Category: Stock Market News

U.S. stock index futures were little changed on Friday, trading near breakeven levels after the April non-farm payroll report came in above expectations, likely confirming the Federal Reserve’s characterization of recent weakness in the economy as “transitory” in its Wednesday policy update. The U.S. central bank’s report and the strong jobs headline number are expected to keep expectations for two additional rate hikes in 2017 steady. Dow Jones Industrial Average futures fell 19 points, or 0.1%, to 20,851. S&P 500 futures rose less than 1 point to 2,386. Nasdaq-100 futures added 1.5 point to 5,627. The U.S. created 211,000 new jobs in April, while the unemployment rate went to 4.4% from 4.5%. Average wages were up 0.3%.

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.

…read more

From:: Stock Market News

WASHINGTON (MarketWatch) – The economy generated 211,000 new jobs in April, rebounding from a disappointing March and pointing to steady U.S. economic growth ahead. Economists polled by MarketWatch had predicted a 190,000 increase in nonfarm jobs. The unemployment rate dipped to 4.4% from 4.5%, a postrecession low last matched in May 2007, the government said Friday. Average wages climbed 0.3% to $26.19 an hour. Hourly pay increased 2.5% from April 2016 to April 2017, down from 2.6% in the prior month. Hours worked rose 0.1 hour to 34.4 hours a week. The government cut its estimate of new jobs created in March to 79,000 from 98,000. February’s gain was raised to 232,000 from 219,000.

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.

…read more

From:: Stock Market News

Goldman Sachs downgraded Yum China Holdings stock on Friday, and said it sees limited upside as the stock has gained 22% since the company reported earnings on April 6. The S&P 500 has gained just 2% in the same period, the bank wrote in a note. Analyst Michelle Cheng said she is still positive on margins, but the market is pricing in a roughly 2% rise in same-store sales growth in 2017, while Goldman is expecting growth of just 1%. “Our sensitivity analysis also suggests a 2 percentage point increase in 2018 same-store sales growth vs. Goldman Sachs estimate would result in an implied value that is only about 5% higher than the current share price,” Cheng wrote. “As such, we downgrade the stock to Neutral from Buy, with an unchanged target price, and await a better re-entry point.” Yum China shares have gained 32% in 2017, while the S&P 500 has gained 6.7%.

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.

…read more

From:: Stock Market News

Analysts at J.P. Morgan upgraded shares of Scripps Networks Interactive Inc.’s to overweight from neutral following the media networks first-quarter earnings report after the bell on Thursday. The stock was upgraded after a pullback in shares, strong commentary on advertising revenue thanks to higher demand and improving ratings at HGTV and the company’s recent deal with Hulu to be included in the streaming platform’s live TV service. Scripps Networks’ domestic ad revenue increased 5.1% during the first quarter. Additionally, J.P. Morgan analysts expect elevated distribution revenue growth to continue with most of Scripps Networks affiliate agreements renewed. In the first quarter, domestic affiliate revenue rose 4.5%. “Scripps Networks Interactive continues to outperform most of its peers in ratings and advertising growth driven by the ongoing attractiveness of its lifestyle programming, which continues to have above-average live viewership and engagement and therefore commands high [cost per impression],” lead analyst Alexia Quadrani wrote in a note to clients. Scripps Networks reported per-share earnings of 1.53, compared with 1.37 per share in the year earlier period and above FactSet’s consensus of 1.19. Revenue during the first quarter hit $855 million, up from $817 million a year ago, but shy of FactSet’s $857 estimate. Shares of Scripps Network have declined 1.6% in the year to date, but are up 11.3% in the last 12 months. By comparison, the S&P 500 index is up 6.7% in the year and 16.5% in the prior 12-month period.

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.

