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U.S. stocks opened lower on Monday as oil prices fell and enthusiasm over dovish comments from Federal Reserve Gov. Lael Brainard dissipated. The S&P 500 fell 14 points, or 0.7%, to 2,144. The Dow industrials retreated 110 points, or 0.6%%, to 18,186. The Nasdaq Composite slid 31 points, or 0.6%, to 5,180.
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Apple Inc.’s stock surged 1.8% in premarket trade, and was the only Dow Jones Industrial Average component trading higher ahead of the open, after wireless carriers reported strong preorders for the iPhone 7. Dow futures slumped 135 points ahead of the open. Among other more-active Dow members, shares of J.P. Morgan Chase & Co. shed 1%, Intel Corp. lost 0.8%, Exxon Mobil Corp. declined 0.7% and General Electric Co. gave up 0.7%. DuPont & Co.’s stock was the only Dow component that was still inactive. T-Mobile U.S. Inc. said it recorded record preorders for the iPhone 7 over the weekend, while Sprint Corp. said iPhone 7 and iPhone 7 Plus sales were up mroe than 375% over last year’s iPhone preorders.
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Sprint Corp. said on Tuesday preorders of Apple Inc.’s iPhone 7 and iPhone 7 Plus, in the first three days, were up more than 375% over last year. Apple has said it will not give preorder numbers for its newest iPhone, but shares of the Cupertino-based technology company were up more than 1% in pre-market trade after T-Mobile U.S. Inc. said preorders for Apple’s iPhone 7 were the highest in the wireless carrier’s history. Shares of Sprint were down less than 1% premarket, while T-Mobile shares edged up just 0.1%.
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Time Inc. said Tuesday it named Rich Battista as its chief executive officer, effective immediately. Battista replaces Joe Ripp, who will continue as executive chairman. Battista was most recently CEO of Mandalay Sports Media, and previously held management roles at Fox Television and and was CEO of Gemstar-TV Guide. Time’s stock, which was inactive in premarket trade, had lost 13% over the past three months, while the S&P 500 has gained 3.9%.
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From:: Stock Market News
Shares of Apple Inc. surged 1.1% in premarket trade Tuesday, after T-Mobile U.S. Inc. said preorders for Apple’s iPhone 7 were the highest in the wireless carrier’s history. T-Mobile said from Friday through Monday, preorders were nearly four times the preorders for the previous most popular iPhone. Apple said last week that it would no longer release first-weekend preorder sales data, so T-Mobile’s data gives investors a first look into demand. “Strength in T-Mobile’s iPhone 7 preorders can be extrapolated to all the carriers world wide,” said analyst Trip Chowdhry at Global Equities Research. T-Mobile shares were indicated more than 1% higher in premarket trade. Through Monday, Apple’s stock had tacked on 0.2% year to date, while T-Mobile shares had soared 17% and the S&P 500 had gained 5.6%.
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Pandora Media Inc. said Tuesday it has signed direct licensing agreements with Merlin Network, Sony Music and Universal Music Group, as well as The Orchard and 30 other independent labels and distributors. The newly signed companies join more than 2,700 publisher who have also partnered with Pandora to license their catalogs for use on its new products. Pandora’s ad-supported and subscription offerings have more than 78 million users listening to more than 24 hours of music every month. The company will host a conference call at 5:15 a.m. Pacific time to discuss the news. The stock was upgraded Monday by SunTrust Robinson Humphrey, on expectations of coming licensing deals among other catalysts. Shares rose 2.5% premarket, and are up 27% in the year so far, while the S&P 500 has gained 5.6%.
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Wells Fargo & Co. said Tuesday it will eliminate all product sales goals in its retail banking business starting in 2017, in an effort to regain customer confidence following the recent sales scandal. “The elimination of product sales goals represents another step to reinforce our service culture, helps ensure that nothing gets in the way of our ability to achieve our mission, and is consistent with our commitment to providing a great place to work,” said Chief Executive John Stumpf. The Consumer Financial Protection Bureau had announced this week that it was fining Wells Fargo $185 million for illegal sales practices. The stock, which was still inactive in premarket trade, has dropped 11% year to date, while the SPDR Financial ETF has gained 2% and the S&P 500 has advanced 5.6%.
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Tiffany & Co. said Tuesday that it named Mark Erceg at its chief financial officer, effective Oct. 18. Erceg, who was most recently CFO of Canadian Pacific Railway Ltd. since May 2015, replaces the previous CFO who left the company in May. Erceg was also CFO of Masonite International Corp. from 2010 through May 2015. Tiffany’s stock, which was still inactive in premarket trade, has rallied 12% over the past three months but was still down 10% so far this year, while the S&P 500 has gained 5.6% year to date.
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FXCM Inc. said Tuesday it is transferring its stock exchange listing to The Nasdaq Global Market from the New York Stock Exchange. The foreign exchange trading service provider said the last day of trading on NYSE will be Friday, Sept. 23. The stock will continue to trade under the ticker ‘FXCM’. Shares were indicating higher in premarket trade, but are down 45% in the year so far, while the S&P 500 has gained 5.6%.
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The U.S. on Tuesday sent nuclear-capable supersonic bombers in a fly-over across ally South Korea, the Associated Press reported, citing an eye-witness account from one of the news service’s photographers. The maneuver was presumably a show of force after North Korea’s recent nuclear test. The B-1B bombers, escorted by U.S. and South Korean jets, flew over Osan Air Base, which is about 75 miles from the border with North Korea, the AP reported. South Korea doesn’t have nuclear weapons and relies on the so-called U.S. “nuclear umbrella” as a deterrent to North Korea. Last week’s nuclear test, the North’s fifth, was its most powerful test to date.
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From:: Stock Market News