Category: Stock Market News

Shares of Signet Jewelers Ltd. fell 3% late Monday as the company said in a filing its Chief Operations Officer Bryan Morgan has resigned due to violations of company policy “unrelated to financial matters.” Signet, which owns middle-market jewelry brands such Zale and Kay Jewelers, last month reported fiscal first-quarter results below expectations and unveiled plans to outsource its credit portfolio. Its debt rating last month waded further into junk territory for Fitch Ratings. Shares of Signet ended the regular trading session down 0.3%.

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Perrigo Co. Plc. said late Monday Chief Executive Officer John T. Hendrickson will retire and a search committee has been created to conduct a “thorough process” to identify Hendrickson’s replacement. Hendrickson will remain with the company until that person is identified, as well as up to 60 days following his or her start, the company said. Hendrickson will continue to stand for election to Perrigo’s board at the company’s annual meeting on July 20, and will step down from the board upon the appointment of a new CEO, Perrigo said. Hendrickson joined the company in 1989. Shares of Perrigo were flat in the late session after ending the regular trading day down 2.3%.

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Shares of Casey’s General Stores Inc. fell more than 5% late Monday after the convenience-store operator reported fiscal fourth-quarter earnings below Wall Street expectations and sales came in slightly below forecasts. Casey’s said it earned $30 million, or 76 cents a share, in the quarter, compared with $47 million, or $1.19 a share, in the same period a year ago. Revenue reached $1.85 billion in the quarter, from $1.58 billion a year ago. Analysts polled by FactSet had expected GAAP earnings of 82 cents a share on sales of $1.88 billion.

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Apple Inc. unveiled Monday its “HomePod” wireless speaker, which the company said “reinvents music in the home” by using Siri intelligence, spacial awareness to sense its location in a room and wireless access to Apple’s music library. “HomePod is designed for voice control with an array of six microphones, so users can interact with it from across the room, even while loud music is playing,” the company said in a statement. In comparison, Amazon.com Inc.’s voice-controlled speaker Amazon Echo has seven microphones “so it can hear you from across the room–even while music is playing.” Apple said the HomePod can be used as a “home assistant,” to send messages, get updates on news, sports and weather and control home devices. Apple said HomePod stands 7 inches tall and will available for $349 in December. Amazon Echo stands 9.3 inches tall and costs $179.99. Apple’s stock slumped 1.1% in afternoon trade, while Amazon’s stock gained 0.6%. Year to date, Apple shares have rallied 33%, Amazon’s stock has climbed 35% and the S&P 500 has gained 8.9%.

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San Francisco City Attorney Dennis Herrera on Monday issued subpoenas to ride-hailing companies Lyft and Uber, seeking four years of records on driving practices, disability access, and services in the city. The City Attorney also made a simultaneous request for public records from the California Public Utilities Commission for the information, according to a statement. “The City Attorney aims to ensure that the two companies’ estimated 45,000 vehicles in San Francisco comply with local and state laws, including ensuring equality of access, and do not jeopardize public safety or create a public nuisance,” the statement said. The request for records includes information that the office called “incentives” for drivers to come from as far away as Fresno, nearly 200 miles southeast of the Bay Area, and Los Angeles, to drive in San Francisco. “No one disputes the convenience of the ride-hailing industry, but that convenience evaporates when you’re stuck in traffic behind a double-parked Uber or Lyft, or when you can’t get a ride because the vehicle isn’t accessible to someone with a disability or because the algorithm disfavors the neighborhood where you live,” Herrera said in the statement.

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Apple Inc. announced peer-to-peer payments using Apple Pay Monday, putting it in competition with PayPal Inc.’s Venmo. Apple announced the update, along with its new iOS 11 operating system, at its developer conference. IOS users will be able to send payments through iMessage and also store the money received on Apple Pay Cash, a digital debit card. Shares of Apple were down 1% midday Monday.

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President Donald Trump won’t seek to block Senate testimony by former Federal Bureau of Investigation Director James Comey, White House spokeswoman Sarah Huckabee Sanders said Monday. Comey, whom Trump fired on May 9, is scheduled to testify at a hearing regarding Russian interference in the 2016 election on Thursday. Sanders said Trump would not invoke executive privilege to stop the testimony, “in order to facilitate a swift and thorough examination of the facts.”

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Exchange-traded funds that track the infrastructure industry saw little movement on Monday, after President Donald Trump gave a speech advocating for upgrades to be made, particularly within airports. The U.S. Global Jets ETF – which holds airport infrastructure companies as well as airlines – was up 0.1% on the day, trading unchanged with where it had been prior to Trump’s speech. The iShares Global Infrastructure ETF slid 0.2% while the ProShares DJ Brookfield Global Infrastructure ETF lost 0.1%. The Global X US Infrastructure Development ETF , which limits its holdings to companies with heavy U.S. exposure, was down 0.5%. All of them saw little move from Trump’s comments. The infrastructure sector has struggled for direction since last year’s U.S. election, underperforming the broader market as investors don’t expect any big infrastructure spending package will be passed soon.

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Shares of Navistar International Corp. ran up 9% in active midday trade Monday, after RW Baird turned bullish on the commercial and military truck and truck engine parts maker for the first time in at least 2 1/2 years. Analyst David Leiker raised his rating to outperform, after being at neutral since at least September 2014. “We believe Navistar is nearing the end of a half-decade transformation after a near-fatal decision to internally produce heavy-duty engines,” Leiker wrote in a note to clients. “We believe the transformed Navistar is on the verge of driving higher volume, profit margins and earnings that could take the stock above $50 over the next several years.” Leiker said the company’s efforts have helped stabilize market share and have improved profitability, just as he expects truck industry volumes to bottom this year. After the Environmental Protection Agency’s new emissions requirements in 2010, Navistar had pursued an “unsuccessful” engine strategy–exhaust gas recirculation–relative to the rest of the industry’s selective catalytic reduction aftertreatment approach, Leiker said. Starting in 2012, Navistar abandoned its EGR approach, and changed its chairman, chief executive, chief financial officer and chief operating officer. The stock has lost 10% year to date, while the Dow Jones Transportation Average has gained 3.2% and the S&P 500 has climbed 8.8%.

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Five people were killed Monday in a workplace shooting in an industrial area of Winter Park, Fla., close to Orlando, the Wall Street Journal reported, citing statements from the Orange County sheriff’s office. The gunman was a disgruntled former employee, who is not suspected of having any ties to terror groups, the paper said. Seven people survived the incident, which took place at a business that makes accessories for recreational vehicles. The shooting took place near the intersection of Forsyth and Hanging Moss roads and was “stabilized” by about 9 a.m. Eastern, the sheriff’s office said.

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