Category: Stock Market News

Gold futures retreated on Wednesday as demand for riskier assets such as stocks revived, in part on better-than-expected Chinese economic data. U.S. stocks extended gains for a second day with major stock indexes up about 1%. Chinese exports rose for the first time in nine months while imports declined at a slower paced than projected, helping to ease persistent worries about a prolonged slowdown in China. The dollar’s strength also weighed on the precious metal which is denominated in the U.S. currency. June gold shed $12.60, or 1%, to settle at $1,248.30 an ounce. The Fed’s Beige Book, released after the metal settled, said wages have started to rise while the steady decline in oil production may be coming to an end.

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Shares of Fitbit Inc. jumped 10% Wednesday morning after analysts raised revenue estimates due to the company’s strong sales of its new Alta and Blaze devices. In a note Wednesday, Citigroup analysts said they expect “significant global expansion” for Fitbit in 2016 and called the stock “inexpensive” given the opportunities ahead. Citigroup analysts reiterated a buy rating and $30 price target. In a note Tuesday, Pacific Crest analysts also looked to the strong sales of Fitbit’s new products and called the stock “attractively priced.” The analysts remained sector weight, however, as they still have concerns on user growth and product differentiation.

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Shares of GoPro surged 13% Wednesday after the company reportedly hired a designer from Apple Inc . The Information reported that the action-camera company had hired Danny Coster, who has worked for Apple on the company’s iPhone and iPad. Shares of GoPro have gained 10.5% month-to-date, compared to the S&P 500’s gain of 1%.

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.

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From:: Stock Market News

Shares of GoPro surged 13% Wednesday after the company reportedly hired a designer from Apple Inc . The Information reported that the action-camera company had hired Danny Coster, who has worked for Apple on the company’s iPhone and iPad. Shares of GoPro have gained 10.5% month-to-date, compared to the S&P 500’s gain of 1%.

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.

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Oil futures fell further on Wednesday after the U.S. Energy Information Administration reported a 6.6 million-barrel climb in crude-oil supplies for the week ended April 8. That topped the 6.2 million-barrel increase reported by the American Petroleum Institute, and was much higher than the climb of 1 million barrels expected by analysts polled by Platts. Gasoline supplies fell by 4.2 million barrels, while distillate stockpiles rose by 500,000 barrels last week, according to the EIA. May crude was at $41.36 a barrel on the New York Mercantile Exchange, down 81 cents, or 1.9%. Prices traded at $41.65 before the data.

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.

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U.S. stocks opened higher on Wednesday, joining a global equity rally fueled by upbeat Chinese export figures. Investors shrugged off a drop in oil futures as well as data showing retail sales in March dropped unexpectedly while wholesale prices ticked lower. The S&P 500 gained 10 points, or 0.5% at 2,070. The Dow Jones Industrial Average opened up 74 points, or 0.4%, at 17,798. Meanwhile, the Nasdaq Composite was up by 35 points, or 0.7%, at 4,907 at the open.

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J.P. Morgan Chase & Co. had a tough time with the stock market during the first quarter, although the market provided exactly what traders tend to ask for–volume and movement. The bank said equity markets revenue declined 5%, although total composite volume was the highest quarterly average in 4 1/2 years, according to the WSJ Data Group. NYSE composite volume was the highest since the third quarter of 2011, while Nasdaq composite volume was the highest since the first quarter of 2014. And although the major market indexes ended the quarter little changed–the S&P 500 index was up just 0.8% during the quarter–there was plenty of movement. The S&P 500 fell as much as 11% during the first half of the quarter before rebounding sharply during the final six weeks. The problem, the bank said, was the derivatives market in the Americas–despite the market’s whipsaw action, the CBOE Volatility Index fell 23% during the quarter.

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Delphi Automotive PLC said Wednesday it set a new $1.5 billion stock repurchase program, as part of its long-term capital deployment strategy. The auto parts maker said in a presentation to analysts, that the new buyback program reflects its continued confidence in its business and a commitment to create and increase shareholder value. Over the next five years, the company said it expects to deploy 45% to 55% of capital to shares repurchases and acquisitions, 10% to 15% to dividends and 35% to 40% to capital expenditures. The company expects to cut costs by $580 million over the next five years. The stock, which was still inactive in premarket trade, has tumbled 16% year to date, while the S&P 500 has gained 0.9%.

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IMAX Corporation will build 10 new IMAX theaters in China in partnership with IMAX China Holding Inc. and Shanghai Aurora Movie Co., the company said Wednesday. Eight of the theaters will be built at Imax’s construction projects throughout China and the other two locations are not yet determined. Shares of IMAX have fallen 8.6% in the past three months compared to the S&P 500’s gain of 9%.

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Prosecutors in Panama have raided the offices of Mossack Fonseca, the law firm at the center of a tax-haven furor, media reports said Wednesday. During the operation on Tuesday, the team searched for evidence of money laundering and financial backing of terrorism, the Associated Press reported. The aim of the raids was “to obtain documentation linked to the information published in news articles that establish the use of the firm in illicit activities,” Panama’s attorney general’s office said, according to the BBC. Reports based in the millions of documents leaked from the firm began emerging just over a week ago, casting light on how rich and powerful people have been using offshore accounts and shell companies as tax havens. Mossack Fonseca has denied wrongdoing and has said its systems were hacked.

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