Category: Stock Market News

Billionaire and TD Ameritrade founder Bill Ricketts pulled the plug on local news blogs DNAinfo and Gothamist late Thursday, a week after the New York-based newsrooms voted to unionize. “DNAinfo is, at the end of the day, a business, and businesses need to be economically successful if they are to endure,” Ricketts said in a statement posted on the sites. Ricketts founded DNAinfo in 2009, but the progress made at the digital-news company “hasn’t been sufficient to support” itself financially, he said. DNAinfo bought Gothamist in March. DNAinfo cited the recent union vote in a statement, according to the New York Times: “The decision by the editorial team to unionize is simply another competitive obstacle making it harder for the business to be financially successful.” The sites attracted more than 9 million visitors a month, and included Gothamist operations in Chicago, Washington, San Francisco and Los Angeles. About 155 employees were laid off.

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Shares of Hortonworks Inc. fell nearly 6% late Thursday after the data management company reported a narrower-than-expected adjusted loss in the third quarter and sales that also beat expectations. Hortonworks said it lost $45.4 million, or 67 cents a share, in the quarter, compared with a loss of $64.7 million, or $1.10 a share, in the year-ago period. Adjusted for one-time items, the company lost $16.6 million, or 24 cents a share, compared with a net loss of $40.2 million, or 68 cents a share, a year ago. Revenue rose 45% to $69 million, from $47.5 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 40 cents a share on sales of $63 million. The company said it expects revenue around $70 million in the fourth quarter, and $257 million for full-year 2017. The analysts surveyed by FactSet expect fourth-quarter sales of $67 million and full-year revenue of $247 million. Hortonworks shares ended the regular trading day up 2.6%.

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Apple Inc. shares surged in the extended session Thursday after the company beat earnings and revenue expectations. Apple shares jumped 3.3% to $173.74 after hours. The company reported fiscal fourth-quarter net income of $10.71 billion, or $2.07 a share, compared to $9 billion, or $1.67 a share, in the year-ago period. Revenue rose to $52.6 billion from $46.85 billion in the year-ago period. Analysts surveyed by FactSet had estimated $1.87 a share on revenue of $50.69 billion. For the fiscal first quarter, analysts expect earnings of $3.75 a share on revenue of $85.16 billion. Executives issued fiscal first-quarter guidance of between $84 billion and $87 billion. Apple stock has surged 45.2% this year, with the S&P 500 index rising 15.2%. The Dow Jones Industrial Average , of which Apple is a component, rose 19% this year.

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Treasury yields showed subdued action after President Donald Trump said he would nominate Federal Reserve Gov. Jerome Powell to succeed Janet Yellen when her term as chairwoman expires in February, as expected. The 10-year yield fell to 2.348%, compared with 2.378% on late Wednesday. The 2-year yield was down at 1.608% from 1.620%, while the 30-year yield slipped to 2.830%, versus 2.865%. Like Yellen, Powell is seen as a nominee that would be less aggressive about raising interest rates.

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The U.S. dollar registered some modest gains after President Donald Trump on Thursday announced he would nominate Jerome Powell to be chairman of the Federal Reserve. Powell is a Fed governor and was considered a dovish candidate to fill the shoes of present Chairwoman Janet Yellen after her term ends in February. The ICE U.S. Dollar index , which has been lower for all of Thursday, was initially muted but pared its previous losses upon Powell’s acceptance. It was last down 0.1% down at 94.723.

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U.S. stocks saw a muted reaction after President Donald Trump nominated current Fed Gov. Jerome Powell to replace Chairwoman Janet Yellen when her term ends in February, as had been widely expected. The Dow Jones Industrial Average rose 35 points, or 0.2%, to 23,471. The S&P 500 dipped 4 points, or 0.2%, to 2,575. The Nasdaq Composite Index was down 7 points to 6,710, a decline of 0.1%. All three indexes were roughly unchanged with where they had traded prior to the appointment being made official. In brief remarks after being introduced by Trump, Powell said he would do everything he can to meet the U.S. central bank’s twin goals of maximum employment and low inflation. Powell says the economy has recovered from the financial crisis and the banking system is now resilient. Stocks were mostly lower as the much-anticipated tax plan Thursday by House Republicans failed to impress investors who had been looking forward to one of the most sweeping overhauls of the tax code in decades.

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General Electric Co.’s stock slumped 1.2% in afternoon trade Thursday, as a ninth-straight loss puts the stock on track to close below the $20 level for the first time since July 2012. A nine-session losing streak would be the longest since the 10-day stretch ending Oct. 28, 2009. The industrial conglomerate’s stock has plunged 16.95% during the losing streak, the biggest nine-day decline since it plummeted 18.39% during the nine days ending March 9, 2009, at the depths of the Great Recession. In the current streak, the stock declined more than 1% in seven of the nine days. The past three sessions, the stock traded in positive territory early in the session before closing lower. The selling comes after GE reported its first quarterly profit miss in 2 1/2 years, and given the uncertainty over the company’s future direction and dividend ahead of the investor meeting on Nov. 13. The stock has plunged 37.4% year to date, while the Dow Jones Industrial Average has climbed 18.7%. The stock’s price of $19.79 is now more than 1/13th the price of the highest-priced fellow Dow member, which is Boeing Co.’s stock at $260.22.

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Generic drugmakers and drug distributors’ shares sunk in Thursday trade after Teva Pharmaceutical Industries Ltd. reported worse price erosion for generic drugs in the latest quarter and lowered its 2017 guidance. Teva shares plummeted nearly 18%, while fellow generic drugmakers Perrigo Co. and Teligent Inc. fell 1.3% and 4.2% respectively. The VanEck Vectors Generic Drugs ETF fell 0.3%. Shares of drug distributors, which are also affected by cheaper generic drugs, also dropped: McKesson Corp. shares fell 1.7%, AmerisourceBergen Corp. dropped 3.6% and Cardinal Health Inc. dropped 1.8%. Thursday marks the second occasion that Teva earnings have sparked a selloff for generic drugmakers and the pharmaceutical supply chain. Teva shares have plummeted 62.8% over the last three months, compared with a 4.2% rise in the S&P 500 .

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Broadcom Ltd. CEO Hock Tan announced Thursday the semiconductor company is moving its headquarters back to the U.S. from Singapore. Tan made his announcement at the White House, with President Donald Trump standing behind him.

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An exchange-traded fund designed to benefit from changes to the U.S. tax code rose on Thursday, outperforming the broader market after House Republicans unveiled the Tax Cuts and Jobs Act. The U.S. Tax Reform Fund rose 0.9%, though trading was light, with under 6,000 shares exchanging hands. The fund, which holds companies that its managers expect will be impacted by the reform of the U.S. tax code, was launched in mid-October. The S&P 500 fell 0.3% on Thursday, while the Dow Jones Industrial Average fell less than 0.1% and the Nasdaq Composite Index was off 0.4%. The Russell 2000 index of small-capitalization stocks rose 0.3%. Small companies are seen as having a higher correlation to tax reform, given their outsize exposure to the U.S. compared with their multinational peers.The proposed legislation would cut corporate taxes and repeal taxes paid by large estates. Though the bill is seen as having a long journey into becoming law, investors took the unveiling as a positive sign.

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