Category: Stock Market News

U.S. stocks opened lower on Thursday, following data out of China that showed the country’s exports fell much more than expected in September, which raised new concerns about the rate of growth in the world’s second-largest economy. The Dow Jones Industrial Average [S: DJIA] fell 0.5%, or 91 points, to 18,048. The S&P 500 [S: SPX] fell 0.6%, or 12 points, to 2,217, with financials the biggest declining sector of the day. The Nasdaq Composite Index [S: COMP] fell 0.8%, or 40 points, to 5,200.

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From:: Stock Market News

Ocular Therapeutix Inc. shares rose 26% in premarket trade Thursday after the company announced a $10 million drug development deal with Regeneron Pharmaceuticals Inc. . The partnership’s focus is on developing a sustained-release formulation of Regeneron’s retinal disease drug aflibercept, also called Eylea. The formulation would advance the standard of care for such diseases by reducing injection frequency, Ocular said. Under the option and licensing agreement, Ocular could qualify for up to $305 million in milestone and royalty payments and retains some development rights for the sustained-release platform. Regeneron shares were down a slight 0.9% in premarket trade. Shares of Ocular rose 27.2% over the last three months, compared with a 0.6% decline in the S&P 500 . Regeneron shares rose 2.5% over the same period.

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Apple Inc.’s stock , which fell 0.6% in premarket trade Thursday, is warning of a reversal of the recent short-term uptrend, according to a bearish candlestick chart pattern known as a “harami cross.” On Wednesday, the stock’s close ($117.34) was very close to the open ($117.35), and in the middle of the intraday range ($116.75-$117.98), creating a candlestick pattern called “doji,” which in Japanese means “at the same time.” When dojis appear at the extreme of a recent trading range, they are believed to be trend reversal signals. In Apple’s current chart, the doji is the “cross” that appeared within the body of the previous session’s long candle ($116.30-$117.70). That makes it a “harami,” which in Japanese means to be pregnant, and to technicians suggests enough uncertainty to warn that the short-term trend has run out of steam.

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Lions Gate Entertainment Corp. on Thursday said it has agreed to new terms with its Chief Executive Officer Jon Feltheimer that will extend his tenure until May of 2023. Feltheimer has been at the helm for 16 years and has helped Lions Gate grow into a global content player and a prominent producer and distributor of feature films. While Lions Gate’s TV business continues to expand–the company, in June, announced plans to buy Starz Networks for $4.4 billion–its film business has disappointed since the finale of its tent-pole franchise “The Hunger Games.” Shares of Lions Gate have dropped more than 40% in the year to date and are down nearly 52% in the last 12 months, while the S&P 500 Index is up about 5% in the year and 7% in the last 12 months.

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Thai King Bhumibol Adulyadej, the world’s longest-reigning monarch, died on Thursday, according to media reports. He was 88. Thai markets slumped after the royal palace said Sunday that the King’s condition had become “unstable.” The country’s currency, the Thai baht, has slid more than 2% against the dollar since then, recently trading at 35.62 baht to the dollar. The iShares MSCI Thailand ETF , which tracks Thai stocks, has fallen 10% so far this week. More losses are expected on Thursday. King Bhumibol reigned for 70 years and led his country through the Cold War, as well as military conflicts in Vietnam, Laos and Cambodia.

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Shares of Ulta Salon Cosmetics & Fragrance Inc. surged 4.2% in premarket trade Thursday, after the cosmetics retailer raised its profit and sales outlook for the fiscal third-quarter ending October. The company now expects earnings per share of $1.35 to $1.38, up from a previous outlook of $1.25 to $1.30, and above the FactSet consensus of $1.30. The same-store sales growth forecast was raised to 14% to 15% from 11% to 13%, above the FactSet consensus of 12.6%. Looking ahead, Ulta confirmed that EPS will growth in the “low twenties” percentage range for fiscal 2017 through 2019, and now expects same-store sales growth during that period to be up 7% to 9%. The stock had soared 29% year to date through Wednesday, while the SPDR S&P Retail ETF had tacked on 1% and the S&P 500 had gained 4.7%.

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FedEx Corp. and United Parcel Services Inc. have set guidelines for returning Samsung Galaxy Note 7 devices, which have been reported to catch on fire. Both companies will only accept returns of the phones if they have been packaged in boxes that are made to handle lithium-ion batteries, according to Bloomberg. The companies will only transport the devices by ground shopping due to regulations on transporting recalled lithium battery items by air. Samsung has asked consumers to turn off the Galaxy Note 7 devices and return them to the location of purchase for an exchange or refund. Shares of Samsung Electronics Co. s: KR: 005930] were up 1.4% Thursday.

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Apple Inc.’s stock fell 0.6% in premarket trade, putting it in danger of snapping a seven-session win streak, despite continued upbeat comments from analysts. Pacific Crest’s Andy Hargreaves raised the stock price target to $129, which is 11% above current levels, from $121. “We continue to recommend buying AAPL,” Hargreaves wrote in a note to clients. “We believe current iPhone expectations are reasonable, and see the potential for upside to Street profit expectations over the next year from strong app store sales, among other things.” The stock closed Wednesday at a 10-month high. It has gained ground the past seven sessions–it rose 4.3% during that stretch–the longest such streak since the seven-session stretch ending Feb. 18, 2015.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Apple Inc.’s stock fell 0.6% in premarket trade, putting it in danger of snapping a seven-session win streak, despite continued upbeat comments from analysts. Pacific Crest’s Andy Hargreaves raised the stock price target to $129, which is 11% above current levels, from $121. “We continue to recommend buying AAPL,” Hargreaves wrote in a note to clients. “We believe current iPhone expectations are reasonable, and see the potential for upside to Street profit expectations over the next year from strong app store sales, among other things.” The stock closed Wednesday at a 10-month high. It has gained ground the past seven sessions–it rose 4.3% during that stretch–the longest such streak since the seven-session stretch ending Feb. 18, 2015.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Delta Air Lines said Thursday it had net income of $1.26 billion, or $1.69 a share, in the third quarter, compared with $1.32 billion, or $1.65 a share, in the year-earlier period. Adjusted per-share earnings came to $1.70, ahead of the FactSet consensus of $1.65. But revenue fell 5.6% to $10.48 billion, below the FactSet consensus of $10.53 billion. “With our focus on building a more sustainable and durable business, we will be taking a cautious approach to 2017 by keeping our capacity in line with the December quarter’s 1 percent growth level,” Chief Executive Ed Bastian said in a statement. The airline is expecting a slight decline in margins in the fourth quarter, as savings from lower fuel prices and cost cutting are offset by declines in unit revenues. Shares rose 0.7% premarket, but are down 22.5% in the year so far, while the S&P 500 has gained 4.7%.

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From:: Stock Market News