Category: Stock Market News

Gold prices rose Tuesday, notching their biggest one-day dollar and percentage gain in a week. U.S. President Donald Trump’s decision to remove Rex Tillerson as Secretary of State and nominate CIA director Mike Pompeo as his replacement contributed to weakness in the U.S. dollar and boosted haven demand for the yellow metal. April gold climbed $6.30, or 0.5%, to settle at $1,327.10 an ounce.

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Shares of DSW Inc. shot up 9.5% in midday trade, in the wake of fiscal fourth-quarter results and an upbeat revenue outlook, a dividend hike and announced plans to exit Ebuys. The stock had initially dropped as much as 5.1% in premarket trade after the results were released, as profit beat while revenue missed, some investors may have misinterpreted the 2018 revenue growth guidance. CEO Roger Rawlins said on the post-earnings conference call that 2018 total revenue is expected “to increase in the 2% to 4% range,” according to a transcript provided by FactSet. That compares favorably to the FactSet revenue growth consensus of 1.8%. Meanwhile, in the earnings press releases, the company said it expects 2018 “revenue growth to decrease by 1% to 3%,” following 2017 revenue growth of 3.3%. DSW’s stock has now gained 0.9% over the past three months, while the S&P 500 has advanced 4.5%.

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Advanced Micro Devices Inc. stock dropped suddenly Tuesday morning after a report that its chips were uniquely susceptible to a certain attack. Israeli researchers reported finding issues with AMD chips that would allow attacks to enter computers’ secure processors, giving them access to sensitive information including passwords, according to a report from Cnet. The exploits detailed by CTS-Labs researchers specifically target AMD’s newest products, Ryzen chips for PCs and Epyc chips for servers, according to the report. “We are investigating this report, which we just received, to understand the methodology and merit of the findings,” an AMD spokesman told Cnet. Chip makers’ stocks were hit in the last few months by new exploits called Meltdown and Spectre that exposed vulnerabilities in many CPU chips. Shares were up on the day before the news broke, when they fell to declines of 2% or more. AMD stock is down 20.5% in the past year, while the S&P 500 index has gained 17.3% in that time.

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The Federal Reserve on Tuesday said one of the world’s biggest banks, Industrial and Commercial Bank of China, had “significant deficiencies” in risk management and compliance with U.S. anti-money laundering laws. In a cease and desist order, the Fed and ICBC agreed to a series of steps to improve oversight. A third party will review ICBC’s New York branch’s U.S. dollar clearing activity from the second half of 2016 to determine whether any suspicious activity involving high risk customers or transactions was identified and reported.

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Shares of Qualcomm Inc. are down 3.8% in Tuesday morning trading, after President Donald Trump said that he would block Broadcom Ltd.’s hostile takeover of the company. Broadcom shares are up 2.6% and Intel Corp. shares are up 3.2%. “With the takeover risk gone, Qualcomm must face the reality of multiple outstanding issues, including its own acquisition of NXP Semiconductors , a major conflict with Apple , and headwinds in its core businesses,” BMO Capital Markets analyst Tim Long wrote Tuesday. Qualcomm shares are up 3.5% over the past 12 months, while Broadcom shares are up 19%. The S&P 500 has gained 18% in that time, while the PHLX Semiconductor Index is up 45%.

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The small-capitalization Russell 2000 hit its highest level since late January, as that segment of the equity market has drawn buyers who have fretted over the implications of recent imports tariffs signed last week by President Donald Trump. The Russell 2000 rose to peak at 1,609.05 on Tuesday, which marks its highest level since Jan 23, when it closed at 1,610.71, according to FactSet data. The gauge of small-cap stocks is on pace to close higher for seven of the past eight sessions and was most recently up 0.2% at 1,605. The Russell 2000 has benefited in part from the view that smaller-cap U.S. companies are insulated from a potential trade war arising from President Trump’s decision to institute tariffs on steel and aluminum imports. Smaller stocks have a higher exposure to the U.S. rather than the global market, market participants have said. During March, the Russell 2000 has outstripped its larger peers, gaining 6.3% so far this month, compared with a 4.6% month-to-date rise for the large-cap focused S&P 500 index and a return of about 1% for the Dow Jones Industrial Average . Gains in small-cap stocks also are viewed by some market technicians as helping to confirm upward momentum in the broader market.

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The Canadian dollar dropped against its U.S. rival on Tuesday, as the early release of a speech by Bank of Canada Gov. Stephen Poloz showed the central bank’s dovish caution. Poloz called the BOC’s policy decisions a risk-management process and said that the central bank couldn’t “take a mechanical approach to policy.” That said, Poloz that the bank believed that “interest rates are likely to move higher over time.” Poloz also said that even though the Canadian labor market had improved, there was some slack remaining. On trade, Poloz mentioned the uncertainty pertaining to the future of U.S. trade policies. One dollar last bought C$1.2922, up from C$1.2843 late Monday, hitting a one-week high, according to FactSet.

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U.S. stocks rose broadly on Tuesday, with the Nasdaq on track for its longest streak of daily gains in about five months, thanks to a similarly long streak in Amazon. The Nasdaq Composite Index rose 0.6% and was set for its eighth straight positive session. That’s the index’s longest set of consecutive gains since a nine-day streak ending in October 2017; it has risen 6.3% over the stretch, a rally that has taken it to multiple records and accounts for the lion’s share of its 10.5% year-to-date rally. One of the biggest boosts to the Nasdaq over the period has been Amazon.com Inc. , which is also set for its eighth straight daily advance, its longest streak since a nine-day rally ended in January. The online retailer has gained 7.9% over the eight-day stretch. The Dow Jones Industrial Average rose 0.7% on Tuesday while the S&P 500 was up 0.6%.

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Shares of Proteostasis Therapeutics Inc. rocketed 70% toward an 11-month high in very active morning trade Tuesday, after the biopharmaceutical company said it cystic fibrosis treatment was granted Breakthrough Therapy Designation (BTD) by the Food and Drug Administration. Volume topped 14 million shares, compared with the full-day average over the past 30 days of about 780,000 shares, according to FactSet. The BTD helps expedite the development and review of a drug aimed at treating a serious or life-threatening disease where there is a significant unmet need. “We believe the Breakthrough Therapy Designation for PTI-428 reflects the strength of the recent Phase 2 study results for our amplifier, a novel and proprietary class of CFTR modulators,” said Chief Executive Meenu Chhabra. Despite Tuesday’s rally, the stock has still shed 45% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has climbed 15% and the S&P 500 has gained 18%.

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Shares of GrubHub Inc. are up 0.6% in Tuesday morning trading after analysts at Guggenheim raised their price target on the stock to $140, the highest target among analysts tracked by FactSet. Guggenheim’s previous target was $94. “In our opinion, GrubHub is creating a virtuous cycle of restaurant providers based on their expanding diner base, which chooses GrubHub for their broad restaurant selection comprised of self-delivering restaurants, the pickup option or last mile logistical services,” wrote the analysts, led by Matthew DiFrisco. “Importantly, GrubHub’s business model is built for all three transaction types to be economically equivalent.” The analysts are also upbeat on GrubHub’s partnership with Yum Brands , which will add KFC and Taco Bell locations to GrubHub’s network. Shards of the food-delivery company are up 225% over the past 12 months, while the S&P 500 has gained 18%.

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