Category: Stock Market News

NeoPhotonics Corp. shares dropped in the extended session Monday after the optical networking company cut its outlook and announced the divestiture of its low-speed transceiver business. NeoPhotonics shares fell 18% to $10.18 after hours. The company forecast adjusted fourth-quarter earnings of 3 cents to 11 cents a share on revenue of $105 million to $109 million because of delayed shipments from one of its new factories. Analysts surveyed by FactSet had estimated earnings of 17 cents a share on revenue of $112.6 million. Additionally, NeoPhotonics said it is selling its access and low-speed transceiver product lines to Shenzhen, China-based APAT Optoelectronics Components Co. for $26.4 million.

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Biogen Inc. shares slipped in the extended session Monday following a report, later confirmed by Biogen, that the biotech company will appoint a new chief executive. Biogen shares declined 0.6% to $277 after hours. Biogen said Chief Commercial Officer Michel Vounatsos will become CEO on Jan. 6, succeeding George Scangos, who has been CEO since 2010.

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Biogen Inc. shares slipped in the extended session Monday following a report that the biotech company is set to appoint a new chief executive. Biogen shares declined 1.2% to $275.50 after hours. Biogen is planning on announcing Chief Commercial Officer Michel Vounatsos as its new CEO to succeed George Scangos as early as this week, according to Reuters, citing people close to the matter.

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Oil prices on Monday ended marginally higher after news that a Russian ambassador to Turkey was shot and killed in Ankara, according to news reports. Traders said news of the shooting raised concerns about political risks around the globe, which can be supportive for oil futures. Overall, crude-futures trading saw up-and-down action but in a fairly narrow range. Investors wrestled with news that Libya’s National Oil Co. called a halt to the planned relaunch of production at oil fields in the country’s western regions, which is supportive for prices, and lingering concerns about the effectiveness of a pact to shrink global inventories, spearheaded by the Organization of the Petroleum Exporting Countries. Against, that backdrop West Texas Intermediate crude oil for February delivery , the most active contract, ended up 11 cents, or 0.2%, at $53.06 a barrel, while the January contract , set to expire on Tuesday, gained 22 cents, or 0.4%, at $52.12.

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A truck has run into a crowd at an outdoor Christmas market in Berlin, media reports said. Police have said one person is dead and multiple injuries have been reported, the reports say.

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The Obama administration on Monday condemned the assassination of Andrey Karlov, Russia’s ambassador to Turkey. “This heinous attack on a member of the diplomatic corps is unacceptable, and we stand united with Russia and Turkey in our determination to confront terrorism in all its forms,” National Security Council spokesman Ned Price said in a statement. A senior Turkish official identified the gunman as Turkish police officer Mert Altinbas, according to the Wall Street Journal.

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Shares of Costco Wholesale Corp. climbed 2.2% toward a four-month closing high in afternoon trade Monday, after Citigroup upgraded the membership-based warehouse retailer, citing expectations that industry headwinds should abate. Analyst Kate McShane raised her rating to buy, after being at neutral since Nov. 9, 2015. She raised her stock price target to $184, which is 12% above current levels, from $167. McShane said she now sees a “clear path” to accelerating same-store sales next year, given that the headwinds from gasoline price deflation, food price deflation and reductions in tobacco shop keeping units (SKUs) should start are expected to diminish in the near term. She said she also believes new co-branded credit card deals and the potential for tax changes could be “particularly favorable” to Costco’s more affluent customers. The stock has tacked on 1.5% year to date, while the SPDR S&P Retail ETF has gained 6.9% and the S&P 500 has run up 11%.

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From:: Stock Market News

Shares of Costco Wholesale Corp. climbed 2.2% toward a four-month closing high in afternoon trade Monday, after Citigroup upgraded the membership-based warehouse retailer, citing expectations that industry headwinds should abate. Analyst Kate McShane raised her rating to buy, after being at neutral since Nov. 9, 2015. She raised her stock price target to $184, which is 12% above current levels, from $167. McShane said she now sees a “clear path” to accelerating same-store sales next year, given that the headwinds from gasoline price deflation, food price deflation and reductions in tobacco shop keeping units (SKUs) should start are expected to diminish in the near term. She said she also believes new co-branded credit card deals and the potential for tax changes could be “particularly favorable” to Costco’s more affluent customers. The stock has tacked on 1.5% year to date, while the SPDR S&P Retail ETF has gained 6.9% and the S&P 500 has run up 11%.

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Shares of Lam Research Corp. rallied 3.2% toward a record-high close in afternoon trade Monday, after Goldman Sachs turned bullish on the chip equipment maker, citing continued strength in the 3D NAND market and signs of market share gains in logic. Analyst Yoshiya Hari upgraded the stock to buy from neutral, and added it to Goldman’s conviction list, given that it had 20% upside potential to Hari’s stock price target of $125. “Lam has strong and growing market share in deposition and etch–two of the fastest growing segments in [wafer fab equipment],” Hari wrote in a note to clients. Lam’s increasingly diversified end-demand outlook, given it has less exposure to PCs and more exposure to cloud, and the potential emergence of China should lead to less downside volatility over the next two-to-three years, Hari said. The stock has soared 36% year to date, while the PHLX Semiconductor Index has run up 37% and the S&P 500 has gained 11%.

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Gold futures settled higher Monday following a drop to their lowest levels in more than 10 months last week. Gold for February delivery settled up $5.30, or 0.5%, at $1,142.70 an ounce as the U.S. Dollar index was largely unchanged. Silver for March delivery settled down 12.6 cents, or 0.8%, at $16.09 an ounce.

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