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Oil prices jumped Friday after seesawing between small losses and gains earlier in the session. Analysts and traders on Twitter struggled to find a fundamental reason, with some attributing the move to technical trading that saw U.S. prices rise above $62 intraday for the first time since Monday. The market awaits weekly data from Baker Hughes on the number of active U.S. rigs drilling for oil due out at 10 a.m. Eastern time, which will offer a hint on future crude production. April West Texas Intermediate crude was up $1.18, or 1.9%, to trade at $62.37 a barrel on the New York Mercantile Exchange, set for a weekly rise of 0.5%.

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From:: Stock Market News

Shares of Zscaler Inc. , the first Silicon Valley tech unicorn to go public in 2018, surged 70% in their first trading debut Friday after they were priced above range in the company’s IPO. The stock was up more than $11 at $27.41 in its first 10 minutes of trade. Zscaler sells cloud security software that lets IT departments monitor all the traffic on your corporate network while protecting it. The company sold 12 million shares to raise $192 million with Morgan Stanley and Goldman Sachs acting as lead underwriters. The S&P 500 was up 0.4%. The stock is trading on Nasdaq under the ticker symbol “ZS.”

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From:: Stock Market News

Democratic Rep. Louise Slaughter of New York has died at 88, according to the Rochester, N.Y., Democrat & Chronicle. Slaughter was the oldest sitting member of Congress and her office revealed this week she had suffered a head injury after a fall.

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From:: Stock Market News

President Donald Trump and White House Chief of Staff John Kelly have settled on a truce after Kelly suggested to colleagues he could be the next to be pushed out of the White House, The Wall Street Journal reported. The report said Trump told advisers after a Thursday meeting with Kelly that Kelly was “100% safe.” Kelly was reportedly jarred by the firing of former Secretary of State Rex Tillerson.

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From:: Stock Market News

The University of Michigan’s consumer sentiment index hit the highest level since 2004 in March, helped by a record favorable assessment of current economic conditions. The index rose to 102 in March from 99.7 in February, topping the 99.5 economist forecast. All of the gain in the sentiment index was among households with incomes in the bottom third, the report said.

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From:: Stock Market News

Former Qualcomm Inc. Chairman Paul Jacobs is trying to put together funding to buy the chipmaker and take it private, the Financial Times has reported. Jacobs has approached “several global investors,” including Japan’s SoftBank , in his efforts to set up a buyout of the $89 billion company co-founded by his father Irwin Jacobs, the Thursday report said. His efforts come after President Donald Trump on Monday blocked a hostile bid by Singapore-based Broadcom Ltd. to take over Qualcomm, citing national security concerns. Just days before Trump’s intervention, Jacobs stepped down as executive chairman of Qualcomm, though he kept his place on the chipmaker’s board.

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From:: Stock Market News

Johnson & Johnson said Friday it has received a binding offer from Platinum Equity to acquire its LifeScan business for about $2.1 billion. LifeScan is a blood glucose monitoring system with 2017 revenue of about $1.5 billion. If the offer is accepted by a June 15 deadline, the company expects to close the deal before year-end. Shares were flat in premarket trade, but have gained 3.8% in the last 12 months, while the S&P 500 has gained 15%.

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From:: Stock Market News

Perry Ellis International Inc. shares fell 3.8% in Friday premarket trading after the fashion brand gave guidance that is below consensus. Net income for the quarter was $39.7 million, or $2.56 per share, up from $9.0 million, or 59 cents per share, last year. Adjusted EPS was 88 cents. Revenue totaled $227.3 million, up from $204.2 million year-over-year. The FactSet consensus was for EPS of 88 cents and revenue of $226.0 million. Perry Ellis expects fiscal 2019 sales in the range of $855.0 million to $865.0 million and EPS in the range of $1.80 to $1.90. For comparison purposes, the company adjusted its 2018 revenue and earnings results to account for the transition of the Laundry business to a license model and the elimination of Bon-Ton Stores Inc. sales. The FactSet consensus is for sales of $1.17 billion and EPS of $2.99. Perry Ellis shares are up 16.1% for the past year, outpacing the S&P 500 index , which is up 15.4% for the period.

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From:: Stock Market News

The Buckle Inc. shares shot up 6.6% in premarket trade Friday, after the company reported better-than-expected earnings for its fiscal fourth quarter. The retailer said it had net income of $42 million, or 87 cents a share, in the quarter, up from $36 million, or 75 cents a share, in the year-earlier period. Sales rose 0.4% to $281.2 million, while same-store sales fell 3.2%. The FactSet consensus was for EPS of 75 cents, sales of $281 million and for a same-store sales decline of 3.4%. Shares are down 3.7% in the last 12 months through Thursday, while the S&P 500 has gained 15%.

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From:: Stock Market News