Category: Stock Market News

Reebok said Thursday that it will begin selling a men’s romper, the ReeRomp by Reebok, for a limited time, starting today. Reebok is part of the Adidas AG portfolio of brands. The one-piece men’s outfit comes with short sleeves and hood, according to sketches on the brand’s website, and is priced at $89. The announcement comes days after a Kickstarter project by a company called Aced Design for a man’s romper called the RompHim began to make headlines. Reebok has released a number of items recently seemingly based on headline-making fashion news. For example, at the end of April it promoted a sweat-stained t-shirt for $425 after a pair of pricey jeans covered in fake mud sold at Nordstrom Inc. caused online buzz. Adidas shares are up 0.8% in Thursday trading, and up 58.5% for the past year. The S&P 500 index is up 15.5% for the last 12 months.

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WASHINGTON (MarketWatch) – The leading economic index rose 0.3% in ​April and pointed to faster growth in the spring after a weak first-quarter reading on gross domestic product, according to a survey produced by the Conference Board. The increase in April follows a 0.5% gain in March. “The recent trend in the U.S. LEI, led by the positive outlook of consumers and financial markets, continues to point to a growing economy, perhaps even a cyclical pickup,” said Ataman Ozyildirim, director of business cycles research at the board. “First quarter’s weak GDP growth is likely a temporary hiccup as the economy returns to its long-term trend of about 2%.” A measure of​ current conditions rose 0.3%, as did a”​lagging” index. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

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Deutsche Bank expects former board members and executives to voluntarily pay for their role in past misconduct that has tarnished the reputation of Germany’s biggest lender, Chairman Paul Achleitner told shareholders at the firm’s general meeting on Thursday, Reuters reported. Achleitner said the supervisory board and two committees were discussing, and had sought legal advice, about the need for personal and collective responsibility. He expects an arrangement that “ensures that the individuals involved make a substantial financial contribution,” to emerge in coming months, but said no final decision had yet been reached. Achleitner did not name specific individuals. But Reuters, citing insider Deutsche Bank sources, said the supervisory board is in talks with around 10 people including former co-chief executives Anshu Jain and Juergen Fitschen, as well as other former board members including Stephan Leithner, Rainer Neske, Henry Ritchotte, Stefan Krause and current board member Stuart Lewis. Analysts say Deutsche Bank has been slow to restructure and improve compliance in the wake of the 2008 financial market collapse. It has racked up a litigation bill worth about $16.7 billion since 2009.

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U.S. stocks opened lower on Thursday, extending the previous session’s hefty losses as fresh political turmoil stoked fears that President Donald Trump’s economic agenda was in jeopardy. The S&P 500 opened 3 points, or 0.1%, lower at 2,353. The Nasdaq Composite was down 12 points, or 0.2%, to 5,999 at the open. The Dow Jones Industrial Average began the session down 38 points, or 0.2%, at 20,568. Among the worst performers on Wall Street, Cisco Systems dropped nearly 9% in early trade after the company forecast a drop in quarterly revenue.

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Biogen Inc. said early Thursday that it has acquired a stroke medication from privately-held Remedy Pharmaceuticals for $120 million. The deal may also include additional milestone payments and royalties, the companies said. The drug, Cirara, is intended for a rare but severe type of stroke called large hemispheric infarction. The Food and Drug Administration recently gave Cirara orphan drug designation for severe cerebral edema in patients with acute strokes, which provides incentives for drugmakers to develop drugs for rare diseases. The regulator has previously given the drug a fast track designation, intended to speed up the development and review of certain drugs. Biogen shares declined a scant 0.14% in premarket trade on Thursday. Shares have declined 13.0% over the last three months, compared with a 0.3% rise in the S&P 500 .

