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U.S. stocks opened slightly lower Friday as investors grappled with weaker-than-expected retail sales data and an unexpected drop in wholesale prices. The main indexes retreated from record levels set a day earlier, when all three main benchmarks closed at all-time highs. The main indexes were on track to finish the week roughly where they started. The S&P 500 index opened 4 points, or 0.2%, lower at 2,181. The Dow Jones Industrial Average slipped 37 points, or 0.2%, to 18,576. Meanwhile the Nasdaq Composite Index began the session off 12 points, or 0.2%, at 5,215.

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From:: Stock Market News

Nordson Corp. said Friday that it will increase its quarterly dividend by 12.5% to 27 cents a share from 24 cents a share. The new dividend will be payable Sept. 6 to shareholders of record on Aug. 23. Based on Thursday’s closing price for the adhesives company’s stock of $91.29, the new dividend implies an annualized dividend yield of 1.18%, compared with the aggregate S&P 500 dividend yield of 2.1%. Nordson’s shares, which were still inactive in premarket trade, have soared 42% year to date, while the S&P 500 has gained 6.9%.

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From:: Stock Market News

Shares of Ocean Rig UDW Inc. were nearly halved in premarket trade Friday, after the oil services company said it would continue to explore reorganization strategies that could include bankruptcy given the continuation of “extremely negative” market conditions. The company said late Thursday that oil companies continue to reduce their offshore budgets, the floater rig market is expected to become even more oversupplied than it already is, and a recovery may not occur for several years. “In the recent period, we have been approached by several of our debt holders who have in certain cases also retained legal counsel and financial advisors,” the company said in a statement. “We continue to explore and consider alternatives, which may include a possible reorganization under US bankruptcy laws or another jurisdiction, so that we can ride out this very difficult cycle with feasible prospects for strong, long-term success.” The stock plunged 47% ahead of the open. It had rallied 33% year to date through Thursday, while the VanEck Vectors Oil Services ETF had climbed 7.8% and the S&P 500 had gained 6.9%.

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The dollar slumped Friday after official data showed retail sales declined in July, snapping three straight months of strong gains. Meanwhile, the Labor Department’s producer price index showed prices paid to domestic producers for their goods declined last month, disappointing investors who had expected a slight uptick. The dollar traded at 101.30 yen after the data, compared with 101.93 yen shortly beforehand. The euro bought $1.1212 after the data, compared with $1.1167 before. The pound strengthened to $1.3021, compared with $1.2973.

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BlackBerry Ltd.’s stock climbed 2.3% toward a 4 1/2-month high in premarket trade Friday, after it was upgraded at Raymond James, which cited an upbeat outlook for the company’s software business. Analyst Steven Li raised his rating to outperform, after being at market perform for at least the last three years. He lifted his stock price target to $10.50, which is 30% above current trading levels, from $8. “Stop worrying about hardware–only positives from here on,” Li wrote in a note to clients. “We think the narrative shifts to BlackBerry software.” He said he likes what he sees in software, with 80% recurring revenue, 15% organic growth and a 30% margin for earnings before interest, taxes, depreciation and amortization. He also sees near-term catalysts in the company’s radar offering and the buying back of convertibles. The stock has run up 19% over the past three months through Thursday, but had still lost 15% year to date. In comparison, the S&P 500 has gained 5.9% in three months and 6.9% so far this year.

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Shares of InvenSense Inc. surged 4.3% in premarket trade Friday, after Pacific Crest turned bullish on the maker of gyroscopes used in smartphones, on the belief that the rise of Pokemon Go and augmented reality will create a “significant opportunity.” Analyst John Vinh upgraded InvenSense to overweight, after being at sector weight since October 2014. His stock price target of $9 is 27% above current trading prices. “Without a gyro in a smartphone, users are unable to effectively play Pokemon Go today because of limited navigation capabilities,” Vinh wrote in a note to clients. He sees opportunities for InvenSense in a 500 million unit total addressable market, with every 10% market share raising his 2018 earnings-per-share estimate by 11 cents. The stock has tumbled 34% year to date through Thursday, while the S&P 500 index has gained 6.9%.

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Airgain Inc. said Friday it priced its initial public offering at $8.00 a share. The provider of embedded antenna technologies sold 1.5 million shares to raise $12 million. The stock will start trading later Friday on Nasdaq under the ticker symbol ‘AIRG.’ Northland Capital Markets and Wunderlich were joint book-running managers on the deal.

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J.C. Penney Co. Inc. shares fell 2.4% in Friday premarket trading after the retailer reported narrower-than-expected second-quarter losses, though sales were just below estimates. Net loss for the quarter was $56 million, or 18 cents per share, compared with a loss of $117 million, or 38 cents per share, for the same period last year. Adjusted losses were 5 cents per share, compared with the FactSet consensus of a 14-cents-per-share loss. Sales for the quarter totaled $2.918 billion, up from $2.875 billion for the same period last year, and just below the $2.928 billion FactSet consensus. Same-store sales grew 2.2%, meeting the FactSet estimate. J.C. Penney reaffirmed full-year 2016 guidance, with same-store sales expected to increase 3% to 4% against a FactSet consensus of 2.2%. J.C. Penney shares are up 49.3% for the year so far while the S&P 500 Index is up 6.9% for the same period.

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Endo International plc said Friday it is withdrawing its supplemental new drug application relating to specific abuse deterrent labeling for Opana, an opioid agonist used to manage severe pain. The company said the decision was made following discussions with the U.S. Food and Drug Administration and that it would continue to analyze data relating to the drug. The company’s financial forecasts for 2016 did not assume approval of the application. “We anticipate the generation of additional data and we will seek collaboration with FDA to appropriately advance OPANA(R) ER,” said Sue Hall, Ph.D., executive vice president, chief scientific officer and global head of research & development and quality at Endo. Opana is used for pain that is so severe it requires daily, around-the-clock opoid treatment. Shares rose 4.7% in premarket trade, but are down 62% in the year to date, while the S&P 500 has gained about 7%.

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From:: Stock Market News