Category: Stock Market News

Shares of Zillow Group Inc. soared in Tuesday’s extended session after the real estate website announced a smaller quarterly loss compared with a year earlier. Zillow reported its first-quarter loss narrowed to $47.6 million, or 27 cents a share, from a loss of $58.4 million, or 40 cents a share, a year earlier. The latest quarter’s loss includes $15.7 million in legal costs related to a lawsuit involving News Corp and the National Association of Realtors. News Corp owns MarketWatch, the publisher of this report. On an adjusted basis, Zillow would have lost 13 cents a share. Revenue grew to $186 million from $127.3 million. Analysts surveyed by FactSet had projected a loss of 9 cents a share on revenue of $177 million. Zillow also raised its full-year revenue outlook to a range of $825 million to $835 million from $805 million to $815 million previously. Zillow soared 12% in after-hours trading.

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.

…read more

From:: Stock Market News

TreeHouse Foods Inc. said Tuesday it is voluntarily recalling products that may contain sunflower seeds contaminated with listeria. No illnesses have been reported so far but TreeHouse decided to recall the products out of “an abundance of caution,” the company said in a press release. Among products recalled are packaged sunflower kernels, almonds, and chocolate bars for supermarket brands. The food-processing company mostly makes private-label goods. Shares of TreeHouse were flat in late trading Monday after ending the regular trading day off 2.8%

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.

…read more

From:: Stock Market News

Oil futures fell for a third straight session Tuesday, pressured by renewed fears of a supply glut triggered in part by reports that production by members of the Organization of the Petroleum Exporting Countries rose in April. West Texas Intermediate crude for June delivery on the New York Mercantile Exchange fell $1.13, or 2.5%, to settle at $43.65 a barrel.

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.

…read more

From:: Stock Market News

Wal-Mart Stores Inc. said Tuesday it was recalling about 1.2 million Rival brand electric water kettles made in China after receiving 80 reports of incidents, including seven reports of burns. The recall involves kettles with model numbers WK8283CU and WK8283CUY, that were sold exclusively at Walmart stores between March 2011 and October 2015, for about $14. “The heating element can fail and rupture, posing burn and shock hazards to the user,” Wal-Mart said in a statement. “Consumers should immediately stop using the recalled kettle and return it to any Walmart store for a full refund.” The stock, which shed 0.7% in afternoon trade, has climbed 9.5% year to date, while SPDR S&P Retail ETF has gained 2.2% and the Dow Jones Industrial Average has tacked on 2.1%.

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.

…read more

From:: Stock Market News

Gold futures settled lower Tuesday, retreating after the U.S. dollar rebounded off session lows and as investors offloaded some of their gains in the rapidly rising precious metal. Gold has climbed some 5.5% over the past 30 days, according to FactSet data. June gold finished $4, or 0.3%, lower at $1,291.80 an ounce, halting a streak of six consecutive session of advances for the yellow metal. Gold has enjoyed a rally fueled in part by a relatively weak dollar but the buck turned modestly higher Tuesday, managing to offset a sharp selloff in global stocks, which has typically translated into a strong bid for so-called haven assets like gold.

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.

…read more

From:: Stock Market News

Shares of On Deck Capital Inc. tumbled 35% Tuesday, after the online small business lender said first-quarter losses more than doubled, garnering a downgrade from FBR & Co. Analysts cut the stock to market perform from outperform, and said slower originations and loan sales mean it will take longer for the company to become profitable. On Deck reported a net loss of $13.14 million, or 18 cents a share, compared with a net loss of $5.34 million, or 8 cents a share, in the first quarter of 2015. The FactSet consensus was for a loss of 8 cents. Revenue rose 11% to $62.6 million, below the company’s own range of $66 million to $69 million. Management reduced its 2016 EBITDA guidance by $50 million, “a significant amount for a company with $260 million of TTM revenues,” said FBR. “We like ONDK’s business model, particularly its ability to
partner with banks to provide lending as a service, but the near-term volatility in earnings and lack of profitability are concerns,” they wrote. Shares have fallen 72% in the last 12 months, while the S&P 500 has lost 2.3%.

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.

…read more

From:: Stock Market News

U.S. stocks opened firmly lower Tuesday as worries about the global economy flared up after the world’s second-largest economy, China, released weaker-than-expected manufacturing data. An interest-rate cut in Australia also underscored a downbeat tone emanating from Asia, which was buffeting global stock markets. The Dow Jones Industrial Average was off 146 points, or 0.8%, at 17,743, while the S&P 500 sank 16 points, or 0.8%, to 2,065. Meanwhile, the tech-laden Nasdaq Composite index , which snapped a seven-session losing streak on Monday, was off 35 points, or 0.7%, at 4,783.

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.

…read more

From:: Stock Market News

Marvell Technology Group Ltd. said Tuesday it was granted an extension to Sept. 6, 2016 to regain compliance with the Nasdaq’s listing requirements. The extension follows a meeting with the Nasdaq hearings panel on April 14. The semiconductor company said it was looking to file its annual report for fiscal 2016, which is already late, “as soon as practicable.” The stock, which was still inactive in premarket trade, has run up 11% year to date, while the S&P 500 has gained 1.8%.

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.

…read more

From:: Stock Market News

Apple Inc.’s stock seesawed into positive territory in premarket trade Tuesday, adding drama to whether it will snap its losing streak at eight sessions, or extend it to nine sessions. The shares inched up 0.2%, after being down as much as 0.6% earlier. A ninth-straight loss would be the longest such stretch since the nine-session losing streak ending June 14, 1991. The eight-session loss streak as of Monday’s close was the longest since July 1998. Apple Chief Executive Tim Cook was on CNBC late Monday trying to dispel long-term concerns over iPhone demand, but he did acknowledge some near-term headwinds, such as lengthening upgrade cycles and macroeconomic issues.

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.

…read more

From:: Stock Market News

Apple Inc.’s stock seesawed into positive territory in premarket trade Tuesday, adding drama to whether it will snap its losing streak at eight sessions, or extend it to nine sessions. The shares inched up 0.2%, after being down as much as 0.6% earlier. A ninth-straight loss would be the longest such stretch since the nine-session losing streak ending June 14, 1991. The eight-session loss streak as of Monday’s close was the longest since July 1998. Apple Chief Executive Tim Cook was on CNBC late Monday trying to dispel long-term concerns over iPhone demand, but he did acknowledge some near-term headwinds, such as lengthening upgrade cycles and macroeconomic issues.

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.

…read more

From:: Stock Market News