|
Nov 14, 2018
Stocks opened higher Wednesday, with Wall Street finding its footing as crude oil attempted to stabilize and after the October consumer-price index rose in line with expectations. The S&P 500 rose 0.6% to 2,739, while the Dow Jones Industrial Average was up 200 points, or 0.8% to 25,486. The Nasdaq Composite advanced 1% to 7,271.
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.
|
|
Nov 14, 2018
The U.S. Postal Service reported Wednesday a fiscal 2018 net loss that widened to $3.91 billion from $2.74 billion, as increases in operating expenses outpaced revenue growth. Excluding items outside of management control and non-recurring items, the "controllable" loss widened to $1.95 billion from $814 million. Revenue rose 1.5% to $70.62 billion as a 2.8% decline in first class mail revenue and a 0.7% fall in marketing mail revenue was offset by a 10% rise in shipping and packages revenue. First-class mail volume fell 3.6% to 2.1 billion pieces while package volume increased 6.8% to 394 million pieces. The USPS said the increase in expenses was driven by a $896 million rise in compensation benefits, as part of contractual wage increases, and a $623 million increase in transportation expenses resulting from higher package volume, fuel prices and highway contract rates. "The secular mail volume trends continue largely due to electronic diversion and transaction alternatives," said Postmaster General Megan Brennan. "We are seeking reforms that would allow the organization to reduce costs, grow revenue, compete more effectively, and function with greater flexibility to adapt to the marketplace and to invest in our future."
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.
|
|
Nov 14, 2018
Dunkin' Brands Group Inc. announced that new espresso drinks will be added to the menu, made with new espresso equipment on Wednesday. The new items are an iced cappuccino and the iced Americano. They will be available nationwide starting Nov. 19. For the launch Dunkin', which dropped the "Donuts" from its name in September, will offer free samples for six weeks. On Friday, four-ounce tastings of the caramel flavored iced latte will be available, followed by the white chocolate flavored iced latte on Saturday. Other upcoming deals and promotions include medium lattes and cappuccinos for $2 all day from Nov. 19 to Nov. 25, and free Lyft rides for up to 25,000 customers on Black Friday to get them to their local Dunkin' location. Dunkin' shares have gained 12.2% in 2018 while the S&P 500 index is up 1.8% for the period.
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.
|
|
Nov 14, 2018
Shares of Baker Hughes, a GE Co. slumped 1.9% in premarket trade Wednesday, after the oilfield products company revealed the pricing of the secondary offering of common stock. The company said public offering of 92 million Class A shares owned by General Electric Co. were priced at $23 a share, which was 3.4% below Tuesday's closing price of $23.80, representing a value of $2.12 billion. If the underwriters exercise all the options granted to underwriters to buy an additional 9.2 million shares, the total value of the offering could reach $2.33 billion. The offering is expected to close on Nov. 16. GE's stock rose 0.6% ahead of the open. Over the past three months, Baker Hughes' stock has tumbled 30.3% through Tuesday and GE shares have dropped 30.8%, while the S&P 500 has slipped 3.5%.
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.
|
|
Nov 14, 2018
Walmart Inc. said Wednesday it was partnering with Ford Motor Co. to test a grocery delivery service using self-driving vehicles. The pilot program is taking place in Miami-Dade County in Florida. Walmart said Postmates, which is already connected to Ford's digital platform, serves as its delivery partner in Miami. "Walmart and Ford agree autonomous vehicles have an important role to play as we consider the future of delivery," said Tom Ward, senior vice president of digital operations at Walmart U.S. Analyst Jeremy Acevedo at Edmunds said for Ford, "doubling down" on the commercial side of self-driving technology is a safer bet for Ford, but could be one that pays off well in the end. "Solving commercial challenges is far easier than solving commuter ones, and is most likely the area where self-driving technology will take off first," Acevedo wrote in a note. Walmart's stock rose 0.7% in premarket trade while Ford shares gained 0.2%. Over the past three months, Walmart's stock has hiked up 14.8%, Ford shares have gained 0.9% and the Dow Jones Industrial Average has edged up 0.4%.
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.
|
|
Nov 14, 2018
Sangamo Therapeutics Inc. shares dropped as much as 10% in Wednesday premarket trade before evening out to a 4.6% decline after the company was downgraded to "neutral" at J.P. Morgan, with analyst Eric Joseph citing "growing skepticism about the company's lead development programs and their potential for value creation over the foreseeable future." Joseph also cut the company's price target by nearly 70% to $11. (Company shares closed at $10.80 on Tuesday.) Sangamo is a buzzy biotechnology company that focuses on a type of cutting-edge gene editing that utilizes "zinc finger" proteins. But whether the company's SB-525 program for hemophilia A is working "continues to elude, now with indefinite timelines," Joseph said, questioning whether the company can beat further-along competitors like BioMarin Pharmaceutical Inc. and Spark Therapeutics Inc. . The analyst also had questions about the company's SB-913 program, being developed for a metabolic disorder called Hunter syndrome; early results from a trial were recently released to skepticism, causing Sangamo shares to plummet. "We do believe that the breadth of the pipeline offers several potential catalysts longer term (12-18 months), but with management credibility increasingly coming into play, net-net, we view SGMO as a show-me story from here," Joseph said. Sangamo shares have dropped 32.1% over the last three months, compared with a 3.5% decline in the S&P 500 .
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.
|
|
Nov 14, 2018
Macy's Inc. reported third-quarter net income of $62 million, or 20 cents per share, up from $30 million, or 10 cents per share, last year. Adjusted EPS was 27 cents. Revenue totaled $5.40 billion, up from $5.28 billion the previous year. The FactSet consensus was for EPS of 15 cents and sales of $5.40 billion. Same-store sales on an owned basis rose 3.1%, while same-store sales on an owned-plus-licensed basis increased 3.3%. The FactSet expectation was for same-store sales growth of 2.6%. Macy's now expects fiscal 2018 same-store sales on an owned-plus-licensed basis to rise 2.3% to 2.5%, versus previous guidance for an increase of 2.1% to 2.5%. Sales are now expected to be up 0.3% to 0.7% versus previous sales guidance for flat to 0.7% growth. And adjusted EPS is expected to be $4.10 to $4.30, up from $3.95 to $4.15 previously. Macy's shares are down 3% in Wednesday premarket trading, but have rallied 42% for the year to date. The S&P 500 index has gained 1.8% for 2018 so far.
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.
|
|
Nov 14, 2018
CBS Corp. subsidiary CBS Studios International and Chinese video streaming company iQiyi Inc. announced Wednesday they had reached an exclusive licensing agreement for "The Late Late Show with James Corden." The show will be available on demand on the Netflix-like iQiyi, which is controlled by Chinese search giant Baidu and went public in March. "It's exciting to join forces with iQiyi to bring the supreme talent of James Corden and the star power of his guests to Chinese audiences," said Armando Nuñez, CBS Global Distribution Group's president and CEO. "Mobile viewing dominates iQIYI's subscriber base, making it the perfect platform for the inventive content and viral moments of 'The Late Late Show'," he added. This is the first time the series will be available in China. Shares of CBS Corp. have fallen 3.4% in the year to date, while shares of Baidu have fallen 22%. The S&P 500 has gained 1.8%.
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.
|
|
Nov 14, 2018
Shares of Planet Fitness Inc. rose 1.1% in premarket trade Wednesday, after the fitness centers operator said it entered into a $300 million accelerated share repurchase agreement. The ASR agreement with Citibank N.A. is part of the $500 million buyback program announced in August, of which $458 million remained as of Nov. 12. As part of the agreement, Planet Fitness will pay Citibank $300 million and will initially receive 4.6 million shares of its common stock, or about 80% of the shares it expects to buy back as part of the ASR. The total number of shares repurchased will be based on the average daily volume-weighted average prices during the term of the agreement, less an agreed discount. Planet Fitness's stock has run up 50.4% year to date through Tuesday, while the S&P 500 has gained 1.8%.
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.
|
|
Nov 14, 2018
Shares of Apple Inc. fell 0.4% in premarket trade Wednesday, which puts them in danger of a fifth-straight decline, after the technology giant was downgraded by analyst Rob Cihra at Guggenheim Securities, who said rising average selling prices (ASPs) was "no longer enough" to offset declining iPhone units. Cihra cut his fiscal 2019 earnings estimate to $12.97 a share from $13.41--the FactSet consensus is $13.41--and his revenue estimate to $273 billion from $281 billion. "Over the past 10 years, Apple's iPhone ASP has increased a dramatic $220, or 40%, reflecting its growing value to both consumer and business markets, but nearly half of all that just came in [fiscal year 2018] alone, making a period of digestion now likely," Cihra wrote in a note to clients. Apple's stock has tumbled 8.4% over the past four sessions to close at a 3 1/2-month low amid growing concerns over slowing iPhone demand. It was still up 13.6% year to date, while the Dow Jones Industrial Average has gained 2.3%.
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.
|
|
Nov 14, 2018
Eli Lilly & Co. announced early Wednesday that it has made progress on two migraine therapies, including submitting an application for one medication -- intended for in-the-moment pain relief for migraines -- to the U.S. Food and Drug Administration. If that drug, lasmiditan, is approved, "it could represent the first significant innovation for the acute treatment of migraine in more than two decades," Eli Lilly said. The drugmaker also said that the FDA had granted a "breakthrough therapy" designation to the company's therapy Emgality to prevent episodic cluster headaches; the designation is geared at speeding the development and review of innovative drugs. Emgality was approved in late September to prevent migraines, one of a number of new preventive migraine treatments; cluster headache is another, rare type of headache disorder. There are currently no approved preventive therapies for the condition in the U.S., according to Eli Lilly, and the company plans to submit an application to the FDA by the end of the year. Company shares were inactive in premarket trade. Shares have risen 9.2% over the last three months, compared with a 3.5% decline in the S&P 500 .
