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Nasdaq Inc. said Thursday it is raising its quarterly dividend by 28% to 32 cents a share. The new payment will be made June 24 to shareholders of record as of June 10. Shares were not yet active in premarket trade, but have gained 12% in the year so far, while the S&P 500 has gained 1%.
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From:: Stock Market News
Standard & Poor’s Ratings Services on Thursday revised the outlook on its China rating to negative from stable, saying the country’s “economic rebalancing” is likely to progress more slowly than expected. “We revised the outlook to reflect our expectation that the economic and financial risks to the Chinese government’s creditworthiness are gradually increasing,” the credit agency said. “This follows from our belief that, over the next five years, China will show modest progress in economic rebalancing and credit growth deceleration,” it added. S&P kept its AA- rating on China, arguing the country’s government is taking steps to bolster its economy. “Most importantly, we view the government’s anti-corruption campaign as a significant move to improve governance at state agencies and state-owned enterprises,” it said. The S&P report came out after Chinese markets closed on Thursday. The Shanghai Composite Index ended the day up 0.1% at 3,003.92.
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From:: Stock Market News
Luxury watch maker Movado Group Inc. said Thursday it is raising its quarterly dividend by 18% to 13 cents a share. The new payment will be made April 26 to shareholders of record as of April 12. The company is also planning to buy back up to $50 million of its shares, replacing a $100 million buyback authorization that expired on Jan. 31. Shares were down 3.6% premarket, but have gained 18% in the year so far, while the S&P 500 has gained just 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.
From:: Stock Market News
Standard & Poor’s Ratings Services on Thursday cut its outlook on China to negative from stable, saying the country’s “economic rebalancing” is likely to progress more slowly than expected. “We revised the outlook to reflect our expectation that the economic and financial risks to the Chinese government’s creditworthiness are gradually increasing,” the credit agency said. “This follows from our belief that, over the next five years, China will show modest progress in economic rebalancing and credit growth deceleration,” it added. S&P kept its AA- rating on China, arguing the country’s government is taking steps to bolster its economy. “Most importantly, we view the government’s anti-corruption campaign as a significant move to improve governance at state agencies and state-owned enterprises,” it said. The S&P report came out after Chinese markets closed on Thursday. The Shanghai Composite Index ended the day up 0.1% at 3,003.92.
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.
From:: Stock Market News
European stocks dropped Thursday, with all sectors pulling back as investors wrap up the month and the first quarter. The Stoxx Europe 600 fell 0.9% to 337.94, led by oil and gas and financials shares. Equities are struggling “despite a Fed Yellen-sponsored rally mid-week,” analysts at Accendo Markets wrote. This rally and the “U.S. dollar finding support at mid-month lows … hinder commodity gains and temper risk appetite.” The Stoxx 600 was looking at a 1.2% rise for March, but was on track for a 7.7% slide for the quarter. In Thursday’s trade, shares of Bouygues SA fell 3.9% as the French telecommunications company and rival Orange SA extended a deadline to complete merger talks..
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From:: Stock Market News
U.S. stock futures inched lower on Thursday, with investors staying on the sidelines after firm gains earlier in the week and ahead of jobless claims ahead of the open. Futures for the Dow Jones Industrial Average lost 44 points, or 0.3%, to 17,578, while those for the S&P 500 index dropped 5.20 points, or 0.3%, to 2,050. Futures for the Nasdaq 100 index fell 14.25 points, or 0.4%, to 4,467.75. The losses follow Wednesday’s positive close for U.S. equities as markets continued to benefit from dovish comments by Federal Reserve Chairwoman Janet Yellen. Overall, expectations that the Fed is on the cusp of raising interest rates again have fallen over the past month, helping boost U.S. stock markets. The Dow average is on track for a 7.3% monthly gain, which would be the best since October. The S&P 500 and Nasdaq Composite were also on track for their best monthly performances since October.
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U.K. stocks opened lower Thursday, setting the market’s blue-chip benchmark to trim its monthly gain. The U.K.’s FTSE 100 fell 0.5% to 6,174.86, with all sectors moving lower, led by oil and mining shares. But among advancers, TUI AG shares rose 3% following a financial update from the travel-services provider. . For the month, the FTSE 100 was on track to rise 1.3%. But it was facing a first-quarter loss of 1.1%.
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From:: Stock Market News
Alcoa Inc. said late Wednesday it will sell its stake in the operator of an Australian natural gas pipeline for about $154 million. The aluminum producer said it will sell its 20% stake of DBP, which owns and operates the Dampier to Bunbury Natural Gas Pipeline, to Duet Group, which controls an 80% stake, for $205 million Australian. The sale, which is expected to close in early April, will add 1 cent a share to earnings, Alcoa said. Alcoa shares were flat at $9.68 after hours.
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Pepsico Inc. said late Wednesday the CEO of its Frito-Lay North America division, Tom Greco, has left the company to become a CEO elsewhere. The beverage and snack maker has promoted Al Carey, CEO of its North America beverages division, to CEO of Frito-Lay North America and Quaker foods divisions as well. “Bringing the company’s three North America businesses under a single leader will enable PepsiCo to further leverage its complementary brand portfolio across snacks, beverages and nutrition to unlock new growth opportunities,” Pepsico said. Carey will continue to report to PepsiCo CEO Indra Nooyi, the company said. Pepsico did not disclose the company Greco will lead. Shares of Pepsico were flat in late trading Wednesday after ending the regular trading day up 1.3%.
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.
From:: Stock Market News
Pepsico Inc. said late Wednesday the CEO of its Frito-Lay North America division, Tom Greco, has left the company to become a CEO elsewhere. The beverage and snack maker has promoted Al Carey, CEO of its North America beverages division, to CEO of Frito-Lay North America and Quaker foods divisions as well. “Bringing the company’s three North America businesses under a single leader will enable PepsiCo to further leverage its complementary brand portfolio across snacks, beverages and nutrition to unlock new growth opportunities,” Pepsico said. Carey will continue to report to PepsiCo CEO Indra Nooyi, the company said. Pepsico did not disclose the company Greco will lead. Shares of Pepsico were flat in late trading Wednesday after ending the regular trading day up 1.3%.
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.
From:: Stock Market News