Author: admin

Shares of Freeport-McMoRan Inc. 6.8% in active morning trade Tuesday, Jefferies turned bullish on the mining company, citing optimism over the impact of recent asset sales and an attractive relative valuation. Analyst Christopher LaFemina raised his rating to buy from hold, and boosted his stock price target to $15, which is 30% above current levels, from $12.50. The asset sales announced so far this year have been made at “much higher-than-expected” multiples, LaFemina said. “Despite the macro risks, we are more positive on [Freeport] shares now than we were earlier this year, as the company is making accretive asset sales and is entering a period of strong [free cash flow] due to lower costs and capex,” LeFemina wrote in a note to clients. The macro risks LaFemina refers to include uncertainty over China’s economic growth and the geopolitical situation in Indonesia. Given that the stock had tumbled 21% month to date through Monday, while the S&P 500 was up 0.1%, LaFemina said “it is time to buy FCX now.”

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.

…read more

From:: Stock Market News

U.S. stocks opened slightly lower Tuesday as a rise in inflation, which saw the fastest increase in April in more than three years, was viewed as supporting the Federal Reserve’s case for hiking interest rates later this year. Meanwhile, a fading rally in oil futures also weighed on risk appetite. The S&P 500 was down 3 points, or 0.2%, to 2,063. The Dow Jones Industrial Average lost 34 points, or 0.2%, to 17,677 at the open. Meanwhile, the Nasdaq Composite began the session down 6 points, or 0.1%, at 4,769.

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.

…read more

From:: Stock Market News

Target Corp. said Tuesday that it has hired Mark Tritton to serve as chief merchandising officer after a search that lasted nearly a year. Kathryn Tesija stepped down from the role on July 6, 2015 after more than 30 years with the company. Tritton joins from Nordstrom Inc. , where he was president of Nordstrom Product Group, overseeing merchandising, marketing, and other functions. The company also named Jason Goldberger to the newly-created role of chief digital officer. Goldberger joined the company in 2013 was named president of Target.com and mobile in 2014. Target shares are up 2.8% for the year so far, but down 5% for the past 12 months. The S&P 500 is up 1.1% for the year to date.

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.

…read more

From:: Stock Market News

TJX Cos. shares rose 4.4% in premarket trading Tuesday, after the off-price retail company reported fiscal first-quarter results that beat expectations and raised its full-year outlook. TJX, whose brands include T.J. Maxx and HomeGoods, said it had net income of $508.3 million, or 76 cents per share, up from $474.6 million, or 69 cents per share, for the same period last year. The FactSet consensus was 71 cents per share. Sales for the quarter totaled $7.5 billion, up from $6.9 billion last year and exceeded the FactSet consensus of $7.3 billion. Same-store sales were up 7%, above the 3.2% FactSet consensus. TJX said it expects second quarter earnings per share between 77 cents and 79 cents, down from 80 cents last year, and below the FactSet consensus of 83 cents. The outlook reflects a 3% negative impact from wage increases and the impact of foreign exchange, TJX said. The company raised its full-year earnings per share guidance to between $3.35 and $3.42 from $3.29 to $3.38, but below the FactSet consensus of $3.46. TJX shares are up 14% for the past year, while the S&P 500 is down 2.6% 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.

…read more

From:: Stock Market News

Shares of Red Robin Gourmet Burgers Inc. slumped 6% in premarket trade Tuesday, after the company’s first-quarter revenue fell short of estimates. The company said it had net income of $14.2 million, or $1.03 a share, in the quarter, down from $16.6 million, or $1.16 a share, in the year-earlier period. Adjusted per share earnings came to $1.27, ahead of the FactSet consensus of $1.11. But revenue rose 1.8% to $402.1 million, missing the FactSet consensus of $415 million. Same-restaurant sales fell 2.6%, also weaker than the FactSet consensus for a decline of 0.5%. “We were disappointed, particularly with our guest counts,” Chief Executive Steve Carley said in a statement. “We have a solid strategy for long-term success, including a number of operations and marketing initiatives.” Shares are up 0.4% in the year so far, while the S&P 500 is up about 1%.

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.

…read more

From:: Stock Market News

Catalyst Pharmaceuticals Inc. said Tuesday it will lay off 30% of its workforce, effective immediately, in an effort to conserve cash. The developer of neuromuscular disease treatments said the job cuts, which affects employees from its commercial team, come as it moves to complete requirements for a new drug application submission for a treatment of Lambert-Eaton myasthenic syndrome and congenital myasthenic syndromes. The company had 23 employees as of March 11, 2016, according to a regulatory filing. “The decision to reduce the Company’s workforce has been extremely difficult, but we believe that it is a necessary step to better align our resources and enable us to achieve our goal of bringing Firdapse to market for patients with LEMS and CMS,” said Chief Executive Patrick McEnany. The stock, which was still inactive in premarket trade, has plunged 76% year to date, while the S&P 500 has gained 1.1%.

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.

…read more

From:: Stock Market News

Francesca’s Holdings Corp. shares fell 23% in premarket trading after the company issued a warning on Tuesday that first quarter results will fall below expectations, and announced the departure of the company’s chief executive officer. The retailer expects earnings per share of 17 cents, below the FactSet consensus of 20 cents. And first-quarter same-store sales are expected to increase of 2%, below the FactSet consensus of 5.4%. The company will announce first-quarter results on June 9. Francesca’s Chief Executive Michael Barnes has also resigned for personal reasons, effective immediately. The company’s former lead director, Richard Kunes, will serve as interim CEO and president while the search for a permanent replacement is underway. Francesca’s shares are down 14.4% for the year to date while the S&P 500 is up 1.1% 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.

…read more

From:: Stock Market News

Dex Media Inc. said Tuesday it has filed a prepackaged plan of reorganization under Chapter 11, after reaching an agreement with its senior lenders. The provider of marketing for local businesses said its senior lenders have agreed to swap $2.12 billion of claims for a new $600 million first-lien term loan, 100% of the equity of the restructured entity, subject to potential dilution from a management incentive plan, and a cash distribution upon emergence from bankruptcy. The company’s unsecured creditors will receive a $5 million cash payment and warrants to purchase up to 10% of the post-reorganized equity. The company is expecting to pay all of its vendor bills in full. The company, which missed an interest payment in the fourth quarter, did not obtain debtor-in=possession financing, because it still has large cash balances and to generate positive cash flow. Shares trade over the counter.

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.

…read more

From:: Stock Market News