Category: Stock Market News

Shares of Capital One Financial Corp. slumped in Tuesday’s extended session after the lender posted weaker than expected quarterly earnings. Capital One reported its first-quarter profit fell to $810 million, or $1.54 a share, from $1.01 billion, or $1.84 a share, a year earlier. On adjusted basis, Capital One would have earned $1.75 a share. Revenue slid to $6.54 billion from $6.22 billion. Net interest income rose to $5.47 billion versus $5.06 billion while its provision for credit losses increased 14% to $2 billion. Analysts surveyed by FactSet had forecast earnings of $1.93 a share on revenue of $6.64 billion. Capital One is one of the largest credit-card lenders in the U.S. but offers other financial services. Shares fell 4.5% after hours.

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AT&T Inc. added twice as many wireless customers as expected in the first quarter, as rival Verizon Communications Inc. lost more customers than it gained for the first time, but the telecommunications giant’s revenues missed expectations in a Tuesday report as sales of wireless equipment hit an all-time low. AT&T reported net income of $3.5 billion, or 56 cents a share, on revenue of $39.4 billion. After adjusting for amortization and other factors, the company claimed adjusted earnings of 74 cents a share. Analysts expected on average for AT&T to report adjusted earnings of 74 cents a share on revenue of $40.5 billion, according to FactSet. AT&T said it added 2.7 million wireless customers in the quarter, well above analysts’ average estimate of 1.3 million wireless net adds, with AT&T crediting the performance largely to prepaid phone plans and connected devices. However, the company’s sales total dropped from $40.5 billion in the year-ago quarter because of its lowest wireless equipment sales on record, suggesting new customers were bringing their own phones or buying cheaper models. AT&T also updated its full-year guidance to remove its revenue forecast, explaining that it “is no longer providing consolidated revenue guidance primarily due to the unpredictability of wireless handset sales.” AT&T stock, which has declined 3.5% in the past three months as the S&P 500 index has gained 3.3%, bounced between small gains and losses in after-hours trading.

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A group led by former Florida Governor Jeb Bush and former New York Yankees captain Derek Jeter has won the auction for the Miami Marlins baseball team, Bloomberg News reported, citing a person with knowledge of the deal. The report didn’t have a deal price.

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Oil prices climbed Tuesday, rebounding from their settlement a day earlier at the lowest level of the month. Growing U.S. crude production, however, kept a cap on the price gains. June WTI crude added 33 cents, or 0.7%, to settle at $49.56 a barrel on the New York Mercantile Exchange. It lost 0.8% on Monday to settle at $49.23, the lowest since March 28, according to FactSet data.

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Gold futures fell Tuesday, with prices settling at their lowest level in more than two weeks as gains in U.S. and European equities dulled investment demand for the precious metal. June gold fell $10.30, or 0.8%, to settle at $1,267.20 an ounce. That was the lowest finish since April 10, according to FactSet data.

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Tesla Inc. shares vied for hitting fresh records on Tuesday. Shares traded as high as $313.17 earlier and were recently hovering around $312.20. Tesla hit a record close of $312.39 on April 10, when it also set an intraday record of $313.73. The company is scheduled to report first-quarter results next Wednesday.

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A two-day rally for the stock market has helped to propel U.S. equity benchmarks firmly above their 50-day moving average after closing below that level on April 12 for the first time since November. The S&P 500 index was more than 1.2% above its 50-day moving average of 2,360.20 in recent trade, while the Dow Jones Industrial Average was trading about 1.3% above its short-term average of 20,732.67, according to FactSet data. Both benchmarks edged above their short-term averages on Monday, Tuesday’s rally has intensified that move. The Dow has gained 460 points, and the S&P 500 has surged about 40 points since Friday’s close, as investors fear of global volatility eased following France’s first-round election won by Emmanuel Macron, who’s strong showing in a Sunday presidential vote helped to assuage fears that two anti-European Union candidates would make the final runoff. Early polls show Macron going into the second and final round of elections with a healthy lead over far-right candidate Marine Le Pen, who has threatened to pull France out of the EU. Better-than-expected earnings on Tuesday and President Donald Trump’s promise to deliver the outline of a corporate tax-cut plan on Wednesday also has helped to fuel the recent sharp climb in global equities. Technical analysts tend to use moving averages to help determine an assets short-term or long-term trend. Meanwhile, the Nasdaq Composite Index touched a psychologically significant level, surpassing 6,000 for the first time ever.

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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From:: Stock Market News

A two-day rally for the stock market has helped to propel U.S. equity benchmarks firmly above their 50-day moving average after closing below that level on April 12 for the first time since November. The S&P 500 index was more than 1.2% above its 50-day moving average of 2,360.20 in recent trade, while the Dow Jones Industrial Average was trading about 1.3% above its short-term average of 20,732.67, according to FactSet data. Both benchmarks edged above their short-term averages on Monday, Tuesday’s rally has intensified that move. The Dow has gained 460 points, and the S&P 500 has surged about 40 points since Friday’s close, as investors fear of global volatility eased following France’s first-round election won by Emmanuel Macron, who’s strong showing in a Sunday presidential vote helped to assuage fears that two anti-European Union candidates would make the final runoff. Early polls show Macron going into the second and final round of elections with a healthy lead over far-right candidate Marine Le Pen, who has threatened to pull France out of the EU. Better-than-expected earnings on Tuesday and President Donald Trump’s promise to deliver the outline of a corporate tax-cut plan on Wednesday also has helped to fuel the recent sharp climb in global equities. Technical analysts tend to use moving averages to help determine an assets short-term or long-term trend. Meanwhile, the Nasdaq Composite Index touched a psychologically significant level, surpassing 6,000 for the first time ever.

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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Uber Technologies Inc. plans to roll out flying cars with a pilot in the Dallas-Fort Worth area by 2020 and flights in Dubai at Expo2020, the company’s chief product officer, Jeff Holden, said Tuesday. The goal is to cut in-transit time. In a live stream presentation from the Uber Elevate Summit, Holden said the company’s models suggest flying cars could cost $1.32 per passenger mile, about the same rate as UberX, and later fall below the cost per mile of an owned vehicle. The flying-car option would eventually be available in the Uber app. Uber said it is working with aircraft manufacturers, including Aurora Flight Services and Pipistrel Aircraft, which are slated to build the flying cars using VTOL Technology, or technology for vertical take-off aircraft, and with real-estate companies in the two cities to build landing pads for the cars. Holden said he expects the number of cities with flying cars to grow rapidly. Uber has been piloting self-driving cars in cities across the U.S. but has run into regulatory difficulties, a hurdle it’s also certain to face with flying vehicles. A startup backed by Alphabet Chief Executive Larry Page unveiled its flying car Monday, in a race with many other technology companies.

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Shares of food container maker Tupperware Brands Corp. surged more than 12% Tuesday, after the company reported stronger-than-expected earnings for the first quarter and raised its outlook for the rest of the year. The stock now stands at its highest level since Sept. 2014. Tupperware posted adjusted per-share earnings of $1.01, or 7 cents above the FactSet consensus. It had sales of $555 million, above the FactSet consensus of $532 million. Chief Executive Rick Goings said sales were driven by 9% growth in emerging markets, led by Brazil, China, Tupperware Mexico and Tupperware South Africa. That helped offset weakness in Indonesia, where sales fell 9%. Shares have gained 39% in 2017, while the S&P 500 has gained 6%.

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From:: Stock Market News