Category: Stock Market News

The Bank of Tokyo-Mitsubishi UFJ was charged by the Commodity Futures Trading Commission for engaging in multiple acts of spoofing in a variety of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade, including futures contracts based on United States treasury notes and Eurodollars. The CFTC fined the firm $600,000 over activities from 2009 to 2014, done by an employee using the firm’s Tokyo office trading platform. The bank voluntarily reported the infraction, the CFTC said.

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 Teva Pharmaceutical Industries Ltd. tumbled 8% in morning trade Monday on heavy volume, putting them on track to close at a 14-year low, as Morgan Stanley turned bearish on the generic drug maker in the aftermath of disappointing results. Volume ballooned to 39.1 million shares, which was more than triple the full-day average, and enough to make it the most actively traded stock on the major U.S. exchanges. The stock was headed for an eighth straight loss to the lowest close since March 13, 2003, highlighted by 39% plunge the past three sessions after the company missed profit expectations and cut its outlook, citing accelerated price erosion and decreased volume in its U.S. generics business. On Monday, Morgan Stanley analyst David Risinger cut his rating to underweight from equal weight, and slashed his stock price target to $16 from $36, saying he had underappreciated the risk of generics pricing pressure to Teva’s earnings. The stock has plummeted 48% year to date, while the SPDR S&P Pharmaceuticals ETF has gained 5.9% and the S&P 500 has advanced 11%.

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

MKM Partners raised its price targets on Facebook Inc. and Twitter Inc. Monday, as Twitter becomes more “interesting” and Facebook appears poised for more growth. Rob Sanderson, the lead analyst on both notes, raised his Facebook price target to $200 from $180, citing management’s softened tone on growth deceleration in the second half of the year, which makes Sanderson believe that company’s planned ad load deceleration will not have as big of an impact. The commentary around deceleration also likely lowered Facebook’s valuation, making the stock more attractive now, he said. Additionally, Facebook is facing a lower tax rate than expected at 13% rather than 19%, which should boost its earnings. Sanderson reiterated a buy rating. On Twitter, Sanderson said he believes user engagement is improving and the network remains “important and differentiated.” And with its falling stock price, Sanderson says now could be a good time to jump in, particularly if Twitter does successfully complete a turnaround. However, he notes that he is not “confident” in that turnaround. He reiterated a neutral rating on Twitter. Shares of Facebook were up 1.2% Monday, while Twitter shares were relatively flat.

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 Google parent Alphabet Inc. edged up 0.2% in morning trade Monday, after MKM Partners boosted its price target, as a higher revenue outlook offsets a slightly lower margin view. Analyst Rob Sanderson raised his target to $1,210, which is now tied for the second highest among the 44 analysts surveyed by FactSet, from $1,170. The new target is 28% above current levels. There are now five analysts with price targets of at least $1,200, with Deutsche Bank’s Lloyd Walmsley’s the highest at $1,220, according to FactSet. MKM’s Sanderson said his new target reflects higher estimates for 2017 and 2018 revenue, boosted by growth in Google Websites and Google Network. He said although traffic acquisition costs for Websites have increased, Google has been highlighting the mix shift to mobile search. The stock has lost 0.3% over the past three months, while the tech-heavy Nasdaq 100 Index has gained 4.9% and the S&P 500 has advanced 3.3%.

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 Intrepid Potash Inc. plunged 9.9% in morning trade Monday, pulling back from a 21-month closing high in the previous session, after UBS downgraded the fertilizer maker on concerns over valuation and potash pricing. Analyst John Roberts cut his rating to sell from neutral. He said that although bankruptcy risk has been “significantly reduced,” current valuation are well above the 5-year average and above the historical peak. “We remain cautious on potash pricing, forecasting only a modest increase in 2018, but the stock has recently popped due to a de-risked balance sheet and optimism around a more diversified revenue stream,” Roberts wrote in a note to clients. “However, we are concerned about sustainability and lack of long-term growth in non-core income, and still depressed core potash related income.” The stock had closed Friday at the highest level since November 2015, which the stock running up 26% since the company reported better-than-expected results on Aug. 2. The stock has not soared 66% year to date, while the S&P 500 has gained 11%.

