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Fed Chairwoman Janet Yellen said Tuesday that ethics and transparency is essential for the U.S. central bank. In a speech receiving the Paul H. Douglas Award for Ethics in Government, Yellen said the public must believe the Fed is acting only in its interest. She didn’t discuss monetary policy.
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Gold settled lower Tuesday, with dollar-denominated prices giving back nearly half of what they scored a day earlier as a key index tracking the dollar reached its highest levels since mid-July. “Gold is actually showing some resiliency here, holding to its recent range in the face of new 15-week highs in the dollar index,” said Peter Grant, chief market analyst with gold broker USAGOLD. The ICE U.S. Dollar Index rose to as high as 95.149 Tuesday, with the strength “limiting the upside for gold, amid persistent expectations of further monetary policy divergence,” said Grant. “The market still expects the Fed to hike in December, while most of the other central banks are maintaining dovish tones.” December gold fell $5.80, or 0.5%, to settle at $1,275.80 an ounce.
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Bank of Canada Gov. Stephen Poloz said consumer price inflation targeting was still a useful mechanism for central banks, even though inflation has been notoriously low in developed economies of late. “The fundamental drivers of inflation, along with identifiable short-term factors, can explain inflation to a degree that is well within normal statistical tolerance,” said Poloz in a speech to CFA Montreal and the Montreal Council on Foreign Relations. The recent weakness in inflation data was no reason to stop using it, as it has worked for more than 25 years, he said. Canada’s CPI for September came in below expectations, as prices increased 1.6% on the year, compared with the FactSet consensus forecast of 1.7%. The U.S. dollar retreated from a two-day high against its Canadian rival but remained firmly higher after the speech was released. The greenback last bought C$1.2787, up from C$1.2704 late Monday.
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The Dow Industrial Average saw its losses firm in afternoon trade on Tuesday, with shares of banks leading the charge. The Dow Jones Industrial Average was off about by 35 points, or 0.2%, at 23,513, the S&P 500 index retreated 0.1% at 2,587, while the Nasdaq Composite Index gave up 0.4% at 6,762. The financials sector, as measured by the exchange-traded Financial Select Sector SPDR ETF , was down 1.3%, on pace for its worst daily decline since Sept. 8, according to FactSet data. Among Dow components, shares of J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. were cutting a combined 33 points from the price-weighted, blue-chip benchmark.
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Shares of Myomo Inc. more than doubled in active midday trade Tuesday, to get back above its IPO price, after the medical-robotics maker reported results for its first full quarter as a public company. The stock was up 134% at $9.92, above its IPO price of $7.50. Volume topped 5 million shares, compared with the full-day average of about 82,000 shares. Late Monday, the company reported third-quarter revenue that rose 165% from a year ago to $489,000, as gross margin improved to 75% from 58%. The net loss of $1.26 million was slightly above last year’s $1.21 million, but per-share losses narrowed to 21 cents from $1.09. The stock had closed its first day of trade at $7.40 on June 12, then rose to a high close of $19.31 on June 19, before tumbled to its lowest close of $2.57 on Oct. 24. Myomo made history by becoming the first company to list on a major exchange as a Reg A+ company, which allows the company to pitch its IPO to all investors, not just those with a minimum net worth or income. The stock has now gained 34% since June 12, while the Renaissance IPO ETF has gained 10% and the S&P 500 has tacked on 6.5%.
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Apple Inc.’s rallied to a fresh all-time intraday high of $175.25 earlier Tuesday before paring some gains, coming just short of the level needed to push the technology giant’s market capitalization above $900 billion for the first time. With 5,134,312,000 shares outstanding as of Oct. 20, the stock would have to rise to $175.30 to break the $900 billion level. The stock was last up 0.2% at $174.54, giving Apple a market cap of $896.14 billion. That’s over $170 billion more than the second most valuable company, Google parent Alphabet Inc. , which is worth $721.82 billion. Apple shares have now gained 3.8% since the company reported fiscal fourth-quarter results after the Nov. 2 close. The stock has climbed 51% year to date, while the Dow Jones Industrial Average has gained 19%.
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Shares of Pennsylvania-based Meridian Bank surged 3.5% in their trading debut Tuesday, after the company priced its initial public offering at the low end of its $17 to $19 price range. Meridian shares were last up 60 cents at $17.60. The bank sold 2.35 million shares to raise $40 million. Sandler O’Neill was lead manager on the deal. The stock is trading on Nasdaq under the ticker symbol “MRBK”.
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Shares of Priceline Group Inc. plunged 11% in morning trade Tuesday, and were on track to suffer their biggest-ever price decline, as investors and analysts failed to give the online travel service company a pass for its usual practice of providing downbeat earnings guidance. The stock’s price decline of $210.01 is the biggest since Priceline went public in March 1999, passing the previous record of $158.06 suffered on June 24, 2016. It was on track to close below the $1,700 mark for the first time since Feb. 27, 2017. Priceline reported late Monday third-quarter earnings and revenue that beat expectations, but provided a fourth-quarter EPS outlook that was below the FactSet consensus. But that was the fourth-straight quarter that guidance was below expectations, and the 13th quarter of the past 15 quarters. RBC Capital analyst Mark Mahaney said Priceline’s “conservatism” was “typical.” Still, 13 of 31 analysts surveyed by FactSet cut their price targets, moving the average target down to $2.021.07 from $2,116.5 at the end of October. Priceline’s stock has still gained 15.6% year to date, while the S&P 500 has climbed 15.7%.
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Shares of Blue Apron Holdings Inc. sank 13% in active morning trade Tuesday, putting them on track to close at a record low. Volume of 2.1 million shares topped the full-day average of 2.0 million shares within the first 45 minutes after the open. The shares have now lost more than a quarter of their value since the meal-kit delivery service reported a wider-than-expected third-quarter loss and provided a downbeat outlook, amid concerns over increasing competition. The stock is now trading two-third below its IPO price of $10; the company went public on June 29. The average price target of the 14 analysts surveyed by FactSet is $5.39, or 59% above current levels, but is down from $6.32 before third-quarter results, and from $9.50 at the end of July. The shares have plummeted 43% over the past three months, while the Renaissance IPO ETF has gained 7.9% and the S&P 500 has gained 4.6%.
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U.S. stock benchmarks opened near breakeven levels Tuesday, as investors awaited updates on tax reform and economic growth. The Dow Jones Industrial Average opened 0.1% higher at 23,570, while the S&P 500 index was up 0.1% at 2,593. The tech-laden Nasdaq Composite Index kicked off trading little changed but in negative territory at 6,786. All three main equity indexes finished Monday trade at all-time highs, marking the 26th time all three indexes closed at records at the same time–breaking a 22-year-old record. In individual stocks, Valeant Pharmaceuticals International Inc. rose 16.5%, up after better-than-expected quarterly earnings, even though the company lowered its 2017 earnings outlook.
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