Category: Stock Market News

The U.S. Energy Information Administration lowered its crude-oil price forecast and raised its U.S. production outlook for 2018, according to a monthly report issued Tuesday. The government agency said it expects West Texas Intermediate prices to average $53.61 a barrel next year, down 2.7% from its previous forecast. For 2017, it raised its WTI forecast by 0.2% to $50.78. The EIA also said it expects Brent crude to average $55.61 a barrel in 2018, down 2.6% from the previous forecast. U.S. crude production, meanwhile, is forecast at 10.01 million barrels a day for 2018, up 0.4% from the previous outlook. July WTI oil traded at $47.82 a barrel, up 42 cents, or 0.9%, on the New York Mercantile Exchange. August Brent crude on ICE Futures added 25 cents, or 0.5%, to $49.72 a barrel.

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Shares of Paccar Inc. surged 4.4% in midday trade Tuesday, after UBS turned bullish on the truck and truck parts maker for the first time in nearly two years, on the belief that truck production will pick up over the next year, that the used truck market is stabilizing and freight activity is improving. Analyst Steven Fisher raised his rating to buy after being at neutral since October 2015, and raised his stock price target to $75, which is 16% above current levels, from $66. “We think the health of the used market is often a leading indicator for new production,” Fisher wrote in a note to clients, and with volumes improving, “we think pricing is also stabilizing. Fisher said not only have Class 8 heavy truck orders been “very strong” so far in 2017, he doesn’t believe large on-highway fleets have started spending broadly yet, leaving room for the market to run higher. The stock has gained 1.8% year to date, while the Dow Jones Transportation Average has advanced 2.9% and the S&P 500 has climbed 8.7%.

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Oil production from the Organization of the Petroleum Exporting Countries marked their first monthly increase since October, according to a S&P Global Platts survey released Tuesday. OPEC output rose by 270,000 barrels a day in May from a month earlier to 32.12 million barrels a day. The rise was “driven by sharp output recoveries in Libya and Nigeria, both of which are exempt” from the cartel’s output-cut agreement, according to S&P Global Platts. July West Texas Intermediate crude was trading at $47.21 a barrel, down 19 cents, or 0.4%, on the New York Mercantile Exchange.

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Police in Paris are warning the public to stay away from Notre-Dame cathedral Tuesday afternoon local time, after reports of gunshots and panic, according to the BBC. A man tried to hit a police officer with a hammer, and the officer responded, according to posts by journalists on Twitter.

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Shares of Fastenal Co. slumped 4.8% Tuesday to lead S&P 500 decliners, after the maker of fasteners, tools and supplies for manufacturers reported May daily sales that were slightly below some estimates. The company said daily sales rose 9.7% and were up 9.5% in the U.S. Macquarie analyst Hamzah Mazari said he was expecting a growth rate of about 10%, and said it was net neutral for the stock with historical sequential trends slightly weaker. “Recall, over the last five years, May sales usually are up sequentially ~2%, but note April was unusually strong (~8.9%) on a tougher comp,” he wrote in a note. Macquarie rates Fastenal neutral with a $50 12-month stock price target, which is 17.5% above its current trading level. Fastenal shares have fallen 9.3% in 2017, while the S&P 500 has gained 9%.

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J.C. Penney Co. Inc. announced Tuesday that it is opening dorm shops in 500 of its store locations this week, carrying items like bedding, mini refrigerators, and other items for college dorm room living. Later this month, Packard Bell laptops will be available. The shops will be 400 square feet in size. Items will also be available online, available to ship to a J.C. Penney closest to a particular college campus. J.C. Penney shares are down 2.3% in Tuesday trading, and down 42.2% for the year so far. The S&P 500 index is up 8.7% for 2017 so far.

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Snap Inc. has acquired Placed, a startup that measures the impact of ads by using location-based analytics, the ad startup said this week. The acquisition comes as Snap works to ramp up its advertising business under the theory that its small user base will be more engaged and thus bring in greater revenue. Placed will continue to work independently after the acquisition. Some news outlets have pegged the acquisition price at $125 million, while others have put the price at more than $200 million. Snap did not immediately respond to a request for comment. Shares of Snap have lost 12.5% in the past month, while the S&P 500 has gained 1.4%.

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Valeant Pharmaceuticals International Inc. shares surged 4% in morning trade Tuesday after a Bloomberg News report that the company is in talks to sell the surgical products business of its Bausch & Lomb subsidiary to the medical technology company Carl Zeiss Meditec AG . The business may be worth about $2 billion, and other bidders could still be interested, according to Bloomberg. The Germany-based Carl Zeiss has an ophthalmology segment that offers equipment and systems to treat eye problems. After facing drug pricing and accounting scandals in 2015, Valeant is now struggling with nearly $30 billion in debt, which it is attempting to reduce. The company tried to sell its Salix Pharmaceuticals business to Takeda last year for $10 billion, but the deal ultimately wasn’t successful. Valeant shares have risen 3.3% over the last three months, compared with a 2.4% rise in the S&P 500 .

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U.S. stocks traded modestly lower on Tuesday, as investors found few reasons to keep pushing shares higher with major indexes near records and as multiple geopolitical concerns weighed on sentiment. The Dow Jones Industrial Average fell 54 points, or 0.3%, to 21,130. The S&P 500 lost 6 points to 2,430, a decline of 0.2%. The Nasdaq Composite Index lost 14 points, or 0.2%, to 6,282. Trading could be tepid until Thursday, when former Federal Bureau of Investigation boss James Comey will testify to a Senate panel about Russian efforts to interfere in last year’s presidential race. An upcoming announcement by the European Central Bank and an election in the United Kingdom could also drive trading in coming days. Among the day’s biggest movers, Michaels Cos. fell 3.3% after it reported earnings that missed expectations and lowered its outlook.

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Revlon Inc. said Tuesday that its chief operating officer, Chris Peterson, has been appointed chief financial officer, succeeding Juan Figuereo, who is retiring from the company. Figuereo joined in April 2016 and played a role in the Elizabeth Arden acquisition. With the deal complete, Peterson will assume the CFO role effective immediately, Revlon said. Peterson was previously president of global brands and CFO at Ralph Lauren Corp. . He was named COO of Revlon in April 2017. Revlon shares are unchanged in premarket trading, and down nearly 42% for the past year. The S&P 500 index is up 15.5% for the last 12 months.

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