Category: Stock Market News

Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 58 billion cubic feet for the week ended Sept. 22. That was below the average forecast for a climb of 66 billion cubic feet by analysts surveyed by S&P Global Platts. Total stocks now stand at 3.466 trillion cubic feet, down 127 billion cubic feet from a year ago, but 41 billion cubic feet above the five-year average, the government said. November natural gas edged up less than a penny, or 0.2%, from Wednesday’s settlement to $3.068 per million British thermal units. It traded at $3.035 before the data.

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Shares of spice maker McCormick & Co. Inc. rose 5% Thursday, after the company beat earnings estimates for its fiscal third quarter, as sales were boosted by recent acquisitions. Sparks, Md.-based McCormick said it had net income of $108.2 million, or 85 cents a share, in the quarter, down from $127.7 million, or $1.00 a share, in the year-earlier period. Adjusted per-share earnings came to $1.12, ahead of the FactSet consensus of $1.05. Sales rose to $1.185 billion from $1.091 billion, also ahead of the FactSet consensus of $1.157 billion. “In addition to our strong base business and new product growth, the acquisitions of RB Foods and Giotti contributed to higher sales as valuable additions to our global portfolio of flavors,” Chief Executive Lawrence Kurzius said in a statement. “Through the third quarter, we have grown year to date sales 6% in constant currency.” Looking ahead, the company raised its outlook for the full year to reflect the acquisitions and growth momentum, and said it now expects sales to grow 9% to 10%. EPS is forecast to range from $3.69 to $3.73, and adjusted EPS is forecast at $4.20 to $4.24, compared with a FactSet consensus of $4.10. Shares have gained 9% in 2017, while the S&P 500 has gained 12%.

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Yum Brands Inc. chain Taco Bell said Thursday that it is collaborating with fast-fashion brand Forever 21 for a fashion line that will be available online and in select Forever 21 shops starting October 11. The companies will preview the collection on October 10, and include content submitted by fans. Yum Brands shares are up 0.2% in Thursday trading, and up 15.7% for the year so far. The S&P 500 index is up nearly 12% for 2017 to date.

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Shares of BlackBerry Ltd. rocketed 13% on heavy volume in morning trade Thursday, putting them on track for a 3-month closing high, after better-than-expected fiscal second-quarter results. Volume topped 14 million shares within 30 minutes after the open, already about triple the full-day average, and enough to make it the stock the most actively traded on the Nasdaq. The “mobile-native security and software and services company”–don’t call it a smartphone company–said handheld device sales tumbled 85% from a year go to just $16 million, or only 6.7% of total revenue of $238 million. For the quarter ended March 3, 2007, when the company was named Research in Motion Ltd., and before the launch of Apple Inc.’s first iPhone, handheld revenue accounted for 73% of total revenue of $930.4 million, or about $679.2 million. BlackBerry’s stock has climbed 26% over the past 12 months, while the S&P 500 has gained 15%.

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Amgen Inc. and AbbVie Inc. said early Thursday that they have reached a settlement over Amgen’s biosimilar rival to AbbVie’s blockbuster medication Humira. Under the agreement, Amgen expects to launch its biosimilar Amgevita in the U.S. at the end of January 2023 and in Europe in mid-October 2018. AbbVie shares surged 4.4% in morning trade on the news. The two companies, which said they would dismiss all pending litigation, did not disclose financial terms of the agreement. Biosimilars are a new class of drugs that essentially replicate existing treatments for complex diseases like cancer, multiple sclerosis and diabetes, but at lower costs. However, a number of factors have made their uptake sluggish, patent litigation chief among them. Humira, which is the world’s top-selling drug, has been a key target for biosimilar competition, but with more than 70 patents shielding it, AbbVie has long said the drug should be protected from competition until at least 2022. Amgen shares were inactive in premarket trade. AbbVie shares have surged 21.3% over the last three months, compared with a 2.7% rise in the S&P 500 .

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Amazon.com Inc. said Thursday that it will add 1,000 full-time jobs with its fifth Ohio fulfillment center. The facility will be in Euclid, joining others in Monroe, North Randall, Etna and Obetz. Amazon already has 6,000 workers in Ohio. Associates at the 650,000-square-foot Euclid facility will pick, pack and ship items like books, housewares and toys. Amazon shares are up 0.4% in Thursday trading, and up 27.4% for the year so far. The S&P 500 index is up 12% for 2017 to date.

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U.S. stock-market indexes opened lower on Thursday as investors continued to digest prospects for a planned tax overhaul. Economic data before the opening bell largely came as expected, giving little incentive to push higher. The S&P 500 was down 1 point, or 0.1%, to 2,506. The tech-heavy Nasdaq Composite index declined 12 points, or 0.2%, to 6,439. The Dow Jones Industrial Average was off by 29 points, or 0.1%, to 22,311 at the open. Amid the worst performers on the S&P 500, Accenture Plc dropped more than 2% at the open.

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Kellogg Co. said Thursday that it has named Steven Cahillane chief executive officer, effective October 2. He succeeds John Bryant, who will retire. Bryant will continue as executive chairman until March 15, 2018. Cahillane was most recently CEO of The Nature’s Bounty Co., a health and wellness company, a position he held since 2014. Kellogg shares are up 0.2% in premarket trading, and down 14.5% for the year to date. The S&P 500 index is up 12% for 2017 so far.

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Amgen Inc. and AbbVie Inc. said early Thursday that they have reached a settlement over Amgen’s biosimilar rival to AbbVie’s blockbuster medication Humira. Under the agreement, Amgen expects to launch its biosimilar Amgevita in the U.S. at the end of January 2023 and in Europe in mid-October 2018. AbbVie shares surged 2.3% in premarket trade on the news. The two companies, which said they would dismiss all pending litigation, did not disclose financial terms of the agreement. Biosimilars are a new class of drugs that essentially replicate existing treatments for complex diseases like cancer, multiple sclerosis and diabetes, but at lower costs. However, a number of factors have made their uptake sluggish, patent litigation chief among them. Humira, which is the world’s top-selling drug, has been a key target for biosimilar competition, but with more than 70 patents shielding it, AbbVie has long said the drug should be protected from competition until at least 2022. Amgen shares were inactive in premarket trade. AbbVie shares have surged 16.2% over the last three months, compared with a 2.7% rise in the S&P 500 .

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Party City Holdco Inc. said Thursday it plans to hire 25,000 temporary employees for Halloween season, and open up more than 270 Halloween City pop-up stores. This comes as the National Retail Federation said it expected Halloween shopping for costumes, candy, decorations and more, to rise to a record $9.1 billion this year from $8.4 billion a year ago. And the NRF said 48% of adults are planning to wear a costume this year, Party City said. “Consumers’ continuing search for uniqueness has really influenced Halloween costume shopping,” said Chief Executive Jim Harrison. “Creating that special costume and sharing it through social media is now an important aspect of how consumers celebrate.” The stock, which was inactive in premarket trade, has tumbled 11.1% over the past three months, while the SPDR S&P Retail ETF has gained 3.4% and the S&P 500 has tacked on 2.7%.

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.

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