Category: Stock Market News

Republicans continue to weigh adjustments to 401(k) plans as part of a tax-code overhaul, House Ways and Means Committee Chairman Kevin Brady said Wednesday. Brady’s comment to a Christian Science Monitor breakfast came after a tweet by President Donald Trump on Monday that there would be “no change” to the 401(k) retirement savings program. Asked about Trump’s tweet, Brady said Republicans are “exploring a number of ideas” about creating incentives to save more and save sooner, according to The Wall Street Journal.

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The Canadian dollar fell to its lowest level since mid-July against the U.S. dollar on Wednesday after the Bank of Canada left its key interest rate unchanged at 1%. Traders had anticipated the central bank to keep rates on hold during the October meeting after Canadian economic data was mixed of late, including a big miss in retail sales data last week. BOC Gov. Stephen Polok also continuously reiterated that policy decisions would be data-driven, causing traders to adjust their expectations. Yet, the U.S. dollar jumped to a three-month high against its Canadian counterpart , buying $1.2770 versus C$1.2675 late Tuesday.

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The U.S. dollar registered a sharp drop against the Mexican peso early on Wednesday, after the Bank of Mexico said it would up its hedges against against the U.S. currency due to market volatility. The hedges will grow by $4 billion, according to the statement. The central bank cited the volatility around the renegotiation of the North American Free Trade Agreement as well as the Federal Reserve’s monetary policy normalization as reasons. Banxico’s total $20 billion hedging program was originally announced in February. One U.S. dollar bought 19.0068 pesos on Wednesday, compared with 19.2336 pesos late Tuesday, bringing the currency pair to a two-day low.

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Stocks opened with a soft tone Wednesday as investors continued to digest a tide of corporate earnings. The S&P 500 and Nasdaq Composite each shed 0.1%. The Dow Jones Industrial Average flipped between tiny gains and losses and was last up 7 points, a day after closing at the latest in a string of all-time highs.

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The New York Times Co. said on Wednesday that Chief Financial Officer James Follo plans to retire early next year. Follo joined the Times as CFO in 2007. He said the past 10 years have been an honor, helping lead the newspaper though a major shift in the industry. “The Times’s mission has never been more important and I firmly believe that the company is well positioned for continued success,” Follo said in a statement. The New York Times said it will retain an executive search firm to help find Follo’s successor, and that the paper is considering candidates from inside and outside of the organization. Shares of the New York Times have gained nearly 48% in the year to date, while the S&P 500 index is up nearly 15% and the Dow Jones Industrial Average is up close to 19%.

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HSBC initiated coverage of Apple Inc. stock on Wednesday with a buy rating and a $193 price target with analysts saying a large and loyal user base is eager to get hold of the iPhone X. Analysts led by Steven Pelayo said they are trying to take a unique look at Apple by embracing its marketing slogan and trying to ‘think different,’ using the perspectives of its analysts from around the world. The bank’s consumer team says Apple is not just a tech company, but also competes with luxury brands for talent, wallet share and locations. The telecom team says the U.S. is a key market and that technologies like AI, AR and foldable phones will drive demand. The internet team believes China competition is not just with handset makers, but also with Tencent in services and with super apps like WeChat as a platform for mobile payments. “The Automotive team expects heavy competition between current and future entrants around electrification, automation, entertainment and connectivity over the next few years,” said Pelayo. “The question is what level of vertical integration is required from an OEM perspective.” Apple shares were flat in premarket trade, but have gained 35.6% in 2017, while the Dow Jones Industrial Average has gained about 19% and the S&P 500 has gained 15%.

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Shares of Boeing dropped $2.75, or 1.0%, in premarket trade Wednesday, as better-than-expected third-quarter results weren’t enough to appease investors after recent sharp gains. The price decline would shave about 19 points off the price of the Dow Jones Industrial Average , and Dow futures were down 8 points ahead of the open. Boeing’s stock had run up 25% over the past three months through Tuesday, while the Dow had gained 8.5%. The other Dow component to report results early Wednesday was Visa Inc. , and the stock was 79 cents, or 0.7%, in premarket trade, which would add about 5 points to the Dow.

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Sprint Corp. reported a narrower than expected second-quarter loss before the market opened on Wednesday. Shares of the wireless company were up nearly 2% after the report, but turned negative soon after. Sprint reported a net loss of $48 million, or 1 cent per share, compared with a loss of $142 million, or 4 cents per share during the same period a year ago. FactSet’s consensus was for a loss of 2 cents per share. Revenue for the quarter was $7.93 billion, down from $8.25 billion a year ago and below FactSet’s consensus of $8.07 billion. The company said it added 378,000 new wireless members during the quarter, and postpaid phone additions grew 10% year-over-year. Sprint said its 2017 outlook is unchanged. The company still expects adjusted earnings before interest, taxes, depreciation and amortization in the range of $10.8 billion to $11.2 billion, and operating income in the range of $2.1 billion to $2.5 billion. Shares of Sprint have declined nearly 17% in the year to date, while the S&P 500 index is up nearly 15% and the Dow Jones Industrial Average is up close to 19%.

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Shares of Advanced Micro Devices Inc. tumbled 9.8% in very active premarket trade, as the chip maker’s better-than-expected results and outlook weren’t quite good enough to support recent sharp gains. Volume bulged to over over 3.9 million shares a little over an hour before the open, making the stock the most actively traded in the premarket. Stifel Nicolaus analyst Kevin Cassidy said the third-quarter beat was “solid,” but gross margin expansion was just “meh.” He reiterated his hold rating, saying the lack of sequential gross margin expansion “has us questioning” how customers are valuing AMD’s new products, or whether market acceptance is slower than anticipated. Susquehanna’s Christopher Rolland kept his rating at neutral, saying he was also disappointed in the gross margin outlook. He said that although the overall fourth-quarter outlook beat expectations, he was disappointed that it indicated AMD’s core business was decelerating, and suggested a “marked slowdown” in cryptocurrency-related sales. The stock has run up 26% year to date through Tuesday, while the tech-heavy Nasdaq 100 has rallied 25% and the S&P 500 has gained 15%.

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Chipotle Mexican Grill Inc. shares are down nearly 12% in Wednesday premarket trading amid a number of price target cuts following an after-hours earnings miss. Chipotle’s price target was cut by 20 of 37 analysts surveyed by FactSet. Chipotle says that October-to-date same-restaurant sales are up 2% to 3%, “which is not cause for inspiration or celebration despite benefiting from an increased media presence and recent launch of queso,” wrote J.P. Morgan analysts led by John Ivankoe. J.P. Morgan notes that the queso launch and accompanying advertising “is supposedly helping” although the feedback from social media has been “decidedly negative.” J.P. Morgan maintained its neutral stock rating, but cut its price target to $315 from $380. Among the other price target drops are Stifel (down to $310 from $345) and SunTrust Robinson Humphrey (down to $355 from $390). Chipotle shares are down 20.1% for the past year while the S&P 500 index is up nearly 20% for the period.

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