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U.S. stocks were flat at the open on Friday as investors blamed a strong dollar for preventing the S&P 500 index and Dow Jones Industrial Average from reaching new record highs. The S&P 500 was up 1 points, or less than 0.1%, at 2,188. The Dow gained 7 points, or 0.1%, to 18,906. The Nasdaq Composite Index was flat at 5,341.
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From:: Stock Market News
Shipping stocks were mostly higher in premarket trade Friday, as they recovered from the sharp pullback suffered in the previous session. Diana Containerships Inc.’s stock soared 14% ahead of the open, after tumbling 69% on Thursday. That decline, which was the biggest one-day percentage selloff since it went public in January 2011, followed a five-fold gain over the previous four session. DryShips Inc. shares rallied 13% after plunging 85% on Thursday. Elsewhere, Globus Maritime Ltd.’s stock gained 5.2%, Seanergy Maritime Holdings Corp. shares rose 7.7% and TOP Ships Inc. shares tacked on 0.7%. Among the few shipping stock that rose Thursday, Rand Logistics Inc.’s shed 8% premarket and Global Ship Lease Inc.’s dropped 5.6%. Futures for the S&P 500 were little changed early Friday, after rising 0.5% on Thursday.
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From:: Stock Market News
Shares of Tesla Motors Inc. rallied 1.3% in premarket trade Friday, after shareholders approved the electric maker’s proposed acquisition of solar power company SolarCity Corp. late Thursday. Analyst Ben Kallo at Robert W. Baird affirmed his bullish outperform rating on Tesla, said he expects the stock should move higher after noise around the merger subsides. “In our opinion, investor focus will return to the ramp of the Gigafactory, Model S and X production, and the ramp of Model 3 production, and we believe shares will move higher with execution,” Kallo wrote in a note to clients. He said Tesla Chief Executive Elon Musk believes Tesla would be in a better competitive position if a Republican government repeals the electric-vehicle subsidies. Kallo’s stock price target of $338 is 79% above Thursday’s closing price of $188.66. SolarCity’s stock surged 2.6% ahead of the open. Tesla’s stock has lost 3.2% since the election through Thursday, and has tumbled 21% year to date, while the S&P 500 has gained 7% this year.
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From:: Stock Market News
Actuant Corp. said Friday Chief Financial Officer Andrew Lampereur will step from that position after the industrial company reports fiscal first-quarter results on Dec. 21. The company said Rick Dillon, currently the CFO of Century Aluminum Co. , will join the company on Dec. 5, and assume the CFO role on Dec. 22. “I worked with him for a number years at Joy Global Inc. and believe his skills and experience will be a real asset as we work together to implement the Company’s strategic growth plan,” said Actuant Chief Executive Randy Baker. Lampereur, who joined the company in 1993, will provide consulting support thereafter. Separately, the company said former Chief Executive and Chairman Robert Arzbaecher and Thomas Fischer, who led the audit committee, will retire from the board of directors. Actuant said it will record separation and transitions charges and an $8 million stock compensation charge in the first quarter. The stock, which was still inactive in premarket trade, has rallied 9.4% year to date, while the S&P 500 has gained 7%. Century Aluminum’s stock was still inactive in premarket trade.
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From:: Stock Market News
Foot Locker Inc. reported Friday fiscal third-quarter earnings that rose to $157 million, or $1.17 a share, from $80 million, or 57 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of $1.10. Revenue increased to $1.89 billion from $1.79 billion, matching the FactSet consensus, as the gross margin rate improved to 33.9% of sales from 33.8%. Same-store sales grew 4.7%, in line with the FactSet consensus. Merchandise inventory increased 1.9% to $1.36 billion. The athletic shoe retailer said it opened 21 new stores during the quarter, but closes 28 stores. The stock, which slipped 0.5% in premarket trade, has rallied 9.6% year to date, while the SPDR S&P Retail ETF has gained 5.8% and the S&P 500 has climbed 7%.
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From:: Stock Market News
Volkswagen AG [s:vlkay] plans to cut up to 23,000 jobs in Germany as it moves focus from traditional car making to electric vehicles and digital mobility, the German auto maker said in a statement Friday. The company expects its restructuring to have a positive earnings effect of 3.7 billion euros ($3.9 billion) a year from 2020, it said. In addition, VW said it is investing about 3.5 billion euros in its shift to e-mobility, including setting up a pilot plant for battery cells. As for the job cuts, VW plans to rely on partial retirement and other fluctuations in roles to avoid redundancies. Shares in Volkswagen rose 1.1% in Frankfurt after the news.
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From:: Stock Market News
Retired Army Lt. Gen. Michael Flynn has been offered the job of national security adviser to President-elect Donald Trump, according to multiple news reports. Flynn served as director of the Defense Intelligence Agency until he was fired by President Obama in 2014 over his contentious leadership style. Flynn, 57 and a registered Democrat, advised Trump on national security matters during his presidential campaign. While Flynn has a distinguished military career, he has been the subject of much controversy in recent years over his radical views on Islam and social media posts spreading conspiracy theories and obscene memes. As national security adviser, Flynn’s appointment would not need Senate approval.
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.
From:: Stock Market News
It’s still getting more expensive to buy a home in the San Francisco Bay Area, and those continually rising costs are depressing home sales in the area to levels not seen since the housing crisis. Here are more details on the Bay Area housing market, and a look at what the future holds. …read more
From:: Real Estate Wire
A deal that was announced earlier this month to acquire Prospect Mortgage LLC has been followed by the hiring of nearly two dozen loan originators.
On Nov. 1, HomeBridge Financial Services Inc. disclosed an agreement to acquire the operating assets of Sherman Oaks, California-based Prospect.
Once the acquisition closes as planned in January 2017, staffing is expected to exceed 3,000 employees, including around 900 retail loan originators.
From:: Financing
American Advisors named Jesse Allen as its new senior vice president of national field sales. The company talks about what he brings, his new role and his previous experience during his time at Bank of America. …read more
From:: Real Estate Wire