Category: Stock Market News

Oil futures climbed in electronic trading Tuesday from their settlement after the American Petroleum Institute reported a 3.8 million-barrel decline in U.S. crude supplies for the week ended Oct. 14, according to sources. Analysts polled by S&P Global Platts forecast an increase of 2.5 million barrels in stockpiles. Supply data from the Energy Information Administration will be released Wednesday. November crude was at $50.71 a barrel in electronic trading, up from the contract’s settlement of $50.29 on the New York Mercantile Exchange.

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Roche Group’s Genentech said late Tuesday the Food and Drug Administration has approved its Tecentriq immunotherapy medicine for the treatment of certain types of lung cancer. Tecentriq may treat lung cancer by working with the immune system and targeting a protein. More studies are evaluating Tecentriq alone and in combination with other medicines, the South San Francisco, Calif., company said in a statement.

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Puma Biotechnology Inc. shares fell in the extended session Tuesday after the biotech said it was launching a secondary public offering of its shares. Puma shares fell 4.8% to $50.15 after hours. The company said it planned to sell $150 million in shares, with an additional $22.5 million to underwriters to cover overallotments. Citigroup and J.P. Morgan are the lead book-running managers. At Tuesday’s closing price, the offering including overallotments works out to about 3.3 million shares. Puma has about 32.5 million shares outstanding, according to FactSet data.

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Shares of Yahoo Inc. gained in Tuesday’s extended session after the internet company posted better-than-expected results ahead of its merger with Verizon Communications Inc. . Yahoo reported its third-quarter earnings more than doubled to $163 million, or 17 cents a share, from $76 million, or 8 cents a share, a year earlier. On an adjusted basis, it would have earned 20 cents a share, beating Wall Street’s estimate of 14 cents a share. Revenue increased to $1.31 billion from $1.23 billion, in part due to changes in how it reports revenue. Excluding the impact of the change, revenue would have fallen 15% to $1.05 billion versus analysts’ forecast of $861 million. Revenue minus fees paid to partners for traffic, rose to $448 million versus $223 million but would have shrank 15% to $190 million under the previous accounting method. Yahoo shares rallied 1.3% after hours.

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Oil futures finished higher on Tuesday, reclaiming the $50-a-barrel level as the Organization of the Petroleum Exporting Countries’ Secretary General Mohammad Barkindo said that OPEC is determined to implement its plan to limit crude production. November West Texas Intermediate crude rose 35 cents, or 0.7%, to settle at $50.29 a barrel on the New York Mercantile Exchange.

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Wal-Mart Stores Inc. said Tuesday that its Vudu streaming service will begin offering free movies and on-demand TV shows with limited commercials, starting today. Included programming will be shown in high definition and can be watched across smart televisions, via app, and other options. Wal-Mart shares are up 1.1% in Tuesday trading, and 12.5% for the year to date. The S&P 500 Index is up 4.9% for 2016 so far.

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Gold futures finished higher Tuesday, marking their loftiest settlement in almost two weeks as strength in the British pound helped the U.S. dollar ease back from recent multimonth highs. Strength in the greenback often pressures dollar-denominated prices for the precious metal. December delivery settled at $1,262.90 an ounce, up $6.30, or 0.5%. That was the highest finish since Oct. 5, according to FactSet data.

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Shares of Sprint Corp. turned lower in morning trade Tuesday, after the telecommunications company disclosed preliminary second-quarter results. The company said in a filing with the Securities and Exchange Commission that losses for the quarter ended Sept. 30 narrowed to $142 million from $585 million a year ago. The latest quarter’s results included a $218 million gain related to spectrum swaps with other carriers. Revenue rose 3% to $8.25 billion, above the FactSet consensus of $8.00 billion. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $2.35 billion from $2.01 billion, just shy of the FactSet consensus of $2.39 billion. Total platform net additions were 740,000, while churn improved to 1.52% from 1.54%. The stock dropped 1.2%, after being up as much as 3.5% earlier in the session. It was still up 89% year to date, while the S&P 500 has gained 4.7%.

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Shares of Intel Corp. ran up 1.5% in morning trade Tuesday, after Barclays turned bullish on the chip maker, citing improving PC trends, increasing diversification and attractive valuation. Analyst Blayne Curtis raised his rating to overweight from equal weight, and boosted his stock price target to $45–19% above current levels–from $38. Curtis said the improving PC market was a factor in the upgrade, but he was also upbeat about how diversification helped reduce Intel’s exposure to the PC market to slightly below 50% of its revenue. “We believe Intel will be able to drive increasing top-line growth for the first time in a half decade as PC declines are moderating and a reduced portion of the overall mix…while data center growth continues [more than] 10%,” Curtis wrote in a note to clients. Intel’s stock has run up 9.8% year to date, while the PHLX Semiconductor Index has soared 23% and the Dow Jones Industrial Average has tacked on 4.3%.

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U.S. stocks rose Tuesday as investors welcomed better-than-expected quarterly results and as inflation data matched forecasts. Before the open, Goldman Sachs Group Inc. reported results that exceeded profit and revenue expectations, following strong results from Netflix Inc. after Monday’s close. Healthy earnings may help alleviate concerns about what many on Wall Street have described as lofty valuations for equities, despite a string of lackluster quarterly results. The Dow Jones Industrial Average rose 121, or 0.7%, at 18,204, the S&P 500 index climbed 16 points, or 0.8%, at 2,143, while the Nasdaq Composite Index advanced 52 points, or 1%, at 5,252. A reading of consumer prices, the consumer price index, was in line with estimates, up 0.3% last month, the government reported Tuesday. Meanwhile oil traded above $50 a barrel, providing an added lift to market sentiment, specifically the energy sector.

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