Category: Stock Market News

Tesla Motors Inc. Chief Executive Elon Musk vowed to keep the company on track on Wednesday following news Vice President of Production Greg Reichow is taking a leave of absence. “Greg and the team deserve a lot of credit for building an all-new manufacturing organization from the ground up and for making Model S and Model X a reality. We’re confident that with the strength of the team, high-quality manufacturing at Tesla will continue,” Musk said in a statement. Reichow has been with Tesla for more than five years and has led the production team for the past three years. Earlier Wednesday, Bloomberg reported that Josh Ensign, vice president of manufacturing, would also leave. Tesla shares added to losses after the news. The company is expected to report first-quarter results after the bell, with many expecting wider losses for the electric-car maker.

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Tesla Motors Inc. shares added to losses Wednesday following news reports saying that at least one executive is leaving the company. Greg Reichow, Tesla’s vice president of production, will take a leave of absence, CNBC reported, citing a Tesla spokesperson. The VP of manufacturing, Josh Ensign, is also slated to depart, according to a Bloomberg report. Also on Wednesday, investor Jim Chanos said he was short on the company stock and also on solar installer SolarCity Corp. , where Tesla’s Chief Executive Elon Musk is the chairman. Shares of Tesla were off 4%, bringing weekly losses so far to more than 7%, and SolarCity shares were down 2.5%. Tesla is slated to report first-quarter results after the bell Wednesday, and some on Wall Street predicted a wider-than-expected quarterly loss for the Silicon Valley electric-car maker.

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American Apparel, which is fashioning a turnaround after a lengthy legal battle with former Chief Executive and founder Dov Charney, is launching a new accessories and small home goods line derived from ideas crowdsourced by the public. The Made In campaign is a call for ideas and proposals for goods including fragrances, footwear and jewelry that American Apparel will sell. Vendors must ensure that their products are made in the U.S., that they can deliver 500 units to American Apparel’s distribution center within 30 days, and must agree to sell the goods for $100 or less. Interested parties must submit a 90-second video by June 17. American Apparel will determine interest by June 30.

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Republican presidential candidate John Kasich will end his White House campaign Wednesday afternoon, NBC News reported. Kasich had vowed to stay in the race Tuesday night following Donald Trump’s victory in Indiana. But Trump is on track to clinch the Republican nomination and Kasich has won few delegates.

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U.S. stocks opened lower on Wednesday, as investors grappled with a number of mixed economic reports that suggested the economy continues to grow at a slow pace. The S&P 500 was down 9 points, or 0.4%, to 2,054. The Dow Jones Industrial Average was down 74 points, or 0.4%, to 17,671 at the open. Meanwhile, the Nasdaq Composite began the session down 24 points, or 0.5%, at 4,738.

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Financial stocks were getting hit hard in premarket trade Wednesday, after weaker-than-expected private-sector jobs data sent Treasury yields sharply lower. The SPDR Financial ETF fell 1% ahead of the open. Among the sector tracker’s more heavily-weighted components, shares of J.P. Morgan Chase & Co. shed 1.3%, of Goldman Sachs Group Inc. gave up 1.3%, of Bank of America Corp. slid 1.6%, of Citigroup Inc. dropped 1.3% and of Wells Fargo & Co. lost 1.1%. The yield on the 10-year Treasury note declined 0.023 percentage points to 1.777%. Private-sector employment gains slowed to 156,000 jobs in April from 194,000 in March, according to Automatic Data Processing Inc. Economists had expected an increase of 193,000 in April.

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Under Armour Inc.’s stock dropped 3.9% in premarket trade Wednesday, after the athletic gear company announced another round of executive departures, but some analysts said investors shouldn’t be too concerned. The company said late Tuesday that Chief Merchandising Officer Henry Stafford was leaving after 1 1/2 years in the role, and 6 six years at the company. Robin Thurston, currently the chief digital officer, will be leaving the company in July after 2 1/2 years with the company. This comes after the company lost Brad Dickerson, both its chief operating officer and chief financial officer, in February. Analyst Pamela Quintiliano at SunTrust Robinson Humphrey said investors shouldn’t view the latest departures as reflective of deeper fundamental issues, as they appear to be more about “personal life decisions.” She said her recent checks into the sales channel indicated that given long lead times, “we don’t expect hiccups on Mr. Stafford’s departure.” The stock has gained 2.6% year to date through Tuesday, while the S&P 500 has tacked on 1%.

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From:: Stock Market News

Under Armour Inc.’s stock dropped 3.9% in premarket trade Wednesday, after the athletic gear company announced another round of executive departures, but some analysts said investors shouldn’t be too concerned. The company said late Tuesday that Chief Merchandising Officer Henry Stafford was leaving after 1 1/2 years in the role, and 6 six years at the company. Robin Thurston, currently the chief digital officer, will be leaving the company in July after 2 1/2 years with the company. This comes after the company lost Brad Dickerson, both its chief operating officer and chief financial officer, in February. Analyst Pamela Quintiliano at SunTrust Robinson Humphrey said investors shouldn’t view the latest departures as reflective of deeper fundamental issues, as they appear to be more about “personal life decisions.” She said her recent checks into the sales channel indicated that given long lead times, “we don’t expect hiccups on Mr. Stafford’s departure.” The stock has gained 2.6% year to date through Tuesday, while the S&P 500 has tacked on 1%.

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WASHINGTON (MarketWatch) — Freddie Mac in the first quarter reported a loss but did not need to get an infusion from the Treasury Department. Sister mortgage buyer Fannie Mae is less likely to run into these concerns, according to Ed Groshans, an analyst at Height Securities. In a note to clients, he says Fannie Mae’s first-quarter losses on the fair value of its derivatives could reach $4.1 billion, which could result in a “close to breakeven quarter.” He says derivative losses at Fannie Mae would need to exceed $5 billion to put it at risk of needing to drawing capital. Both Fannie and Freddie are held under government conservatorship. Fannie Mae results are due Thursday.

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The dollar weakened against the euro, yen and pound Wednesday after a report on private-sector employment came in well below expectations. The ADP employment number for April came in at 156,000, well short of the 200,000 jobs expected. The euro rose to $1.1516 in recent trade, compared with $1.1505 shortly before the data. The dollar slid to 106.40 yen, from 106.64 beforehand. The pound edged higher to $1.4540 after the data, up slightly from $1.4520 beforehand, but remained lower on the day.

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