Category: Stock Market News

Shares of Caterpillar Inc. climbed 1% toward a record in midday trade Wednesday, after some upbeat comments about used equipment pricing from the analyst who is the most bearish on the mining and farm equipment maker. The stock was the biggest percentage gainer within the Dow Jones Industrial Average , with the $1.19 price gain accounting for about 8 points of the Dow’s 35-point gain. Analyst Sameer Rathod at Macquarie Research said an analysis of used-equipment listings suggests the pace of price declines in September from a year ago has slowed from the previous month, and that inventory continues to decline, which indicates the U.S. earth-moving markets are recovering. This upbeat outlook comes despite Rathod having an underperform rating on the stock, and a price target of $86, which is 32% below current levels, and the lowest of the 24 analysts surveyed by FactSet. His bearishness stems from the believe that expectations are running ahead of fundamentals, as “all of the macro factors that allowed [Caterpillar] to have strong results have peaked.” Caterpillar’s stock has soared 18.4% over the past three months, while the Dow has gained 5.6%.

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 Dow Jones Industrial Average saw its gains firm on Wednesday after Secretary of State Rex Tillerson addressed reports that he was on the verge of leaving President Donald Trump’s administration and referred to POTUS as a “moron.” In a news conference at around 11 a.m. Eastern on Wednesday, Tillerson, a former head of Exxon Mobil Corp. , rebutted a report from NBC News, citing multiple senior administration officials, that claimed that he thought ill of the president and considered resigning. Tillerson reaffirmed his commitment to Trump in his conference, however, he didn’t appear to outright deny the claim that he called Trump a name, saying that it was “petty nonsense” to entertain those accusations. Most recently, the Dow was up 0.2% at 22,674, adding to the earlier advance, while the S&P 500 index was up 6 points, or 0.2%, at 2,540, hitting an intraday record. The Nasdaq Composite Index was trading 0.2% higher, paring a morning loss, to 6,544. All three benchmarks closed at all-time highs on Tuesday and have been bolstered by hope that a pro-market tax proposal will be passed in Congress.

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 Dow Jones Industrial Average saw its gains firm slightly late-morning Wednesday after Secretary of State Rex Tillerson addressed reports that he was on the verge of leaving President Donald Trump’s administration and referred to POTUS as a “moron.” In a news conference at around 11 a.m. Eastern on Wednesday, Tillerson, a former head of Exxon Mobil Corp. , rebutted a report from NBC News, citing multiple senior administration officials, that claimed that he thought ill of the president and considered resigning. Tillerson reaffirmed his commitment to Trump in his conference, however, he didn’t appear to outright deny the claim that he called Trump a name, saying that it was “petty nonsense” to entertain those accusations. Most recently, the Dow was up 0.1% at 22,671, adding to the earlier advance, while the S&P 500 index was trading a touch higher at 2,537. The Nasdaq Composite Index was trading 0.1% higher, paring a morning loss, and was most recently at 6,536. All three benchmarks closed at all-time highs on Tuesday and have been bolstered by hope that a pro-market tax proposal will be passed in Congress.

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

Ford Motor Co.’s plan detailing future initiatives was “very light on details,” analysts at Morgan Stanley said in a note Wednesday. Ford late Tuesday disclosed a goal to cut expenses and push for electric cars, and trucks and SUVs. “We got the impression that Ford wanted to convey extremely high-level strategic objectives … but is still working through the alternatives and has not yet achieved enough solidity on key partnerships to disclose anything significant,” the analysts said. Ford shares rose 0.6%.

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

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 6 million barrels for the week ended Sept. 29. That’s well above the forecast for a decline of 1.5 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday a decrease of 4.1 million barrels, according to sources. Gasoline stockpiles were up 1.6 million barrels for the week, while distillate stockpiles fell 2.6 million barrels, according to the EIA. November crude rose 23 cents, or 0.5%, to $50.65 a barrel on the New York Mercantile Exchange. Prices traded at $50.25 before the supply data.

