Author: admin

Cirrus Logic Inc. shares dropped in the extended session Monday after the audio-signal chipmaker’s quarterly results and outlook fell short of Wall Street estimates. Cirrus shares fell 11% to $40 after hours. The company reported fiscal third-quarter net income of $33.8 million, or 52 cents a share, compared with $122 million, or $1.83 a share, in the year-ago period. Adjusted earnings were $1.59 a share. Revenue fell to $482.7 million from $523 million in the year-ago period. Analysts surveyed by FactSet had estimated $1.78 a share on revenue of $531 million. “Unanticipated weakness in smartphone demand that materialized in late December drove our Q3 results below expectations and further impacted our Q4 guidance,” said Jason Rhode, Cirrus president and chief executive, in a statement. For the fourth quarter, Cirrus estimates revenue of $300 million and $340 million. Analysts expect revenue of $373.4 million.

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.

…read more

From:: Stock Market News

Selling on the NYSE has reached panic-like proportions, as the exchange’s Arms Index shot up to record the biggest rise in 2 1/2 years. The Arms is a volume weighted breadth measure, that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. Closes above 2.000 are considered panic-like activity. The Dow Jones Industrial Average plunged 1,175 points, or 4.6%, on Monday, the biggest point drop in its history but not quite the 100th biggest percentage decline. The number of advancing stocks on the NYSE are outnumbered decliners 2,718 to 317, or by an 8.6-to-1 margin. Meanwhile, volume in declining stocks outnumbered up volume 1,277.0 billion shares to 41.4 million shares, or by a 30.8-to-1 margin. That has pushed the Arms up to 3.594 , the first close above 2.0 since April 13, 2017, when it rose to 2.27. The Dow rallied 184 points the next session. The Arms closed at the highest level since it rose 4.95 on Sept. 1, 2015; the next day, the Dow rallied 293 points.

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.

…read more

From:: Stock Market News

The largest exchange-traded fund to track the energy sector fell on Monday and was the biggest declining sector of the day. The Energy Select Sector SPDR ETF sank 4.3% in its biggest one-day decline since January 2016, edging out a 4.2% decline that occurred in Friday’s session. The fund has shed more than 10% since a recent intraday peak hit on Jan. 24. Exxon Mobil was the biggest drag on the group, sinking 5.4%. The Dow component has lost more than 9% over the past two sessions, which is on track to be its biggest two-day decline since November 2008. Among other companies, Chevron Corp. fell 5.5% while Occidental Petroleum Corp. sank 3.5% and Marathon Oil Corp. was off 4.4%. Much of the sector’s weakness was attributed to crude oil prices, which shed 2.4% on ongoing concerns over rising production, which could mean excessive supply.

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.

…read more

From:: Stock Market News

The Dow Jones Industrial Average fell nearly 1,600 points at its lows on Monday, after a period of selling accelerated sharply heading into the close of the session. Amplifying the slump was computer-programmed trade set to dump shares at certain levels. According to traders, the Dow was set to trigger trades once it fell below 25,000, for example, and 2,700 for the S&P 500 . Most recently, the S&P 500 was off 71 points, or 2.6% at 2,690, the Nasdaq Composite Index was down 148 points, or 2%, at 7,095. The Dow, meanwhile, lost as much as 1,500 points, and was most recently down 800 points, or 3.1%, at 24,737.

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.

…read more

From:: Stock Market News

The Dow Jones Industrial Average has bounced nearly 750 points off its low, but was still down 849 points to be on track for the biggest point decline in the index’s 121-year history. At the intraday low, the Dow was down 1,597.08 points. The current percentage decline of 3.33%, however, barely cracks the top 300, to put it around 291st, according to FactSet 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.

…read more

From:: Stock Market News

The Japanese yen rallied against the U.S. dollar on Monday afternoon as U.S. equity benchmarks registered steep losses. Japan’s currency is a so-called safe haven that investors flock to in times of trouble. The Dow Jones Industrial Average for example dropped more than 1,000 points or 4.5%, while the CBOE Volatility Index hit its highest level since the Brexit vote in June 2016. The dollar-yen pair dropped to a session low of ￥109.14, compared with ￥110.15 late Friday in New York. One dollar last bought ￥109.46 yen. The Swiss franc , which is also a safe haven currency, remained weaker against the buck.

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.

…read more

From:: Stock Market News

The Dow Jones Industrial Average wiped out all of its year-to-date gains for 2018 as the stock market unraveled on fears of rising bond yields. The Dow shed 1,500 points at its low and was recently off 1,055 points, or more than 4%. That intraday move erased all of its gains, pushing it negative, down 1% for 2018 after boasting a return of nearly 6% at the end of January.

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.

…read more

From:: Stock Market News

Facebook Inc. has been telling media agencies it plans to open its Watch service to more creators and share the revenue from ad inventory it sells against the shows, according to a CNBC report Monday. Facebook is down 2.1% to $186.27 in late afternoon trading amid a broad market sell off. Citing anonymous sources at media agencies, the report says that Facebook aims to make a ad-supported video platform where creators generate free content in exchange for sharing ad revenue. Doing so would more squarely pit Facebook’s Watch against Alphabet Inc. and its YouTube platform, the sources told CNBC. In response to criticism over offensive content, YouTube recently announced that it was adding new rules that will reduce the number of channels that can carry ads, and adding human oversight to those that do run ads. Facebook stock has gained 42.4% in the past 12 months, as the S&P 500 index rose 20%.

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.

…read more

From:: Stock Market News

The big and broad selloff in the stock market is sending the VelocityShares Daily 2X VIX Short-Term exchange-traded note soaring 30% on very heavy volume, and on track to close at a three-month high. Volume was 84.8 million shares in afternoon trade, more than four-times the full-day average and enough to make the ETN the most actively traded equity security on major U.S. exchanges, according to FactSet. The ETN is designed to deliver double the gain of the Barclays iPath S&P 500 VIX Short-Term Futures ETN , which is up 15%. The rally in the volatility measures comes as the Dow Jones Industrial Average tumbles 544 points in afternoon trade, after plunging 666 points on Friday.

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.

…read more

From:: Stock Market News