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.
|
|
Nov 14, 2018
Luxury clothing brand Vince said Wednesday that it's launching an online subscription service for women's clothing called Unfold. For a flat monthly fee of $160 for a four-garment plan that includes free shipping, unlimited returns and exchanges, and complimentary laundering, customers will have access to the full fashion collection. Vince partnered with CaaStle, a rental technology platform for Unfold. Vince is a wholly owned subsidiary of Vince Holding Corp. . Vince shares have skyrocketed more than 136% for the year to date while the S&P 500 index is up nearly 2% for the period.
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.
|
|
Nov 14, 2018
Performance Food Group Co. said Wednesday its board has authorized a share buyback program of up to $250 million. The operator of foodservice distributors' shares were not yet active premarket, but have fallen 3.1% in 2018, while the S&P 500 has gained 1.8%.
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.
|
|
Nov 14, 2018
Leerink initiated coverage of GW Pharmaceuticals PLC ADR early Wednesday with an "outperform" rating and a price target of $185. GW Pharma develops medications that use cannabinoids, the chemical compounds in marijuana, and shares of the company closed at $132.18 on Tuesday. "We like new epilepsy drugs," Leerink analyst Marc Goodman said, predicting blockbuster sales of the company's lead product, Epidiolex, which has been approved in the U.S. for seizures associated with two rare types of childhood epilepsy. Goodman was also bullish on GW Pharma's second product, Sativex, which is intended for the muscle tightness and spasms that are symptoms of multiple sclerosis and has been approved in other countries, though not in the U.S. so far. The analyst said that Sativex "receives minimal attention" but could bring in global sales of $340 million by the end of 2030. "Epilepsy is a high operating margin business model, so our sales forecasts should drive strong bottom-line profits," Goodman said. "The company's deep cannabinoid science platform and proprietary know-how in this area should enable it to develop additional products to sustain growth." GW Pharma shares were not active in premarket trade. Shares have dropped nearly 4% month-to-date, compared with a 0.4% rise in the S&P 500 .
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.
|
|
Nov 14, 2018
Owens-Illinois Inc. announced early Wednesday plans for a regular quarterly cash dividend, as well as a $313 million expansion to an existing stock buyback program. The company, which manufactures and supplies glass containers for beverages, will pay a dividend of 5 cents per share on Feb. 12 to shareholders of record on the close of Jan. 22. Owens-Illinois' board also authorized the increase to the share buyback program, bringing the company's remaining buyback authority to about $600 million as of the start of November. The stock was inactive in Wednesday premarket trade. Shares have declined 3.2% over the last three months to $16.76, compared with a 3.5% decline in the S&P 500 and a 0.4% rise in the Dow Jones Industrial Average .
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.
|
|
Nov 14, 2018
Shares of Canada Goose Holdings Inc. soared 9.2% in premarket trade Wednesday, after the Canada-based luxury apparel maker reported fiscal second-quarter earnings and revenue that beat expectations, and boosted its sales growth outlook. Net income rose to C$52.0 million, or 45 cents a share, from C$38.3 million, or 33 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 46 cents, above the FactSet consensus of 26 cents. Revenue rose 34% to C$230.3 million, beating the FactSet consensus of C$200.6 million, as wholesale revenue of C$179.9 million topped expectations of C$165.2 million and direct-to-consumer revenue of C$50.4 million was above expectations of C$33.9 million. For fiscal 2019, the company raised its revenue growth outlook to 30% from 20%. The stock has soared 86% year to date through Tuesday, while the S&P 500 has gained 1.8%.
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.
|
|
Nov 14, 2018
Vapotherm Inc. priced its initial public offering late Tuesday at $14 a share, the low end of its $14 to $16 price range. The medical technology company, which specializes in treatments for respiratory illnesses, sold 4 million shares to raise $56 million. The stock will start trading on the New York Stock Exchange later Wednesday, under the ticker symbol "VAPO". BofA Merrill Lynch and William Blair are bookrunners on the deal with Canaccord and BTIG acting as co-managers.
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.
|
|
Nov 14, 2018
Shares of Canopy Growth Corp. tumbled 7.5% in premarket trade Wednesday, after the Canada-based cannabis company reported a wider fiscal second-quarter loss and revenue that rose less than expected. The net loss for the quarter to Sept. 30 was C$330.61 million, or $1.52 a share, after a loss of C$1.61 million, or 1 cent a share in the same period a year ago. The results included non-cash share-compensation expenses, fair value changes on financial assets and liabilities and other non-cash expenses which added C$115.7 million, or 52 cents a share, to the net loss. Revenue rose 33% to C$23.3 million, below the FactSet consensus of three analysts of C$60.0 million. Sales of oils represented 34% of product revenue, compared with 18% a year ago. Kilograms of cannabis harvested jumped 265% to 15,127, while kilograms sold increased 9% to 2,197 and the average selling price per gram grew 24% to C$9.87. After the recreational cannabis was legalized in Canada, the company made only limited "test" shipments of C$700,000. Active registered patients rose 34% to 84,400. The stock has run up 44% over the past three months through Tuesday, while the ETFMG Alternative Harvest ETF has climbed 19.5% and the S&P 500 has slipped 3.5%.
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.
|
|
Nov 14, 2018
Losses for U.S. stock futures were building ahead of Wall Street's open later on Wednesday, as oil prices continued to fall and investors kept watch on political risk out of the U.K. and Europe. Dow futures dropped 116 points, or 0.5%, to 25,214, while S&P 500 futures fell 14.85 points, or 0.6%, to 2,712.50. Nasdaq-100 futures slid 66.75 points, or 1%, to 6,785.25. Stocks closed mostly lower on Tuesday as oil plunged, with crude down another 0.3% on Wednesday. Investors were watching closely for Brexit deal news out of the U.K. as Prime Minister Theresa May prepares to bring an agreement with the EU to a divided cabinet. Weak German growth data and Italy's refusal to revise its budget were driving European stocks lower, with the Stoxx Europe 600 index dropping over 1%.
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.
|
|
Nov 13, 2018
The Trump administration will hold off on imposing tariffs on auto imports for the time being, Bloomberg News reported Tuesday night. Trump and his top trade advisers met Tuesday to discuss a draft report by the Commerce Department on the national security implications of auto tariffs, Bloomberg reported, and agreed to hold off on tariffs at least until the report could undergo revisions. For months, President Donald Trump has threatened tariffs of up to 25% on foreign autos, and reports that they were being considered again hurt shares of foreign automakers in Tuesday trading. Japanese shares of Toyota and Honda both jumped more than 1% in early Wednesday trading following the Bloomberg report.
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.
|
|
Nov 13, 2018
Helios & Matheson Analytics Inc. , which owns MoviePass, revealed in a regulatory filing Tuesday that it has delayed a vote on a second reverse stock split. According to the filing with the Securities and Exchange Commission, the company believed that it did not have support for the plan, which sought to avoid delisting of its stock for continuing to trade for less than $1. "The Board cancelled the Special Meeting because it does not expect to have the requisite stockholder votes to approve the proposed reverse stock split at the Special Meeting or to adjourn the Special Meeting," the filing reads. The spectacular rise and fall of MoviePass has left Helios & Matheson grappling for a solution, which includes a plan to split off the movie-subscription business into an independent entity. Shares closed Tuesday at less than 2 cents apiece.
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.
|
|
Nov 13, 2018
3M Co. said late Tuesday its board of directors has authorized the buyback of up to $10 billion of 3M's shares, replacing the company's existing repurchase program. In the same statement, the company said its board declared a dividend of $1.36 a share for the fourth quarter of 2018. The dividend is payable Dec. 12 to shareholders of record on Nov. 23. 3M shares rose 0.8% in the extended session after closing 0.7% higher during the regular trading day.
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.
|
|
Nov 13, 2018
Deputy National Security Adviser Mira Ricardel may be fired,The Wall Street Journal reported, citing an unnamed White House official. Ricardel had clashed with First Lady Melania Trump over issues including seating on the trip to Africa as well as the belief Ricardel was the source of negative stories. Earlier the First Lady's office had issued an unusual, public statement saying Ricardel "no longer deserves the honor of serving in this White House." According to the report, she also repeatedly clashed with Defense Secretary Jim Mattis.
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.
|
|
Nov 13, 2018
O'Reilly Automotive Inc. said late Tuesday its board of directors has authorized an increase of $1 billion in the auto parts retailer's share buyback program, raising the authorization to $11.75 billion. In the same statement, O'Reilly said it has agreed to buy all of the auto parts-related assets of privately held Bennett Auto Supply, Inc. of Pompano Beach, Fla. The asset buying is expected to be completed by the end of the year, O'Reilly said. Bennett operates 33 stores in southern Florida, O'Reilly said. Shares of O'Reilly were flat in the extended session and rose 2.3% in the regular trading day.
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.
|
|
Nov 13, 2018
Blue Apron Holdings Inc. shares declined in the extended session Tuesday after the subscription meal service posted revenue that fell below Wall Street estimates and said it was laying off staff. Blue Apron shares fell 5% after hours, following a 2.4% decline to close the regular session at $1.22. The company reported a third-quarter loss of $33.9 million, or 18 cents a share, compared with $87.2 million, or 47 cents a share, in the year-ago period. Revenue declined to $150.6 million from $210.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 22 cents a share on revenue of $157.9.million. Blue Apron said it was laying off 4% of its workforce to speed up its path to profitability in 2019, and said its Chief Marketing Office Jared Cluff no longer worked at the company.
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.
|
|
Nov 13, 2018
Shares of SVMK Inc. rose 0.3% in the extended session Tuesday after the parent company of SurveyMonkey Inc. reported adjusted third-quarter results above expectations. SVMK said it lost $102.4 million, or 99 cents a share, in the quarter, compared with a loss of $13 million, or 13 cents a share, a year ago. Adjusted for one-time items, the company lost one penny a share. Revenue rose 18% to $65.2 million from $55.3 million a year ago as "strength across the business drove our results," the company said in a statement. Analysts polled by FactSet expected an adjusted loss of 5 cents a share on sales of $62.9 million. GAAP EPS loss was seen at 94 cents. "We are off to a great start as a public company resulting from our strong execution and focus," CEO Zander Lurie said. The company said it expects fourth-quarter revenue between $64.8 million and $66.8 million, and revenue between $251.2 million and $253.2 million for 2018. SVMK had its initial public offering in September. Net proceeds from the IPO and private placement totaled $225.3 million, the company said. The stock lost 1.8% in the regular session Tuesday.
