Category: Stock Market News

Tupperware Brands Corp. shares were down 6.1% on Wednesday afternoon after the company said in an SEC filing that it completed its annual 10-K for the year ended Dec. 26, 2015. The company said it’s still assessing deficiencies related to the information technology systems used in its financial reporting. “Although the Company has not concluded its assessment of the effectiveness of its internal control over financial reporting, the Company believes that these deficiencies could represent a material weakness in its internal control over financial reporting,” the filing said. Tupperware expects to file the annual report and related documents within the 15-day extension period. Tupperware sahres are down 33.3% for the past 12 months while the S&P 500 is down 9.2% for the same period.

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Oil futures finished higher after a volatile session on Wednesday, finding support from a weekly decline in U.S. crude production, as strong demand for gasoline pointed to a possible rise in demand for oil to make the fuel. A bigger-than-expected weekly increase in U.S. crude supplies, however, helped limit the gains for oil prices, however. April West Texas Intermediate crude added 28 cents, or 0.9%, to settle at $32.15 a barrel on the New York Mercantile Exchange. Prices traded between a low of $30.56 and a high of $32.36 during the session.

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Nevada Gov. Brian Sandoval is being vetted by the White House for a potential nomination to the Supreme Court, the Washington Post reported, citing two people familiar with the process. The Post says the Republican governor is increasingly viewed by some key Democrats as perhaps the only nominee President Barack Obama could pick who could break a Republican blockade. Republicans have said they won’t vote or hold hearings on an Obama nominee to replace the late Justice Antonin Scalia.

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Ford Motor Co. is reaching its full earnings potential, and about to enter more challenging and uncertain times, analysts at Morgan Stanley said in a note Wednesday. The analysts cut their price target on Ford stock to $12 from $15, adding that Wall Street may be too bullish about the company’s earnings this year. Like its U.S. peers, Ford benefits from “strong market conditions” at home and in the European Union and China, the analysts said. “Moving forward, these markets are exposed to greater cyclical factors that present negative earnings risk,” they said. Shares of Ford fell 4.2% on Wednesday at $11.91. Shares are down 27% in the past 12 months, and 18% in the last three months; that compares with losses of 10% and 8.7%, respectively, for the S&P 500 index.

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A Missouri jury has awarded $72 million to the family of an Alabama woman, who argued that her death from ovarian cancer was caused by using baby powder made by New Jersey-based Johnson & Johnson, the Associated Press reported Wednesday. The civil suit was part of a broader case involving nearly 60 people, said the AP. Johnson & Johnson has been targeted in the past by health groups claiming that some of the ingredients in its products are harmful. The company had pledged in 2012 to eliminate two of them, 1,4-dioxane and formaldehyde, from all products by 2015. A spokeswoman said the company is considering its next legal move. Shares were trading down 0.8% on Wednesday, while the S&P 500 was down 1.3%.

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Oil futures pared losses on Wednesday after the U.S. Energy Information Administration reported a 3.5 million-barrel climb in crude-oil supplies for the week ended Feb. 19. That was below the 7.1 million-barrel increase reported by the American Petroleum Institute, but above the rise of 3 million barrels expected by analysts polled by Platts. Gasoline supplies fell 2.2 million barrels, while distillate stockpiles declined by 1.7 million barrels last week, according to the EIA. April crude was at $31.37 a barrel on the New York Mercantile Exchange, down 50 cents, or 1.6%. Prices traded at $30.92 before the data.

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Silver Run Acquisition Corporation , the year’s biggest initial public offering in terms of dollars raised, was trading just above its issue price of $10 in its debut on the Nasadaq Wednesday. The company is a special purpose acquisition entity, with no assets of its own, that plans to use the proceeds to buy oil and gas assets. The company sold 45 million units to raise $450 million. Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. underwrote the offering. So far this year, there have only been four other IPOs, according to market intelligence firm Ipreo. In 2015, there were 22 as of Tuesday.

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Norwegian Cruise Line Holdings Inc. was upgraded to neutral from sell at Goldman Sachs, citing solid leisure travel trends. The six-month price target was raised to $45 from $41. Goldman Sachs downgraded Norwegian Cruise Line to sell on Dec. 8, 2015, but reversed its decision after the company reported earnings on Tuesday. Norwegian Cruise Line shares opened about flat on Wednesday morning, and are down 2.6% for the past year. The S&P 500 is down 9.2% for the past 12 months.

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U.S. stocks opened lower on Wednesday, building on the previous session’s losses as a slump in oil continued to put pressure on equities. The S&P 500 opened 14 points, or 0.8%, lower at 1,906. The Dow Jones Industrial Average lost 95 points, or 0.6%, to 16,337 shortly after the open. Meanwhile, the Nasdaq Composite began the day down 50 points, or 1.1%, at 4,453.

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TJX Cos. shares are up 0.6% in premarket trading after the company announced fourth quarter earnings that beat estimates. The off-price retailer had net income of $666.5 million, or 99 cents per share, up from $648.2 million, or 93 cents per share, for the same period last year. The FactSet consensus was 94 cents. Sales for the quarter totaled $9 billion, up from $8.3 billion last year and beating the FactSet estimate of $8.7 billion. Same-store sales rose across all of the company’s brands, including T.J. Maxx (up 6%), HomeGoods (up 7%) and TJX Cananda (up 14%). The company increased its quarterly dividend by 24% to 26 cents per share. The company also said it would repurchase between $1.5 billion and $2 billion in stock during the fiscal year ending Jan. 28, 2017. TJX sees first quarter 2017 earnings per share between 68 cents and 70 cents, below the FactSet consensus of 74 cents owing to a 2% negative foreign exchange impact and a wage initiative that will have a negative impact of 3%. Company shares are up 8.2% for the past 12 months while the S&P 500 is down 9.2% for the same period.

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