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The S&P 500 index’s sharp bounce into positive territory has pushed it well above its 50-day moving average, as it moves toward the first close above that closely-watched technical level since Sept. 28. The S&P 500 was up 0.7% in midday trade, reversing an earlier loss of as much as 0.7%, and a premarket loss of as much as 2.6% for the SPDR S&P 500 ETF . The 50-day MA, which many chart watchers view as a dividing line between short-term uptrends and downtrends, currently extends to 2,145.84. The S&P 500 joins the Dow Jones Industrial Average , which has been above its 50-day MA since Monday, when it closed above that line for the first time since Sept. 8. Meanwhile, the Nasdaq Composite Index rose 0.6% Wednesday to 5,225.85, but remained just below its 50-day MA at 5,237.54.

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

Oil futures extended their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.4 million barrels in the week ended Nov. 4. Analysts polled by S&P Global Platts expected a 1.6 million-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 4.4 million barrels, according to sources. Gasoline supplies, meanwhile, fell 2.8 million barrels and distillate stockpiles declined by 1.9 million barrels, according to the EIA. December crude lost 22 cents, or 0.5%, to $44.76 a barrel on the New York Mercantile Exchange. Prices traded at $44.87 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

Technology stocks took a hit at the market open Wednesday morning following the presidential election. While one of the biggest decliners was GoPro , following two downgrades and a product recall, other stocks were down in the single percentage points. Among the FANG stocks, Apple shares were down 1%, Facebook shares were down 1.8%, Alphabet shares were down 1.5% and Netflix shares were down 2%. Twitter [S: TWTR] shares were down 0.5%, Intel shares were down 2%, Amazon shares were down 2.6% and Square shares were down 3%. Cisco , however, was bucking the trend and shares were up 0.61%. Overall, the NASDAQ composite was down 0.7%.

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

Shares of Pineapple Express Inc. [s:PNPL] rose 28.5% on Wednesday after four states — California, Massachusetts, Nevada and Maine — voted to legalized the recreational adult use and sale of marijuana. Arizona was the lone state voting on recreational marijuana that voted not to legalize. Pineapple Express, like many of the marijuana stocks out there, is an over-the-counter stock. United Cannabis Corp. shares were up more than 13% and American Cannabis Co. rose nearly 8% as many other companies in the space began seeing stocks pop in the wake of the vote. Biotech and pharmaceutical companies that deal in and have the potential to benefit from marijuana legalization have also seen shares gain favor following the vote, which is expected to marijuana legalization in steam in the U.S.

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 lower on Wednesday as the financial markets grappled with the prospects of Republican Donald Trump as the 45th president of the United States. The S&P 500 fell 12 points, or 0.6%, to 2,127 while the Dow Jones Industrial Average shed 26 points, or 0.2%, to 18,305. The Nasdaq Composite dropped 39 points, or 0.8%, to 5,153. “The falls in some markets are understandable. A Clinton victory had been priced in by many investors and what a Trump presidency will look like is still unclear – markets hate uncertainty,” said Martin Gilbert, chief executive of Aberdeen Asset Management.

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

Shares of gold miners are surging in premarket trade Wednesday, in the aftermath of Donald Trump being elected president, as the flock to safe-haven assets boosted the price of gold. The VanEck Vectors Gold Miners ETF shot up 6.2%, with all of its U.S.-listed components gaining ground. Barrick Gold Corp.’s stock surged 6%, and was the most active ahead of the open with 1.4 million shares traded. Among the other more-active components, shares of Yamana Gold Inc. shot up 7.7%, Gold Fields Ltd. soared 11% and Harmony Gold Mining Co. Ltd. ran up 9.9%. Elsewhere, Newmong Mining Corp.’s stock climbed 5% and Goldcorp Inc. shares rallied 6.4%. Meanwhile, the SPDR Gold Trust rose 2.2%. The GDX has already rocketed 75% year to date through Tuesday, while the GLD has surged 20% and the S&P 500 has gained 4.7%.

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

Shares of Time Warner Inc. fell nearly 3% in premarket trade and AT&T Inc. shares declined slightly in the wake of Donald Trump winning the 2016 presidential election. The two companies agreed to a $85.4 billion merger in October, which Donald Trump vowed to block if he won the presidency. A statement from his campaign at the time read: “Donald Trump will break up the new media conglomerate oligopolies that have gained enormous control over our information… Donald Trump would never approve such a deal.” The deal has already faced stark criticism and potentially rigorous regulatory review down the road. Time Warner shares are up nearly 36% in the year to date, outperforming AT&T shares, which are up 7.5% and the S&P 500 Index , up nearly 5%.

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

GTT Communications Inc. , a cloud networking provider, said Wednesday that it has agreed to acquire Hibernia Networks, a high-speed network connectivity solutions provider, in a $590 million transaction. The deal includes $515 million in cash and about 3.3 million shares of GTT stock, valued at $75 million, to be issued to sellers at closing. The deal expands GTT’s portfolio of cloud networking services and grows the companies international client base, among other benefits, GTT Chief Executive Rick Calder said in a statement. The transaction is expected to close by the end of the first quarter of 2017 and, according to Calder, the integration is expected to be complete within two to three months after the close. GTT shares are inactive in premarket trading, but up 24.3% for the year so far. The S&P 500 Index is up 4.7% for 2016 to date.

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

Wendy’s Co. shares were indicated up 0.2% in Wednesday premarket trading after the fast-food company reported third-quarter earnings that beat expectations. Net income was $48.9 million, or 18 cents per share, up from $7.6 million, or 3 cents per share, for the same period last year. Adjusted earnings per share were 11 cents, beating the 10-cent FactSet consensus. Revenue was $364.0 million, down from $464.6 million, but ahead of the $351 million FactSet consensus. Same-restaurant sales across the North American system were up 1.4%. The company has 433 fewer company-operated restaurants compared to last year, said Chief Executive Todd Penegor in a statement, and it’s on track to reduce company-operated ownership to about 5% of the total system by the end of 2016. Wendy’s plans to sell about 315 restaurants to franchisees by the end of 2016, the company said. As part of a previously authorized $1.4 billion share buyback program, the company intends to accelerate the repurchase of $150 million of its common stock. The board has approved an increase of 0.5 cents per share of its quarterly dividend rate. The new rate of 6.5 cents will be effective with the next dividend payment on Dec. 15, 2016 to shareholders of record as of Dec. 1. Wendy’s is increasing its 2016 outlook to adjusted EPS of 40 cents to 41 cents from 39 cents to 40 cents. It now expects same-restaurant sales growth of about 1.5% for the North American system. Wendy’s shares are up 3.3% for the year so far while the S&P 500 Index is up 4.7% 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