Category: Stock Market News

Shares of Snap Inc. were down 1.3% Tuesday as Facebook Inc. introduced yet another Snapchat-like feature for Instagram. Instagram now has eight “face filters” in which users can overlay effects such as koala ears or a crown on photos or videos. The finished product can be sent through Instagram Direct messaging or into an Instagram Story. Facebook and Instagram have been adding more and more features that look similar to Snapchat, including its Instagram Stories, which have surpassed Snap’s 166 million daily active users. Responding to analyst concerns about the competition, Evan Spiegel, chief executive of Snap, said on its recent earnings call that he is not surprised that “others” have copied the platform, but he believes the company’s creativity sets it apart. Shares of Snap have fallen 9% month-to-date, while the S&P 500 has gained 1%.

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The stock market appears to be in rally mode, with both the S&P 500 and Nasdaq Composite rising into record territory, but breadth data suggests the market of stocks are actually declining. The number of decliners is outnumbering advancers by a 1,408-to-1,241 score on the NYSE, and by a 1,207-to-1,074 margin on the Nasdaq exchange. Volume data is more positive, however, with volume in advancing shares representing 51.5% of the total on the NYSE and 55.3% of the total on the Nasdaq. This suggests the indexes are being propped up by fewer, but more popular, larger-capitalization stocks, as the Russell 2000 small-cap tracker is slipping 0.1%. The S&P 500 is up 0.1%, the Nasdaq Comp is 0.2% better and the Dow Jones Industrial Average is gaining 30 points.

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Apple Inc. stock price target was raised at Canaccord Genuity, citing increased estimates for iPhone sales. Analyst T. Michael Walkley lifted his target to $180, which is 16% above current levels, from $165. He increased his fiscal 2018 iPhone unit sales estimates to 248 million from 242 million. We anticipate a stronger upgrade cycle in C2018 with the 10-year anniversary iPhone 8, as our surveys indicate strong consumer interest in and anticipation for new iPhones anticipated to launch in September,” Walkley wrote in a note to clients. Walkley’s target is now tied for the third-highest price target among the 44 analysts surveyed by FactSet, behind Drexel Hamilton’s $202 target and BTIG’s $184 target, while Guggenheim Securities is also at $180, according to FactSet. Apple’s stock slipped 0.1% in morning trade, but was just 0.4% below Friday’s record close of $156.10. It has soared 34% year to date, while the Dow Jones Industrial Average has gained 6.3%.

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Shares of Nature’s Sunshine Products jumped 19% in early trade Tuesday, after the company said it has received a direct selling licence in China, the world’s second-biggest direct selling market. The company, which sells nutritional and personal care products, said the licence will allow it to expand from its Shanghai headquarters. The company first applied for the licence in 2014 after forming a joint venture with Shanghai Fosun Pharmaceutical (Group) Co. Ltd., a local health care company. Nature’s Sunshine said it will begin direct selling in the near term. China direct selling retail sales rose 19% in 2015 to $35.5 billion, accounting for 19.3% of global sales, according to data from the Federation of Direct Selling Associations, cited by Nature’s Sunshine. Shares are down 30% in 2017, while the S&P 500 has gained 7%.

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The U.S. stock market opened higher on Tuesday with the major indexes setting fresh intraday records shortly after the opening bell. Investors appeared to shrug off weaker-than-expected housing data. The S&P 500 opened 2 points, or 0.1%, higher at 2,404. The Nasdaq Composite was up 8 points, or 0.1%, to 6,157 at the open. Shares of Advanced Micro Deviced, Inc rallied nearly 4% at the open. The Dow Jones Industrial Average began the session up 25 points, or 0.1%, at 21,007.

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TJX. Cos. shares fell 5.3% in Tuesday premarket trading after the off-price retail company reported a first-quarter sales miss, and gave second-quarter guidance below expectations. Net income was $536.3 million, or 82 cents per share, up from $508.3 million, or 76 cents per share last year. Sales were $7.78 billion, up from $7.54 billion. The FactSet consensus was for EPS of 79 cents and sales of $7.88 billion. Same-store sales increased 1%, below the FactSet consensus for a 1.6% increase. Marmaxx and TJX International reported flat same-store sales and same-store sales were up 3% for HomeGoods and TJX Canada. TJX expects second-quarter EPS in the range of 81 cents to 83 cents, below the 92-cent FactSet consensus. Full-year EPS is expected to be in the range of $3.82 to $3.89, and adjusted EPS in the range of $3.71 to $3.78. The FactSet consensus is $3.90. TJX shares are up 2.4% for the year so far while the S&P 500 index is up 7.3% for the period.

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Tax preparation services company H&R Block Inc. said Tuesday that Chief Executive Bill Cobb is retiring effectively July 31. The company named Tom Gerke, currently its general counsel and chief administrative officer, as interim CEO and said it is starting a search for a new CEO. The company will consider internal and external candidates, it said in a statement. Shares fell 3% premarket, but are up 16.5% in 2017, while the S&P 500 has gained 7.3%.

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Private equity firm GTCR on Tuesday said it’s made a strategic investment in Vivid Seats LLC, which sells tickets for live sports, concerts and theater events a la Ticketmaster, owned by Live Nation Entertainment and eBay Inc.-owned StubHub. The amount of the investment was not disclosed, but as part of the transaction, GTCR will work closely with Vivid Seats co-founders Jerry Bednyak and Eric Vassilatos as the company grows, focusing on developing the company’s technology and service. Vivid Seats, headquartered in Chicago, touts itself as the largest independent marketplace for live events tickets, with millions of transactions per year. “Through their leading technology and customer service platform, Vivid Seats delivers a differentiated marketplace experience for ticket buyers and sellers,” said GTCR Managing Director Lawrence Fey in a statement. Vista Equity Partners has also invested in Vivid Seats.

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Tax preparation services company H&R Block Inc. said Tuesday that Chief Executive Bill Cobb is retiring effectively July 31. The company named Tom Gerka, currently its general counsel and chief administrative officer, as interim CEO and said it is starting a search for a new CEO. The company will consider internal and external candidates, it said in a statement. Shares fell 3% premarket, but are up 16.5% in 2017, while the S&P 500 has gained 7.3%.

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Dick’s Sporting Goods Inc. shares sank 9.6% in Tuesday premarket trading after the retailer reported first-quarter same-store sales that were below consensus. Net income was $58.2 million, or 52 cents per share, up from $56.9 million, or 50 cents per share, for the same period last year. Adjusted EPS was 54 cents, meeting the FactSet consensus. Sales were $1.83 billion, up from $1.66 billion in the prior period and in line with the FactSet consensus. E-commerce sales increased 11%, accounting for 9.3% of total sales, compared with 9.2% for the same period last year. Same-store sales rose 2.4%, below the 3.5% FactSet consensus. Dick’s expects second-quarter EPS in the range of 98 cents to $1.03, and adjusted EPS in the range of $1.02 to $1.07, compared to a 99-cent FactSet consensus. Same-store sales are expected to increase 2% to 3% while FactSet expects a 3% increase. Dick’s expects full-year EPS in the range of $3.59 to $3.69, and adjusted EPS in the range of $3.65 to $3.75. The FactSet consensus is $3.72. Same-store sales are expected to increase 1% to 3% against a FactSet consensus for a 2.7% increase. The company plans to open 43 Dick’s stores, eight Golf Galaxy stores, and eight Field & Stream stores. Dick’s shares are down 10.4% for the year so far while the S&P 500 index increased 7.3% for the period.

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