Category: Stock Market News

Shares of DSW Inc. dropped 2.6% in premarket trade Tuesday, after the footwear retailer missed fiscal fourth-quarter revenue expectations and provided a downbeat outlook, offsetting a profit beat and a raised dividend. Net income for the quarter to Feb. 3 fell to $11.7 million, or 15 cents a share, from $30.5 million, or 38 cents a share, in the same period a year ago. Excluding non-recurring items, such as the impact of acquisitions and recent tax legislation, adjusted earnings per share came to 38 cents, above the FactSet consensus of 27 cents. Revenue rose to $720.0 million from $674.6 million, below the FactSet consensus of $728.2 million, while same-store sales growth of 1.3% beat expectations of a 1.2% rise. For 2018, DSW expects “revenue growth to decrease by 1% to 3%,” following 2017 growth of 3.3%, and while the FactSet consensus of $2.85 billion implies a rise of 1.8%. Separately, the company raised its quarterly dividend by 25% to 25 cents a share, with the new dividend payable April 6 to shareholders of record on March 23. The stock had lost 7.8% over the past three months through Monday, while the SPDR S&P Retail ETF has gained 1.5% and the S&P 500 has advanced 4.5%.

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

President Donald Trump signed an executive order late Monday that blocks Broadcom Ltd.’s acquisition of Qualcomm Inc. , citing national security risks, according to multiple media reports. The order also says the 15 people Broadcom had put up for election on Qualcomm’s board of directors are disqualified from standing as directors. Qualcomm stock is down nearly 5% in late trading, and Broadcom stock is down 1.5%. Broadcom stock has gained 16% in the past year, as the S&P 500 index has climbed 17%. Qualcomm stock rose 7.1% in the past year.

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

Republican members of the House Intelligence Committee said late Monday they had found no evidence that the Trump campaign colluded with Russians, and announced an end to their investigation. “We found no evidence of collusion. We found perhaps some bad judgment, inappropriate meetings,” said Rep. Michael Conaway of Texas, according to the New York Times. Conaway said that while there was evidence that Russia meddled in the election and will likely do so again, “We disagree with the narrative that they were trying to help Trump.” That conclusion is contrary to what U.S. intelligence agencies believe. The announcement is likely to be sharply rebutted by Democrats on the panel, who have said the House investigation was been hindered by partisanship. Democrats will not be given a draft of the investigation’s conclusion until Tuesday morning. The announcement has no effect on special counsel Robert Mueller’s separate probe.

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

AT&T Inc. Chief Executive Randall Stephenson received $28.7 million in compensation in 2017, which the company said Monday was 366 times the salary of the average AT&T worker. Companies this year are reporting their CEO pay in relation to the compensation of a median worker for the first time as a result of a 2015 rule mandated by the Dodd-Frank act. AT&T reported Monday that its median employee had average compensation of $78,437 in 2017; AT&T excluded nearly 13,000 of its roughly 33,000 overseas workers from the sample used to determine media compensation. Stephenson’s total compensation was largely in-line with his 2016 total of $28.4 million, and includes $1.8 million in base salary, $16.7 million in stock awards, $5.1 million in incentive-plan compensation, $3.4 million in deferred salary and $1.5 million in other compensation. Stephenson has been CEO of AT&T since 2007, and the company’s stock has declined 5.4% in that time, while the Dow Jones Industrial Average has increased 91.9% in that time.

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

Advaxis Inc. shares sank in the extended session Monday after the biotech company’s cancer-drug study was placed on hold following the death of a patient in the study. Advaxis shares fell 24% after hours, following an initial halting. Shares finished up 0.5% at $2.21 in regular trading Monday. The clinical hold affects the company’s clinical trial for the combination of the drugs Imfinzi and axalimogene filolisbac for the treatment of human papillomavirus-associated cervical cancer and HPV-associated head and neck cancer. “Enrollment and further dosing are on hold in this trial while the company, its partner and the [Food and Drug Administration] work closely with the site investigator to review this event in detail and to resolve this clinical hold,” the company said in a statement.

