Category: Stock Market News

Details of the new tax bill, to be called the Tax Cuts and Jobs Act, show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, The Wall Street Journal reported, citing a summary of the plan. For married couples, the 25% rate starts at $90,000 and the 35% rate starts at $260,000. The mortgage interest deduction would be capped at $500,000, down from $1 million, though existing loans would be grandfathered, the report says. The House bill takes the child credit from $1,000 to $1,600, the report adds.

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Adobe forecasts online sales for the holiday season totaling $107.4 billion, up 13.8% year-over-year and “outpacing in-store retail by 10%.” Experts there say Cyber Monday will be the biggest online shopping day in history, with sales of $6.6 billion, up 16.5% year-over-year. Shoppers are expected to buy more items at lower prices, and mobile visits to retail websites are expected to surpass desktop visits for the first time. “We predict the biggest retailers with wide selections, easy shopping experiences and free shipping, to drive online holiday growth this year,” said Mickey Mericle, Adobe’s vice president of marketing and insights, in a statement. The SPDR S&P Retail ETF is down 10.2% for the year so far while the S&P 500 index is up 15.2% for the period.

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U.S. stock benchmarks early Thursday saw muted moves as as traders took a cautious approach to buying equities ahead of Trump’s choice of Federal Reserve leader and the unveiling of a House Republican tax bill. The Dow Jones Industrial Average was flat at 23,432, the S&P 500 index was little changed at 2,577, while Nasdaq Composite Index was down 0.2% at 6,702. A tax bill from House Republicans is expected later in the morning, while the President is slated to tap Fed. Gov. Jerome Powell to replace Chairwoman Janet Yellen as Fed boss later Thursday afternoon. In corporate news, Tesla Inc. dropped 6% after the electric-car maker late Wednesday reported a wider-than-expected loss. Looking ahead, investors are awaiting quarterly results from social-media giant Faecbook Inc. after Thursday’s regular session of trade.

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Sprouts Farmers Market Inc. shares rose 7.2% in Thursday premarket trading after the natural and organic grocer reported third-quarter earnings that exceeded expectations and raised its guidance. Net income totaled $31.5 million, or 23 cents per share, up from $23.9 million, or 16 cents per share, for the same period last year. The FactSet consensus was 18 cents per share. Revenue for the quarter totaled $1.21 billion, up from $1.04 billion and ahead of the $1.18 billion FactSet estimate. Same-store sales rose 4.6%, beating the FactSet consensus for 2.5% growth. Sprouts raised its guidance, and now expects sales growth of 14.5% to 15%, EPS of 98-to-99 cents, and same-store sales growth of 2.5% to 3%. The previous guidance was for sales growth of 13% to 14%, EPS of 88-to-92 cents, and same-store sales growth of 1.5% to 2%. Sprouts stock is down 21.3% for the last three months while the S&P 500 index is up 4.1% for the period.

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AMC Networks Inc. , which airs “The Walking Dead,” reported net income of $87.00 million, or $1.35 per share for the third quarter, compared with $65.39 million, or 91 cents per share for the same quarter a year ago. Adjusted earnings per share were $1.68, above FactSet’s consensus of $1.18. Revenue for the quarter was $648.02 million, up from last year’s $634.65 million for the same quarter, but below FactSet’s consensus of $661.00 million. Revenue at the company’s national networks, which include AMC; We TV; BBC America; IFC and SundanceTV, increased 3%. AMC said the increase was led by a nearly 5% increase in advertising revenues, which was due to higher pricing, but offset by lower ad delivery. Shares of AMC Networks were inactive in premarket trade, but have dropped nearly 3% in the year to date. By comparison, the S&P 500 index is up more than 15% in the year, and the Dow Jones Industrial Average is up nearly 19%.

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U.K. government bonds saw heavy buying, pulling yields lower, Thursday after the Bank of England raised rates for the first time in a decade. The U.K. 10-year government bond yield fell 5.8 basis points to 1.287%. Seven out of nine members of the BOE’s policy-making panel voted for hiking its benchmark interest rate to 0.5% from 0.25%. Despite a move that would ostensibly tighten monetary policy, which tends to be bearish for bonds, U.K. government paper attracted money after the policy statement said future rate hikes would arrive “at a gradual pace and to a limited extent.” Britain’s expected departure from the European Union’s membership, or Brexit, has weighed on economic growth while propelling inflation higher.

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Ralph Lauren Corp. reported fiscal second-quarter net income of $143.8 million, or $1.75 per share, up from $45.7 million, or 55 cents per share, for the same period last year. Adjusted earnings were $1.99 per share, ahead of the FactSet consensus of $1.89 per share. Revenue totaled $1.66 billion, down from $1.82 billion, but ahead of the $1.64 billion FactSet consensus. Revenue decreased 9% due to initiatives to reduce promotional activity, and brand and distribution exits, the company said. Revenue in North America fell by 16% to $877 million for these reasons as well. The luxury clothing and accessories company continues to expect a revenue decline of 8% to 9% for fiscal 2018, and a 6%-to-8% decrease in third-quarter revenue. Shares are down 0.5% in Thursday premarket trading, and down 8.5% for the last year. Shares are up 18.5% for the last three months, outpacing the S&P 500 index , which is up 4.1% for the past three months.

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The Bank of England on Thursday raised its key interest rate by a quarter-percentage point to 0.5%, meeting widely held expectations for the first rate hike to be enacted since July 2007. The Monetary Policy Committee voted 7-2 to raise the rate, a move that comes as inflation sits at 3% and British economic growth has slowed. “There remain considerable risks to the outlook, which include the response of households, businesses and financial markets to developments related to the process of EU withdrawal,” the bank said in a statement. The central bank left unchanged the size of its asset purchase program at £435 billion ($574 billion) and its corporate-bond purchase program at £10 billion. The pound dropped to $1.3129 from $1.3216 ahead of the decision. Sterling late Wednesday traded at $1.3246.

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Yum Brands Inc. said Thursday it had net income of $418 million, or $1.18 a share, in the third quarter, down from $640 million, or 55 cents a share, in the year-earlier period. The year-earlier number includes $422 million of income from discontinued operations, after the company spun off its Yum China business in October of 2016. Revenue fell to $1.436 billion from $1.518 billion. The FactSet consensus was for EPS of 67 cents and revenue of $1.387 billion. “We are maintaining our full-year 2017 guidance and remain on-track with our multi-year transformation strategy,” Chief Executive Greg Creed said in a statement. Sales at KFC rose 7%, while sales at Taco Bell rose 6% and Pizza Hut sales were up 3%. Shares were not yet active premarket, but have gained 17% in 2017, while the S&P 500 has gained 15%.

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Wayfair Inc. shares sank 10% in Thursday premarket trading after the online home goods company reported losses that were bigger than expected. Wayfair reported a net loss of $76.4 million, or 88 cents per share, compared with a loss of $60.9 million, or 72 cents per share, for the same period last year. The adjusted loss was 65 cents per share, greater than the FactSet consensus for a 46-cents loss. Revenue totaled $1.20 billion, up from $861.5 million, just below the $1.21 billion FactSet consensus. The number of active users reached 10.3 million as of Sept. 30, up 39.2% year-over-year. And average order value was $250 for the third quarter, up from $244 last year. Wayfair shares are up 132.8% for the last year while the S&P 500 index is up 23% for the period.

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