Category: Stock Market News

Microsoft Corp. closed Thursday with a market capitalization of $600 billion for the first time since 2000, just before the dot-com bubble burst, according to FactSet. The last time the stock touched $600 billion was Jan. 3, 2000. The return to a $600 billion valuation comes as the company has become a force in cloud computing under the leadership of Chief Executive Satya Nadella. Microsoft stock was up less than 1% after hours and closed up 0.4% to $77.91. The Redmond, Wash.-based company is up 25.4% this year, with the S&P 500 index up 14.4%. Microsoft is the third largest company by market capitalization, behind Alphabet Inc. and Apple Inc. , according to FactSet.

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

Celgene Corp. shares dropped in the extended session Thursday after the biotech company said it would discontinue two clinical trials for a Crohn’s disease treatment and not start a third. Celgene shares fell 6.2% to $127.55 after hours, following a brief halt. Based on an analysis from a data monitoring committee assessing overall benefit and risk, Celgene said it would discontinue a late-stage clinical trial for the drug GED-0301 to treat Crohn’s disease along with an extension trial. Crohn’s disease is characterized by a chronic inflammation that can run the entirety of the digestive tract. Celgene said it will also not start a third late-stage clinical trial of the drug for Crohn’s disease.

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

NCR Corp. shares fell in the extended session Thursday after the ATM and payment processing company’s outlook fell below Wall Street estimates. NCR shares fell 10% to $33.40 after hours. For the fourth quarter, NCR estimates adjusted earnings of 83 cents to 93 cents a share on revenue of $1.74 billion to $1.79 billion. Analysts surveyed by FactSet expect earnings of $1.10 a share on revenue of $1.92 billion. The company reported third-quarter net income of $106 million, or 77 cents a share, compared to $92 million, or 68 cents a share, in the year-ago period. Adjusted earnings were 93 cents a share. Revenue declined to $1.66 billion from $1.68 billion in the year-ago period. Analysts had estimated 90 cents a share on revenue of $1.69 billion.

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 Maxim Integrated Products Inc. rose in Thursday’s extended session after the chip maker posted better-than-expected earnings and announced an upbeat outlook. Maxim reported its fiscal first-quarter earnings slipped to $154.5 million, or 54 cents a share, from $163.3 million, or 57 cents a share, a year earlier. On an adjusted basis, Maxim would have earned 60 cents a share. Revenue totaled $575.7 million versus $602 million in the year-ago period. Analysts surveyed by FactSet had forecast the company to earn 56 cents a share on revenue of $577 million. In the current quarter, Maxim expects to report revenue in a range of $600 million to $640 million and adjusted earnings per share of 61 cents to 67 cents, ahead of Wall Street’s estimates of $584 million in revenue and EPS of 57 cents. Maxim shares rose 2.3% after hours.

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 U.S. dollar took a dive in late afternoon trade on Thursday, following a news report that President Donald Trump is leaning toward Jerome Powell as the next chairman of the Federal Reserve. Powell, who is currently a governor at the central bank, is considered a dovish candidate, as is Chairwoman Janet Yellen, whose term ends in February. The ICE U.S. Dollar index slipped 0.3% to 93.126.

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

PayPal shares are up 4.85% in the extended session Thursday after the company beat revenue and earnings expectations. PayPal shares rose to $70.50 after hours. The company reported third-quarter net income of $380 million, or 31 cents a share, compared to $323 million, or 27 cents a share, in the year-ago period. Adjusted earnings were 46 cents a share. Revenue rose to $3.24 billion from $2.67 billion in the year-ago period. Analysts surveyed by FactSet had estimated 32 cents a share on revenue of $3.178 billion. Analysts modeled adjusted earnings of 43 cents a share. For the fourth quarter, analysts model earnings of 39 cents a share on revenue of $3.565 billion. PayPal stock rose 68.71% this year, with the S&P 500 index rising 14.4%.

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

Stitch Fix Inc. , a subscription-clothing service startup, filed for an initial public offering Thursday that could test investors’ appetite for subscription models after a tough first few months for Blue Apron Holdings Inc. In its filing with the Securities and Exchange Commission, Stitch Fix said it was targeting $100 million in proceeds, but that is typically a placeholder figure that will be replaced on subsequent filings. The company, which claims it is “reinventing the shopping experience by delivering one-to-one personalization to our clients through the combination of data science and human judgment,” intends to list under the ticker symbol SFIX on the Nasdaq exchange. Financial information shared in the filing show very strong revenue gains, from net revenue of $73.2 million in its 2014 fiscal year to $342.8 million in 2015, $730.3 million in 2016 and $977.1 million in the 2017 fiscal year, which ended July 31. Stitch Fix turned a profit in its 2015 and 2016 fiscal years, $20.9 million and $33.2 million in net income respectively, but slipped back to a loss of less than $600,000 last year. Goldman Sachs and J.P. Morgan will lead the offering, which will offer shares with lesser voting rights than those held by early investors and executives.

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 fell Thursday as worries about growth in U.S. crude production offset support from risks to global supplies from Middle East tensions, pulling prices away from their highest level in weeks. November West Texas Intermediate crude fell 75 cents, or 1.4%, to settle at $51.29 a barrel on the New York Mercantile Exchange, marking the contract’s first decline in five sessions.

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 largest exchange-traded fund to track the New Zealand equity market fell on Thursday, following news that its Labour Party has secured a coalition to lead the government after no single party managed to win enough votes for an outright majority in last month’s election. The iShares MSCI New Zealand Capped ETF lost 2.2%, dropping in its biggest one-day percentage decline since June. Trading on the fund was heavy, with more than 33,000 shares changing hands, above the 30-day average of about 24,400, according to FactSet data. The new coalition, led by 37 year-old Jacinda Ardern, is seen as raising questions about the outlook for the New Zealand economy. Separately, the New Zealand dollar sank to a five-month low. Despite the drop on the day, the fund remains up by about 17% for 2017. The S&P 500 is up 14.3% while the Dow Jones Industrial Average has gained 17.1%.

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 higher Thursday for the first time in four sessions, with weakness in the dollar and a decline in U.S. equities buoyed the metal’s haven appeal to investors. The yellow metal also got a boost amid rising political drama in the eurozone. Spain is expected to make a move Saturday to suspend Catalonia’s automony after the region’s leaders failed to drop a push for independence. December gold tacked on $7, or 0.6%, to settle at $1,290 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