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President-elect Donald Trump is expected to pick former Goldman Sachs executive Steven Mnuchin as Treasury secretary, according to reports late Tuesday. Mnuchin, 53, whose father was a partner at Goldman Sachs, worked at the firm for 17 years before founding the hedge fund Dune Capital Management.
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The American Petroleum Institute late Tuesday reported a fall of 717,000 barrels in U.S. crude supplies for the week ended Nov. 25, according to sources. Analysts polled by S&P Global Platts expected stockpiles to decline by 250,000 barrels. Supply data from the Energy Information Administration will be released Wednesday. January crude was at $45.34 a barrel in electronic trading, above the contract’s settlement of $45.23 on the New York Mercantile Exchange. Prices lost 3.9% in Tuesday’s session as the market awaited Wednesday’s Organization of the Petroleum Exporting Countries decision on crude output.
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Arrowhead Pharmaceuticals Corp. shares plummeted in the extended session Tuesday after the drug developer said it was discontinuing the development of some drug candidates and refocusing resources. Arrowhead shares dropped 60% to $1.77 after hours. The company said it would no longer pursue the development of three hepatitis treatments that use its “EX1” delivery vehicle because of substantial delays foreseen in regulatory approval. Arrowhead also said it would trim its workforce by 30%. Arrowhead said it would focus on hepatitis B treatments and others, especially those where the company is partnered with biotech giant Amgen Inc. .
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Nutanix Inc. [s:ntnx], which enjoyed the largest first-day gains of any 2016 initial public offering when it joined Wall Street in September, lurched lower in late trading Tuesday after its first earnings report as a public company. The enterprise-tech company, which focuses on hybrid-cloud architecture, reported a net loss of $162.2 million, or $2.18 a share, on sales of $166.8 million. That loss was much greater than the same quarter a year ago, when Nutanix reported a loss of 90 cents a share, and the 76 cents a share expected on average by analysts, according to FactSet. Nutanix’s sales did beat the FactSet consensus of $152.3 million, however, as did adjusted profit. After adjusting for more than $90 million in stock-based compensation and other factors, Nutanix claimed a loss of 37 cents a share, while analysts on average expected non-GAAP profit of 44 cents a share. The company also reported billings, which reflects contracts for future business, of $239.8 million, beating average analyst expectations of $212.8 million, according to FactSet. Shares immediately fell more than 7% after the numbers were released, but bounced back to a loss of about 4%.
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Shares of Microchip Technology Inc. fell in Tuesday’s extended session after the chip maker narrowed its earnings-per-share outlook. Microship said it now expects third-quarter adjusted EPS in a range of 87 cents to 94 cents from 85 cents to 95 cents previously. Analysts surveyed by FactSet are projecting the company to earn 90 cents a share. It also forecast third-quarter adjusted revenue to fall by about 3% versus flat to down 6% it announced in early November. Microchip shares slid 0.4% after hours.
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Oil futures dropped Tuesday, losing nearly 4% to settle at their lowest level in about two weeks. Some traders remained skeptical that the Organization of the Petroleum Exporting Countries will finalize a deal to curb production at its meeting in Vienna Wednesday. January West Texas Intermediate crude fell 1.85, or 3.9%, to settle at $45.23 a barrel on the New York Mercantile Exchange. The settlement was the lowest since Nov. 14, according to FactSet data.
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The smartphone market is expected to show significant deceleration in 2016, according to the latest forecast by industry tracker IDC. Worldwide shipments are expected to reach 1.45 billion, which would represent a year-over-year growth rate of 0.6% compared with 10.4% in the year-earlier period. Alphabet Inc.’s Android operating system is expected to show the only growth, rising an estimated 5.2% year-over-year to 1.2 billion, fueled by Android’s expansion in emerging markets and the new Google Pixel phones that hit the market this fall. Shipments of phones operating Apple Inc.’s iOS, the second most-used operating system behind Android, are forecast to fall 11% year-over-year to 206 million, despite the release of the iPhone 7 in September. Microsoft Corp. smartphone shipments are expected to plunge 79%. Shares of Google rose 0.5% to $789.94 in morning trade and have risen 2.3% in the past year. Apple’s shares fell 1.1% on Tuesday and are down 6.3% in the past year. The Dow Jones Industrial Average has outperformed both stocks on the year, rising 7.3%.
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Securities tied to the energy space all tumbled on Tuesday, tracking crude oil lower as caution grew ahead of a pivotal OPEC summit. Although Wall Street has expressed its doubts, investors have held out hope that production cuts will be announced at the meeting of the Organization of the Petroleum Exporting Countries to help stabilize oil prices and address a glut of oil that has resulted in crude prices tumbling from their 2014 peak. Crude oil [S: CLX7] fell 3.7% on the day, while the United States Oil Fund LP exchange-traded fund [S: USO] lost 3.5%. The iPath S&P GSCI Crude Oil Total Return Index exchange-traded note [S: OIL] sank 3.2%, while the PowerShares DB Oil Fund [S: DBO] lost 3.3% and the United States 12 Month Oil Fund LP [S: USL] shed 3.1%. Among major companies, Exxon Mobil Corp. [S: XOM] fell 0.9% while fellow Dow component Chevron Corp. [S: CVX] lost 1.4%. Occidental Petroleum Corp. [S: OXY] sank 1.7%. Halliburton Co. [S: HAL] dropped 2.8% on the day.
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Cyber Monday 2016 set a new record with a final tally of $3.45 billion in online sales, up 12.1% from last year, according to Adobe Digital Insights. This is the biggest online sales day in history, the organization says, and exceeds Adobe’s forecast by 2.6%. With the Thanksgiving weekend and Cyber Monday in the books, Adobe reaffirmed its projection for $91.6 billion in online sales for the holiday season. Mobile accounted for 31% of sales while the highest discounts were on televisions, with an average discount of 21.4%. Among the top electronics sellers were the Apple iPhone, the Sony PlayStation 4, and the Amazon Fire.
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Cyber Monday 2016 set a new record with a final tally of $3.45 billion in online sales, up 12.1% from last year, according to Adobe Digital Insights. This is the biggest online sales day in history, the organization says, and exceeds Adobe’s forecast by 2.6%. With the Thanksgiving weekend and Cyber Monday in the books, Adobe reaffirmed its projection for $91.6 billion in online sales for the holiday season. Mobile accounted for 31% of sales while the highest discounts were on televisions, with an average discount of 21.4%. Among the top electronics sellers were the Apple iPhone, the Sony PlayStation 4, and the Amazon Fire.
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From:: Stock Market News