Category: Stock Market News

The American Petroleum Institute late Tuesday reported that crude supplies climbed by 9.9 million barrels for the week ended Feb. 26, according to sources who reviewed the report. The Energy Information Administration will release its own data Wednesday. Analysts polled by Platts forecast a climb of 2.5 million barrels. April crude traded at $33.83 a barrel in electronic trading, down from the contract’s settlement of $34.40 on the New York Mercantile Exchange.

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The American Petroleum Institute late Tuesday reported that crude supplies climbed by 9.9 million barrels for the week ended Feb. 26, according to sources who reviewed the report. The Energy Information Administration will release its own data Wednesday. Analysts polled by Platts forecast a climb of 2.5 million barrels. April crude traded at $33.83 a barrel in electronic trading, down from the contract’s settlement of $34.40 on the New York Mercantile Exchange.

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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Starbucks Corp.’s former chief operating officer Troy Alstead has resigned from the company, effective immediately, the coffee retailer said Tuesday. Alstead had been on a sabbatical since March 1, 2015 and had informed the company earlier this month that he would not be returning, according to a regulatory filing. Shares of Starbucks were mostly flat in after-hours trading after gaining 3.1% in the regular session.

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TiVo Inc. late Tuesday reported fourth-quarter earnings ​of ​$199,000, compared with $7.1 million a year ago. The latest quarterly results included $12.8 million in chief executive transition costs and $7.7 million in related tax benefits. On a per-share basis, the San Jose, Calif.-based company broke even versus a profit of 7 cents a share in the year-earlier period. Net revenue rose to $123.1 million from $114.1 million while its services and technology revenue, a closely monitored metric that excludes hardware sales, increased 11% to $101.7 million. Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $125 million. TiVo shares rose 0.6% in after-hours trading.

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Talk about in like a lion. Wall Street enjoyed sharp gains Tuesday, led by a rally in bank stocks and oil’s surge. But for the S&P 500 index . the benchmark’s 2.4%, or 46 point, gain to 1,978.35, marked its best start to March ever, according to Dow Jones data. For the Dow Jones Industrial Average, Tuesday’s 2.1% spike was its best start to March since 2002, Dow Jones data show. Now, the only question is will stocks roar like a lion to open the month only to leave like a lamb, which would be a bad thing for stock-market bulls.

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Gold futures finished lower on Tuesday, as a rally in the U.S. stock market dulled the precious metal’s investment appeal. April gold fell $3.60, or 0.3%, to settle at $1,230.80 an ounce on Comex.

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Avon Products Inc. said Tuesday that Cerberus Capital Management LP has agreed to invest $435 million in its convertible perpetual preferred stock as part of a new strategic partnership. Avon will separate its North America business into a privately-held company that will be majority owned and managed by Cerberus. The private-equity firm will invest $170 million in the new entity and hold an 80% stake. “The partnership, along with other actions we are taking, also further increases our financial flexibility,” Avon Chief Executive Sheri McCoy said in a statement. “We have significant capital resources and liquidity with which to fund working capital, restructuring costs, and opportunistic debt retirement.” Avon has $1 billion in cash including the proceeds from the two transactions, she said. Avon shares were trading down 3% in afternoon trade, while the S&P 500 was up 2%.

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Oil futures turned decidedly higher on Tuesday after Russian news agency TASS reported that a decision by major producers to stabilize oil output could be made later this month. Russia’s Energy Minister Alexander Novak said Tuesday that 15 nations, producing 73% of oil across the globe, support a decision to stabilize oil production, according to TASS. The minister also said that such a decision would be efficient even without Iran. April West Texas Intermediate oil traded at $34.48 a barrel on the New York Mercantile Exchange, up 73 cents, or 2.2%. Earlier, it was seesawing between modest losses and gains.

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Target Corp. was initiated at buy at Buckingham Research Group, with analysts saying they are “impressed” with signs of improved merchandising and execution. The price target is $96. Target shares are trading at about $80 on Tuesday. Free cash flow was spurred by the company’s decision to exit Canada and the sale of its pharmacy business, analysts said. Increasing dividends and share repurchases (estimated at $4 billion for fiscal 2016, up from $3.4 billion in fiscal 2015) were also cited in the Tuesday note.”The company has addressed e-commerce
competition and refocused on core categories including fashion (style), baby, kids, and wellness,” analysts wrote. “The result has been 30% e-commerce revenue growth and comps at core categories increasing in the mid-to-high single-digit range,” analysts said. Target shares are up 2.3% in Tuesday trading and 10.6% for the year-to-date. The S&P 500 is down 4% for the year so far.

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Ocwen Financial Corp.’s stock plunged 34% in very-active morning trade Tuesday, as concerns over widening losses at mortgage servicing company, coupled with intense regulatory scrutiny, has put the shares on track to close at an eight-year low. Volume was 12.4 million shares just before 11 p.m. Eastern, or nearly five times the full-day average over the past 30 days, according the FactSet. The stock’s selloff extends the 38% tumble on volume of 12.8 million shares on Monday, which came in the wake of a much wider-than-expected loss and sharp drop in revenue. That marked the 15th time in the last 16 quarters that Ocwen had missed bottomline estimates. The stock has plummeted 64% year to date, while the S&P 500 has slipped 4.3%

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