Category: Stock Market News

J.P. Morgan Chase & Co. said Tuesday that it elected Todd Combs, an investment officer at Warren Buffett’s Berkshire Hathaway Inc. , to its board of directors, effective Sept. 19. Combs was named director of the bank’s subsidiaries, JPMorgan Chase Bank N.A. and of Chase Bank USA N.A. Prior to joining Berkshire Hathaway in 2010, Combs was chief executive officer at investment partnership Castle Point Capital, managing capital for endowments, family foundations and institutions. “Todd Combs is an extraordinary leader, investor and thinker, with a deep understanding of finance and business,” said JPMorgan Chief Executive Jamie Dimon. JPMorgan’s stock, which was still inactive in premarket trade, has edged up 0.2% year to date, while the Dow Jones Industrial Average has gained 4%.

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Police in Tulsa, Okla., on Monday released video footage of an officer shooting an unarmed black man who, according to news reports, had been dealing with his vehicle that stalled in the road. Terence Crutcher, 40, died Friday evening, and footage showed he had his arms in the air just before he was shot next to his SUV. A police spokesman told ABC News the video “raises a lot of questions” about the justification of the shooting. The Department of Justice is aiding Tulsa police with its investigation. Crutcher failed to follow commands given to him by the officers, a police spokesman told the AP. 42-year-old Betty Shelby has been identified as the police officer who fatally shot Crutcher.

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Homebuilder Lennar Corp. said on Tuesday fiscal third-quarter earnings jumped to $235.8 million, or $1.01 a share, up from $223.3 million, or 96 cents a share, in the year-ago period. Revenue rose to $2.8 billion, up 14% from the $2.5 billion reported a year ago. Analysts polled by FactSet expected earnings of 90 cents a share on revenue of $2.7 billion. Home deliveries rose 7% to 6,779 homes during the quarter, while new orders climbed 8%. “We have continued to focus our land spend on high quality, ‘A’ locations while also ramping up our first-time homebuyer land positions as that segment of the market continues to improve,” said Stuart Miller, Lennar CEO, in the earnings statement. Shares rose 2.8% premarket.

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Apple Inc.’s 12-month price target was lifted to $127 a share from $115 by UBS analysts Steven Milunovich and Benjamin Wilson, in a note to clients on Tuesday. The analysts based that increase partly on expectations for higher earnings per share in 2017 — to $9.30 from $9 previously. UBS said early signs of demand for the iPhone 7 are “encouraging,” but that they also wouldn’t get too carried away. “Verizon said it isn’t seeing unusual demand, and we don’t know what is happening in China, where there have not been aggressive promotions,” said the analysts. They added that Apple gains could fade in the next two weeks and then move up into earnings. Read: How Apple’s stock tends to trade around its September event

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Google sent invitations late Monday for a media event in San Francisco on Oct. 4, when a new smartphone is expected to be announced. In a cryptic video released on YouTube, a Google search bar slowly transforms into a phone-shaped object. Alphabet Inc’s Google also launched a new teaser website promising something “made by” Google. Google has been rumored to be launching a smartphone sometime this year, and multiple reports have suggested that the new smartphone will drop the Nexus brand name, possibly replacing it with “Pixel.”

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Steel Dynamics Inc. shares slipped in the extended session Monday after the steel producer and recycler’s outlook fell below Wall Street estimates. Steel Dynamic shares ticked down 1.2% to $24 after hours. The company said it expects third-quarter earnings of 63 cents to 67 cents a share. Analysts surveyed by FactSet are forecasting earnings of 70 cents a share.

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Shares of Ascena Retail Group Inc. fell nearly 24% in late trading Monday after the parent of Ann Taylor, Lane Bryant, and other apparel retailers reported adjusted earnings well below Wall Street expectations and also missed sales expectations. Ascena said it earned 7 cents a share in the fiscal fourth quarter, versus a loss of $1.98 a share in the year-ago period. Adjusted for one-time items, the company earned 8 cents a share in the quarter. Net sales reached $1.8 billion, compared with $1.2 billion a year ago, mostly due to the acquisition of Ann Taylor. Analysts polled by FactSet had expected adjusted earnings of 16 cents a share on sales of $1.7 billion. Shares had ended the regular trading session up 1.9%.

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Shares of Chesapeake Energy Corp. declined in the extended session Monday after billionaire investor Carl Icahn cut his stake in the gas and oil exploration and production company. Chesapeake Energy shares slipped 2.1% to $6.67 after hours. Icahn and associated partners reduced their stake in Chesapeake to 35.3 million shares, or 4.6% of outstanding shares, according to a Monday filing with the Securities and Exchange Commission. Back in August, Icahn and partners reported a stake of about 73 million shares in the company.

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FedEx Corp. plans to raise shipping rates in January with all its services affected, the company said late Monday. FedEx Express will raise charges by an average 3.9% while FedEx Ground and FedEx Home Delivery will also increase fees by 4.9%. Shares of FedEx were mostly unchanged in the after-hours session.

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Shares of SeaWorld Entertainment Inc. fell 7% in late trading Monday after the theme park operator halted dividends indefinitely. SeaWorld said its board of directors declared a cash dividend of 10 cents a share payable Oct. 7 to shareholders of record at the close of business on Sept. 29, down from a previous quarterly dividend of 21 cents a share. After this declaration, dividends are halted, the company said. “Future dividends, if any, and the timing of declaration of any such dividends, will be at the discretion of the Board and will depend upon, among other things, the Company’s financial condition, capital needs, covenants, economic conditions and other factors that the Board may deem relevant,” SeaWorld said. SeaWorld shares have been under pressure in recent years due to concerns and controversy surrounding its treatment of its killer whales. In March, the company decided to end its captive breeding program for the killer whales and to eliminate its shows in favor of educational programs.

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