Category: Stock Market News

U.S. stocks opened higher on Tuesday, with the Dow industrials extending gains above 18,000 level for the second straight session. However, big losses in Netflix Inc and IMB Corp were capping gains on the main indexes. The S&P 500 was up 4 points, or 0.2%, to 2,099. The Dow Jones Industrial Average added 30 points, or 0.2%, to 18,034. Meanwhile, the Nasdaq Composite was flat at 4,961 at the open.

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CVS Health Corp. said Tuesday that it has invested in and partnered with Curbside, a mobile platform that aids with pickup service. The pharmacy chain has launched CVS Express, which allows customers to make purchases via the company’s mobile app and have those purchases ready for pickup at their local store in about an hour. The service is free of charge, available for all front-of-store and over-the-counter items and currently available in San Francisco, Charlotte, N.C., and Atlanta. Additional locations will be added later this year. CVS Health stock is up 0.7% in premarket trading, and up 4.8% for the year to date. The S&P 500 is up 2.5% for the year so far.

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Internet radio company Pandora was downgraded to market perform from outperform by analysts at Raymond James on Monday. Analyst Justin Patterson said he was concerned about the uncertainties surrounding co-founder Tim Westergren taking the helm as chief executive in an environment of increasing competition. Westergren is likely the right person to successfully lead Pandora, but it cold take time for his impact to show, Patterson wrote in a note to clients. “With Pandora’s CMO also departing in the last month, we remain cautious on Pandora’s ability to grow users,” he wrote. The bulk of competition comes in the advertising space as Spotify ramps its ads focus to take advantage of its “strong daily engagement.” Patterson said he believes at Monday’s closing price of $8.80, Pandora shares are fairly valued. “We believe the changing landscape, multiple unknowns and lack of a catalyst warrant stepping to the sidelines,” Patterson wrote. Shares of Pandora have dropped 34% so far this year, while the S&P 500 index is up 2.5%.

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Panera Bread Co. was upgraded to buy from hold at Jefferies on the belief that the fast-casual chain’s same-store sales will grow over the next few years, pushing up earnings. Jeffries raised the price target to $245 from $195. Jeffries is expecting first quarter same-store sales in line with consensus, with improved traffic trends. The bank’s analysts see those trends extending through the next few years with drivers including the company’s digital initiatives, catering and delivery service. Panera reports first-quarter earnings on April 26. Shares are up 1.7% in premarket trading, and 8.5% for the year to date. The S&P 500 is up 2.5% for the year so far.

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Sucampo Pharmaceuticals Inc. shares were down 19.33% in pre-market trade Tuesday after the company said its drug missed its primary endpoints in a phase 2a trial. The company said it would stop developing the drug, cobiprostone, to treat gastroesophageal reflux disease and instead focus on developing it for oral mucositis, a complication of cancer treatment, a disease the company said has “very different underlying pathophysiology and clinical endpoints.” Sucampo stock was trading at $9.14 before the bell, compared with Monday’s closing price of $11.33. Sucampo shares have declined 13.58% in the past three months, compared with an 11.32% rise in the S&P500.

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SuperValu Inc. said Tuesday that it has named James Weidenheimer to the newly-created position of chief innovation officer, effective April 25. Weidenheimer will work with the wholesale and retail teams on new business development, cross-channel promotions and other duties. He comes to SuperValu from C&S Wholesale Grocers where he held a number of senior leadership positions over the past 16 years. He retired from that company in January. SuperValu has also added the chief financial officer title to Bruce Besanko’s role at the company. Besanko is already the chief operating officer. SuperValu shares are inactive in premarket trading, but down 50.1% for the past 12 months. The S&P 500 is down 0.6% for the past year.

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Harley-Davidson Inc.’s stock shot up 6.5% in premarket trade Tuesday, after the motorcycle seller beat first-quarter profit, sales and motorcycle shipment expectations. Earnings for the latest quarter came to $250.5 million, or $1.36 a share, compared with $269.9 million, or $1.27 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of $1.29. Revenue rose to $1.58 billion from $1.51 billion, above the FactSet consensus of $1.50 billion, as strength in international sales helped offset a slight decline in domestic sales. Motorcycle shipments increased 4.3% to 83,036, above the company’s guidance provided in January of 78,000 to 83,000. The company affirmed its full-year outlook of 269,000 to 274,000. “The increased marketing and new product investments are beginning to take hold and we anticipate continued progress across our focus areas as we dial in and ramp-up our approach,” said Chief Executive Matt Levatich. The stock has gained 3.4% year to date through Monday, compared with a 2.5% rise in the S&P 500.

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Harley-Davidson Inc.’s stock shot up 6.5% in premarket trade Tuesday, after the motorcycle seller beat first-quarter profit, sales and motorcycle shipment expectations. Earnings for the latest quarter came to $250.5 million, or $1.36 a share, compared with $269.9 million, or $1.27 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of $1.29. Revenue rose to $1.58 billion from $1.51 billion, above the FactSet consensus of $1.50 billion, as strength in international sales helped offset a slight decline in domestic sales. Motorcycle shipments increased 4.3% to 83,036, above the company’s guidance provided in January of 78,000 to 83,000. The company affirmed its full-year outlook of 269,000 to 274,000. “The increased marketing and new product investments are beginning to take hold and we anticipate continued progress across our focus areas as we dial in and ramp-up our approach,” said Chief Executive Matt Levatich. The stock has gained 3.4% year to date through Monday, compared with a 2.5% rise in the S&P 500.

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At least 28 people have been killed and more than 320 injured in a a suicide car bombing in Kabul, media reports said. After the vehicle explosion, armed men stormed the area close to Ministry of Defense buildings in the Afghanistan capital, the BBC reported. A gunfight followed the bomb, which went off during Tuesday morning rush hour. An Afghan Taliban group has claimed responsibility for the attack, reports said. “First a suicide bomber blew up his explosives-laden lorry on the gate of the department and then other armed attackers went in and started shooting on the rest of the enemies,” the group said in a statement cited by CNN.

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WASHINGTON (MarketWatch) – Wells Fargo Securities has joined the ranks of the Federal Reserve’s primary dealers of U.S. government securities, the central bank announced Monday. Primary dealers trade directly with the Fed and are required to bid at Treasury auctions.

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