Category: Stock Market News

Old Mutual Global Investors is in talks to buy a stake in TransferWise, further cementing TransferWise’s long-term plans to go public, Sky News reported on Tuesday. The London-based asset manager is planning to invest tens of millions of pounds into the currency transfer firm in a deal that could value TransferWise at £1.2 billion, or $1.6 billion, according to the Sky report. Taavet Hinrikus, one of the founders of TransferWise, this summer raised the prospect of an initial public offering and the potential investment from OMGI signals such a plan is in the works, Sky News said.

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 Wal-Mart Stores Inc. rallied 2.1% in premarket trade Tuesday, after the discount retail giant announced a new $20 billion stock repurchase program and provided profit and sales guidance for the next fiscal year. Wal-Mart said the new buyback program replaces the existing program, and is expected to be utilized over a two-year period. The company affirmed its adjusted earnings-per-share outlook for the current fiscal 2018 of $4.30 to $4.40, and said it expects fiscal 2019 EPS growth of about 5%. The FactSet 2019 EPS consensus of $4.63 implies growth of 5.9% above the fiscal 2018 EPS consensus of $4.37. The company expects 2019 sales growth of 3%, while the FactSet consensus of $507.8 billion is 2.5% above the 2018 consensus of $495.6 billion. E-commerce sales growth at Walmart U.S. is expected to be about 40% in 2019. Wal-Mart expects to add 1,000 online grocery locations in Walmart U.S. stores in 2019. The effective tax rate is expected to be 32.5% next year. “We have good momentum in the business, we’re executing our strategy and moving with speed to win with the customer, who is more connected than ever and embracing tools that will save them both time and money,” said Chief Executive Doug McMillon. The stock has rallied 10% over the past three months, while the SPDR S&P Retail ETF has climbed 5.5% and the Dow Jones Industrial Average has advanced 6.3%.

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 Pfizer Inc. rallied 1.1% in premarket trade Tuesday, after the drug giant said it was reviewing alternatives for its consumer healthcare business. The company said the alternatives could include a potential sale of all or part of its business or a spinoff. The business is one of the world’s largest over-the-counter health car products businesses, with 2016 revenue of $3.4 billion. “Although there is a strong connection between Consumer Healthcare and elements of our core biopharmaceutical businesses, it is also distinct enough from our core business that there is potential for its value to be more fully realized outside the company,” said Pfizer Chief Executive Ian Read. The stock has climbed 11.3% year to date through Monday, while the SPDR Health Care Select Sector ETF has run up 19.5% and the Dow Jones Industrial Average has surged 15.2%.

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

American International Group Inc. late Monday estimated that its pretax catastrophe losses net of reinsurance will reach $2.9 billion to $3.1 billion in the third quarter. The total includes losses of $1.1 billion to $1.2 billion from Hurricane Harvey, $1 billion to $1.1 billion from Hurricane Irma, and $600 million to $700 million from Hurricane Maria. The insurer also expects about $150 million in additional catastrophe losses from Mexico earthquakes. AIG is scheduled to announce third-quarter results on Nov. 2. Analysts surveyed by FactSet are projecting the company to report earnings of 22 cents a share. AIG shares are flat in the extended session after closing down 0.8% to $61.78.

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 Los Angeles Times, owned by Tronc Inc. , said on Monday that it has named former Forbes executive Lewis D’Vorkin as the paper’s editor-in-chief. The Times also tapped Mickie Rosen as president. The hirings come after the paper shook up the leadership team, parting ways with former editor Davan Maharaj in August. In addition to being the chief product officer at Forbes, D’Vorkin has held roles at The Wall Street Journal, Newsweek and The New York Times. “Lewis is one of the most transformational editors and digital innovators in the media industry and is exceptionally qualified to lead the evolution of the Los Angeles Times newsroom,” said Chief Executive and Los Angeles Times publisher Ross Levinsohn. Rosen most recently served as a senior advisor to the Boston Consulting Group and has served as the senior vice president of global media and commerce at Yahoo!. Rosen has also held positions at 20th Century Fox Inc. , Fandango and Walt Disney Co. . Rosen and D’Vorkin’s appointments are effective immediately. Shares of Tronc have gained 105 in the year to date, while the S&P 500 index is up nearly 14% and the Dow Jones Industrial Average is up more than 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

