3 Stocks to Watch on Tuesday: Citigroup Inc (C), Snap Inc (SNAP) and Trimble Inc (TRMB)
U.S. equities were higher on a Monday that saw President Donald Trump send a tweet informing the public that a decision was on the horizon regarding whether the nation would decertify a 2015 Iran nuclear pact. The S&P 500 Index and Dow Jones Industrial Average each gained 0.4%, while the Nasdaq Composite surged 0.8% by day’s end.
Several companies made headlines after the bell, including Citigroup Inc (NYSE:C), Snap Inc (NYSE:SNAP) and Trimble Inc (NASDAQ:TRMB), with the latter two making a personnel change and reporting quarterly earnings respectively.
Here’s how they did:
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Citigroup Inc (C)
Citigroup shares were up late yesterday as one of its investors is increasing its stake on the company.
The financial company revealed that activist investor ValueAct Capital Partners LP, a private company, now has a $1.2 billion stake in Citigroup, which it has built over the past four to five months.
The investment group hopes that Citigroup’s shares will be on the rise as its role as a service provider to corporations has been on the up and up, which could make up for the loss of share value its experienced over the years.
The news came through a letter in which ValueAct said it has continues to boost its stake “opportunistically.” A Citigroup spokeswoman said that the bank is having “constructive conversations with ValueAct” and welcomes them as investors.
C stock was up about 1.6% after hours Monday.
Snap Inc (SNAP)
Snap — parent company of Snapchat — announced that it has hired a new CFO.
Andrew Vollero will be departing his role as CFO and will be replaced by Tim Stone, an Amazon.com, Inc. (NASDAQ:AMZN) executive who helped to integrate the Whole Foods acquisition.
The 51-year-old has worked for Amazon since his March 1998 appointment and helped lead the online retailer’s physical stores until February 2018. He will take over for Vollero on May 16, while Vollero will be an advisor for Snap until August 15.
“He (Vollero) has done an amazing job as Snap’s first CFO, building a strong team and helping to guide us through our transition to becoming a public company,” said Snap CEO Evan Spiegel.
Stone will be granted an annual salary of $500,000, according to the regulatory filing.
SNAP stock surged 1.4% after Monday’s market close.
Trimble Inc (TRMB)
Trimble recently reported its quarterly earnings results, which topped estimates.
For its first quarter, the GPS manufacturer unveiled a profit of $58.5 million, or 28 cents per share. On an adjusted basis, its earnings tallied up to 44 cents per share, which were better than the 40 cents per share that analysts polled by Zacks Investment Research were calling for.
Trimble also impressed on the revenue front as it raked in sales of $742.2 million. Analysts were projecting first-quarter revenue of $720 million in their consensus estimate, according to data compiled by Zacks.
For its second quarter of fiscal 2018, the company sees its earnings as being in the range of 42 cents to 46 cents per share on an adjusted basis. Trimble also projects revenue in the range of $755 million to $785 million for the period, ahead of the $751.3 million that analysts surveyed by Zacks forecast.
TRMB stock was trading flat after the bell, but gained 2.2% during regular trading hours yesterday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
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