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Stifel analyst Brad Reback upgraded shares of Splunk Inc. to buy from hold on Friday, after the company reported better-than-expected results the prior afternoon. Shares are up 3.5% in Friday morning trading. “Net-net, we believe these last several quarters of results demonstrate that Splunk has successfully navigated through the worst of the financial headwinds associated with its business model transition, and therefore expect shares to see further multiple expansion over time as Splunk continues to drive healthy double-digit top-line growth with improving profitability and cash flow generation,” he wrote. Reback believes that Splunk’s latest numbers indicate that the company is on track to achieve its fiscal 2020 goals, which include having 20,000 customers. He raised his price target to $120 from $75, joining at least 21 other analysts in increasing the target, according to FactSet. Splunk shares are up 55% over the past 12 months, while the S&P 500 Index is up 11%.

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From:: Stock Market News

The Cboe Volatility index rallied for a fourth straight session on Friday, as fears over increased trade protectionism added to the uncertainty weighing on the U.S. stock market. The VIX rose 13% to 25.33, its highest level since Feb. 13, and extending the move back above its long-term average of 20. For the week, the so-called “fear index” is up more than 50%, bringing its year-to-date advance to nearly 130%. The VIX also spiked in early February, as concerns over the prospect of inflation returning to markets led to the first correction on Wall Street in two years. The Dow Jones Industrial Average fell 1.4% on Friday, while the S&P 500 was down 1% and the Nasdaq Composite Index lost 1.2%. The losses came a day after President Donald Trump announced the U.S. would impose tariffs on steel and aluminum imports and subsequently tweeted that “trade wars are good.”

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From:: Stock Market News

The Dow Jones Industrial Average on Friday slipped below a closely watched midterm trend line as a selloff sparked by President Donald Trump’s threat to impose tariffs on aluminum and steel imports, as soon as next week, intensified. The Dow tumbled 300 points, or 1.3% in early Friday trade to 24,267, ], which would put it in position to slip beneath its 100-day moving average at 24,447.83, according to FactSet data. The Dow on Thursday closed down more than 420 points at 24,608, while the S&P 500 index and the Nasdaq Composite Index also tumbled sharply lower. The Dow last broke below its 100-day MA on Feb. 9, as stock benchmarks were reeling after slipping into correction territory, typically defined as a decline of at least 10% from its recent peak on Jan. 26. The blue-chip gauge is still well above its 200-day MA at 23,077.02. Market technicians watch moving averages in order to help gauge short-term and long-term momentum in an asset.

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 S&P 500 index on Friday turned negative for the year at the start of regular trade, as investors wrung their hands over trade protectionism. The S&P 500 was holding on to a slight 0.2% year-to-date gain as of Thursday’s close, but was down 0.5% for the year after the index opened off 0.6% at 2,663. For the week, the broad-market benchmark was on pace to decline 3.1%. The Dow Jones Industrial Average , meanwhile, fell below its 100-day moving average with a triple-digit decline at the start of Friday’s action. The Nasdaq Composite Index also sank firmly. President Donald Trump pledged Thursday to impose tariffs on steel and aluminum imports, prompting threats of retaliation across Asia, Europe and Canada and Mexico. The Nasdaq was on track to retain its gain for the year while the Dow turned negative for the year in Thursday’s rout.

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From:: Stock Market News

EBay Inc. shares rose 1.4% in Friday morning trading after Raymond James analyst Aaron Kessler upgraded the stock two notches, to strong buy from market perform. Kessler believes that growth in gross merchandise volume will continue to accelerate this year as the company makes enhancements to the buyer experience. He also thinks that the company’s Promoted Listings product will also start to yield results and “could be meaningfully accretive” to earnings in 2018. Promoted Listings shows some sponsored results above non-sponsored ones and had been used by 160,000 sellers during the fourth quarter, Kessler noted. “Promoted Listings could meaningfully drive incremental core Marketplace revenues,” he wrote. EBay shares are up 26% over the past 12 months, while the S&P 500 Index is up 12%.

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 Dow Jones Industrial Average on Friday was set to open below a closely watched mid-term trend line as a selloff sparked by President Donald Trump’s threat to impose tariffs on aluminum and steel imports next week intensified. The Dow was set to drop by more than 200 points early Friday, given the downturn in Dow fuutures , which would put it in position to slip beneath its 100-day moving average at 24,447.83, according to FactSet data. The Dow on Thursday closed down more than 420 points at 24,608, while the S&P 500 index and the Nasdaq Composite Index also tumbled sharply lower. The Dow last broke below its 100-day MA on Feb. 9, as stock benchmarks were reeling after slipping into correction territory, typically defined as a decline of at least 10% from its recent peak on Jan. 26. The blue-chip gauge is still well above its 200-day MA at 23,077.02. Market technicians watch moving averages in order to help gauge short-term and long-term momentum in an asset.

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

Liberty Interactive Corp. is rebranding as Qurate Retail Group, effective after the company splits off GCI Liberty, which was acquired last year. Qurate will include eight retail brands: QVC, HSN, zulily, Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements. QVC acquired HSN in July 2017 in a deal valued at more than $2 billion. QVC Chief Executive Mike George will become chief executive of Qurate. Greg Maffei, who currently holds the position, will become chairman. Qurate will trade under the “QRTEA” and “QRTEB” tickers, which are expected to go into effect March 12. Liberty Interactive stock is up 1.8% in Friday premarket trading, and up 45% for the past year. The S&P 500 index is up 12.4% for the last 12 months.

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From:: Stock Market News

Shares of all 30 components of the Dow Jones Industrial Average are falling in premarket trade Friday, as concerns over the prospect of a trade war continued to weigh on the broader market. Among the biggest decliners, shares of McDonald’s Corp. dropped 2.8%, Nike Inc. shed 2.0%, UnitedHealth Group Inc. lost 1.5% and Apple Inc. gave up 1.4%. Dow futures dropped 264 points, following the Dow’s 420-point plunge on Thursday.

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From:: Stock Market News

J.C. Penney Co. Inc. shares sank 10.2% in Friday premarket trading after the retailer reported a fourth-quarter sales miss. Net income was $254.0 million, or 81 cents per share, up from $192.0 million, or 61 cents per share, year-over-year. Adjusted EPS was 57 cents. Revenue totaled $4.03 billion, up from $3.96 billion last year. Same-store sales increased 2.6% for the period. The FactSet consensus was for EPS of 47 cents, revenue of $4.05 billion, and same-store sales growth of 2.7%. “In 2018, we will intensify our market share efforts in appliances, mattresses and furniture, while continuing to take steps to modernize our apparel assortment and omnichannel,” said Chief Executive Marvin Ellison in a release statement. The company expects 2018 same-store sales to be flat to up 2%, and adjusted EPS of 5 cents to 25 cents. The FactSet consensus is for same-store sales growth of 0.7% and EPS of 13 cents. J.C. Penney shares are up 16.7% for the last three months, but down 38.4% for the last12 months. The S&P 500 index is up 12.4% for the past year.

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