Category: Stock Market News

Despite the stock market’s broad selloff, there is no sign of panic selling, according to a volume-weighted breadth measure known as the Arms Index. The measure, which helps gauge selling intensity, was showing a 0.982 reading on the NYSE, where a reading of 1.000 suggests the intensity of buyers and sellers are in perfect balance. The number of declining stocks on the NYSE represents about 67% of the total, while volume in declining stocks is also about 66% of total volume. As panic hits, the volume in declining stocks tends to rise relative to the number of declining stocks, which will lift the Arms Index. Many technicians see a rise above 2.000 to suggest panic selling, that may be worthy of capitulation. Meanwhile, the Dow Jones Industrial Average was down 121 points, putting it on track to suffer the longest losing streak–8 sessions–since the eight-day stretch ending Aug. 2, 2011. The S&P 500 was down 0.5%.

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Shares of YouTube and Google parent Alphabet Inc. fell 0.3% toward a six-week low in morning trade Monday, amid growing concerns over the potential negative impact of the growing number of customers pulling ads from the video streaming service. Instinet analyst Anthony DiClemente cut his stock price target to $925 from $950, saying the ad pulls could lower revenue by about $750 million, while the cost of developing a solution could weigh on profit margins. “Checks with ad buyers highlight that when concerns over brand safety arise, approach is to ‘pull spend, ask questions later,'” DiClemente wrote in a note to clients. J.P. Morgan analyst Doug Anmuth didn’t making any ratings changes, given that the financial impact of add pulls to be “modest,” but he did say that “the potential impact to Google has moved beyond just headline risk.” The ad pulls started with a few advertisers in the U.K., but has since expanded to large global companies, with AT&T Inc. saying last week that it was suspending all of its ad spend on Google’s YouTube after some of its ads ran alongside controversial videos, including those supporting terrorism. Google’s stock has gained 5.1% year to date, while the SPDR Technology Select Sector ETF has climbed 8.7% and the S&P 500 has tacked on 4%.

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The U.S. stock market fell sharply on Monday as investors’ confidence in Trump administration’s ability to implement fiscal policy changes was dented after a health-care bill was scrapped ahead of a House vote last week. Lower oil prices put pressure on energy companies. Meanwhile, financials continued their slide, with big banks among top decliners. Bank of America Corp. fell more than 3% at the open. The S&P 500 opened 18 points, or 0.8%, lower to 2,325. The Nasdaq Composite fell 50 points, or 0.9%, to 5,777. The Dow Jones Industrial Average skidded 145 points, or 0.7%, to 20,448.

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The European Central Bank should start getting ready to adjust its monetary policy, suggested Sabine Lautenschläger, a member of the ECB’s executive board, in a CNBC interview on Monday. “We should prepare for a change in the policy, and as soon as the [economic] data is stable, and we have a sustainable path towards our objective of price stability, then we are well prepared to do,” she said. The current loose policy is necessary, but inflation could continue to rise, according to Lautenschläger.

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Okta Inc. , an identity management company, set a price range of $13 to $15 Monday for its initial public offering. The company plans to sell 11 million shares, which would raise $165 million at the high end of its range. Okta was last valued at $1.2 billion in the private market. If it prices at the high end of its range, it would have a public market cap of $1.36 billion.

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Macy’s Inc. said Monday that it has signed an exclusive agreement with G-III Apparel Group Ltd. to become the exclusive U.S. department store retailer of DKNY women’s apparel, handbags and shoes, along with men’s and women’s outerwear and swim. DKNY is the line founded by Donna Karan in 1989. G-III acquired DKNY in December 2016. Under the deal, Macy’s and DKNY will work together on exclusives and brand extensions, and there are plans for additional and upgraded shop-in-shops. G-III will continue to operate global DKNY stores and the line’s website. And G-III will maintain agreements will license partners and distributors outside of the U.S., as well as licensees for merchandise outside of the aforementioned categories. Macy’s shares are down 0.8% in premarket trading and down 35.2% for the past year. G-III shares are down 13.2% in premarket trading and 49.5% for the last 12 months. The S&P 500 index is up 15.1% for the past year.

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Vivus Inc. shares rose 4.6% in premarket trade Monday after the company said it would regain the right to commercialize and promote erectile dysfunction drug Stendra in Africa, the Middle East, Turkey and Russia from Sanofi S.A. . Sanofi got commercial rights for Stendra in those countries in late 2013, and the return of the rights to Vivus were decided as part of a March 23 agreement, according to a 8-K filed by Vivus on Monday. Vivus shares have declined 7.6% over the last three months and Sanofi shares have risen 9.2%, compared with a 3.3% rise in the S&P 500 .

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All but one of the Dow Jones Industrial Average’s 30 components trading before Monday’s open are declining, with five of those components falling more than 1%. Among the biggest losers, shares of J.P. Morgan Chase & Co. slumped 2.1%, of Goldman Sachs Group Inc. dropped 2.1%, of Caterpillar Inc. shed 1.8% of American Express Co. slid 1.4% and of Nike Inc. lost 1.2% and Visa Inc. gave up 1%. The long gainer was DuPont & Co.’s stock , which ticked up 0.1% in light trade. Dow industrials futures tumbled 159 points.

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Shares of Allergan Plc and Paratek Pharmaceuticals Inc. rose premarket Monday, after the companies reported positive results for a trial of a treatment for moderate to severe acne. The companies said two Phase 3 trials of sarecycline met their primary endpoints. Allergan is planning to seek U.S. Food and Drug Administration approval for the drug in the second half. “Sarecycline is a narrow spectrum antibiotic, which we believe can offer meaningful clinical benefits for patients afflicted with acne,” Paratek Chief Medical Officer Evan Loh said in a statement. Paretek shares rose 11% premarket, while Allergan was up 0.3%.

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Shares of G-III Apparel Group Ltd. plunged 9.9% toward a four-year low in premarket trade Monday, after the branded apparel and accessories maker reported a wider-than-expected fiscal fourth-quarter loss and provided a downbeat outlook. For the quarter to Jan. 31, G-III swung to a net loss of $20.1 million, or 42 cents a share, from a profit of $8.0 million, or 17 cents a share, from the same period a year ago. Excluding non-recurring items, the adjusted per-share loss was 16 cents, compared with the FactSet loss consensus of 10 cents. Revenue rose to $603.3 million from $527.4 million, but missed the FactSet consensus of $622.8 million. For the current fiscal year, G-III’s EPS outlook of 80 cents to 90 cents was below the FactSet consensus of $1.34, and the sale guidance of “approximately” $2.73 billion was below expectations of $2.89 billion. ” Our non-outerwear wholesale business performed well in the face of significant headwinds as the traditional retail environment has become increasingly disrupted as a result of evolving consumer buying behavior and continued penetration of e-commerce,” said Chief Executive Morris Goldfarb. The stock has tumbled 22% year to date through Friday, while the S&P 500 has gained 4.7%.

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From:: Stock Market News