Category: Stock Market News

Oil futures fell Wednesday to settle at their lowest level in roughly three weeks. “Oil prices shrugged off the minor, yet unexpected, draw to [U.S. crude] stocks,” as the market continued to “come to terms with the growing unlikelihood” of an agreement by the Organization of the Petroleum Exporting Countries to cut production a month from now, said Troy Vincent, an oil analyst at ClipperData. December WTI crude fell 78 cents, or 1.6%, to settle at $49.18 a barrel on the New York Mercantile Exchange. That marked the lowest settlement since Oct. 4, according to FactSet data.

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From:: Stock Market News

Oil prices reversed course Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies unexpectedly fell by 600,000 barrels in the week ended Oct. 21. Analysts polled by S&P Global Platts expected a 400,000-barrel climb, while the American Petroleum Institute late Tuesday reported a rise of 4.8 million barrels. Gasoline supplies, meanwhile, also declined by 2 million barrels and distillate stockpiles dropped 3.4 million barrels, according to the EIA. December crude rose by 4 cents, or less than 0.1%, to $50 a barrel on the New York Mercantile Exchange. Prices traded at $48.90 before the data.

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From:: Stock Market News

U.S. stocks opened lower Wednesday, with Dow industrials losing 85 points at the open, as a steep drop in Apple Inc. shares following disappointing results weighed on main indexes. A further drop by oil futures to below $50 a barrel also put pressure on energy shares. The S&P 500 fell 9 points, or 0.4%, to 2,134. The Dow Jones Industrial Average dropped 82 points, or 0.4%, to 18,086. The Nasdaq Composite began the session down 28 points, or 0.5%, at 5,254.

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Kaleo Inc. said early Wednesday that its epinephrine auto-injector, a competitor to Mylan’s EpiPen allergic reaction treatment that had previously been recalled, should return to market in the first half of 2017. Kaleo, a privately-held company, said it had regained the rights from Sanofi , which voluntarily recalled the Auvi-Q a year ago on concerns about incorrect dose delivery of epinephrine. Kaleo did not say what the Auvi-Q’s price would be. Public outrage erupted this summer over the EpiPen’s increasing price, which consumers said made the product — which has an effective monopoly on the market and a list price of over $600 for a two-pack — unaffordable. Mylan said it would introduce a $300 authorized generic product, which the company said it plans to make available by the end of the year. The entire affair has taken a toll on Mylan, with its stock retreating 28.5% year to date, compared with a 4.9% rise in the S&P 500 .

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The premarket selloff in Apple Inc.’s stock can be blamed for nearly half the decline in Dow Jones Industrial Average futures. Apple shares slumped $3.50, or 3%, in the wake of fiscal fourth-quarter results reported after Tuesday’s close. That would shave about 24 points off the price of the Dow, which is a price-weighted index. Dow futures were recently down 56 points. On the flip side, the $2.41, or 1.7%, rise in Boeing Co.’s stock after the company reported third-quarter results would provide about a 16-point support for the Dow.

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Mondelez International Inc. shares rose 2.3% in Wednesday premarket trading after the company reported earnings that beat expectations and forecast revenue growth exceeding estimates. Third-quarter net income was $548 million, or 35 cents per share, down from $7.27 billion, or $4.46 per share, for the same period last year. The food company said the 92% decline was related to coffee business transactions. Adjusted earnings per share were 52 cents, beating the FactSet consensus of 43 cents. Revenue was $6.40 billion, down from $6.85 billion and below the $6.45 billion FactSet estimate. Mondelez expects 2016 revenue growth of 1.6%, totaling about $28.4 billion and beating the FactSet estimate of about $26.3 billion. Shares are down 4.6% for the year so far while the S&P 500 Index is up 4.9% for the same period.

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From:: Stock Market News

Shares of Apple Inc. were falling 3% in premarket trade Wednesday after Stifel analysts downgraded the stock to hold from buy following fourth-quarter earnings. The analysts said they believe Apple shares will be constrained in the $105 to $120 range until the company offers more insight into new products to boost the company. Other negatives weighing on the stock include an estimated 75 million to 77 million in iPhone shipment expectations for the first quarter of 2017, lower than their estimates, declining revenue in China and a “tempered view” on Apple’s installed base upgrade rate. The analysts cut the price target to $115 from $130. Shares of Apple have gained 22% in the past three months, compared to the S&P 500’s drop of 1.2%.

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Shares of Boeing Co. surged 3.4% in premarket trade Wednesday, after the aerospace and defense contractor beat third-quarter profit and sales expectations, and raised its outlook. Earnings rose to $2.3 billion, or $3.60 a share, from $1.7 billion, or $2.47 a share, in the same period a year ago, boosted by favorable tax items. Excluding non-recurring items, adjusted earnings per share came to $3.51, well above the FactSet consensus of $2.61. Revenue fell 8% to $23.9 billion from $25.8 billion, but beat the FactSet consensus of $23.6 billion. The company raised its 2016 adjusted EPS outlook to $7.10 to $7.30 from $6.40 to $6.60, and lifted its revenue outlook to $93.5 billion to $95.5 billion from $93.0 billion to $95.0 billion. The stock has lost 3.9% eyar to date through Tuesday, while the Dow Jones Industrial Average has gained 4.3%.

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Shares of Southwest Airlines Co. turned sharply lower in premarket trade Wednesday, as investors digested third-quarter results, which beat earnings expectations but fell short on sales. The stock slumped 6.7%, after being up as much as 1.3% soon after the results were released. Investors may have turned their focus on the air carrier’s outlook, in which it said in the statement that “the overall revenue yield environment remains soft.” The company said that based o those trends, and given bookings so far in the quarter, fourth-quarter revenue per available seat mile to decline 4% to 5%. The company also said it expects unit costs to increase in the 4% to 5% range. The stock has lost 2.6% year to date through Tuesday, while the NYSE Arca Airline Index ran up 12% and the S&P 500 gained 4.9%.

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