Category: Stock Market News

PPL Corp. said Friday the U.K.’s vote to leave the European Union–Brexit–is not expected to significantly impact its operations in the U.K. The utility company derived 31.4% of its revenue over the last 12 months from the U.K., making it the third-most exposed to the U.K. among S&P 500 components, according to FactSet. The stock tumbled 4.2% in premarket trade, while SPDR S&P 500 ETF shed 3.4%. The company affirmed its 2016 adjusted earnings-per-share outlook of $2.25 to $2.45, which surrounded the FactSet consensus of $2.35. PPL said it is 93% hedged for the remainder of 2016 budgeted earnings at an average rate of $1.54 per British pound; the pound was recently trading around $1.37. “The extent and duration of any potential decline in the value of the British pound sterling to the U.S. dollar is unknown at this time,” said Chief Executive William Spence. “A long-term reduction in the value of the pound as a result of the U.K. referendum could require us to reassess our earnings growth rate.”

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All the stocks within the Dow Jones Industrial Average that are trading ahead of Friday’s open–28 of the 30 components–are dropping sharply, as the U.K. vote to exit the European Union has left global markets in disarray. Dow futures plunged 537 points, or 3%. Among the Dow stocks hit the hardest premarket, shares of Goldman Sachs Group Inc. tumbled 7%, J.P. Morgan Chase & Co. dropped 6.4%, American Express Co. shed 4.4%, Caterpillar Inc. slid 4.2% and General Electric Co. gave up 4.1%. The best performer was Procter & Gamble Co.’s stock , which was down just 2.3%. Shares of DuPont Co. and Merck & Co. were the only stock still inactive.

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Sports apparel retailer The Finish Line Inc. said Friday it had net income of $9.6 million, or 23 cents a share, in its fiscal first quarter to end May, down from $13.8 million, or 30 cents a share, in the year-earlier period. Sales edged up to $453.5 million from $443.3 million. The FactSet consensus was for EPS of 22 cents and sales of $450 million. Same-store sales rose 1.5%, below the FactSet consensus of 2.2%. The company said it still expects full-year EPS of $1.50 to $1.56, compared with a FactSet consensus of $1.54. Same-store sales are expected to grow 3% to 5%, which compares with a FactSet consensus of growth of 4%. Shares were slightly higher in premarket trade, but are down 7% in the year so far, while the S&P 500 has gained 3.4%.

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The Barclays iPath S&P 500 VIX Short-Term Futures ETN , a vehicle used to bet on stock market volatility, rocketed 24% in premarket trade in the aftermath of the Brexit vote. That puts the VXX on track to post the biggest one-day percentage gain since it began trading on Jan. 30, 2009. About 2 1/2 hours ahead of the open, volume spiked to about 3.7 million shares, making it the most-actively traded in the premarket. The VXX was changing hands at $16.91, which would be the highest closing level since April 15.

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Apple Inc.’s stock is shedding 3.4% in active premarket trade Friday, as the U.K. vote to leave the European Union put global markets in disarray. Only about 2.3% of Apple’s revenue over the past 12 months came from the U.K., but overall exposure to Europe is 15.4%, according data provided by FactSet’s proprietary algorithm. The U.K.’s benchmark FTSE 100 Index was tumbling 4.6%, and the Stoxx Europe 600 Index was plunging 7%.

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The European Central Bank early Friday said it is ready to act after a landmark decision by the U.K. to quit the European Union–a decision that threatens to unsettle the trade bloc. In a Friday statement, the ECB said it is “closely monitoring financial markets.” The so-called Brexit vote, or British exit from the EU, has sent European stocks spiraling lower and pushed investors into assets perceived as safe. The result of the referendum has stoked anxiety about the future of the EU, which has enacted a raft of stimulus measures in an attempt to boost stubbornly low inflation in the eurozone. Britain’s vote to reject EU membership is seen as possibly intensifying problems in the region. “Following the outcome of the UK referendum, [the ECB] is closely monitoring financial markets and is in close contact with other central banks,” the statement said. “The ECB stands ready to provide additional liquidity, if needed, in euro and foreign currencies.”

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The Swiss National Bank intervened in the currency market Friday as the value of the country’s franc surged in the wake of the U.K.’s Brexit referendum. The SNB moved to “stabilize the situation and will remain active in that market,” the bank said in a statement. The franc had been driven higher as investors sought haven assets after a vote in the U.K. set the country on course to leave the European Union. The franc was recently down about 0.9% at $1.030, according to FactSet.

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Major U.S. banks were tumbling in premarket trade Friday, joining their European counterparts in the doghouse after the U.K. voted to leave the European Union. Britain’s decision to secede from the EU is expected to rattle the trade bloc, and has fostered carnage in bank stocks early Friday morning. Shares of Citigroup Inc. tumbled 7.8% in premarket trade, Morgan Stanley was off 7.4%, Bank of America dropped 6%, and J.P. Morgan Chase shares declined 4.8% premarket. In an emailed statement Friday, Goldman’s CEO Lloyd Blankfein had this to say about the Brexit vote: “We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients’ needs.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Major U.S. banks were tumbling in premarket trade Friday, joining their European counterparts in the doghouse after the U.K. voted to leave the European Union. Britain’s decision to secede from the EU is expected to rattle the trade bloc, and has fostered carnage in bank stocks early Friday morning. Shares of Citigroup Inc. tumbled 7.8% in premarket trade, Morgan Stanley was off 7.4%, Bank of America dropped 6%, and J.P. Morgan Chase shares declined 4.8% premarket. In an emailed statement Friday, Goldman’s CEO Lloyd Blankfein had this to say about the Brexit vote: “We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients’ needs.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Major U.S. banks were tumbling in premarket trade Friday, joining their European counterparts in the doghouse after the U.K. voted to leave the European Union. Britain’s decision to secede from the EU is expected to rattle the trade bloc, and has fostered carnage in bank stocks early Friday morning. Shares of Citigroup Inc. tumbled 7.8% in premarket trade, Morgan Stanley was off 7.4%, Bank of America dropped 6%, and J.P. Morgan Chase shares declined 4.8% premarket. In an emailed statement Friday, Goldman’s CEO Lloyd Blankfein had this to say about the Brexit vote: “We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients’ needs.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News