Category: Stock Market News

Coach Inc. said Wayne Kulkin is stepping down as chief executive officer of its Stuart Weitzman brand, and will become a consultant to the company. The luxury accessories company said Wendy Kahn will become CEO and brand president of Stuart Weitzman, effective Sept. 13. Kahn was previously at Valentino Fashion Group, where she was CEO of Valentino USA. “Wendy’s success in developing global luxury brands and extensive general management experience make her the ideal candidate to lead Stuart Weitzman, building on the brand’s strong foundation,” said Coach Chief Executive Victor Luis. The stock, which was still inactive in premarket trade, has soared 28% year to date while the S&P 500 has gained 5.3%.

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The world’s largest asset manager BlackRock Inc. on Thursday reported a drop in second-quarter revenue and profit, with clients facing “unprecedented challenges”. Profit for the quarter fell 4% to $789 million, or $4.73 a share, down from $819 million, or $4.84 a share, in the year-ago period. On an adjusted basis, earnings per share fell to $4.78 from $4.96. Revenue dropped to $2.80 billion from $2.91 billion last year. Analysts surveyed by FactSet expected earnings of $4.77 a share on revenue of $2.79 billion. Meanwhile, assets under management grew 4% to $4.9 trillion. “Our clients are facing unprecedented challenges as they attempt to navigate the current investment environment,” Chief Executive Officer Larry Fink said in the earnings release. “Political and macroeconomic uncertainty, historically low yields and elevated market volatility are leading clients to pause, as evidenced by more than $55 trillion in bank deposits in the U.S., China and Japan alone,” he added.

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The J. M. Smucker Co. said late Wednesday its board of directors has approved a dividend increase to 75 cents a share from 67 cents a share. The dividend is payable Sept. 1 to shareholders of record Aug. 12. Shares of Smucker were flat in late trading after ending the regular session up 0.5%.

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Yum Brands Inc. shares gained in the extended session Wednesday after the fast-food chain operator topped Wall Street earnings estimates for the second quarter. Yum shares rose 4.6% to $89.46 after hours. The company reported adjusted earnings of 75 cents a share on revenue of $3.01 billion. Analysts surveyed by FactSet had forecast earnings of 74 cents a share on revenue of $3.09 billion. Due to strong first-half results from China, Yum CEO Greg Creed raised his full-year core operating profit growth forecast to at least 14% from a previous 12%.

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Shares of Yelp Inc. closed down 4.4% at $29.04 on Wednesday after the stock was downgraded to underperform from market perform at Wells Fargo. Analyst Peter Stabler also lowered his valuation range on the stock, to between $21 and $23 from $22 to $24 previously. The downgrade reflects expectations that analysts are too optimistic regarding Yelp’s potential performance for 2017 and 2018. “The company will face challenges meeting its long-term margin targets,” said Stabler in a note to clients Wednesday. Shares of Yelp have risen 41.5% over the last three months, vastly outperforming the S&P 500, which is up 3.4%. However, they’ve underperformed significantly over the last year, down 18% versus a 2.5% gain for the index. Looking ahead, Stabler said he expects further challenges for Yelp related to international traffic and competition for local ads.

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The Dow Jones Industrial Average and the S&P 500 Index turned in another day of record closing highs Wednesday. The Dow industrials rose 24.45 points, or 0.1%, to close at 18,372.12, for its second record closing high in as many days. The S&P 500 Index advanced 0.29 points to close at 2,152.43, for its third record closing high in as many days. The Nasdaq Composite index declined 17.09 points, or 0.3%, to finish at 5,005.73, wiping out its fractional gain on the year seen on Tuesday.

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Toy company Hasbro Inc. said Wednesday it has acquired Irish animation company Boulder Media for an undisclosed sum. Boulder has produced series for a range of networks, including Cartoon Network, Nickelodeon, Disney and BBC, and will continue to do so while also producing animated products for Hasbro’s biggest brands, the company said in a statement. Boulder was founded in 2000 by Robert Cullen and employs about 150 full-time staffers. The company will retain its brand and report to Stephen Davis, head of Hasbro’s entertainment and consumer products licensing division. Hasbro shares were down almost 1% Wednesday, but are up 27% in the year so far, while the S&P 500 has gained just 5%.

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Former London mayor and Brexit campaigner Boris Johnson was named foreign secretary by new Prime Minister Theresa May, published reports from the U.K. said. The position was open after Philip Hammond was shifted to the role of chancellor.

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Oil futures fell on Wednesday, giving up just about all of the gains from a day earlier to finish back below $45 a barrel. A report from the Energy Information Administration showed a weekly rise in U.S. oil production, as well as increases for gasoline and distillate supplies. August WTI crude fell $2.05, or 4.4%, to settle at $44.75 a barrel on the New York Mercantile Exchange. It rose $2.04, or about 4.6%, to settle near a one-week high of $46.80 on Tuesday.

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Gold futures settled higher Wednesday for the first time in five sessions, with precious metals getting a boost as the recent rally for U.S. stocks took a pause. Gold for August delivery rose $8.30, or 0.6%, to settle at $1,343.60 an ounce. Prices for the yellow metal continued to gain, tapping highs above $1,344, in electronic trading following the latest Federal Reserve beige book survey of economic conditions. The survey raised questions about the broader health of the U.S. economy in the second half of the year. September silver, meanwhile, settled 24.2 cents, or 1.2%, higher at $20.413 an ounce-a nearly two-year high.

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