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U.S. stocks opened lower on Thursday as investors worried that a batch of strong U.S. data could encourage Federal Reserve Chairwoman Janet Yellen to raise interest rates sooner than previously expected. Stocks added to losses from the prior session, with the S&P 500 index shedding 2 points, or 0.1%, to 2,172. The Dow industrials fell 20 points, or 0.1%, to 18,463, trading below its lowest closing level since early August. The Nasdaq Composite Index fell 9 points, or 0.2%, to 5,208.

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From:: Stock Market News

Amazon.com Inc. said Thursday that it has launched a car research and automotive community, Amazon Vehicles, an extension of the Amazon Automotive store. Visitors can read customer reviews for new and classic cars, view photos and videos, learn specifications, and gather information about parts and accessories, the e-commerce giant said in a release. Features include pages containing details about thousands of car models, read reviews and write to car owners, and shop. Amazon shares are down 0.3% in premarket trading, but up 62.4% for the past year. The S&P 500 Index is up 16.5% for the last 12 months.

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From:: Stock Market News

Shares of Mylan N.V. surged in premarket trade Thursday, putting them on track to snap a four-session losing streak, after the company succumbed to public pressure by saying it would cut costs for EpiPens. The stock had tumbled 9.9% over the previous two sessions, and 12.5% over the last four, after Congress questioned the company’s reasoning behind the sharp increase in EpiPen pricing over the years. The stretch of losses were the biggest since the stock lost 17% in the two days ending Feb. 12, and 15% over four days ending Feb. 16. Bernstein analyst Aaron Gal said there is potential for “real damage” to Mylan from all the media attention, as he believes it will put pressure on the Food and Drug Administration to enable a more competitive market. Currently, Teva Pharmaceutical Industries Ltd.’s generic version of the EpiPen could be mid-2017, Gal said. Through Wednesday, Mylan’s stock had tumbled 20% year to date, while the SPDR Health Care Select Sector ETF had tacked on 1.9% and the S&P 500 had gained 6.4%.

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Shares of Dollar Tree Inc. tumbled 7.3% in premarket trade Thursday, after the discount retailer missed fiscal-second quarter profit and sales expectations. For the quarter ended July 30, the company swung to earnings of $170.2 million, or 72 cents a share, from a loss of $98.0 million, or 46 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 73 cents. Revenue rose to $5.00 billion from $3.01 billion, boosted by sales from Family Dollar stores, but was below the FactSet consensus of $5.08 billion. Same-store sales rose 1.2% on a constant currency basis, and 1.1% when adjusted for currency fluctuations. The FactSet consensus was for a 2.4% increase. The company expects third-quarter EPS of 76 cents to 82 cents and revenue of $5.02 billion to $5.10 billion, compared with the FactSet consensus for EPS of 76 cents and revenue of $5.13 billion. The stock had soared 23% year to date through Wednesday, while the SPDR S&P Retail ETF had gained 5.5% and the S&P 500 had advanced 6.4%.

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From:: Stock Market News

Dollar General Corp.’s stock dropped 6.3% in premarket trade Thursday, after the discount retailer missed profit and sales expectations for its fiscal second quarter. For the quarter ended July 29, earnings rose to $306.5 million, or $1.08 a share, from $282.3 million, or 95 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.09. Revenue grew to $5.39 billion from $5.10 billion, but was below the FactSet consensus of $5.50 billion, with same-store sales growth of 0.7% missing expectations of a 2.7% rise. The company said retail food deflation and unseasonably mild spring weather were stronger-than-expected headwinds to its business. “The competitive environment also intensified in select regions of the country,” said Chief Executive Todd Vasos. The stock had soared 28% year to date through Wednesday, while the SPDR S&P Retail ETF had gained 5.5% and the S&P 500 had climbed 6.4%.

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From:: Stock Market News

Shares of Mylan N.V. jumped 3.8% in premarket trade, after the drug maker said Thursday that it was taking “immediate action” to cut costs for its EpiPen injectors. The move comes after the Mylan came under intense scrutiny from Congress and Hillary Clinton for raising EpiPen prices on EpiPens six-fold over the last several years. Mylan said Thursday that it will now offer a “savings card” that will cover up to $300 for their EpiPen 2-Pak, which effectively cuts the cost in half. The company said it is doubling eligibility for its patient assistance program to 400% of the federal poverty level, which means a family of four making $97,200 would not pay anything for an EpiPen. “We recognize the significant burden on patients from continued, rising insurance premiums and being forced increasingly to pay the full list price for medicines at the pharmacy counter,” said Chief Executive Heather Bresch. “Patients deserve increased price transparency and affordable care, particularly as the system shifts significant costs to them.” The stock has tumbled 20% year to date through Wednesday, while the S&P 500 has gained 6.4%.

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From:: Stock Market News

Shares of Tiffany & Co. rose 1.6% in premarket trade Thursday, after the high-end jewelry retailer beat fiscal second-quarter profit expectations, offsetting a miss on sales. For the quarter ended July 31, earnings rose to $105.7 million, or 84 cents a share, from $104.9 million, or 81 cents a share, in the same period a year ago. The FactSet consensus was for earnings per share of 72 cents. Revenue fell to $931.6 million from $990.5 million, below the FactSet consensus of $933 million, as sales in the Americas, Europe and Japan regions fell short of expectations. Same-store sales declined 8%, compared with the FactSet consensus of a 7.8% decline, with bigger-than-expected declines in the Americas and Europe offsetting a better-than-expected performance in Japan. “The global environment continues to reflect well known challenges that we believe have had broad effects on spending by local customers, as well as foreign tourists, especially from China,” said Chief Executive Frederic Cumenal. Tiffany said it was maintaining its full-year outlook for sales and EPS. The stock had dropped 9.7% year to date through Wednesday, while the S&P 500 had gained 6.4%.

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From:: Stock Market News