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Bill Ackman’s Pershing Square has gone negative year to date, reversing from a 10.1% gain as of July, according to The Wall Street Journal on Wednesday. The hedge fund blamed its losses on “significant volatility” and worries about China, the Journal said, citing Pershing’s letter to investors. But Pershing also sought to reassure investors by pointing out that it aims to invest in “stable, cash-generative businesses that have limited exposure to macroeconomic events.” U.S. stocks have been battered in recent days with the S&P 500 down nearly 6% in 2015 on mounting worries about the Chinese economy and uncertainties over the timing of the U.S. interest-rate hike.

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

A San Francisco fire department spokeswoman said an engine company responded to a dumpster fire at the San Francisco Federal Reserve at 101 Market St. Wednesday afternoon. The fire was reported at 1:46 p.m. PDT. Firefighters extinguished the blaze which had “no operational impact” on the bank, according to a spokesman for the SF Fed. The cause has not been determined.

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

USA Network, operated by Comcast Corp.’s NBCUniversal, said on Wednesday that it would postpone the season 1 finale of “Mr. Robot” in the wake of the day’s earlier tragedy in Virginia. A statement from the network said that the season finale has a graphic scene similar in nature to the event earlier on Wednesday in Virginia, in which two journalist were shot and killed on air while filming a segment. The gunman later shot and killed himself. “Out of respect to the victims, their families and colleagues and our viewers, we are postponing tonight’s episode. Our thoughts go out to all those affected during this difficult time,” the statement read. The “Mr. Robot” season finale will air next week at 10 p.m. est, Wednesday, Sept. 2.

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

Bankrupt RadioShack has settled a lawsuit over some $40 million in unredeemed gift cards, The Wall Street Journal reported. At a hearing Wednesday, a lawyer for the company called the settlement favorable to gift-card holders. The lawsuit had threatened to derail the company’s bankruptcy proceedings, the newspaper said. RadioShack filed for Chapter 11 in February, and in March some of its assets were sold to hedge fund Standard General, saving a few retail stores that shared space with Sprint wireless carrier.

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

PVH Corp. shares jumped in the extended session Wedenesday after the owner of the Calvin Klein and Tommy Hilfiger brands topped Wall Street estimates for the quarter and raised its outlook. PVH shares rose 5.4% to $117.43. The company reported adjusted second-quarter earnings of $1.37 a share on revenue of $1.86 billion. Analysts surveyed by FactSet had estimated $1.29 a share on revenue of $1.82 billion. PVH raised its adjusted full-year earnings forecast to a range of $6.90 to $7 a share from $6.85 to $6.95 a share. Analysts had forecast $6.92 a share.

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

The stock market’s surge Wednesday produced the most overbought reading in the NYSE Arms Index since Dec. 31, 2012, but that’s not necessarily a bad thing for investors. The Arms is a volume-weighted breadth measure that tends to fall below 1.0 when stocks rise. It closed at 0.386 Wednesday, as the Dow Jones Industrial Average soared 619 points, the third-biggest one-day point gain in its history. Many chart watchers see declines below 0.50 as suggesting an overbought condition. The last Arms close below 0.50 was Aug. 10 at 0.41, and the Dow slid 212 points the next day. But on Dec. 31, 2012, the Arms closed at 0.22 as the Dow surged 166 points, and the Dow ran up another 308 points the next session.

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

Williams-Sonoma Inc. shares declined in the extended session Wednesday after the operator of Pottery Barn and William-Sonoma stores issued a weak outlook for the third quarter. Williams-Sonoma shares fell 4.2% to $79.63. The company said it expects earnings of 68 cents to 73 cents a share on revenue of $1.19 billion to $1.22 billion in the third quarter. Analysts surveyed by FactSet expect 75 cents a share on revenue of $1.22 billion. For the second quarter, Williams-Sonoma reported second-quarter earnings of 58 cents a share on revenue of $1.13 billion. Analysts had expected 58 cents a share on revenue of $1.11 billion.

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

Guess Inc. on Wednesday said it earned $18.3 million, or 21 cents a share, in the 2016 fiscal second quarter, compared with $22 million, or 26 cents a share, a year ago. Sales fell to $546 million in the quarter from $608.6 million a year ago, the retailer said. Analysts polled by FactSet had expected the company to report earnings of 15 cents a share on sales of $539 million. Guess, citing the impact of a stronger dollar, said it expects sales to fall 4.5% to 3% in the third quarter. Second-quarter sales in the Americas fell 5%, and comparable-store sales including e-commerce dropped 3% in U.S. dollar terms, the company said. Guess closed 29 stores in the first six months of the year. Shares of the company fell 5% in after-hours trading, after ending the day up 7.3%.

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.

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From:: Stock Market News

The Wall Street rally picked up steams in afternoon trade, as the main indexes closed with biggest gains in nearly four years, breaking a dramatic six-day slide that left them in correction territory. The main indexes traded within a wide range, with some analysts saying the price action indicates the market is going through a bottoming process. The Dow Jones Industrial Average jumped 619.07 points, or 4%, to 16,285.51, with all 30 members of the blue-chip index closing with gains. The S&P 500 closed 72.90 points, or 3.9% higher at 1,940.51. The Nasdaq Composite ended the day up 191.05 points, or 4.2% at 4,697.54.

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

Panic appears to go both ways, as the Dow Jones Industrial Average is soaring 608 points, or 3.9%, in afternoon trade, putting it on course to close with the third-biggest one-day point gain in its history. The good news is that the Dow’s gains accelerated in late-day trade, which is often seen by market watchers as a sign of institutional buying, or so-called “smart money.” That compares with Tuesday’s late-day swoon, which turned a 442-point intraday gain into a 205-point loss. The surge also stopped the Dow’s first-ever four-session streak of 200+-point declines. If there is bad news to the rally, the three other days the Dow closed with one-day gains of at least 500 points were during the height of the financial crisis, on Oct. 13, 2008 (936 points), Oct. 28 (889 points) and Nov. 13 (553 points), according to FactSet. Those gains quickly faded, and the Dow didn’t bottom until March 9, 2009.

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