Category: Stock Market News

Panera Bread Co. said Wednesday that it will now offer nearly all of its entrees in a smaller size, creating a new kids menu that includes 250 “clean” combinations that don’t have artificial flavors, preservatives and other chemicals. Panera’s Chief Executive Ron Shaich is also challenging the CEOs of other restaurant chains like McDonald’s Corp. and Wendy’s Co. to eat their own company’s kids menu for a week, “and if not, to take a thoughtful look at that they are offering our smallest guests.” Panera announced a merger with JAB in April. The PowerShares Dynamic Food & Beverage Portfolio is down 2.8% for the year so far while the S&P 500 index is up 12% for the period.

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

Victoria’s Secret parent L Brands Inc. was downgraded to market perform from outperform at Cowen & Company on concerns that without higher bra pricing there are risks to margins and same-store sales. The price target was lowered to $39 from $40. Analysts say L Brands has is a category leader, but there are several challenges ahead, including the need to maintain lower pricing in the $20-to-$30 range on sports bras and bralettes in order to maintain share while also offering bras in the $50-to-$60 range, driving store traffic, and sports bra competition. “Victoria’s Secret needs to rebalance the assortment in their core lingerie offering after the shift toward bralettes and sport last year pressured average unit retail,” Cowen said in a Wednesday note. L Brands shares are down 1.1% in premarket trading, and down more than 40% for the year so far. The S&P 500 index is up 12% for 2017 to date.

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 3M Co. fell 0.8% in premarket trade Wednesday, to help knock Dow Jones Industrial Average futures into negative territory, after J.P. Morgan turned bearish on the consumer and industrial products company, citing concerns over valuation. The stock’s premarket price decline of $1.76 would shave about 12 points off the Dow’s price, while Dow futures were down 10 points. Analyst Stephen Tusa cut his rating to underweight from neutral, saying the recent rally in the shares appear to ignore the risks stemming from slowing end markets in auto, electronics and China. Tusa said he believes it is also getting more expensive to drive growth. “Combine these concerns with a multiple near the high end of its historical range and we see a negative skew on the risk reward, with potential downside catalysts including negative consensus revisions and stubbornly weak U.S. price performance which would reinforce concerns around channel distruption,” Tusa wrote in a note to clients. Still, he raised his price target to $201 from $185. The stock, which closed at a record high of $213.76 on Monday, has run up 19.6% year to date through Tuesday, while the Dow has rallied 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

Sanofi and Alnylam Pharmaceuticals Inc. on Wednesday reported positive results in a late-stage trial of a treatment for Hereditary ATTR (hATTR) Amyliodosis patients with polyneuropathy. Alnylam shares jumped 24% after resuming trading following a halt. In a joint statement, the companies said an investigational RNAi therapeutic met its primary and secondary endpoints. The disease is an inherited one that is progressively debilitating and often fatal and is caused by mutations in the TTR gene. TTR protein is produced in the liver and usually acts as a carrier for vitamin A. Mutations can cause proteins to accumulate and damage organs and tissue, including the heart. About 50,000 people worldwide suffer from the disease, which currently has no approved treatment apart from liver transplant. Patients typically have a life expectancy of 2.5 to 15 years after the first symptoms appear. “This is a significant milestone that supports our belief that RNAi therapeutics have the potential to become an innovative new class of medicines for patients with rare genetic diseases,” said Elias Zerhouni, M.D., president, global R&D at Sanofi in a statement. Alnylam shares had gained 100.4% in 2017 through Tuesday, while the S&P 500 has gained 12%.

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

Bed Bath & Beyond Inc. shares 14% premarket Wednesday, as analysts weighed in on earnings released last Tuesday that fell well short of expectations. SunTrust Robinson Humphrey analysts noted that other home retailers are not performing as weakly, and reiterated their argument from earlier this year that the company needs strength in everyday product value, as well as customer messaging. “Neither appear to be in the cards in the near term for BBBY which, in our opinion, relies too heavily on the archaic practice of heavy couponing for both,” analysts wrote in a note. SunTrust reiterated its hold rating on the stock and its estimates and stock price target are under review. KeyBanc analysts reiterated their underweight rating on the stock and cut their price target to $21, or 22% below its current level. “We remain supportive of mgmt’s investments in the business, and remain hopeful that they start to benefit the top line,” they wrote. “However, in the NT, margins remain under significant pressure and further deteriorated in the quarter.” Shares have fallen 33% in 2017 through Tuesday, while the S&P 500 has gained 12%.

