Category: Stock Market News

Oil futures reversed course Thursday to trade higher after dropping to an intraday low under $50 barrel. Prices turned up after a report from Bloomberg said Kuwait is telling customers to expect less oil, said Phil Flynn, senior market analyst at Price Futures Group. “Despite skepticism surrounding the historic OPEC/non-OPEC accord, there are signs early on that OPEC compliance may start at a record high.” Oil prices have been volatile in the wake of a pact by the Organization of the Petroleum Exporting Countries and other non-member producers to curb a persistent global glut of oil. Tyler Richey, co-editor at The 7:00’s report, meanwhile, linked oil’s turnaround to the day’s expiration of crude-oil options. January West Texas Intermediate crude was up 19 cents, or 0.4%, at $51.23 a barrel on the New York Mercantile Exchange. It was trading lower earlier and had tapped a low of $49.95, according to FactSet data, as the Federal Reserve’s interest-rate hike rallied the dollar, weighing on dollar-denominated oil prices.

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Shares of Bank of America Corp. powered up 2.8% toward a record high in active midday trade Thursday, after Raymond James turned bullish on the banking giant, on the belief that President-elect Donald Trump will bring “better days ahead.” Recent volume of 93 million shares made the stock the most actively traded on the major U.S. exchanges. Analyst David Long raised his rating to outperform, after being at market perform for about five months, and initiated a stock price target of $26, which is 12% above current levels. The stock has rocketed 37% since the election, compared with a 19% surge in the SPDR Financial Select Sector ETF and a 6% gain in the S&P 500 . “The question we expect to receive on our more constructive view on BAC is why now after such a run up in their stock,” Long wrote in a note to clients. “However, with the changing of the guard, the prospect of stronger economic growth, a lengthening of the credit cycle, higher interest rates, and a clearer path to achieving its profitability targets, we see risk-reward more positively than we did under the prior administration.”

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Shares of DeVry Education Group Inc. jumped 2.6% in midday trade Thursday, after the for-profit education company said the settlement agreement with the Federal Trade Commission will not impact access to federal student loans or student services. DeVry said it will pay $49.4 million to settle the FTC litigation regarding the use of employment statistics in former advertising. The company said it will also forgive $30.4 million of institutional loans issued before Sept. 15, 2015, and forgive outstanding accounts receivable balances by $20.2 million for former students. DeVry said it expects to record a change of $52 million to $55 million in its fiscal second quarter as a result of the settlement. “DeVry Group chose to settle this action after filing an answer denying all allegations of wrongdoing,” the company said in a statement. The settlement comes three months after rival ITT Educational Services, the parent of ITT Technical Institutes, filed for bankruptcy in the wake of the Department of Education’s decision to ban the for-profit school from enrolling new students using federal financial aid.

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Prudential Financial Inc. provided its 2017 outlook in a presentation to investors, saying it expects earnings per share in the range of $10.15 to $10.65 for the year. That surrounds the FactSet EPS consensus of $10.33. The insurer said it is targeting return on equity in the 12%-to-13% range, in line with the 12.5% seen in the trailing 12 months ended Sept. 30, but down from 14.2% in 2015 and 15.8% in 2014. Prudential said its outlook is based on assumptions that include: the S&P 500 ending 2017 at 2,130, which is 1.5% above current levels; the yield on the 10-year Treasury at 2.50%, which is below with the current rate of 2.58%; and the repurchase of $1.25 billion worth of its stock next year. The stock rallied 2.7% in morning trade. It has surged 31% year to date, while the SPDR S&P Insurance ETF has rallied 20% and the S&P 500 has gained 11%.

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Natural-gas futures turned higher Thursday after the U.S. Energy Information Administration reported that supplies of natural gas dropped by 147 billion cubic feet for the week ended Dec. 9. Analysts at Citi Futures had forecast a fall of 124 billion cubic feet. Total stocks now stand at 3.806 trillion cubic feet, down 50 billion cubic feet from a year ago but 186 billion cubic feet above the five-year average, the government said. January natural gas added 2.5 cents, or 0.7%, to $3.565 per million British thermal units. It traded at $3.514 before the data.

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President-elect Donald Trump has chosen Rep. Ryan Zinke to head the Interior Department, Trump’s transition team announced Thursday. Trump said in a statement that the Montana Republican has “one of the strongest track records on championing regulatory relief.” The congressman served for 23 years as a Navy SEAL and was elected in 2014.

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WASHINGTON (MarketWatch) — A reading of U.S. manufacturing sentiment hit the highest level in 21 months in December. The Markit flash U.S. manufacturing purchasing managers index inched up to a seasonally adjusted 54.2 in December from 54.1 in November. Output was up for the seventh month, and production inventories was the strongest recorded since the survey began in May 2007. The flash reading incorporates 85% to 90% of total responses.

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U.S. stocks opened with a slight upside bias on Thursday as investors continued to digest the previous day’s statement from the Federal Reserve, when the central bank raised interest rates and pointed to a faster pace of increases in 2017. Wall Street has rallied to repeated records of late, and further gains may be difficult to come by given the new Fed uncertainty. While more rate hikes would be a sign of confidence in the economy, it would also represent a less accommodative stance. The Dow Jones Industrial Average rose 32 points, or 0.1%, to 19,824. Energy shares were in focus, with crude oil falling 1.7% on the day, sending the Energy Select Sector SPDR ETF down 0.7%. The S&P 500 rose 2 points to 2,255, a move of less than 0.1%. The Nasdaq Composite Index rose 5.7 points to 5,442, a move of 0.1%.

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Shares of Nucor Corp. dropped 2.5% in premarket trade Thursday, after the steel maker provided a fourth-quarter earnings outlook that was below expectations. The company said it expects earnings per share for the quarter ending December of 30 cents to 35 cents, down from 84 cents in the sequential third quarter and down from 45 cents a year ago. Nucor said fourth-quarter results included an estimated last-in-first-out expense of 7 cents a share. The FactSet EPS consensus was 52 cents. The company said the expected sequential decline in earnings is primarily related to lower margins in its steel mills segment, with the most significant impact at its sheet mills segment. The stock has soared 56% year to date through Wednesday, while the S&P 500 has gained 10%.

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Federal Communications Commission Chairman Tom Wheeler announced on Thursday he will step down from his role the day of President-elect Donald Trump’s inauguration into office on Jan. 20. Wheeler, a Democrat, has led the agency for more than three years and championed such policies as net neutrality. “Serving as FCC Chairman during this period of historic technological change has been the greatest honor of my professional life. [The Commission’s] achievements have contributed to a thriving communications sector, where robust investment and world-leading innovation continue to drive our economy and meaningful improvements in the lives of the American people. It has been a privilege to work with my fellow Commissioners to help protect consumers, strengthen public safety and cybersecurity, and ensure fast, fair and open networks for all Americans,” Wheeler said in a statement.

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