Category: Stock Market News

U.S. shares of Sina Corp. rose in the extended session Monday while Weibo Corp. shares weakened after the Chinese online media companies topped Wall Street estimates. Sina shares rose 3.5% to $69.65 after hours, while Weibo shares shed 2.2% to $44.60. Sina reported adjusted third-quarter earnings of 56 cents a share on revenue of $274.9 million. Analysts surveyed by FactSet had forecast earnings of 37 cents a share on revenue of $265.7 million. Weibo, which is majority owned by Sina, reported adjusted earnings of 24 cents a share on revenue of $176.9 million. Analysts expected earnings of 17 cents a share on revenue of $173.4 million. Weibo said it expects fourth-quarter revenue of $205 million to $210 million, while analysts estimate $197.2 million.

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A preliminary 7.3 magnitude earthquake centered 69 kilometers (43 miles) from Iwaku, Fukushima Prefecture shook Japan, according to the U.S. Geological Survey. The earthquake was reportedly felt in Tokyo. The dollar fell against the Japanese yen in the immediate aftermath of the quake. The Associated Press added that a tsunami warning was issued.

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Palo Alto Networks Inc. shares tumbled 13% in late trading Monday after the company reported a wider loss than expected and provided a forecast lower than analysts expected. The Silicon Valley security-software firm reported a fiscal first-quarter loss of $61.8 million, or 69 cents a share, on sales of $398.1 million. After adjustments for stock-based compensation and other factors, the company claimed a profit of 55 cents a share. Analysts on average expected Palo Alto Networks to report a loss of 58 cents a share on sales of $400 million, with adjusted profit of 52 cents a share. The company’s forecast for the current quarter is for adjusted profit of 61 cents to 63 cents a share on revenue of $426 million to $432 million. Analysts on average were expecting Palo Alto Networks to report adjusted earnings of 63 cents a share on sales of $439 million, according to FactSet. The company’s stock dropped lower than $140 in the after-hours session following the release of the results, after closing with a 0.2% decline at $161.06.

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Arista Networks Inc. shares hit record highs Monday after an import ban stemming from a patent dispute with Cisco Systems Inc. was lifted. Arista’s networking gear was blocked by the International Trade Commission in June, after the regulatory body determined that Arista’s products infringed on three Cisco patents. Arista redesigned the products in question, and said Monday that U.S. Customs had agreed to allow the company’s new networking gear to be imported into the U.S. “We appreciate the hard work and thoroughness of U.S. Customs and Border Protection in reaching this decision, which validates our good-faith efforts to address the ITC’s findings,” Marc Taxay, Arista’s general counsel, said in an email. “We look forward to resuming the importation of our redesigned products into the United States.” Arista shares hit an all-time intraday high of $94.76 Monday and closed at $94.48, a 7.4% gain from Friday’s closing price.

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U.S. stocks advanced on Monday aided by a jump in oil prices and a retreat in the dollar with the main indexes closing at all-time highs. Oil prices rose to a 3-week high as Russian President Vladimir Putin fed expectations for an OPEC output deal. This was the first time since December 1999, that the S&P 500, Dow industrials, Nasdaq Composite and Russell 2000 closed at records on the same day. The S&P 500 closed 16.28 points, or 0.8%, higher at 2,198.18 with energy and materials leading gains. The Dow Jones Industrial Average added 88.76 points, or 0.5%, to 18,956.69. The Nasdaq Composite ended the session up 47.35 points, or 0.9%, at 5,368.86. The Russell 2000 index added 3.63 points, or 0.3%, to 1,319.33 according to preliminary FactSet data.

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New York Uber drivers who are deactivated by Uber from the app can now appeal the decision through a panel. The Independent Drivers Guild, which represents 45,000 drivers in the area, and the Machinists Union negotiated for the five-person panel, which will be made up of drivers chosen by the IDG and by Uber. Uber drivers can be deactivated if their rating falls below 4.6, if a passenger makes a serious complaint or if he or she violates Uber’s code of conduct, among other issues. Outside of the New York appeals process, drivers can work with Uber’s support team or take classes, among other methods.

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Oil futures settled higher Monday, with U.S. prices tacking on roughly 4% on growing expectations that the Organization of the Petroleum Exporting Countries will be able to reach a final agreement next week to curb crude output. Vladimir Putin, president of non-OPEC Russia, also reportedly voiced his country’s willingness to freeze production. December West Texas Intermediate crude rose $1.80, or 3.9%, to settle at $47.49 a barrel on the New York Mercantile Exchange on the contract’s expiration day. January WTI crude , which has become the front-month contract, settled at $48.24, up $1.88, or 4.1%.

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The Dow Jones Industrial Average on Monday is about 60 points away from touching the psychologically significant level of 19,000. The ascent for the Dow industrials , which carved out a fresh intraday record of 18,947.44 comes as three other major stock-market benchmarks hit historic highs on the same day, including the S&P 500 index at 2,197.55, the Nasdaq Composite Index at 5,364.93 and the small-cap index Russell 2000 , which touched an all-time intraday high of of 1,323.72. The last time all four stock-market gauges hit records on the same day was Dec. 29, 1999, according to Dow Jones data. MarketWatch’s Bill Watts touches on some of the stats related to the Dow’s historic move in this piece. A multisession rally for equities comes on the heels of President-elect Donald Trump’s surprising victory against Democrat Hillary Clinton. Trump’s proposals to deregulate certain markets, including banking, and rev up investing in the countries worn-out bridges and tunnels has delivered a jolt to the broader equity market. However, skeptics are concerned about Trump’s ability to follow through with his proposals and that valuations for stocks may be elevated, as the bond market is selling off, with the benchmark 10-year Treasury note trading at 2.3% compared with 1.6% at the end of September, according to FactSet data. Bond prices rise as yields fall, and appetite for stocks usually coincides with a slump in bond prices.

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The used smartphone market is expected to nearly triple over the next few years as swap-in programs attract more consumers to more affordable refurbished hardware. The market for used smartphones is expected to climb to 222.6 million units by 2020 from 81.3 million in 2015, representing a compound annual growth rate of 22.3%, according to trends tracker IDC. Increasing demand for recycled and hand-me-down phones will impact original equipment manufacturers and mobile operators such as Apple Inc. and Samsung Electronics , according to Will Stofega, program director for IDC’s mobile phones research division. The forecast comes on the heels of Apple’s first-ever annual decline in iPhone sales. Shares of Apple rose 1.4% to $111.58 in afternoon trade, but remain down 6.5% in the past 12 months. The Dow Jones Industrial Average has also risen 2% in the past three months but has outperformed Apple on the year, rising 6.2%.

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