The latest numbers for housing starts are in, and they don’t bode too well for the housing economy. According to one economist, both housing starts and building permits fell short in March. …read more
From:: Real Estate Wire
Illumina’s stock heads for biggest-ever price drop after revenue warning
Illumina Inc.’s stock plunged in heavy volume in morning trade Tuesday, putting it on track to suffer the biggest one-day price loss in the 16 years since it went public, after the biotechnology company warned that first-quarter revenue would miss expectations. The shares tumbled $38.36, or 22%, to the lowest level seen since Feb. 12. The previous biggest price drop was the $20.05 decline on July 22, 2015, while Tuesday’s percentage drop would rank as the fifth biggest. Volume hit 3 million shares within the first 30 minutes of trade, compared with the full-day average of about 1.2 million shares. Before Tuesday’s selloff, the stock has soared 32% since it closed at 22-month low of $135.37 on Feb. 8. Late Monday, the company said it expects to report first-quarter revenue of $539 million, below the FactSet consensus of $582 million.
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.
From:: Stock Market News
Stocks open slightly higher; Dow extends gains above 18,000
U.S. stocks opened higher on Tuesday, with the Dow industrials extending gains above 18,000 level for the second straight session. However, big losses in Netflix Inc and IMB Corp were capping gains on the main indexes. The S&P 500 was up 4 points, or 0.2%, to 2,099. The Dow Jones Industrial Average added 30 points, or 0.2%, to 18,034. Meanwhile, the Nasdaq Composite was flat at 4,961 at the open.
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.
From:: Stock Market News
CVS Health partners with Curbside for one-hour pickup service
CVS Health Corp. said Tuesday that it has invested in and partnered with Curbside, a mobile platform that aids with pickup service. The pharmacy chain has launched CVS Express, which allows customers to make purchases via the company’s mobile app and have those purchases ready for pickup at their local store in about an hour. The service is free of charge, available for all front-of-store and over-the-counter items and currently available in San Francisco, Charlotte, N.C., and Atlanta. Additional locations will be added later this year. CVS Health stock is up 0.7% in premarket trading, and up 4.8% for the year to date. The S&P 500 is up 2.5% for the year so far.
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.
From:: Stock Market News
Pandora downgraded to market perform amid rising competition, uncertainty
Internet radio company Pandora was downgraded to market perform from outperform by analysts at Raymond James on Monday. Analyst Justin Patterson said he was concerned about the uncertainties surrounding co-founder Tim Westergren taking the helm as chief executive in an environment of increasing competition. Westergren is likely the right person to successfully lead Pandora, but it cold take time for his impact to show, Patterson wrote in a note to clients. “With Pandora’s CMO also departing in the last month, we remain cautious on Pandora’s ability to grow users,” he wrote. The bulk of competition comes in the advertising space as Spotify ramps its ads focus to take advantage of its “strong daily engagement.” Patterson said he believes at Monday’s closing price of $8.80, Pandora shares are fairly valued. “We believe the changing landscape, multiple unknowns and lack of a catalyst warrant stepping to the sidelines,” Patterson wrote. Shares of Pandora have dropped 34% so far this year, while the S&P 500 index is up 2.5%.
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.
From:: Stock Market News
Panera shares upgraded to buy at Jefferies on growing same-store sales
Panera Bread Co. was upgraded to buy from hold at Jefferies on the belief that the fast-casual chain’s same-store sales will grow over the next few years, pushing up earnings. Jeffries raised the price target to $245 from $195. Jeffries is expecting first quarter same-store sales in line with consensus, with improved traffic trends. The bank’s analysts see those trends extending through the next few years with drivers including the company’s digital initiatives, catering and delivery service. Panera reports first-quarter earnings on April 26. Shares are up 1.7% in premarket trading, and 8.5% for the year to date. The S&P 500 is up 2.5% for the year so far.
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.
From:: Stock Market News
Sucampo declines 19.3% after early-stage trial misses primary endpoints
Sucampo Pharmaceuticals Inc. shares were down 19.33% in pre-market trade Tuesday after the company said its drug missed its primary endpoints in a phase 2a trial. The company said it would stop developing the drug, cobiprostone, to treat gastroesophageal reflux disease and instead focus on developing it for oral mucositis, a complication of cancer treatment, a disease the company said has “very different underlying pathophysiology and clinical endpoints.” Sucampo stock was trading at $9.14 before the bell, compared with Monday’s closing price of $11.33. Sucampo shares have declined 13.58% in the past three months, compared with an 11.32% rise in the S&P500.
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.
From:: Stock Market News
SuperValu names chief innovation officer, a new position
SuperValu Inc. said Tuesday that it has named James Weidenheimer to the newly-created position of chief innovation officer, effective April 25. Weidenheimer will work with the wholesale and retail teams on new business development, cross-channel promotions and other duties. He comes to SuperValu from C&S Wholesale Grocers where he held a number of senior leadership positions over the past 16 years. He retired from that company in January. SuperValu has also added the chief financial officer title to Bruce Besanko’s role at the company. Besanko is already the chief operating officer. SuperValu shares are inactive in premarket trading, but down 50.1% for the past 12 months. The S&P 500 is down 0.6% for the past year.
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.
From:: Stock Market News
Harley-Davidson’s stock surges after profit and sales beat expectations
Harley-Davidson Inc.’s stock shot up 6.5% in premarket trade Tuesday, after the motorcycle seller beat first-quarter profit, sales and motorcycle shipment expectations. Earnings for the latest quarter came to $250.5 million, or $1.36 a share, compared with $269.9 million, or $1.27 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of $1.29. Revenue rose to $1.58 billion from $1.51 billion, above the FactSet consensus of $1.50 billion, as strength in international sales helped offset a slight decline in domestic sales. Motorcycle shipments increased 4.3% to 83,036, above the company’s guidance provided in January of 78,000 to 83,000. The company affirmed its full-year outlook of 269,000 to 274,000. “The increased marketing and new product investments are beginning to take hold and we anticipate continued progress across our focus areas as we dial in and ramp-up our approach,” said Chief Executive Matt Levatich. The stock has gained 3.4% year to date through Monday, compared with a 2.5% 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.
From:: Stock Market News
Harley-Davidson’s stock surges after profit and sales beat expectations
Harley-Davidson Inc.’s stock shot up 6.5% in premarket trade Tuesday, after the motorcycle seller beat first-quarter profit, sales and motorcycle shipment expectations. Earnings for the latest quarter came to $250.5 million, or $1.36 a share, compared with $269.9 million, or $1.27 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of $1.29. Revenue rose to $1.58 billion from $1.51 billion, above the FactSet consensus of $1.50 billion, as strength in international sales helped offset a slight decline in domestic sales. Motorcycle shipments increased 4.3% to 83,036, above the company’s guidance provided in January of 78,000 to 83,000. The company affirmed its full-year outlook of 269,000 to 274,000. “The increased marketing and new product investments are beginning to take hold and we anticipate continued progress across our focus areas as we dial in and ramp-up our approach,” said Chief Executive Matt Levatich. The stock has gained 3.4% year to date through Monday, compared with a 2.5% 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.
From:: Stock Market News