Category: Stock Market News

Shares of Best Buy Co. Inc. tumbled 7.2% in active morning trade Monday, enough to pace the S&P 500 decliners, amid increasing concerns over competition from Amazon.com Inc. . The electronics retailer’s stock had been relatively immune to the Amazon effect, as the stock has climbed 11% over the past three months and 27% year to date, while the SPDR S&P Retail ETF had lost 7.7% over the past three months and 12% this year. But Recode reported Monday, citing “multiple sources,” that Amazon has been hiring a number of people to offer free Alexa consultations and in-home product installations for a fee, which would compete with Best Buy’s “Geek Squad” installation and repair service. The new services are currently available in seven West Coast cities, the Recode report said, and it appears a large expansion is in the works to some states including Florida, Texas and the New York area. Best Buy’s stock volume topped 5.4 million shares within the first two hours after the open, already more than the full-day average of about 5.2 million shares. Amazon’s stock rallied 1.4% in morning trade, and has rallied 9.4% over the past three months and 32% year to date.

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Amazon.com Inc. said it will create 1,500 new jobs, with benefits, as it plans to open a new fulfillment center in Orlando, Florida. The new 850,000 square-foot center is expected to open in 2018, will be a “highly technological” workplace utilizing Amazon Robotics, and will “pick, pack and ship” small items such as books, electronics or consumer goods. “We very much appreciate the state and local elected leaders who have supported Amazon’s arrival in Orlando and we look forward to bringing more jobs and investment to the state in the coming months,” said Akash Chauhan, vice president of North America operations at Amazon. The new center will increase Amazon’s workforce in Florida to 9,000. Amazon’s stock rallied 1.1% in morning trade. It has run up 9.2% over the past three months, while the technology-heavy Nasdaq 100 Index has gained 4.5% and the S&P 500 has advanced 2.9%.

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U.S. stocks opened mostly lower on Monday, though modest gains in the technology sector pushed the Nasdaq Composite into positive territory shortly after the opening bell. The S&P 500 was off by 2 points, or 0.1%, to 2,423. The Dow Jones Industrial Average slipped 32 points, or 0.2%, to 21,382. The Nasdaq Composite index was up by 2 points, or less than 0.1%, to 6,155. Among top gainers, HP Inc. shares jumped after analysts at Mizuho Securities upgraded the stock to buy from neutral and raised its target target.

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Shares of Arconic Inc. surged 2.6% in premarket trade Monday, after the maker of aluminum products was upgraded at J.P. Morgan, citing improved valuation after the selloff in the wake of the Grenfell Tower fire. Analyst Seth Seifman raised his rating to outperform from neutral, but trimmed his stock price target to $28, which is 21% above Friday’s closing price of $23.13, from $30. The stock had tumbled as much as 21% before bouncing slightly after the Grenfell Tower tragedy, amid reports the company produced the aluminum sheets and polyethylene which burned in the fire. “Grenfell Tower risk hard to assess, but probably manageable and perhaps ultimately zero,” Seifman wrote in a note to clients. Despite the stock’s recent selloff, it has soared 25% year to date, while the SPDR Materials Select Sector ETF has climbed 8.9% and the S&P 500 has gained 8.3%.

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Shares of ClubCorp Holdings Inc. rocketed 31% toward a 4-month high in active premarket trade Monday, after the golf and country clubs owner and operator announced over the weekend a deal to be acquired for $1.1 billion by private-equity firm Apollo Global Management. Under terms of the deal, Apollo will pay $17.12 in cash for each ClubCorp share outstanding, which is 31% above Friday’s closing price of $13.10. “With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success by providing its members with unrivaled experiences at its clubs,” said ClubCorp Chairman John Beckert. “This transaction represents the culmination of our review of strategic alternatives and achieves our goal of enhancing value for shareholders.” Trading volume topped 1.8 million shares more than 30 minutes before the open, which is already nearly 4 times the full-day average, and enough to make the stock the most actively traded in the premarket. The stock had tumbled 15% year to date through Friday, while the S&P 500 has gained 2.9%.

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Lions Gate Entertainment Corp.’s premium cable network Starz said on Monday that content on its subscription-based app has more than doubled, growing by 125% since the network launched the stand-alone platform. The company also said it plans to add 40% more films and TV series by the end of 2017. On Monday it also said it has deepened its kids and Spanish-language content offerings. Starz kids programming has grown tenfold since the app was launched, and its Spanish-language content is expected to reach more than 700 movies and TV shows by the end of the year. Starz’s app users don’t need to subscribe to the channel via cable. Shares of Lions Gate have gained more than 3% in the year to date, while the S&P 500 index is up more than 8%.

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Barnes & Noble, Inc. has appointed Carl Hauch, formerly chief operating officer at CityMD, as its vice president of stores, the company said Monday. Hauch starts immediately and will be in charge of retail stores, including driving sales and developing talent. He reports to Demos Parneros, chief executive of Barnes & Noble. Shares of Barnes & Noble have gained 5.7% in the past month, while the S&P 500 has loss 0.3%.

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Shares of Costco Wholesale Corp. fell 0.6% in premarket trade Monday, after the membership-based warehouse retailer was downgraded at BMO Capital, which cited concerns that investor sentiment has soured as a result of perceived competition from Amazon.com Inc. . Analyst Kelly Bania cut the rating to market perform after being at outperform since January 2015, and slashed the stock price target to $160, which is 3.8% above Friday’s closing price of $154.11, from $185. Bania stressed that the downgraded was not a call on Costco’s fundamental outlook, which remains “strong.” Bania said the “weak” stock reaction to “impressive” June same-store sales data suggests “investor sentiment, driven by Amazon fears, may continue to overshadow strong fundamentals.” The stock has fallen 2.5% since the June data was released to close Friday at a 7-month low. “Despite Costco’s significant price gap to Amazon…we believe near-term sentiment and fear of the long-term impact of Amazon on Costco’s business–whether or not justified by fundamentals–could continue to create an overhang on [Costco] shares,” Bania wrote in a note to clients. Costco’s stock has dropped 10.0% over the past three months, while the SPDR S&P Retail ETF has lost 5.7%, Amazon shares have climbed 7.9% and the S&P 500 has gained 2.9%.

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Shares of Abercrombie & Fitch Co. plunged 11% toward a three-month low in premarket trade Monday, after the specialty apparel retailer said it terminated discussions regarding a potential buyout deal. “After a comprehensive review of all relevant factors, with the assistance of our financial advisor, the A&F Board of Directors determined that the best path to enhance value for stockholders is the rigorous execution of our business plan,” said Executive Chairman Arthur Martinez. “We believe in the prospects for our business and the opportunities for our brands.” The company had said in May that it had started preliminary discussions with several parties regarding a potential deal. The stock had edged up 1.3% year to date through Friday, but had fallen 36% over the past 12 months. In comparison, the SPDR S&P Retail ETF had slipped 8.5% over the past year while the S&P 500 had rallied 13.9%.

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TPG RE Finance Trust disclosed Monday that it set terms for its proposed initial public offering, in which it plans to sell 11 million shares at a price between $20 to $21 a share to raise up to $231 million. If the underwriters exercise all the options to buy 1.65 million additional common shares TPG grants them to cover overallotments, the commercial real estate finance company could raise up to $265.65 million. The stock has been approved to be listed on the NYSE under the ticker symbol “TRTX.” BofA Merrill Lynch, Citigroup, Goldman Sachs and Wells Fargo Securities are the lead underwriters. TPG’s IPO will come at a time when the SPDR Real Estate Select Sector has gained 3.1% year to date through Friday, while the S&P 500 has advanced 8.3%.

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