Category: Stock Market News

The euro briefly hit intraday high against the U.S. dollar Friday after the release of the U.S. jobs report for June. The shared currency climbed to $1.1441 after the Labor Department’s report that 222,000 new jobs were created in June, outstripping expectations of 180,00 in a MarketWatch survey of economists. The unemployment rate rose to 4.4% from 4.3% as more people searched for work. The euro traded around $1.1411 just before the report, and eventually returned to $1.1421, not far from late Thursday’s level. The U.S. Dollar Index was up 0.1% at 95.86.

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WASHINGTON (MarketWatch) – The U.S. created 222,000 new jobs in June and hiring was stronger in the spring than previously reported, reflecting a labor market with plenty of vigor left in it. Economists polled by MarketWatch had predicted a 180,000 increase in nonfarm jobs. The unemployment rate rose to 4.4% from 4.3% as more people entered the labor force in search of work. Average wages rose 0.2% to $26.25 an hour, the government said Friday. Hourly pay increased 2.5% from June 2016 to June 2017, up a tick from the prior month. The average workweek rose 0.1 hour to 34.5 hours. The government raised its estimate of new jobs created in May to 152,000 from 138,000. April’s gain was increased to 207,000 from 174,000.

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Shares of Cherokee Inc. plummeted 25% toward a 20-year low in premarket trade Friday, after the marketing and fashion brands company reported a surprise fiscal first-quarter loss. Separately, the company said it had failed to comply with certain covenants in the Cerberus credit facility, but Cerberus agreed to not exercise its rights or remedies under the facilities agreements through July 7. Cherokee said it was in “advanced discussions” with Cerberus to amend the facility, but if an amendment agreement can’t be reached, Cerberus will have the right to accelerate the debt. The company, which brands include Tony Hawk, Hi-Tec and Sideout, reported late Thursday a net loss of $3.3 million, or 25 cents a share, compared with a profit of $2.6 million, or 29 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share was 7 cents, missing the FactSet consensus for a per-share profit of 13 cents. Total revenue rose to $11.1 million from $10.7 million, while royalty revenue fell to $6.8 million from $10.7 million. The stock has tumbled 26% year to date through Thursday, while the S&P 500 has gained 7.6%.

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Eli Lilly & Co. said Friday the UK Supreme Court has ruled in its favor in a patent suit with Actavis, which now trades as Allergan Plc . The court found that Actativs’s products directly infringe Lilly’s vitamin regiment patents in the UK, France, Italy and Spain, Lilly said in a statement. The court also affirmed an indirect infringement finding by the UK Court of Appeal, with a final judgment to be handed down on July 12. The appeals court ruled in 2015 that the Alimta vitamin regiment patent would be directly infringed when the generic product is reconstituted or diluted in saline. “Following this decision, Actavis launched pemetrexed Armisarte, previously Pemetrexed Actavis, at risk,” said the statement. “Today’s announcement by the UK Supreme Court finds the Actavis product infringing, regardless of the diluent used in reconstitution or dilution.” Neither stock was active in premarket trade. Lilly shares have gained 11% in 2017 so far, while the S&P 500 has gained 7.6%.

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FTI Consulting Inc. disclosed Friday that it had laid off 4% of its workforce during the second quarter. With about 4,700 employees, that suggests a little under 200 employees may have been terminated. The business advisory company said the layoffs, and the vacating of certain leased space, follow an evaluation to better align costs and business investments with external market demand. FTI expects the cost of its streamlining measures to be about $18 million, which it will record in the second quarter of 2017. The stock, which was still inactive in premarket trade, has tumbled 25% year to date, while the S&P 500 has gained 7.6%.

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Shares of Digital Ally Inc. rocketed 62% toward a five-month high in premarket trade Friday, after the maker of video surveillance products announced a “significant” victory in its patent battle with Axon Enterprises Inc. , which was formerly Taser International. Digital Ally said the U.S. Patent Office denied Axon’s petition for inter parties review (IPR) of Digital’s patent, as the petition did not establish a “reasonable likelihood” that Axon would prevail. The patent in question covers the automatic activation and coordination of multiple recording devices when a law enforcement vehicle’s light bar is activated. “We look forward to restarting our patent infringement litigation in U.S. District Court against Axon, which had been stayed pending the Patent Office IPRs,” said Digital’s Chief Executive Stanton Ross. “We will now take the necessary actions to move to a trial where a jury can finally end Axon’s willful infringement and assess damages due to us.” Digital’s stock had tumbled 23% year to date through Thursday, while Axon shares had edged up 3.3% and the S&P 500 had gained 7.6%.

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Tesla Inc. announced late Thursday it would build the largest lithium-ion battery storage project in the world in Australia. In a statement, the company said it won a competitive bid this week to provide a 100-megawatt Powerpack system that will be paired with a wind farm near Jamestown, South Australia, “to help maintain the reliable operation of South Australia’s electrical infrastructure.” Tesla said the project should be completed by the end of 2017 and will power 30,000 homes. South Australia was hit by statewide blackouts last year after a storm damaged its power grid, and in March Tesla co-founder and CEO Elon Musk announced a plan to use renewable energy and storage to help solve Australia’s energy problems. “This will be the highest power battery system in the world by a factor of 3. Australia rocks!!” Musk said in a tweet Thursday.

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A Hawaii federal judge on Thursday night denied an emergency motion filed by the state hoping to rein in President Donald Trump’s travel ban. On June 26, the U.S. Supreme Court allowed parts of the travel ban to be enforced against citizens from six predominantly Muslim countries, only allowing those with “bona fide” relationships with family or businesses into the U.S. Hawaii’s attorney general challenged the wording of that ruling, seeking clarification of what constituted a “bona fide” relationship before the ban could take effect. But on Thursday U.S. District Judge Derrick Watson said that question was for the Supreme Court to decide, leaving the ban in place. “This court will not upset the Supreme Court’s careful balancing and ‘equitable judgment,'” Watson wrote in his ruling. “Clarification should be sought there, not here.”

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Mondelez International Inc. shares declined in the extended session Thursday after the snack food company said a cyberattack in late June will impact its revenue for the second quarter. Mondelez shares declined 1.4% to $42.48 after hours. “Our preliminary estimate of the revenue impact of this event is a negative 300 basis points on our second quarter growth rate,” Mondelez said in a statement. A basis point is equal to one-hundredth of a percentage point. “Given the timing of this significant global attack, despite our best efforts, we experienced disruption in our ability to ship and invoice during the last four days of our second quarter,” Mondelez said. Analysts surveyed by FactSet expect second-quarter revenue of $6.17 billion, a 2.1% decline from the year ago period. Mondelez said it still foresees full-year organic revenue growth of “at least” 1%.

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Campbell Soup Co. said late Thursday it plans to acquire Tualatin, Ore.-based organic soup company Pacific Foods for $700 million. Campbell Soup shares rose 0.5% to $51.92 after hours. Campbell Soup said the acquisition will be neutral to earnings in the first 12 months following the close.

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