Category: Stock Market News

Qualys Inc. shares rose in the extended session Tuesday after the cloud-based security company topped Wall Street estimates for the quarter and raised its outlook for the year. Qualys shares rallied 7.6% to $56.90 after hours. The company reported third-quarter net income of $8.5 million, or 21 cents a share, compared with $5 million, or 13 cents a share, in the year-ago period. Adjusted earnings were 31 cents a share. Revenue rose to $59.5 million from $51 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 22 cents a share on revenue of $58.6 million. For the year, Qualys raised its outlook and now estimates adjusted earnings of $1.04 to $1.06 a share on revenue of $229.6 million to $230.1 million. Analysts expect full-year earnings of 90 cents a share on revenue of $227.5 million.

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 American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 5.1 million barrels for the week ended Oct. 27, according to sources. The API data also showed a decline of 7.7 million barrels in gasoline stockpiles, while inventories of distillates lost 3.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a fall of 1.4 million barrels in crude inventories, along with declines of 1.7 million barrels for gasoline and 2.5 million barrels for distillate supplies. December crude was at $54.68 a barrel in electronic trading, up from the settlement of $54.38 on the New York Mercantile Exchange.

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 General Electric Co. fell 1.2% to a 5-year low, closing out their worst monthly performance since the Great Recession with a seven-session losing streak. The stock plunged 16.6% in October, in the wake of disappointing earnings, uncertainty over the company’s direction after several high-level management changes and worries that the dividend will be slashed, ahead of an investor gathering scheduled for Nov. 13. That’s the biggest one-month decline since the stock plunged 29.8% in February 2009, at the depths of the Great Recession. The stock also stretched its monthly losing streak to eight months, which would be the longest such streak since there is available data on FactSet back to January 1972. The stock has plunged 36.2% year to date, making it by far the worst performer this year in the Dow Jones Industrial Average, which has rallied 18.3% this year. GE is also the worst Dow performer on a one month, three month, six month and 12-month basis.

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

Police in New York City have responded to reports of a shooting or vehicle collision in Lower Manhattan on Tuesday, the New York Times reported, citing a law enforcement official. A suspect has been taken into custody, the official said. There were reports that several people were dead. The Fire Department said officials responded after 3 p.m. to reports of casualties at Chambers and West Streets in the Tribeca neighborhood close to Stuyvesant High School.

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

Oil prices climbed Tuesday, with global benchmark Brent crude notching another settlement at a more than two-year high and U.S. benchmark West Texas Intermediate crude ending the month with a 4.7% gain. Expectations that oil producers will extend their production-cut deal through next year have provided support for prices. Traders are also looking ahead to data on U.S. crude supplies, which are expected to show a decline for last week. December WTI crude rose 23 cents, or 0.4%, to settle at $54.38 a barrel on the New York Mercantile Exchange. On its expiration day, December Brent added 47 cents, or 0.8%, to end at $61.37 a barrel on ICE Futures Europe, with the contract up about 8% for the month.

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

House Financial Services Committee Chairman Jeb Hensarling, a Texas Republican, won’t run for re-election in 2018, he said in a statement. Hensarling said that he never intended to make his service in Congress “a lifetime commitment” and wanted to use his remaining 14 months in the House to work on housing-finance reform, regulatory relief and tax reform. Hensarling’s term as committee chairman ends next year, and he said “the time seems right for my departure.”

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

Gold prices settled lower Tuesday, pressured by overall strength in the U.S. dollar, to tally a loss of roughly 1.1% for the month. Traders awaited Wednesday’s monetary policy announcement from the Federal Reserve as well as news of President Donald Trump’s pick to head the central bank, which is expected this week. December gold lost $7.20, or 0.6%, to settle at $1,270.50 an ounce.

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

Metro-Goldwyn-Mayer, owned by MGM Holdings Inc. , said on Tuesday that it’s entered into a joint venture with independent film company Annapurna Pictures to distribute films in U.S. theaters. The partnership marks the return of U.S. theatrical distribution for MGM, which will share in funding for the joint venture’s operations. MGM for years has been reliant on co-production partners to release its films. For Annapurna, which launched its marketing and distribution arm earlier this year, its part of the studio’s continuing expansion. The two studios will retain creative control over their individual projects. “The time has come for MGM to regain control of its own destiny and return to U.S. theatrical distribution,” said MGM Chief Executive Gary Barber in a statement. “This efficient distribution model enables us to retain more distribution rights to our feature film releases and create additional revenue opportunities for MGM.” The company said it expects to release six to eight films a year through the joint venture, and Annapurna plans to release four to six films a year. In 2017, Annapurna has released three films: “Detroit,” “Brad’s Status” and “Professor Marston and the Wonder Women,” which have totaled $20.5 million to date. The company has racked up 32 Academy Award nominations for its films since 2012, including best picture nods for “American Hustle,” “Her” and “Zero Dark Thirty.” Shares of MGM Holdings, which trade over the counter, are up nearly 14% in the year to date. By comparison, the S&P 500 index is up 15%.

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

Mylan NV shares dropped 6% in extremely heavy midday trade Tuesday on a Bloomberg report that Mylan president Rajiv Malik is the target of a civil investigation by many states into alleged generic drug price collusion. Malik would be the first top executive from a major pharmaceutical company sued in the case, the Bloomberg report said. Mylan said in a statement that it has “found no evidence of price fixing on the part of Mylan or its employees” and that it “had deep faith in the integrity of its President, Rajiv Malik, and stands behind him fully.” Mylan shares have dropped 7.8% over the last three months, compared with a 4.2% rise in the S&P 500 .

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

Investment banks’ analysts checked in on Switch Inc. on Tuesday morning and were mostly positive about the data-center company after its booming initial public offering earlier this month.. Seven analysts issued initiations on the stock Tuesday morning, with four buy ratings and three hold ratings, according to FactSet. Price targets on the stock, which closed at $19.35 Monday afternoon, ranged from $19 to $23, with an average of $20.86. The general thesis that emerged from Tuesday’s notes was that data-center operators are a good investment, and Switch is a strong member of that group. “We believe Switch provides a premium data center product at a value price,” wrote JP Morgan analysts, who initiated with an overweight rating and $22 price target. “As Switch expands its geographic reach across multiple markets, we expect it to generate the highest top-line growth of any data center operator we cover over the next 5 years,” Wells Fargo analyst Jennifer Fritzsche wrote while initiating at market perform with a $19 target. Switch shares dropped to about $19 in Tuesday trading, down about 1.8% from Monday’s closing price.

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