Category: Stock Market News

Stocks opened higher Wednesday as investors awaited final legislative action on a bill that includes a sharp reduction in corporate tax rates. The S&P 500 was up 0.3% at 2,689.25, while the Dow industrials advanced 69 points, or 0.3%, to 24,823. The Nasdaq Composite rose 0.3% to 6,987. The House passed the tax legislation Tuesday, sending it to the Senate where it won approval in a party-line vote early Wednesday morning. Due to a procedural snag, it must go back to the House for a re-vote, which is expected later Wednesday.

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.

…read more

From:: Stock Market News

Shares of Seven Stars Cloud Group Inc. ran up 51% in active morning trade Wednesday, after the Beijing-based video-on-demand service company said it took a 27% stake in The Delaware Board of Trade Holdings Inc. (DBOT), a blockchain-based alternative trading system. Seven Stars said the purchase of the stake was made with 1,627,869 shares of its common stock, which based no Tuesday’s closing price of $4.33 was worth about $7.05 million. Seven Stars will become the largest shareholder of DBOT, which the company said is the only blockchain-based ATS that is fully licensed by the Securities and Exchange Commission. Seven Stars’ stock has rocketed nearly 5-fold year to date, while the S&P 500 has gained 20%.

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.

…read more

From:: Stock Market News

TherapeuticsMD Inc. shares dropped 7% in premarket trade on Wednesday after the company said the Food and Drug Administration will re-review its therapy by the end of May. The FDA classified the resubmission as a “class 2 response” rather than a class 1 response, giving it a longer timeline for FDA review, because “the additional endometrial safety information submitted to the [New Drug Application] for TX-004HR on September 14, 2017 was outside of an official review cycle.” If the therapy is approved according to the FDA’s timeline, TherapeuticsMD said it plans a launch in the third quarter of 2018, which could be as early as July 2018. “The wait continues,” said Stifel analyst Annabel Samimy, who had previously expected a class 1 review, which has a two-month timeline (relative to a class 2 review’s six-month timeline), adding “we continue to believe in the approvability of TX-004HR.” TX-004HR is intended to treat pain during sexual intercourse that is caused by a symptom of menopause. The FDA previously failed to approve the therapy in May, citing a need for more long-term safety data. Company shares have declined 2% over the last three months, compared with a nearly 7% rise in the S&P 500 and a 10.5% rise in the Dow Jones Industrial Average .

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.

…read more

From:: Stock Market News

Shares of Net Element Inc. more than doubled on heavy volume in premarket trade Wednesday, after the electronic payments company said it was launching a blockchain-focused business unit. The company said it has partners with Bunker Capital to develop a decentralized crypto-based ecosystem that will act as a framework for services that can connect merchants and consumers directly using blockchain technology. “We believe that we’re at the dawn of a new evolution where additional digital payment methods are being introduced,” said Net Element Chief Executive Oleg Firer. The stock traded up 144% on volume of 875,000 shares ahead of the open, compared with the full-day average for volume of 458,000 shares. The stock had tumbled 30.5% year to date through Tuesday, while the S&P 500 had climbed 19.8%.

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.

…read more

From:: Stock Market News

WASHINGTON (MarketWatch) – The top economic adviser to President Trump said Congress will pass a short-term spending bill that averts a government shutdown. In a televised interview Gary Cohn said he expects a temporary spending bill to keep the government open until early next year, when the two parties will hash out a longer-term solution. “Congress will be on its way home by the weekend,” Cohn predicted at an Axios-sponsored event.

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.

