Category: Stock Market News

Rockwell Automation Inc. said Wednesday its board has authorized it to buy back an additional $1 billion in stock, adding to its 2014 authorization of the same size. The industrial automation company said $197 million remain in that program. Shares were slightly lower in midmorning trade, but are up 8% in the year so far, while the s&P 500 has gained 0.6%.

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The Dow Jones Transportation Average dropped sharply Wednesday, bucking the gains seen in the broader stock market, as the index known for its sensitivity to the economic cycle headed for fifth-straight loss. The index fell 72 points, or 0.9%, while the Dow Jones Industrial Average gained 50 points, or 0.3%, and the S&P 500 index climbed 0.5%. This would be the Dow transports’ second five-day losing streak in only 12 sessions; previously, the index didn’t suffer a losing streak that long since August 2015. Prior to the current bout of weakness, the index had soared 22% in two months, enough to suggest the start of a new bull market. Many see the transport sector good gauge of the economy, because it provides the link between the makers and buyers of goods. Followers of the century-old Dow Theory believe a broader market trend can’t be confirmed unless the Dow transports and Dow industrials are trending in the same direction. “If the transports are taking what the industrials are making, it portends economic weakness and market problems, Dow Theorists maintain,” according to S&P Dow Jones Indices.

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Shares of Harley-Davidson Inc. tumbled 7.2% in active morning trade Wednesday, after ITG Investment Research slashed its first-quarter unit sales outlook for the motorcycle maker because of evidence that sales trends weakened considerably in March. Volume was over 4 million shares after the first hour of trade, already nearly double the full-day average. Analyst John Tomlinson cut his U.S. retail unit sales outlook by three percentage points, and he now expects a decline of 7% to 5% from a year ago, compared with consensus expectations of a 0.1% decline. “Despite sequential improvement in February, our research indicates retail trends were weak in March for Harley-Davidson,” Tomlinson wrote in a note to clients. “Additionally, after relatively stable market share in the first two months of the quarter, Harley-Davidson appeared to lose market share at an accelerated pace [year-over-year] in March, resulting in an overall market share decline in the first quarter.” The stock has now lost 11% since closing at a 5 1/2-month low on Friday. It is still up 1.9% year to date, while the S&P 500 has gained 0.3%.

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 Harley-Davidson Inc. tumbled 7.2% in active morning trade Wednesday, after ITG Investment Research slashed its first-quarter unit sales outlook for the motorcycle maker because of evidence that sales trends weakened considerably in March. Volume was over 4 million shares after the first hour of trade, already nearly double the full-day average. Analyst John Tomlinson cut his U.S. retail unit sales outlook by three percentage points, and he now expects a decline of 7% to 5% from a year ago, compared with consensus expectations of a 0.1% decline. “Despite sequential improvement in February, our research indicates retail trends were weak in March for Harley-Davidson,” Tomlinson wrote in a note to clients. “Additionally, after relatively stable market share in the first two months of the quarter, Harley-Davidson appeared to lose market share at an accelerated pace [year-over-year] in March, resulting in an overall market share decline in the first quarter.” The stock has now lost 11% since closing at a 5 1/2-month low on Friday. It is still up 1.9% year to date, while the S&P 500 has gained 0.3%.

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Oil futures extended gains Wednesday after the Energy Information Administration reported an unexpected drop in crude inventories. The agency said U.S. crude supplies in storage fell by 4.9 million barrels in the week ended April 1. Analysts surveyed by energy data firm Platts had forecast an inventory rise of 2.9 million barrels, while data released late Tuesday by the American Petroleum Institute, an industry trade group, reportedly showed a fall of 4.3 million barrels. May WTI oil futures on the New York Mercantile Exchange were up $1.13, or 3.1%, at $37.02 a barrel after trading near $36.20 ahead of the data.

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From:: Stock Market News

U.S. stocks opened slightly higher on Wednesday, as a rally in oil futures lifted energy stocks, boosting sentiment. Investors were waiting for minutes from the Federal Reserve’s most recent policy meeting, as well as for weekly U.S. government data on petroleum supplies. The S&P 500 gained 2 points, or 0.1% at 2,047. The Dow Jones Industrial Average opened up 10 points, or 0.1%, at 17,617. Meanwhile, the Nasdaq Composite was up by 10 points, or 0.2%, at 4,853 at the open.

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Verizon Communications Inc. said on Wednesday it will bolster its mobile-only streaming service go90 through an investment in AwesomenessTV. The investment, which gives Verizon a 24.5% equity stake in the company, will value the multi-platform media and entertainment company at about $650 million, according to a news release. AwesomenessTV is a talent management and digital content creator targeted toward the millennial generation and younger. AwesomenessTV began in 2012 as part of YouTube’s push for original content and was acquired by DreamWorks Animation , which still holds the controlling 51% interest, a year later for $33 million. The company then partnered with the Hearst Corp., which holds the remaining 24.5%. The new premium service from Verizon and AwesomenessTV will feature short-form content produced by top Hollywood talent and will initially be exclusive to Verizon platforms in the U.S., according to a release. The transaction is expected to close in the next 60 days. Verizon shares were up slightly in pre-market trade and are up nearly 16% in the year so far.

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Universal Truckload Services Inc. said on Wednesday it expects per-share earnings to range from 24 cents to 27 cents for the 2016 fiscal first quarter, compared with the 27 cents per share a year ago. That would be just below the 28 cents per share FactSet consensus. The logistics and transportation company said operating revenue for the quarter is expected to range from $258 million to $268 million, compared with the $263.6 million a year ago. The FactSet consensus on revenue is $267 million. Along with giving guidance the company said Chief Financial Officer and Treasurer David Crittenden has stepped down to pursue other business interests. Jude Beres, formerly Universal’s chief administrative officer, succeeded him, effective March 31. Universal will report first-quarter earnings at 10 a.m. Thursday, April 28.

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Monsanto Co. reported fiscal second-quarter earnings that fell to $1.06 billion, or $2.41 a share, from $1.43 billion, or $2.92 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.42. Sales declined to $4.53 billion from $5.2 billion, missing the FactSet consensus of $4.73 billion, as sales of corn seed and traits and soybean seed and traits fell below expectations. The seed company cuts its fiscal 2016 EPS outlook to a range of $3.72 to $4.48 from $4.12 to $4.79, because of a change in the expected timing for accounting and restructuring expenses. The company’s ongoing EPS outlook remained at $4.40 to $5.10, which surrounds the FactSet consensus of $4.68. The stock, which slipped 0.7% in premarket trade, has tumbled 13% year to date, while the S&P 500 has gained 0.1%.

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Twitter Inc.’s deal to stream NFL games is more hype than hope for a turnaround for the stock, said analyst Evan Wilson at Pacific Crest, who believes it is “very unlikely” that the deal can be profitable. The company announced Tuesday that it won exclusive streaming rights for 10 Thursday night NFL games during the course of the 2016 regular season. Wilson said the deal, which he said could have cost Twitter around a $100 million, is U.S. centric, and is unlikely to attract a lot of new users, especially female users, which is what Twitter is currently struggling with. He said it suggests Twitter is trading margin for the hope of user growth, so any benefit to the stock should be shorter-term in nature. “We think [the deal] aligns with the company’s focus on video–Vine, Periscope–but is another disappointing example of an Internet company trading margins to prevent user declines,” Wilson wrote in a note to clients on Wednesday. The stock rose 1.1% in premarket trade, after slipping 0.2% on Tuesday. It has tumbled 26% year to date, while the S&P 500 has gained 0.1%.

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From:: Stock Market News