Category: Stock Market News

Snap Inc. unveiled a redesign of its Snapchat app on Wednesday, in an attempt to spur user growth and make it easier to discover content. The new, simpler design separates content made by friends and content made by publishers. “This will provide a better way for publishers to distribute and monetize their stories, and a more personal way for friends to communicate and find the content they want to watch,” CEO Evan Spiegel wrote in an Axios op-ed. The change could make Snap more accessible to content creators who’ve so far chosen to post to Alphabet Inc.’s YouTube platform. Snap first announced the overhaul on its third-quarter earnings call, after the company grew its user base just 3% from the prior quarter. Snap shares were down 0.8% in Wednesday morning trading and are down 20% from their March IPO price of $17. The S&P 500 was slightly higher.

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Stocks traded modestly higher in early action, with the S&P 500 and Dow industrials notching all-time highs. Stocks built on Tuesday’s record finish after an upbeat revision to third quarter gross domestic product data as investors await congressional testimony by outgoing Federal Reserve Chairwoman Janet Yellen and weigh progress on corporate tax-cut legislation. The S&P 500 was up 0.1% at 2,629.08, while the Dow advanced 66 points, or 0.3%, to 23,903 as it closed in on the psychologically important 24,000 milestone. The Nasdaq Composite lagged behind, slipping 0.2% to 6,902.

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Domino’s Pizza Inc. shares rose 1.6% in Wednesday premarket trading after the stock was upgraded to buy from neutral at Instinet based on the international possibilities for the restaurant chain. Analysts maintained their $201 price target. Instinet says global franchisees could buy rival global pizza chains to convert them to the Domino’s brand, “which helps Domino’s unit growth without corporate commitment of capital.” Domino’s expansion puts pressure on the competition on both a local and regional level. “These chains simply lack the scale and resources to effectively compete with Domino’s as digital ordering has become increasingly important to customers ordering pizza for delivery or takeout,” analysts led by Mark Kalinowski wrote. Instinet also notes the drop in stock price, which makes shares more attractive. Domino’s shares are down 3.4% for the last three months, but up 8.2% for the year so far. The S&P 500 index is up 17.3% for 2017 to date.

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Amazon.com Inc. said Wednesday Cyber Monday was the biggest shopping day in its history, with orders surpassing that of Prime Day. The e-commerce giant said customer orders for the “Turkey 5”–the five days from Thanksgiving to Cyber Monday–were in the “hundreds of millions” of products, while orders from small businesses alone reaching nearly 140 million items. Amazon App orders on Cyber Monday increased more than 50%, with the Echo Dot the best selling item. Separately, lower prices on turkeys for Amazon Prime members helped Whole Foods Market break its record for turkeys sold during the Thanksgiving season. Amazon’s stock slipped 0.1% in premarket trade. It has rocketed 25% over the past three months, while the S&P 500 has gained 7.4%.

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Walt Disney Co.-owned ESPN’s President John Skipper told staff on Wednesday that the network is laying off roughly 150 people. Skipper said that the majority of the jobs eliminated are in studio production, digital content and technology, and that they generally reflect ESPN’s decision to shift focus and re-direct resources. “We appreciate their contributions, and will assist them as much as possible in this difficult moment with severance, a 2017 bonus, the continuation of health benefits and outplacement services,” Skipper wrote in his memo. “We will continue to invest in ways which will best position us to serve the modern sports fan and support the success of our business.” The cuts come amid a tumultuous time for ESPN, as viewership and subscriber numbers decline, and the network struggles to connect with its base in a charged political landscape. Disney’s ABC TV Group cut as many as 200 people in October. Shares of Disney have declined less than 1% in the year to date, while the S&P 500 index is up more than 17% and the Dow Jones Industrial Average is up nearly 21%.

