Category: Stock Market News

U.S. stocks opened little changed Tuesday as investors awaited further clues on the timing of the next Federal Reserve interest-rate hike, weighing fresh remarks by Fed Vice Chairman Stanley Fischer and looking ahead to August jobs data due at the end of the week. Fischer, in a television interview, said is impossible to say whether the next rate rise would be “one and done.” The S&P 500 was virtually unchanged at 2,180.51, while the Dow industrials rose around 1 point to 18,504.02. The Nasdaq Composite rose less than 0.1% to 5,233.30.

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Shares of United Continental Holdings Inc. rose 4.6% in premarket trade Tuesday after the stock was upgraded to outperform from market perform at Raymond James. The analysts said they upgraded the stock because the company appointed two industry veterans, with Scott Kirby appointed as president and Andrew Levy as chief financial officer. Their appointment should start narrowing the company’s margin gap, they say. They also note that competitive capacity is improving. The analysts have a $65 price target for the stock. Shares of United Continental have gained 4% in the past three months, in line the S&P 500’s gain of 4%.

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WASHINGTON (MarketWatch) – The U.S. Treasury Department said Tuesday it was disappointed with the European Commission seeking to force Apple Inc. to repay tax breaks given by Ireland. A spokesperson for the department said the Commission was acting unilaterally and had department from progress made by the international community to combat tax avoidance. “We believe that retroactive tax assessments by the Commission are unfair, contrary to well-established legal principles and call into question the tax rules of individual Member States,” the spokesperson said. The case could undermine “the important spirit of economic partnership between the U.S. and the EU,” the spokesperson added. The European Union’s Competition Commission ruled that Apple’s tax arrangement with Ireland breached state-aid rules and ordered Ireland to recover as much as $14.5 billion in taxes from the tech giant. Apple and Ireland both said they will appeal the ruling.

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General Electric Co. said Tuesday that Richard Laxer has been named chief executive officer of GE Capital International, effective Sept. 1. He succeeds Keith Sherin, CEO of GE Capital, who will retire Dec. 31 after 35 years with the company. Going forward, GE Capital will include three global businesses: GE Capital Aviation Services, GE Energy Financial Services and GE Industrial Finance. Laxer started his career with GE in 1984 and has held a number of leadership positions including CEO of GE Capital businesses around the world. GE shares are nearly flat in premarket trading, but up 24.6% for the last year. The S&P 500 Index is up 9.6% for the past 12 months.

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Sears Holding Corp. said Tuesday that it will bring paint back to stores due to the strong housing market and the rising number of home-improvement projects. The rollout will start in 23 stores before going nationwide, starting with cities including Albany, N.Y., Oak Bridge, Ill., and Saginaw, Mich. Sears is introducing a Craftsman brand paint that will be priced between $6 and $33, and is bringing back Weatherbeater exterior paint, priced between $14 and $34, and Easy Living interior paint, priced between $2.50 and $29. All together, Sears will offer 2,400 colors. The retailer stopped selling paint in 2012. Sears shares are inactive in premarket trading, but down 47.3% for the last year. THe S&P 500 Index is up 9.6% for the last 12 months.

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G-III Apparel Group Ltd. shares tumbled 13% in premarket trade Tuesday, after the company missed second-quarter earnings estimates and lowered their outlook for the full year. The owner of brands including Calvin Klein, Tommy Hilfiger and Karl Lagerfeld, said it had a net loss of $1.3 million, or 3 cents a share, in the quarter, after a profit of $12.5 million or 27 cents a share, in the year-earlier period. Earnings were hurt by fees stemming from the company’s planned acquisition of Donna Karan. Sales fell to $442.3 million from $473.9 million. The FactSet consensus was for EPS of 17 cents a share on sales of $485 million. “While we have revised our short-term expectations to reflect external challenges in outerwear and in the outlet center environment, we are as confident as ever in our ability to grow revenues and increase our profitability over the next few years,” Chief Executive Morris Goldfarb said in a statement. The company is now expecting full-year EPS of $2.16 to $2.26, down from earlier guidance of $2.55 to $2.65. Sales are expected to total $2.48 billion, down from prior guidance of $2.56 billion. Shares are down 6% in the year through Monday, while the S&P 500 has gained about 7%.

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Nordstrom Inc. said Monday that it will begin selling an edited assortment of J. Crew merchandise at Nordstrom full-line stores and online starting Sept. 12. Items will include women’s apparel and accessories, with petites available online only. Among the 16 Nordstrom locations selling J. Crew items are Downtown Seattle, Michigan Avenue in Chicago, NorthPark Center in Dallas, and The Mall at Short Hills in New Jersey. Nordstrom has had a partnership with J. Crew’s Madewell brand since 2015, with merchandise now available in 76 locations and online. Nordstrom shares are inactive in Monday after-hours trading, but down 28.5% for the past year. The S&P 500 Index is up 9.6% for the last 12 months.

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United Continental Holdings Inc. said Monday that it has named Scott Kirby president, a new position with the company, effective immediately. Kirby will be responsible for operations, marketing, sales, alliances, network planning, and revenue managment. Kirby was most recently president at American Airlines Group Inc. , a title he held since American Airlines merged with U.S. Airways in 2013. American Airlines said Monday that Chief Operating Officer Robert Isom has been named president, effective immediately, succeeding Kirby. He has been COO at American Airlines since 2013. United Continental shares are up 1.1% in after-hours trading, but down 18.1% for the year so far. American Airlines shares are down 0.2% in after-hours Monday trading, and down 14.6% for the year to date. The S&P 500 Index is up 6.7% for the year so far.

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Austin, Texas-based National Instruments Corp. said late Monday its board of directors has appointed Alex Davern the company’s chief executive and president, effective Jan. 1. Davern will succeed James Truchard, who has been National Instruments’ CEO since co-founding the company 40 years ago. Truchard remains chairman of the board, the company said in a statement. Davern served as the company’s chief operational officer since 2010 and as chief financial officer since 1997. National Instruments, a maker of test equipment, and software and hardware used in tests, will conduct a search for a new CFO and expects to have one in place by the end of the year. National Instruments shares were halted in late trading Monday after ending the regular session up 0.5%.

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Mondelez International Inc. announced Monday that it is no longer negotiating with The Hershey Co. on a potential acquisition, sending Hershey shares plunging. Hershey shares soared to record highs in June after The Wall Street Journal reported that Mondelez offered $107 a share for the candy company. Hershey rejected that $23 billion bid, and Mondelez said further talks were unsuccessful. “Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement,” Mondelez Chief Executive Irene Rosenfeld said in a news release Monday afternoon. Hershey shares plunged more than 10% in late trading, falling below $100 a share after closing at $111.67, while Mondelez shares held steady.

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