Category: Stock Market News

The U.S. Energy Information Administration on Tuesday raised its 2016 and 2017 forecasts for West Texas Intermediate and Brent crude prices. In its monthly energy outlook report, the government agency forecast an average price of $43.57 a barrel for WTI this year, up from a previous estimate of $42.83. Brent crude is seen averaging $43.73 this year, up from the $43.03 June forecast. For 2017, the EIA sees an average of $52.15 for both WTI and Brent. The EIA left its U.S. oil production estimates for 2016 and 2017 at 8.6 million barrels a day and 8.19 million barrels a day, respectively. August WTI crude traded at $46.59 a barrel, up $1.83, or 4.1%.

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Shares of Etsy Inc. soared 11% to an eight-month high Tuesday. The stock has gained 14% in the past month, compared to the S&P 500’s gain of 3%. Shopify Inc. , another e-commerce stock, was up 4% Tuesday. The gains come amid consumer hype over Amazon.com Inc.’s Prime Day sales event. Amazon shares were down less than 1%.

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U.S. stocks opened higher on Tuesday with the S&P 500 and Dow industrials trading in record territory. A jump in oil prices benefited energy companies, which were leading the winners in early trade. A stronger-than-expected second-quarter report from Alcoa Inc. also fostered optimism on Wall Street. The S&P 500 , which closed at a fresh record for the first time in nearly 14 months on Monday, was up 12 points, or 0.5%, at 2,149. The Dow Jones Industrial Average added 91 points, or 0.5%, to 18,316, trading above its closing record set in May 2015 and near its intraday record. The Nasdaq Composite advanced 31 points, or 0.6% trading above 5,000 for the first time this year.

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Sage Therapeutics shares surged 45% in premarket trade Tuesday, after the company reported positive results from a trial of a drug to treat severe postpartum depression. The company said a Phase 2 trial of SAGE-547 met its primary endpoint of a significant reduction in symptoms compared to placebo at 60 hours. “This is potentially one of the most important clinical findings in the pharmacologic treatment of postpartum depression to date,” said Samantha Meltzer-Brody, M.D., M.P.H., associate professor and director of the UNC Perinatal Psychiatry Program of the UNC Center for Women’s Mood Disorders and primary investigator for the PPD-202 Trial. There are currently no approved treatments specifically developed for postpartum depression, which affects 10% to 15% of mothers and can have devastating consequences.

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At least 10 people were killed and a dozen injured in a train crash in Southern Italy on Tuesday, according to media reports. The accident happened as two trains on a single-track line collided head-on between the towns of Corato and Andria, close to Bari. Italy’s Prime Minister Matteo Renzi said the train crash marked a “moment of tears”, media reports said.

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AMC Entertainment Holdings Inc. said Tuesday it has agreed to acquire Odeon & UCI Cinemas Group from private-equity firm Terra Firma, in a deal valued at 921 million pounds. London-based Odeon & UCI is the biggest theater exhibitor in Europe. AMC, which is already in the process of acquiring Carmike Cinemas , said it will pay 75% in cash, and the remaining 25% in stock. The deal is expected to close by Dec. 31. Odeon and UCI already has 242 theaters and 2,236 screens, selling 90 million tickets annually. It is the biggest theater chain in the UK, Ireland, Italy, Spain, and the second-biggest in Austria and Portugal. It’s the fourth-biggest chain in Germany. The company had about $12 billion in revenue for the 12 months through March 31. Once the deal closes, AMC will control 627 theaters and more than 7,600 screens in eight countries. “While we acknowledge that there are some uncertainties related to Brexit, we are encouraged that current currency rates are highly favorable to AMC with the pound falling to a three decade low versus the dollar,” AMC CEO Adam Aron said in a statement. AMC shares were not yet active in premarket trade, but are up 15.7% in the year so far, while the S&P 500 has gained 4.6%.

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Starbucks Corp. said it raised prices on select sizes of brewed coffee by 10 cents to 20 cents, and on espresso and tea lattes by 10 cents to 30 cents. Starbucks said it expects the increases to increase the average customer ticket by about 1%. The company said 65% of beverage prices have not changed. “Pricing is continually evaluated on a product-by-product and market-by-market basis in our stores in order to balance business needs while continuing to provide value to our loyal customers,” Starbucks said in a statement posted on its website. The New York Post reported last week that Starbucks may raise beverage prices by as much as 30 cents soon, as they have in July the past two years. On Monday, Starbucks said it would raise wages by at least 5%. The stock, which ticked up 0.5% in light premarket trade, has declined 6.2% year to date through Monday, while the S&P 500 index has gained 4.6%.

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China’s apparent oil demand fell by 2.7% to average 10.88 million barrels per day in May compared to a year earlier, according to a report from S&P Global Platts released early Tuesday. Oil demand has now fallen for four months in a row, with a slowdown in the Chinese economy contributing to decreases in gasoil and fuel-oil consumption. China’s oil demand is expected to grow by less than 2% this year, as “gross domestic product growth slows on the back of economic rebalancing,” the report said. On the New York Mercantile Exchange, August West Texas Intermediate crude traded at $45.59 per bbl, up 83 cents, or 1.9%.

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Facebook Inc. is facing a $1 billion lawsuit, according to multiple media reports. Relatives of Israeli and American victims of Palestinian attacks have filed the suit against the social-media giant, arguing Facebook let the militant group Hamas use the service to spread violence, a USA Today report said. The lawsuit was filed Sunday in New York, ABC reported.

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General Mills Inc. said late Monday it is recalling one of its Betty Crocker brand cake mixes from Canadian markets because of a possible E. coli contamination risk. The company said it is recalling boxes of its “Betty Crocker Super Moist brand Cake Mix Rainbow Bit” sold in Canada because of a possible contamination to the E. coli O121 bacteria. General Mills said no illnesses have been reported and that the Canadian Food Inspection Agency is conducting an investigation, which may lead to the recall of other products. General Mills shares were unchanged at $71.81 after hours.

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