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 General Mills Inc. tumbled 4.3% in premarket trade Wednesday, after the food company, which brands include Cheerios, Haagen-Dazs and Better Crocker, missed fiscal first-quarter profit and sales expectations. Net income for the quarter to Aug. 27 totaled $408.6 million, or 69 cents a share, after $419.5 million, or 67 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 71 cents, below the FactSet consensus of 76 cents. Revenue fell 3.5% to $3.77 billion, just shy of the FactSet consensus of $3.79 billion. North American retail sales declined 5% to $2.44 billion, compared with the FactSet consensus of $2.45 billion, while convenience stores and foodservice sales were flat at $447 million versus expectations of $447.6 million. The company affirmed its fiscal 2018 outlook for a decline of 1% to 2% in organic net sales. The stock has lost 10.3% year to date through Tuesday, while the SPDR Consumer Staples ETF has gained 6.6% and the S&P 500 has climbed 12.0%.

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

Sanofi and Alnylam Pharmaceuticals Inc. on Wednesday reported positive results in a late-stage trial of a treatment for Hereditary ATTR (hATTR) Amyliodosis patients with polyneuropathy. In a joint statement, the companies said an investigational RNAi therapeutic met its primary and secondary endpoints. The disease is an inherited one that is progressively debilitating and often fatal and is caused by mutations in the TTR gene. TTR protein is produced in the liver and usually acts as a carrier for vitamin A. Mutations can cause proteins to accumulate and damage organs and tissue, including the heart. About 50,000 people worldwide suffer from the disease, which currently has no approved treatment apart from liver transplant. Patients typically have a life expectancy of 2.5 to 15 years after the first symptoms appear. “This is a significant milestone that supports our belief that RNAi therapeutics have the potential to become an innovative new class of medicines for patients with rare genetic diseases,” said Elias Zerhouni, M.D., president, global R&D at Sanofi in a statement. Alnylam shares were halted premarket for the news, but have gained 100.4% in 2017 through Tuesday, while the S&P 500 has gained 12%.

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

Amblin Partners said late Tuesday that Chief Executive Michael Wright is stepping down and handing the CEO role over to Amblin Chairman Steven Spielberg. The privately held joint venture, which includes Amblin Entertainment, DreamWorks Pictures and Participant Media, said Wright will be the executive producer for two upcoming films. Amblin said that Jeff Small will remain as president and co-CEO and oversee operations with Spielberg.

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

Microsoft Corp. announced Tuesday that it is increasing its quarterly dividend to 42 cents per share, or 7.6% compared with the year-earlier quarter. The dividend is payable Dec. 14, 2017 to shareholders of record on Nov. 16, 2017. The ex-dividend date will be Nov. 15, 2017. In addition to the dividend hike the company also said it was adding PepsiCo Inc. Chief Financial Officer Hugh Johnston to its board of directors. Microsoft stock edged down 0.1% after hours, after closing nearly 0.5% up to $75.44 during the regular session.

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

Former Google Inc. Chief Financial Officer Patrick Pichette is joining the board of Twitter Inc. , as PepsiCo Inc. CFO Hugh Johnston leaves to join the board of Microsoft Corp. . Pichette resigned from Google in 2015 after serving as CFO of the web giant for nearly seven years, and will join as an independent director on Dec. 1 for a two-year term. “After taking a two-year sabbatical to spend time with my wife and travel the world, I’m excited to join the Twitter Board and help the company advance its mission,” Pichette said in the announcement. Johnston will step down Oct. 1, and explained in Tuesday’s announcement that PepsiCo policies limit the number of boards he can join, so his appointment at Microsoft means he must step down at Twitter. After the changes take place, Twitter will have a nine-person board of directors. Twitter shares added 0.6% in late trading, after closing with a 0.9% gain at $17.76.

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