Category: Stock Market News

Shares of Advanced Micro Devices Inc. were having their best day in over 40 years, after the company announced a new licensing deal to a chip joint venture in China and reported better-than-expected quarterly results and outlook. The stock rocketed 36% in morning trade, the biggest percentage gain since it shot up 63% way back on Jan. 29, 1975. Volume hit 66 million shares within 90 minutes after the open, already about five times the full-day average. The stock was both the biggest gainer and most active on the Nasdaq exchange. Analyst Ian Ing at MKM Partners upgraded AMD to buy from neutral, and raised its stock price target to $4 from $2.90, saying the new China JV could become the best challenge yet to Intel Corp.’s server dominance. It has now surged 56% over the past 12 months, putting it on track to close at the highest level since Sept. 29, 2014. In comparison, Intel shares have lost 3.4% over the past year and the S&P 500 has slipped 1.2%.

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

SecureWorks Inc. , the year’s first U.S. tech initial public offering, was trading at $13.69 Friday, below its issue price of $14. SecureWorks, a cybersecurity company, is a spinoff of Dell Inc. and had already priced below the initial range of $15.50 to $17.50. The company sold 8 million shares to raise $112 million. Bank of America Merrill Lynch, Morgan Stanley, Goldman, Sachs & Co. and J.P. Morgan were the lead underwriters.

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

SecureWorks Inc. , the year’s first U.S. tech initial public offering, was trading at $13.69 Friday, below its issue price of $14. SecureWorks, a cybersecurity company, is a spinoff of Dell Inc. and had already priced below the initial range of $15.50 to $17.50. The company sold 8 million shares to raise $112 million. Bank of America Merrill Lynch, Morgan Stanley, Goldman, Sachs & Co. and J.P. Morgan were the lead underwriters.

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

CSM Bakery Solutions, the company that supplies fast-food chain Chick-fil-A with its Chocolate Chunck Cookies, has issued a voluntary recall of the cookies “due to the potential presence of undeclared peanut allergens,” Chick-fil-A said in a Friday release. Chick-fil-A will stop selling the cookies until the issue is resolved. Currently the nutrition and allergen information says the cookie is peanut-free. Customers are urged to discard the cookies, or they can return them to Chick-fil-A for a full refund.

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

Microsoft Corp.’s stock plunged 8.5% in active morning trade, wiping away about $38 billion in market value and cutting the Dow Jones Industrial Average’s gain in half, in the wake of disappointing quarterly results. Volume topped 35 million shares within the first 45 minutes after the opening bell, compared with the full-day average of of 26.4 million shares. The stock on course to suffer the biggest percentage decline since it tumbled 9.3% on Jan. 27, 2015, which also followed disappointing quarterly results. With about 7.91 billion shares outstanding, according to FactSet, the price decline of $4.75 was erasing $37.57 billion from its market cap. The decline was also shaving off about 33 points from the Dow, which was recently up 22 points.

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

NGL Energy Partners’ stock rocketed 31% in active morning trade Friday, after the energy company announced a $200 million investment from Oaktree Capital Management. Volume topped 6.5 million shares within the first 30 minutes of trade, compared with the full-day average of 1.5 million shares. The company said late Thursday that it will issue $200 million of Class A convertible preferred units to funds managed by Oaktree. NGL said it plans to use the proceeds from the investment to pay down debt. The company said it also formed a strategic relationship with Oaktree to pursue opportunities. “The investment by Oaktree is a strong endorsement of our business model, strategy and future growth projects,” said NGL Chief Executive Mike Krimbill. “We plan to jointly pursue certain attractive assets together that Oaktree will assist in financing/structuring and NGL will operate.” The stock has now gained 29% year to date, but is still down 49% over the past 12 months.

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

Stocks opened mostly lower on Friday, but remained on track for a second-straight weekly gain, after a series of disappointing earnings reports offset a rise in crude oil prices. The S&P 500 shed 5 points, or 0.2%, to 2,087. The Dow Jones Industrial Average gained 13 points, or 0.1%, to 17,994 as General Electric Co. , Caterpillar Inc. and Microsoft Corp. constrained gains after reporting quarterly results. However, a stronger-than-expected report from McDonald’s Inc. was helping to support the Dow. The Nasdaq Composite fell 40 points, or 0.8%, to 4,905.

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 McDonald’s Corp. surged 2.3% in premarket trade Friday, after the fast-food giant reported first-quarter profit and sales that beat expectations. Earnings rose to $1.10 billion, or $1.23 a share, from $811.5 million, 84 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was $1.16. Revenue slipped to $5.90 billion from $5.96 billion, but beat the FactSet consensus of $5.82 billion, as a decline in sales by company operated restaurants was partially offset by an increase in sales from franchised restaurants. U.S. same-store sales increased 5.4%, beating the FactSet consensus of 4.4% growth, as its all-day breakfast and McPick 2 initiatives provided a boost. The stock has climbed 6.5% year to date through Thursday, while the Dow Jones Industrial Average has gained 3.2%.

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 American Airlines reported net income of $700 million, or $1.14 per share, down from $932 million, or $1.30 per share, in the year-earlier period. The company reported adjusted earnings per share of $1.99, above the FactSet consensus of $1.19. American Airline’s 2016 results will include a provision for income taxes at a 38 percent rate. The company reported revenue of $9.43 billion, down from $9.83 billion in the year-earlier period and below the FactSet consensus of $9.44 billion. American Airlines said revenue was hurt by “competitive capacity growth,” a weak Latin American economy and foreign currency weakness. The company authorized a $2 billion share repurchase program which will end at the end of 2017. American Airlines shares were up 1% in premarket trade.

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 American Airlines reported net income of $700 million, or $1.14 per share, down from $932 million, or $1.30 per share, in the year-earlier period. The company reported adjusted earnings per share of $1.99, above the FactSet consensus of $1.19. American Airline’s 2016 results will include a provision for income taxes at a 38 percent rate. The company reported revenue of $9.43 billion, down from $9.83 billion in the year-earlier period and below the FactSet consensus of $9.44 billion. American Airlines said revenue was hurt by “competitive capacity growth,” a weak Latin American economy and foreign currency weakness. The company authorized a $2 billion share repurchase program which will end at the end of 2017. American Airlines shares were up 1% in premarket trade.

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