Category: Stock Market News

Gold futures ended lower Monday, losing ground after France’s first-round presidential election result soothed fears the country could eventually move to bolt the euro and the European Union. June gold on Comex dropped $11.60, or 0.9%, to close at $1,277.50 an ounce, but off of a session low at $1,266. Gold and other traditional havens, such as Treasurys and the Japanese yen, suffered after centrist Emmanuel Macron scored a first-place finish in the first round of France’s presidential election on Sunday. Macron will go up against second-place finisher Marine Le Pen, who has called for France to exit the euro, in a May 7 runoff. Macron holds a large lead in opinion polls.

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. supermarket operator Albertsons is exploring a takeover of Whole Foods Market Inc. , the Financial Times reported on Monday, citing two people briefed on the matter. Albertsons is owned by private-equity firm Cerberus Capital Management, which has held preliminary talks with bankers on a bid for Whole Foods, the paper reported. The news comes just weeks after hedge fund Jana Partners LLC said it had amassed a 9% stake in Whole Foods, and was urging it to look at a possible sale, change its management board and revise contracts with suppliers and others. Whole Foods has hired Evercore ISI to advise it on a deal that includes a possible sale of the company, according to the FT. Shares jumped 3% on the news, and are up 20% in 2017, while the S&P 500 has gained 5%.

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

Sanofi ADR filed an antitrust lawsuit on Monday against Mylan NV , which makes the EpiPen allergic reaction treatment, claiming that the company engaged in anticompetitive practices to prevent the uptake of Sanofi’s then-rival product, Auvi-Q. Mylan allegedly offered “new and unprecedented” discounts off the list price of the EpiPen to prevent various players, including health insurers, from covering the Auvi-Q, according to the lawsuit. Sanofi claimed to have lost “hundreds of millions of dollars in sales” from these actions, along with other costs, and is asking for triple the amount in damages along with legal fees. Mylan spurred public backlash after raising the price of its EpiPen sixfold over several years, which brought attention to its lack of competitors. The Auvi-Q was recalled by Sanofi in 2015 after reports that the devices might deliver inadequate doses of epinephrine. It is is now being sold by privately-held Kaleo Inc., which invented the device, which the Sanofi lawsuit claims is “in part because of the artificial barriers to entry Mylan’s conduct erected.” Mylan shares were up 1.5% in morning trade on Monday. Shares have surged 4.4% over the last three months, compared with a 3.9% rise in the S&P 500 .

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

J.C. Penney Co. Inc. said Monday that it will hire 800 consultants as part of a beauty expansion that will include 70 new Sephora store-in-store locations. J.C. Penney is also expanding 32 Sephora shops by nearly half. All additions start May 5. Sephora Inside JCPenney will be available in 650 stores this year, the company said. J.C. Penney has also launched same-day pickup for online Sephora orders. Soon customers will be able to schedule makeovers online with Sephora consultants. J.C. Penney shares are down 0.4% in Monday trading, and down 41.6% for the past year. The S&P 500 index is up 13.3% for the last 12 months.

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

Mother’s Day spending is expected to reach a record high of $23.6 billion, according to the National Retail Federation, with spending on jewelry driving the increase. Last year’s total was $21.4 billion. Shoppers are expected to spend an average of $186.39, up from $172.22 last year. Jewelry sales are forecast to reach $5 billion, up 19%, with personal services up 15% from last year to $1.9 billion. Outings like dinner or brunch are expected to reach $4.2 billion, and flowers are expected to total $2.6 billion. The SPDR S&P Retail ETF is down 2.3% for the year to date while the S&P 500 index is up 5.9% for the 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

Amazon.com Inc. said Monday that it has launched a self-service marketplace for digital subscription businesses. Digital subscriptions currently available on the Amazon site include lifestyle, news, and streaming content services like SlingTV, eMeals and LegalZoom. The Subscribe with Amazon program also allows users to take advantage of Prime member discounts. Amazon shares are up 21% for the year so far while the S&P 500 index is up 6% for the 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

U.S. stocks rocketed higher at the open on Monday, with the Dow Jones Industrial Average gaining 200 points and the Nasdaq Composite Index reach all-time highs, after centrist Emmanuel Macron finished first in in this weekend’s French presidential vote. The S&P 500 index climbed 20 points, or 0.9%, to 2,370, while the Dow rose 205 points, or 1%, to 20,755. The Nasdaq Composite Index advanced 68 points, or 1.2%, to 5,978. Shares of Hasbro Inc. rose after the company’s quarterly profit and sales figures surpassed expectations. Macron, a political neophyte who isn’t affiliated with either of France’s two most established parties, will face off against far-right candidate Marine Le Pen in the second round of voting, which is set for May 7. His first-place finish quieted fears that Le Pen would face off against another euroskeptic candidate in the second round.

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 Immune Pharmaceuticals Inc. slid 9% in premarket trade Monday, after the company unveiled a restructuring and said it has received notice from the Nasdaq that it is not in compliance with listing requirements after the delay of a key regulatory filing. Immune Pharma said it has not yet filed its 10-K for 2016, but will do so as soon as practicable. Meanwhile, the company is making inflammatory disease and dermatology its key areas of focus. Its oncology business will be folded into its Cytovia Inc. unit, which may be spun off to Immune shareholders. Chief Executive Dr. Daniel Teper will step down from that role to run Cytovia’s cancer research and development effort, but will remain on the Immune board. Elliot Maza, currently a board member, will become interim CEO of Immune. Shares are down 3% in 2017 through Friday, while the S&P 500 has gained 5%.

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 Amazon.com Inc. rallied 1.2% in premarket trade Monday, after Wedbush Securities analyst Michael Pachter boosted his stock price target to $1,250, which is now the highest among the 46 analysts surveyed by FactSet, citing expectations of continued “substantial earnings growth.” Pachter’s new target, up from $900, is 39% above Friday’s closing price of $898.53. The stock traded at $909 ahead of the open, just below the April 5 record close of $909.28. “Amazon appears intent upon growing annual profits (with some quarterly volatility), which we expect to continue as the company invests in growth,” Pachter wrote in a note to clients. “Amazon Web Services (AWS) should be the growth engine, with its gross and operating margins expanding rapidly.” He said margin expansion could be tempered by spending on video content, fulfillment and international expansion. Separately, Goldman Sachs analyst Heath Terry raised his stock price target to $1,100 from $1,000, citing expectations of revenue acceleration. Amazon is scheduled to report first-quarter results after Thursday’s closing bell. The stock has soared 20% year to date, while the S&P 500 has gained 4.9%.

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

Energy services company Halliburton Co. said Monday it had a net loss of $32 million, or 4 cents a share, in the first quarter, narrower than the $2.4 billion loss, or $2.81 a share, posted in the year-earlier period. Excluding costs related to the extinguishment of debt, the company had earnings per share of 4 cents, a penny ahead of the FactSet consensus. Revenue rose to $4.279 billion from $4.198 billion, compared with a FactSet consensus of $4.267 billion. “North America activity increased rapidly during the first quarter, which was highlighted by our U.S. land revenue growth of nearly 30%, outperforming the sequential average U.S. land rig count growth of 27%,” Chief Executive Dave Lesar said in a statement. “In the international markets, activity declines due to seasonality were exacerbated by the current cyclical headwinds.” Shares rose 1% in premarket trade, but are down 13% in 2017, while the S&P 500 has gained 5%.

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