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 National Oilwell Varco Inc. slumped 1.9% in morning trade Monday, after SunTrust RH turned bearish on the oil services company, citing concerns over valuation. Analyst Ken Sill cut his rating to sell from hold, and slashed his stock price target to $29, which is 10% below current levels, from $40. He said that while National Oilwell Varco (NOV) is a “great company,” with “great management” and a “great balance sheet,” he doesn’t believe past returns from its Rig Systems business will repeat in the next five or more years. “Expectations implied by NOV’s share price appear overly optimistic, in our opinion, based on our 12-to-18 month outlook,” Sill wrote in a note to clients. “NOV’s share price implies 2018 estimates will rise, we think they need to fall.” The stock has fallen 13% year to date, while the VanEck Vectors Oil Services ETF has tumbled 27% and the S&P 500 has gained 11%.

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

Stocks kicked off trade near break-even levels on Monday as investors brace for a pair of Federal Reserve speakers. Earlier momentum, although mostly muted, was tipping into positive territory after Friday’s key employment report, which showed a better-than-expected gain of 209,000 employees added in July, pushing the unemployment rate to a 16-year low at 4.3%. Monday’s early trade put the Dow’s 9th straight record close in sight and a 10th straight session in positive territory. The S&P 500 tipped higher, while the Nasdaq Composite rose by less than 0.2%. In corporate news, Shares of NxStage Medical Inc. soared after Germany’s Fresenius Medical Care AG & Co. KGaA said it would acquire the medical-device firm for around $2 billion. Looking ahead, market participants awaited Fed speakers, highlighted by Minneapolis Fed President Neel Kashkari and St Louis. Fed President James Bullard.

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

Office Depot Inc. said Monday that it will introduce same-day delivery in three markets in the coming weeks with help from a third-party provider Deliv. The service will launch in Atlanta and Los Angeles on August 28, and in Ft. Lauderdale/Miami on September 6. Office Depot will waive the delivery fee as a limited introductory offer. By the end of 2017, the company expects to add several other markets. Delivery pricing is still being finalized in preparation for the service expansion, according to an Office Depot spokesperson. Office Depot shares are up 31.4% for the year so far while the S&P 500 index is up 10.6% 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

Streaming giant Netflix Inc. said on Monday it’s acquired comic book publisher Millarworld, founded by comic book legend Mark Millar. Millar has been responsible for such stories turned films as “Kick-Ass,” “Kingsman” and “Old Man Logan.” Millar also spent eight years at Marvel, where he developed comic books and stories that inspired Walt Disney Co.’s first “Avengers” movie, as well as last year’s hit “Captain America: Civil War.” This is Netflix’s first acquisition and will give the streamer a solid and exclusive portfolio of characters and stories as the company looks to work more closely with filmmakers and acquire intellectual property. Terms of the deal were not disclosed. “Mark has created a next-generation comics universe, full of indelible characters living in situations people around the world can identify easily with,” said Netflix Chief Content Officer Ted Sarandos in a statement. “We look forward to creating new Netflix Originals from several existing franchises as well as new super-hero, anti-hero, fantasy, sci-fi and horror stories Mark and his team will continue to create and publish.” Shares of Netflix have gained nearly 46% in the year to date, while the S&P 500 index is up nearly 11%.

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

Hedge fund Scopia Capital Management LP has boosted its stake in Acorda Therapeutics Inc. to 7.71 million shares from 5.57 million shares, according to recent filings with the Securities and Exchange Commission. Scopia now owns 16.5% of Acorda’s shares outstanding, which would make Scopia Acorda’s largest shareholder, passing Fidelity Management & Research at 14.1% and BlackRock Fund Advisors at 12.7%, according to FactSet. Shares of Acorda, which makes treatments for nervous system disorders, were still inactive in premarket trade. The shares have rallied 14.0% year to date through Friday, while the S&P 500 has gained 10.6%.

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