Category: Stock Market News

U.S. stocks opened higher on Tuesday, with both the Dow and the S&P 500 trading in record territory and the Dow moving closer to the key psychological level of 20,000 as energy companies continued their recent advance. Investors are also looking ahead to the start of a two-day meeting by the Federal Reserve that is widely expected to end with the announcement of higher interest rates on Wednesday afternoon. The Dow Jones Industrial Average rose 0.4%, or 71 points, to 19,863.65, with Chevron Corp. up 0.9%, tracking a 0.6% rise in the price of crude oil. If the blue-chip index closes higher, it will notch its seventh straight gain and end at another record high. The S&P 500 gained 0.3%, or 7.35 points, to 2,264.5. The Nasdaq Composite Index rose added 0.4%, or 20.3 points, to 5,433.

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Shares of Wynn Resorts Ltd. hiked up 1.8% in premarket trade Tuesday, after the casino operator announced an agreement with Crown Acquisitions to form a joint venture to operate retail space at Wynn Las Vegas. Under terms of the deal, Crown will pay Wynn $472 million in gross proceeds in two installments, the first of $292 million at closing by year end or early 2017, and $180 million when Wynn Plaza is completed in 2017. Crown will have a 49.9% interest in a portion of Wynn Las Vegas’ owned and leased retail. Wynn’s stock has run up 32% year to date through Monday, while the S&P 500 has gained 10%.

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Barnes & Noble Inc. said in a filing Tuesday that it determined last week that Jaime Carey will no longer have the duties and responsibilities of president, development and restaurant group. Therefore, the company said Carey has decided to resign, “for good reason,” after taking on the role as of July 1, 2015. Carey will remain as an employee through Feb. 10, 2017 to help provide a smooth transition of his responsibilities. The stock, which was still inactive in premarket trade, has soared 44% year to date, while the SPDR S&P Retail ETF has gained 8.9% and the S&P 500 has climbed 10%.

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Neiman Marcus Group Ltd. said Tuesday that total revenue for the fiscal first quarter ended Oct. 29 fell 7.4% from a year ago to $1.08 billion. The privately-held high-end department store chain said comparable sales declined 8.0%, net losses more than doubled to $23.5 million from $10.5 million. Same-store sales have declined for the fifth-straight quarter. In comparison, rival Nordstrom Inc. reported total revenue growth of 6.4% and same-store sales growth of 2.4% for the quarter ended in October, while Macy’s Inc. total revenue fell 4.2% and same-store sales declined 2.7%. The SPDR S&P Retail ETF has gained 8.9% year to date through Monday, while the S&P 500 has climbed 10%.

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Shares of SeaWorld Entertainment Inc. rallied 1.8% in light premarket trade Tuesday, after Janney Montgomery Scott turned bullish on the theme park operator, on the belief that an expected improvement in Orlando is not fully appreciated by investors. Analyst Tyler Batory upgraded SeaWorld to buy, after being at neutral for the last 10 months. He raised his fair value estimate for the stock to $24, which is 29% above Monday’s closing price of $18.57, from $16. Batory’s expectations of an improved performance at the Orlando park stems from recent price increases, stronger market fundamentals, drive and overnight visitation growth, benefits from early-season pass sales and events contribution to longer park hours. “Essentially, we think the company can harvest the benefits of running SeaWorld Orlando like a regional theme park and implementing several of the strategies that have supported other industry participants,” Batory wrote in a note to clients. The stock has lost 5.7% year to date through Monday, while the S&P 500 has gained 10%.

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Shares of Proteon Therapeutics Inc. plummeted 71% toward a record low in premarket trade Tuesday, after the company said a phase 3 trial of its treatment for chronic kidney disease failed meet the primary endpoint. The company said, however, that results for the secondary endpoint suggested that vonapanitase may improve secondary patency compared with placebo. “We are disappointed that the study missed the primary endpoint,” said Chief Medical Officer Steven Burke. “However, it appears that vonapanitase had a drug effect and we are encouraged by the secondary patency and fistula use for hemodialysis findings in this trial, both of which we believe are clinically important.” The stock recently changed hands at $2.90 ahead of the open, below the previous regular-session record intraday low of $4.90 on June 23, 2016. The stock went public on Oct. 22, 2014 at an initial public offering price of $10. The stock had plunged 36% year to date through Monday, while the iShares Nasdaq Biotechnology ETF has shed 21% and the S&P 500 has gained 10%.

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Shares of Hexcel Corp. dropped 1.9% in premarket trade Tuesday, after the composites company provided a 2017 profit and sales outlook that was below expectations. The company expects earnings per share for next year in the range of $2.64 to $2.76, compared with the FactSet consensus of $2.79. Revenue is expected to be $2.05 billion to $2.15 billion, below the FactSet consensus of $2.16 billion. For its commercial aerospace business, which comprised over 70% of sales, the company expects sales growth in the mid-single digit percentage range in 2017, while the FactSet consensus implies 6.9% growth. The stock has run up 12% year to date through Monday, while the S&P 500 has gained 10%.

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Donald Trump has tapped Exxon Mobil Corp. CEO Rex Tillerson to be secretary of state, Trump’s transition team announced early Tuesday. “His tenacity, broad experience and deep understanding of geopolitics make him an excellent choice for secretary of state,” the president-elect said in a statement. The confirmation process for Tillerson may prove to be rocky, as some senators have expressed concern about his ties to Russian President Vladimir Putin.

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Former Texas Gov. Rick Perry has been picked by President-elect Donald Trump to be secretary of energy, CBS News reported late Monday night. Perry, who ran against Trump in the Republican presidential primary, reportedly met with Trump on Monday in New York. Perry currently is a board member of Dallas-based Energy Transfer Partners LP , which is building the disputed Dakota Access Pipeline, a project Trump has publicly supported. During his presidential primary run in 2012, Perry called for the Department of Energy to be eliminated, though he notoriously forgot the name of the department during a debate.

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Donald Trump tweeted Monday evening that he will announce his pick for secretary of state Tuesday morning, and the New York Times reported late Monday night that Exxon Mobil Corp. CEO Rex Tillerson will be the nominee. The pick of Tillerson has been widely expected in recent days, although his close ties to Russia have drawn fire from critics and could complicate his potential Senate confirmation. Former Massachusetts governor and 2012 presidential nominee Mitt Romney confirmed in a Facebook post late Monday that he would not be the nominee.

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