Category: Stock Market News

Dave Cote, Honeywell International Inc.’s long-serving chairman and chief executive, will step down as CEO on March 31 but remain as executive chairman until April 2018, Honeywell said in a statement Tuesday. Cote has signed a five-year consulting and non-competition agreement with the company that will take effect after he retires as chairman. Chief Operating Officer Darius Adamczyk has been named to succeed Cote as CEO. Honeywell shares were mostly flat in after-hours trading.

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Oil futures climbed in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 3.9 million barrels for the week ended June 24, according to sources. Analysts polled by S&P Global Platts forecast a fall of 2.4 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. August crude was at $48.07 a barrel in electronic trading, up from the contract’s settlement of $47.85 on the New York Mercantile Exchange.

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Nordstrom Inc. said Tuesday that it is closing the Chicago Trunk Club fulfillment center by August 2017. Trunk Club is a retail shopping service that pairs shoppers with a personal stylist both online and through five nationwide locations. Nordstrom acquired the business in 2014. The Chicago fulfillment center, located in Goose Island, employs 250 full-time and part-time workers. Nordstrom said it will try to find other positions for affected workers within the Trunk Club Chicago location or at nearby Nordstrom and Nordstrom Rack stores. Trunk Club operations at the facility will be integrated into the company’s nationwide network of fulfillment and distribution centers. Nordstrom shares closed Tuesday up 2.5%, but the stock is down 51.3% for the past year. The S&P 500 is down 3.1% for the last 12 months.

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Shares of Nike Inc. skidded in Tuesday’s extended session after the world’s largest sportswear maker by sales posted flat quarterly earnings. Nike reported its fourth-quarter earnings fell 2% to $846 million from $865 million a year earlier due to a higher tax rate, gross margin decline, and an increase in expenses. On a per-share basis, earnings were unchanged at 49 cents a share. Revenue rose 6% to $8.24 billion. Analysts surveyed by FactSet had forecast the company to earn 48 cents a share on revenue of $8.28 billion. Nike shares dropped 6% after hours.

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The dip in the Dow Jones Industrial Average and the S&P 500 index below their respective 200-day moving averages lasted just one day, as the broad stock market barometers bounced sharply back above them on Tuesday. The Dow closed up 269 points at 17,410 and the S&P 500 rose 1.8% to 2,036; meanwhile, the Dow’s 200-day MA came in at 17,244 while the S&P 500’s was at 2,021. Many chart watchers use the 200-day MA as a dividing line between longer-term uptrends and downtrends. Prior to Tuesday’s close below the 200-day MA, the Dow had last closed below it on March 10 and the S&P 500 had closed below it on March 15. The last time the S&P 500 closed below its 200-day MA for just one day, after spending at least the three prior months above it, was on Aug. 3, 2007; the index didn’t close back below it for a week, but hit a short-term bottom about two weeks later. For the Dow, the last time was May 10, 2004; it was back below it within three sessions, and hit a short-term bottom about a week later.

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U.S. stocks on Tuesday rebounded to close higher as some of the initial shock over the U.K.’s decision to withdraw from the European Union receded. All 10 sectors in the S&P 500 closed higher, led by energy shares, while the tech-laden Nasdaq Composite had its best daily percentage gain since March 1. The S&P 500 gained 36 points, or 1.8%, to close at 2,036 and the Dow Jones Industrial Average rose 270 points, or 1.6%, to finish at 17,410. The Nasdaq rallied 97 points, or 2.1% to close at 4,692.

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Two explosions hit Istanbul’s main airport, according to press reports citing local broadcasters. Broadcaster NTV said several were wounded. The Associated Press quoted a Turkish official as saying it’s unclear whether the attacks were caused by bombs or a suicide attack.

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Oil futures finished higher on Tuesday, rebounding after a two-session loss of roughly 7.5%, as concerns surrounding the U.K. decision to leave the European Union eased. Traders also awaited weekly data that are expected to show a decline in U.S. crude supplies. August WTI crude settled at $47.85 a barrel on the New York Mercantile Exchange, up $1.52, or 3.3%.

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Whole Foods Market Inc. said Tuesday that it has partnered with Nielsen Holdings PLC to collect point-of-sale data, consumer insights and industry metrics to map its product categories based on customer preferences. Whole Foods and its suppliers will use the information in its product development efforts and to help stay on top of trends and consumer habits. Whole Foods shares are down 0.3% in Tuesday trading and Nielsen Holdings is up 0.9%. Whole Foods stock is down 22.8% for the past year while the S&P 500 is down 3.9% for the same period.

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Shares of Twilio Inc. were soaring 22% Tuesday morning to new highs as the company, which recently went public, extended its Monday gains. Shares of the S&P 500 were up 1% Tuesday. Shares of the cloud company were up 4% Monday, bucking an overall stock slump, after falling 9% Friday after news of the Brexit results. The company’s shares soared on its first day of trading, Thursday, as the company priced above its initial range and shares rocketed up more than 90% over the course of the day.

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