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Exchange-traded funds tied to the financial sector jumped on Wednesday, as expectations grew that the Federal Reserve could raise interest rates at its March meeting, which would lift the sector’s net interest margins and boost profits. The Financial Select Sector SPDR ETF rose 2.2% in its biggest one-day advance since Nov. 16. The day’s gain also took the fund to its highest level since December 2007. The Vanguard Financials ETF gained 2.2%, the iShares U.S. Financials ETF is up 1.6%, the iShares U.S. Financial Services ETF is 2.5% higher and the PowerShares KBW Bank Portfolio surged 2.9%. The SPDR S&P Bank ETF rose 2.7% while the regional banking equivalent was 2.7% higher.

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From:: Stock Market News

Shares of Tribune Media Co. were up more than 12% early on Wednesday following a Reuters report that the media and entertainment company has been approached by Sinclair Broadcast Group Inc. for conversations about a potential deal. Sinclair shares were up nearly 6%. A deal would combine two of the largest local TV station owners in the country. Tribune has a market capitalization of $3.0 billion and Sinclair has a $3.6 billion market capitalization. Tribune Chief Executive Peter Liguori has said he will step down later this month. The company has yet to name a replacement. Tribune also reported earnings for the the fourth quarter on Wednesday in which the company swung to a profit, boosted by political advertising. The company missed Wall Street expectations on per-share earnings and revenue, however, and provided downbeat expectations for 2017, forecasting revenue between $1.87 billion and $1.92 billion, below FactSet’s consensus of $2.10 billion. Shares of Tribune Media are up less than 1% in the trailing 12-month period, underperforming Sinclair, up more than 26% and the S&P 500 index , which is up more than 20% during the same time frame.

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From:: Stock Market News

Stocks opened in record territory on Wednesday after President Donald Trump struck a conciliatory tone during his first address to a joint session of Congress. The S&P 500 index climbed 17 points, or 0.7%, to 2,380. The Dow Jones Industrial Average advanced 195 points, or 0.9%, to 21,003. The Nasdaq Composite Index added 48 points, or 0.8%, to 5,874. Shares of Weight Watchers International Inc. soared after the company said its profit more than doubled in 2016. Shares of Best Buy Co. sank after the consumer-electronics retailer reported fourth-quarter sales that missed expectations. Treasury yields and the U.S. dollar also climbed after Federal Reserve President William Dudley said late Tuesday that the case for raising interest rates has strengthened.

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From:: Stock Market News

Wells Fargo & Co. said it eight of its senior executives will not receive cash bonuses for 2016, including Chief Executive Tim Sloan and Chief Financial Officer John Shrewsberry, as part of the bank’s efforts to promote accountability for the operational and reputation risk associated with the sales practice scandal. The bank also said the performance-based equity awards the executives received in 2014, which vested in 2016, will be reduced by up to 50%. The bank said in total, compensation will be reduced by about $32 million, based on target bonuses. “These compensation actions for the operating committee, though not related to any findings of improper behavior, are part of the board’s ongoing efforts to promote accountability and ensure Wells Fargo puts customer interests first,” said Chairman Stephen Sanger. The stock, which rose 2.1% in premarket trade, has climbed 6.5% over the past three months through Tuesday, while the SPDR Financial Select Sector ETF has rallied 7.2% and the S&P 500 has gained 7.9%.

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From:: Stock Market News

Shares of publishing company Time Inc. were up more than 9% in premarket trade on Wednesday following a Bloomberg report, citing sources saying the company is seeking acquisition offers by next week. According to the report, Time’s board wants to gauge how others value the company to determine whether Time would be better off selling the entire company or certain magazine titles. Time publishes more than 100 titles, including Sports Illustrated, InStyle, People and flagship magazine, Time. The report comes after months of potential acquisition talks. In December The Wall Street Journal reported that Time had hired Morgan Stanley and Bank of America Corp. to field buyout or partnership interest. And in February, magazine publisher Meredith Corp. and an investor group led by Edgar Bronfman advanced their pursuit of Time by signing non-disclosure agreements with the company. Time, which has a market valuation of $1.74 billion, has been struggling with declining advertising and newsstand revenue. Shares of the company are up more than 24% in the trailing 12-month period, while the S&P 500 index has gained more than 19% during the same period.

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From:: Stock Market News

Shares of American Eagle Outfitters Inc. dropped 5.4% in premarket trade Wednesday, after the apparel retailer beat fiscal fourth-quarter profit expectations but provided a downbeat same-store sales outlook. For the quarter to Jan. 28, earnings fell to $54.6 million, or 30 cents a share, from $81.7 million, or 42 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 39 cents, above the FactSet consensus of 38 cents. Revenue fell 1% to $1.10 billion from $1.11 billion, just shy of the FactSet consensus of $1.11 billion. The company said same-store sales “were up slightly,” following a 4% increase a year ago, while the FactSet consensus was for 0.4% growth. Looking ahead, the company expects same-store sales of flat to a low single-digit decline, compared with the FactSet consensus for 0.8% growth. The stock has lost 5.3% over the past three months through Tuesday, while the S&P 500 has gained 7.9%.

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From:: Stock Market News

Shares of Mylan N.V. shot up 7.2% in premarket trade Wednesday, after the drug maker reported fourth-quarter profit and sales that beat expectations. Net earnings rose to $417.5 million, or 78 cents a share, from $194.6 million, or 38 cents a share, in the same period a year ago. Excluding non-recurring items, such as one-time tax adjustments and litigation settlements, adjusted earnings per share came to $1.57, above the FactSet consensus of $1.42. Total revenue grew 31% to $3.27 billion from $2.49 billion, beating the FactSet consensus of $3.17 billion, as North America sales rose 22% and Europe sales increased 50%. For 2017, Mylan expects adjusted EPS of $5.15 to $5.55, surrounding the FactSet consensus of $5.33. “With regard to the pricing environment, we continued to see erosion both globally and in U.S. generics in the mid-single digits which was in line with our expectations, and we continue to expect a comparable environment in 2017 given the breadth and make-up of our global portfolio,” said President Rajiv Malik. The stock has rallied 16% over the past three months through Tuesday, while the S&P 500 has gained 7.9%.

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From:: Stock Market News

Dollar Tree Inc. shares rose 6.3% in Wednesday premarket trading after the discount retailer reported fourth-quarter earnings and sales that beat estimates. Net income was $321.8 million, or $1.36 per share, up from $229.0 million, or 97 cents per share, last year. The FactSet consensus was $1.32 per share. Sales were $5.64 billion, up from $5.37 billion last year and ahead of the $5.62 billion FactSet consensus. Same-store sales for the quarter rose 1.2%, with Dollar Tree same-store sales increasing 2.3% and Family Dollar same-store sales rising 0.2%. The FactSet consensus was a 1.8% rise. The company sees first-quarter sales in the range of $5.26 billion to $5.35 billion, and a flat to low-single-digit increase in same-store sales. FactSet sees sales of $5.32 billion. EPS is expected to be in the range of 91 cents to 98 cents, below the $1.11 FactSet consensus. Dollar Tree shares are down 6.5% for the past year while the S&P 500 index is up 19.5% for the same 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.

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From:: Stock Market News