Category: Stock Market News

Community Health Systems Inc. shares dropped in the extended session Monday after the hospital operator’s quarterly earnings fell well short of Wall Street estimates. Community Health shares fell 7.9% to $14.50 after hours. The company reported adjusted net income from continuing operations of 27 cents a share on revenue of $5 billion. Analysts surveyed by FactSet had forecast earnings of 74 cents a share on revenue of $4.99 billion.

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The Nasdaq Composite snapped a seven-session losing streak Monday as U.S. stocks rebounded off their biggest weekly decline since February. Sharp gains in tech bellwethers Amazon.com Inc. and Netflix Inc. helped lift the tech-laden Nasdaq and highlighted a rally in consumer-discretionary shares of which those companies also are constituents. The Nasdaq Composite gained 42 points, or 0.9%, to close at 4,817–its best one-day gain since April 13 and halted its worst series of consecutive losses since the eight-session period ended Jan. 11, according to FactSet. The S&P 500 advanced 16 points, or 0.8%, to 2,081, led by a 1.4% climb in consumer-discretionary stocks–the best performer among the S&P 500’s 10 sectors. The Dow Jones Industrial Average gained 117 points, or 0.7%, to 17,890, led by a rise in shares of Home Depot and Goldman Sachs . which contributed about 30 points to the blue-chips gauge. Both the Dow and the S&P ended two straight sessions of declines.

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WASHINGTON (MarketWatch) – The U.S. government expects to pay down $65 billion in net marketable debt in the April-June quarter, an estimate that is $47 billion lower than previously projected in February, the Treasury Department said Monday. The revised forecast is the result of lower receipts and higher spending than previously projected, the department said. The estimate assumes as end-of-June balance of $350 billion. For the July-September quarter, Treasury expects to issue $155 billion in net marketable debt, assuming a cash balance of $350 billion. During the January-March quarter, Treasury issues $244 billion in net marketable debt and ended the quarter with a cash balance of $314 billion.

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Oil futures settled with a loss on Monday, with prices pulling back after a nearly 20% climb in April. Data from Genscape reportedly showed a hefty weekly rise in crude stockpiles at the Cushing, Okla. storage hub and recent media surveys revealed a rise in monthly output from the Organization of the Petroleum Exporting Countries. June WTI crude fell $1.14, or 2.5%, to settle at $44.78 a barrel on the New York Mercantile Exchange.

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Gold futures climbed on Monday, finding support from continued weakness in the U.S. dollar. Prices, however, finished below the session’s high as “profit taking” set in when prices topped $1,300 during the session, said Chintan Karnani, chief market analyst at Insignia Consultants. June gold added $5.30, or 0.4%, to settle at $1,295.80 an ounce.

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Colgate-Palmolive Co.’s stock surged 1.8% toward a record high, after Goldman Sachs analyst Jason English threw in the towel on his bearish call on the consumer products company, saying the downside risks to earnings estimates have subsided. English raised his rating to neutral, after being at sell since April 19, 2015. He raised his stock price target to $75, which is 3.9% above current levels, from $62. Since he went to sell on the stock, it has gained 4.3% while the S&P 500 has lost 1.5%. “[Colgate-Palmolive’s] earnings visibility has improved of last as [currency] stabilizes, commodities remain benign and the company’s volume growth ticked higher,” English wrote in a note to clients. The stock is set to close above the previous record close of $71.66 seen on April 19, 2016. The stock has run up 8.4% year to date, while the SPDR Consumer Staples ETF has gained 4.3% and the S&P 500 has tacked on 1.5%.

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Groupon Inc.’s stock tumbled 5.3% in morning trade Monday, on the heels of an 18% plunge in the previous session, after RBC Capital turned bearish on the online coupon company. Analyst Mark Mahaney cut his rating to underperform, after being at sector perform since September 2014. He slashed his stock price target to $3, which is 13% below current levels, from $4. Mahaney said Groupon’s March quarter results, which led to Friday’s stock price plunge, showed that fundamentals continued to deteriorate, as growth in North America revenue, gross profit, local billings and units all decelerated. “And we believe they will continued to do so for the foreseeable future,” Mahaney wrote in a note to clients. The stock was still up 12% year to date, but has lost half its value over the past year.

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From:: Stock Market News

Groupon Inc.’s stock tumbled 5.3% in morning trade Monday, on the heels of an 18% plunge in the previous session, after RBC Capital turned bearish on the online coupon company. Analyst Mark Mahaney cut his rating to underperform, after being at sector perform since September 2014. He slashed his stock price target to $3, which is 13% below current levels, from $4. Mahaney said Groupon’s March quarter results, which led to Friday’s stock price plunge, showed that fundamentals continued to deteriorate, as growth in North America revenue, gross profit, local billings and units all decelerated. “And we believe they will continued to do so for the foreseeable future,” Mahaney wrote in a note to clients. The stock was still up 12% year to date, but has lost half its value over the past year.

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Shares of Apple Inc. pared earlier losses to be down 0.5% in morning trade Monday–they were down as much as 1.4% earlier in the session–but were still on track to suffer the longest losing streak in 18 years. The stock is headed for an eighth-straight loss, and 11th loss in 12 sessions, since it closed at a four-month high of $112.10 on April 14. An eighth-straight loss would be the longest such stretch since the eight-day losing streak ending July 28, 1998. If the stock turns higher by the end of the day, the seven-day loss streak would be the longest since Feb. 21, 2013. The shares have tumbled 13% since it last gained ground on April 20–it ticked up 0.2% that day–including a 6.3% plunge on April 27 after Apple reported disappointing quarterly results. Over the past 11 sessions, the stock has tumbled 17%, while the Dow Jones Industrial Average has slipped 0.5%.

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