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.
|
|
Nov 13, 2018
The Dow and S&P 500 on Tuesday finished an up-and-down session lower, extending a rout that kicked off a day ago, after crude-oil prices registered their worst daily drop in more than three years. The sharp declines in oil have weighed on market sentiment, raising concerns about global economic growth, and dragged the energy sector lower. A popular gauge of energy, the Energy Select Sector SPDR ETF , finished down 2.4%. The S&P 500 index closed off 0.2% at 2,722, marking its fourth straight decline, with the energy and health-care sectors leading the day's losses. The Dow Jones Industrial Average ended 0.4% lower at 25,286, driven lower by a sharp decline in shares of Boeing Co. , after a report by the Wall Street Journal indicated problems with part of its fleet of jets. The Nasdaq Composite Index , meanwhile, ended Tuesday trading flat at 7,200. Meanwhile, West Texas Intermediate for December delivery settled 7.1% lower at $55.69 a barrel on the New York Mercantile Exchange, marking its sharpest one-day fall since September 2015, registering its 12 consecutive loss and deepening the commodities stunning slide into bear-market territory, defined as a drop of at least 20% from a recent peak.
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.
|
|
Nov 13, 2018
The Securities and Exchange Commission settled its insider trading charges against James V. Mazzo, the former Chairman and Chief Executive Officer of Advanced Medical Optics, Inc. who agreed to pay $1.5 million for allegedly tipping information about his company's acquisition to his close personal friend, former professional baseball player Doug DeCinces. The SEC alleged Mazzo provided DeCinces with material, nonpublic information about the potential acquisition of AMO by Abbott Laboratories, Inc. The SEC's complaint said DeCinces bought AMO securities numerous times after communicating with Mazzo about the progress of the merger talks and then allegedly tipped five more of his friends, including a former Baltimore Orioles teammate and a businessman, Dave Parker for a trading gain of over $1.3 million for DeCinces another $1 million in gains for his friends. DeCinces and four of his tippees already settled the Commission's insider trading claims against them. The SEC's litigation against Parker is continuing. Mazzo neither admitted nor denied the allegations and also agreed to a five-year officer-and-director bar.
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.
|
|
Nov 13, 2018
U.S. oil futures logged their lowest settlement in almost a year on Tuesday, dropping roughly 7% to stretch a record losing streak to a 12th session in a row. With discussions between major oil producers over the weekend over a possible production cut doing nothing to stop the slide in oil, "we need to look to technical levels to see how far traders will push down prices," said Owen Williams, founder of Williams Market Analytics. "We believe that oil prices are overshooting to the downside, as economic deterioration ... is not yet a concern and supply fears are overblown." On Tuesday, however, December West Texas Intermediate oil dropped $4.24, or 7.1%, to settle at $55.69 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since Nov. 16, 2017, according to FactSet data.
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.
|
|
Nov 13, 2018
The Italian government failed to produce a revised deficit target requested by the European Commission, with Rome officials instead saying they would stick to a budget deficit that is 2.4% of gross domestic product and economic growth that is a 1.5% of GDP for its 2019 budget plan, according to Bloomberg News. Italy was slated to resubmit a new proposal on Tuesday with a failure to do so likely intensifying a dispute with the European Union because the original draft ran afoul of eurozone fiscal rules. Citing an official from the far-right League, Bloomberg said the Italian government will defend its proposal, which had already been rejected by eurozone officials. The 10-year Italian government bond yield was flat at 3.450%, while the 10-year German bond yield was up 2.2 basis points to 0.410%. The euro strengthened against the U.S. dollar, rising 0.4%, with the dollar changing hands at $1.1261, compared with with $1.1220 late Monday.
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.
|
|
Apr 24, 2018
The U.S. Food and Drug Administration said Tuesday it is cracking down on sales of e-cigarettes, specifically Juul products, to minors, and has already uncovered 40 violations. Juul products come in a slim, USB-chargeable e-cigarette form with flavors that include "crème brulée" and "cool cucumber" that have made them popular with young people, many of whom do not realize they contain nicotine, as MarketWatch has reported. The FDA said it will hold retailers accountable for continued violations. "This blitz, and resulting actions, should serve as notice that we will not tolerate the sale of any tobacco products to youth," FDA Commissioner Scott Gottlieb said in a statement. The FDA has also contacted eBay Inc. to ensure that the products are not sold to minors online. It is also contacting the manufacturers of e-cigarettes to hold them accountable. In the case of Juul, the FDA is requesting documents "related to product marketing; research on the health, toxicological, behavioral or physiologic effects of the products, including youth initiation and use; whether certain product design features, ingredients or specifications appeal to different age groups; and youth-related adverse events and consumer complaints associated with the products."
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.
|
|
Apr 24, 2018
In spite of reports that Wegmans pharmacies are out of stock of the EpiPen allergic reaction treatment, the Food and Drug Administration is not currently aware of any U.S. shortage, though the regulator continues to monitor the supply, spokesperson Lauren Smith Dyer. Pfizer , which manufactures the Mylan product through one of its business units, said that it is currently shipping products but supplies may vary from pharmacy to pharmacy. EpiPen shortages have been seen in Canada and the United Kingdom, and Canada recently said it is working with the U.S. to alleviate the shortage. "We understand how important this potentially life-saving product is to patients, and we are working closely with Mylan to monitor supply levels so patients have access to epinephrine auto injector products," Pfizer spokesperson Steve Danehy said. MarketWatch's requests for comment to to Mylan and many U.S. pharmacy chains were not immediately returned.
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.
|
|
Apr 24, 2018
International Business Machines Corp. said Tuesday it will raise its quarterly dividend by 4.7% to $1.57 a share, marking the 23rd-straight year the technology company has boosted its payout. The new dividend, up from $1.50 a share, will be payable June 9 to shareholders of record on May 10. The stock rose 0.4% in morning trade to $146.38. At current prices, the new annual dividend rate would imply a dividend yield of 4.29%, compared with the SPDR Technology Select Sector ETF current dividend yield of 1.35% and the implied yield for the Dow Jones Industrial Average of 2.17%, according to FactSet. IBM's stock has lost 4.5% year to date, while the tech-sector ETF has gained 3.2% and the Dow has slipped 1.1%.
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.
|
|
Apr 24, 2018
President Donald Trump warned Iran Tuesday that it will have "bigger problems" than ever if it restarts its nuclear program. Appearing at the White House with French President Emmanuel Macron, Trump called the Iran nuclear deal "insane" and said it should never have been made. Macron is expected to press Trump to stay in the deal during his state visit.
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.
|
|
Apr 24, 2018
Mother's Day spending will decline slightly to $23.1 billion, according to the National Retail Federation's annual survey, with the average person spending $180. The annual total is second to last year's $23.6 billion spend. More than a third of shoppers (34%) will purchase jewelry, totaling $4.6 billion. And 55% will spend on outings like dinner or brunch, totaling $4.4 billion. More than a quarter (29%) want to receive an experience for a gift, like tickets to an event or a spa day. The SPDR S&P Retail ETF is down 1.1% matching the Dow Jones Industrial Average decline. The S&P 500 index is down 0.3% for 2018 so far.
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.
|
|
Apr 24, 2018
3M Co.'s stock tumbled 7.1% in morning trade Tuesday, after what is shaping up to be the most disappointing quarterly earnings report 10 1/2 years. The $15.28 price decline was shaving about 105 points of the Dow Jones Industrial Average's price, as the Dow slumped 15 points. The industrial and consumer products manufacturer reported ahead of the open first-quarter results which were in line with expectations, but trimmed its full-year earnings guidance range. The stock is on track for the biggest one-day post-earnings percentage decline since it tumbled 8.6% on Oct. 19, 2007, after third-quarter 2009 results were reported.
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.
|
|
Apr 24, 2018
Gap Inc. announced plans to open 60 new Old Navy stores in 2018. The company also plans to remodel about 150 existing stores, including upgrades to bathrooms, fitting rooms and checkout areas. Ten percent of these stores will undergo a full remodel, including three locations that were hit by Hurricanes Harvey and Maria. New locations will be spread across the U.S. and Canada. Old Navy has been a consistent bright spot for Gap, whose brands also include the namesake stores and website as well as Banana Republic. Old Navy same-store sales rose 9% in the fourth quarter. Gap shares are up nearly 2% in Tuesday trading, but down nearly 14% for the year to date. The S&P 500 index is nearly breakeven for the period.
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.
|
|
Apr 24, 2018
Financial stocks rose on Tuesday, hitting session highs in early trading after the 10-year Treasury note yield rose past a psychological level, in what is seen as providing a tailwind for the sector. The Financial Select Sector SPDR ETF rose 0.7%, with financial stocks the top-performing industry group of the day. The SPDR S&P Bank ETF rose 1.2% while the SPDR S&P Regional Banking ETF . Regional banks were among the biggest gainers of the day, with Fifth Third Bancorp up 5.8% and Zions Bancorp up 4.2%. Multinational firms like JPMorgan Chase & Co. and Citigroup Inc. were up 1.5%. The rise came as the U.S. 10 Year Treasury Note [BX:TMUBMUSD10Y] rose 2.8 basis points to 3%, hitting its highest level since 2014. While higher yields are generally seen as a headwind for stocks overall, it can provide a boost to banks by contributing to a lift in their net interest margins, which can in turn lead to higher earnings. The Dow Jones Industrial Average rose 0.2% while the S&P 500 was up 0.2% and the Nasdaq Composite Index was up 0.1%.
