Category: Stock Market News

The British pound plummeted against the dollar on Thursday after Bank of England Gov. Mark Carney indicated the central bank will likely further ease monetary policy to combat an expected economic slowdown. The British pound tumbled to $1.3321 after the release of Carney’s prepared remarks — a sharp reversal from a session high of $1.3497. Carney struck a somber tone with his remarks, saying that uncertainty surrounding the U.K.’s plan to leave the European Union will likely weigh on economic growth, requiring the central bank to take action. Many economists expect the BOE to cut rates soon to combat tightening financial conditions in the wake of the Brexit vote.

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Natural-gas futures pared some of their earlier gains Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 37 billion cubic feet for the week ended June 24. That was below the average rise of 46 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.140 trillion cubic feet, up 582 billion cubic feet from a year ago and 637 billion cubic feet above the five-year average, the government said. The data included a downward “reclassification” to stocks in the Pacific region. August natural gas was up 1.5 cents, or 0.5%, to $2.878 per million British thermal units. It traded at $2.91 before the data.

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Shares of Hershey Co. soared 21% prior to a record high, after The Wall Street Journal reported that Mondelez International Inc. had made a takeover bid for the snack foods company. Mondelez had sent a letter to Hershey earlier this month, the WSJ reported. Hershey’s market capitalization increased to $24.5 billion after the stock’s jump. Mondelez’s stock surged 2.1%, taking its market cap up to $68.1 billion.

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Shares of Pier 1 Imports Inc. slumped 7% in active morning trade toward a four-month closing low, after the home-goods retailer reported disappointing fiscal first-quarter results and provided a downbeat outlook. Volume reached 4.2 million shares within the first hour of trade, compared with the full-day average of about 2.6 million shares. Credit Suisse analyst Seth Sigman kept his rating at neutral but trimmed his stock price target to $4.50, which is 11% below current levels, from $5. “The key investment consideration is whether [Pier 1] can effectively strike a balance between sales and margins, in an environment where demand seems to be moderating and competition increasing,” Sigman wrote in a note to clients. The stock, on track to close at the lowest level since Feb. 29, has tumbled 27% over the past three months, while the S&P 500 has gained 0.4%.

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Shire Plc shares rose 1.3% early Thursday after its premature infant treatment missed its primary endpoint but met two secondary endpoints in a phase 2 trial. The treatment, an investigational protein replacement, didn’t reduce the severity of a rare eye condition, but did have clinically relevant effects for two lifelong conditions: development of a chronic lung disease and a type of brain injury, the company said. Nearly 10% of U.S. babies were born premature in 2014, according to the Centers for Disease Control and Prevention. Shire shares rose 8.0% over the last three months, compared with a 0.3% rise in the S&P 500 .

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Shares of Priceline Group Inc. rose 2% on Thursday after they were upgraded to overweight from equal-weight and their price target lifted to $1,525 from $1,330 at Morgan Stanley. The upgrade stemmed from expectations that the company is winning the travel booking market over competitors, due to its selection of vacation rentals and other “alternative accommodations.” Startups such as Airbnb have made non-hotel accommodations more attractive in recent years, which prompted Priceline last summer to push more heavily into vacation rentals. Morgan Stanley analyst Brian Nowak expects Priceline’s adjusted EBITDA to rise in 2016 for the first time in five years. Shares of Priceline traded around $1,266 on Thursday morning. They are down roughly 3.9% over the last three months, underperforming the 0.5% increase for the S&P 500.

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Ruby Tuesday Inc.’s stock climbed 0.8% in morning trade Thursday, extending its bounce off Tuesday’s seven-year closing low, after the company announced a partnership with Tesla Motors Inc. to open supercharger stations. The restaurant chain said the first station was opened recently at a Ruby Tuesday restaurant in Miner, Mo., with additional stations at other locations under construction or in planning stages. “Expanding the Supercharger network to include Ruby Tuesday is good for both Tesla owners and our restaurants alike,” said Chief Marketing Officer David Skena. The stock has now gained 3.4% since closing Tuesday at $3.51, which was the lowest closing level since April 1, 2009. It has tumbled 34% year to date, while the S&P 500 has gained 1.5%. Tesla’s stock tacked on 0.9% on Thursday.

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Amazon.com Inc. announced Thursday that Prime Day will take place on July 12. This is the second year for the e-commerce giant’s sale event, which will include more the 100,000 deals available for Prime members in the U.S., Japan, Canada, and select European countries, including the U.K. Spain and Italy. Prime Day starts at midnight PT, with new deals every five minutes. Amazon will offer deals to Prime members between July 5 and July 11 in the lead-up to Prime Day. And between July 5 and July 12, Prime members in the U.S. will receive 40% off a Kindle Unlimited membership. Last year, 398 items were ordered per second worldwide on Prime Day, according to Amazon. Shares of Amazon are up 0.2% in Thursday trading and up 65.3% for the past 12 months. The S&P 500 is up 0.6% for the past year.

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U.S. stocks opened slightly higher Thursday, extending the rebound from the selloff triggered by the U.K. vote to exit the European Union. The main indexes looked set to book monthly losses but modestly higher over the quarter. The S&P 500 opened 3 points, or 0.1%, higher at 2,073. The Dow Jones Industrial Average added 25 points, or 0.1%, to 17,719. The Nasdaq Composite started the session up 7 points, or 0.2% at 4.786.

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Ampio Pharmaceuticals Inc. shares sank 54.8% in pre-market trade Thursday after a phase 3 trial for its osteoarthritis pain treatment missed its primary endpoint. Shares of Ampio rose 46.9% over the last three months, compared with a 0.33% rise in the S&P 500 .

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