…read more

From:: Stock Market News

Shares of Nxt-ID Inc. rocketed 67% in active premarket trade Wednesday, as the provider of secure-payments and encryption company entered the cryptocurrency arena through its Fit Pay Inc. subsidiary. Volume topped 1.4 million shares over an hour before the open, already above the full-day average of about 1.2 million shares. Fit Pay and Cascade Financial Technology Corp. agreed to jointly develop a platform that gives cryptocurrency holders the ability to use the value of their currencies for traditional payment transactions at retail locations worldwide. “As cryptocurrencies increase in value and distribution, the need to create new methods to monetize their value and enabling models for acceptance is the critical last mile,” said Nxt-ID Chief Operating Officer Michael Orlando. Nxt-ID’s stock is on track to open at the highest level seen during regular-session hours since Jan. 19, 2017. Through Tuesday, the stock had plunged 34%, while the S&P 500 had rallied 20%.

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.

…read more

From:: Stock Market News

Winnebago Industries Inc. reported Wednesday fiscal first-quarter net income that rose to $18.0 million, or 57 cents a share, from $11.7 million, or 42 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 52 cents. Revenue rose to $450.0 million from $245.3 million, boosted by the acquisition of Grand Design RV. The FactSet revenue consensus was $384.0 million. Motorized sales fell 2.4% to $190.4 million, missing the FactSet consensus of $198.5 million, but that was offset by the 24% increase in towables revenue, which was well above expectations of $181.5 million. “We remain optimistic about the strength of the RV marketplace as a whole, with overall U.S. shipments expected to exceed 500,000 units in 2017, and a ninth consecutive year of growth projected in 2018,” said Chief Executive Michael Happe. The stock slipped 0.3% in premarket trade. It has soared 81% year to date through Tuesday, while the S&P 500 has gained 20%.

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.

…read more

From:: Stock Market News

General Mills Inc. shares jumped 2.4% in premarket trade Wednesday, after the consumer foods company beat fiscal second-quarter revenue expectations and raised its outlook. Net income for the quarter to Nov. 26 fell to $430.5 million, or 74 cents a share, from $481.8 million, or 80 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 82 cents, matching the FactSet consensus. Revenue rose 2.1% to $4.20 billion, above the FactSet consensus of $4.09 billion, as better-than-expected convenience stores and foodservice segment sales helped offset a miss in North American retail segment sales. U.S. cereal sales increased 7% and U.S. snacks sales rose 5%. The company raised its fiscal 2018 organic net sales outlook to a range of between flat to down 1% from the previous guidance of a decline of 1% to 2%. The stock has shed 6.7% year to date through Tuesday, while the S&P 500 has rallied 20%.

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.

…read more

From:: Stock Market News

Shares of BlackBerry Ltd. ran up 7.6% in premarket trade Wednesday, after the cybersecurity software company reported a surprise fiscal third-quarter adjusted profit and sales that beat expectations. The net loss for the quarter to Nov. 30 widened to $275 million, or 52 cents a share, from $117 million, or 22 cents a share, in the same period a year ago. Excluding non-recurring items, the company reported adjusted earnings per share of 3 cents, compared with the FactSet consensus of breakeven. Revenue fell to $226 million from $289 million, but was above the FactSet consensus of $212.2 million. Enterprise software and services revenue rose to $190 million from $160 million, while handheld device sales dropped to $9 million from $62 million. The company said it expects “positive” adjusted EPS for the full fiscal year, compared with the FactSet EPS consensus of 7 cents. The stock has soared 58% year to date through Tuesday, while the S&P 500 has gained 20%.

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.

…read more

From:: Stock Market News

U.S. stock futures pointed to a modestly higher open on Wednesday as the Senate passed the Republican tax bill in a late-night vote. Dow Jones Industrial Average futures rose 50 points, or 0.2%, to 24,825, while S&P 500 futures rose 6.1 points, or 0.2%, to 2,690.25. Nasdaq 100 futures gained 15.25 points, or 0.2%, to 6,516.60. The House was expected to approve the tax bill later in the day, and then it would next reach the desk of President Donald Trump for signing. Shortly after the bill was approved in the Senate, he tweeted that a news conference will take place on Wednesday, pending that House approval.

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.

…read more

From:: Stock Market News