Category: Stock Market News

Gold finished with a loss Tuesday, pressured as comments from U.S. Federal Reserve Chairwoman Janet Yellen backed expectations for another interest-rate increase before the end of the year. In a speech Tuesday, Yellen said that while recent soft inflation readings justify a gradual pace for interest-rate hikes, there is also a danger of “moving too gradually.” December gold fell by $9.80, or 0.8%, to $1,301.70 an ounce.

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Movie theater chain AMC Entertainment Inc. said on Tuesday that it has entered into a wide-ranging strategic partnership with location-based virtual reality start up Dreamscape Immersive in a move that both side hope will “rapidly scale the development” of the virtual reality technology. AMC shares rose as much as 4% in Tuesday morning trade. As part of the deal, AMC will lead a $20 million series B funding round and invest $10 million in Dreamscape, as well as finance up to six Dreamscape VR centers in its cinemas over the next 18 months. AMC’s theaters are also home to some of Imax Corp.’s VR centers. AMC will also invest $10 million into a content fund. Dreamscape has green-lit its first piece of original content and is in licensing talks with Hollywood studios. Dreamscape’s series A funding round includes investors such as, Time Warner Inc.-owned Warner Bros., 21st Century Fox , Imax and Steven Spielberg. Shares of AMC have declined nearly 54% in the year to date, while the S&P 500 index is up more than 11%.

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President Donald Trump said Tuesday he’ll travel to Puerto Rico next week to survey damage from Hurricane Maria. In remarks to reporters during a tax meeting at the White House, Trump said he would visit the island next Tuesday, and perhaps also visit the U.S. Virgin Islands. Trump has been criticized for what some have seen as a slow response to address the situation in Puerto Rico, which is home to more than 3 million U.S. citizens. The hurricane struck Sept. 20. Trump said there were shipments of water and food supplies landing in Puerto Rico “on an hourly basis.” By one estimate damage could top $30 billion.

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Chipotle Mexican Grill Inc. said Tuesday that it has partnered with “Top Chef” winner Richard Blais for its Tasty Made chain of restaurants. Tasty Made, which first opened in Ohio in October 2016, serves four items: burgers, fries, soda and milkshakes. Burgers are made-to-order from fresh beef, and fries are hand cut on the premises. Blais, a James Beard-nominated cookbook author whose other ventures include San Diego restaurant Juniper & Ivy and chicken restaurant Crack Shack, is expected to bring his fine dining credentials to Tasty Made, with announcements to come. Chipotle shares are down 0.6% in Tuesday trading, and down 15.5% for the year so far. The S&P 500 index is up 11.5% for 2017 so far.

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Adidas AG shares fell 2.5% in Frankfurt trade Tuesday after the FBI said an investigation into corruption in college basketball resulted in the arrest of 10 people, including James Gatto, Adidas’s director of global sports marketing. U.S.-listed shares of Adidas fell 2.6%.

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The National Football League said on Tuesday it has entered a multiyear partnership with Facebook Inc. for the social media platform to deliver video and other content from the NFL. The NFL will publish game recaps and official highlights from all 256 regular season games, as well as playoff games and the Super Bowl. The league’s media division will also distribute content from NFL Films all on Facebook’s newly launched Facebook Watch platform. “We’re excited for Watch to become a destination for NFL fans to catch up on the latest on-field action and connect with one another,” Dan Reed, Facebook’s head of global sports partnerships said in a statement. The partnership doesn’t include any live games, which have become increasingly coveted as traditional cable and pay TV continues losing share to streaming and live internet TV services. Amazon.com Inc. paid an estimated $50 million for the NFL’s 10 Thursday night games that were streamed by Twitter Inc. a year ago. Facebook’s deal with the NFL is another move that positions the company, and its Watch platform, as a destination for sports. In May Facebook inked a deal with Major League Baseball to stream 20 live games. Shares of Facebook are up more than 42% in the year to date, while the S&P 500 index is up roughly 12%.

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Shares of Nvidia Corp. shot up 3.5% in morning trade Tuesday, after the company said it will supply its artificial intelligence-focused graphics processing unit (GPU) hardware to several of China’s largest cloud-computing providers and server-hardware manufacturers. Speaking at a GPU Technology Conference in Beijing, Nvidia Chief Executive Jensen Huang said late Monday the technology giants included Alibaba Group Holding Ltd. , Baidu Inc. and Tencent Holdings Ltd. . Nvidia’s stock rally follows a five-session losing streak, the longest such stretch since January, in which it tumbled 8.9% from a record close of $187.55 on Sept. 18. The stock has still run up 16% over the past three months, while the PHLX Semiconductor Index has climbed 5.2% and the S&P 500 has gained 2.6%.

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Carnival Corp. shares were up 3% in early Tuesday trading after the cruise company reported third-quarter earnings and revenue that beat expectations. Net income for the quarter totaled $1.33 billion, or $1.83 per share, down from $1.42 billion, or $1.93 per share, for the same period last year. Adjusted EPS was $2.29, beating the $2.20 FactSet consensus. Revenue totaled $5.52 billion, up from $5.10 billion last year and ahead of the $5.39 billion FactSet consensus. Carnival said that changes in fuel prices and currency exchange rates lowered earnings by 3 cents per share. Non-cash impairment charges of $392 million were driven by a business realignment in Australia. “[O]ur owned destinations including Amber Cove, Dominican Republic; Cozumel, Mexico; Mahogany Bay, Honduras; Half Moon Cay and Princess Cays, Bahamas, as well as more than 40 other ports, plus all those in Mexico, are fully operational and welcoming guests,” said Chief Executive Arnold Donald in a statement, referring to the recent earthquakes in Mexico and the hurricanes that swept through the Caribbean. Temporary port closures are expected to result in a 10-to-12 cents reduction in EPS in the fourth quarter. Adjusted EPS for the fourth quarter is expected to be in the range of 44 cents to 50 cents. The FactSet consensus is 63 cents. Carnival shares are up more than 26% for the year so far while the S&P 500 index is up 11.8% for the period.

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Internet video platform Vimeo, owned by InterActiveCorp. said on Tuesday that it plans to acquire live video streaming company Livestream. Vimeo plans to integrate Livestream into a newly launched live Vimeo product. Terms of the deal were not disclosed. “Live streaming is the No. 1 request from our creator community this year, and we’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” Vimeo Chief Executive Anjali Sud said in a statement. Shares of IAC have gained 77% in the year to date, while the S&P 500 index is up more than 11%.

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Shares of Genius Brands International Inc. rose nearly 10% in early morning trade on Tuesday after the entertainment company’s Chief Executive Andy Heyward sent a letter to shareholders about its new deal with Amazon.com Inc.. Amazon will offer an exclusive kids subscription channel, Kid Genius Cartoon Plus, to its 80 million Amazon Prime subscribers. “It is the most important transaction in the history of Genius Brands,” Heyward wrote in his letter. The Amazon-Genius Brands partnership is a multi-year deal, and the channel will cost subscribers $3.99 per month. The channel will launch on Sept. 28. Heyward said in his letter: “Monthly subscriber fees enable Genius Brands to immediately monetize the investment.” He also noted that Amazon currently has another kids programming service in PBS Kids. “However, PBS Kids is a service that programs to toddler and preschooler children, whereas Kid Genius Cartoons Plus programs to all kids,” Heyward wrote. Shares Genius Brands International have fallen nearly 33% in the year to date, while Amazon shares are up more than 25% and the S&P 500 index is up more than 11%.

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