Category: Stock Market News

Oil futures ended lower Monday, falling for a second consecutive session after Saudi Arabia late last week indicated it won’t participate in a coordinated production freeze unless Iran changes course and agrees to take part. West Texas Intermediate oil for May delivery fell $1.09, or 3%, to end at $35.70 a barrel. The U.S. benchmark fell 4% on Friday.

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Gold futures fell for a second session to close lower on Monday as the latest comments from a Federal Reserve official appear to negate the central bank’s relatively dovish stance. Boston Fed President Eric Rosengren said at a conference that the Fed could tighten monetary policy earlier than expected given the steady pace of economic recovery. Chairwoman Janet Yellen last week had stressed the need for the central bank to approach future rate hikes with caution. June gold fell $4.20, or 0.3%, to settle at $1,219.30 an ounce.

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Krispy Kreme Doughnuts said Monday it is switching to 100% cage-free eggs in a process it expects to complete by 2026. The move is the latest by a food company to adopt healthier and more humane practices. Shares were slightly higher in early afternoon trade, and are up 6% in the year so far, while the S&P 500 has gained 1.3%.

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General Electric Co.’s stock dropped 2.4% in midday trade Monday, after the manufacturing conglomerate was downgraded at Bernstein, which cited concerns over valuation. Analyst Steven Winoker cut his rating to market perform, after being at outperform since Aug. 5, 2014. Winoker said he considers GE a defensive stock, meaning continued expansion of its premium valuation is unlikely given that the outlook for the economy continues to improve. He said he also sees risks of rising competition in several of GE’s businesses, that growth in its health care segment will be challenged by pricing pressure and believes the success of its power and aviation businesses are already priced in. “For GE, it appears to us tht many sources of upside are now ‘baked into’ the current price and we still have many of the same risks…,” Winoker wrote in a note to clients. Through Friday, the stock had soared 12% in two months to close Friday at the highest level since May 2008.

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Macy’s Inc. said Monday that it has hired Douglas Sesler as executive vice president for real estate, starting tomorrow. He will lead initiatives such as creating joint ventures and other partnerships involving the retailer’s flagships and mall-based locations, working closely with Macy’s banking advisors and other executives. Sesler was most recently president of True Square Capital LLC, a real estate investment and advisory firm. The appointment comes just a couple of weeks after William Lenehan, an expert in real estate trusts, was appointed to the company’s board. Macy’s has faced pressure from investors, including activist investor Starboard Value, to drive greater value from its real-estate holdings. Macy’s has said it won’t spin off a real estate investment trust (REIT) but would seek out partnerships. Macy’s shares are down 1.2% in Monday trading, and down 37.4% for the past year. However, shares have climbed 21.4% for the year so far. The S&P 500 is up 1.1% for the year to date.

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Shares of medical-device marker Edwards Lifesciences soared Monday, hitting an all-time high after positive results from testing of a device used for open-heart surgery. Over the weekend, the Irvine, Calif., company said transcatheter aortic-valve replacements using its “Sapien 3” valve produced better outcomes, including lower mortality rates and fewer strokes. The data were followed by a string of upgrades from Wall Street firms on Monday, including BTIG, which upgraded Edwards Lifesciences Corp. to buy from neutral. J.P. Morgan Chase also raised its price target for the company to $110 from $98, and said the company has “ample room for upside.” On Monday, Edwards Lifesciences set an all-time high of $104.94. Since hitting a 2016 low on Feb. 9, the company’s shares have soared nearly 16% compared with 11.2%, 10% for the S&P 500 and 14.1% for the Nasdaq Composite .

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Dunkin Brands Group Inc. said Monday that it has entered into development agreements with four franchise groups, which will result in 29 new Dunkin’ Donuts restaurants in California over the next few years. The restaurants will be spread around the state with the most, 12, opening in the San Francisco Bay area, through a deal with Golden Gate Restaurant Group. The first will open in 2016. Ten restaurants will open in Chico, Redding, Yreka and Eureka through a partnership with Far North Ventures. Dunkin’ Donuts has opened 25 restaurants in California over the past few years, and plans to open 1,000 more in the state over the long term. Dunkin’ Donuts shares are down 0.1% in Monday trading, but up 12.5% for the year so far. The S&P 500 is up 1.3% for the year to date.

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Gap Inc. shares are up 1.9% at the open after it was upgraded to overweight from sector weight at KeyBanc Capital Markets on optimism about the namesake brand’s new product and a shift in promotion strategy. The price target is $36. Gap shares are trading at nearly $30 per share. KeyBanc analysts say Gap’s new merchandise “more closely hews to Gap’s American casual aesthetic” with analysts noting a more colorful selection that brings the company back to its “American roots” as well as improved fit and quality. In addition, KeyBanc analysts spotted items that were excluded from promotions on recent channel checks. The bank acknowledges near-term challenges, but says the company is taking steps to improve long-term viability. Gap shares are down 31.3% for the past year, but up 18.3% for the year so far. The S&P 500 is up 1.4% for the year to date.

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From:: Stock Market News

Gap Inc. shares are up 1.9% at the open after it was upgraded to overweight from sector weight at KeyBanc Capital Markets on optimism about the namesake brand’s new product and a shift in promotion strategy. The price target is $36. Gap shares are trading at nearly $30 per share. KeyBanc analysts say Gap’s new merchandise “more closely hews to Gap’s American casual aesthetic” with analysts noting a more colorful selection that brings the company back to its “American roots” as well as improved fit and quality. In addition, KeyBanc analysts spotted items that were excluded from promotions on recent channel checks. The bank acknowledges near-term challenges, but says the company is taking steps to improve long-term viability. Gap shares are down 31.3% for the past year, but up 18.3% for the year so far. The S&P 500 is up 1.4% for the year to date.

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