Category: Stock Market News

Natural gas futures spiked higher but then gave back gains in choppy trade Thursday after weekly U.S. government data showed an unexpected drawdown in the amount of fuel in storage. The Energy Information Administration said natural gas inventories fell 6 billion cubic feet from the previous week to 3.288 trillion cubic feet. Analysts surveyed by The Wall Street Journal had forecast a rise of 1 billion cubic feet. Natural gas futures jumped in the wake of the data but then retreated to flip between small gains and losses. Natural gas for September delivery on the New York Mercantile Exchange was flat at $2.839 per million British thermal units.

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Shares of At Home Group , a home retail company, were trading at $15.66, above the company’s issue price, in its debut Thursday on the New York Stock Exchange. At Home sold 8.7 million shares at $15 a share to raise $130.5 million. Bank of America Merrill Lynch, Goldman, Sachs & Co., Jefferies and Morgan Stanley were underwriters for the offering.

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Shares of fertilizer maker CF Industries Holdings Inc. tumbled 14% Thursday to mark their biggest one-day decline in eight years, after the company’s second-quarter profit fell way below expectations. CF said late Wednesday that it had net income of $47 million, or 20 cents a share, in the quarter, down from $352 million, or $1.49 a share, in the year-earlier period. Adjusted per-share earnings came to 33 cents a share, well below the FactSet consensus of 67 cents.Earnings were hurt by a $61 million realized loss on natural gas hedges and a $150 million merger termination payment to OCI N.V. Sales fell to $1.13 billion from $1.31 billion, weighed down by lower average selling prices across all segments. The company said it expects abundant nitrogen supply to continue to pressure pricing through 2017. The company is suspending its share buyback program to preserve cash. Shares are down 48% in the year so far, while the S&P 500 has gained about 6%.

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U.S. stocks kicked off Thursday trade mostly flat after the Bank of England cut its key interest rate for the first time in seven years and expanded its quantitative-easing program. Investors in the U.S. are widely awaiting a key jobs report due Friday, which could help offer guidance on the health of the labor market. Before the opening, however, a report on weekly labor-market report showed that those submitting claims for unemployment rose to the highest level since the end of June, but jobless claims were still signaling healthy employment levels. The Dow Jones Industrial Average opened 10 points, or less than 0.1%, at 18,363, the S&P 500 index was less than a point lower at 2,164 and the Nasdaq Composite Index was little-changed at 5,159.

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Ford Motor Co. said Thursday that it was recalling about 830,000 vehicles, including about 767,000 in the U.S., to replace side-door latches. Ford said there was one reported injury and one reported accident related to faulty side-door latches. The recalls involves 2013 to 2015 Ford C-Max, 2013-2015 Ford Escape, 2012 to 2015 Ford Focus, 2015 Lincoln MKC, 2015 Ford Mustang and 2014-2016 Ford Transit Connect vehicles. Ford disclosed in a regulatory filing that the “field service action,” or recall, will cost about $270 million, and will be recorded in the third quarter. “In the affected vehicles, the pawl spring tab in the side door latch could break. This condition typically will prevent the door from latching. In certain situations where the door is able to be closed, the door may unlatch while driving, increasing the risk of injury,” Ford said in a statement. The stock, which edged up 0.4% in premarket trade, had tumbled 14% year to date through Wednesday, while the S&P 500 had gained 5.9%.

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From:: Stock Market News

Ford Motor Co. said Thursday that it was recalling about 830,000 vehicles, including about 767,000 in the U.S., to replace side-door latches. Ford said there was one reported injury and one reported accident related to faulty side-door latches. The recalls involves 2013 to 2015 Ford C-Max, 2013-2015 Ford Escape, 2012 to 2015 Ford Focus, 2015 Lincoln MKC, 2015 Ford Mustang and 2014-2016 Ford Transit Connect vehicles. “In the affected vehicles, the pawl spring tab in the side door latch could break. This condition typically will prevent the door from latching. In certain situations where the door is able to be closed, the door may unlatch while driving, increasing the risk of injury,” Ford said in a statement. The stock, which edged up 0.6% in premarket trade, had tumbled 14% year to date through Wednesday, while the S&P 500 had gained 5.9%.

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Shares of Kellogg Co. rose 1.1% in premarket trade Thursday, after the cereals and snacks company matched second-quarter profit expectations, but provided an upbeat outlook for the year. Earnings rose to $280 million, or 79 cents a share, from $223 million, or 63 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 91 cents, matching the FactSet consensus. Revenue fell 6.6% to $3.27 billion from $3.50 billion, primarily because of the remeasurement of the Venezuelan business. The FactSet consensus was $3.36 billion. Sales of Kellogg’s U.S. morning foods and snacks businesses declined. The company raised its 2016 EPS outlook, on a currency-neutral basis, to a range of $4.11 to $4.18 from $4.00 to $4.07. The stock climbed 12% year to date through Wednesday, while the S&P 500 has gained 5.9%.

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Restaurant Brands International Inc. said Thursday it had net income of $90.9 million, or 38 cents a share, in the second quarter, up from $11 million, or 5 cents a share, in the year-earlier period. Adjusted per-share earnings came to 41 cents, above the FactSet consensus of 35 cents. Revenue edged down to $1.040 billion from $1.042 billion, just below the FactSet consensus of $1.05 billion. Shares were not yet active in premarket trade, but are up about 20% in the year so far, while the S&P 500 has gained about 6%.

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The yield on the U.K.’s benchmark 10-year bond, or gilt, was driven to record lows Thursday after the Bank of England cut its benchmark interest rate and ramped up stimulus efforts. The yield was down 14 basis points to 0.65% compared with 0.80% just ahead of the BOE’s policy decision, according to Tradeweb. Yields fall as prices rise. The key interest rate was cut to a record low of 0.25% from 0.5%, the first cut since March 2009, after data showed the U.K. economy declining after the Brexit vote. The ​BOE​’s quantitative easing program was expanded to £435 billion ($579 billion) from £375 billion. It also​ plans to start buying £10 billion in corporate bonds.

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Akorn Inc. said Thursday that it initiated a new $200 million share repurchase program. At Wednesday’s closing price of $33.01, that would allow the generic drug company to buy back about 5% of its shares outstanding. Separately, Akorn reported second-quarter earnings of $62.0 million, or 50 cents a share, up from $32.5 million, or 27 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 58 cents, above the FactSet consensus of 55 cents. Revenue rose to $280.7 million from $220.9 million, beating the FactSet consensus of $273.0 million. The company now expects 2016 revenue to be at the upper end of its previously provided guidance of $1.06 billion to $1.08 billion, and adjusted EPS to be at the high end of its $2.10 to $2.20 outlook. The stock, which was still inactive in premarket trade, has lost 12% year to date, while S&P 500 has gained 5.9%.

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