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The Big 3 stock market indexes all rallied to record highs Thursday, but the number of stocks hitting 52-week highs have dropped sharply, which could suggest that participation in the rally may be waning. There were 104 stocks on the NYSE that hit 52-weeks highs through morning trade, and 126 stocks hitting highs on the Nasdaq exchange. On Jan. 26, the last time the Dow Jones Industrial Average , the S&P 500 and the Nasdaq Composite all reached all-time intraday highs on the same day, 257 NYSE stocks and 192 Nasdaq stocks hit 52-week highs. On Dec. 8, 465 NYSE stocks and 514 Nasdaq stocks hit new highs, as the Dow, S&P 500 and Nasdaq all surged to fresh records.

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

Coca-Cola Co.’s stock slumped 2.3% in morning trade, making it the biggest percentage decliner among Dow Jones Industrial Average components, after the beverage giant met fourth-quarter earnings expectations but provided a downbeat outlook for 2017. Revenue beat expectations, but reported revenue of $9.41 billion was the lowest quarterly total reported since the third quarter of 2009. Analyst Stephen Powers at UBS reiterated his buy rating on Coke, but expressed concern that growth seen during the quarter was “wholly pricing and mix driven,” as concentrate volumes fell. Wells Fargo analyst Bonnie Herzog said she remained “cautious” on Coke, with a rating of market perform, given the outlook for “minimal” profit growth through 2018. The stock has now lost 5.2% over the past 12 months, while the SPDR Consumer Staples Select Sector ETF has gained 7.4% and the Dow has rallied 25.8%.

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.

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From:: Stock Market News

Standard & Poor’s on Thursday downgraded Neiman Marcus by three notches to CCC-plus from B-minus, moving it deep into junk territory, saying its poor operating performance in recent quarters has weakened its credit metrics. The outlook is negative, meaning the agency could downgrade again in the medium term. “Trends such as weak mall traffic, highly promotional retail apparel environment, and cautious consumer spending continue to weigh heavily on Neiman Marcus’ operating performance and EBITDA,” said credit analyst Helena Song. “We believe these meaningful industry headwinds, both secular and cyclical, will likely hinder meaningful EBITDA recovery, and as such we project adjusted leverage in the low 10x range and interest coverage in the high-1x area over the coming year.” The negative outlook offers a one-in-three chance it could downgrade again over the next year or so, it said. Fitch Ratings said in January that it expects the retail sector to replace oil and gas as the most distressed sector in 2017, forecasting the retail-only default rate will jump to as high as 9% in 2017 from its current 1% trailing 12-month level.

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

Data from the U.S. Energy Information Administration showed that supplies of natural gas fell by 152 billion cubic feet for the week ended Feb. 3. That was in line with the decline of 151 billion expected by analyst polled by S&P Global Platts. Total stocks now stand at 2.559 trillion cubic feet, down 325 billion cubic feet from a year ago, but 45 billion cubic feet above the five-year average, the government said. The data included “reclassification” from working gas, which is available to the market, to base gas, which is not. That resulted in a decrease for working gas stocks of about 5 billion cubic feet in the Pacific region, the EIA said. March natural gas rose 1.4 cents, or 0.5%, from Wednesday’s settlement to $3.14 per million British thermal units. It traded at $3.169 before the 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.

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From:: Stock Market News

United Parcel Service Inc. said it’s raising its quarterly dividend to 83 cents a share. The company’s last quarterly dividend paid on Nov. 30 was 78 cents a share. The new dividend is payable March 8 to shareholders of record as of Feb. 21. UPS shares were up 0.8% in early trade and have gained 10% 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.

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From:: Stock Market News

Acorda Therapeutics Inc. shares surged 9.0% in early morning trade after the company said its drug showed an improvement in motor function for patients with Parkinson’s disease in a late-stage clinical trial. The drug, CVT-301 is inhalable and was tested during “off” periods, or when patients aren’t responding as well to medication. The phase 3 trial enrolled 339 participants, with two dose levels of the drug and a placebo arm. The study had 11 serious adverse effects total, including three in the placebo arm of the trial, and one patient committed suicide, which was judged not to be related to the drug, the company said. Acorda shares have surged 11.3% over the last three months, compared with a 6.3% 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.

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From:: Stock Market News

U.S. stocks opened modestly higher on Thursday, with the Nasdaq inching toward its third-straight record, after a spate of strong earnings reports helped lift the broader market. The S&P 500 index gained two points, or 0.1%, to 2,296.63. The Dow Jones Industrial Average climbed 26 points, or 0.1%, to 20,081. The Nasdaq Composite Index advanced three points, or 0.1%, to 5,686. Viacom Inc. rose after beating earnings and revenue forecasts, while Coca-Cola shares retreated after profits met expectations but its outlook fell short. CVS Health Corp. shares jumped after beating earnings and revenue forecasts. Dunkin’ Brands Group Inc. rose after posting a fourth-quarter profit. Twitter Inc. shares slipped after posting lackluster quarterly results.

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

Gannett Co. Inc. shares rose nearly 9% in premarket trade on Thursday after the USA Today owner reported fourth-quarter earnings that were better than Wall Street had forecast. Gannett posted net income of $24.6 million, or 21 cents per share, improved compared with last year’s $20.4 million, or 17 cents during the same quarter a year ago. Adjusted per-share earnings for the quarter were 50 cents, well above FactSet’s 39 cents consensus. Revenue for the quarter hit $867.0 million, up from $739.3 million in the year-earlier period, and above FactSet’s consensus of $849.0 million. Gannett’s print advertising and circulation demand continued to decline in the quarter, with print advertising revenue at USA Today falling 15.3% in the US and 14.2% in the U.K. Gannett shares are down more than 41% in the trailing 12-month period, while the S&P 500 Index is up nearly 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.

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From:: Stock Market News