Category: Stock Market News

The Nasdaq Composite Index on Wednesday touched a fresh record in intraday trade, as the stock market rallied in the wake of better-than-expected private-sector job growth and modestly higher crude-oil prices , bullish factors for investors. The Nasdaq Composite traded at at a high of 5.933.78, eclipsing its previous record of 5.928.93, which it touched March 1. If the Nasdaq finishes above 5914.34 hit March 30, it would log its 22nd record finish of 2017 and its 30th since President Donald Trump won the November election. Sparking the rally was a labor-market report showing that employers added 263,000 private-sector jobs in March, up from a revised 245,000 in February, according to payrolls firm ADP. Although the stock-market advance cooled somewhat after Energy Information Administration showed a unexpected rise in crude inventories, the Dow Jones Industrial Average and the S&P 500 index were trading above their 50-day moving averages, seen as an important sign of upward momentum.

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

Oil futures pared gains Wednesday after data showed an unexpected rise in U.S. crude inventories last week. The Energy Information Administration said inventories rose by 1.6 million barrels. Economists surveyed by The Wall Street Journal had forecast a 200,000 barrel decline, while reports said the American Petroleum Institute’s weekly tally late Tuesday showed a 1.8 million barrel decline. West Texas Intermediate crude futures for May delivery on the New York Mercantile Exchange were up 38 cents at $51.41 a barrel but had traded above $51.70 ahead of the data. Gasoline inventories fell by around 600,000 barrels, the EIA said, versus expectations for a fall of 1.6 million barrels. Distillate stocks, which include diesel fuel and heating oil, fell by 500,000 barrels, the EIA said, versus forecasts for a decline of 700,000 barrels.

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

Secretary of State Rex Tillerson will travel to Moscow on April 12 for discussions with Russian officials on Ukraine, counterterrorism and other issues including Syria, the State Department said Wednesday. Acting State Department spokesperson Mark Toner said the trip is part of the U.S. effort to “maintain direct lines of communication with senior Russian officials and to ensure U.S. views are clearly conveyed.” Federal Bureau of Investigation Director James Comey has said the agency is probing possible contacts between the Trump campaign and Russia. President Donald Trump regularly blasts allegations of contacts as “fake news.”

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

Martha Stewart, a member of the Sequential Brands Group Inc. brand portfolio, announced Wednesday that it has partnered with Drinks, a wine delivery marketplace, to launch Martha Stewart Wine Co., an online wine shop. Wines for sale have been chosen by Stewart herself with help from an expert panel, according to a release. Prices will range from affordable everyday wines to premium bottles. Wines will be packaged and delivered within three business days, and shipping will be included with the purchase of 12 bottles or more. Monthly wine clubs and year-long gift subscriptions are also available. Martha Stewart recently announced a partnership with Marley Spoon Inc. to create Martha & Marley Spoon, a meal kit delivery service available through AmazonFresh in select cities. Sequential Brands shares are up 0.8% in Wednesday trading, but down 43.3% for the last year. The S&P 500 index is up 16% for the past 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

U.S. stocks opened higher on Wednesday as investors shrugged off reports of another North Korean missile launch, focusing instead on a blockbuster reading on private-sector employment. The S&P 500 climbed 7 points, or 0.3%, to 2,368, while the Dow Jones Industrial Average advanced 91 points, or 0.5%, to 20,782. The Nasdaq Composite Index gained 14 points, or 0.2%, to 5,911. Shares of Panera Bread Co. soared after the fast-casual restaurant chain reached a deal to be acquired by a private holding company for $7.5 billion. Monsanto Co. shares rose after the company’s latest quarterly results beat profit and sales expectations. U.S. employers added 263,000 private-sector jobs last month, according to payrolls processor ADP Inc., surpassing expectations for an increase of 170,000.

