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U.S. stocks opened slightly higher Wednesday, trading near record levels. The S&P 500 was up less than 01% at 2,182. The Dow Jones Industrial Average was also up less than 0.1% at 18,540. The Nasdaq Composite was essentially flat at 5,226. Oil prices ticked higher, helping support energy shares, despite a report showing a larger-than-expected rise in crude inventories.

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From:: Stock Market News

The Bank of Japan plans to maintain its pledge to hit its 2% annual inflation target at the earliest possible date, according to a preliminary outline of a promised policy assessment, Reuters reported Wednesday. While the outline included no direct references to the future direction of the BOJ’s monetary policy, the tone suggested a reduction of its stimulus efforts is unlikely, Reuters said. The BOJ said last month that it would deliver a comprehensive assessment of its policies at its September policy meeting. In the report, the central bank blamed low oil prices, a 2014 sales tax hike and Japan’s deflationary mindset for tamping down inflation, Reuters said. “The BOJ is essentially saying is that they’re sticking to their guns,” said Doug Borthwick, managing director at Chapdelaine FX, a division of Tullett Prebon. The report elicited little reaction in the dollar-yen currency pair. The dollar is down 1% at 100.99 yen. It traded at 101.93 yen late Tuesday in New York.

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From:: Stock Market News

Heron Therapeutics Inc. shares jumped 17.7% in pre-market trade Wednesday after the company announced its chemotherapy-associated nausea and vomiting treatment had been approved by the Food and Drug Administration. The treatment, Sustol, works for five days, according to the company, while other such treatments are “generally effective for 48 hours or less.” Shares rose as much as 26% in Wednesday pre-market trade. Heron Therapeutics shares rose 19.7% over the last three months, compared with a 4.7% rise in the S&P 500 .

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From:: Stock Market News

Shares of U.S. Steel Corp. shed 4.1% in active premarket trade Wednesday, after the steel producer said it increased its share offering, and priced it at a discount to Tuesday’s closing price. Volume reached 3.2 million shares, making the stock the premarket’s most active. The company said late Tuesday that its public offering of 18.9 million shares, up from 17 million shares announced late Monday, priced at $23 a share, which was 5.2% below Tuesday’s closing price of $24.27. The company said it plans to use the $434.7 million in proceeds from the share sale for financial flexibility, capital expenditures and general corporate purposes. The stock, which had closed at an all-time low of $6.67 on Jan. 27, had more than tripled year to date through Tuesday, while the S&P 500 had gained 6.7%.

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

Heron Therapeutics Inc. shares were halted in pre-market trade Wednesday before the company announced its chemotherapy-associated nausea and vomiting treatment had been approved by the Food and Drug Administration. The treatment, Sustol, works for five days, according to the company, while other such treatments are “generally effective for 48 hours or less.” Heron Therapeutics shares rose 19.7% over the last three months, compared with a 4.7% rise in the S&P 500 .

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

ComScore Inc. disclosed in a regulatory filing Wednesday, that its Chief Executive Serge Matta and Chief Financial Officer Melvin Wesley will step down from those positions in the wake of an internal investigation into accounting matters. The audience measurement company also said it would not be able to file its second-quarter quarterly report in the time required, as it completes the accounting investigation. The company named Co-Founder Gian Fulgoni as CEO and Executive Vice President William Livek as CFO. Matta will remain on the company’s board, while Wesley will remain as EVP. Regarding the accounting investigation, the company said it was “substantially complete.” It has identified ” certain areas of potential concern, including with respect to certain accounting and disclosure practices and controls that the Company, with input from its consultants and counsel, is further analyzing,” the filing stated. The stock, which was still inactive in premarket trade, has plunged 37% year to date, while the S&P 500 has gained 6.7%.

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From:: Stock Market News

Ralph Lauren Corp. shares are up 4.2% in Wednesday premarket trading after the luxury retail brand reported fiscal first quarter 2017 earnings and revenue that beat estimates. Ralph Lauren reported a loss of $22 million, or 27 cents per share, after net income of $64 million, or 73 cents per share for the same period last year. Adjusted earnings, excluding restructuring, impairment and inventory-related charges, totaled $1.06 per share, beating the 89 cents per share FactSet consensus. Revenue was $1.55 billion for the quarter, down from $1.62 billion for the same period last year, but beating the $1.53 billion FactSet consensus. Same-store sales declined 6%, below the FactSet estimate of 0.9%. Ralph Lauren sees second-quarter revenue down mid-to-high single digits. Restructuring initiatives are expected to have a greater impact in the second-half of the fiscal year than in the second quarter. Ralph Lauren shares are down 21.1% for the past year while the S&P 500 Index is up 3.7% for the same period.

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

Exelon Corp. said Wednesday it plans o invest $25 billion in infrastructure, smart grid technology and other improvements at its utilities in the next five years. The company announced the plan in a statement released ahead of an investor day. Shares were not yet active in premarket trade, but have gained 29% in the year so far, while the S&P 500 is up just 6.8%.

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From:: Stock Market News

Wendy’s Co.’s stock dropped 1.4% in premarket trade Wednesday, after the fast-food restaurant chain reported second-quarter earnings and revenue that beat expectation, but missed on same-restaurant sales. Earnings for the latest quarter fell to $26.5 million, or 10 cents a share, from $40.2 million, or 11 cents a share, in the same period a year ago. Adjusted earnings per share came to 10 cents, above the FactSet consensus of 9 cents. Revenue fell to $382.7 million from $489.5 million, beating the FactSet consensus of $367 million, but North America same-restaurant sales rose just 0.4%, compared with expectations of 1.9% growth. For 2016, Wendy’s lifted its adjusted EPS guidance range to 39 cents to 40 cents from 38 cents to 40 cents, but cut its North America same-store sales growth outlook to 1% to 2% from a previous forecast of about 3%. The stock had dropped 5.4% year to date through Tuesday, while the S&P 500 has gained 6.7%.

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