Category: Stock Market News

Short-dated U.S. Treasury yields spiked after a better-than-expected jobs report, though long-dated bond yields were climbing down to the levels ahead of the release. The U.S. created 215,000 new jobs in March, above economists’ expectations. The unemployment rate, meanwhile, rose a notch to 5% from 4.9%, as more Americans joined the labor force. Robust job gains are likely to reassure the Federal Reserve that the economy is growing at a healthy pace and may warrant more rate hikes this year. The yield on a 2-year Treasury note , which is more sensitive to rate hikes, was up 3 basis points to 0.752%. The 10-year Treasury yield was up 1 basis point to 1.78% while the 30-year Treasury yield was flat at 2.614%.

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The dollar strengthened against most of its developed and emerging-market rivals Friday after data from the Labor Department showed U.S. jobs growth in March was strong than economists had expected. The U.S. economy added 215,000 new jobs in March, better than the 205,000 new jobs forecast in a survey of economists conducted by MarketWatch. The dollar rose to 112.30 yen after the report, up from 112.03 yen shortly before the data. The euro fell to $1.1397 from $1.1430 beforehand. The pound weakened to $1.4262 from $1.4304 beforehand. In emerging-market trading, the Russian ruble weakened to 67.93 to the dollar from 68.17 shortly before.

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WASHINGTON (MarketWatch) – The U.S. created 215,000 new jobs in March, showing an economy that’s still expanding at a moderate pace despite some rocky moments earlier in the year. Economists polled by MarketWatch had expected an increase of 203,000 nonfarm jobs. The unemployment rate rose a tick to 5% from 4.9%, as more people joined the labor force, the Labor Department said Friday. Average hourly wages climbed 0.3% to $25.43. Hourly pay rose 2.3% from March 2015 to March 2016, unchanged from the prior month. The amount of time people worked each week was flat at 34.4 hours. The labor-force participation rate rose a notch and reached 63% for the first time in two years. Employment gains for February and January, meanwhile, were essentially unchanged. The government said 245,000 new jobs were created in February instead of 242,000. January’s gain was trimmed to 168,000 from 172,000.

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Online and mobile food ordering company Grubhub Inc. on Friday said it is launching into to the ride-sharing business with a new product extension called Gruber. When customers need and request a ride, one of Grubhub’s delivery drivers will show up and drop them off before delivering someone else’s food, the company said in a news release. Grubhub is entering a space already dominated by the likes of Uber, but that is seeing more and more new entries. Shares of Grubhub are up 3.8% in the year so far, outperforming the S&P 500 Index, which is up less than 1%.

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BlackBerry Ltd said Friday it had a net loss of $238 million, or 45 cents per share during its fiscal fourth quarter, after a profit of $28 million last year, or 5 cents per share. The adjusted loss for the quarter was 3 cents a share, less than the FactSet consensus of 13 cents. Revenue came in $464 million, a nearly 30% drop compared with $660 in the year earlier period, well below the $787 milllion FactSet revenue consensus. The company said it expects to grow its software and services about 30% and anticipates positive cash flow in fiscal 2017. Shares of BlackBerry were inactive in premarket trade, but in the year so far the company has seen shares fall 12.8%, while the S&P 500 index has gained just under 1%.

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General Electric Co. said Friday it is selling a majority stake in Poland’s Bank BPH’s Core Bank to Alior Bank in a multilayered deal with an ending net investment of about $2.1 billion. Bank BPH will be transformed into two units, the Core Bank and the Mortgage Bank, followed by a spinoff and demerger of Core Bank into Alior. GE is expected to pocket $200 million in capital, and will retain $3.9 billion of mortgages in the Mortgage Bank unit and BPH TFI, the bank’s asset management business. The move is the latest by GE as it sheds its financial units to focus on its core industrial businesses. In total, the company is planning to sell about $200 billion of GE Capital businesses worldwide, the bulk of which are expected to completed by the end of 2016. GE shares were slightly lower in premarket trade, but are up 2% in the year so far, while the Dow Jones Industrial Average is up about 1.5%.

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From:: Stock Market News

General Electric Co. said Friday it is selling a majority stake in Poland’s Bank BPH’s Core Bank to Alior Bank in a multilayered deal with an ending net investment of about $2.1 billion. Bank BPH will be transformed into two units, the Core Bank and the Mortgage Bank, followed by a spinoff and demerger of Core Bank into Alior. GE is expected to pocket $200 million in capital, and will retain $3.9 billion of mortgages in the Mortgage Bank unit and BPH TFI, the bank’s asset management business. The move is the latest by GE as it sheds its financial units to focus on its core industrial businesses. In total, the company is planning to sell about $200 billion of GE Capital businesses worldwide, the bulk of which are expected to completed by the end of 2016. GE shares were slightly lower in premarket trade, but are up 2% in the year so far, while the Dow Jones Industrial Average is up about 1.5%.

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Shares of Marvell Technologies Group Ltd. fell 5% late Thursday as the company said it expects its fiscal 2016 net revenue to be “significantly” lower on less demand for its storage products and the restructuring of its mobile platform busness, according to a filing. The company also said it expects a net loss for fiscal 2016 due to charges linked to the company’s settlement of its litigation with Carnegie Mellon University for $750 million, as well as charges related to the restructuring and severance packages for the mobile platform business, to the tune of about $75 million. The company said it is unable to file its annual report on time and is working to complete it “as soon as practicable.” Shares of Marvell had ended the day down 0.1%.

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Tesla Motors Inc. Chief Executive Elon Musk tweeted late Thursday the electric-car maker moved up the start of online reservations for the Model 3 in order to avoid server overload. Online reservations will start at 7:30 p.m. Pacific, one hour earlier than initially scheduled, he said. Tesla is unveiling the Model 3, a sedan expected to cost $35,000 and run 200 miles between charges, at an event later Thursday at its design center outside Los Angeles. The start of the event was kept at 8:30 p.m. Pacific. Meanwhile, thousands lined up at Tesla’s stores worldwide to be first among those dropping $1,000 to reserve their Model 3. Tesla expects to start production of the car in late 2017.

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Shares of Starwood Hotels & Resorts Worldwide Inc. fell in Thursday’s extended session following a report from Dow Jones Newswires that China’s Anbang Insurance Group Co. will withdraw from a proposed takeover of the hotel chain. Anbang had been locked in a bidding war for Starwood with Marriott International Inc. that has inflated the offer price to $14 billion, or $82.75 a share. Starwood shares slumped 4.7% in after-hours trading while Marriott International shares skidded 5.2%.

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