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

Shares of Plug Power Inc. soared 72% toward a one-year high in very active premarket trade Wednesday, after the fuel cell company announced a supply agreement with Amazon.com Inc. , which includes a potential equity investment. Volume of 8.3 million shares makes the stock the most actively traded ahead of the open, and is already above the full-day average of 6.1 million shares. As part of the agreement, Amazon will use Plug Power fuel cells and hydrogen technology in its fulfillment network, including using the GenKey technology to power industrial equipment such as forklifts. Plug Power said revenue associated with the agreement is expected to be around $70 million. Separately, the company granted Amazon warrants to buy up to 55.3 million common shares at an exercise price of $1.1893. Vesting of the warrants is subject to payments totaling $600 million made by Amazon in connection with the purchase of goods and services. Plug’s stock has gained 8.3% year to date through Tuesday, while the S&P 500 has tacked on 5.4%.

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

Medtronic said early Wednesday that it will voluntarily correct a software problem that caused its ventilators to spontaneously restart while in use, without an alarm warning, and then enter standby mode. Medtronic said it got 12 reports of the reset occurring, one of which did not involve a patient, and that no patient injuries have been reported. The software service update to correct the problem should be available in May, Medtronic said. Two types of ventilators, the Newport HT70 and Newport HT70 Plus, are involved in the corrective action, or about 14,000 ventilators in use. In cases of a reset, patients have to be moved to another ventilator. Medtronic shares were not active in premarket trade on Wednesday. Shares have risen 13.8% over the last three months, compared with a 4.0% 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

Shares of Monsanto Co. surged 1.5% in premarket trade Wednesday, after the agricultural services company beat profit and sales expectations, and provided an upbeat outlook. Net earnings for the quarter to Feb. 28 rose to $1.37 billion, or $3.09 a share, from $1.06 billion, or $2.41 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $3.19, above the FactSet consensus of $2.79. Revenue increased to $5.07 billion from $4.53 billion, beating the FactSet consensus of $4.73 billion, as corn seed, soybean seed and cotton seed sales all rose more than expected. Monsanto said it now expects fiscal 2017 adjusted EPS to be “at the high end” of its $4.50-to-$4.90 guidance range. “While we’re increasing confidence in the outlook for the rest of the year, our emphasis at Monsanto is where it has always been – on bringing innovation to growers,” said Chief Executive Hugh Grant. The stock has rallied 8.6% year to date through Tuesday, while the S&P 500 has gained 5.4%.

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

Morgan Stanley on Wednesday said the sooner Tesla Inc. investors view the company as a transportation/infrastructure company and not just a car company, the better, as that will frame events coming in the next 12 to 18 months. Analyst Adam Jonas, in a note entitled “3 thoughts at $300,” said talks with investors suggest they have come to an understanding of the company’s true addressable market faster than he had expected. “The addressable markets within Tesla’s ecosystem could potentially include a $10 trillion light vehicle mobility market, a $1 trillion logistics market, a $2 to $3 trillion energy market and a potential multi-trillion market captured in the 600 billion hours of consumer time spent in cars in the form of content delivery and data monetization,” he said. At the time of stock’s last high in September, few investors were viewing the company in those terms, he said. “We’re pretty surprised by the recent run in Tesla’s share price to over $300 so quickly – such is the power of technical factors over fundamental drivers,” he said. Jonas said to expect Tesla to keep pushing the boundaries of safety for passengers and pedestrians and improvements will drive market awareness of Tesla’s technologies. Morgan Stanley rates Tesla the equivalent of buy with a $305 price target. Tesla shares were slightly lower premarket, but have gained 42% in the year so far, 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 Walgreens Boots Alliance Inc. fell 1.1% in premarket trade Wednesday, after the drug store chain reported fiscal second-quarter profit and sales that missed expectations. Net earnings for the quarter to Feb. 28 rose to $1.06 billion, or 98 cents a share, from $930 million, or 85 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.36, below the FactSet consensus of $1.37. Revenue declined 2.4% to $29.45 billion from $30.18 billion, missing the FactSet consensus of $30.26 billion. Retail pharmacy U.S.A and international sales and pharmaceutical wholesale sales all fell more than expected. The company said set a $1 billion share buyback program, before the previous program expires at the end of this year. Walgreens maintained its full-year adjusted EPS outlook at $4.90 to $5.08, which surrounds the FactSet consensus of $5.00. The stock has slipped 0.3% year to date through Tuesday, while the S&P 500 has gained 5.4%.

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