Category: Stock Market News

Nordstrom Inc. was upgraded to neutral from underweight at J.P. Morgan based on investments and partnerships that have created what analysts call a “‘differentiated’ retail profile.” Analysts raised the price target to $50 from $33. Nordstrom has upgraded its technology, service and store experience, analysts say, and partnerships with Nike Inc. , Top Shop, Madewell and Bonobos are highlighted in a Tuesday note. Even with e-commerce making up only 15% of the business versus 85% in-store, J.P. Morgan thinks Nordstrom is insulated from online competition thanks to high-quality real estate, omnichannel initiatives, and the off-price Rack and Hautlook concepts. Nordstrom shares are up 1.8% in premarket trading, and up 7.2% for the last three months. The S&P 500 index is up 5.7% for the past three months.

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Zions Bancorp , the Salt Lake City-based large regional bank, said Tuesday it would pay $1,000 bonuses to nearly 80% of its workforce and increase compensation for nearly 40% of employees as a result of the tax legislation passed late in December. Wells Fargo and Fifth Third Bank previously announced they would increase the minimum wage they pay. Zions stock gained 18% over the past 12 months, lagging the 19.4% gain for the S&P 500 .

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Shares of Netflix Inc. were upgraded to outperform from a neutral rating by analysts at Macquarie Research on Tuesday. The main reasons for the upgrade are the analysts’ new preference for companies with subscription models rather than ad-driven, and scaled distribution with an international presence. Lead analyst Tim Nollen wrote that Netflix’s improving revenue and earnings were also a driver for the upgrade. “We believe Netflix is taking several steps to improve this beyond the market’s obsession with sub numbers to date,” Nollen wrote. “A second round of price increases is now coming through, Netflix is expanding its distribution relationships with cable operators and telcos globally, international growth is taking off on a concerted strategy to develop local content offerings, and Netflix is beginning to work on ways to reduce password sharing, which could drive even more subscribers.” Nollen also said Netflix remains far ahead of its peers, and Walt Disney Co.’s forthcoming streaming service, which won’t launch until 2019, won’t threaten Netflix. However, the streaming giant’s negative free cash flow is still a risk, and he noted that the Federal Communication Commission’s repeal of Obama-era net neutrality rules could also be a big risk if internet service providers decide to raise bandwidth prices. Netflix shares were up 1.5% in premarket trade on Tuesday and are up 55% in the trailing 12-month period, while the S&P 500 index is up more than 19% and the Dow Jones Industrial Average is up 25%.

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Biotech company Cue Biopharma is set to begin trading in its public debut on Tuesday on Nasdaq under the ticker symbol “CUE.” The company set its offering price at $7.50 per share on Dec. 27, selling 8.8 million shares to generate proceeds of $66 million. The underwriters are MDB Capital Group and Feltl and Company. The company is focused on developing complex biologic drugs targeting cancers and autoimmune disorders, and its core technology platform — called CUE Biologics — is in preclinical development, according to Cue Biopharma’s prospectus. Cue Biopharma plans to move its lead drug candidate, CUE-101, which is intended for HPV-related cancers, into the clinic by the end of 2018.

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Antero Midstream GP LP said Tuesday it is raising its long-term distribution targets through 2020 because of lower U.S. tax rates. The limited partnership said it now expects its 2018 distribution per share to range from 52 cents to 55 cents, up from a previous target of 43 cents to 46 cents. It now expects 2019 distribution per share to range from 84 cents to 91 cents, up from a prior target of 70 cents to 76 cents and its 2020 target to range from $1.28 to $1.40, up from $1.06 to $1.16. Shares were not active premarket, but have gained 3% in the last three months, while the S&P 500 has gained 6%.

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U.S. Supreme Court Chief Justice John Roberts said Sunday that the federal court system must do better to protect its law clerks and other employees from sexual harassment, and announced a program to combat inappropriate behavior. “Events in recent months have illuminated the depth of the problem of sexual harassment in the workplace, and events in the past few weeks have made clear that the judicial branch is not immune,” Roberts wrote in a year-end report. “The judiciary will begin 2018 by undertaking a careful evaluation of whether its standards of conduct and its procedures for investigating and correcting inappropriate behavior are adequate to ensure an exemplary workplace for every judge and every court employee.” Roberts’ comments came after U.S. Appeals Court Judge Alex Kozinski was forced to retire in November after more than a dozen women accused him of sexual harassment.

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Twelve people — 10 Americans and two Costa Rican pilots — were killed Sunday in a plane crash in northwest Costa Rica, authorities said. The crash occurred in the mountainous Punta Islita region on the country’s Pacific coast, an area popular with tourists. The flight was reportedly operated by Nature Air, and all onboard were killed. The names of the 10 Americans have not been released, and the cause of the crash was not immediately apparent. Costa Rican authorities said an investigation will begin Monday.

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Stock indexes closed modestly lower on Friday, running out of steam in the final session of 2017, in what has been a stellar record-setting year for U.S. equities. The Dow Jones Industrial Average shed 105 points, or 0.4%, to 24,732. The S&P 500 fell 13 points, or 0.5%, to 2,674. The Nasdaq Composite Index dropped 47 points, or 0.7%, to 6,903. This week, the S&P was down 0.3%, the Dow was down 0.1%, and the Nasdaq was down 0.8%. For the fourth-quarter, the S&P rose 6.1%, the Dow climbed 10.4%, and the Nasdaq rose 6.3%. In 2017, the S&P climbed 19.4%, the Dow advanced 25.1% and the Nasdaq jumped 28.3%. All three indexes ended in positive territory in December, with the S&P and Dow clinching their 9th straight monthly gain. That marks the longest streak for the Dow since 1959. While, the Nasdaq notched its sixth straight annual gain, its longest streak since the one between 1975 and 1980. Tech shares retreated on the day, with Apple Inc. falling 0.7%.

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Crude-oil futures ended Friday trade on a decidedly upbeat note, settling above $60 for the first time in more than two years. West Texas Intermediate crude oil for February delivery ended up 1%, or 58 cents, at $60.42, representing its highest close and its first above the psychologically significant level of $60 sine around June of 2015, according to FactSet data. Rig count data from Baker Hughes on Friday reported a small drop in rig counts for the week, with rigs drilling for gas in the U.S. down by two to 182, while those drilling for oil remained unchanged at 747. A combination of supply disruptions earlier in the week and evidence that supplies in the oil market are being reduced has helped to push prices higher headed into 2018.

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Gold futures jumped on Friday, booking their seventh-straight positive session, and retaking a level above $1,300 for the first time in about three months. February gold closed up $12.10, or 0.9%, at $1,309.30 an ounce, reaching its highest level since Sept. 25, according to FactSet data. The yellow metal enjoyed a nearly 14% gain in 2017, with a nearly 2% gain for the quarter and a 2.5% rise in December. The gains come as the broader metals complex rises amid weakness in the U.S. dollar, which most commodities are priced in. On Friday, the ICE U.S. Dollar Index , which measures the buck against six rival currencies, was down 0.5% at 92.17, after sinking 1.3% in 2017.

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