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Expedia Inc. shares dove 15% in late trading Thursday after the online travel website revealed earnings well below expectations. Expedia reported fourth-quarter profit of $55.2 million, or 35 cents a share, on sales of $2.32 billion, up from $2.09 billion a year ago. After adjustments for stock-based compensation and other effects, Expedia claimed earnings of 84 cents a share, down from $1.17 a year before. Analysts on average expected adjusted earnings of $1.15 a share on sales of $2.36 billion. Chief Executive Mark Okerstrom stressed that changes Expedia has made were beginning to pay off in 2018. “Over the past several months, we have made key organizational changes, aligned our
company around common objectives and began executing on a new direction aimed at accelerating the geographic expansion of our global travel platform,” he said in Thursday’s announcement. Shares closed at $123.03 Thursday, then plunged to less than $105; Expedia’s 52-week intraday low price in regular trading is $115.55.

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From:: Stock Market News

The Dow Jones Industrial Average shed more than 800 points late Thursday, with the stock market losses accelerating into the close. The Dow was off about 840 points, or 3.4%, at 24,063, the S&P 500 index was down 3% at 2,600, while the Nasdaq Composite Index was 3% lower at 6,838.

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From:: Stock Market News

The Dow Jones Industrial Average was headed sharply lower Thursday as selling gathered steam headed into the close of trade. The Dow was most recently off more than 744 points, or 3% at 24,148, with all 30 of its components trading firmly in negative territory, led by a sharp decline in Boeing Co. , the price-weighted benchmark’s most influential component. The S&P 500 index declined by 2.7% to 2,610, while the Nasdaq Composite Index was off 2.8% on the session at 6,850. Fears about inflation have fueled concerns about the outlook for the economy that is dogging both stocks and bonds alike, with the 10-year Treasury note pulling back from an early yield around 2.88%, presently yielding 2.85%. Bond prices move inversely to yields. Since its Jan. 26 peak, the Dow has shed about 2,470 points, bringing it perilously close to correction territory, which it had slipped into in the early moments of trade on Tuesday before rebounding. A correction is defined as a decline of at least 10% from a recent peak. The Dow stands down about 9% from its all-time high.

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From:: Stock Market News

The Dow Jones Industrial Average is headed sharply lower Thursday. The Dow was most recently off more than 500 points, or 2.3%, with all 30 of its components trading firmly in negative territory, led by a 3.8% decline in Boeing Co. , the price-weighted benchmark’s most influential component. The S&P 500 index declined by 1.9% to 2,631, while the Nasdaq Composite Index was off 2% on the session at 6,908. Fears about inflation have fueled concerns about the outlook for the economy that is dogging both stocks and bonds alike, with the 10-year Treasury note pulling back from an early yield around 2.88%, presently yielding 2.85%. Bond prices move inversely to yields. Since its Jan. 26 peak, the Dow has shed about 2,300 points, bringing it perilously close to correction territory, which it had slipped into in the early moments of trade on Tuesday before rebounding. A correction is defined as a decline of at least 10% from a recent peak. The Dow stands down about 9.3% from its all-time high.

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From:: Stock Market News

Oil prices fell Thursday, with the U.S. benchmark marking its lowest settlement in five weeks. Recent data showing that weekly U.S. crude production topped 10 million barrels a day to reach a fresh record kept pressure on prices. The U.S. stock market’s sharp decline on Thursday also helped drag oil prices lower. March West Texas Intermediate crude fell 64, or 1%, to settle at $61.15 a barrel on the New York Mercantile Exchange. That was the lowest finish since Jan. 2, according to FactSet data.

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From:: Stock Market News

Lockheed Martin Corp. said Thursday it has been awarded a $524 million contract modification as the U.S. and allied military forces upgrade missile-defense capabilities. This is in addition to the $944 million contract awarded on Dec. 21 for the production and delivery of the missile interceptors PAC-3 and PAC-3 MSE. The contract modification includes that and associated equipment and kits. The interceptors are used by the U.S. and 10 other nations, including Germany, Kuwait, and Japan. Shares of Lockheed Martin have gained 33% in the past 12 months, which compares with 15% gains for the S&P 500 index.

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From:: Stock Market News

The CBOE Volatility Index jumped on Thursday after falling for two straight sessions, highlighting the sense of uncertainty among investors struggling to put the stock market’s weakness into perspective. The so-called fear gauge climbed 8.7% to 30.13 after earlier spiking by double digits. The index has seen dramatic swings this week as stocks came under intense pressure on worries about mounting inflationary pressure on the back of a robust economy. The S&P 500 fell 1.5% to 2,640, the Dow Jones Industrial Average dropped 1.8% to 24,437 and the Nasdaq slid 1.6% to 6,937.

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From:: Stock Market News

Gold futures settled higher Thursday to mark their first gain in five sessions. Prices got a boost as the dollar steadied and the U.S. stock market fell sharply in volatile trading. April gold rose $4.40, or 0.3%, to settle at $1,319 an ounce, after losing more than 1% Wednesday.

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From:: Stock Market News

Wheat futures fell Thursday after settling a day earlier at their highest since August. Prices declined “in reaction to historically high global wheat stocks,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading LLC. In a monthly report, the U.S. Department of Agriculture on Thursday lowered its forecast on global wheat ending stocks for the 2017/2018 crop year by 1.9 million tons, but said they “remain significantly higher than a year ago.” March wheat fell 1% to $4.56 a bushel. Corn futures were flat after earlier gains, with the March contract at $3.65 1/4 a bushel. March soybeans added 0.4% to nearly $9.87 a bushel.

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From:: Stock Market News