Category: Stock Market News

U.S. equities opened higher Thursday as investors digested the news of a Walt Disney Co. purchase of parts of 21st Century Fox for $52.4 billion in stock. The megadeal includes Twentieth Century Fox’s film and television studio and its cable TV businesses. The S&P 500 rose 2 points, or 0.1%, to 2,665, while the Dow Jones Industrial Average climbed 54 points, or 0.2%, to 24,640. The Nasdaq Composite Index added 11 points, or 0.2%, to 6,887.

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 PayPal Holdings Inc. gained 0.5% in premarket trading Thursday after an analyst at KeyBanc Capital Markets named the payment-processor a “key idea” for 2018. KeyBanc’s Josh Beck is upbeat on the company’s efforts to monetize its Venmo peer-to-peer payment platform by letting users pay for e-commerce items using the Venmo app. ” The Pay with Venmo opportunity brings in incremental customers with higher profit margins and is well positioned to scale,” he wrote in a note to clients Wednesday. Beck has a $90 price target on PayPal shares. His other “key idea” in payments is Vantiv Inc. , as he sees opportunities for the company to drive better-than-expected synergies from its Worldpay deal. PayPal shares have gained 88% so far in 2017, while Vantiv’s stock is up 23%. The S&P 500 also rose 23% in that time.

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 Nucor Corp. dropped 2.4% in premarket trade Thursday, after the steelmaker provided a downbeat profit outlook for the fourth quarter, citing the continued negative impacts of imports. The company said it expects earnings per share of 50 cents to 55 cents, excluding impacts of federal tax legislation. The FactSet EPS consensus was 76 cents, up from 34 cents a year ago. Nucor said through the first 10 months of 2017, total steel imports have increased 19.4% from the same period last year, and accounted for a 28% share of the U.S. market. The company said it was encouraged by the progress made in the prosecution of trade cases, but said the process was still slower than what it feels is appropriate. The stock has tacked on 3.9% year to date through Wednesday, while the SPDR Materials Select Sector ETF has climbed 20% and the S&P 500 has gained 19%.

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

The U.S. import price index jumped 0.7% in November, once again spurred by rising oil prices. Excluding fuel, import prices were unchanged, the government said Thursday. The increase in import prices over the past 12 months rose to 3.1% from 2.3%. If fuel is omitted, the increase in import prices over the past year was a scant 1.4%. Higher import prices add to picture of slowly rising inflation in the U.S., though much of the gain lately has been driven by fuel. Earlier this week a pair of measures for consumer and wholesale prices also rose.

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 Apple Inc. are up 0.1% in premarket trading Thursday after the company announced an update for its Final Cut Pro X video-editing software. The new version supports “360-degree VR video editing” and high-dynamic range (HDR) video. It also has new advanced color grading tools. Apple announced earlier this week that its iMac Pro, which starts at $4,999 and is aimed at professional editors, would go on sale Thursday. Apple shares have gained 49% so far in 2017, compared with a 24% rise for 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

Sears Holdings Corp. shares jumped 8.2% in Thursday premarket trading after the retailer announced that the DieHard brand launched on Amazon.com Inc. The line of products on the site now includes jump starters, battery chargers and maintainers. Passenger car tires and automotive batteries will be available early 2018. Sears announced that it would sell Kenmore brand appliances on Amazon this summer. Sears shares are down 62% for the past year while the S&P 500 index is up 18.2% for the period.

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

Teva Pharmaceutical Industries Ltd. shares jumped 14% in premarket trade Thursday, after the company announced further restructuring moves aimed at improving its financial performance. The Israeli generic drug maker has been hit by competition from cheap generics and announced a major overhaul of its management structure in November. The company said it is now planning to cut 14,000 jobs, or 25% of its workforce, in the next three years, as part of measures aimed at cutting costs by $3 billion by end 2019. The company is expecting to book a restructuring charge of at least $700 million in 2018. “Today we are launching a comprehensive restructuring plan, crucial to restoring our financial security and stabilizing our business,” Chief Executive Kare Schultz said in a statement. “We are taking immediate and decisive actions to reduce our cost base across our global business and become a more efficient and profitable company.” The company will immediately suspend its dividend and cancel its 2017 bonus program. It is also reviewing the possibility of selling non-core assets. Shares have fallen 57% in 2017, while the S&P 500 has gained 19%.

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 ad-retargeting firm Criteo S.A. fell 12% in premarket trading Thursday after the company dramatically lowered its 2018 revenue forecast due to changes Apple Inc. made to its mobile operating system. Apple’s new iOS 11.2 software “disables the solution that some companies in the advertising ecosystem, including Criteo, currently use to reach Safari users,” according to a release from Criteo. The company projects this change to reduce 2018 revenue by 22%, excluding traffic acquisition costs, if the firm can’t effectively work within the new iOS landscape. Management had previously projected a 9% to 13% “net negative impact.” Criteo said that it had a new solution “under development” but also that “its effectiveness cannot be assessed at this early stage.” Criteo shares are down 23% this year, while Apple’s stock is up 49%. The S&P 500 Index has gained 19%.

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

Danaher Corp. said Thursday it expects 2018 net earnings per share to rise to $3.50 to $3.60, which is 2.9% to 5.9% above the FactSet 2017 EPS consensus of $3.40. The diversified industrial company expects 2018 adjusted EPS of $4.25 to $4.35, the midpoint of which is below the FactSet consensus of $4.34. The company said the adjusted EPS outlook assumes core revenue growth of between 3.5% to 4.0%. The FactSet 2018 revenue consensus of $19.08 billion implies growth of 4.9% from the 2017 consensus of $18.20 billion. The stock, which was inactive in premarket trade, has rallied 21% year to date, while the S&P 500 has gained 19%.

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

Sanderson Farms Inc. shares moved lower premarket Thursday, after the company posted weaker-than-expected profit for its fiscal fourth quarter, hurt by weak poultry prices, hurricane disruptions and higher-than-expected chicken production. The company said it had net income of $72.9 million, or $3.20 a share, in the quarter, down from $76.0 million, or $3.36 a share, in the year-earlier period. Sales rose to $919.9 million from $790.8 million. The FactSet consensus was for EPS of $3.49 and sales of $911 million. “Market conditions weakened during our fourth fiscal quarter of 2017, as market prices declined seasonally after Labor Day. The seasonal decrease in demand was exacerbated by hurricane disruptions and higher than expected chicken production caused by higher than expected live weights. Despite this weakness, we performed well during the quarter,” Chief Executive Joe Sanderson said in a statement. Shares have gained 78% in 2017, outperforming the S&P 500 , which has gained 19%.

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