Category: Stock Market News

Airline stock were broadly lower Monday, as the industry braced for two more hurricanes. The sector’s weakness was enough to push the Dow Jones Transportation Average into negative territory despite a rally in other broader market indexes. Among the Dow transports airline components, shares of Alaska Air Group Inc. shed 2.7%, United Continental Holdings Inc. lost 1.9%, American Airlines Group Inc. fell 1.3%, Southwest Airlines Co. gave up 1.1%, Jet Blue Airways Corp. dropped 1.0% and Delta Air Lines Inc. slipped 0.4%. The combined price declines shaved about 30 points off the Dow transports, which was down 21 points. Hurricane Jose was expected to bring heavy rains and strong winds to the northeast, while Hurricane Maria is expected to strengthen to at least a Category 3 when it hits the Caribbean by midweek. That would come just about two weeks after Hurricane Irma hit the region and about three weeks after Hurricane Harvey made landfall. The NYSE Arca Airline Index slumped 1.2%, while the Dow transports slipped 0.2%, the Dow Jones Industrial Average gained 81 points (0.4%) and the S&P 500 tacked on 0.3%.

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Shares of Boeing Co. were rallying Monday, helping to deliver a daily and monthly boost to the Dow Jones Industrial Average. The industrials giant has been among the best performers among the Dow’s 30 components. On Monday, Boeing’s shares were up $2.65, or 1%, adding about 18 points to the price-weighted average. In September, so far, the company has gained more than $12 to the benchmark, translating to an 80-point rise as the Dow carves out a fresh all-time high. A $1 move in any one of the Dow’s components equates to a 6.89-point swing. Boeing also is trading at its own record, logging a fresh intraday high at $253.67 in early Monday trade. Boeing also has been the best advancer for the Dow so far this year, up 61.5%. Overall, the Dow is up 13.1%, the S&P 500 index has climbed 12% year to date, while the Nasdaq Composite Index has advanced more than 20% thus far in 2017.

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From:: Stock Market News

Shares of Boeing Co. were rallying Monday, helping to deliver a daily and monthly boost to the Dow Jones Industrial Average. The industrials giant has been among the best performers among the Dow’s 30 components. On Monday, Boeing’s shares were up $2.65, or 1%, adding about 18 points to the price-weighted average. In September, so far, the company has gained more than $12 to the benchmark, translating to an 80-point rise as the Dow carves out a fresh all-time high. Boeing also is trading at its own record, logging a fresh intraday high at $253.67 in early Monday trade. Boeing also has been the best advancer for the Dow so far this year, up 61.5%. Overall, the Dow is up 13.1%, the S&P 500 index has climbed 12% year to date, while the Nasdaq Composite Index has advanced more than 20% thus far in 2017.

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Shares of Ubiquiti Networks Inc. sank as much as 13% to a three-month low in morning trade Monday before paring some losses, after famed short-seller Andrew Left said he believed the networking technology company was a “total fraud.” Left’s Citron Research detailed a number of “red flags” that suggests what the company was reporting was deceiving investors, including operating margins that were well above its peers and a growing cash position but relatively low interest income. Ubiquiti Chief Executive Robert Pera owns a controlling interest in the Memphis Grizzlies NBA franchise. Ubiquiti declined a request for a comment. The company has an investor meeting scheduled for Sept. 26. The stock was recently down 5.0%, on volume of 4.4 million shares, compared with the full-day average of about 600,000 shares. The stock has rallied 7.5% over the past three months, but has lost 9.8% year to date. In comparison, the S&P 500 has gained 3.0% over the past three months and 12% this year.

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Major exchange-traded funds that track emerging market stocks rose to multi-year highs on Monday, extending a rally that has made them among the strongest regions in the equity market this year. The iShares MSCI Emerging Markets ETF rose 0.8% to $45.95, its highest level since mid-2011, according to FactSet data. The day’s rise took the ETF past a high that has stood since 2014. Among its biggest components, Alibaba Group Holding rose 1.4% while Baidu Inc. was up 0.8%. Separately, the Vanguard FTSE Emerging Markets ETF rose 0.5% on Monday, hitting its highest level since 2014. The iShares fund is up 31.2% thus far this year, while the Vanguard ETF, which tracks a different index, is up 26.5%.