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

Lattice Semiconductor Corp. late Monday said its Chief Executive Officer Darin Billerbeck is retiring, effective March 16. The board has named Chief Operating Officer Glen Hawk as interim CEO while it searches for a permanent successor. Lattice has retained executive search firm Egon Zehnder to handle the process. Lattice has struggled to rebound since a proposed acquisition by a fund tied to Chinese government money was blocked by U.S. regulators. Shares of Lattice closed up 0.5% to $6.48 and were unchanged 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

Stitch Fix Inc. shares dropped in the extended session Monday after the company missed earnings expectations. Stitch Fix shares dropped nearly 4% in the extended session after rising almost 7% during regular trading. The company reported fiscal second-quarter net income of $3.6 million, or 2 cents a share, compared with net income of $233,000, in the year-ago period. Revenue increased to $295.9 million from $237.8 million in the year-ago period. Analysts surveyed by FactSet had estimated 6 cents a share on revenue of $291 million. Stitch Fix said it is expecting fiscal third-quarter sales of $300 million to $310 million and full year revenue of $1.19 billion to $1.22 billion. For the fiscal third quarter, analysts model earnings of 5 cents a share on sales of $301 million; Wall Street expects full year sales of $1.2 billion. Since the company’s trading debut in November, Stitch Fix stock has gained 63%, as the S&P 500 index rose 8%.

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 retained modest losses in late-afternoon trade on Monday, with the Dow down about 100 points, amid reports suggesting that CNBC contributor Larry Kudlow was the leading contender to replace Gary Cohn, who resigned as chief economic advisor to President Donald Trump and his director of the National Economic Council last week. Most recently, the Dow Jones Industrial Average was off about 100 points, or 0.4%, at 25,226, the S&P 500 index was flat at 2,787. The Nasdaq Composite Index , meanwhile, was up 0.5%, trading in record territory at 7,599, as the technology-laden index was before the report on Kudlow. According to CNBC’s Jim Cramer, Kudlow is the leading contender to head NEC and “would take the job if offered it.” A separate report from The Wall Street Journal said Kudlow would interview for the NEC role as soon as this week. Cohn who is expected leave the White House in coming weeks is viewed as departing due to a dispute over tariffs on steel and aluminum imports that he disagreed with. Critics of tariffs have made the case that such duties could spark retaliatory responses from countries, which in turn could hurt the U.S.’s economic expansion. To be sure, Kudlow is’t the only contender for the Cohn post, recent reports also pointed to the Christopher Liddell as under strong consideration. Peter Navarro, the architect of Trump’s tariff program, also is a contender, according to WSJ.

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 traded firmly lower Monday afternoon, on the back of a selloff in shares of industrial giants Boeing Co., and Caterpillar Inc., as the market assessed the impact of tariffs on steel and aluminum imports on some of the U.S.’s largest companies. Boeing’s share selloff, down 2.9%, or $10.32, and a decline in Caterpillar off 2.7%, or $4.32, combined to exact a roughly 100-point toll on the blue-chip benchmark. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the benchmark. Meanwhile, shares of Goldman Sachs Group Inc. provided a modest lift for the average, coming as the investment bank reported that its former-CFO Harvey Schwartz, viewed as a potential chief executive at the bank, was set to leave the bank in late April. That news comes amid reports that CEO Lloyd Blankfein may soon be ready to retire from the firm after 12 years at its helm. Most recently, the price-weighted Dow was down 181 points, or 0.7%, at 25,158, while the S&P 500 index was 6 points, or 0.2%, lower at 2,780. The Nasdaq Composite Index was up 0.3% at 7,581, on track to close at a second record in a row.

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 prices settled with a loss on Monday, giving back part of the sharp gains seen in the previous session as recent data showed a rise in weekly U.S. output, as well as expectations for a further increase in domestic production next month. In a monthly report issued Monday, the Energy Information Administration forecast a monthly rise of 131,000 barrels a day in April U.S. oil production. April West Texas Intermediate crude fell 68 cents, or 1.1%, to settle at $61.36 a barrel on the New York Mercantile Exchange.

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