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.
|
|
Apr 24, 2018
Music-streaming service Spotify Technology SA announced Tuesday upgrades to its free tier of service. The company said at a New York event that it would start giving free users the ability to listen to certain playlists on demand. Previously, Spotify's free tier mainly allowed users to listen on shuffle mode to playlists they created on their desktop computers. The new mobile app will allow users to listen on-demand to 15 playlists, including the popular Discover Weekly playlist. The new mode is the result of new licensing deals, according to Spotify's research-and-development chief Gustav Söderström. "Spotify is not really in the business of giving access to music," he told members of the press. "We're in the business of discovery. We think most of the others are still in the business of just giving access." Söderström also announced new tools for playlist creation as well as a low-data mode that he said will reduce data consumption by as much as 75%, "making true mobile listening affordable for everyone." Söderström said that the free tier is important for Spotify, as 60% of premium users once started as free users, though he also said that Spotify's goal with its new service wasn't to create "pain" for free users so they'd start paying up. Spotify shares are down 1.5% in Tuesday morning trading, while the S&P 500 is up 0.3%.
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.
|
|
Apr 24, 2018
The share moves of the six components of the Dow Jones Industrial Average that reported first-quarter results before the open are subtracting a net 80 points from the Dow's price, with 3M Co.'s stock the biggest detractor. 3M shares dropped 6.2% after a downbeat outlook, to shave about 92 points off the Dow. Among other decliners, Travelers Companies Inc. shares shed 3.9% to subtract 37 points from the Dow after missing earnings expectations, while Coca-Cola Co.'s stock fell 1.4% to shave about 4 points off the Dow. Meanwhile, Caterpillar Co.'s stock was the biggest contributor, rallying 3.5% to add about 37 points to the Dow, after reporting better-than-expected results and raising its outlook. Elsewhere, shares of United Technologies Corp. gained 1.3% to add about 11 points to the Dow, and Verizon Communications Inc.'s stock tacked on 1.4% to boost the Dow by about 5 points. The Dow was up 58 points.
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.
|
|
Apr 24, 2018
Exchange-traded funds that track the home-building sector rose on Tuesday, following a positive read on home prices, as well as strong results from a key component. The SPDR S&P Homebuilders ETF rose 0.9% while the iShares U.S. Home Construction ETF was up 1.3%. Supporting the group was the S&P/Case-Shiller national index of home prices, which hit a four-year high. Separately, PulteGroup Inc. jumped 3.8% after the company reported first-quarter results that Susquehanna analyst Jack Micenko said beat expectations "across all metrics." Among other stocks, D.R. Horton Inc. rose 1.6% and Toll Brothers Inc. was up 1%. The Dow Jones Industrial Average rose 0.2% while the S&P 500 was up 0.3% and the Nasdaq Composite Index was up 0.3%.
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.
|
|
Apr 24, 2018
The 10-year Treasury note yield rose 2.8 basis points to 3.0%, a key psychological level, on Tuesday, according to Tradeweb data. This follows after the benchmark attempted a test of 3.0% on Monday, hitting an intraday high of 2.996%. The 2-year note yield advanced 2.6 basis points to 2.500%, while the 30-year bond yield rose 2.4 basis points to 3.167%. Bond prices move in the opposite direction of yields. Analysts say a combination of wider budget deficits, fiercer inflationary pressures and expectations for tighter monetary policy have put bonds under pressure.
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.
|
|
Apr 24, 2018
The Mexican peso rallied versus the U.S. dollar on Tuesday, after Moises Kalach, head of trade for Mexican national business chamber CCE, said there was a 75% chance an agreement on the North American Free Trade Agreement would be reached in the next 10 days. Kalach's remarks, according to news reports, came after multiple officials from Nafta member countries, including President Donald Trump, indicated a potential agreement in principal could be reached in May. Nevertheless, the dollar slumped versus the Mexican currency in response to the news, last buying 18.7897 pesos, down versus 18.9407 pesos late Monday in New York.
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.
|
|
Apr 24, 2018
U.S. equity markets opened higher on Tuesday, with the Dow on track to break a four-session losing run. Investors continued to monitor earnings reports, which largely beat expectations. The Dow Jones Industrial Average was up 84 points, or 0.4%, to 24,528. The S&P 500 index added 8 points, or 0.3%, to 2,678. Meanwhile the Nasdaq Composite advanced 29 points, or 0.4% to 7,157 at the open. Among the best performers on the Dow, Caterpillar Inc. shares surged 4% after the maker of construction and mining equipment reported first-quarter profit and sales that were well above expectations.
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.
|
|
Apr 24, 2018
Shares of PulteGroup Inc. ran up 3.4% in premarket trade Tuesday, after the homebuilder reported first-quarter results that Susquehanna analyst Jack Micenko said beat expectations "across all metrics." Net income rose to $170.8 million, or 59 cents a share, from $91.5 million, or 28 cents a share, in the same period a year ago, and above the FactSet EPS consensus of 46 cents. Revenue rose to $1.97 billion from $1.63 billion, above the FactSet consensus of $1.83 billion, as home sales increased 21% to $1.9 billion to top expectations of $1.8 billion. Average home selling prices increased 10% to $413,000 to beat the FactSet consensus of $402,060, while deliveries growth of 9% to 4,626 were above expectations of 4,464. Micenko has a neutral rating on Pulte, with a $33 stock price target. He said new home sales data, housing starts, unemployment trends and interest rates "are all directional catalysts for the builder stocks." Pulte shares have slumped 13.3% year to date through Monday, while the SPDR S&P Homebuilders ETF has shed 10.5% and the S&P 500 has eased 0.1%.
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.
|
|
Apr 24, 2018
Walmart Inc. said Tuesday that it is partnering with DoorDash for online grocery delivery in the Atlanta metro area. The two companies plan to expand into more markets in the coming months in keeping with Walmart's goal of providing delivery service to 40% of U.S. households. Orders must be a minimum of $30, and there is a $9.95 charge for delivery. Groceries can be delivered same-day. Groceries can be ordered from the Walmart website or the retailer's app. Walmart shares are down nearly 13% for the year to date while the Dow Jones Industrial Average is down 1.1% for the period.
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.
|
|
Apr 24, 2018
Salesforce.com Inc. said Tuesday it is planning to invest $2.2 billion in its French business in the next five years, moving to take advantage of a market where it is enjoying rapid growth. The customer-relationship management software provider said it is planning to significantly increase headcount in France, expand its real estate footprint and data center capacity. Shares were up 1% premarket, but have gained 45% in the last 12 months, while the S&P 500 has gained 12%.
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.
|
|
Apr 24, 2018
Shares of LaSalle Hotel Properties rose 1.7% in premarket trade Tuesday, after real estate investment trust Pebblebrook Hotel Trust raised it buyout bid a second time in a week. Pebblebrook said it's current bid is for 0.9085 Pebblebrook shares for each LaSalle share outstanding, up from the exchange ratio of 0.8944 announced on April 16, and compared with the original exchange ratio of 0.8655 revealed on March 28. Based on Monday's closing prices, the current bid would be for $32.25 a share, or 3.5% above Monday's close of $31.16, and 30% above the March 27 close of $24.84. LaSalle rejected the initial unsolicited bid, saying it was "insufficient," and had said last week it would "carefully" review the revised bid. LaSalle shares had rallied 11.0% year to date through Monday, while Pebblebrook's stock had lost 4.5% and the S&P 500 had eased 0.1%.
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.
|
|
Apr 24, 2018
Freeport-McMoRan Corp. said Tuesday it had net income of $692 million, or 47 cents a share, in the first quarter, up from $228 million, or 16 cents a share, in the year-earlier period. Adjusted per-share earnings came to 46 cents, below the FactSet consensus of 56 cents. Revenue rose to $4.868 billion from $3.341 billion, also below the FactSet consensus of $4.947 billion. The copper and gold mining company said it is still in talks with Indonesian government to restore stability to its Grasberg operations, "and look forward to reaching a mutually positive resolution." Shares fell 1% in premarket trade, but have gained 54% in the last 12 months, while the S&P 500 has gained 12%.
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.
|
|
Apr 24, 2018
The stock moves of the six Dow Jones Industrial Average components reporting first-quarter results are adding about a net 3 points to the Dow's price in premarket trade, with Caterpillar Inc. providing the biggest boost and 3M Co. shaving off the most. Dow futures rose 151 points. Caterpillar's stock surged 4.1% in premarket trade after blowout results, with the price gain adding about 44 points to the Dow's price. 3M shares sank 3.2% after a disappointing outlook, with the point drop subtracting about 47 points from the Dow's price. Elsewhere, United Technologies Corp.'s stock rose 1.9% to add about 16 points to the Dow; Coca-Cola Co. shares gained 1.2% to add a little over 3 points; Travelers Companies Inc.'s stock shed 2.4% to subtract about 22 points; shares of Verizon Communications Inc. climbed 2.9% while adding just shy of 10 points.
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.
|
|
Apr 24, 2018
Biogen Inc. shares dropped 2.4% in premarket trade Tuesday after the company reported a first-quarter sales miss. Earnings for the latest quarter rose to $1.2 billion, or $5.54 per share, from $748 million, or $3.46 per share in the year-earlier period. Adjusted earnings-per-share were $6.05, compared with the FactSet consensus of $5.93. Revenue rose to $3.13 billion from $2.81 billion, compared with the FactSet consensus of $3.15 billion. Revenue growth was largely driven by $364 million in revenue for the rare disease therapy Spinraza, compared with $47 million in the year-earlier period and $363 million in the fourth quarter, biosimilar revenue of $128 million and "other" revenues of $164 million, the company said. Even so, sales of Spinraza -- which has come to be one of Biogen's most important drugs -- came in below the FactSet consensus of $383 million. Company shares have plummeted 25% over the last three months, compared with a nearly 6% decline in the S&P 500 .