Gold prices rose for a second session Monday as investors sought safe-haven assets as tensions between the U.S. and North Korea remain elevated with the two countries continuing to exchange verbal threats. A softer U.S. dollar also helped to fuel some demand for gold. December gold added $10.10, or 0.8%, to settle at $1,285 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

Shares of Tesla Inc. dropped 2% in morning trade Monday, on track to snap a five-session win streak, after the company said it would delay the unveiling of its electric semi truck. The stock had rallied 4.6% last week during its win streak, while the S&P 500 gained 1.1%, despite saying early in the week that the low-priced Model 3 ran into “production bottlenecks.” Late Friday, Chief Executive Elon Musk said the event to unveil the semi truck would be pushed back to Nov. 1 from Oct. 26, because of issues with the Model 3 and the potential project to help Puerto Rico recover. Tesla’s stock has soared 64% year to date, while shares of rivals General Motors Co. have climbed 29% and Ford Motor Co. have gained 1.2%, and the S&P 500 has rallied 14%.

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

Movie theater stocks were down during intraday trade on Monday after newly released “Blade Runner 2049” underperformed at the box office over the weekend and overall revenue fell short of expectations. Shares of AMC Entertainment Corp. were down nearly 7% on Monday, while Regal Entertainment Group shares fell more than 4%, Cinemark Holdings Inc. shares were down 3%, Imax Corp. shares were down 2% and shares of Marcus Corp. were down more than 1%. The top 10 films from the weekend earned a total of $93 million, which was below a $109 million estimate from MKM Partners analyst Eric Handler. The much-anticipated “Blade Runner 2049” failed to live up to the excitement it generated at the box office. The film, distributed by Time Warner Inc.-owned Warner Bros. brought in $31.5 million in its opening weekend. Analysts at Box Office Pro had forecast the film would pull in $54 million. Cinema stocks have struggled recently as a slew of high profile blockbusters have underperformed and concerns of shrinking exclusive theatrical windows and digital disruption have continued to loom over the industry. Analysts still believe the 2017 box office, down 5% in the year to date, can turn around with upcoming potential hits, such as “Thor: Ragnorak,” “Justice League” and “Star Wars: The Last Jedi.” In the year to date, shares of AMC are down more than 57%, Imax shares are down more than 30%, Regal shares are down more than 22%, Marcus Corp. shares are down more than 11% and shares of Cinemark are down more than 4%. By comparison, the S&P 500 index is up nearly 14% and the Dow Jones Industrial Average is up more than 15% during the same period.

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

General Electric Co.’s stock slumped 2.8% in morning trade Monday, putting it in danger of the lowest close in over two years, after J.P. Morgan analyst C. Stephen Tusa the recent management changes were a “clear negative” for the industrial conglomerate. The stock was the biggest percentage decliner in the Dow Jones Industrial Average , with the price decline of 69 cents shaving about 5 points off the price of the Dow, which was down 1 point. GE said late Friday that Chief Financial Officer Jeffrey Bornstein will be succeeded by Jamie Miller, effective Nov. 1. The company also announced the retirement of its vice chairs, and said Monday that it elected the CIO of activist investor Trian Fund Management to its board. “While not an implausible event, we believe the management changes at GE reinforce our view that core fundamental challenges are worse than consensus is currently discounting, with a new wrinkle added around possible outcomes from events this Fall, almost none of which are positive,” Tusa wrote in a note to clients. He reiterated his underweight rating on GE. The stock, on track to close at the lowest level since Aug. 25, 2015, has plunged 25% year to date, while the Dow has climbed 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