Category: Stock Market News

A Senate probe has subpoenaed former National Security Adviser Michael Flynn for documents related to his interactions with Russian officials, according to reports late Wednesday. The subpoena follows a written request to Flynn for documents in late April, which Flynn declined. Flynn was asked to resign his NSA post by President Donald Trump in February. Recently, the Pentagon has opened an investigation to see if Flynn violated the law by accepting cash payments from foreign governments.

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Sangamo Therapeutics Inc. shares surged after the gene therapy company reported a narrower-than-expected loss for the quarter and a collaboration with pharmaceutical giant Pfizer Inc. . Sangamo shares jumped 42% to $6.15 after hours. The company reported a first-quarter loss of 23 cents a share on revenue of $3.4 million. Analysts surveyed by FactSet had estimated a loss of 28 cents a share on revenue of $4 million. Separately, Sangamo said it will receive a $70 million upfront payment from Pfizer for a development and manufacturing collaboration for a hemophilia A treatment. Sangamo said it was eligible for up to $450 million in milestone payments under the deal.

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Target Corp. confirmed with MarketWatch on Wednesday that it is raising the free shipping minimum order threshold to $35 from $25. Orders placed using the Target credit or debit card will continue to ship for free. The card also provides a 5% discount both in-store and online. “A majority of orders will continue to ship for free,” said a Target spokesperson. The threshold was lowered to $25 from $50 in February 2015. It was reported on Tuesday that Amazon.com Inc. lowered its free shipping minimum to $25 from $35 for non-Prime members, after it was lowered to $35 from $49 in February. In January, Wal-Mart Stores Inc. ended the ShippingPass program, which offered free shipping for a year for $49 and began offering free two-day shipping for minimum purchases of $35. Items shipped to the store have no minimum threshold. Target shares closed Wednesday up 0.6%, and are down 27% for the past year. The S&P 500 index is up more than 15% for the last 12 months.

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E.l.f. Beauty Inc. shares slid 5.4% in late-Wednesday trading after the company reported first-quarter earnings. Net income was $2.16 million, or 4 cents per share, compared with $3.80 million, or a loss of $68.57 last year. Adjusted EPS was 9 cents per share, beating the FactSet consensus of 5 cents per share. Revenue was $60.6 million, up from $52.7 million and ahead of the $59.9 million FactSet consensus. E.l.f. forecasts for full-year 2017 sales of $285.0 million to $295.0 million, full-year adjusted EPS of 40 cents to 43 cents. The FactSet consensus is for sales of $291.3 million, and EPS of 42 cents. E.l.f. shares are up 9.2% for the past three months outpacing the S&P 500 index gains of 3.6%.

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U.S. Steel Corp. said Wednesday that Chief Executive Mario Longhi had stepped down as CEO this week after less than four years in the role. The company said he will remain on the board until he retires, effective June 30. Longhi joined the company in 2012 as chief operating officer, and was named CEO in September 2013. The company said current Chief Operating Officer David Burritt will assume the CEO role. “Mario played a key role in driving the company’s transformation, including the successful implementation of The Carnegie Way,” said Chairman David Sutherland. The stock, which edged up 0.3% in after-hours trade, has plunged 36% year to date through Wednesday, while the S&P 500 has gained 7.2%.

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The Dow Jones Industrial Average was trading in negative territory late Wednesday afternoon, weighed down by a late-afternoon slump in shares of Boeing Co., Walt Disney Co., and 3M Co. The trio of Dow components combined were cutting about 45 points from the blue-chip gauge, which was off 50 points, or 0.2% at 20,924. Meanwhile, the S&P 500 index traded near break-even levels, while the Nasdaq Composite was flirting with another record close, up 0.1% at 6,126. The downdraft for the Dow, which has been under pressure all day, accelerated on reports that Boeing halted flights for its fleet of 737 planes due to problems with its turbine engines. MarketWatch has not interdependently confirmed those reports. Meanwhile, Disney’s shares were down after the company disappointed analysts’ expectations late-Tuesday on revenues. Shares of 3M Co. were off 0.6%–the third worst performer on a point basis in the Dow.

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Hulu announced on Wednesday it has tapped former AMC Networks Inc. executive Joel Stillerman as the streaming platforms newly created chief content officer. Stillerman, who was president of original programming and development at AMC, will be in charge of overseeing the growth of Hulu’s content partnerships, acquisitions and expansion of its originals slate. Hulu, which is expected to soon launch a live streaming TV option, is a jointly owned by Walt Disney Co. , 21st Century Fox Inc. , Comcast Corp. and Time Warner Inc. . “Over the past several years we’ve grown our audience and our content offering exponentially, and now is the right time to add Joel’s creative and strategic leadership to the team and drive the next phase of Hulu’s content business,” said Hulu Chief Executive Mike Hopkins in a statement. Competition for exclusive content in Hollywood has continued to increase as streaming platforms like Hulu and rivals Netflix Inc. and Amazon.com Inc. have invested more in content production, distribution and acquisition. Hulu, which is currently streaming an adaptation of Margaret Atwood’s “The Handmaid’s Tale,” made a splash last year with its first Golden Globe nomination for its comedy “Casual.”

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Shares of Boeing Co. turned lower in late trading Wednesday after reports the aircraft maker was halting 737 MAX flights due to engine issues. The halt followed the discovery of cracks in a section of the plane’s low-pressure turbine, Aviation Week said in a tweet. Boeing has said it still expects a 737 MAX delivery in May, The Wall Street Journal reported. Boeing completed the first successful first flight of the 737 MAX 9 jetliner, with its distinctive winglet tips, on April 13. The company said then the program was on track, with delivery of the first planes scheduled for next year. Shares of General Electric Co. also dropped on the news, but later recouped some of the losses. GE’s division GE Aviation is part of a joint venture that makes the jetliner’s engine. The S&P 500 Index rose slightly on Wednesday.

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New York Gov. Andrew Cuomo said Wednesday the state is accepting applications from companies who want to test self-driving vehicles on public roads. Cuomo said legislation included in the budget for fiscal 2018 will allow for testing of autonomous cars through a one-year pilot program. Vehicles listed on the application must have a $5 million insurance policy and a driver with a valid driving license must be in the driver’s seat during testing. Companies will also be required to reimburse the New York State Police for direct supervision of each test. The police website shows a cost of $55.86 an hour for commercial vehicle escort.

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The Dow Jones Industrial Average was trading in negative territory late Wednesday afternoon, weighed down by a late-afternoon slump in shares of Boeing Co., Walt Disney Co., and 3M Co. The trio of Dow components combined were cutting about 45 points from the blue-chip gauge, which was off 50 points, or 0.2% at 20,924. Meanwhile, the S&P 500 index traded near break-even levels, while the Nasdaq Composite was flirting with another record close, up 0.1% at 6,126. The downdraft for the Dow, which has been under pressure all day, accelerated on reports that Boeing halted flights for its fleet of 737 planes due to structural problems. MarketWatch has not interdependently confirmed those reports. Meanwhile, Disney’s shares were down after the company disappointed analysts’ expectations late-Tuesday on revenues. Shares of 3M Co. were off 0.6%–the third worst performer on a point basis in the Dow.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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