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.
|
|
Apr 24, 2018
Lockheed Martin Corp. shares rose 1% premarket after the company reported earnings and revenue beats and lifted its 2018 guidance. Earnings for the latest quarter rose to $1.16 billion, or $4.02 per share, from $789 million, or $2.69 per share in the year-earlier period. The FactSet adjusted earnings-per-share consensus was $3.39. Revenue rose to $11.63 billion from $11.21 billion, compared with the FactSet consensus of $11.24 billion. The company now expects 2018 revenue of $50.35 billion to $51.85 billion, above previous estimates of $50 billion to $51.5 billion, and 2018 EPS of $15.80 to $16.10, up from previous estimates of $15.20 to $15.50. Lockheed Martin shares have surged 8.5% over the last three months, compared with a nearly 6% drop in the S&P 500 and nearly 7% drop in the Dow Jones Industrial Average .
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.
|
|
Apr 24, 2018
JetBlue Airways Corp. shares rose 1.8% in premarket trade Tuesday, after the company beat profit estimates for the first quarter. The airline said it had net income of $88 million, or 27 cents a share, in the first quarter, up from $82 million, or 24 cents a share, in the year-earlier period. Revenue rose to $1.754 billion from $1.600 billion. The FactSet consensus was for EPS of 22 cents and revenue of $1.759 billion. Revenue per available seat mile grew 6.1% in the quarter, while operating expenses per available seat mile, excluding fuel (CASM ex-fuel) rose 3.1%. For the second quarter, the company is expected capacity to increase 5% to 7%, and for the full year, it expects capacity to grow 6.5% to 8.5%. RASM growth is expected to be down 3% to flat in the second quarter, while CASM ex-fuel is expected to grow 2% to 4%. Shares have fallen 8% in the last 12 months, while the S&P 500 has gained 12%.
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.
|
|
Apr 24, 2018
Amazon.com Inc. said Tuesday that it is launching in-car delivery in 37 U.S. cities for compatible vehicles using Amazon Key. Compatible vehicles include 2015 or newer models of Chevrolet, Buick, GMC, Cadillac and Volvo cars. Chevrolet, GMC, Buick and Cadillac are all General Motors Co. vehicles. GM vehicles must have an active OnStar account and Volvo cars must have Volvo On Call accounts. Amazon Key, which launched last November, already allows in-home delivery. For Amazon Key In-Car, Prime members can have their Amazon packages delivered in their cars parked at home, work or other locations in their address book. Delivery is available for items sent using same-day, two-day and standard shipping. Customers receive notice of a four-hour delivery window, when the delivery is on the way, and when it has been delivered. Customers can also track that their car was unlocked, and locked once again. Separately, Amazon announced that grocery delivery from Whole Foods Market is now available in Denver, Sacramento, and San Diego for Prime members on purchases of $35 or more. Delivery is available within two hours for free. Delivery is available within one hour for $7.99. Amazon shares are up 1.1% in Tuesday premarket trading and up 29.8% for the year so far. The S&P 500 index is down 0.1% for 2018 to date.
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.
|
|
Apr 24, 2018
Shares of 3M Co. [S: mmm] tumbled more than 2% on Tuesday as the company reported earnings in line with estimates, but said its full-year earnings would be lower than previously expected. Net income, which took a hit from tax law changes and a legal settlement, was $606 million in the first quarter, down from $1.33 billion a year ago, and per-share earnings were 98 cents, compared to $2.16, a year ago. Adjusted EPS of $2.50 matched the FactSet consensus. Sales in the first quarter totaled $8.3 billion, up 7.7% compared to a year ago and edging the consensus of $8.2 billion. The company said it now sees EPS of $8.68-$9.03, and adjusted full-year EPS of $10.20 to $10.55, down from earlier guidance of $10.20 to $10.70. Shares are down more than 8% for the year to date, while the Dow Jones Industrial Average has lost about 1% in that period.
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.
|
|
Apr 24, 2018
Shares of Caterpillar Inc. surged 4.2% in premarket trade Tuesday, after the maker of construction and mining equipment reported first-quarter profit and sales that were well above expectations, and raised the full-year outlook. Net income rose to $1.67 billion, or $2.74 a share, from $192 million, or 32 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.82, above the FactSet consensus of $2.12. Revenue rose 31% to $12.86 billion from $9.82 billion, beating the FactSet consensus of $11.98 billion. Construction industries sales rose 38% to $5.68 billion, topping the FactSet consensus of $5.22 billion, while energy and transportation sales growth of 26% to $5.22 billion beat expectation of $3.88 billion. The company raised its 2018 adjusted EPS outlook to $10.25 to $11.25 from $8.25 to $9.25. The stock had lost 2.3% year to date through Monday, while the Dow Jones Industrial Average had slipped 1.1%.
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.
|
|
Apr 24, 2018
Shares of Verizon Communications Inc. are up 2% in premarket trading Tuesday after the company announced better-than-expected results for its March quarter. Net income was $4.7 billion, up from $3.5 billion a year ago, or $1.11 on a per-share basis. The company reported adjusted earnings per share of $1.17, up from 95 cents in the year-earlier quarter and ahead of the FactSet consensus projection for $1.11. Revenue rose to $31.8 billion from $29.8 billion a year earlier, and came in above the FactSet consensus of $31.2 billion. Verizon reported 260,000 retail postpaid net additions, 220,000 of which were postpaid smartphone net additions. The company said it had 0.8% retail postpaid phone churn. Verizon expects full-year revenue and adjusted EPS growth in the low-single digits. The company said that it projects between $17 billion and $17.8 billion in capital spending for 2018, "including the commercial launch of 5G." Verizon shares are up 3.4% over the past 12 months, compared with an 18% gain for the Dow Jones Industrial Average .
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.
|
|
Apr 24, 2018
Eli Lilly & Co. shares dropped nearly 3% in premarket trade Tuesday after the company's rheumatoid arthritis therapy baricitinib was recommended for Food and Drug Administration approval at the 2-mg dose, but not the 4-mg dose. Incyte Corp. , a partner on the drug, had its shares drop nearly 5% premarket. The recommendation, made by the FDA's arthritis advisory committee late Monday, was based on concerns about the 4-mg dose's safety and risks relative to its benefits. Baricitinib is intended for moderate-to-severe rheumatoid arthritis in patients who haven't responded well to the leading drug methotrexate. Eli Lilly, which also reported first quarter profit and revenue beats early Tuesday, said in a statement that it is confident that both dose levels have a positive benefit-risk profile. Eli Lilly shares have dropped nearly 5% over the last three months and Incyte shares have plummeted 28.5%, compared with a nearly 6% decline in the S&P 500 .
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.
|
|
Apr 24, 2018
Coca-Cola Co. shares were up 0.7% in Tuesday premarket trading after the beverage company reported first-quarter earnings and sales that beat consensus. Earnings per share of 31 cents were down from 43 cents last year. Adjusted EPS was 47 cents, beating the 46-cent FactSet consensus. Revenue of $7.6 billion was down 16% from $9.1 billion last year, but ahead of the $7.3 billion FactSet consensus. Case unit volume rose 3% across all categories and geographies with double-digit growth of Coca-Cola Zero Sugar and a return to volume growth in Diet Coke following the introductions of four new flavors and new packaging. Coca-Cola continues to expect about 4% revenue growth in 2018 from $35.4 billion in 2017, and 8% to 10% EPS growth from $1.91 in 2017. The FactSet consensus is for sales of $31.6 billion and EPS of $2.10. Coca-Cola shares are down 4.1% for the year to date while the Dow Jones Industrial Average is down 1.1% for the period.
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.
|
|
Apr 24, 2018
Travelers Cos. Inc. on Tuesday reported first-quarter earnings that missed analyst estimates, even as net income jumped. Net income was $669 million, up from $617 million a year ago. Per-share earnings were $2.42, vs. $2.19 a year ago, but below the FactSet consensus of $2.68. Revenue in the first quarter was $7.29 billion, up from $6.94 billion in the year-ago period, and above analyst expectations of $6.75 billion. The company said it was raising its dividend 7% to 77 cents per share. Shares slid nearly 1% in pre-market trading. They have gained about 1% in the year to date, vs. the Dow Jones Industrial Average , which has lost about 1%.
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.
|
|
Feb 27, 2018
Yield spreads on bonds issued by Comcast Corp. widened Tuesday, after the company surprised the market with a $30.9 billion offer for Sky Plc . The company topped a bid from 21st Century Fox Inc. and complicated a deal Fox has made to sell many of its assets to Walt Disney Co. . "The purchase offer is all cash, resulting in pro forma leverage of approximately 3.0 times should the deal be completed on proposed terms," said CreditSight analysts. "This represents a material step up up from about 2.2 times net leverage at year-end and the company's historical norm." CreditSights is recommending looking at a 20 basis-point widening as an opportunity to add exposure on the company's 10-year bonds, which were trading about 5 basis points wider in early afternoon trade, according to MarketAxess. The company's most-active bonds, the 4.000% notes due in March of 2048, were about 6 basis points wider, according to MarketAxess, while the 3.9000% notes due in March of 2038 were 4 basis points wider on the day. On the equities side, the stock was down 5.7%, while the S&P 500 was down 0.3%.
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.
|
|
Feb 27, 2018
Coca-Cola Co. confirmed with MarketWatch on Tuesday that it will cut between 250 and 350 jobs after putting a new operating model in place for its bottling system. The company will eliminate some jobs, "re-orient others" and create new positions. Coca-Cola had 12,400 employees in the U.S. as of Dec. 31, 2017, according to its most recent 8-K filing. Most of the layoffs will take place in the company's Atlanta headquarters. The company has 5,000 workers in Georgia. Coca-Cola shares are up 5.2% for the past year while the Dow Jones Industrial Average is up 23.4% for the period.
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.
|
|
Feb 27, 2018
Shares of Boeing Co. rallied 1.4%, which is currently enough to keep the Dow Jones Industrial Average from a triple digit loss, at least for now. The stock's price gain of $5.08 in afternoon trade would add about 35 points to the Dow, which is a price-weighted index, while the Dow is down 82 points. Boeing's stock rally comes after the aerospace and defense giant said it reached a deal with President Trump to build a new Air Force One.
