Category: Stock Market News

Gold futures settled Friday at their lowest level since February, posting a weekly loss for a fifth straight week amid expectations that the Federal Reserve will raise interest rates at its meeting next week. February gold lost $10.50, or 0.9%, for the session to settle at $1,161.90 an ounce-the lowest finish since early February, according to FactSet data. For the week, prices declined by roughly 1.1%.

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Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil climbed by 21 to 498 rigs this week. That’s the highest level since January, according to Citi Futures’ Tim Evans. The total active U.S. rig count, which includes oil and natural-gas rigs, also jumped by 27 to 624, according to Baker Hughes. “It looks like the OPEC deal, as well as the end of the year, is inspiring the drillers to get cracking,” said Phil Flynn, senior market analyst at Price Futures Group. He also pointed out that “some drillers may have to start drilling before the end of the year to keep leases.” Prices for oil appeared unfazed by the rig data, with January crude holding onto its gains, trading at $51.43 a barrel on the New York Mercantile Exchange, up 59 cents, or 1.2%.

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Corn futures edged lower Friday, falling back further from the five-month high they hit earlier this week. The U.S. Department of Agriculture left its forecast on U.S. corn production unchanged for the 2016/2017 crop year at 386.75 million metric tons and raised its world output projection by more than 9 million metric tons to 1.0397 billion metric tons. “Looks like plenty of grain inventories globally, which is what people will take away from this report,” Sal Gilbertie, president and chief investment officer at Teucrium Trading, said about the USDA’s World Agricultural Supply and Demand Estimates report. “There is once again record global demand for grains and nearly all the major crops covered in this report,” he said. But “the world has become reliant on record production to meet record demand.” March corn was down 0.2% at $3.53 a bushel in Chicago. It settled at over $3.60 a bushel on Tuesday, which was its highest level since mid-July.

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General Electric Co. said Friday that it raised its quarterly dividend by 4.3% to 24 cents a share from 23 cents a share. The new dividend will be payable Jan. 25 to shareholders of record on Dec. 27. At the current stock price of $31.59, up 0.2%, the new annual dividend rate implies a dividend yield of 3.10%, compared with the aggregate dividend yield for the Dow Jones Industrial Average of 2.34%. “We have a disciplined capital allocation strategy with a plan to return approximately $30 billion of cash to shareholders this year,” said Chief Executive Jeff Immelt. “This dividend increase is in line with our multi-year capital allocation framework to have a dividend payout ratio of 45-50% and then grow the dividend in line with earnings.” The stock has gained 1.4% year to date, while the Dow has climbed 12.9%.

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Shares of Sky PLC soared 31% in afternoon trade in London after 21st Century Fox Inc. reached a preliminary deal to buy the rest of Sky that it doesn’t already own. Fox is Sky’s largest shareholder with a 39% stake, according to FactSet data. Fox has offered to pay £10.75 a share in cash, which represents a 36% premium to the closing price on Dec. 8, the last business day before the statement. Sky said offer terms remain under discussion “and there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer.” News Corp, which owns Dow Jones & Co., publisher of MarketWatch and the Wall Street Journal, and 21st Century Fox were part of the same company until 2013.

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U.S. stocks opened in record territory on Friday, putting them on track to rise for a fifth straight day as investors brace for the Federal Reserve to raise interest rates for the first time in a year at at next week’s meeting. Market-based indicators are pricing in a nearly 100% chance of a hike. The S&P 500 index gained 4 points, or 0.2%, to 2,249, while the Dow Jones Industrial Average climbed 15 points, or 0.1%, to 19,629. The Nasdaq Composite Index advanced 23 points, or 0.4%, to 5,441. Five of the most widely watched U.S. stock benchmarks closed at record highs on Thursday for the first time in 18 years. Crude oil prices rose, with U.S. futures trading above $51 a barrel, helping to bolster energy and materials shares. Shares of Coca-Cola Co. rose more than 1% after the company announced that Chief Executive Officer Muhtar Kent will leave the company, effective May 1.

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Shares of Stillwater Mining Co. soared 19% in active premarket trade Friday, after the platinum miner agreed to be acquired by Sibanye Gold Ltd. in a deal valued at about $2.2 billion. Under terms of the deal, Sibanye will pay $18 in cash for each Stillwater share outstanding, which represents a 23% premium to Thursday’s closing price. The deal is expected to close in the second quarter of 2017. Trading volume in Stillwater’s stock spiked to 4.1 million shares ahead of the open, already more than double the full-day average, and enough to make it the most actively traded in the premarket. Sibanye shares plunged 16% in premarket trade. Year to date, Stillwater shares have soared 71%, while Sibanye’s stock has climbed 37%, the VanEck Vectors Gold Miners ETF has surged 56% and the S&P 500 has gained 9.9%.

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Royal Caribbean Cruises Ltd. said Friday that its cruise ship Empress of the Seas will make its first visit to Cuba during a five-night trip leaving Miami on Apr. 19, 2017. Thereafter, the ship will head to Havana during a seven-night trip on April 30, and during a five-night trip on May 20. Tampa will be the ship’s home port for the summer season for four- and five-night trips that include port calls in Cuba. Royal Caribbean shares are up 0.3% in premarket trading, but down 15.3% for the year so far. The S&P 500 index is up nearly 10% for 2016 to date.

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Synergy Pharmaceuticals Inc. surged 15.9% in pre-market trade Friday after the company said that its treatment for irritable bowel syndrome with constipation had positive phase 3 trial results. The drug, plecanatide, met the trial’s primary endpoint at two different dose levels, with diarrhea being the most common adverse event in a small percentage of patients. Results from another phase 3 trial are expected later this month, and Synergy plans to file with the FDA for IBS-C in the first quarter of 2017, the company said. The drug “may represent an important new treatment option for the millions of patients currently suffering with IBS-C,” said Synergy Chief Executive Officer Gary Jacob. Shares of Synergy were valued at $5.54 per share at Thursday’s close. The company’s stock had dropped 2.3% year-to-date, compared with a 9.9% rise in the S&P 500 .

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Axis Capital Holdings Ltd. said Friday it’s board has approved a share buyback program of up to $1 billion. The new authorization will replace the existing one, which has $264.9 million available. The company is also raising its quarterly dividend by 8% to 38 cents a share. The new dividend will be payable Jan. 17 to shareholders of record as of Dec. 30. Shares were not yet active in premarket trade, but are up 12% in the year to date, while the S&P 500 has gained 10%.

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