Category: Stock Market News

Kmart Pharmacy, a Sears Holdings Corp. company, said Tuesday that it has lowered the cost of Adrenaclick, a generic epinephrine auto-injector pen, to as low as $0 for insured patients and about $200 for patients paying cash for a two-pack. That compares to more than $642 for Mylan N.V.’s EpiPen, and $330 for Mylan’s generic version, Kmart said. Sears shares are down more than 5% in Tuesday trading, and 33% for the past year. The company’s shares are up 27.2% for the year to date while the S&P 500 index is up 6.6% for the period.

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The Dow Jones Industrial Average enjoyed a triple-digit rise, with the bulk of the advance coming from the top four of its 30 components. Shares of Caterpillar Inc. were contributing about 40 points, McDonald’s Corp’s rise added about 35 points, Goldman Sachs Group Inc. contributed about 30 points, while the DuPont Inc. added 15 points to the blue-chip benchmark. The gains from that quartet of companies make up more than half of the price-weighted Dow’s 230-point rise in early Tuesday action, and follow healthy quarterly reports from most of those names. Caterpillar DuPont {s: DD] and McDonald’s reported quarterly results on Tuesday that topped Wall Street estimates. Goldman, meanwhile, reported results last week that disappointed investors’ expectations, but the investment bank is benefiting from the anticipation of higher interest-rates ahead as improving economic sentiment bolsters expectations that the Federal Reserve will lift interest rates–a boon for bank shares. The S&P 500 index also was climbing, up 0.6%, at 2,388 and the Nasdaq Composite Index marked a milestone: surpassing the psychologically important level of 6,000 for the first time.

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Nike Inc. has submitted a patent application for an “architecturally reinforced denim” that the company describes as “a denim fabric with high tenacity and/or moisture management and/or stretch materials.” Proportions of the materials may vary in order to “create different performance zones in the resulting garment.” The fabric is designed with extreme sports athletes in mind, such as skateboarders and sandboarders who need specialized gear, but also want to be fashionable, the application said. Analysts at Instinet called the move “interesting” in a Tuesday note in light of the discussions they’ve had about the denim versus athleisure trend. Nike shares are up 9.3% for the year so far, but down 6.1% for the last 12 months. The S&P 500 index is up 6.7% in 2017.

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J. Crew Group Inc. said Tuesday that it will cut 250 jobs primarily from its corporate headquarters as part of a reorganization of the company. About 150 full-time jobs and 100 open positions will be axed. The company expects about $30 million in annualized pre-tax savings and will take a $10 million first-quarter charge related to the cuts. The company has also announced a number of executive changes. Chief Financial Officer Michael Nicholson will also be responsible for the planning, merchandising, marketing and design functions of the J.Crew brand. Lisa Greenwald has been named chief merchandising officer for the J. Crew brand. She was previously the senior vice president of the Madewell brand. And Libby Wadle has been named the president of the Madewell brand. She was previously the president of the J. Crew brand. Somsack Sikhounmuong was recently named chief design officer for J. Crew, effective April 5, succeeding Jenna Lyons. The SPDR S&P Retail ETF is down 1.3% for the year so far while the S&P 500 index is up 6.8% for the period.

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Dole Food Company is testing the public market again and filed to go public Tuesday. The company filed for an offering of up to $100 million, likely a placeholder amount, and has not specified an exchange or stock symbol. Dole Food recorded $4.51 billion in revenue on top of a $23 million net loss in 2016. The company was taken private by its chief executive David Murdock in November 2013. Since being taken private, Dole says it has bought three new West Coast vessels, gaining greater control of the supply chain, and increased their acreage by 20%. Morgan Stanley, Bank of America Merrill Lynch and Deutsche Bank Securities are the underwriters on the offering.

