Category: Stock Market News

Shares of Western Digital Corp. fell in Monday’s extended session even after the company raised its fourth-quarter earnings outlook. The disk-drive maker now expects fourth-quarter adjusted earnings per share of $2.85 compared with $2.55 to $2.65 previously. It also projected quarterly gross margin at 41% versus 40% in its April announcement. However, the company kept its revenue forecast unchanged at $4.8 billion and reaffirmed its 2017 adjusted EPS target at $12. Shares fell 3.5% after hours.

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A Senate bill drafted by Republicans to replace Obamacare would leave 22 million people without insurance by 2026 compared to current law, a study by a nonpartisan Congressional Budget Office says. The plan would also reduce the U.S. budget deficit by $321 billion over the next 10 years. Senate Republicans are several votes short to pass their bill. A similar proposal by the Republican-controlled House of Representatives would result in 23 million fewer Americans having health insurance 10 years from now compared to Obamacare. The House bill would lower the deficit by $119 billion, the CBO had estimated.

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Stocks posted a mixed finish Monday, with the S&P 500 and Dow industrials eking out minor gains while the Nasdaq lost ground as tech shares slumped. The S&P 500 ended with a gain of 0.77 point, or less than 0.1%, at 2,439.07, according to preliminary figures. The Dow ended a 4-day losing streak with a gain of 14.79 points, or 0.1%, to 21,409.55. The Nasdaq Composite , however, lost 18.10 points, or 0.3%, to close at 6,247.15.

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Bullish Nasdaq breadth data suggests the weakness see in the Nasdaq Composite and the tech-heavy Nasdaq 100 Monday is concentrated in the largest stocks. Most Nasdaq stocks are higher, with the number of advancing stocks outpacing decliners by a 1,560 to 1,166 margin. The volume of advancing stocks makes up 53.4% of total volume, and the number of stocks hitting new 52-week highs is dominating new lows by a 164-to-23 margin. Meanwhile, the Nasdaq Composite is down 0.3% and the Nasdaq 100 is shedding 0.4%, while the S&P 500 is gaining 0.1%. Among the largest-capitalization Nasdaq companies, shares of Apple Inc. fell 0.2%, Google parent Alphabet Inc. gave up 1.4%, Microsoft Corp. shed 0.9%, Amazon.com Inc. lost 1.0% and Facebook Inc. slid 1.0%.

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Gold prices settled lower Monday for the first time in four sessions, as gains in global stock markets helped to dull investment demand for the metal. August gold fell $10, or 0.8%, to settle at $1,246.40 an ounce. Prices had dropped to as low as $1,236.50 in electronic trading overnight in the U.S. in the wake of a large sell order that some analysts attributed to a “fat finger,” or possible input error, trade.

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A new version of the Senate health bill, the Better Care Reconciliation Act of 2017, has been released that now has penalties for the uninsured. Insurers can impose a six-month waiting period on those who cannot demonstrate 12 months of “continuous creditable coverage.” The bill could be voted on by the Senate as early as this week.

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A new version of the Senate health bill, the Better Care Reconciliation Act of 2017, has been released that now has penalties for the uninsured. Insurers can impose a six-month waiting period on those who cannot demonstrate 12 months of “continuous creditable coverage.” The bill could be voted on by the Senate as early as this week.

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Buffalo Wild Wings Inc. said Monday that it is rolling out its loyalty program, Blazin’ Rewards, nationwide. The restaurant chain launched an initial pilot in late 2015 and expanded it last summer. It has accumulated more than two million members across the U.S. Members earn points for eligible purchases of $10 or more, checking into restaurants, through email offers, and other methods. Buffalo Wild Wings recently announced that it’s piloting B-Dubs Express, a restaurant format focused on takeout and delivery. Buffalo Wild Wings shares are down 17.2% for the year to date while the S&P 500 index is up 9% for the period.

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Shares of Avis Budget Group Inc. ran up 8.6% in morning trade Monday, after the car rental company announced a deal with Alphabet Inc.’s Waymo to provide support and maintenance services for Waymo’s self-driving car program. As part of the deal, Avis will enhance some of its rental facilities to offer services and secure parking for Waymo’s autonomous vehicle fleet and for its early rider program. The services Avis will offer include cleaning, oil changes, tire rotations, checking and installation of automotive parts and other necessary support and maintenance. “Not only does this partnership enable us to leverage our current capabilities and assets, but it also allows us to accelerate our knowledge and hands-on experience in an emerging area as Waymo-enabled self-driving cars become available in the marketplace,” said Avis Chief Executive Larry De Shon. The deal also helped lift shares of rival rental car company Hertz Global Holdings Inc. up 7.3% in morning trade Monday. Despite Monday’s rally, Avis’s stock has still dropped tumbled 28% year to date, Hertz shares have plunged 52% and the S&P 500 has gained 9%.

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Shares of Pandora Media Inc. rallied 3% in morning trade Monday, putting them on track for a fifth-straight gain, after a report that Co-founder and Chief Executive Tim Westergren planned to step down. Since Westergren became CEO on March 28, 2016 through Friday, the stock had declined 11% while the S&P 500 has soared 20%. Separately, Pandora was upgraded to sector weight from underweight, as reduced expectations of a merger and the likelihood of increased focus on stabilizing cash flow reduces downside risk. The stock’s current win streak, which would be the longest since the six-day streak ending Sept. 23, 2016, started after it closed at a record low of $6.91 on June 19. A week before that low, the music streaming service said it secured a $480 million investment from Sirius HX Holdings Inc. , which suggested a buyout was less likely.

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