Category: Stock Market News

Gold futures settled higher on Tuesday, finding support from weakness in U.S. equities and the dollar. However, comments from Federal Reserve officials on the potential for future interest-rate hikes limited gains for the metal. June gold settled at $1,276.90 an ounce, up $2.70, or 0.2%. That was the highest settlement since May 6.

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From:: Stock Market News

Gold futures settled higher on Tuesday, finding support from weakness in U.S. equities and the dollar. However, comments from Federal Reserve officials on the potential for future interest-rate hikes limited gains for the metal. June gold settled at $1,276.90 an ounce, up $2.70, or 0.2%. That was the highest settlement since May 6.

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Infant bicycle helmets imported by Wisconsin-based Pacific Cycle Inc., and sold exclusively in China, are being recalled because of choking and magnet ingestion hazards, according to U.S. Consumer Product Safety Commission. The China-made helmets, with magnetic non-pinch plastic-covered buckle chin straps for infants ranging from one to three years old, were sold exclusively at Target Corp. stores and Target.com from January 2014 through April 2016, for between $18 and $25. The recall comes after Pacific Cycle received three reports of the plastic cover coming loose, although no injuries have been reported. Target’s stock was down 1.1% in afternoon trade. It has gained 1.6% year to date, while the SPDR S&P Retail ETF has shed 5.2% and the S&P 500 has ticked up 0.6%.

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Shares of Hertz Global Holdings Inc. soared 15% in midday trade Tuesday, putting it on course for the biggest one-day percentage gain in about seven years. Volume of 10.9 million shares was already more than the full-day average of 9.4 million shares. The last time the stock rose this much was June 25, 2009, when it shot up 16%. The gains came after the company disclosed that some key executives bought the car rental company’s common stock over the last couple days. Chief Executive John Tague bought 47,000 Hertz shares at $7.85 on Friday and 19,000 shares at $7.80 on Monday; Chief Financial Officer Thomas Kennedy purchased 40,000 shares at $7.76 on Friday; and Chief Revenue Officer Jeffrey Foland bought 65,000 shares at $7.63 on Friday. Hertz’s stock boon also appeared to benefit investors of rival Avis Budget Group Inc. , with shares surging 6.6%. The stock was still down 38% year to date, while the S&P 500 had gained 0.9%.

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It wouldn’t be right to say the stock market is down Tuesday, just because the Dow Jones Industrial Average and the S&P 500 are firmly lower in midday trade. Advancing stocks are outnumbering decliners by a 1,582 to 1,279 margin on the NYSE, and by a 1,230 to 1,175 score on the Nasdaq. The Dow Jones Transportation Average was shooting up 142 points, or 1.9%, with all 20 of its components trading higher. Market watchers tend to keep a close eye on the transport sector, because it is widely viewed as a useful indicator of global economic growth. In addition, the Russell 2000 Index of small-capitalization stocks, which many view as an indicator of investor risk tolerance, was up 0.1%. The Dow was down 77 points, and the S&P 500 was losing 0.4%.

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Shares of Freeport-McMoRan Inc. 6.8% in active morning trade Tuesday, Jefferies turned bullish on the mining company, citing optimism over the impact of recent asset sales and an attractive relative valuation. Analyst Christopher LaFemina raised his rating to buy from hold, and boosted his stock price target to $15, which is 30% above current levels, from $12.50. The asset sales announced so far this year have been made at “much higher-than-expected” multiples, LaFemina said. “Despite the macro risks, we are more positive on [Freeport] shares now than we were earlier this year, as the company is making accretive asset sales and is entering a period of strong [free cash flow] due to lower costs and capex,” LeFemina wrote in a note to clients. The macro risks LaFemina refers to include uncertainty over China’s economic growth and the geopolitical situation in Indonesia. Given that the stock had tumbled 21% month to date through Monday, while the S&P 500 was up 0.1%, LaFemina said “it is time to buy FCX now.”

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U.S. stocks opened slightly lower Tuesday as a rise in inflation, which saw the fastest increase in April in more than three years, was viewed as supporting the Federal Reserve’s case for hiking interest rates later this year. Meanwhile, a fading rally in oil futures also weighed on risk appetite. The S&P 500 was down 3 points, or 0.2%, to 2,063. The Dow Jones Industrial Average lost 34 points, or 0.2%, to 17,677 at the open. Meanwhile, the Nasdaq Composite began the session down 6 points, or 0.1%, at 4,769.

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Target Corp. said Tuesday that it has hired Mark Tritton to serve as chief merchandising officer after a search that lasted nearly a year. Kathryn Tesija stepped down from the role on July 6, 2015 after more than 30 years with the company. Tritton joins from Nordstrom Inc. , where he was president of Nordstrom Product Group, overseeing merchandising, marketing, and other functions. The company also named Jason Goldberger to the newly-created role of chief digital officer. Goldberger joined the company in 2013 was named president of Target.com and mobile in 2014. Target shares are up 2.8% for the year so far, but down 5% for the past 12 months. The S&P 500 is up 1.1% for the year to date.

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TJX Cos. shares rose 4.4% in premarket trading Tuesday, after the off-price retail company reported fiscal first-quarter results that beat expectations and raised its full-year outlook. TJX, whose brands include T.J. Maxx and HomeGoods, said it had net income of $508.3 million, or 76 cents per share, up from $474.6 million, or 69 cents per share, for the same period last year. The FactSet consensus was 71 cents per share. Sales for the quarter totaled $7.5 billion, up from $6.9 billion last year and exceeded the FactSet consensus of $7.3 billion. Same-store sales were up 7%, above the 3.2% FactSet consensus. TJX said it expects second quarter earnings per share between 77 cents and 79 cents, down from 80 cents last year, and below the FactSet consensus of 83 cents. The outlook reflects a 3% negative impact from wage increases and the impact of foreign exchange, TJX said. The company raised its full-year earnings per share guidance to between $3.35 and $3.42 from $3.29 to $3.38, but below the FactSet consensus of $3.46. TJX shares are up 14% for the past year, while the S&P 500 is down 2.6% for the same period.

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Shares of Red Robin Gourmet Burgers Inc. slumped 6% in premarket trade Tuesday, after the company’s first-quarter revenue fell short of estimates. The company said it had net income of $14.2 million, or $1.03 a share, in the quarter, down from $16.6 million, or $1.16 a share, in the year-earlier period. Adjusted per share earnings came to $1.27, ahead of the FactSet consensus of $1.11. But revenue rose 1.8% to $402.1 million, missing the FactSet consensus of $415 million. Same-restaurant sales fell 2.6%, also weaker than the FactSet consensus for a decline of 0.5%. “We were disappointed, particularly with our guest counts,” Chief Executive Steve Carley said in a statement. “We have a solid strategy for long-term success, including a number of operations and marketing initiatives.” Shares are up 0.4% in the year so far, while the S&P 500 is up about 1%.

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