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Shares of China-based RYB Education Inc. plunged 10% in premarket trade Wednesday, after the childhood education services company said a police investigation found maltreatment of children by a former female teacher. The company said the maltreatment involved the use of sewing needles to “discipline” children during post-lunch naptime at the RYB-operated kindergarten. Although the police said there has been no evidence of further misconduct, RYB said there have been additional parent complaints regarding RYB-branded kindergartens. The stock, which went public on Sept. 27 at an initial-public-offering price of $18.50, closed at a low of $16.45 last Friday, after the company said police started an investigation following allegations of “improper conduct.” The stock has dropped 7.6% over the past month through Tuesday, while the Renaissance IPO ETF has gained 1.8% and the S&P 500 has tacked on 1.8%.

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Chipotle Mexican Grill Inc. said Wednesday it will begin search for a new chief executive officer, as current CEO Steve Ells, who is also chairman and the Mexican food chain’s founder, will transition to executive chairman. Ells founded the company in 1993, and was appointed chairman in 2005. “I am incredibly proud of Chipotle and our people–and grateful to our loyal customers–and while we are continuing to make progress, it is clear that we need to move faster to make improvements,” Ells said. “Simply put, we need to execute better to ensure our future success.” Chipotle’s stock fell 0.3% in premarket trade after a halt was lifted. The stock has tumbled 24% year to date, as the company continues to struggle with the fallout from E. coli and norovirus outbreaks in late 2015. In comparison, the SPDR Consumer Discretionary Select Sector ETF has rallied 18% this year and the S&P 500 has gained 17%.

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Beijing-based ReTo Eco-Solutions, Inc. , a green building materials maker, said Wednesday it has priced its initial public offering at $5 a share. The company sold 2.8 million shares to raise about $14 million. Shares are expected to begin trading Wednesday on Nasdaq, under the ticker symbol ‘RETO.” ViewTrade Securities Inc. was sole bookrunner on the deal.

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Shares of Wal-Mart Stores Inc. gained 0.5% in premarket trade Wednesday, after the discount retail giant was upgraded at RBC Capital, which said significant positive changes made to its business offsets an “expensive” stock price. Analyst Scot Ciccarelli raised his rating to sector perform, after being at underperform since he started coverage in May 2016. That leaves only one analyst of the 34 surveyed by FactSet–Wolfe Research’s Scott Mushkin–that still has a bearish rating on Wal-Mart. Ciccarelli raised his stock price target to $96 from $92. “We still believe the company is in the midst of a multi-year investment cycle that will continue to suppress earnings growth,” Ciccarelli wrote in a note to clients. “However, many changes/investments should ultimately improve Wal-Mart’s longer-term strategic positioning and as investors increasingly view it as a consumer staple and a true competitor to Amazon, [Wal-Mart] may continue to re-rate to the upside.” The stock has soared 40% year to date through Tuesday, while Amazon.com Inc. shares have climbed 59% and the Dow Jones Industrial Average has climbed 21%.

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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From:: Stock Market News

Shares of Wal-Mart Stores Inc. gained 0.5% in premarket trade Wednesday, after the discount retail giant was upgraded at RBC Capital, which said significant positive changes made to its business offsets an “expensive” stock price. Analyst Scot Ciccarelli raised his rating to sector perform, after being at underperform since he started coverage in May 2016. That leaves only one analyst of the 34 surveyed by FactSet–Wolfe Research’s Scott Mushkin–that still has a bearish rating on Wal-Mart. Ciccarelli raised his stock price target to $96 from $92. “We still believe the company is in the midst of a multi-year investment cycle that will continue to suppress earnings growth,” Ciccarelli wrote in a note to clients. “However, many changes/investments should ultimately improve Wal-Mart’s longer-term strategic positioning and as investors increasingly view it as a consumer staple and a true competitor to Amazon, [Wal-Mart] may continue to re-rate to the upside.” The stock has soared 40% year to date through Tuesday, while Amazon.com Inc. shares have climbed 59% and the Dow Jones Industrial Average has climbed 21%.

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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