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U.S. stocks opened higher on Tuesday, with the Dow seeing a particularly strong gain as several key components reported better-than-expected quarterly results. The Dow Jones Industrial Average rose 0.7%, or 147 points, to 20,911. The S&P 500 climbed 5.7 points, or 0.2%, to 2,380. The Nasdaq Composite Index rose 21.5 points to 6,006, an advance of 0.4%. The Nasdaq hit a new intraday record and topped 6,000 for the first time ever. Among the biggest companies to report results on Tuesday, McDonald’s Corp climbed 3.2% while Caterpillar Inc. jumped 6.4%. Both topped forecasts in their results, while Caterpillar also raised its full-year outlook. The day’s gains were broad, with 10 of the 11 S&P 500 sectors up on the day. The top performing sector of the day was materials, which rose 0.1%.

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The dollar surged on Tuesday against the Mexican peso after President Donald Trump tweeted that he remains committed to building a wall along the Mexican border. The dollar rose 1.4% to 18.99, its strongest level in a month, after trading at 18.73 late Monday in New York. On Monday, Trump told a group of reporters that he would drop his demand that funding for the border wall be included in a funding bill that must be passed by the weekend to avert a government shutdown. Instead, he said, his administration will return to the issue in September.

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Shares of Amazon.com Inc. slipped 0.2% in premarket trade Tuesday, bucking a strong rally in the broader market, after Raymond James downgraded the ecommerce giant, citing concerns over valuation ahead of first-quarter results. Analyst Aaron Kessler cut his rating to market perform, after being at outperform the past 13 months. Kessler said with the stock near his previous price target of $925, he believed the shares were “fully valued,” especially since investment levels are expected to remain elevated, earnings expectations appear aggressive and the belief price cuts and increasing competition will reduce the potential upside for Amazon’s cloud business. “At current levels, we believe Amazon will need to begin to show greater operating leverage for shares to move meaningfully higher and reach our bull case,” Kessler wrote in a note to clients. “Specifically, we would like to see improved margins/less losses for international, shipping costs, Prime Video.” Amazon is scheduled to report results after Thursday’s close. The stock has soared 21% year to date through Monday, while the S&P 500 has gained 6%.

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JetBlue Airways Corp. shares rose 3% in Tuesday premarket trading after the company reported first-quarter earnings that beat estimates. Net income was $85.0 million, or 25 cents per share, down from $207.0 million, or 61 cents per share, last year. The FactSet consensus was 22 cents. Total revenue was $1.60 billion, down from $1.62 billion last year and below the $1.62 billion FactSet consensus. Passenger revenue per available seat mile (RASM) was down 5.8% year-over-year to 10.68 cents, and operating expense per available seat mile (CASM) was down 4.8% to 11.81 cents. JetBlue sees a second-quarter capacity increase between 4% and 6% year-over-year. RASM is expected to increase between 3% and 6% compared with last year. And CASM excluding fuel is expected to grow between 4.5% and 6.5% in the second quarter. JetBlue shares are down 3% for the year so far, but up 6.8% for the last 12 months. The S&P 500 index is up 6% for 2017.

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Shares of Caterpillar Inc. rose 6% in premarket trade Tuesday after the company beat first-quarter earnings expectations and issued an upbeat outlook. It reported net income of $192 million, or 32 cents per share, down from $271 million, or 46 cents per share, in the year-earlier period. Excluding restructuring costs, it reported earnings per share of $1.28. The FactSet consensus was for earnings per share of 63 cents. Revenue was $9.82 billion, up from $9.46 billion in the year-earlier period and above the FactSet consensus of $9.26 billion. Caterpillar raised its 2017 revenue outlook to $38 billion to $41 billion, above the FactSet consensus of $37.9 billion. It expects profit per share of $2.10 at the midpoint of sales or $3.75 excluding restructuring costs, compared to the FactSet consensus of $3.25. It expects higher restructuring costs for the year, amounting to $1.25 billion. Shares of Caterpillar have gained 4.4% month-to-date, compared to the S&P 500’s gain of 0.5%.

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