Category: Stock Market News

Las Vegas Sands Corp. shares fell in the extended session Wednesday after the casino operator’s quarterly earnings fell short of Wall Street estimates. Las Vegas Sands shares declined 4.2% to $49.83 after hours. The company reported adjusted earnings of 45 cents a share on revenue of $2.89 billion. Analysts surveyed by FactSet had forecast 63 cents a share on revenue of $2.88 billion.

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Yum Brands Inc. shares rallied in Wednesday’s extended session after the fast-food company posted better-than-expected earnings, largely on the back of strong sales at its China division. Yum reported its first-quarter earnings rose to $391 million, or 93 cents a share, from $362 million, or 83 cents a share, a year earlier. On an adjusted basis, the parent company of KFC and Taco Bell would have earned 95 cents a share. Revenue was mostly flat at $2.62 billion. Analysts surveyed by FactSet had projected the Louisville, Ky., company to earn 83 cents on revenue of $2.66 billion. Its China division, which it plans to spin off by the end of the year, reported same-store sales of 6% while global same-store sales increased 2%. Yum raised its core operating profit growth outlook for 2016 to 12% versus 10% previously. Shares of Yum gained 3.7% in after-hours trading.

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The Market Vectors Gold Miners ETF’s intraday swing lower produced a bearish “key reversal day” chart pattern, which warns that the rally may be over. The gold miners ETF (GDX) rose as much as 2.4% intraday to a 19-month high of $23.82, before reversing to close down 1.8% at $22.84, below the previous session’s intraday low of $22.92. Many technicians believe this marks the end of the previous uptrend. A close above the pattern’s high–$23.82–would be needed to negate the bearish reversal signal. The GDX has soared 78% over the past three months, far outpacing the 13% gain in the SPDR Gold ETF .

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Hedge funds suffered investment capital outflows of $15.1 billion in the first quarter, the largest quarterly outflow since the second quarter of 2009, according to Hedge Fund Research Inc. It also marks the first back-to-back quarters of outflows since 2009. Equity hedge funds had $5.7 billion in outflows, HFR said. Total hedge fund assets fell to $2.86 trillion at the end of March, with equity hedge funds assets slipping to $806.5 billion. It’s no wonder investors left, because despite a strong March, hedge funds lost money during the quarter while the stock market rose. The HFRI Fund Weighted Composite Index shed 0.67% during the quarter, despite a 2% jump in March, HFR said. The HFRI Equity Hedge Fund Index shot up 3.4% in March, but still ended the quarter with a 1.7% drop. In comparison, the S&P 500 index posted a 0.8% gain during the quarter, after surging 6.6% in March.

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Oil futures rallied Wednesday, with West Texas Intermediate crude prices marking their highest settlement of the year. Prices got a boost after U.S. government data showed a sixth-weekly decline in domestic oil production. On its expiration day, May WTI crude rose $1.55, or 3.8%, to settle at $42.63 a barrel on the New York Mercantile Exchange. June WTI crude , which is now the front-month contract, added $1.71, or 4%, to $44.18 a barrel.

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The Market Vectors Gold Miners ETF surged 1.7% in afternoon trade Wednesday to a 19-month high, as the shares of companies that mine gold continue to significantly outperform the price of the commodity the companies mine. The SPDR Gold ETF edged up 0.1%, below last Tuesday’s intraday high of $120.35, and 2.2% below 13-month peak of $122.37 reached on March 4. The gold miners ETF (GDX) has now rocketed 84% over the past three months, while the gold ETF has advanced 14%. Tom Ord, editor of “The Ord Oracle” newsletter, said his charts suggest an upside target for GDX near $27, which is 14% above current levels. Among the GDX’s 24 U.S.-listed components, 15 have more than doubled in three months, and three have at least tripled. The triplers are shares of First Majestic Silver Corp. , Royal Gold Inc. and Silver Wheaton Corp. .

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Treasury Secretary Jack Lew will announce Wednesday that Alexander Hamilton will stay on the $10 bill, and Harriet Tubman will replace Andrew Jackson on the $20 bill, Politico reported. Politico also said there will be changes to the $5 bill to depict civil-rights era leaders.

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Treasury Secretary Jack Lew plans to announce Wednesday that Alexander Hamilton will stay on the $10 bill, while Harriet Tubman will replace Andrew Jackson on the $20 bill, Politico reported. Politico also reported that changes are coming to the $5 bill to depict civil-rights-era leaders.

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Sonoco Products Co. raised on Wednesday its quarterly dividend to 37 cents a share, up 5.7% from the previous dividend of 35 cents a share. The consumer packaging company said the new dividend will be payable June 10 to shareholders of record on May 13. “Today’s dividend increase demonstrates our confidence in the continued earnings growth of Sonoco and our dedication to returning value to our shareholders,” said Chief Executive Jack Sanders. The stock tacked on 0.4% in midday trade, putting it on track for a record close. At current stock prices, the new dividend would imply an annual yield of 3.02%, in line with the aggregate S&P 500 dividend yield of 2.98%, according to FactSet. Sonoco’s stock has run up 20% year to date, while the S&P 500 has gained 3.9%.

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From:: Stock Market News

Sonoco Products Co. raised on Wednesday its quarterly dividend to 37 cents a share, up 5.7% from the previous dividend of 35 cents a share. The consumer packaging company said the new dividend will be payable June 10 to shareholders of record on May 13. “Today’s dividend increase demonstrates our confidence in the continued earnings growth of Sonoco and our dedication to returning value to our shareholders,” said Chief Executive Jack Sanders. The stock tacked on 0.4% in midday trade, putting it on track for a record close. At current stock prices, the new dividend would imply an annual yield of 3.02%, in line with the aggregate S&P 500 dividend yield of 2.98%, according to FactSet. Sonoco’s stock has run up 20% year to date, while the S&P 500 has gained 3.9%.

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