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Zenefits CEO steps down, David Sacks steps into roleExternal Link

Zenefits cofounder Parker Conrad has stepped down as chief executive of the startup after compliance issues were brought to light, the company announced Monday. Chief Operating Officer David Sacks, who founded Yammer and sold it to Microsoft Corp. after working at PayPal Inc. in its early years, will take over as CEO. Zenefits offers cloud-based human-resources software that focuses on obtaining health insurance, and has enjoyed a rapid rise: After being founded in 2013, the company was valued by venture investors at $4.5 billion in 2015, according to The Wall Street Journal. Zenefits' compliance with laws requiring insurance to be sold by licensed brokers has been called into question, though, most recently by a Buzzfeed investigation, which appears to have cost Conrad his job. "The fact is that many of our internal processes, controls, and actions around compliance have been inadequate, and some decisions have just been plain wrong," Sacks said in an email to employees that the company released. "As a result, Parker has resigned."

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.


Tue, 09 Feb 2016 00:38:43 GMT
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Owens-Illinois quarterly results in-line with Street viewExternal Link

Owens-Illinois Inc. shares rose 3.6% to $12.75 in the extended session Monday after the glass-container maker met quarterly expectations but forecast a weak outlook. Owens-Illinois reported adjusted earnings of 40 cents a share on revenue of $1.63 billion. Analysts surveyed by FactSet had estimated 40 cents on revenue of $1.62 billion. O-I forecast full-year earnings of $2.10 to $2.25 a share, while analysts expect $2.26 a share.

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, 08 Feb 2016 22:02:04 GMT
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Gap Inc. sees fourth-quarter, full-year earnings that beat estimatesExternal Link

Gap Inc. said same-store sales for January were down 8% with sales for the four-weeks ending Jan. 30 totaling $813 million, down from $888 million in sales for the same period last year. Same-store sales at the global Gap brand were down 6% for January. Banana Republic's same-store sales were down 17%. And same-store sales at Old Navy were down 6%. Sales for fiscal fourth quarter 2015 totaled $4.4 billion, down from $4.7 billion for the same period last year. The FactSet consensus was $4.5 billion. Same-store sales for the fourth quarter were down 7%. The FactSet estimate was for a 5.1% drop. Same-store sales at the global Gap brand for the fourth quarter were down 3%. Banana Republic's same-store sales for the quarter were down 14%. And Old Navy's same-store sales were down 8% for the quarter. Gap Inc. sees fiscal fourth-quarter adjusted earnings per share between 56 cents and 57 cents, beating the FactSet consensus of 53 cents. And full-year adjusted earnings per share are expected in the range of $2.41 and $2.42, beating the FactSet estimate of $2.37. Gap shares are up 0.7% in postmarket trading, but down 42.6% for the past 12 months. The S&P 500 is down 9.8% for the past year.

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, 08 Feb 2016 22:00:44 GMT
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Qualys shares slide on weak earnings outlook External Link

Shares of Qualys Inc. slid in Monday's extended trade after the cybersecurity firm issued a weak profit outlook. Qualys reported its fourth-quarter earnings slumped to $5.42 million, or 14 cents a share, from $25.9 million, or 69 cents a share, in the same quarter last year. Fourth-quarter 2014 earnings were bolstered by an income tax benefit of 63 cents a share. On an adjusted basis, the company earned 21 cents a share. Revenue grew 22% to $44.4 million. Analysts surveyed by FactSet had forecast earnings of 17 cents a share on revenue of $44.6 million. Qualys projected first-quarter adjusted earnings per share of 14 cents to 16 cents and revenue in a range of $44.7 million to $45.4 million, below analysts' estimate for EPS of 18 cents and $46.3 million revenue. Shares fell 4.5% in the after-hours session.

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, 08 Feb 2016 21:23:29 GMT
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EIA: Oil output from major shale plays to fall 92,000 barrels a day in MarchExternal Link

Oil production from seven major U.S. shale plays is expected to fall by 92,000 barrels a day in March from February, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 50,000 barrels a day in March, as the Bakken shale play, which stretches from Canada into North Dakota and Montana, is expected to see output fall by 25,000 barrels a day, the report said. Oil prices dropped Monday ahead of the report, with March oil settling at $29.69 a barrel, down $1.20, or 3.9%.

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, 08 Feb 2016 21:13:41 GMT
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