Category: Stock Market News

The pound came off intraday lows against the U.S. dollar during Bank of England Governor Mark Carney’s testimony before the House of Lords on Tuesday afternoon in London. The pound was buying $1.2167, strengthening after Carney said the bank is “not a targeter of the exchange rate, we’re a targeter of inflation, but we are not indifferent to the level of the exchange rate.” Before Carney’s testimony, the pound dipped below $1.21. Sterling has slid in value after the U.K.’s vote in June to leave the European Union. Carney also said the pound has moved in recent weeks on “the market’s perception of what the potential relationship will be between the United Kingdom and Europe.” It is “a bit early to make those determinations because the prime minister has been very clear that we’ll pursue an orderly Brexit, we’ll get the best deal possible,” he said. The governor also said there’s been a removal “in the market’s view, the prospect of an additional rate cut by the Bank of England,” in recent weeks.

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Whirlpool Corp.’s stock tumbled toward its biggest one-day price loss in the 44 years since it went public, after a perfect storm of disappointment in the appliance maker’s third-quarter report. The company missed earnings and revenue expectations, and provided a downbeat profit outlook. The shares sank $19.71, or 11.6%, to and eight-month low of $150.75 in midday trade. The next biggest price decline was when the stock, which went public in January 1972, tumbled $16.23, or 9.1%, on June 24 in the wake of the Brexit vote. Tuesday’s percentage decline was the biggest since it plunged 14% on Oct. 28, 2011. Raymond James analyst Sam Darkatsh said some of the key “negative” items in the Q3 report included misses in margins for each business segment and lowered full-year growth expectations in three of the company’s four geographic regions. The stock has now dropped 21% over the past three months, while the SPDR Consumer Discretionary Select Sector ETF has shed 2.9% and the S&P 500 has slipped 1.1%.

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IBM said Tuesday its board has approved a $3 billion share buyback program. The program is in addition to the roughly $3 billion remaining at the end of September from a prior authorization, the company said. IBM also said it will pay a quarterly $1.40 cash dividend on Dec. 10 to shareholders of record as of Nov. 10, unchanged from the previous quarter. Shares were slightly lower in midday trade, but have gained 9% in the year so far, while the Dow Jones Industrial Average has gained 4.4%.

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The pound continued to lose ground against the U.S. dollar Tuesday, trading briefly below $1.21 against the greenback in afternoon trade in London. The pound hit $1.2097, according to FactSet data, after reaching an intraday high of $1.2244. Sterling reached intraday lows before Bank of England Gov. Mark Carney was set to speak before the economic affairs committee at the House of Lords in London at 10:30 a.m. Eastern Time. Carney “is due to comment on the economic consequences of the Brexit which given his warnings prior to the vote, the relative stability in the economy so far and the pressure he has come under to resign because of his apparently politicized views, should make for interesting hearing,” said Craig Erlam, senior market analyst at Oanda, in a note Tuesday.

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Shares of Nutanix were up 1% Tuesday, trading around $30.25, after several of its underwriters initiated ratings on the stock. J.P. Morgan initiated coverage with a neutral rating and $33 price target. Stifel initiated coverage with a hold rating and $35 price target. Pacific Crest initiated coverage at an overweight rating and $37 price target. Baird initiated coverage at an outperform rating and a $37 price target. RBC Capital Markets, which did not underwrite the offering, initiated coverage at an outperform rating and $36 price target. Shares of Nutanix have lost 18% month-to-date, compared to the S&P 500’s drop of 1%.

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U.S. stocks on Tuesday slipped lower amid a tsunami of corporate results that offered a mixed picture of earnings and the health of the U.S. economy. The Dow Jones Industrial Average was trading down 18, or 0.1%, at 18,205, the S&P 500 index was down 3 points, or 0.2%, at 2,147, while the Nasdaq Composite Index , which has benefited from some better-than-expected results from tech companies, was off about 5 points, or 0.1%, at 5,303. The tech-laden index is about 0.6% away from its record of 5,339.52 hit on Sept. 22. In corporate news, Apple Inc. shares are in focus, with the iPhone maker set to release quarterly results after Tuesday’s close of trading. Elsewhere. Under Armour shares were under pressure after the athletic gear maker issued a profit warning following its third-quarter results on Tuesday. On the economic front, U.S home prices rose 0.4% in August, and were up 5.1% compared with a year ago, according to the S&P CoreLogic Case-Shiller 20-City index. Tuesday’s trading action follows a wave of announcements of corporate mergers, headlined by AT&T’s proposed megadeal with Time Warner Inc. .

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Under Armour Inc. shares plunged 14.5% in Tuesday premarket trading after the company said its growth rate will be lower than expected. The company announced the goal of reaching $7.5 billion in revenue and $800 million at its 2015 Investor Day, said Chief Financial Officer Chip Molloy on the earnings call. However, the North American apparel business is slowing and “the growth rate going forward will be less than expected,” he said. “We could choose to optimize for more near-term profits but we believe it is more prudent to invest to maintain superior growth rates while gaining both share and scale.” Under Armour plans to invest in footwear, direct-to consumer and international, which are growing faster, and continue to pursue business in the sports lifestyle category, for example, through its new UAS line. Under Armour shares are down 9% for the year so far while the S&P 500 Index is up 5.3% for the same period.

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Shares of Dipexium Pharmaceuticals Inc. plunged 84% toward a record low in active premarket trade Tuesday, after a late-stage trial of the drug maker’s treatment for diabetic foot ulcers failed to meet its goals. The company said the phase 3 trial of Locilex cream didn’t show any meaningful difference in wound closure rates, the primary endpoint. The trial also missed the secondary endpoint of a higher rate of eradication of bacteria. There were also incidents of serious adverse events, including higher-than-anticipated osteomyelitis and cellulitis. “Although we are disappointed with these results, we are continuing to evaluate the data and will consider potential regulatory pathways forward in other possible clinical indications based on an evaluation of all data emerging from the Phase 3 studies,” said Chief Executive David Luci. The stock was trading at $2 ahead of the open, below the previous record closing low of $6.15 seen Feb. 17. Volume of about 830,000 shares made it the most actively traded stock in the premarket. Through Monday, the stock had climbed 14% year to date, while the S&P 500 had gained 5.3%.

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Amazon.com Inc. said Tuesday that Prime members in Brooklyn will now have access to one-hour delivery at 130 restaurants in Brooklyn and Manhattan, including Roberta’s Pizza, Blue Ribbon Brasserie, and Momofuku Milk Bar. Users will have access by downloading the Prime Now app or visiting the Prime Now website. Amazon shares are up 0.2% in premarket trading, and up 24% for the year so far. The S&P 500 Index is up 5.3% for 2016 so far.

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Shares of Freeport-McMoRan Inc. gained 1.3% in premarket trade Tuesday after the company reported third-quarter earnings. The company reported net income of $217 million, or 16 cents per share, compared to a loss of $3.8 billion, or a loss of $3.58 per share. It reported adjusted earnings per share of 13 cents, below the FactSet consensus of 20 cents. It reported revenue of $3.88 billion, up from $3.38 billion in the year-earlier period but below the FactSet consensus $3.96 billion. The company said it sold 1.2 billion pounds of copper and 317,000 ounces of gold. Shares of the company have fallen 18% in the past three months, compared to the S&P 500’s drop of 1%.

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