…read more

From:: Stock Market News

Anthem Inc. confirmed that it’s filing a petition with the U.S. Supreme Court to review a decision, called a writ of certiorari, regarding the acquisition of Cigna Corp. Anthem is asking that the Supreme Court take another look at a decision from the U.S. Court of Appeals for the D.C. Circuit’s majority that it says would limit access to high-quality affordable medical care for millions of Americans. The decision would also deny those Americans more than $2 billion in medical cost savings each year, according to Anthem. “Citing the circuit split over the consideration of efficiencies in merger analysis, Anthem urges that 1960s-era merger precedents relied upon by the courts below must be updated to reflect the modern understanding of economics and consumer benefit,” Anthem said in a statement. Anthem shares are unchanged in premarket trading, but up more than 15% for the year to date. Cigna shares are also unchanged in premarket, but up 17.5% for 2017 so far. The S&P 500 index is up 6.7% so far in 2017.

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.

…read more

From:: Stock Market News

Health insurance provider Cigna Corp. on Friday posted quarterly adjusted earnings and revenue that exceeded Wall Street’s forecasts. First-quarter net earnings were $598 million, or $2.30 a share, up from $519 million, or $2 a share, a year ago. Adjusted net earnings of $2.77 were ahead of a FactSet consensus of $2.45 a share. Revenue for the most recent period was $10.39 billion, an increase from $9.88 billion a year ago. Wall Street anticipated revenue of $10.12 billion. Cigna raised its 2017 forecast for adjusted income from operations, and now expects $9.25 to $9.75 a share. Analysts currently expect $9.52 a share.

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.

…read more

From:: Stock Market News

U.S. shares of Heineken NV finished higher Thursday after the Dutch brewer said it acquired the remaining shares of craft brewer Lagunitas Brewing Co. Heineken shares closed up 2.3% at $43.60. Heineken had acquired a 50% stake in Petaluma, Calif.-based Lagunitas in 2015. Lagunitas founder Tony Magee will serve as executive chairman of the craft brewer, which will remain as an independent unit within Heineken, the company said.

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.

…read more

From:: Stock Market News

Shares of Wingstop Inc. rose more than 12% late Thursday after the restaurant chain reported earnings and sales above expectations despite rising prices of chicken wings, its main fare. Wingstop said it earned $6.5 million, or 22 cents a share, in the first quarter, compared to $4.3 million, or 15 cents a share, a year ago. Revenue rose 20% to $26.6 million, from $22.1 million a year ago. Analysts polled by FactSet had expected the company to report earnings of 16 cents a share on sales of $24.2 million. Cost of sales increased to $6.6 million, from $6.1 million, mainly due to an 11% increase in commodity rates for bone-in chicken wings, as compared to the prior-year period, as well as an increase in wage rates and labor costs due to the investments in “roster sizes and staffing” the company made in the third and fourth quarters of 2016, Wingstop said in a statement. The shares ended the regular trading day down 0.6%.

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.

…read more

From:: Stock Market News

Callaway Golf Co. shares rallied in the extended session Thursday after the golf-equipment maker’s quarterly results and outlook topped Wall Street estimates. Callaway shares jumped 11% to $13.50 after hours. The company reported adjusted earnings of 30 cents a share on revenue of $308.9 million. Analysts surveyed by FactSet had estimated earnings of 22 cents a share on revenue of $283.7 million. For the second quarter, Callaway forecast adjusted earnings of 28 cents to 31 cents a share on revenue of $290 million to $300 million. Analysts had estimated 16 cents a share on revenue of $266.1 million.

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.

…read more

From:: Stock Market News

Zynga Inc. slightly beat earnings expectations with a Thursday report, and shares jumped about 7% in late trading. The social-gaming company reported a net loss of $9.5 million, or a penny a share, on revenue of $194.3 million, with sales gaining 4% from a year ago. Analysts on average expected a loss of 2 cents a share on sales of $192.6 million, according to FactSet. Zynga shares topped $3 in late trading, a level the stock has not crossed in regular trading since late 2016.

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.

…read more

From:: Stock Market News