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 Netflix Inc. were up nearly 4% during intraday trade on Wednesday, after UBS analyst Doug Mitchelson raised his 12-month price target on the company, saying analysis suggests that the streaming giant’s subscriber growth will be more than previously expected. Mitchelson said he expects the company’s second quarter growth momentum will be sustained through the third quarter. He expects Netflix to report domestic net adds of 850,000 and international net adds of 3.95 million. The FactSet consensus for domestic subscriber additions is 796,000, and for international adds is 3.64 million. “Based on the lackluster stock performance this quarter and investor expectations for an in-line quarter, we see near-term upside to shares if our analysis proves accurate,” Mitchelson wrote in a note to investors. “A strong third quarter performance this year without a big content release slate or new market launch should increase investor confidence in the size of the ultimate total addressable market, Netflix’s potential marketshare and its speed in getting there.” Piper Jaffray analyst Michael Olson also put out a note on Wednesday saying his analysis suggests upside for international and domestic subscriber adds in the third quarter. Olson, reiterated his overweight rating and maintained a $215 price target. Netflix will report third-quarter earnings on Oct. 16. Shares of the Los Gatos, Calif company are up nearly 50% in the year to date, while the S&P 500 index is up more than 13% and the Dow Jones Industrial Average is up almost 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

The Dow Jones Industrial Average was trading in record territory on Wednesday, but its climb was being hamstrung by a downturn in shares of Apple Inc. Shares of the Cupertino, Calif.-based iPhone maker were down 0.8% or $1.13. A $1 swing in any one of the price-weighted Dow’s 30 components translates to a move of 6.89 points. The Dow touched a fresh intraday record in early trade at 22.663.35, but the decline in Apple was muting gains in 3M Co. and UnitedHealth Group Inc. . Apple’s share decline came as investors anticipated the debut of a fresh gadget lineup from Apple rival Alphabet-parent Google Inc. , including its Pixel phones. Overall, the Dow was up 11 points, or 0.1%, at 22,653, the S&P 500 index was trading flat at 2,533, while the technology-laden Nasdaq Composite Index was down 0.2% at 6,525.

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

Apple Inc. is investigating reports that batteries in its iPhone 8 Plus have burst open, according to media reports Wednesday. A Taiwanese woman and a customer from Japan have reportedly sent pictures showing the damage, which may have been caused by the battery swelling due to gases inside the device. “We are aware and are looking into it,” an Apple spokeswoman told MacRumors. Apple shares were down 0.7% but have gained 32.4% in 2017, while the Dow Jones Industrial Average has gained 14.6% and the S&P 500 has gained 13.2%.

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

Shares of Kraft Heinz Co. slid 1% Wednesday, after Goldman Sachs downgraded the food company to neutral from buy, citing margin driven risk to its per-share earnings. The move came as part of a broader recalibration of Goldman’s estimates and price targets for the food sector against a backdrop of input cost pressure and a lack of pricing power in the U.S. “KHC’s earnings growth has outpaced industry peers in
recent years as it captured cost savings related to its acquired Kraft asset,” analysts led by Jason English wrote in a note. “Cost savings, however, are beginning to deplete and while we see a path to top-line acceleration for the firm, we expect its magnitude of fundamental outperformance versus the group to wane.” Goldman is sticking with sell ratings on J.M. Smucker Co. , General Mills Inc. , Church & Dwight Co. Inc. and Procter & Gamble Co. . Kraft Heinz shares have fallen 11.7% in 2017, while the S&P 500 has gained 13.2%.

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

U.S. stocks opened with modest losses on Wednesday, with major indexes set to take a pause after a series of record finishes. The Dow Jones Industrial Average slipped 5 points to 22,637. The S&P 500 was down 2 points to 2,533, a drop of 0.1%. The Nasdaq Composite Index was off 9 points, or 0.1%, to 6,523. All three indexes closed at records for a second straight day on Tuesday. In the latest economic data, private-sector employers added 135,000 jobs in September, fewer than had been expected, and down sharply from the 237,000 that had been added in August. Among the day’s most actively traded names, Mylan NV jumped 18% after the Food and Drug Administration approved its generic versions for Teva Pharmaceutical Industries Ltd.’s Copaxone, a drug for people with relapsing forms of multiple sclerosis. Shares of Teva dropped 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