Category: Stock Market News

Gold futures suffered a sharp loss on Wednesday as traders hoped for some clarity on the near-term path for U.S. interest rates from Federal Reserve Chairwoman Janet Yellen’s speech later this week. Gold for December delivery lost $16.40, or 1.2%, to settle at $1,329.70 an ounce. That was the lowest settlement for the contract since July 26, according to FactSet data.

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Ford Motor Co. issued on Wednesday a safety recall on about 88,000 vehicles because of a fuel pump issue, that could cause a vehicle to stall out without warning while driving, or not start. The models affected include 2013 to 2015 Ford Taurus, Ford Flex, Lincoln MKS and Lincoln MKT vehicles with 3.5-liter gasoline turbocharged direct injection engines. Ford Police Interceptor sedans were also included. Ford also issued a safety recall of about 2,500 2015-2016 Ford Transit 3.2-liter diesel-equipped vehicles, as a the fuel injection pump could malfunction and cause the engines to stall while driving, or not start. “Ford is not aware of any accidents or injuries associated with this issue,” the company stated about the recalled vehicles. The stock, which slipped 04% in midday trade, has shed 12% year to date, while the S&P 500 has gained 6.8%.

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Oil futures lost more ground on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.5 million barrels in the week ended Aug. 19. That was significantly above the 200,000-barrel climb expected by analysts polled by S&P Global Platts, but the American Petroleum Institute late Tuesday reported a rise of nearly 4.5 million barrels, according to sources. Gasoline supplies were flat for the week, while distillate stockpiles edged up by 100,000 barrels, according to the EIA. October crude fell $1, or 2.1%, from Tuesday’s settlement to $47.10 a barrel on the New York Mercantile Exchange. Prices traded at $47.50 before the data.

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U.S. stocks on Wednesday edged lower at the open as investors awaited data on sales of existing homes in July. The S&P 500 index lost 2 points, or 0.1%, to 2,185. The Dow Jones Industrial Average slid 21 points, or 0.1%, to 18,525. The Nasdaq Composite Index shed 6 points, or 0.1%, to 5,254. Markets have been placid as investors await remarks from Federal Reserve Chairwoman Janet Yellen, who is slated to speak Friday. Some expect Yellen to deliver guidance about the Fed’s plans for interest rates at a retreat on Friday in Jackson Hole, Wyo.

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Shares of Williams Cos. fell 2% in premarket trade Wednesday, after activist investor Corvex Management LP issued an open letter to shareholders regarding its recommendation to replace the natural gas company’s entire board of directors. Corvex owned 30.9 million shares, or 4.1% of the shares outstanding as of Aug. 3, according to FactSet. Corvex it believes the board should be comprised of directors whose experience was more comparable to other large public companies, such as Marathon Petroleum Corp. and Phillips 66 . The letter was written by Corvex managing director Keith Meister, who resigned from the board in June, along with five other directors, because of a “fundamental disagreement” with the remaining directors. “Unfortunately, the board’s actions since I resigned have only reinforced my concern that the current directors are not the best stewards for our Company going forward and, as such, stockholders are entitled to the opportunity to elect a Board, rather than be subject to one hand-picked by the existing board members,” Meister wrote. Among the actions Meister mentioned was the board rebuffed an approach by Enterprise Product Partners LP to discuss a transaction. Williams’ stock had climbed 11% year to date through Tuesday, while the S&P 500 had gained 7%.

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Mallinckrodt PLC said Wednesday that it will sell its nuclear imaging business for $690 million to IBA Molecular, which makes radiopharmaceutical products. The deal, which is subject to approval from the U.S. Nuclear Regulatory Commission, is expected to close in the first half of 2017. Mallinckrodt said its nuclear imaging business employed more than 800 employees and two facilities, which will be transferred to IBA once the deal is closed. The company said it sold the business to focus on enlarging its presence in the high-growth specialty pharmaceuticals market. The stock, which was still inactive in premarket trade, has climbed 11% year to date, while the S&P 500 has gained 7%.

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Jones Lang LaSalle Inc. said Chief Executive Colin Dyer will step down from the CEO role, effective Sept. 30, after 12 years in the role, and retire from the investment management company at the end of the year. The company said President Christian Ulbrich, who joined the Jones Lang in 2005, will become CEO effective Oct. 1. The stock, which is still inactive in premarket trade, has tumbled 27% year to date, while the S&P 500 has gained 7%.

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Shares of Express Inc. plunged 17% in premarket trade Wednesday, after the apparel and accessories retailer reported fiscal second-quarter profit and sales that missed expectations, and provided a downbeat outlook. For the quarter ended July 30, earnings fell to $10.1 million, or 13 cents a share, from $21.0 million, or 25 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was 17 cents. Sales declined to $504.8 million from $535.6 million, missing the FactSet consensus of $520.9 million. Same-store sales declined 8%, compared with the FactSet consensus of a 4.6% decline. For the current quarter, the company expects EPS of 9 cents to 15 cents, below the FactSet consensus of 32 cents, and same-store sales to be down in the high-single-to-low-double-digits percentage range, compared with expectations of a 2.7% decline. “I am disappointed with our second quarter performance as sales and earnings were below our guidance, reflecting challenging store traffic,” said Chief Executive David Kornberg. “This was compounded by a lack of clarity across the assortment.” The stock had lost 7.2% year to date through Tuesday, while the SPDR S&P Retail ETF had climbed 6.8% and the S&P 500 had gained 7%.

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For the first time in 20 months, the Central Bank of Iceland on Wednesday lowered its benchmark interest rate, citing concerns about low inflation. The monetary policy committee cut the rate on seven-day term deposits to 5.25% from 5.75%, marking the first decrease in rates since December 2014. The policy makers said in a statement that inflation has remained below target for two-and-a-half years now and dropped to 1.1% in July, the lowest since early 2015. “Improved terms of trade, low global inflation, tight monetary policy, and the appreciation of the króna have offset the effects of wage increases on the price level,” the central bank said. “The króna has appreciated markedly in the recent term, in spite of substantial foreign currency purchases by the central bank.” The Icelandic króna dropped after the rate announcement, with the dollar buying 116.79 króna, compared with around 116.74 before.

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Central Italy was rocked by a 6.2-magnitude earthquake early Wednesday morning, centered near the city of Perugia. The temblor, which occurred at 3:36 a.m. local time, was shallow — just 6.2 miles deep, according to the U.S. Geological Survey — and lasted about 20 seconds. The USGS said data from previous similar quakes indicate there may be widespread and severe damage. The quake was felt as far away as Rome, according to reports. There were unconfirmed reports of heavy damage in the town of Amatrice. Italy has suffered from several deadly earthquakes in recent years, including one measuring 6.3 in 2009 that killed nearly 300 people, and a pair of quakes measuring 6.0 and 5.8 that killed dozens in 2012.

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