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.
|
|
Feb 27, 2018
Gold futures fell sharply Tuesday, suffering from the largest one-day dollar and percentage loss in a week. The U.S. dollar strengthened and bond yields rose as expectations for future interest-rate hikes increased during Federal Reserve Chairman Jerome Powell's congressional testimony. April gold lost $14.20, or 1.1%, to settle at $1,318.60 an ounce--the lowest finish since Feb. 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.
|
|
Feb 27, 2018
Investors on Tuesday raised their expectations for four rate hikes from a consensus of three hikes this year after Federal Reserve Chairman Jerome Powell's congressional testimony. Traders in the fed fund futures market, where investors can place bets on the course of future interest rates, increased the probability of four rate hikes to 33.9% from 24.4% a day ago, according to data from CME Group. Specifically, investors appeared to focus on Powell's comments that he personally felt the economic outlook had strengthened since December. Government bond investors also reacted to the prospect of a more aggressive central bank as Treasury yields rose and bond prices fell.
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.
|
|
Feb 27, 2018
Carters Inc. shares fell 7.2% in Tuesday trading after the baby and children's apparel company gave earnings guidance below expectations. Net income was $135.7 million, or $2.84 per share, up from $87.1 million, or $1.76, for the same period last year. Adjusted EPS was $2.32. Results include a benefit of $40 million from the tax overhaul. Sales totaled $1.027 billion, up from $934.2 million year-over-year. The FactSet consensus was for EPS of $2.20 and sales of $1.026 billion. Same-store sales increased 4.5%, with e-commerce comparable sales rising 19.1% and comparable retail store sales falling 1%. U.S. wholesale sales increased 11% to $329.8 million. For the first-quarter, the company expects a 2% increase in sales and adjusted EPS of about 97 cents. Full-year sales are expected to rise 5% with adjusted EPS of $5.76. FactSet expects first-quarter EPS of $1.18 and full-year EPS of $6.69. Wells Fargo analysts think this is "a compelling buying opportunity" because first-quarter guidance is driven mostly by wholesale timing, which should help the second quarter. And the company will reinvest $20 million in the company. "Had Carters not encountered any timing shifts and opted to flow-through 100% of their tax savings, their EPS guide likely would have looked more like $1.19 in Q1 and $7.00," analysts wrote. Wells Fargo rates Carter's shares outperform with a $145 price target. Carter's stock is up 26.4% for the past year while the S&P 500 index is up nearly 17% for the period.
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.
|
|
Feb 27, 2018
Boeing Co. will build the "next generation" of Air Force One, a "flying White House at outstanding value to taxpayers," the company said in a tweet Tuesday. President Trump negotiated "a good deal on behalf of the American people," Boeing said. Shares of Boeing have rallied more than 140% since December 2016, when Trump threatened to cancel an order for new Air Force One planes saying on Twitter that costs were "out of control." The deal this week would be for two planes at $3.9 billion, including special equipment such as a communications suite and large galleys, and structural changes designed to protect and sustain those on board for an extended period of time, Boeing said in emailed comments to MarketWatch. The original deal was for around $5 billion. Shares of Boeing have gained 105% in the past 12 months, compared with 17% for the S&P 500 index and 23% for the Dow Jones Industrial Average. Shares rose as much as $369.15 on Tuesday, and were on track for a record close. Boeing last month reported better-than-expected fourth-quarter earnings.
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.
|
|
Feb 27, 2018
The Federal Trade Commission said Tuesday that it reached a settlement with PayPal Holdings Inc. over the commission's allegations that PayPal misled Venmo users about account transfers. PayPal shares are down 0.6% in Tuesday trading. The commission charged that PayPal told users of its Venmo app that they could transfer money to their bank accounts without properly informing them that funds could be removed or frozen following the company's review of the transactions. The FTC also said that Venmo "misrepresented the extent to which consumers' financial accounts were protected by 'bank grade security systems,'" according to a release. "We are pleased to conclude this process with the FTC in a cooperative way," PayPal said in a statement. "We've taken steps to significantly strengthen our privacy and data security practices. The company will continue to invest heavily in programs designed to create better user understanding and to enhance privacy." A company spokesperson also said that there was "no associated fine." The proposed FTC settlement will be available for public comment through March 29 and then the commission will decide whether to finalize it. PayPal shares are up 85% over the past 12 months, while the S&P 500 Index has gained 17%.
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.
|
|
Feb 27, 2018
AmerisourceBergen Corp. shares dropped 6% and Walgreens Boots Alliance shares dropped 2.2% in midday trade Tuesday after a CNBC report said that the two companies' talks ended without a deal. The Wall Street Journal previously reported that Walgreens was in talks to buy AmerisourceBergen. AmerisourceBergen shares have surged 17% over the last three months, while Walgreens shares have declined 1%, compared with a 6.2% rise in the S&P 500 .
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.
|
|
Feb 27, 2018
The dollar index rallied to its strongest level since Jan. 18 on Tuesday, as new Federal Reserve head Jerome Powell gave his first congressional testimony. Powell said the U.S. economy was strong with little risk of recession at the moment and modest risk in the financial sector. The new chairman dodged the question of whether the central bank would raise interest rates more than the projected three times, however saying that his outlook for the economy had strengthened. He also spoke out in favor of the effectiveness of quantitative easing in response to a question about a paper by Wall Street analysts criticizing the lose monetary policy approach. The ICE U.S. Dollar Index touched an session high of 90.50, and was last up 0.5% at 90.341, reflecting strength across the board. The buck's major rival, the euro , slipped 0.6% to $1.2241, while the British pound bought $1.3900, down 0.5%. Against the Japanese yen, the dollar rose 0.5% to ?107.47.
Follow the live blog here.
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.
|
|
Feb 27, 2018
Exchange-traded funds tracking emerging-market equities slumped on Tuesday as the U.S. dollar spiked during Federal Reserve head Jerome Powell's first congressional testimony. The Vanguard FTSE Emerging Markets ETF sank 2.1% and was on track for its biggest one-day percentage decline since Feb. 8. Separately, the iShares MSCI Emerging Markets ETF was down 2.2% while the iShares Core MSCI Emerging Markets ETF lost 2.1%. All three were on track for a day of higher-than-average trading volume. The move lower coincided with an advance by the U.S. dollar index , which rose 0.6% and touched its highest level since Jan. 18 as Powell testified. The new chairman dodged the question of whether the central bank would raise interest rates more than the projected three times, however, he said his outlook for the economy had strengthened. Emerging-market stocks often have an inverse correlation with the U.S. dollar because many borrow in the greenback, and have higher costs of paying that back as it strengthens. Over the past 12 months, the Vanguard ETF is up 23.4% while the dollar index is down more than 10%. On Tuesday, the Dow Jones Industrial Average fell 0.1% while the S&P 500 was off 0.4% and the Nasdaq Composite Index was down 0.6%.
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.
|
|
Feb 27, 2018
Treasury yields rose sharply during Federal Reserve Chairman Jerome Powell's testimony after he said the economic outlook had strengthened since December. The 10-year note yield shot up 5.1 basis points to 2.910%, according to Tradeweb data. The 2-year yield climbed 4.4 basis points to 2.274%. The 30-year rate rose 2.6 basis points to 3.180%. Analysts have construed his comments as hawkish and may be be pricing in a higher chance of the central bank implementing four rate hikes from a consensus of three hikes this 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.
|
|
Feb 27, 2018
Apple Inc. shares are on track for a record close Tuesday for the first time since hitting their Jan. 18 high. The stock is up 0.7% in Tuesday trading. "With Apple shares hitting all-time highs today and having a significant snap back from the dark lows we witnessed post December results/March guidance, we believe the Street is now starting to fully appreciate the massive iPhone upgrade opportunity on the horizon for FY18 with three new smart phones slated for release," GBH Insights analyst Daniel Ives wrote Tuesday. He refers to the idea that Apple will debut a large-screen OLED iPhone, an enhanced version of the iPhone X, and a more affordable version of the iPhone X during its next smartphone launch, as has been reported by Bloomberg. Amazon.com Inc. shares returned to record levels on Feb. 15, while Microsoft Corp shares did yesterday. Alphabet Inc. stock is about 4% below its record high while Facebook Inc. stock is about 5% below its high. Apple shares are up 32% over the past 12 months, while the Dow Jones Industrial Average is up 23%.
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.
|
|
Feb 27, 2018
Fitbit Inc. shares are down 12% in midday trading and on track to close at a record low after the company reported weaker-than-expected results late Monday, but Oppenheimer analyst Andrew Uerkwitz reiterated his optimism. Though sales of the new Ionic smartwatch fell short of the company's own expectations, Uerkwitz saw some positive signs in Fitbit's earnings report. The company reported 9% growth in active users during the year and said that 37% of activations came from repeat customers. "With reactivations, cash being essentially flat, and recent digital health acquisitions, we remain ever the optimists," Uerkwitz wrote. He has an outperform rating on shares and an $8 target price. Fitbit shares have fallen 14% over the last 12 months, as of Monday's close, while the S&P 500 Index is up 17%.
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.
|
|
Feb 27, 2018
Intel Corp. shares reached their highest prices since the dot-com bust Tuesday morning, after a Citibank analyst named it the top chip stock to target in 2018. Citi analyst Christopher Danely reportedly moved Intel from No.3 on his semiconductors list to No. 1 and compared the stock favorably to Micron Technology Inc. in early 2017; Micron stock nearly doubled in 2017 and was one of the biggest winners in the tech sector. Danely noted that other chip makers have reported solid demand from businesses, which is where Intel tends to dominate, according to reports. Intel shares reached a high of $50.90 early in Tuesday's trading session, their highest intraday price since 2000, and were trading more than 2% higher in early morning trading as the S&P 500 index and Dow Jones Industrial Average showed slight declines.
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.
|
|
Feb 27, 2018
President Donald Trump will name Brad Parscale, who ran digital operations for Trump's 2016 campaign, campaign manager for his 2020 presidential run, according to the Drudge Report. The Drudge story said Trump will announce he's running for a second term, but does not say when an announcement will come. The White House has previously said Trump will "absolutely" seek re-election in 2020.
