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U.S. stocks opened slightly higher on Monday, as investors braced for a flurry of manufacturing and construction data that could offer fresh evidence on the state of the U.S. economy after a disappointing first quarter. The S&P 500 was up 4 points, or 0.2%, at 2,069. The Dow Jones Industrial Average gained 36 points, or 0.2%, to 17,808. Meanwhile, the Nasdaq Composite gained 5 points, or 0.1%, at 4,780 at the open.

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From:: Stock Market News

Craig Steven Wright has claimed to be the creator of digital currency bitcoin. Wright, an Australian man long rumored to be associated with bitcoin and its blockchain, identified himself as the creator of the crypto-currency, according to a BBC news article on Monday that said he made the admission during an interview. Wright provided proof of his claim as the bitcoin creator by using signature bitcoins believed to be associated with its inventor. Wright said his admission is an effort to end speculation about the identity of the originator of the currency. Back in December 2015, a pair of magazines, Wired and Gizmodo, independently named Wright as among those most likely to be bitcoin’s creator. Wright also claimed to be the inventor of bitcoin to U.K. periodical The Economist and style magazine GQ. Bitcoin is an open-source platform and has been increasingly looked at as a new kind of digital payment system. However, it has been volatile, highlighted by its price shedding about 75% of its value after Mt. Gox, one of the largest bitcoin exchanges, announced in 2014 that hundreds of millions of bitcoins were stolen by hackers. As of Monday, one bitcoin was worth about $444, according to price index Coindesk. The currency also has gained some legitimacy by being designated as a commodity by the Commodity Futures Trading Commission in mid-September.

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From:: Stock Market News

GNC Holdings Inc. shares are up 6.9% in Monday premarket trading after the company said it is considering a sale as part of a review of its strategic alternatives. The health and wellness retailer is undergoing an evaluation of its operating plan, and is also considering accelerated refranchising strategies, partnerships and other collaborations, and capital structure optimization, it said in a release. The company is working with Goldman, Sachs & Co. and the law firm Wachtell, Lipton, Rosen & Katz during the process. GNC said there’s no guarantee of any specific action and doesn’t plan to discuss any further plans until there’s board approval. GNC shares are down 44.3% for the past year while the S&P 500 is down 2% 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

Sysco Corp. said Monday it had fiscal third-quarter net income of $217.1 million, or 38 cents per share, up from $177 million, or 30 cents per share for the same period last year. Adjusted earnings were 46 cents per share, beating the FactSet consensus of 42 cents per share. Sales for the quarter totaled $12 billion, up from $11.7 billion last year and above the $11.9 billion FactSet consensus. “Overall food cost deflation was 0.4% (0.8% in U.S. broadline), as measured by the estimated change in Sysco’s product costs, with deflation in the meat, seafood and poultry categories partially offset by modest inflation in other categories,” the food distributor said in its release. Shares of Sysco are up 0.7% in premarket trading, and 24% for the past year. The S&P 500 is down 2% for the last 12 months.

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

Baker Hughes Inc. said it would use the $3.5 billion break up fee it will receive from Halliburton Co. after their merger was scrapped to buy back $1.5 billion worth of its stock and repay $1 billion in debt. The stock fell 1.6% in premarket trade Monday, but pared earlier losses of as much as 3.7%. The oil services company also plans to refinance its $2.5 billion credit facility expiring in 2016. The company will also implement a cost-cutting plan aimed at $500 million in savings by the end of 2016. “More than ever, our customers need to lower their costs and maximize production,” said Baker Hughes’ Chief Executive Martin Craighead. “We intend to build on our strong foundation and market position by simplifying the structure of our business and evolving our commercial strategy to deliver significant value to shareholders.” The stock has climbed 4.8% year to date through Friday, 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.

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From:: Stock Market News