Category: Stock Market News

Chipotle Mexican Grill Inc. shares are up 1.5% in Friday premarket trading after the company named four new board members, effective Dec. 14, 2016. The directors are: Paul Cappuccio, general counsel of Time Warner since 2001; Robin Hickenlooper, senior vice president of corporate development at Liberty Global; Ali Namvar, a partner at Pershing Square Capital Management; and Matthew Paull, former chief financial officer at McDonald’s Corp. . “We are pleased that Chipotle has taken the important step of refreshing its board which will position the company for continued growth and long-term success,” said Pershing Square CEO William Ackman in a statement. Pershing Square and Chipotle had discussed changes to the board, according to a November report in The Wall Street Journal, after Pershing Square revealed a 9.9% stake in the fast-casual company. Chipotle and Pershing Square also agreed to other provisions at least until prior to the 2019 annual shareholders meeting, Friday’s announcement said. The new directors will serve an initial term through the 2017 annual shareholders meeting. The board has 12 members. Chipotle shares are down 32.7% for the past year while the S&P 500 index is up 9.1% for the same period.

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.

…read more

From:: Stock Market News

Wells Fargo & Co. said Friday that total bank branch transactions in November dropped 5% from October, and have declined 3% from the same period a year ago, primarily because of a slowdown in new account openings. The banking giant said the monthly update is part of its effort to be transparent, in the wake of the sales practices scandal that led to the resignation of former-Chief Executive John Stumpf. The bank said average consumer and small business deposit balances were “up modestly” from last month, while consumer checking account openings were down 9%. Point-of-sale debit card transactions fell 5% from October, but were up 7% from last year. A survey of recent branch visitors showed that overall satisfaction was 74.8%, up from 73.9% in October but down from 77.7% last year. The stock rallied 1% in premarket trade. It has gained 1.5% year to date through Thursday, while the SPDR Financial Select Sector ETF has run up 22% and the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News

Shares of Steel Dynamics Inc. were indicated down more than 1% in premarket trade Friday, after the steel producer provided a downbeat earnings outlook. The company expects fourth-quarter earnings per share of 36 cents to 40 cents. Excluding non-recurring items, adjusted EPS is expected to 40 cents to 44 cents, compared with the FactSet consensus of 44 cents. The company said given recent events related to a majority-owned joint venture, it is currently in the process of assessing asset carrying values, which could lead to further impairment charges. Profitability from steel operations are expected to “decrease significantly” from the third quarter because of lower shipments and metal spread compression. The stock has more than doubled year to date through Thursday, while the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News

Shares of Steel Dynamics Inc. were indicated down more than 1% in premarket trade Friday, after the steel producer provided a downbeat earnings outlook. The company expects fourth-quarter earnings per share of 36 cents to 40 cents. Excluding non-recurring items, adjusted EPS is expected to 40 cents to 44 cents, compared with the FactSet consensus of 44 cents. The company said given recent events related to a majority-owned joint venture, it is currently in the process of assessing asset carrying values, which could lead to further impairment charges. Profitability from steel operations are expected to “decrease significantly” from the third quarter because of lower shipments and metal spread compression. The stock has more than doubled year to date through Thursday, while the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News

Cummins Inc. said Friday that it authorized the buyback of up to $1 billion worth of its common stock. The engine maker’s new program will follow the completion of the $1 billion program announced in 2015. Based on Thursday’s stock closing price $138.84, the program would allow the repurchase of 7.2 million shares, or about 4.3% of the current shares outstanding. The stock, which was still inactive in premarket trade, has soared 58% year to date, while the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News

Shares of Mylan N.V. surged 1.9% in premarket trade Friday, after the drug maker said that the first generic EpiPen has launched at a wholesale acquisition cost of $300 per two-pack. Mylan said the price is less than half the cost of the branded EpiPen 2-Pack Auto-Injectors. The generic EpiPens, which will be administered in the same way as the branded versions, will reach pharmacies starting next week. “Americans are rightfully concerned about rising drug prices, and now more than ever patients and families across this country are standing at the pharmacy counter struggling to pay for their medications,” said Chief Executive Heather Bresch. The stock has tumbled 30% year to date through Thursday, while the SPDR S&P Pharmaceuticals ETF has tumbled 23% and the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News

German hotel-search company Trivago N.V. disclosed in a filing Friday that it priced its initial public offering below the expected range, and was offering fewer American depositary receipts for sale. The company, which had changed its name from Travel B.V., said the IPO priced at $11 per ADs, below the previously-expected range of $13 to $15 per ADS. Trivago filed Friday to sell 26.1 million ADS, 18.1 million ADS from the company and 8 million ADS from selling shareholders; last week, the company had filed to sell 28.5 million ADS, 18.1 million ADS from the company and 10.4 million ADS from selling shareholders. Trivago expects proceeds of $188.8 million from the IPO, which is expected to be the last U.S. IPO of 2016. The stock is expected to begin trading Friday, on the Nasdaq Global Select Market under the ticker symbol “TRVG.”

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.

…read more

From:: Stock Market News

Omnicom Group Inc. said Friday two of its subsidiaries received subpoenas from the Department of Justice concerning an investigation into video production and post-production production practices in the advertising industry. The marketing company said its outside legal counsel has contacted the DoJ’s antitrust division, and was fully cooperating with the investigation. The stock, which was still inactive in premarket trade, has rallied 16% year to date, while the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News

Shares of Honeywell International Inc. were indicated down nearly 9% in premarket trade Friday, after the diversified technology and manufacturing company provided a downbeat outlook for 2017. The company affirmed its fourth-quarter 2016 earnings-per-share outlook of $1.74, but that was below the FactSet consensus of $1.75. For 2017, Honeywell expects EPS of $6.85 to $7.10, compared with the FactSet consensus of $7.08. Revenue is expected to decline 1% to 2% from this year, while the current FactSet consensus of $39.92 billion implies 1% growth over the 2016 consensus of $39.51 billion. The stock has rallied 13% year to date through Thursday, while the S&P 500 has gained 11%.

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.

…read more

From:: Stock Market News

Evacuations of civilians and opposition fighters out of eastern Aleppo have been suspended by the Syrian army, which claimed a ceasefire deal had been broken, news reports said Friday. The army said rebels opened fire at a crossing point in a rebel-held enclave, prompting the suspension, the Associated Press reported, citing Syrian state TV. It wasn’t immediately clear when the suspension would be lifted. Thousands of people were evacuated Thursday from the last rebel-held area in the city, Reuters reported.

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.

…read more

From:: Stock Market News