Target to open stores on Thanksgiving Day, joining growing list of retailers

Target Corp. said it will open its stores on Thanksgiving Day this year, as the discount retailer joins a growing list of retailers that are allowing shoppers to get a jump on “Black Friday” sales. Target said its stores will open at 6 p.m. on Thanksgiving. Earlier Monday, toy seller Toys R Us said it would open its stores at 5 p.m. on Thanksgiving Day. Other retailers who are opening on that day include Macy’s Inc. and Sears Holdings Corp. . Target said it is introducing a “10 Days of Deal” promotion, that runs from Nov. 22 to Dec. 1, to offer discounts on a variety of products a few days before the Black Friday deals start.

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Fed’s Rosengren sounds open to December hike

WASHINGTON (MarketWatch) – Eric Rosengren, the president of the Boston Fed, who has been dovish over the years, is sounding open to a December rate hike. In a speech in Rhode Island, Rosengren, a voter in 2016, said a December rate hike could be appropriate as long as the economy continues to improve, as he expects. Rosengren said waiting longer to begin rate hikes potentially risks having to move rates more rapidly. “I prefer a path that involves only gradual increases in interest rates and that essentially probes how tight labor markets can be, consistent with our 2% inflation target,” he said

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SkinnyPop maker’s stock surges after analyst upgrade

Shares of Amplify Snack Brands Inc. , which makes SkinnyPop popcorn, ran up 4% in midday trade Monday, after the better-for-you snack company was upgraded at Credit Suisse. Analyst Robert Moskow raised his rating to outperform, after initiating coverage of the company at neutral on Aug. 31. The company went public on Aug. 5, at an initial-public-offering price of $18 a share. He boosted his stock price target to $16, which is 24% above current levels, but 11% below the IPO price, from $13. Moskow said he believes there are a number of reasons for potential upside to forward estimates, such as expanding internationally ahead of schedule, the possibility for acquisitions sooner than expected and the likelihood that sales of Paqui chips come in well above expectations. “Amplify has a short track record and a heavy reliance on just one brand, but it is growing at a far faster rate than its food peers,” Moskow wrote in a note to clients. “We think there is upside to the valuation multiple once the company demonstrates its ability to integrate acquisitions and expand internationally.” On Thursday, Amplify reported third-quarter earnings and revenue that beat analyst estimates, according to FactSet. The stock has soared 27% since Sept. 29 closing low of $10.14, which was 44% below its IPO price.

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University of Missouri system President Tim Wolfe resigns amid racial protests

University of Missouri system President Tim Wolfe resigned on Monday amid racial unrest that led to student and faculty protest. The resignation comes amid allegations that Wolfe and others on campus ignored complaints about racism on the university’s campus. Just a day earlier Wolfe released a statement saying change was needed but indicated he was not inclined to resign. Wolfe, a former computer software executive, was hired as system president nearly four years ago. Black students on Missouri’s campus have criticized Wolfe’s handling of racial matters on the university’s campus throughout the year.The unrest has led to some members of Missouri’s football team saying they would boycott team activities until Wolife’s resignation.

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Priceline’s stock in danger of biggest one-day price drop in its history

Priceline Group Inc.’s stock tumbled $141.22, or 9.7%, in active midday trade Monday, putting it on track to suffer the biggest one-day price drop in its 16 1/2-year history, after the online travel services giant provided a disappointing profit and bookings outlook for the current quarter. Volume is 1.31 million shares, or about double the full-day average of about 635,000 shares, according to FactSet. The second-biggest one-day price drop was when it lost $138.75, or 14%, on May 3, 1999, which was soon after Priceline went public on March 30 of that year. The last time the stock suffered as much as Monday on a percentage basis was when it tumbled 12% on May 11, 2010, after the company reported quarterly results and gave a disappointing outlook.

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Juniper shares fall after Ericsson and Cisco deal

Shares of Juniper Networks , a network equipment company, were down 8% Monday after Ericsson AB and Cisco Systems Inc. announced a partnership on several projects, including wireless networks and Internet infrastructure. Investors had previously hoped Ericsson would make a deal with Juniper, but that move seemed very doubtful after the partnership. “Over the years, we had thought that Juniper would make a great acquisition target for Ericsson give the networking vendor’s strong routing and growing Ethernet switch business; however, today’s announcement makes such a transaction less likely, in our view,” Brian White of Drexel Hamilton wrote. Juniper stock fell as low as $29.19 Monday morning, 8% lower than Friday’s closing price.

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U.S. stocks open lower after six weeks of gains

U.S. stocks opened lower on Monday as investors were cautious following six straight weeks of gains. Last week’s surprisingly strong jobs report increased the odds of a Federal Reserve rate hike in December. The S&P 500 opened 10 points, or 0.5%, lower to 2,089. The Dow Jones Industrial Average lost 88 points, or 0.5%, to 17,822. The Nasdaq Composite began the day down 26 points, or 0.5%, at 5,120.

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Uber emphasizes its carpool service in New York City

Uber Inc. said Monday that 50,000 people used its UberPool service, a carpooling option on the platform, in New York City in the last week of October. UberPool has been around for about one year, and with the service, multiple riders share an Uber en route to their destinations. UberPool rides are generally less expensive than regular Uber rides, and Uber said they are currently 25% than a taxi or UberX. The emphasis on UberPool comes after Uber fought against a cap on the company’s growth in the city proposed by New York City Mayor Bill de Blasio.

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Dean Foods shares jump in pre-market after third quarter results swing to profit

Dean Foods Co. said it had net income of $20 million, or 22 cents per share, in the third quarter, after a loss of $16 million, or 17 cents per share, for the same period last year. Adjusted net income was $28 million, or 30 cents per share, for the quarter. The FactSet consensus was 24 cents. Sales for the quarter totaled $2.03 billion compared with $2.37 billion in the third quarter of 2014. The FactSet consensus was $2.05 billion. The company forecast fourth-quarter adjusted earnings between 28 cents and 38 cents per share, compared with a FactSet consensus of 24 cents. It has about $222 million in share repurchase authorization remaining after repurchases in 2014 and 2015. Dean Foods shares are down 7.4% for the year so far, while the S&P is up 2% for the same period.

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Apache jumps 10% premarket on report of possible takeover

Shares in Apache Corp. climbed 10% in premarket action on Monday, following a report Sunday that it’s attracted an unsolicited takeover offer. The oil and natural gas company rejected the initial approach and is using Goldman Sachs as an adviser to defend itself, said a Bloomberg report citing unnamed sources. The potential buyer hasn’t been identified.

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