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Stock indexes opened near break-even levels on Thursday amid growing concerns of a partial government shutdown at the end of the week. The Dow Jones Industrial Average was up 3 points to 26,119. The S&P 500 was down 2 points, or 0.1%, to 2,801. The Nasdaq Composite Index fell 6 points, or 0.1%, to 7,292. All three benchmark indexes rallied to end at record highs on Wednesday, with the Dow leading the way. Morgan Stanley rose 1% after its earnings beat estimates.

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From:: Stock Market News

Amazon.com Inc. announced Thursday a short-list of 20 metropolitan areas that it has chosen to move to the next phase of the selection process for the e-commerce giant’s second headquarters, or HQ2. Amazon said it narrowed the list from the 238 communities that submitted proposals. The areas that made the list, in alphabetical orders: Atlanta; Austin; Boston; Chicago; Columbus; Dallas; Denver; Indianapolis; Los Angeles; Miami; Montgomergy County, Maryland; Nashville; Newark, NJ; New York City; Northern Virginia; Philadelphia; Pittsburgh; Raleigh, NC; Toronto; and Washington, D.C. Amazon said it would invest over $5 billion in the city where it opens HQ2, and create 50,000 “high-paying jobs.” Amazon’s stock slipped less than 0.1% in premarket trade. It has rallied 30% over the past three months through Wednesday, while the S&P 500 has gained 9.4%.

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From:: Stock Market News

Shares of PayPal Holdings Inc. were little changed in premarket trading Wednesday after Jefferies analyst Ramsey El-Assal raised his price target on the stock to $95, a new Street high. He’s upbeat about broad consumer spending trends toward the end of last year, ahead of PayPal’s fourth-quarter earnings release. “Particularly robust eCommerce figures in October/November/December… mirror the structural shift from in-store to online spending,” El-Assal wrote, citing SpendTrend data. He also likes the company’s free-cash-flow positioning as a result of selling its loan portfolio to Synchrony Financial . ” We continue to view PayPal as a compelling long term opportunity given scarcity value among large-caps due to growth/profitability profile, global secular tailwinds, and an enviable cash flow/balance sheet position,” he wrote. The stock closed at a new record high on Tuesday. PayPal shares are up 99% over the past 12 months, while the S&P 500 Index is up 23% in that time.

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From:: Stock Market News

Nike Inc. has promoted Dirk-Jan “DJ” van Hameren to chief marketing officer, effective immediately. Van Hameren succeeds Greg Hoffman, who has been named vice president of global brand creative and marketing innovation, responsible for brand communications, brand design, and other areas. Van Hameren has worked with Nike for 25 years, and was most recently the vice president and general manager of Nike Sportswear. Nike shares are up 19.8% for the past year while the S&P 500 index is up 23.4% for the period.

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From:: Stock Market News

Spending on public cloud services and infrastructure is expected to grow 23% this year, to $160 billion, according to research firm IDC. Analysts at IDC predict the discrete manufacturing, professional services, and banking industries will spend the most on public cloud services in 2018. They believe that spending will slow a bit through 2021 but still achieve a 22% annualized growth rate over the period spanning from 2016 to 2021. The firm sees China accelerating its public-cloud spending the most over that five year span, a trend that’s already started to play out and benefit Alibaba Group Holding Ltd. . “Digital transformation is driving multi-cloud and hybrid environments for enterprises to create a more agile and cost-effective IT environment in Asia/Pacific,” IDC research manager Ashutosh Bisht said in a release.

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From:: Stock Market News

Sprint Corp. on Thursday said it’s reached a new multi-year business partnership with Cox Communications, as part of a settlement of patent litigation, designed to strengthen both companies. Shares of Sprint were up a little more than 1% in premarket trade. In addition to strengthening business ties between the two, the partnership will allow Sprint to leverage Cox’s broadband infrastructure to accelerate the densification of Sprint’s network, while also increasing efficiency, the company said in a release. Sprint hopes that it can enhance performance and improve customer experience. Sprint shares have declined more than 37% in the last 12 months, while the S&P 500 index is up more than 23% and the Dow Jones Industrial Average is up nearly 34%.

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From:: Stock Market News

Marathon Patent Group Inc. shares surged 19% Thursday, after the company said it has agreed to acquire four patents related to the transmission and exchange of cryptocurrencies between buyers and sellers. The Los Angeles-based intellectual property licensing company said the patents “afford us a unique and leverageable position, in addition to complementing our efforts as we enter into the digital asset and cryptocurrency business.” In November, the company said it was acquiring 100% of Global Bit Ventures Inc., a digital asset technology company that mines cryptocurrencies. Marathon shares have fallen 53% in the last 12 months, while the S&P 500 has gained 23%.

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From:: Stock Market News

Shares of TiVo Corp. shot up 2.8% in premarket trade Thursday, after the video recording and audience insights company announced an expanded patent deal with Alphabet Inc.’s Google. The multi-year licensing agreement now expressly includes Google’s YouTube TV. “We are thrilled to extend our relationship with Google through the license of TiVo’s innovations and technology that further consumers’ ability to find and enjoy content on the device of their choice,” said Arvin Patel, chief intellectual property officer at TiVo’s Rovi Corp. TiVo’s stock has tumbled 22.9% over the past three months through Wednesday, while the S&P 500 has gained 9.4%.

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From:: Stock Market News

Shares of GNC Holdings Inc. soared 22% in premarket trade Thursday, after the health and performance products retailer provided a fourth-quarter profit outlook that was above expectations. The company said same-store sales of its U.S. company-owned stores rose 5.7% from a year ago. As a result, it expects adjusted earnings per share, which excludes non-recurring items, of 24 cents to 25 cents, above the FactSet consensus of 23 cents. The company affirmed its 2017 free cash flow estimate of $190 million to $210 million, and said it ended 2017 with cash and cash equivalents of $64 million and long-term debt of $1.3 billion. The company had announced in December that it had hired Goldman Sachs to evaluate alternatives. The company said Thursday that it did not plan to provide preliminary financhial information in the future other than “unique circumstances,” or unless there is a “material event.” The stock has plunged 57.3% over the past three months through Thursday, while the SPDR S&P Retail ETF has run up 17.4% and the S&P 500 has gained 9.4%.

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From:: Stock Market News

Morgan Stanley shares rose 1.3% premarket Thursday, after the bank’s fourth-quarter earnings topped estimates. The bank said it had net income of $516 million, or 29 cents a share, in the quarter, down from $1.509 billion, or 81 cents a share, in the year-earlier period. Excluding a $990 million tax provision, the bank had EPS of 84 cents, ahead of the FactSet consensus of 64 cents. Revenue rose to $9.5 billion from $9.0 billion, also ahead of the FactSet consensus of $9.2 billion. “We enter 2018 with strong momentum aided by rising interest rates, tax reform and an evolving regulatory framework,” Chief Executive James Gorman said in a statement. Institutional securities revenue edged down to $4.5 billion from $4.6 billion, as fixed income sales and trading fell. Investment banking revenue came to $1.4 billion, up from $1.3 billion as equity and debt underwriting rose. Sales and trading revenue fell to $2.7 billion from $3.2 billion. Wealth management revenue rose to $4.4 billion from $4.0 billion, while investment management revenue rose to $637 million from $500 million. Shares have gained 29% in the last 12 months, while the S&P 500 has gained 23%.

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From:: Stock Market News