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.
|
|
Feb 27, 2018
Splunk Inc. said Tuesday that it would acquire security firm Phantom Cyber Corporation for about $350 million in cash and stock. "Phantom's employees and technology significantly expand and strengthen Splunk's vision for the security nerve center and for business revolution through IT," Splunk CEO Doug Merritt said in a release. Phantom specializes in Security Orchestration, Automation, and Response (SOAR), and Splunk says that the combination of its technology and Phantom's will help reduce staffing and speed up incident response time. The company said the equity part of the deal will result in "less than one percent total dilution" for its shareholders. Mizuho analyst Abhey Lamba wrote Tuesday that the deal "aligns with product strategy." Splunk shares are down 1% in Tuesday morning trading but up 50% over the past 12 months, while the S&P 500 has gained 17%.
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.
|
|
Feb 27, 2018
Retail stocks are rallying across the sector in early Tuesday trading after Macy's Inc. and Dillard's Inc. reported earnings that beat expectations. Macy's and Dillard's are leading the charge, up nearly 12% and more than 15% respectively. J.C. Penney Co. Inc. is getting a boost as well, up 11.3%. Kohl's Corp. is up 2.5%, and American Eagle Outfitters Inc. is up 2.7%. Nordstrom Inc. shares have also risen, up nearly 2%. The SPDR S&P Retail ETF is up 12.1% for the last three months, outpacing the S&P 500 index is up 7% for the period.
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.
|
|
Feb 27, 2018
Shares of Mallinckrodt PLC soared 24% in early trade Tuesday, enough to make them the biggest gainer on the NYSE, after the specialty drug maker beat profit and revenue expectations. The company swung to net income of $1.61 billion, or $17.41 a share, from a loss of $153.2 million, or $1.45 a share, in the same period a year ago, helped by a $1.5 billion benefit from the recent tax legislation. Excluding non-recurring items, adjusted earnings per share came to $2.01, beating the FactSet consensus of $1.68. Revenue fell to $792.3 million from $829.9 million, but was above the FactSet consensus of $768.4 million. Specialty generics sales fell 8.0% to $195.8 million, while specialty brands sales rose 3.5% to $582.2 million. For 2018, the company expects adjusted EPS of $6.00 to $6.50, below expectations of $7.14, but expects revenue to rise 3% to 6%, while the FactSet consensus of $3.19 billion implies a 0.9% decline. The stock, which closed at a record low earlier this month, has tumbled 63% over the past 12 months, while the SPDR S&P Pharmaceuticals ETF has gained 1.9% and the S&P 500 has climbed 24%.
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.
|
|
Feb 27, 2018
Stocks were flat to slightly higher at the opening bell on Tuesday after Federal Reserve Chairman Jerome Powell released his written remarks ahead of Congressional testimony this morning. The S&P 500 was up by 2 points at 2,781. The Dow Jones Industrial Average advanced 14 points to 25,723. The Nasdaq Composite Index was down by 2 points to 7,420. Powell said he wanted to strike a balance between preventing the economy from overheating while adjusting monetary policy to hit the 2% inflation target.
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.
|
|
Feb 27, 2018
Market research firm IDC said Tuesday that global smartphone shipments declined 0.5% in 2017, but it predicts that shipments will return to growth in 2018 and beyond. Shipments in China dropped 5%, while U.S. shipments were near flat. Apple Inc. iPhone shipments grew 0.2% in 2017 after posting a decline the prior year, according to IDC data, and the company is making up for that slow growth through higher selling prices for its devices. IDC sees iPhone volumes growing at a 2.4% annual rate through 2022. Average selling prices for phones running Alphabet Inc.'s Android software grew for the first time since 2010, IDC added, mainly because the cheapest players moved toward "mid-tier pricing." Alphabet shares are up 35% over the past 12 months, while Apple shares have gained 31%. The S&P 500 Index is up 17% in that time, while the Dow Jones Industrial Average rose 23%.
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.
|
|
Feb 27, 2018
Shares of iRobot Corp. rose 0.8% in premarket trade Tuesday, after the consumer robot company said it launched a $50 million stock buyback program, that runs from March 28 to Dec. 28, 2018. The company did not repurchase any shares in fiscal 2017, according to recent regulatory filings, after spending a total of $134.4 million on repurchases in 2016 and 2015. Based on Monday's closing stock price of $69.62, the company could buy back about 718,184 shares, or about 2.6% of the shares outstanding. "With a strong balance sheet and cash flows, we believe we can take advantage of volatile market conditions to buy back our shares while maintaining the flexibility to make strategic investments in our future," said Chief Executive Colin Angle. The stock was little changed over the past three months through Monday, while the S&P 500 had gained 6.9%.
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.
|
|
Feb 27, 2018
WASHINGTON (MarketWatch) - An early look at U.S. trade patterns in January points to another increase in the nation's trade deficit that is likely to act as a drag on first-quarter gross domestic product. The trade gap in goods - services are excluded - rose 3% to $74.4 billion last month, the government said Tuesday. The government will release overall trade numbers for January next week, but the size of the deficit is tied to changes in exports and imports of goods. Trade patterns involving services rarely change much from month to month. Advanced reports for retail and wholesale inventories, meanwhile, both increased in January. Retail inventories jumped 0.8% and wholesale inventories climbed 0.7%.
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.
|
|
Feb 27, 2018
Walt Disney Co. said on Tuesday it plans to invest 2 billion euros for a multi-year expansion of its Disneyland Paris theme park and resort. Disney plans to add three new areas based on Marvel, Frozen and Star Wars, along with multiple new attractions and live entertainment experiences to Europe's most-visited theme park; the resort accounts for roughly 6.2% of France's tourism income. According to a news release, the 2 billion euro expansion is one of the most ambitious development projects at the Paris park since it opened in 1992. The multi-year expansion will begin in 2021, but Disney did not give an estimate on when it could be completed. Disney shares are down less than 1% in the last 12 months, while the S&P 500 index is up more than 17% and the Dow Jones Industrial Average is up more than 23%.
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.
|
|
Feb 27, 2018
U.S. stocks-market futures added to modest losses on Tuesday as investors digested the written remarks by Federal Reserve Chairman Jerome Powell, who begins his testimony in front of lawmakers later this morning. The remarks were released at the same at as other economic data. U.S. durable goods orders sank 3.7% in January. The S&P 500 futures were off 6 points, or 0.2%, to 2,778. The Dow Jones Industrial Average futures fell 52 points, or 0.2%, to 25,706. The Nasdaq-100 futures were off 13 points, or 0.2% to 6,987.
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.
|
|
Feb 27, 2018
Macy's Inc. shares jumped 9.3% in Tuesday premarket trading after the department store retailer reported fourth-quarter earnings that beat expectations and gave upbeat guidance. Net income totaled $1.33 million, or $4.31 per share, up from $475.0 million, or $1.54 per share, for the same period last year. Adjusted EPS, excluding tax benefits and other items, was $2.82, beating the $2.67 FactSet consensus. Sales were $8.666 billion, up from $8.515 billion last year and met the $8.666 billion FactSet consensus. Same-store sales on an owned basis rose 1.3%, and were up 1.4% on an owned-plus-licensed basis. The FactSet consensus was for 0.4% growth. Macy's expects same-store sales growth on both an owned and an owned-plus-licensed basis to be flat to up 1% in fiscal 2018. Sales are expected for fall between 0.5% and 2%. And adjusted EPS is expected to be $3.55 to $3.75. The FactSet consensus is for a same-store sales decline of 0.8% and EPS of $3.05. The retailer sold floors 8 through 14 of its Chicago State Street store to a private real estate fund sponsored by Brookfield Asset Management in February. Macy's will receive $27 million of consideration and a $3 million contribution for certain improvements. The transaction is expected to close in the first half of fiscal 2018. And the company is exploring chances to sell the 240,000-square-foot I. Magnin part of the San Francisco Union Square building. Macy's stock is up 29.4% for the past three months, but down 18.2% for the last 12 months. The S&P 500 index is up 17.3% 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.
|
|
Feb 27, 2018
Sonic Automotive Inc. reported Tuesday fourth-quarter profit and sales that beat expectations, provided an upbeat 2018 outlook and raised its quarterly dividend by 20%. Net income rose to $62.0 million, or $1.42 a share, from $37.6 million, or 83 cents a share, in the same period a year ago, with recent tax legislation adding $28.4 million to results. Excluding non-recurring items, adjusted earnings per share came to 84 cents, above the FactSet consensus of 80 cents. Revenue grew to $2.67 billion from $2.56 billion, topping expectations of $2.63 billion. For 2018, the auto retailer expects EPS from continuing operations of $2.21 to $2.45. The FactSet 2018 EPS consensus was $2.15. Separately, the new quarterly dividend of 6 cents a share, up from 5 cents a share, will be payable April 13 to shareholders of record on March 15. The stock, which was still inactive in premarket trade, has edged up 0.7% over the past three months while the S&P 500 has gained 6.9%.
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.
|
|
Feb 27, 2018
Dillard's Inc. shares rose nearly 5% in Tuesday premarket trading after the retailer reported fourth-quarter earnings and revenue that beat expectations. Net income totaled $157.6 million, or $5.55 per share, up from $56.9 million, or $1.72 per share, for the same period last year. The result includes a $77.4 million, or $2.73 per share, benefit from the tax overhaul. Sales totaled $2.06 billion, up from $1.94 billion last year. The company blew past the FactSet EPS consensus of $1.82 even after stripping the tax benefit. The FactSet sales consensus was $2.05 billion. Same-store sales increased 3%, beating the FactSet consensus for 1.4% growth. The company had above-average sales in ladies, juniors, and children's apparel and accessories. Sales were below average in cosmetics, ladies accessories and lingerie, home, furniture and shoes. "The positive sales trends we noted at the end of the third quarter continued through the fourth," said Chief Executive William Dillard II. Dillard's stock is up 29% for the past three months, outpacing the S&P 500 index , which is up 7% for the period.
