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Amazon.com Inc. will open up to six of its cashier-free Amazon Go stores this year, according to Recode. There’s currently one location in the company’s hometown, Seattle. Some of the new stores will be there as well, along with Los Angeles, where talks are underway with Rick Caruso, the developer behind The Grove, the report says. The Grove is a 600,000-square-foot outdoor venue for shopping, restaurants and more. Amazon shares are up 74% for the last year while the S&P 500 index is up nearly 15% for the period.

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From:: Stock Market News

There are good reasons for Puerto Rico not to despair despite the seemingly grim outlook in the wake of Hurricane Maria, New York Fed President William Dudley said on Thursday. In a briefing on the outlook, Dudley said the island’s labor market appears to be stabilizing as jobs in leisure and hospitality have started to come back. There are also job gains in construction from the rebuilding effort. Dudley said that Puerto Rico now must not only complete the recovery from the hurricane but also “do what is necessary to get on a sustainable economic and fiscal path.” He noted that New York City went through a similar debt crisis during the 1970s. If leaders confront problems “head on,” it could lead to a similar turnaround, he said.

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Wayfair Inc. shares sank nearly 18% in Thursday trading after the online home retailer reported a wider-than-expected fourth-quarter loss. Net loss totaled $72.8 million, or 83 cents per share, compared with a loss of $44.0 million, or 51 cents per share, for the same period last year. Revenue for the quarter was $1.44 billion, up from $984.6 million last year. The FactSet consensus was for a loss of 53 cents and sales of $1.36 billion. Active customers increased 33.2% year-over-year to 11 million. And average order value was $229 for the quarter, up from $203 the year before. Wayfair shares are up 40.2% for the last three months and up 132% for the last year. The S&P 500 index is up 14.3% for the past 12 months.

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.

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From:: Stock Market News

United Parcel Service Inc. said Thursday it is planning to deploy 50 plug-in electric delivery trucks that will provide almost 400% fuel efficiency improvement. The company said it is working with Workhorse Group Inc. to design the trucks with zero tailpipe emissions. The news sent Workhorse shares up 17% premarket. “Electric vehicle technology is rapidly improving with battery, charging and smart grid advances that allow us to specify our delivery vehicles to eliminate emissions, noise and dependence on diesel and gasoline,” said Carlton Rose, president of global fleet maintenance and engineering for UPS. The trucks will be tested in urban areas, including Atlanta, Dallas and Los Angeles and UPS is aiming to deploy a larger fleet in 2019. UPS shares gained about 1% in early trade, and are down 0.2% in the last 12 months, while the S&P 500 has gained 14%.

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.

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From:: Stock Market News

U.S. stocks rose at the open on Thursday after investors shook off the hawkishly interpreted minutes from the Federal Reserve’s most recent gathering. The S&P 500 advanced 9 points, or 0.4%, to 2,711. The Dow Jones Industrial Average climbed 112 points, or 0.5%, to 24,910. The Nasdaq Composite Index picked up 38 points,or 0.5%, to 7,257. After the release of the minutes from the January Federal Open Market committee meeting, investors sold bonds and stocks without discrimination on fears that senior central bankers were penciling in a steeper rate hike trajectory, lifting yields on U.S. government paper. Bond prices fall when yields rise. Ebullient comments on the economic and inflation outlook from the minutes also added evidence to the hawkish take of the meeting.

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From:: Stock Market News

St. Louis Fed President James Bullard on Thursday tried to tamp down the growing expectations of economists that the U.S. central bank will engineer four quarter-point rate hikes this year. “The idea that we have to go 100 basis points in 2018, that seems like a lot to me,” Bullard said in an interview on CNBC. Everything would have to go just right, with upside surprises, to justify that pace of tightening, he said. Bullard, a dovish regional Fed president, is not a voting member of the Fed’s interest-rate committee this year. Bullard said the bond market “is doing our work for us” by moving rates up. “I don’t think we have to chase the 10-year up,” he said. Four rate hikes this year will turn Fed policy “restrictive,” with inflation still below the 2% target. “Why are you doing that?” he asked.

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Financial services tech company Fiserv Inc. said Thursday its board has approved a 2-for-1 stock split. The split will take place on March 5, when shareholders will receive an additional share for every outstanding share held. The additional shares will be payable on March 19. Fiserv shares were slightly higher premarket, but have gained 23% in the last 12 months, while the S&P 500 has gained 14%.

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The euro eased back on Thursday after minutes from the European Central Bank’s January meeting showed officials thought inflation still is too low to tighten policy. The shared currency fell to $1.2282 after trading around $1.2293 ahead of the report. The minutes showed the policy makers thought it was “premature” to change its forward guidance at its January meeting as inflation remained too far from the ECB’s target of just below 2%. However, the account also showed that the ECB could revisit its forward guidance on quantitative easing “early this year”.

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Gilead Sciences Inc.’s unit Kite has entered an agreement with Sangamo Therapeutics Inc. to collaborate in developing engineered cell therapies to treat cancer. Under the terms of the deal, Kite will use Sangamo’s zine finger nuclease technology platform to develop the next-generation therapies for autologous and allogeneic use in treating different cancers. “Allogeneic cell therapies from healthy donor cells or from renewable stem cells would provide a potential treatment option that can be accessed directly within the oncology infusion center, thus reducing the time to infusion for patients,” the companies said in a statement. Sangamo will receive $150 million in upfront payments and be entitled to up to $3.01 billion in potential payments. Shares jumped 8% premarket and have gained 500% in the last 12 months, while the S&P 500 has gained 14%. Gilead shares were slightly higher premarket, and have gained 17% in the last 12 months.

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.

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From:: Stock Market News

Wayfair Inc. shares sank nearly 7.5% in Thursday premarket trading after the online home retailer reported a wider-than-expected fourth-quarter loss. Net loss totaled $72.8 million, or 83 cents per share, compared with a loss of $44.0 million, or 51 cents per share, for the same period last year. Revenue for the quarter was $1.44 billion, up from $984.6 million last year. The FactSet consensus was for a loss of 53 cents and sales of $1.36 billion. Active customers increased 33.2% year-over-year to 11 million. And average order value was $229 for the quarter, up from $203 the year before. Wayfair shares are up 40.2% for the last three months and up 132% for the last year. The S&P 500 index is up 14.3% for the past 12 months.

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.

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From:: Stock Market News