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Wal-Mart Stores Inc.’s American arm Walmart is recalling 46,300 tripod stools because of a flaw in the plastic collar that connects the three legs that can break, causing a fall hazard. The Consumer Product Safety Commission said consumers should immediately stop using the stools and return them for a full refund. The stools are made in China by Mahco Inc. of Bentonville, Arkansas, and have three steel legs and a realtree logo polyester fabric seat. They were sold exclusively at Walmart stores and online from June through August 2016 for about $6 a piece. No accidents or injuries have been reported, said the CPSC. Wal-Mart shares are down 1.7% Thursday, but have gained 15% in the year so far, while the Dow Jones Industrial Average has gained 4%.

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From:: Stock Market News

Sally Beauty Holdings Inc. shares dropped 6.7% in Thursday trading after the company announced in a filing that Chief Financial Officer Mark Flaherty has resigned, effective Sept. 30. Flaherty is leaving to pursue other interests and his departure “was not the result of any disagreement,” the filing said. Janna Minton, the company’s chief accounting officer, will serve as interim CFO until a permanent replacement is announced. Sally Beauty shares are up 11.5% for the past 12 months, but down 6.3% for the year so far. The S&P 500 Index is up 5.4% for the year 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

EBay Inc.’s stock shot up to an all-time intraday high Thursday, after the online marketplace was upgraded at Deutsche Bank, which cited potential for accelerating growth and outperformance. Analyst Ross Sandler raised his rating to buy, after being at hold for at least the last three years. He lifted his stock price target to $40, which is 23% above current levels, from $30. Sandler said he believes eBay is in the latter stages of its re-platforming, which tends to be the time when select internet stocks have historically outperformed their peers by the widest margin. In addition, he said sentiment is “muted” compared with other top internet names. “In summary, there are few out-of-favor accelerating-growth stories with upside to estimates and a reasonably low valuation, from that perspective [eBay’s stock] might be the best story in internet heading into 2017,” Sandler wrote in a note to clients. The stock rose as much as 4.2% earlier to a record intraday high of $33.19 before paring some gains. The stock was up 1.9% in afternoon trade, but was below the Sept. 8 record close of $32.70. It has now run up 18% year to date, while the First Trust Dow Jones Internet Index ETF has gained 8.6% and the S&P 500 has advanced 5.3%.

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

Deutsche Bank’s U.S.-listed shares tumbled Thursday after a news report said some hedge funds that clear derivatives through the Frankfurt-based firm had withdrawn some excess cash and positions. While the vast majority of the bank’s more than 200 derivatives-clearing clients have made no changes, around 10 hedge funds moved a portion of their listed derivatives holdings to other firms this week, Bloomberg reported, citing an internal document. A Deutsche Bank spokesman told Bloomberg that the lender is confident that a “vast majority” of its clients “have a full understanding of our stable financial position, the current macroeconomic environment, the litigation process in the U.S. and the progress we are making with our strategy.” Deutsche Bank shares were down 5.7% in New York. Shares of the lender have dropped more than 50% this year amid concerns over the lender’s thin capital cushion.

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

Dunkin’ Brands Group Inc. announced Thursday a deal with Coca-Cola Co. to start selling a line of ready-to-drink line coffee beverages across the U.S. in early 2017. Coke will make the coffee drinks, according to Dunkin’s specifications, and will also distribute and sell the drinks to grocery and convenience stores, as well as mass merchandisers. Financial terms of the deal were not disclosed. “This new product introduction will increase consumption of Dunkin’ Donuts coffee and increase our brand relevance with existing and new consumers, including many younger customers, which we believe will in turn, drive incremental visits to our restaurants,” said Dunkin’ Chief Executive Nigel Travis. The stock, which slipped 0.5% in midday trade, has run up 18% year to date, while the S&P 500 has gained 6.1%. Coke’s stock tacked on 0.3%.

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 Apple Inc. shed 1.4% in midday trade Thursday, putting it on course to snap a three session win streak, after Barclays removed its “top pick” designation on the technology behemoth amid concerns over iPhone sales and valuation. Analyst Mark Moskowitz kept his rating at overweight but trimmed his stock price target to $114, which is just 1.4% above current levels, from $115. “Our research indicates a recovery in global smartphone growth could be pushed out,” Moskowitz wrote in a note to clients. “Plus, conversations with industry participants suggest iPhone sales trends could be at risk of petering out in coming months, similar to last year’s post-iPhone 6S launch fallout.” Some reports that an iPhone 7 exploded could be a cause for concern among investors, following a global recall by Samsung Electronics Co. of its latest smartphone after receiving reports from users of batteries exploding during charging. Apple’s stock has climbed 6.8% year to date, while the Dow Jones Industrial Average has gained 5.1%.

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

Amgen Inc. and Arrowhead Pharmaceuticals Inc. said Thursday they have agreed to two cardiovascular collaborations. Under one agreement, Amgen will receive an exclusive license option to Arrowhead’s proprietary subcutaneous RNAi delivery platform. RNAi molecules can be used to target and eliminated specific gene products that contribute to some diseases, the companies said in a statement. Under a second agreement, Amgen will have an option to a worldwide, exclusive license for a RNAi therapy for an undisclosed genetically validated cardiovascular target. “In both agreements, Amgen will be wholly responsible for clinical development and commercialization,” said the statement. Arrowhead will receive $56.5 million in upfront payments, an equity investment, royalties and up to $617 million more in potential milestone and equity payments. Arrowhead stock was halted premarket for the news, but has gained 14.5% in the year so far, while the S&P 500 has gained 6%. Amgen shares are up 4.6% in the same timeframe.

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From:: Stock Market News

Shares of Fulgent Genetics Inc. jumped 13% in their market debut Thursday, after pricing at the low end of the $9 to $11 range for the company’s initial public offering. The company sold 4.2 million shares to raise $37.8 million. Shares are trading on Nasdaq, under the ticker symbol ‘FLGT’. Credit Suisse and Piper Jaffray were lead underwriters on the deal. The underwriters have a 30-day option to purchase up to 630,000 additional shares at the IPO price and the company’s chief executive has indicated interest in buying up to 1.05 million shares at that price.

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