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Marathon Petroleum Corp. said Wednesday that it will raise its quarterly dividend by 12.5% to 36 cents a share from 32 cents a share. The new dividend will be payable Sept. 12 to shareholders of record on Aug. 17. “This increase demonstrates our ongoing commitment to share the success of the business with our owners as we also continue to invest in future growth,” said Chief Executive Gary Heminger. The oil refiner’s stock was down 1.4% in midday trade. At current prices, the new dividend implies an annual dividend yield of 3.78%, compared with the aggregate S&P 500 dividend yield of 2.1%, according to FactSet. Marathon Petroleum’s stock has tumbled 26% year to date, while the S&P 500 has gained 5.9%.

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From:: Stock Market News

Oil futures fell on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 1.7 million barrels for the week ended July 22. That was contrary to the 2.6 million-barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute late Tuesday reported a fall of 827,000 barrels, according to sources. Gasoline supplies also climbed by 500,000 barrels, while distillate stockpiles fell by 800,000 barrels last week, according to the EIA. September crude shed 59 cents, or 1.4%, from Tuesday’s settlement to $42.33 a barrel on the New York Mercantile Exchange. Prices traded at $43.13 before the data.

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Kadmon Holdings Inc. was trading at $10.77, below its $12 issue price, in the biotech company’s market debut. Kadmon sold 6.25 million shares at $12 a piece to raise $75 million. Kadmon was founded by Sam Waksal, who founded ImClone Systems and later went to prison, as did Martha Stewart, after an insider trading scandal. The offering was underwritten by Citigroup and Jefferies.

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From:: Stock Market News

U.S. stocks opened higher on Wednesday, supported by Apple Inc.’s stronger-than-expected earnings ahead of a Federal Reserve statement due in the afternoon. Investors largely shrugged off a report on durable-goods orders, which logged their biggest drop in almost two years. The Dow Jones Industrial Average added 57 points, or 0.3%, to 18,530, the S&P 500 index gained 5 points, or 0.2% at 2,174, while the Nasdaq Composite Index rose 32 points, or 0.6%, to 5,142. Among individual companies, Apple shares gained 7.4%, while Coca-Cola Co. slid 2.2%, after it posted weaker-than-expected quarterly sales. Twitter Inc. plunged 11.2% after the social media company’s disappointing earnings report late Tuesday.

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From:: Stock Market News

Coach Inc. shares rose 2% in Wednesday premarket trading after the accessories company was upgraded to outperform from neutral at Credit Suisse. Credit Suisse analysts believe the core of Coach’s business has stabilized and it has regained brand strength with improved product design and materials, fashion shows and engagement with the fashion press. Analysts believe acquisitions could be in Coach’s future. “We believe there is compelling opportunity for a long-term acquisition narrative to not only drive earnings power, but also help Coach develop into an American luxury brand house, creating a diverse portfolio to help mitigate specific category risk long-term,” analysts wrote in a note. Coach acquired Stuart Weitzman in May 2015. Coach shares are up 40.3% for the past year while the S&P 500 Index is up 4.9% for the same period.

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From:: Stock Market News

Apple Inc.’s stock surged 7.9% in premarket trade Wednesday, putting it on track to open at the highest level since April 26, in the wake of the technology giant’s quarterly results. The stock was still trading 4.3% below where it ended the first quarter, at $108.99. Carl Icahn disclosed in a May filing that he no longer owned any Apple shares as of March 31, after owning 45.8 million shares as of Dec. 31. The filing doesn’t disclose at what prices Icahn sold his Apple stock. The stock traded within a range of $92.39 to $110.42, and the average of the volume-weighted average closing prices during the quarter was $99.59, based on data provided by FactSet.

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From:: Stock Market News

Shares of Gannett Co. Inc. fell 2.5% premarket on Wednesday after the company reported second-quarter earnings just shy of Wall Street expectations. Net income for the quarter came in at $12.3 million, or 10 cents per share, compared with $53.3 million, or 46 cents during the same period a year ago. Adjusted earnings per share was 30 cents, just below the FactSet consensus of 31 cents per share. Revenue for the quarter hit $748.8 million, compared with $727.1 million and below the FactSet consensus of $776.0 million. Gannett said digital-only subscriptions grew 40% during the quarter and national digital advertising revenue was up 22.4%. Shares of the media company are down close to 12% in the year to date, underperforming the S&P 500 Index , which is up more than 6%.

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From:: Stock Market News

Apple Inc.’s stock soared 7.3% in premarket trade Wednesday, to keep the Dow Jones Industrial Average futures in positive territory ahead of the open. The $7.03 price gain in the stock would add about 48 points to the price of the Dow, which is a price-weighted index. Dow futures were up 46 points. Apple reported late-Tuesday fiscal third-quarter earnings and revenue that beat expectations. Raymond James upgraded the stock to outperform from market perform, citing better-than-expected iPhone sales.

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