Category: Stock Market News

Shares of Chipotle Mexican Grill Inc. turned sharply lower in morning trade Tuesday, as the company confirmed there were some reported illnesses by customers who ate at a restaurant in Virginia. The company said it was “safe” to eat at Chipotle, and planned to reopen the restaurant Tuesday. The stock had gained as much as 0.8% minutes after the open on the heels of an analyst upgrade before pulling back, to be down about 0.4% at around 10:30 a.m. ET. The stock then tumbled as much as 7.6% to a low of $362.40, the lowest level seen since Nov. 2, 2016, before paring some losses. “We are aware of a small number of reported illnesses isolated to a single restaurant in Sterling, Virginia on Tripleseven Road, and have notified local health department officials,” Chipotle said in an emailed statement to MarketWatch. “The reported symptoms are consistent with norovirus. Norovirus does not come from our food supply, and it is safe to eat at Chipotle.” The stock was recently down 5.1% on volume of 2.7 million shares, which was already nearly triple the full-day average. The stock has plummeted 21% over the past three months, while the S&P 500 has gained 4.8%.

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Visa Inc. and PayPal Holdings Inc. said Tuesday they are extending their U.S. and Asia partnership to Europe. PayPal will use its banking license in Europe to join the Visa network of financial institutions and offer Visa accounts in Europe for consumers to use wherever Visa is accepted around the world. PayPal will also have access to the Visa Digital Enablement Program, which provides partners with access to tokenisation technology, to make secure payment on mobile phones or other connected devices. Visa shares were up 0.3% in early trade, while PayPal was up 1%. The S&P 500 was flat.

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The Dow Jones Industrial Average opened modestly lower on Tuesday, weighed by a sharp drop in shares of UnitedHealth Group Inc. and Goldman Sachs Group Inc. . UnitedHealth shares slid as Republicans scrapped a bill to overhaul the Affordable Care Act, or ACA, while Goldman was in decline after the investment bank reported second-quarter earnings that showed a 40% drop in its bread-and-butter trading business. The price-weighted Dow was seeing UnitedHealth and Goldman exact a roughly 50-point toll. Overall, the Dow was down 0.6% at 21,487, the S&P 500 index was slumping 0.3% at 2,451, while the Nasdaq Composite Index was 0.1% lower at at 6,303.

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Wal-Mart Stores Inc. said Tuesday that it has opened an e-commerce fulfillment center in Davenport, FL that will bring more than 1,500 jobs to the area. The campus is the sixth in Wal-Mart’s network and the first in Florida. The new 50-acre campus is part of a $450 million investment the company is making in Florida between 2017 and 2018. For this period, Wal-Mart plans to open nine new stores across Florida, creating 800 jobs; remodel more than 40 locations; and break ground on a distribution center for perishable goods. Wal-Mart shares are nearly unchanged in Tuesday trading, but are up 10.4% for the year to date. The S&P 500 index is up 9.7% for 2017 so far.

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The Dow Jones Industrial Average opened modestly lower on Tuesday, weighed in part by a sharp drop in shares of UnitedHealth Group Inc. and Goldman Sachs Group Inc. . UnitedHealth shares slid as Republicans scrapped a bill to overhaul the Affordable Care Act, or ACA, while Goldman was in decline after the investment bank reported second-quarter earnings that showed a 40% drop in its bread-and-butter trading business. The price-weighted Dow was seeing UnitedHealth and Goldman exact a roughly 30-point toll. Overall, the Dow was down 0.3% at 21,559, the S&P 500 index was slumping 0.2% at 2,454, while the Nasdaq Composite Index was 0.1% lower at at 6,305.

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Shares of Netflix Inc. rocketed 9.1% to open well into record territory Tuesday, as investors and analysts cheered the video streaming service’s second-quarter results. The stock traded as high as $177 soon after the open, above the previous record close of $165.88 and the all-time intraday high of $166.87, which were both reached on June 8. No less than 28 of the 41 analysts surveyed by FactSet have raised their stock price targets after the results, lifting the average target to $180.31 from $159.36 before the results. The highest target is now Atlantic Equities analyst Hamilton Faber’s $212, according to FactSet. Netflix’s stock has now shot up 42.5% year to date, while the tech-heavy Nasdaq 100 has climbed 19.7% and the S&P 500 has gained 9.6%.

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AMC Entertainment Holdings Inc. on Tuesday issued a statement to address recent media reports that it said contained inaccurate information regarding the company and its funding. “Dalian Wanda has never been a source of acquisition funding for AMC,” the company said, referring to the Chinese entertainment company that owns AMC. AMC has made four acquisitions since it was taken over by Dalian in 2012 and all were funded with its own resources, it said. “At no time was Wanda ever a source of funding for any of these acquisitions or individual theatre purchases,” said the company. AMC has also never received funding from Mainland China-based banks. “All committed debt financing for AMC’s three most recent acquisitions were funded by a syndicate of U.S.-based banks with AMC as the borrower without financial guarantees or credit enhancements from Wanda,” said the company. “The fourth acquisition was funded by AMC’s available cash on hand.” AMC shares rose 1.5% in early trade, but are down 41% in 2017, while the S&P 500 has gained 10%.

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SeaWorld Entertainment Inc. was upgraded to neutral from sell at Goldman Sachs Tuesday as the analysts see the company’s risk/reward profile as more balanced after the stock has pulled back. SeaWorld still has many challenges, including competition and weak international visitation, but the analysts say SeaWorld’s planned attractions for 2017 and 2018 should bring in more visitors, particularly as the pricing is below that of their peers. Additionally, the company has already factored these challenges into its fiscal 2017 guidance and investors are prepared for a second-quarter earnings miss, they say. With shares pulling back in the past three months, the company’s valuation looks more reasonable, according to the analysts. Shares of SeaWorld have fallen 12% in the past three months, while the S&P 500 has gained 5%. With the share pullback, there is also greater possibility of an acquisition, particularly with SeaWorld’s Busch Gardens. The analysts reiterated their $16 price target. The average FactSet rating on SeaWorld is overweight with a $19.75 price target.

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U.S. stocks fell in early trading on Tuesday, following disappointing results from Goldman Sachs that raised concerns about how strong the upcoming earnings season could turn out to be. The Dow Jones Industrial Average fell 0.2%, or 47 points, to 21,583, and Goldman was the biggest drag on the blue-chip average, falling 1.1%. The S&P 500 ost 4 points, or 0.2%, to 2,455, with the financial sector down 0.6%. The Nasdaq Composite Index was 12 points lower to 6,302, a decline of 0.2%. On the upside, Netflix Inc. gained 8.7% and hit a record a day after it reported larger-than-expected subscriber growth. Despite the declines on the day, major indexes continue to trade within striking distance of record levels.

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Six Flags Entertainment Corp. said Tuesday Chief Executive John Duffey has “retired from the company” after 17 months in the position. The theme park operator has named Executive Chairman Jim Reid-Anderson as the new CEO, effective immediately. Reid-Anderson had served as CEO from August 2010 through February 2016. The stock, which was still inactive in premarket trade, has lost 1.5% year to date, while the S&P 500 has gained 9.8%.

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