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Shares of Caterpillar Inc. jumped 1.7% toward a record high in morning trade Monday, enough to pace the gainers within the Dow Jones Industrial Average , after the mining and farming equipment maker was upgraded at UBS, which cited a growing cash position and signs suggesting the earnings upcycle will continue. Analyst Steven Fisher raised his rating to buy, after being at neutral for at least the past three years. He raised his stock price target to $140, which was 13% above current levels, from $116. Fisher said UBS’s latest analysis of private non-residential construction suggests a re-acceleration in activity in the fourth quarter, with mid-single digit percentage growth into 2018. He said he believes Caterpillar will generate nearly $10 billion in cash flow between 2018 and 2020 after capital expenditures and dividends which can be strategically redeployed or returned to shareholders. “We think the cash story is particularly underappreciated, and will become more of a visible part of the investor dialogue going forward,” Fisher wrote in a note to clients. The stock has soared 15% over the past three months, while the SPDR Industrial Select Sector ETF has tacked on 1.3% and the Dow has gained 4.4%.

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Shares of Nvidia Corp. surged 3.5% to a record high in morning trade Monday, adding to the 6.3% run up the previous session, as analysts continued to promote the graphics chip maker them as a top pick in the semiconductor space. The stock has run up 23% over the past three months, while the PHLX Semiconductor Index has climbed 8.6% and the S&P 500 has gained 3.1%. On Monday, SunTrust Robinson Humphrey analyst William Stein reiterted his buy rating, saying Nvidia remained his “preferred way” to invest in structure growth in the sector, give potential for profit and revenue beats across most of its segments. Nvidia’s rally also helped boost the shares of rival Advanced Micro Devices Inc. , which tacked on 3.2%, bringing the three-month gain to 13%. SunTrust’s Stein was upbeat about the chip sector in general, as the firm’s proprietary sentiment momentum indicator rose for an 11th-straight month in September. He said other demand indicators remained mostly constructive, and that the sector’s valuation did not appear stretched relative to the broader market. Among other chip stocks he favors are Broadcom Ltd. , Cypress Semiconductor Corp. , Analog Devices Inc. and Microsemi Corp. .

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U.S. stocks opened higher on Friday, with major indexes trading at or near records as concerns over the political situation with North Korea appeared to ease. The Dow Jones Industrial Average rose 52 points, or 0.2%, to 22,327. The S&P 500 added 3 points, or 0.1%, to 2,504. The Nasdaq Composite Index added 11 points to 6,458, a rise of 0.1%. Both the Dow and the S&P 500 hit intraday records in early trading, while the Nasdaq was within a few points of its own. Recent trading has had a pronounced upward bias, though uncertainty pertaining to North Korea has been a headwind. That issue appeared to ease after U.S. Secretary of State Rex Tillerson said the U.S. seeks a “peaceful solution” and wants to “bring North Korea to the table for constructive, productive dialogue,” speaking in an interview on CBS’s “Face the Nation.” Among the day’s biggest movers, Orbital ATK Inc. gained 20% after Northrop Grumman Corp. agreed to buy it for $7.8 billion in cash. Northrop fell 0.7%.

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Amazon.com Inc. said Monday that it is adding two new distribution centers that will create more than 2,000 jobs. The company is adding its fourth distribution center in Ohio in Monroe, creating more than 1,000 full-time positions. Workers in this one-million-square-foot facility will pick pack and ship larger items like gardening items and pet food. Amazon recently announced a fulfillment center in North Randall, and has facilities in Etna and Obetz. There are currently more than 6,000 Amazon workers in Ohio. The e-commerce giant is also adding a third fulfillment center in Portland, Ore., creating more than 1,000 full-time jobs. The company has an upcoming fulfillment center in Troutdale, another in Salem, a sortation center in Hillsboro, and a Prime Now hub in Portland. The company will have 3,500 full-time fulfillment workers in Oregon starting in 2018. Amazon shares are up 0.3% in Monday premarket trading, and up 31.6% for the year so far. The S&P 500 index is up 11.7% for 2017 so far.

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Cisco Systems Inc. said Chairman John Chambers will not stand for re-election to the networking company’s board of directors, ending a 24-year run on the board. The company said it will appoint Chief Executive Chuck Robbins to serve as chairman when Chambers’ term expires on Dec. 11. Before Chambers was named chairman in July 2015, he was CEO from January 1995 through July 2015, and has been a board member since November 1993, after joining the company in January 1991. He will be given the honorary title of Chairman Emeritus when he steps down as chairman. “John’s leadership helped bring the internet to billions of people around the world, enabling them to access information, build connections and improve their lives,” said Lead Independent Director Carol Bartz. The stock, which was unchanged in premarket trade, has gained 7.4% year to date, while the Nasdaq 100 has rallied 23% and the Dow Jones Industrial Average has climbed 13%.

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