Author: admin

The dollar fell to another 17-month low against the yen on Wednesday after minutes from the Federal Reserve’s March meeting showed officials felt raising interest rates in April wouldn’t be appropriate. Initially, a knee-jerk reaction carried the dollar higher after the minutes were released at 2 p.m. Eastern. But the buck soon reversed direction, falling to a new low at 109.4 yen , compared with 109.61 shortly before the minutes were released. The dollar performed slightly better against the euro and the pound. The shared currency traded at $1.1394 after the minutes, down from $1.1416 shortly before, while the pound traded at $1.4105, compared with $1.4120 shortly before.

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

Gold prices retreated Wednesday as traditional risk assets drew bidders a day after a global selloff in stocks and just ahead of minutes from the Federal Reserve’s most recent policy meeting. June gold finished down $5.80, or 0.5%, to $1,223.80 an ounce. A rally in crude futures , which was soaring Wednesday aided by a surprise decline in inventories, helped earlier gains in stocks and undercut demand for haven assets. Financial markets are awaiting the release of minutes, due at 2 p.m. Eastern, from the Fed’s March meeting which could provide hints on the timing and pace of interest-rate hikes. However, the release of the minutes occur half an hour after gold closes on Comex.

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

Cisco Systems Inc.’s stock jumped 1.2% in afternoon trade Wednesday, after J.P. Morgan analyst Rod Hall said he was no longer bearish, given limited downside risk and an attractive dividend yield. Hall raised his rating to neutral, after being at underweight since Jan. 27, 2014. He bumped up his stock price target to $27.50, which is 1.5% below current levels, from $17. Hall said he believes concerns over the commoditization of Cisco’s switching business is already baked into conservative analyst estimates for the current fiscal year, making further cuts less likely. He said the stock’s relatively-high annualized dividend yield–3.7% yield vs. the aggregate 2.5% yield of the Dow Jones Industrial Average, according to FactSet–is “compelling” during current uncertain market conditions. “We see this high dependable cash return as a critical supporting factor for the stock in the midst of current market volatility and believe the company has the firepower to further increase should they wish to do so,” Hall wrote in a note to clients. The stock has gained 2.8% year to date, while the Dow Jones Industrial Average has tacked on 1.4%.

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

Rockwell Automation Inc. said Wednesday its board has authorized it to buy back an additional $1 billion in stock, adding to its 2014 authorization of the same size. The industrial automation company said $197 million remain in that program. Shares were slightly lower in midmorning trade, but are up 8% in the year so far, while the s&P 500 has gained 0.6%.

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

The Dow Jones Transportation Average dropped sharply Wednesday, bucking the gains seen in the broader stock market, as the index known for its sensitivity to the economic cycle headed for fifth-straight loss. The index fell 72 points, or 0.9%, while the Dow Jones Industrial Average gained 50 points, or 0.3%, and the S&P 500 index climbed 0.5%. This would be the Dow transports’ second five-day losing streak in only 12 sessions; previously, the index didn’t suffer a losing streak that long since August 2015. Prior to the current bout of weakness, the index had soared 22% in two months, enough to suggest the start of a new bull market. Many see the transport sector good gauge of the economy, because it provides the link between the makers and buyers of goods. Followers of the century-old Dow Theory believe a broader market trend can’t be confirmed unless the Dow transports and Dow industrials are trending in the same direction. “If the transports are taking what the industrials are making, it portends economic weakness and market problems, Dow Theorists maintain,” according to S&P Dow Jones Indices.

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 Harley-Davidson Inc. tumbled 7.2% in active morning trade Wednesday, after ITG Investment Research slashed its first-quarter unit sales outlook for the motorcycle maker because of evidence that sales trends weakened considerably in March. Volume was over 4 million shares after the first hour of trade, already nearly double the full-day average. Analyst John Tomlinson cut his U.S. retail unit sales outlook by three percentage points, and he now expects a decline of 7% to 5% from a year ago, compared with consensus expectations of a 0.1% decline. “Despite sequential improvement in February, our research indicates retail trends were weak in March for Harley-Davidson,” Tomlinson wrote in a note to clients. “Additionally, after relatively stable market share in the first two months of the quarter, Harley-Davidson appeared to lose market share at an accelerated pace [year-over-year] in March, resulting in an overall market share decline in the first quarter.” The stock has now lost 11% since closing at a 5 1/2-month low on Friday. It is still up 1.9% year to date, while the S&P 500 has gained 0.3%.

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 Harley-Davidson Inc. tumbled 7.2% in active morning trade Wednesday, after ITG Investment Research slashed its first-quarter unit sales outlook for the motorcycle maker because of evidence that sales trends weakened considerably in March. Volume was over 4 million shares after the first hour of trade, already nearly double the full-day average. Analyst John Tomlinson cut his U.S. retail unit sales outlook by three percentage points, and he now expects a decline of 7% to 5% from a year ago, compared with consensus expectations of a 0.1% decline. “Despite sequential improvement in February, our research indicates retail trends were weak in March for Harley-Davidson,” Tomlinson wrote in a note to clients. “Additionally, after relatively stable market share in the first two months of the quarter, Harley-Davidson appeared to lose market share at an accelerated pace [year-over-year] in March, resulting in an overall market share decline in the first quarter.” The stock has now lost 11% since closing at a 5 1/2-month low on Friday. It is still up 1.9% year to date, while the S&P 500 has gained 0.3%.

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