Category: Stock Market News

Shares of furniture retailer Conn’s Inc. rocketed 27% Tuesday, marking its biggest one-day gain since September of 2011, after the company posted a surprise adjusted profit for the fourth quarter and better-than-expected revenue. The Texas-based company said it had a net loss of $0.1 million, or breakeven on a per-share basis, for the quarter, after income of $1.1 million, or 3 cents a share, in the year-earlier period. Adjusted per-share earnings came to 5 cents, compared with a FactSet consensus for a loss of 12 cents. Revenue of $433 was ahead of the FactSet consensus of $431 million. The company said it expects same-store sales to fall in the mid-teens in the first quarter of fiscal 2018. Shares are down 15% in the year so far, while the S&P 500 has gained 5%.

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Stocks opened lower on Tuesday amid intensifying anxiety about President Donald Trump’s meeting with his Chinese counterpart, Xi Jinping, later this week. The S&P 500 index declined 4 points, or 0.2%, to 2,355, while the Dow Jones Industrial Average retreated 16 points, or 0.1%, to 20,626. The Nasdaq Composite Index shed 15 points, or 0.3%, to 5,880. Shares of Nvidia Corp. sold off after analysts at Pacific Crest turned bearish on the company, citing concerns about growth. Texas-based retailer Conn’s Inc. saw its shares rocket higher after it posted better-than-expected earnings. Acuity Brands Inc. shares slumped after the company reported second-quarter results. Trump is expected to meet with Xi at Mar-a-Lago, Trump’s estate in Palm Beach, Fla. The two-day meeting begins Thursday. Some are worried about the potentially tense meeting, as Trump has repeatedly accused China of unfair trading practices and currency manipulation.

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Amazon.com Inc.’s stock could rocket more than 30% from current, based on the potential of the e-commerce giant’s burgeoning advertising business, said analyst Daniel Salmon at BMO Capital Markets. Salmon reiterated his outperform rating while raising his price target to $1,200, which is 35% above Monday’s record closing price of $891.51. He said Amazon is his new top pick in the media and internet space, given the “significant emerging opportunity” in advertising. He believes Amazon’s ad business will reach $3.5 billion in revenue this year, up 65% from last year, and could eventually be worth about $150 billion as it is poised to take market share from Alphabet Inc.’s Google and Facebook Inc. . “A key point of differentiation for Amazon is the massive amount of consumer purchase data it possesses,” Salmon wrote in a note to clients. “We believe this large repository of consumer purchase data offers tremendous targeting and re-targeting opportunities for brands.” The stock, which has closed at record highs the past four sessions, slipped 0.2% in premarket trade. It has soared 19% year to date through Monday, while the S&P 500 has gained 5.4%.

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Kate Spade & Co. shares sank 12.7% in Tuesday premarket trading, on track to open at a seven-week low, after reports the fashion and accessories company needs more time to consider a buyout bid from Coach Inc. . Reuters reported late Monday that Kate Spade needs a few more weeks to negotiate a potential sale offer Coach made last week. Kate Spade said in February that it was exploring strategic alternatives. Kate Spade shares are down 8.5% for the past year, but are up 22.1% for the year so far. Coach shares are inactive in premarket trading, but down 20.7% for the year to date. And the S&P 500 index is up 5.4% for the year to date.

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Shares of heavy equipment maker Caterpillar Inc. rose 1.4% in premarket trade Tuesday, after Goldman Sachs added the stock to its Conviction Buy list and set a stock price target that’s 30% above current trading levels. “We see an attractive combination of (1) structurally higher mid-cycle EPS, (2) exposure to underinvested machinery markets in the early stages of recovery, (3) management strategy transition towards improving returns on capital (vs. market share in the last cycle), and (4) a ~20% underweight average mutual fund position,” analysts led by Jerry Revich said in a note. Goldman set a stock price target of $120. Shares are down 0.5% in the year so far, while the Dow Jones Industrial Average has gained 5.4% and the S&P 500 has gained 5%.

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Taco Bell, the Yum Brands Inc. fast-food Mexican chain, will be giving away free Doritos Locos Tacos this Saturday to celebrate the brand’s 55th anniversary. However, the deal will only be available at a Laguna Beach location, one of the oldest in the chain. The Doritos Locos Tacos giveaway will be from 10am to noon, and from noon to 3pm, the restaurant will sell tacos for 19 cents, with a 10-taco limit. Yum Brands shares are inactive in Tuesday premarket trading, but are up nearly 8% for the past year. The S&P 500 index is up 14.2% for the last 12 months.

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Pacific Crest analyst Andy Hargreaves recommended investors continue to own Apple Inc.’s stock , but his new stock price target suggests only limited upside from current levels. Hargreaves reiterated his overweight rating on the stock, as evidence of strong component orders prompted him to raised his iPhone unit sales estimates. He raised his price target to $150, which is just 4.4% above Monday’s closing price of $143.70, from $140, saying a strong upcoming iPhone cycle may not be enough to drive the stock (AAPL) much higher. “We see potential for further upside to our unit and gross profit dollar estimates in the coming iPhone cycle, but believe growth beyond that will slow substantially,” Hargreaves wrote in a note to clients. “Consequently, we believe tax reform and a subsequent increase to the dividend may be necessary to drive significant upside in AAPL.” The stock slipped 0.3% in premarket trade Tuesday, but is trading just 0.6% below the March 29 record close of $144.12. It has soared 24% year to date through Monday, while the Dow Jones Industrial Average has gained 4.5%.

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Shares of Nvidia Corp. dropped 3.1% in premarket trade Tuesday, after Pacific Crest turned bearish, citing concerns that the graphics chip maker may have already captured so much of the available market that growth could become a problem. Analyst Michael McConnell cut his rating to a rare underweight from sector weight. He doesn’t have a price target on the stock. McConnell said he is concerned about “signs of desktop [graphics processing unit] market saturation, lower margins from incremental Nintendo Switch revenue and a possible pause in the company’s datacenter business this summer.” An underweight rating at Pacific Crest means the stock is expected to underperform its peers over the next six to 12 months. Only 13 of the 702 companies covered by the firm (1.9%) are rated underweight. After more than tripling in 2016, the stock has tacked on just 1.5% year to date through Monday. In comparison, the PHLX Semiconductor Index has run up 11% so far this year and the S&P 500 has gained 5.4%.

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Watch maker Movado Group Inc. said Tuesday its president, Ricardo Quintero, is leaving the company. Quintero’s duties will be assigned to senior management and he will remain until April 30 to ensure a smooth transition, the company said in a statement. It reaffirmed the outlook for fiscal 2018 provided in March, when the company said it expects sales to range from $515 million to $530 million and operating income to range from $50 million to $55 million. The company said it expects net income of about $33 million to $36 million, or $1.40 to $1.55 a share. Shares were not yet active in premarket trade, but are down 16% in the year so far, while the S&P 500 has gained 5%.

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Kate Spade & Co. shares fell in the extended session Monday following a report the handbag and accessories maker needs more time to assess a buyout offer from Coach Inc. . Kate Spade shares fell 8% to $20.97 after hours, while shares of Coach advanced 1.8% to $41.36. Late Monday, Reuters reported Kate Spade needed a few more weeks negotiating after receiving a bid from Coach last week. Back in February, Kate Spade said it was exploring strategic alternatives. At Monday’s close, Kate Spade shares had gained nearly 16% since the announcement in February.

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