Category: Stock Market News

Five major stock-index benchmarks finished at records on the same day–something that hasn’t happened in more than 18 years, according to Dow Jones data. On Thursday, the Dow Jones Industrial Average closed up 0.3% at 19,614.81, the S&P 500 index gained 0.2% to end at a record 2,246.19, and the Nasdaq Composite Index wrapped up 0.4% higher at a record 5,417.36, marking its first record since Nov. 29 and joining the other two stock gauges which finished at all-time highs Wednesday. Meanwhile, the Dow Jones Transportation Average also extended its climb to new heights, ending at a fresh record of 9,421.08, while the Russell 2000 index , a gauge of small-capitalization stocks, also closed at a record of 1,386.37. It was the first time all five of those benchmarks scored a record close since March 16, 1998. Equities have been a record-setting run on the back of the belief that President-elect Donald Trump will implement pro-business policies and boost the economy.

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Duluth Holdings Inc. shares fell in the extended session Thursday after the outerwear and apparel maker reduced its full-year forecast below Wall Street expectations because of warmer weather impacting sales. Duluth shares dropped 16% to $31.25 after hours. The company said it expects 2016 earnings of 52 cents to 60 cents a share on revenue of $360 million to $370 million. Analysts surveyed by FactSet had forecast earnings of 70 cents a share on revenue of $380.1 million. For the third quarter, Duluth reported earnings of a penny a share on revenue of $67 million, while analysts had expected a penny a share on revenue of $69.2 million.

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Shares of Restoration Hardware Holdings Inc. tanked nearly 20% late Thursday after the home furnishings retailer beat third-quarter earnings expectations but lowered its outlook for the fourth quarter on slower holiday sales and a later-than-planned launch for its catalog. The Corte Madera, Calif., company said it earned $2.5 million, or 6 cents a share, in the quarter, compared to $20.7 million, or 49 cents a share, in the year-ago period. Adjusted for one-time items, Restoration Hardware reported earnings of 20 cents a share, compared with 65 cents a share a year ago. Net revenues reached $549 million in the quarter, compared with $532 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 16 cents a share on sales of $528 million in the quarter. The company predicted adjusted net income in the range of $24.5 million to $28.5 million for the fourth quarter, and adjusted EPS between 60 cents a share and 70 cents a share. For fiscal 2016, it predicted revenue in the range of $2.11 billion to $2.14 billion, representing flat to 1% growth from the prior year, and adjusted EPS in the range of $1.19 to $1.29. It had forecast revenue growth in the range of 1% to 3% and adjusted EPS in the range of $1.60 to $1.80 when it reported second-quarter earnings in September. Restoration Hardware shares ended the regular trading session up 2.8%.

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Shares of Broadcom Ltd. rose in Thursday’s extended session after the chip maker posted better-than-expected earnings and declared an interim dividend. Broadcom reported it swung to a fourth-quarter loss of $668 million, or $1.59 a share, from a year-earlier profit of $429 million, or $1.49 a share. However, on an adjusted basis, the company would have earned $3.47 a share. Revenue more than doubled to $4.14 billion from $1.84 billion. Analysts surveyed by FactSet had forecast earnings of $3.38 a share on revenue of $4.13 billion. The company’s board also approved interim dividend of $1.02 a share, payable on Dec. 30. In the first quarter, Broadcom expects net revenue of about $4.07 billion and a gross margin of roughly 47%. Shares gained 3.3% after hours.

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Fitch Ratings on Thursday revised the outlook on Caterpillar Inc.’s A rating to negative from stable, on concerns about the long downturn in the company’s machinery markets. Caterpillar’s sales have declined for eight straight quarters and the company has cautioned that forecasts for 2017 seem over-optimistic. Fitch said there is an “increased risk that the company could face challenges to rebuild its operating and financial performance to levels that support the current ratings.” A slow recovery in demand could prevent the company from returning to stronger credit metrics and even if the recovery is strong, free cash flow could be constrained if the company fails to fully realize benefits from recent restructuring moves. The maker of diggers and dozers launched a restructuring program in 2015 that aims to cut costs by $1.5 billion annually. Caterpillar shares have gained almost 42% in the year so far, despite its weak performance. its most active bonds, the 1.700% notes due August 2021, were last quoted at 97 cents on the dollar, according to MarketAxess.

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John Glenn, former astronaut and U.S. senator for Ohio, died at 95. Glenn became the first U.S. astronaut to orbit Earth in 1962 and later served for a quarter-century in the U.S. Senate. He was admitted to the James Cancer Hospital at Ohio State University more than a week ago, according to CNN. He is survived by Annie, his wife of 73 years, according to the Columbus Dispatch. A cause of death was not immediately given.

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Time Inc.’s stock surged 7.8% in afternoon trade toward a 13-month closing high, after The Wall Street Journal reported the magazine publisher had hired banks to field buyout or partnership interest. The stock The report, which cited people familiar with the situation, said the company hired Morgan Stanley and Bank of America Corp. , but that there was no guarantee there will be a sale or any other deal. The company has been struggling with declining advertising and newsstand revenue, the report said. The stock was trading up about 0.8% at $16.58 around 3:06 p.m. ET, just before the WSJ report ran, then soared as much as 9.1% to an intraday high of $17.95, before paring some gains. The stock was now up 13% year to date, while the S&P 500 has gained 9.8%.

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Insys Therapeutics Inc. shares dropped as much as 16% in Thursday afternoon trade after the Department of Justice said several former employees, including its former chief executive offer and president, had been arrested and charged with bribing doctors to push a highly addictive opoid pain medication and defrauding health insurers. Six former executives and managers allegedly used bribes and kickbacks to push prescriptions of “Subsys” — a fentanyl-based pain medication intended for cancer patients with intense pain — with doctors prescribing the drug to a good deal of patients not diagnosed with cancer. The DOJ said that the former employees made big profits off the alleged scheme, for which they could face prison time and large fines. Insys Therapeutics shares, which were valued at $9.10 per share Thursday afternoon, have dropped 68.0% year-to-date, compared with a 9.8% rise in the S&P 500 .

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Oil futures settled with a gain on Thursday following two consecutive sessions of declines, which pulled prices below $50 a barrel for the first time in a week. Traders looked ahead to a meeting this weekend of the Organization of the Petroleum Exporting Countries and other crude producers, with expectations that that the nations will shore up a deal to curb output. January West Texas Intermediate crude rose $1.07, or 2.2%, to settle at $50.48 a barrel on the New York Mercantile Exchange. It lost 2.3% to finish at $49.77 on Wednesday for its lowest settlement since Nov. 30.

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Gold futures settled lower Thursday, giving back much of the prior session’s gain, as the U.S. dollar strengthened against the euro following the European Central Bank’s decision to pare back its bond-buying program. February gold fell $5.10, or 0.4%, to settle at $1,172.40 an ounce after climbing 0.6% on Wednesday.

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