Category: Stock Market News

Tesla Inc. Model 3, the Silicon Valley’s auto maker first electric car aimed at the masses, is likely to earn an “average” reliability score from Consumer Reports, the magazine said Thursday. That’s based on extrapolating data reported by Model S owners, since the Model 3 shares much of its technology with the luxury sedan, Consumer Reports said. Consumer Reports doesn’t yet have data specifically from Model 3 owners, it said. “Electric vehicles are inherently less complicated than gasoline or hybrid alternatives. The Model 3 is the
least complicated Tesla yet, and should benefit from what Tesla has learned from the Model S,” Jake Fisher, director of auto testing at Consumer Reports, said in a statement. According to a statement obtained by The Wall Street Journal, Tesla said the magazine has not yet driven a Model 3 and didn’t know anything substantial about how the sedan was designed and engineered. Shares of Tesla fell 2% on Thursday.

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Sens. Lamar Alexander and Patty Murray announced from the Senate floor that their bipartisan bill that would, among other things, make cost-sharing payments to insurers has 12 Democrat and 12 Republican co-sponsors. “Our purpose is to stabilize and then lower the costs of premiums in the individual insurance market for the year 2018 and 2019,” he said. Alexander noted that the Republican repeal-and-replace bill that passed the House would’ve continued the cost-sharing payments for two years.

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Under Armour Inc. said Thursday that it has launched its first subscription box service, ArmourBox, that will ship product recommendations chosen by a stylist to customers every 30, 60 or 90 days. There are no styling, shipping or return fees, the company said. Customers can try the items for a week, pay for what they want and send back what they don’t. Shoppers get 20% off if they keep the entire shipment. Each box will contain outfits customized to a shopper’s personal style, from running to golf and more, based on a personal profile and help from an “official outfitter,” purchase data from the company’s website and Under Armour’s Connected Fitness program, and its artificial intelligence (AI) system. Under Armour shares are nearly flat in Thursday trading, and down 58% for the last year. The S&P 500 index is up 19.2% for the past 12 months.

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President Donald Trump said Thursday “we have the votes” on a Senate budget plan that would set the stage for passing tax legislation later this year. The Senate is expected to vote late Thursday or early Friday morning on the budget, which would allow tax cuts to pass with only Republican votes. Earlier, Trump had said on Twitter “I think we have the votes, but who knows?” Trump made the comments to reporters in the Oval Office, as he met with Puerto Rico Gov. Ricardo Rossello.

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Adobe Systems Inc. stock hit record highs in Thursday’s session, after the software company provided preliminary forecasts for its 2018 fiscal year Wednesday afternoon. At its annual Adobe Max conference in Las Vegas, executives said they expect revenue to increase 20% in 2018 to about $8.7 billion and adjusted earnings to increase to $5.50 a share from this year’s estimated annual total $3.75 a share. Analysts had expected profit in 2018 to be about $5.20, according to average estimates compiled by FactSet, though that average was quickly moving higher as notes poured in Thursday morning. “Better FY18 guidance, pricing power and pace of innovation reminds us how good a business Adobe is,” praised RBC Capital Markets analysts, who raised their price target to $177 from $157 and maintained an outperform rating. Adobe shares moved as high as $170.29 in Thursday’s morning trading session, 11.3% higher than Wednesday’s closing price and an all-time intraday record. Adobe shares have gained 64.8% this year, as the S&P 500 has increased 14.4%.

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Ride-sharing service Lyft said Thursday it has raised another $1 billion in funding in a round led by Google parent Alphabet Inc.’s CapitalG, the company said in a blog post. CapitalG Partner David Lawee is joining the Lyft board as part of the deal, which has given Lyft a valuation of $11 billion. The Uber rival said its service is now available to 95% of the U.S. population, up sharply from 54% at the start of the year. Uber’s latest valuation is $68 billion, according to The Wall Street Journal’s Billion Dollar club.

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Amazon.com Inc. and Lincoln Clean Energy have launched a 253-megawatt wind farm in Texas. That’s Amazon.com’s largest wind farm to date, and the latest in a string of wind and solar projects backed by the tech giant. The wind farm in northwestern Texas Scurry County has more than 100 wind turbines, each more than 300 feet tall. Amazon plans of 35 additional clean-energy projects for the coming years. Shares fell 1% in mid-day trading, compared with losses of 0.2% for the S&P 500 index.

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Shares of database-software company MongoDB Inc. soared 35% in their first minutes of trading Thursday, in the latest tech initial public offering to score early gains. The company priced its IPO at $24 a share late Wednesday, $2 higher than the top of the price range it had already inflated just the day before. The company originally targeted an IPO price in a range of $18 to $20, and increased that target to $20 to $22 Tuesday. The company sold 8 million shares to raise $192 million, and give it a valuation of over $1 billion, ensuring it retains its ‘unicorn’ status. Underwriters, led by Morgan Stanley, Goldman Sachs and Barclays, have access to an additional 1.2 million shares. MongoDB is trading on Nasdaq under the ticker symbol “MDB.” The S&P 500 was last down 0.3%.

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Alliance Data Systems Corp. shares are down 3.2% in Thursday trading after the marketing company reported third-quarter revenue that missed consensus. Net income was $233.2 million, or $4.20 per share, up from $207.5 million, or 3.55 per share, for the same period last year. Adjusted EPS was $5.35, exceeding the $5.03 per share FactSet consensus. Revenue was $1.91 billion, up from $1.89 billion but below the $1.97 billion FactSet consensus. The earnings announcement includes the impact of Hurricanes Harvey and Irma, which “prompted us to provide a two-month leniency period for cardholders in FEMA-designated ‘individual assistance’ disaster areas,” said Alliance Data Chief Executive Ed Heffernan in a statement. Affected cardholders won’t have to make payments during this period, nor will they incur interest charges or late fees. The company maintained its 2017 EPS guidance of $18.10. The FactSet consensus is $18.07. Alliance Data shares are down 16.1% for the last three months while the S&P 500 index is up 3.2% for the period.

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Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 51 billion cubic feet for the week ended Oct. 13. Analysts surveyed by S&P Global Platts forecast a climb of 50 billion cubic feet. Total stocks now stand at 3.646 trillion cubic feet, down 179 billion cubic feet from a year ago, and 35 billion cubic feet below the five-year average, the government said. November natural gas fell 1.2 cents, or 0.4%, from Wednesday’s settlement to $2.842 per million British thermal units, down a bit from $2.861 before the data.

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