Month: September 2015

The Securities and Exchange Commission fined investment adviser First Eagle Investment Management and its affiliated distributor nearly $40 million for improperly using customer assets to pay for distribution. First Eagle masked nearly $25 million paid for distribution-related services as a sub-transfer agency payment, in violation of its fiduciary duty and contrary to its disclosures to clients. The settlement with the SEC relates to improper payments and disclosure failures that occurred from January 2008 to March 2014. This the first action brought by the SEC under a recent initiative to protect mutual fund shareholders. First Eagle Investment Management will return the money to the mutual fund account holders.

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From:: Stock Market News

Shares of Fitbit were down sharply on Monday, on track to snap a four-session winning streak. Fitbit soared nearly 26% last week, bolstered by news that Target Corp. will supply its U.S. employees, numbering some 326,000, with the fitness trackers as part of its corporate wellness push. Fitbit shares fell 5.7% to $38.33.

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From:: Stock Market News

Lululemon was upgraded to overweight from equal-weight at Morgan Stanley, encouraged by the new leadership’s ability to generate sales growth. The upgrade was in large part prompted by the 11% same-store sales reported for the second quarter which “suggests consumers are returning to the brand– our greatest source of skepticism following 2013’s product recall, and a key tenant of our prior equal-weight rating,” Morgan Stanley said in a note. The company’s price target was raised to $68 from $56. Earnings per share growth stalled since 2012 and EBIT margin decreased to a 2015 estimate of 18.5% from 27.5% in 2012 after the recall. But Morgan Stanley’s analysis suggests the company could reach 20% earnings per share growth in 2016 based on growth potential in underappreciated areas like international expansion, its menswear business, and the roll out of the ivivva label for girls.

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From:: Stock Market News

Shares of GoPro Inc. dropped more than 6% in morning trade on Monday, following a negative article in Barron’s likening the video-camera manufacturer to BlackBerry. “History hasn’t been kind to one-product wonders like GoPro,” wrote Barron’s reporter Alexander Eule. “BlackBerry once had a similar perch in smartphones. So did Palm in the days of digital organizers.” GoPro shares, trading near $32, peaked at $93 last October. According to Barron’s, the most bearish case for GoPro on the street is $48, which Eule says is wishful thinking for the stock, considering the company’s potential amid competition. GoPro shares have dropped 48% in the year to date. The S&P is down 4%.

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From:: Stock Market News

WASHINGTON (MarketWatch) – Sales of previously owned homes in the U.S. fell 4.8% in August to an annual pace of 5.31 million, marking the first decline in four months, the National Association of Realtors said Monday. The sales rate in July was revised down slightly to a seasonally adjusted 5.58 million, but that was still the highest level in eight years. Economists surveyed by MarketWatch had expected sales to drop to a rate of 5.52 million. The median price of homes sold was up 4.7% to $228,700 from 12 months ago. Inventories of existing homes on the market rose 1.3% to 2.29 million, representing 5.2 months’ supply at current sales trends. Sales fell in all major regions except the Northeast, where they were unchanged.

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From:: Stock Market News

Apple Inc.’s stock target was raised to $160 from $155 at Canaccord Genuity on Monday on expectations that iPhone sales are accelerating and could push the total iPhone installed base above 500 million by the end of this year. Analyst Michael Walkley, who has a buy rating on the stock, also raised iPhone estimates for calendar-year 2015 — to 233 million units from 227 million — and for 2016 — to 237 million from 228 million — saying Apple’s new installment program should encourage users to upgrade faster. His surveys indicate that the larger-screen iPhone 6 Plus and iPhone 6s Plus are enticing more Google Inc. Android users to switch to iOS than in previous hardware cycles. Meanwhile, Apple separately reported on Monday the fastest iOS upgrade rate for iOS 9 in the company’s history. Shares of Apple were up 0.3% in recent trade after opening at $113.67.

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From:: Stock Market News

U.S. stocks opened higher on Monday, bouncing after a big post-Fed selloff last week. Investors waited for home-sales data and a speech from a key Federal Reserve member to provide further direction. The S&P 500 opened 11 points, or 0.6%, higher at 1,968. The Dow Jones Industrial Average added 100 points, or 0.6%, to 16,482 at the open. The Nasdaq Composite began the day higher, up 26 points, or 0.5% at 4,854.

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From:: Stock Market News

Macy’s Inc. plans to hire 85,000 seasonal employees for positions at Macy’s and Bloomingdale’s stores, as well as the company’s call centers, distribution centers and online fulfillment centers for the holiday season. This is about flat with the 2014 holiday season when 86,000 workers were brought on board. About 12,000 hires will work in the direct-to-consumer fulfillment centers in cities including Tulsa, OK and Cheshire, CT. About 1,600 new hires will work with customers via telephone, email, and online chat. And more than 1,000 workers will help with the Macy’s Thanksgiving Day Parade, store Santalands, and other holiday events. Most of the positions are part-time, many requiring evening, weekend, and overnight hours. Hiring has begun for many positions, with hiring for store positions beginning mid-October.

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From:: Stock Market News

Goldman Sachs Group Inc. was upgraded on Monday at Oppenheimer & Co., which cited a below-average valuation despite above-average returns within the industry. Analyst Chris Kotowski raised his rating to outperform from perform, and assigned a stock price target of $236, which is 30% above Friday’s closing price of $180.94. Kotowski said he was previously concerned about Goldman’s reliance on fixed income, currency and commodities trading, which accounted for a quarter of total revenue in 2014. But Kotowski said he’s changing his mind on FICC trading, as Goldman has consistently earned more than the industry average. He said it’s encouraging that the share of less capital-intensive businesses has increased to 60% of Goldman’s total revenue from 46% in 2010. The stock climbed 1.4% in premarket trade. It has dropped 15% over the past three months, while the SPDR Financial ETF has declined 8.4% and the Dow Jones Industrial Average has lost 9.1%.

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From:: Stock Market News

Apple Inc. said on Monday that last week’s rollout of iOS 9 marked the “fastest iOS adoption ever,” with more than 50% of existing devices upgrading to the new mobile operating system just five days into its launch. “Customer response to the iPhone 6s and iPhone 6s Plus has been incredibly positive,” Apple Senior Vice President of Worldwide Marketing Philip Schiller said in a statement. The new iOS, he said, is on pace to be downloaded by more users than any other software release in Apple’s history. The company began taking preorders for its newest smartphones, the iPhone 6s and iPhone 6s Plus, on September 12. It will begin selling the new hardware in retail stores this Friday. Shares of Apple were up 0.6% to $114.09 in premarket trade. They are down about 10.5% over the last three months, just underperforming the broader Dow Jones Industrial Average, down 9%.

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From:: Stock Market News