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Shares of Children’s Place Inc. soared 11% toward record territory in premarket trade Thursday, after the children’s apparel retailer reported better-than-expected fiscal first-quarter results. The stock traded at $124 ahead of the open, above the May 10 record close of $122.55, but still below Monday’s all-time intraday high of $125.30. The company said earlier that net earnings per share rose 48% from a year to $1.97, while the adjusted EPS of $1.95 was well above the FactSet consensus of $1.64. Revenue rose 4.1% to $436.7 million, above the FactSet consensus of $422.5 million, and same-store sales growth of 6.1% beat expectations of a 2.2% increase. The company said it now expects fiscal 2017 EPS of $7.10 to $7.20, which includes a 89-cent benefit from new accounting rules, compared with a previous outlook of $6.50 to $6.65, which includes a 45-cent accounting benefit. The stock has run up 10.6% year to date through Wednesday, while the SPDR S&P Retail has lost 7.2% and the S&P 500 has gained 5.3%.

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Amazon.com Inc. said Thursday that it has launched Amazon Charts, a weekly bestseller tracker for what’s being read and sold most across various formats. The Top 20 Most Read list will track the books being read and listened to most through Kindle and Audible. Top 20 Most sold will rank copies of books sold and pre-ordered through the Amazon website, bookstores, Audible, and the books borrowed through subscription programs like Prime Reading. Amazon shares are down 0.2% in premarket trading, but up 26% for the year to date. The S&P 500 index us up 5.3% for 2017 so far.

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B. Riley Financial Inc. announced Thursday an agreement to buy Memphis-based investment firm Wunderlich Securities in a deal valued at $67 million. Under terms of the deal, B. Riley’s bid includes $36 million in cash, 1.9 million of its common stock and warrants to buy 820,000 common shares. B. Riley expects the deal to close in June 2017, and to add to 2017 earnings per share. “We believe now is an opportune time to build a fully-integrated brokerage firm to more fully capitalize on the current market conditions as well as be ideally positioned with greater capabilities, resources and distribution as opportunities arise,” said B. Riley Chief Executive Bryant Riley. “On top of this, we see the cycle of active versus passive investing swinging back towards active management and believe the opportunity is now to begin investing for it.” B. Riley’s stock, which was still inactive in premarket trade, has tumbled 26% year to date, while the S&P 500 has gained 5.3%.

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Shares of Ann Taylor parent Ascena Retail Group Inc. plunged 41% in premarket trade Thursday toward an 18-year low, after the apparel and accessories retailer’s profit and sales warning. The stock was on track to suffer the biggest one-day selloff since it began trading in May 1983, and to open at the lowest level seen since May 24, 1999. The company said late Wednesday that amid an “unprecedented secular change” in the specialty retail sector, it no longer expects a stabilization of traffic. Ascena said it now expects fiscal third-quarter adjusted earnings per share of 4 cents to 6 cents, below the EPS guidance provided two months ago of 7 cents to 12 cents. Same-store sales are now expected to drop 8%, while the FactSet consensus at the end of April was for a 4.8% decline. Ascena said it would expand cost-cutting measures to deliver $250 million to $300 million in cost savings, compared with a previous target of $150 million. The company said it now expects to record a “material non-cash impairment charge” of its goodwill and intangible assets in the third quarter. The stock had already lost more than half its value through Wednesday, while the SPDR S&P Retail ETF has shed 7.2% and the S&P 500 has gained 5.3%.

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Ralph Lauren Corp. shares rose 2.5% in Thursday premarket trading after it reported adjusted fourth-quarter earnings that beat expectations. The company had a net loss of $204.0 million, or $2.48 per share, after income of $41.3 million, or 49 cents per share, for the same period last year. Adjusted EPS was 89 cents, ahead of the 78-cent FactSet consensus. Revenue was $1.57 billion, down from $1.87 billion last year, but ahead of the $1.56 billion FactSet consensus. Same-store sales fell 11% for the quarter. Ralph Lauren expects first-quarter of fiscal 2018 revenue to fall in the low double-digits. Ralph Lauren shares are down 19.5% for the year so far, while the S&P 500 index is up 5.3% for the period.

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