumption remains elevated" due to the pandemic. It guided for fiscal 2021 sales between $27 billion and $27.8 billion, and adjusted EPS between $3.05 and $3.55.

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, 28 Sep 2020 21:01:29 GMT
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Hertz CFO steps down, finance VP Cheung takes on roleExternal Link

Hertz Global Holdings Inc. said late Monday that Kenny K. Cheung, recently promoted to executive vice president of finance, took on the role of chief financial officer last week. Cheung succeeded R. Eric Esper, promoted to CFO in August. Esper resigned to pursue a new opportunity, the company said in a statement, and he will remain with Hertz as chief accounting officer until Nov. 1 to assist in the transition. Esper had succeeded Jamere Jackson, who took the reins in August 2018. The car-rental company filed for bankruptcy in May, hit by coronavirus-related travel and business restrictions and under the weight of previous debt. Hertz in June floated a plan to sell potentially worthless stock, but later backed off after the proposal drew scrutiny from securities regulators.

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, 28 Sep 2020 20:25:34 GMT
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Dow books roughly 410-point gain to start the week, boosted by energy, industrials and financialsExternal Link

U.S. stocks closed sharply higher Monday, starting the week on a higher note as investors bought shares of banks, energy companies, as well as materials and industrials firms. Talk of some progress toward a fresh coronavirus aid package, however unlikely to gain much traction on Washington, and bargain hunting by investors betting on happier economic times in the throes of a global viral outbreak, helped to revive some degree of the bullish sentiment. The Dow Jones Industrial Average closed up 410 points, or 1.5%, at 27,583, the S&P 500 index finished the session up 1.6% at 3,352, powered by a 2.3% gain in financials and a 2.3% in the energy sector . The Nasdaq Composite Index , meanwhile, closed 1.9% higher at 11,117, retaking a psychological perch above 11,000. All closing numbers are on a preliminary basis. Shares of Citigroup and Morgan Stanley and Wells Fargo & Co. closed up 2.9% and 3.1%, and 3.5% respectively, helping to lead the charge higher for the economically sensitive banking sector, underscoring some bets for an improved economy by investors and efforts by investors to find value in beaten down sectors that have not enjoyed the run-up in stocks to the same degree as the highflying technology-related and work-from-home shares. Investors are also focused on the looming 2020 presidential election, with a debate between President Donald Trump and former Vice President Joe Biden set for Tuesday, which could also influence investment behavior in the short term. Last week, stocks took a hit amid rising concerns of a renewed spread of the novel strain of coronavirus that causes COVID-19. Markets got off to a strong start on Monday partly due to solid economic data out of China, which appeared to overshadow reports of fresh lockdowns and growing cases of COVID-19 in parts of Europe.

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, 28 Sep 2020 20:12:55 GMT
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Trump says 150 million Abbott rapid coronavirus tests will be distributed in 'the coming weeks'External Link

President Donald Trump on Monday announced plans to distribute 150 million rapid COVID-19 tests made by Abbott Laboratories , in "the coming weeks." Speaking at the White House, Trump said 100 million of the tests would go to states and territories to support efforts to allow schools to reopen, while 50 million would go to nursing homes, hospices and other institutions that serve the most vulnerable. The White House announced the government's purchase of the tests from Abbott in late August.

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, 28 Sep 2020 20:07:55 GMT
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Oil futures end higher, even as demand concerns growExternal Link

Oil futures ended higher on Monday on the heels of last week's loss, finding some support as a possible oil workers' strike in Norway may lead to lower production, analysts said. Oil firms in Norway plan to close down 22% of the nation's oil and gas output if workers go on strike on Wednesday, Reuters reported Friday. Price gains for oil, however, were modest as traders continued to fret over the rise in global cases of COVID-19 and outlook for energy demand. November West Texas Intermediate crude rose 35 cents, or 0.9%, to settle at $40.60 a barrel on the New York Mercantile Exchange.

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, 28 Sep 2020 18:57:46 GMT
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