Category: Stock Market News

Netflix Inc. said Wednesday morning it is rolling out the ability to download TV series and films, a feature lauded on other platforms such as Amazon.com Inc.’s Prime Video. More and more consumers are watching video content on the go where cellular and wireless internet connections can be spotty, at best. The feature is available Wednesday for all plans and across all available devices, Director of Product Innovation Eddy Wu wrote in a blog post on the company’s site. It’s not clear exactly how many series and films are available for download. In the blog post Wu writes many of viewers favorite series are available, with more on the way. Shares of Netflix are up nearly 3% in the year to date, underperforming the S&P 500 Index , which is up almost 8%.

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Bank stocks rallied in premarket trade Wednesday, as upbeat jobs data and a surge in oil prices helped boost Treasury yields. The SPDR Financial Select Sector ETF rose 0.8% to $52.39 ahead of the open, just shy of Monday’s 8 1/2-year closing high of $22.41. Among sector heavyweights, shares of Bank of America Corp. shot up 1.8% in active trade, of Citigroup Inc. surged 1.1%, of J.P. Morgan Chase & Co. gained 0.9%, of Goldman Sachs Group Inc. rose 1.4% and of Wells Fargo & Co. hiked up 0.9%. Payroll processor ADP said 216,000 net new jobs were added in November, above expectations of 160,000. Separately, crude oil futures soared 7.3%, after OPEC agreed to cut production for the first time in eight years. That helped push the yield on 10-year Treasury note up 0.059 percentage points to 2.361%. Higher long-term interest rates can boost bank profits, as they increase the spread between what banks earn by funding longer-term assets, such as loans, with shorter-term liabilities

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American Eagle Outfitters Inc. shares sank 11% in Wednesday premarket trading after the apparel retailer reported third-quarter same-store sales below estimates and offered weak guidance. Net income totaled $75.8 million, or 41 cents per share, up from $74.1 million, or 38 cents per share, for the same period last year. The FactSet consensus was 41 cents per share. Revenue for the quarter was $941 million, up from $919 million last year and beating the $940 million FactSet consensus. Same-store sales increased 2%, falling short of the FactSet consensus for a 2.9% increase. American Eagle sees fourth-quarter EPS of 37 cents to 39 cents, below the 46-cent FactSet consensus. Same-store sales are expected to be flat to a low-single digit increase. The FactSet estimate is for a 3.8% increase. American Eagle shares are up 22% for the year so far while the S&P 500 index is up nearly 8% for the same period.

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OnDeck Capital Inc. said Wednesday it has named Nick Brown to the newly created role of chief risk officer. Brown comes to the company from Commonwealth Bank of Australia, where he was general manager of the group decision sciences team. The executive has also done stints at Discover Financial, where he grew the personal loan book and led the acquisition of the Student Lending Company from Citigroup Inc. . Brown has a PhD in organizational behavior and statistics from Cornell University. Shares were not yet active in premarket trade, but are down 55% in the year so far, while the S&P 500 has gained about 8%.

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Shares of energy companies surged in premarket trade Wednesday, as hopes for an OPEC deal to cut production sent crude oil futures soaring. The SPDR Energy Select Sector ETF ran up 3.4%, but it on course for a 16-month high. Among some of the sector heavyweights, shares of Exxon Mobil Corp. rose 2.1%, of Chevron Corp. gained 2%, of Transocean Ltd. surged 6%, of Schlumberger Ltd. shot up 3.2%, of Halliburton Co. gained 4.2% of Kinder Morgan Inc. rallied 3.7% and of Chesapeake Energy Corp. ran up 6%. Crude oil futures rocketed 8% in early trade, amid reports OPEC was close to a deal to cut production by 1.4 million barrels a day, and that Russia was considering deeper cuts.

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Shares of GoPro Inc. jumped 3.3% in premarket trade Wednesday, after the action camera maker announced a restructuring that will include the cutting of 200 jobs, or 15% of its workforce. GoPro said the restructuring, which will include the closing of its entertainment division and facilities reductions, will lower 2017 operating expenses by $735 million as the company aims to return to adjusted profitability in 2017. The company expects to record charges of $24 million to $33 million for the restructuring, including $13 million to $18 million for the job cuts. Tony Bates will depart the company at the end of the year. Separately, GoPro said Black Friday camera sales at U.S. retailers rose over 35% from a year ago. “Consumer demand for GoPro is solid and we’ve sharply narrowed our focus to concentrate on our core business,” said Chief Executive Nicholas Woodman. The stock had tumbled 45% year to date through Tuesday, while the SPDR Technology Select Sector ETF has fun up 12% and the S&P 500 has gained 7.9%.

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Zayo Group Holdings Inc. said Wednesday it has agreed to acquire Electric Lightwave for $1.42 billion in cash. Electric Lightwave provides infrastructure and telecom services primarily in the Western United States, and has 8,100 route miles of long haul fiber and 4,000 miles of dense metro fiber in Portland, Seattle, Sacramento, San Francisco, San Jose, Salt Lake City, Spokane and Boise, Zayo said in a statement. Zayo, a provider of communications infrastructure services, said it expects to realize $40 million of annual cost synergies from the deal, which is expected to close in the first quarter of 2017. The company also expects to benefit from more than $400 million in net operating loss carryforwards it will take on as part of the deal. Shares were not yet active in premarket trade, but are up 30% in the year so far, while the S&P 500 has gained about 8%.

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Royal Bank of Scotland Group [rbs] has failed a tougher stress test of systemic banks in the U.K. and must come up with a revised plan to raise capital, the Bank of England said Wednesday. The process also revealed capital inadequacies at Standard Chartered PLC and Barclays PLC [bcs], but these lenders will not have to submit new capital plans as they have already undertaken capital strengthening measures, the BOE said in a statement. Four lenders — HSBC Holdings PLC , Lloyds Banking Group PLC , Nationwide Building Society and Santander UK — were found to be resilient in the stress-testing process. The test of the banks’ resilience imposed more severe stress than that used in tests in 2014 and 2015, and held them to “a higher standard reflecting the phasing-in of capital buffers for global systemically important banks,” the BOE said.

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Donald Trump and Mike Pence will travel to Indiana on Thursday to announce they have reached a deal with air-conditioner maker Carrier to keep roughly 1,000 jobs at a factory in Indianapolis, according to a report in the New York Times Tuesday evening. Carrier, whose parent company is United Technologies , had been planning to shift many of those jobs to Mexico over a three-year period, the report said. During the election campaign, Trump and Pence, Indiana’s governor and vice president-elect, had used Carrier as an example of the type of trade deals putting Americans out of work.

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Mid-America Apartment Communities Inc. and AmSurg Corp. will join the S&P 500 index , according to S&P Dow Jones Indices late Tuesday. The adds to the index will occur after the close of trading on Thursday, S&P said. On the large-cap index, Mid-America will replace Owens-Illinois Inc. and AmSurg, which is acquiring Envision Healthcare Holdings Inc. , will replace Legg Mason Inc. . Shares of Mid-America were up less than 0.1% at $93.83 while shares of AmSurg were up 0.3% at $67.60 after hours.

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