Category: Stock Market News

The Securities and Exchange Commission on Monday announced enforcement actions against 27 individuals and entities for undisclosed payments made in return for bullish articles. The SEC filed fraud charges against three public companies and seven stock promotion or communications firms as well as two company CEOs, six individuals at the firms, and nine writers. Of those charged, 17 have agreed to settlements that include disgorgement or penalties ranging from approximately $2,200 to nearly $3 million based on frequency and severity of their actions. The SEC’s litigation continues against 10 others.

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The latest “Taking Stock with Teens Survey” from Piper Jaffray shows that the top brand for clothing and shoes is Nike Inc. , Michael Kors Holdings Ltd. is number one for handbags, and Amazon.com Inc. is the top shopping website. Piper Jaffray, which released the results for the spring survey on Monday, polled 5,500 teens across 43 U.S. states. The average age of the respondents was 16 and average household income was $66,100. The survey found that overall teen spending is down 2.4% year-over-year, with parents contributing 63% to their spend, down from an average 68% last year. Food comprised 24% of teen budgets with clothing at 19%. Starbucks Corp. is the top restaurant for teens from average-income homes ($55,000 in household income), and the coffee chain ties with Chick-fil-A for the top spot for upper-income teens ($100,000 in household income). Other brands topping the list of preferences are Netflix Inc. for daily video consumption and Snap Inc. for social media platform. The SPDR S&P Retail ETF is up 1.2% in Monday trading, but down 4.7% for the year so far. The S&P 500 index is up 5.5% for the year to date.

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Chicken restaurant chain El Pollo Loco said Monday that it is lowering initial franchise fees and royalty fees in order to boost growth in new markets. The reduced fees apply to new and existing franchisees with multi-unit development agreements in new markets through March 31, 2018. The initial franchise fee has been cut to $30,000 for the first restaurant and $20,000 for each additional restaurant. The standard franchise fee is $40,000, and $30,000 for secondary units. The initial franchise fee for any restaurant opened in the calendar year ahead of the year in their development schedule will be cut by 50%. And any restaurants opened beyond the multi-development agreement will be eligible for a zero dollar initial franchise fee. Royalty fees have also been reduced for the first time in three years: 2% for the first year, 3% in the second year, and 4% in the third year. The standard royalty fee is 5%. El Pollo Loco shares are down 3.3% in Monday trading, and down 8% for the past year. The S&P 500 index [s:spx] is up 15.2% for the last 12 months.

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Tesla Inc. was briefly the No. 1 car maker in the U.S. by market capitalization earlier Monday, a milestone it hit around the open after the shares hit a fresh record intraday high for the stock and an upgrade from analysts at Piper Jaffray. Tesla’s market value shot up to close to $51.2 billion to General Motors Co. $51.10 billion. As Tesla gains moderated, however, GM’s market capitalization was recently at $51.3 billion to Tesla’s $50.8 billion. Tesla shares traded as high as $313.73 early Monday.

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Shares of AMC Networks fell more than 2% in Monday morning trade after the stock was downgraded to neutral from overweight at Piper Jaffray. The rate of viewership declines for the cable network’s flagship program “The Walking Dead” and the limited success of recently launched series in a time of rising content and marketing costs are reasons that led Piper Jaffray analyst Stan Meyers to downgrade the stock. Meyers wrote in a note to clients that he also sees negative trends coming from Piper Jaffray’s spring 2017 teen survey. “We were previously comfortable with ‘The Walking Dead’ slowly losing viewers as the network rebuilds its audience and monetizes its new content,” Meyers wrote. “However, ‘The Walking Dead’ viewership is now declining at an accelerated pace. Further, competitive actions by peer networks and OTT players are sapping viewers from AMC; maintaining viewers is becoming an impossible task.” AMC Networks shares have declined 8% in the last 12 months, while the S&P 500 index has gained more than 15% in the same period.

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Shares of Twitter Inc. hit their lowest intraday level Monday since June of 2016. Shares of Twitter reached an intraday low of $14.20 Monday morning, compared to an intraday low of $14 on June 10, 2016. In the past three months, shares of Twitter have lost 17.6%, while the S&P 500 has gained 4%.

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Tesla Inc. shares rocketed another 3% to a fresh record in early trade Monday, after Piper Jaffray upgraded the stock to the equivalent of buy from neutral and raised its price target by 65% to $368 from $223. “We have driven a Tesla for seven months in preparation for this report, and after conducting investor meetings with the company last week, we’re finally ready to take a stand,” analyst led by Alexander Potter wrote in a note. “Admittedly, before investors can follow our advice and buy TSLA shares, they will need to employ a “creative” valuation methodology and prepare for a bumpy ride.” Potter said he is convinced that Tesla will begin Model 3 deliveries this year and not mid-2018 as previously assumed. Tesla shares rose to a high of $312.57 and was last quoted at $311.08.

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U.S. stocks opened marginally higher on Monday as the U.S. redirected an aircraft carrier and several warships toward the Korean peninsula. The S&P 500 index gained 2 points, or 0.1%, to 2,357, while the Dow Jones Industrial Average climbed 19 points, or 0.1%, to 20,681. The Nasdaq Composite Index advanced 9 points, or 0.2%, to 5,887. Among individual market movers, Swift Transportation Co. rose on reports the trucking company is planning a merger worth $6 billion with Knight Transportation Inc. . Okta Inc. rose after the company’s stock soared in its trading debut Friday. Investors are looking ahead to remarks from Federal Reserve Chairwoman Janet Yellen, who is set to speak after the close.

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Repros Therapeutics Inc. shares were halted in premarket trade Monday on news that the Food and Drug Administration would continue a partial clinical hold for its drug for uterine fibroids, or tumors in the uterus. The FDA told Repros that it will consult with its liver experts about the liver toxicity that’s been previously experienced with the drug, Proellex. Repros will submit additional information to the FDA for its internal advisory liver team to consider within a month, it said. The FDA has previously put development programs for Proellex on clinical holds because of safety concerns, including a 2010 study of the drug’s safety and efficacy and a 2012 study of the drug in endometriosis, a condition that causes severe pelvic abdominal pain. Repros shares were valued at $1.11 as of Friday’s close. Shares have dropped 20.7% over the last three months, compared with a 3.8% rise in the S&P 500 .

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The 2017 box office is off to an impressive start through the first quarter, leading B. Riley analyst Eric Wold to increase first-quarter and full-year estimates for the entire film exhibitor group. “We recommend adding to positions in the entire exhibitor group based on investors’ specific investment requirements and continue to view AMC as our favorite pure-play exhibitor name,” Wold wrote in a note to clients. Box office revenue in the year to date is up 5.5% compared with the same period last year. The box office in 2016 hit a record high in revenue, but Wold writes that 2017’s solid start provides a positive tailwind for the year and helps offset concerns regarding tough comparisons. Shares of AMC Entertainment Holdings Inc. are down nearly 10% in the year to date, but up 11% over the trailing 12-month period. By comparison, the S&P 500 index is up 5% in the year and 15% during the last 12 months.

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