Category: Stock Market News

Shares of Twitter Inc. soared 7.3% in active trade Wednesday, after media reports drummed up buyout speculation, again. Volume was 55.3 million shares, or more than double the full-day average of 23.6 million shares, according to FactSet. The buyout rumor this time, was that large stakeholders, such former Microsoft Corp. CEO Steve Ballmer or Saudi Arabia’s Prince Alwaleed bin Talal were interested in buying the social network. “We see a takeover of [Twitter] led by these two investors as unlikely,” said S&P Global equity analyst Scott Kessler in a research note emailed to MarketWatch. “We see value in the company’s global platform, offerings and balance sheet, but think a notable activist investor or strategic acquirer would likely have to drive an acquisition of [Twitter], whose market cap is over $11 billion.” In June, some analysts said Microsoft’s bid to buy LinkedIn Corp. might inspire Alphabet Inc. to buy Twitter. Twitter’s stock has run up 26% over the past three months, but has tumbled 24% year to date. The S&P 500 has gained 5.9% so far this year.

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Oil futures ended sharply higher Wednesday, with the U.S. benchmark finishing back above $40 a barrel after government data showed a larger-than-expected drop in gasoline inventories last week. West Texas Intermediate crude for September delivery rose $1.32, or 3.3%, to close at $40.83 a barrel.

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Gold futures retreated from a two-year high Wednesday following strong economic data, along with rising stocks and a U.S. dollar. Gold for December delivery fell $7.90, or 0.6%, to settle at $1,364.70 an ounce. Similarly, silver for September delivery declined 23 cents, or 1.1%, to settle at $20.47 an ounce. The U.S. Dollar Index advanced 0.5% to 95.57, while the S&P 500 Index rose 2 points to 2,159.

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The Federal Reserve Board on Wednesday fined Goldman Sachs [s:GS] $36.3 million for its unauthorized use and disclosure of confidential supervisory information. The regulator also ordered the investment bank to implement improved policies for use of confidential regulatory information. The Fed is also initiating enforcement proceedings against a former Goldman Sachs managing director, Joseph Jiampietro, related to his and his subordinates’ alleged unauthorized use and disclosure of reports of bank examinations and other confidential reports prepared by banking regulators in presentations to its clients and prospective clients in an effort to solicit business for the firm. The order against Goldman Sachs also prohibits the firm from re-employing individuals involved in the improper disclosure of confidential supervisory information or retaining them as consultants or contractors.

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Oil futures are higher in volatile price action as traders sifted through weekly inventories data. The Energy Information Administration said U.S. crude stockpiles rose 1.4 million barrels in the week ended July 29. Analysts surveyed The Wall Street Journal had forecast a drop of 1.3 million barrels. The data, however, showed that gasoline inventories had dropped by 3.3 million barrels, versus forecasts for a fall of 300,000 barrels. Oil futures initially plunged in the wake of the data, but then rebounded sharply to set new session highs. September WTI crude on the New York Mercantile Exchange is up 56 cents, or 1.5%, at $40.07 a barrel. September gasoline spiked higher and is up 0.8% at $1.3219 a gallon.

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Rubicon Project Inc.’s stock plunged 32% in active morning trade Wednesday, putting on track for the biggest one-day drop since it went public in November 2013, after the cloud-based advertising exchange’s downbeat profit outlook prompted multiple analyst downgrades. Volume was about 4 million shares, or already nearly eight times the full-day average. RBC Capital analyst Andrew Bruckner cut his rating to sector perform, after being at outperform since May 2014. “We were on the wrong side of this one,” Bruckner wrote in a note to clients. “[Rubicon] is beginning a meaningful business transition since it has encountered the ‘perfect storm’ of a quicker-than-expected slowdown in desktop display advertising coupled with a faster-than-expected pick up in header bidding.” Boenning & Scattergood downgraded Rubicon to neutral from outperform and SunTrust Robinson Humphrey also cut its rating to neutral. Rubicon reported late Tuesday earnings that beat expectations, as it has every quarter since it went public, but it’s outlook for the current quarter and full year were well below analyst projections, according to FactSet.

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Shares of Twitter Inc. were climbing 5% Wednesday morning. There were about 8.2 million shares trading, compared to the 30-day average volume of 23.6 million shares. Shares have gained 3% week-to-date even after Twitter missed second-quarter revenue expectations on July 26. The S&P 500 has lost 1% in the same time period. In the past three months, Twitter shares have gained 22%, outperforming the S&P 500’s 5% gain.

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U.S. stocks kicked off trading on Wednesday modestly lower after a report showed that the private sector added a better-than-expected 179,000 new jobs last month. The report from Automatic Data Processing Inc. indicated that 179,000 jobs were added in the private sector in July. The reading sets the tone for closely watched July nonfarm-payrolls data due Friday. The Dow Jones Industrial Average fell 7 points, or less than 0.1%, to 18,307, putting blue-chips on track to sink for an eighth day in a row. The S&P 500 index dipped 1 point, or less than 0.1%, to 2,155. Meanwhile, the Nasdaq Composite Index declined 7 points, or 0.1%, at 5,130. In corporates, Fitbit Inc. , the maker of fitness-tracking wristbands, was trading lower after its quarterly sales and earnings beat expectations.

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Shares of Crocs Inc. plunged 18% in premarket trade Wednesday after the company reported a far worse-than-expected decline in sales and a disappointing outlook. The company reported net income of $15.5 million, or 13 cents a share, slightly higher than $13.4 million, or 11 cents a share, in the year-earlier period, as the company reduced expenses. Analysts polled by FactSet had been anticipating earnings of 15 cents a share. Revenue fell 6% to $324 million from $345 million a year ago, below the consensus estimate of $348 million. Its outlook for the current quarter also missed expectations and implied further sales declines, which it blamed on a “more cautious retail environment” and slower turnaround in China. The shoe company is guiding toward revenue in the range of $245 million to $255 million, compared with $274 million a year ago, below analysts’ expectations of $289 million. As of Tuesday’s close, shares of Crocs had been down 27% in the past 12 months, versus a 3% improvement for the S&P 500 .

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DineEquity Inc. shares are down 0.2% in Wednesday premarket trading after the company reported second-quarter sales that missed expectations and a same-store sales decline at its Applebee’s chain of restaurants. Net income totaled $26.4 million, or $1.45 per share, compared with $26.5 million, or $1.40 per share, for the same period last year. Adjusted earnings were $1.59 per share, meeting the FactSet consensus. Revenue for the quarter totaled $160.3 million, down from $171.5 million and missing the FactSet consensus of $162 million. Same-restaurant sales at the company’s IHOP chain rose 0.2%, but fell 4.2% at the Applebee’s chain. DineEquity lowered the fiscal 2016 same-restaurant sales guidance for Applebee’s to between negative 3% and negative 4.5% from between negative 2% and positive 2%. IHOP’s fiscal 2016 same-restaurant sales guidance was also lowered to between 0.5% and 2% growth from 1% to 4% growth. DineEquity shares are down 23.1% for the past year while the S&P 500 Index is up 2.8% for the same period.

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