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.
|
|
Feb 27, 2018
Shares of AutoZone Inc. fell 1.5% in premarket trade Tuesday, after the auto parts retailer missed profit and same-store sales expectations, but beat on revenue. Net income for the quarter to Feb. 10 rose to $289.5 million, or $10.38 a share, from $237.1 million, or $8.08 a share, in the same period a year ago, as recent tax legislation increased net income by $171.4 million. Excluding non-recurring items, adjusted earnings per share came to $8.47, below the FactSet consensus of $8.79. Revenue rose to $2.41 billion from $2.39 billion, above the FactSet consensus of $2.39 billion, but domestic same-store sales growth of 2.2% missed expectations of a 2.7% rise. Domestic commercial same-store sales increased 5.7%, above the FactSet consensus of 5.6%. Inventory increased 4.7%, as the domestic store count increased 3.1% to 5,514. Separately, the company said it will sell its IMC and AutoAnything businesses after a strategic review determined the businesses serve niche markets that are not priorities going forward. The stock has run up 15.4% over the past three months, while the S&P 500 has gained 6.9%.
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.
|
|
Feb 27, 2018
Sky Plc is advising shareholders to take no action on Comcast Corp.'s all cash offer for the company at 12.50 pounds per share, as "no firm offer has been made at this point." The company's directors said they are aware of their fiduciary duties under the UK takeover code. Comcast surprised the market with its offer for Sky earlier Tuesday, that tops a rival bid of 10.75 pounds a share from 21st Century Fox . The move comes after Walt Disney Co. agreed last year to buy assets from Fox that include its Sky stake, an asset Disney is understood to find attractive as it will expand its overseas presence. "A further announcement will be made as and when appropriate," Sky said in a statement. Comcast shares were down 2% in premarket trade, but have gained 5% in the last 12 months, while the S&P 500 has gained 17%.
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.
|
|
Jan 31, 2018
Shares of Juniper Networks Inc. tumbled 10.2% in Wednesday morning trading after the company delivered what Needham analyst Alex Henderson called an "ugly outlook." Juniper blamed "ongoing deployment delays" as a key reason for the disappointing outlook, as it said that large cloud customers are in the midst of an architectural transition. The company also said it received a new authorization to buy back up to $2 billion in shares. "The buyback should help dampen the EPS decline, but we think investors will be hard-pressed to believe management's explanation that this is simply a architectural shift and temporary," wrote Needham analyst Alex Henderson following the results. He thinks Juniper is losing share to Arista Networks Inc. . He has a hold rating on shares, which are down 5% over the past 12 months, versus a 24% rise for the S&P 500 .
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.
|
|
Jan 31, 2018
Shares of Automatic Data Processing Inc. jumped 3% Wednesday, after the payment processor and HR services company posted better-than-expected earnings for its fiscal second quarter and raised its guidance. ADP said it had net income of $467.5 million, or $1.05 a share, in the quarter, down from $510.9 million, or $1.13 a share, in the year-earlier period. Adjusted per-share earnings came to 99 cents, ahead of the FactSet consensus of 90 cents. Revenue rose to $3.235 billion from $2.987 billion, squeaking ahead of the FactSet consensus of $3.185 billion. The company said it now expects full fiscal-year revenue growth of 7% to 8%, up from a prior forecast of 6% to 8%. it expects full-year EPS growth of 12% to 13%, up from a prior forecast of down 1% to up 1%. Shares have gained 23% in the last 12 months, while the S&P 500 has gained 24%.
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.
|
|
Jan 31, 2018
The National Football League on Wednesday said it has officially reached a five-year deal with 21st Century Fox Inc.'s Fox Sports to broadcast Thursday Night Football games. The agreement, beginning with the 2018 NFL season, gives Fox Sports 11 games throughout the season, not including games on Thanksgiving day. Thursday night games were previously shared by Comcast Corp.'s NBC and CBS Corp. . Thursday night games have recently been scrutinized by NFL players and fans who say the games are unsafe and don't provide players enough recovery time, leading to more injuries. Fox shares have gained close to 21% in the last 12 months, while the S&P 500 index is up more than 24% and the Dow Jones Industrial Average is up more than 31%.
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.
|
|
Jan 31, 2018
Brenda Fitzgerald, the director of the Centers for Disease Control and Prevention, has resigned after a report that she bought tobacco stock after taking office. Politico reported Tuesday that Fitzgerald bought and sold shares in Japan Tobacco Inc. after taking office last year. Bloomberg and other outlets reported Wednesday that Health and Human Services Secretary Alex Azar has accepted Fitzgerald's resignation.
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.
|
|
Jan 31, 2018
The Dow Jones Industrial Average on Wednesday was rallying, erasing some of the losses incurred over the past two sessions, backed by a sharp rise in shares of Boeing Co. Shares of Boeing , which was up 5.7%, or more than $19.15, at about $356, translated to a 135-point rise for the Dow . A $1 move in any one of the Dow's 30 components equates to a 6.83-point swing. Boeing's move comes after the aerospace manufacturer reported better-than-expected quarterly results and provided an upbeat outlook for 2018 by virtue of its share price has been the most influential among the Dow's components in recent months. In recent trade, the Dow was up about 210 points, or 0.8%, at 26,285, while the S&P 500 index was up 0.5% at 2,836 and the Nasdaq Composite Index was trading 0.7% higher at 7,450.
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.
|
|
Jan 31, 2018
Activision Blizzard Inc. rose 2.8% in Wednesday morning trading after peer Electronic Arts Inc. reported strong digital results and, separately, Needham analyst Laura Martin raised her price target on shares to $80 from $75. Fellow videogame firm EA delivered strong growth in its "live services" business, which has been a boon to the industry lately. Meanwhile, Martin increased her earnings, free-cash-flow, and valuation estimates for Activision in anticipation of benefits from tax reform. She sees Activision's assumed book tax rate falling to 12% from 24%. "Activision remains a top pick among our media companies under coverage owing to its deep library of proprietary IP content, its (very) long sequel life-spans, rising margins, limited piracy, and relatively predictable revenue streams," Martin wrote. The company reports results on Fe. 8 after market close. Activision shares have gained 78% over the past 12 months, with the S&P 500 up 24% in that time.
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.
|
|
Jan 31, 2018
U.S. equity benchmarks opened higher on Wednesday, recouping some of their losses when the Dow Jones Industrial Average suffered its most severe one-day drop in eight-months. All three stock indexes rose at the open, partially thanks to gains in technology and transport stocks. The Dow rose 0.8% to 26,301, the S&P 500 index climbed 0.4% at 2,832, and the Nasdaq Composite Index opened 0.6% higher at 7,446. A relatively uneventful State of the Union speech by President Trump late Tuesday also aided investor sentiment, market participants said. ADP employment data earlier showed that 234,000 private sector jobs were added in January, slightly below the 250,000 previously. In individual stocks, Electronic Arts Inc. jumped following better-than-expected quarterly results, while shares of Boeing Co. rose as its results exceeded Wall Street estimates and offered a positive outlook. The aerospace maker and Dow component's shares were delivering the biggest jolt to the blue-chip gauge.
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.
|
|
Jan 31, 2018
Fitbit Inc. shares gained 2.5% in premarket trading Wednesday after Stifel analyst Jim Duffy upgraded the stock to hold overnight. This marked a short turnaround, as Duffy had downgraded the stock to sell only in December. His view on the stock has changed largely due to its valuation, given that shares have fallen 24% since the end of November, while the S&P 500 Index has gained 6.6% in that time. "While we don't see a path to profitability in 2018 and continue to have concerns about both the durability of the fitness tracker market and uptake of Fitbit smartwatch offerings, we expect cash burn is limited in 2018," Duffy wrote, adding that he believes "brand relevance should serve as a backstop to valuation." He thinks sales and marketing costs could serve as a "potential source of expense relief" going into 2019 and beyond. Shares of Fitbit are down 44% over the past 12 months, with the S&P 500 up 24% in that time.
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.
|
|
Jan 31, 2018
Shares of cancer treatment developer Cascadian Therapeutics Inc. rocketed 69% toward a 16-month high in premarket trade Wednesday, enough to make them the biggest gainer ahead of the open, after the biopharmaceutical company agreed to be acquired by Seattle Genetics Inc. for $614 million. Under terms of the deal, Seattle Genetics will pay $10 in cash for each Cascadian share outstanding, which is 69.5% above Tuesday's closing price of $5.90. Cascadian's stock hasn't closed above $10 on a split-adjusted basis since Oct. 4, 2016. The stock underwent a 1-for-6 reverse split in November. The deal is expected to close in the first quarter of 2018. Seattle Genetics' stock was indicated down over 1% in premarket trade. Over the past three months, Cascadian shares have run up 28.5% through Tuesday, while Seattle Genetics shares have shed 10.0%, the iShares Nasdaq Biotechnology ETF has gained 11.0% and the S&P 500 has tacked on 9.6%.
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.
|
|
Jan 31, 2018
Shares of Apple Inc. slid 0.4% in premarket trading Wednesday after BMO Capital Markets analyst Tim Long downgraded the stock to market perform from outperform. "There has been much in the press about order cuts for iPhone X, and we believe a weaker mix in Q1 [the December quarter] will push estimates lower for March and beyond," he wrote. He added that Apple has been very successful in getting customers to pay high prices for phones, but he predicts that only 30% of phones will sell for over $900 given that only 12% of smartphone sales globally are for devices that cost more than $600. Apple's China business rallied last quarter after several periods of decline, but Long thinks revenue from the region will be flat for the December quarter, with unit sales falling by 9% relative to a year earlier. "We still view the iPhone base as growing, and the devices are on average getting older," Long wrote. "However, without a compelling product cycle in September, we may see a slow upgrade cycle once again." Just 10 of the 38 analysts who follow Apple have hold ratings, or the equivalent, on the company's shares. Apple shares have fallen in six of the last eight trading days, mainly on concerns about a production slowdown for the iPhone X. The stock is up 38% over the past 12 months, compared with a 31% gain for the Dow Jones Industrial Average , of which Apple is a component.
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.
|
|
