Category: Stock Market News

U.S. stocks on Tuesday opened modestly higher, putting the market on track to rebound somewhat after dropping in two of the past three sessions. Relatively strong oil prices and earnings helped lead early gains. Procter & Gamble Co. , 3M Co. and DuPont traded higher after their earnings reports, shares of Whirlpool Corp. and Eli Lilly & Co. are declining. The Dow Jones Industrial Average gained 44 points, or 0.2%, to 18,012, the S&P 500 index climbed 4 points, or 0.2%, at 2,092. Meanwhile, the Nasdaq Composite added 6 points, or 0.1%, to 4,902.

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From:: Stock Market News

U.S. stocks on Tuesday opened modestly higher, putting the market on track to rebound somewhat after dropping in two of the past three sessions. Relatively strong oil prices and earnings helped lead early gains. Procter & Gamble Co. , 3M Co. and DuPont traded higher after their earnings reports, shares of Whirlpool Corp. and Eli Lilly & Co. are declining. The Dow Jones Industrial Average gained 44 points, or 0.2%, to 18,012, the S&P 500 index climbed 4 points, or 0.2%, at 2,092. Meanwhile, the Nasdaq Composite added 6 points, or 0.1%, to 4,902.

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The 96 soccer fans who died in the 1989 Hillsborough stadium disaster were unlawfully killed as a result of errors by police, an inquest jury found by a 7-2 majority on Tuesday. The deaths at the FA Cup semifinal between Liverpool and Nottingham came after authorities let in crowds of people by opening extra gates, causing a crush in a spectators’ pen. The police official in charge of match security, Chief Superintendent David Duckenfield, was found to have behaved with “gross negligence” in his duties, the BBC reported. The verdict overturns the findings of accidental death at the original inquests into the 96 deaths, after a 27-year campaign by victims’ families. Liverpool football fans, who were initially accused of causing the crush by their behavior, were exonerated by the new jury. The court found that failures by police, defects in the stadium, a delay in the emergency response by ambulances and an issue in safety certification for the Sheffield stadium contributed to the disaster.

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The Hungarian forint weakened against the dollar Tuesday after the country’s central bank lowered its benchmark interest rate to a record low. The currency , which has risen nearly 5% against the dollar so far this year amid a broader rally in developing markets, briefly tumbled to 277.52 to the dollar after the cut, compared with 276.73 late Monday in New York. It has since pared its decline to trade flat on the day. The central bank lowered its benchmark, the overnight lending rate, to 1.05%, from 1.20% previously. The central bank had already cut the rate once this year, at its previous meeting in March, when it also reduced its overnight deposit rate to an all-time low of minus 0.05%. By lower key interest rates, Hungary, Turkey and a host of other developing market economies are trying to ward off excessive currency strength as speculators search for return in a low interest rate environment.

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Freeport-McMoRan Inc. reported a first-quarter loss that widened to $4.18 billion, or $3.35 a share, from $2.47 billion, or $2.38 a share, in the same period a year ago. Excluding non-recurring items, the adjusted per-share loss was 16 cents, beating the FactSet consensus for a loss of 17 cents a share. Revenue fell to $3.53 billion from $4.15 billion, compared with the FactSet consensus of $3.51 billion, as a rise in copper sales volumes were offset by declines in gold, oil and gas and molybdenum sales. The mining company said it was cutting 25% of its oil and gas workforce, as well as institute a new management structure, as part of plans to cut costs. The company expects to record a $40 million charge in the second quarter related to the job cuts and restructuring. The stock, which was little changed in premarket trade, has soared 68% year to date, but was still down 45% over the past year. In comparison, the S&P 500 has gained 2.2% year to date, but has lost 1.4% the last 12 months.

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Sarepta Therapeutics Inc. shares tumbled as much as 50% in active volume Tuesday morning after a Food and Drug Administration advisory committee voted against recommending FDA approval for the company’s Duchenne muscular dystrophy drug. The FDA, which does not have to follow the committee’s advice but often does, plans to review the drug May 26. DMD, a rare, inherited degenerative disorder that causes muscle loss and ususally death before the age of 30, affects about one in every 3,500 to 5,000 males globally. Patients and the families of patients with DMD have been actively lobbying for approval of the drug, eteplirsen, with many showing up to the committee meeting Monday. The company shares were the most active in pre-market trading Tuesday, after being halted for a full day, with trading resuming Tuesday at about 7:10 a.m.

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Shares of JetBlue rose 4.7% Tuesday in premarket trade after the company beat first-quarter earnings expectations. The airline reported net income of $199 million, or 59 cents per share, up from $137 million, or 40 cents per share, in the year-earlier period. The FactSet consensus was for earnings per share of 53 cents. JetBlue reported revenue of $1.62 billion, up from $1.52 billion in the year-earlier period, but below the Factset consensus of $1.63 billion. Shares of JetBlue have fallen 10% year-to-date compared to the S&P 500’s gain of 2%.

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Hershey Co. beat first-quarter EPS expectations but missed revenue projections, providing a downbeat 2016 earnings outlook. Earnings came in at $239 million, or $1.06 a share, compared with $243 million, or $1.10 a share in the same period a year ago. The company had adjusted EPS of $1.10 ahead of the FactSet consensus of $1.07. Revenue declined to $1.83 billion from $1.94 billion, compared with the FactSet consensus of $1.90 billion. For 2016, the company expects adjusted EPS of $4.24 to $4.28, below the FactSet consensus of $4.34. The stock gained 7.4% over the last three months, compared with a 9.7% rise in the S&P 500 .

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Procter & Gamble Co. shares are down 0.4% in premarket trading Tuesday, after the company announced third-quarter earnings that beat estimates, but offered a fourth-quarter outlook that will be “significantly lower” than last year. The consumer goods company had net income of $2.75 billion, or 97 cents per share, up from $2.15 billion, or 75 cents per share, for the same period last year. The FactSet consensus was 82 cents per share. Sales for the quarter totaled $15.76 billion, down from $16.93 billion last year, and just missing the FactSet consensus of $15.81 billion. The company said sales were negatively affected by foreign exchange, a 2% impact from Venezuela deconsolidation, and a 1% impact from minor brand divestitures. P&G sold its Duracell business during the quarter. The company expects total sales to be down high-single digits in fiscal 2016, and “tightened” its earnings expectations, forecasting a per-share decline between 3% and 6% versus $3.76 last year owing to advertising investments, a higher tax rate, headwinds from foreign exchange and lower non-operating income. P&G plans to repurchase and exchange shares worth $8 billion for the year. Shares are up 0.5% for the past year while the S&P 500 is down 1.4% for the same period.

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Reynolds American Inc. said Tuesday it had net income of $3.565 billion, or $2.49 a share, in the first quarter, up from $389 million, or $36 a share, in the year-earlier period. Income was boosted by a gain on the sale of Natural American Spirit’s business outside the U.S., offset by certain charges. Adjusted per-share earnings came to 50 cents, matching the FactSet consensus. Sales climbed to $2.917 billion from $2.057 billion, slightly below the FactSet consensus of $2.936 billion. The company said the integration of Newport manufacturing is on track for early completion by mid-2016, and that Chief Executive Susan Cameron will remain with the company to complete the integration of Lorillard and plan for her succession. “All of our operating companies demonstrated excellent performance, benefiting from increased volumes and higher pricing on both cigarettes and moist snuff,” she said in a statement.
The company is still expecting 2016 adjusted EPS to range from $2.25 to $2.35, compared with the FactSet consensus of $2.35. Shares were not yet active in premarket trade, but are up 4.9% in the year so far, while the S&P 500 has gained about 2%.

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