Category: Stock Market News

The American Petroleum Institute reported Tuesday a fall of 4.6 million barrels in U.S. crude supplies for the week ended June 2, according to sources. The API data, however, also showed a climb of 4.1 million barrels in gasoline supplies, while inventories of distillates were up 1.8 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast a decline of 3.5 million barrels in crude inventories. July crude was at $47.97 a barrel in electronic trading, down from the contract’s settlement of $48.19 on the New York Mercantile Exchange.

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Ambarella Inc. shares slipped more than 6% Tuesday afternoon following an earnings report that beat expectations but projected the current quarter’s results lower than analysts expected. The company, which makes components for cameras and is a major supplier for GoPro Inc. , reported net income of $2.6 million, or 7 cents a share, on revenue of $64.1 million for its fiscal first quarter. After subtracting stock-based compensation and adjusting for other factors, Ambarella claimed profit of 39 cents a share. Analysts on average expected Ambarella to report adjusted earnings of 36 cents a share on sales of $63.5 million, according to FactSet. Ambarella’s forecast for the current quarter calls for revenue of $69 million to $72 million and a sequential decline in gross margin, to a range of 62% to 63.5%, after an adjusted margin of 64.3% in the first quarter. Analysts on average expected revenue of $72.3 million, FactSet reported. Shares declined nearly 6% in immediate late trading following the report’s release, dropped lower than $56.50 after closing with a 1.3% gain at $59.72.

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Dave & Buster’s Entertainment Inc. shares declined in the extended session Tuesday even after the entertainment and dining chain topped Wall Street estimates and slightly raised its outlook. Dave & Buster’s shares fell 3.4% to $67.84 after hours. The company reported adjusted fiscal first-quarter earnings of 87 cents a share on revenue of $301.1 million. Analysts surveyed by FactSet had estimated earnings of 81 cents a share on revenue of $300 million. For the year, Dave & Buster’s sees revenue of $1.16 billion to $1.17 billion, while analysts expect revenue of $1.16 billion.

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Former FBI Director James Comey will stop short of saying President Trump interfered with the agency’s probe into Michael Flynn, ABC News reported, citing a source familiar with Comey’s thinking. He will dispute Trump’s contention that Comey told him three times that the president as not under investigation, the report said.

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Netflix Inc. could reach 128 million paid subscribers by 2022, according to a report from Digital TV Research that was published by Research and Markets. That would be a 44% increase from the 89 million paid subscribers Netflix reported at the end of 2016. The report expects international subscribers to surpass U.S. subscribers by early next year. At the end of 2016 Netflix had 48 million U.S. subscribers and 41 million subscribers overseas. While North America and Western Europe currently account for about 81% of Netflix’s subscriber base, that could shrink to 72% by 2022, according to the report. They forecast the Asia Pacific region will carry more than 10 million subscribers by 2022, which would nearly triple the regions total from 2016. According to the report, subscription revenues are expected to climb to $14.9 billion in 2022 from the $8.8 billion Netflix reported for 2016. Dublin-based Research and Markets is a market research store, offering industry analysis from more than 900,000 market research reports and 400,000 company reports. Netflix shares have increased more than 34% in the year to date, while the S&P 500 index has gained nearly 9% and the Dow Jones Industrial Average has gained more than 7%.

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Oil prices rebounded Tuesday after suffering declines in each of the past two sessions. Prices found support with analysts expecting U.S. government data due Wednesday to reveal a ninth-straight decline in domestic crude inventories. Analysts polled by S&P Global Platts expect the Energy Information Administration to report a fall of 3.5 million barrels in crude supplies. Phil Flynn at Price Futures Group said, however, that some traders are expecting an even bigger decline given high compliance with OPEC-led output cuts and strong refining runs and exports. That prompted a sharper turn higher for oil prices shortly before the settlement, he said. July WTI crude rose 79 cents, or 1.7%, to settle $48.19 a barrel on the New York Mercantile Exchange.

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Shares of Advanced Micro Devices Inc. jumped 8.1% in active afternoon trade Tuesday, adding to Monday’s 3.1% surge, amid reports of a lack of supply of its graphic processing unit products ahead of the release of new offerings expected by the end of the month. Trading volume spiked to 88.2 million shares, above the full-day average of 68.8 million shares, and enough to make the stock the most actively traded on major U.S. exchanges. Separately, Apple Inc. said at its Worldwide Developers Conference on Monday that AMD’s GPU technology will be used in its new iMac Pro. Meanwhile, for crytocurrency miners, RBC Capital analyst Mitch Steves said he favored Nvidia’s GPU product to AMD’s offering, because Nvidia’s offering is faster and more energy efficient. AMD’s stock has gained 7.2% year to date, while Nvidia shares have soared 39%, the PHLX Semiconductor Index has run up 23% and the S&P 500 has climbed 8.7%.

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Wendy’s Co.’s stock dropped 2.3% in afternoon trade Tuesday, after it was disclosed that billionaire activist investor Nelson Peltz reduced his stake in the fast-food chain. A filing with the Securities and Exchange Commission Tuesday showed that Peltz owned 54.8 million shares, or 22.3% of Wendy’s shares outstanding, down from a previous stake of 24.7%. The filing showed that funds controlled by Peltz sold 5.5 million shares in a privately negotiated transaction on Monday at a price of $15.97, which was 0.7% below Monday’s intraday low of $16.08. Wendy’s stock has now lost 4.9% since closing at a 10-year high of $16.57 on May 25. The stock has run up 16.6% year to date, while shares of rival McDonald’s Corp. have rallied 24.7% and the S&P 500 has gained 8.6%. (This clarifies and adds new information to a previous report about holdings of a fund, Trian Fund Management, that is managed by Peltz.)

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Gold prices climbed Tuesday to settle at their highest level since early November. Uncertainty surrounding a rift between Qatar and other Middle East nations, the upcoming U.K. election and European Central bank meeting lifted investment demand for the precious metal. August gold rose $14.80, or 1.2%, to settle at $1,297.50 an ounce. That was the highest finish since Nov. 4, according to FactSet data.

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Shares of Macy’s Inc. slid more than 7% Tuesday to lead S&P 500 decliners, after the company said gross margins will be weaker than they forecast in February. The company made the comment at an investor meeting, according to media reports. It immediately sparked a selloff among department store chains that quickly spread to other retailers. The sector is in a midst of a period of slowing sales and customer traffic as many shoppers move online, mostly to Amazon.com Inc. . Kohl’s Corp. fell 6.9%, Nordstrom Inc. was down 4.5% and Dollar General Corp. tumbled 3.8%. Dollar Tree Inc. fell 3.6% and L Brands Inc. was down 3.4%. The S&P 500 was down 0.2%.

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