Category: Stock Market News

The U.S. Energy Information Administration on Wednesday reported that domestic crude-oil supplies rose by 5 million barrels for the week ended March 17. That marked the tenth increase in 11 weeks. The American Petroleum Institute late Tuesday reported a 4.5 million-barrel climb, according to sources, while analysts polled by S&P Global Platts forecast a rise of 2 million barrels. Gasoline supplies fell by 2.8 million barrels, while distillate stockpiles declined by 1.9 million barrels last week, according to the EIA. May crude lost 95 cents, or 2%, to $47.29 a barrel on the New York Mercantile Exchange. It was trading at $47.69 before the supply data.

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Viacom Inc.’s Paramount Pictures is nearing a deal with industry veteran Jim Gianopulos to serve as the studio’s chairman and chief executive, according to Variety. Gianopulos is currently on his way out as chairman and chief executive at 20th Century Fox , which announced last summer that he would step down once his contract expires on June 30, 2017. If Viacom and Gianopulos agree to terms, he will take the helm following Brad Grey’s exit earlier this year. Grey led the studio for 12 years. Viacom is looking to turn its fortune around under new Chief Executive Officer Bob Bakish after a tumultuous year rife with management infighting. The company has designated its floundering Paramount Pictures film division as key to its strategy. Viacom’s publicly-owned class B shares have gained just 3% in the trailing 12-month period, while the S&P 500 index is up more than 14% during the same time frame.

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U.S. stocks opened lower on Wednesday, a day after the Dow Jones Industrial Average and the Nasdaq Composite Index posted their largest one-day losses since September. The S&P 500 index shed 1 point, or 0.1%, to 2,342, while the Dow slipped 36 points, or 0.2%, to 20,628. The Nasdaq fell 3 points, or 0.1%, to 5,790. Market strategists attributed the drop to signs that President Donald Trump and his allies in Congress might take longer to implement a slate of promised fiscal-stimulus measures than previously believed. The Republican plan for repealing and replacing Obamacare has been met with resistance from some conservative lawmakers, raising concerns that the House bill might not pass when it comes up for a vote on Thursday. In individual stock trading, Sears Holdings Corp. shares plummeted after the struggling retailer warned that the company could cease operations if its turnaround plan fails. Bank stocks struggled, with shares of Bank of America Corp. , Wells Fargo & Co. , Citigroup Inc. , J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. all moving lower.

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Sears Holdings Corp. shares sank 15.4% in Wednesday premarket trading after the struggling retailer warned that it has “substantial doubt” that it would be able to “continue as a going concern” if its turnaround plan failed. Sears announced a $1 billion restructuring effort in February that includes staff cuts and store closures. In its 10-K filed Tuesday, it said it is also exploring options with its remaining assets, including the Home Services business and the Kenmore and DieHard brands. “We believe that the actions discussed above are probable of occurring and mitigating the substantial doubt raised by our historical operating results and satisfying our estimated liquidity needs 12 months from the issuance of the financial statements,” the company said. “However, we cannot predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as currently planned.” Sears reported outstanding borrowings of $4.2 billion as of Jan. 28, 2017, up from $2.98 billion last year. Sears shares are down 38.6% for the past year while the S&P 500 index is up 14.4% for the period.

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Sequential Brands Group Inc. said Chief Executive Yehuda Shmidman will step down from that position after about five years with the company. Shmidman is also stepping from the board of directors. The consumer brands company, which brands include Martha Stewart, Jessica Simpson and Avia, named Karen Murray as its new CEO, and appointed her to serve as a director. Murray was most recently president of VF Corp.’s VF Sportswear subsidiary, which brands included Nautica and Kipling. Sequential Brands’ stock, which was still inactive in premarket trade, has tumbled 20% year to date, while the S&P 500 has gained 4.7%.

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Shares of Nike Inc. dropped $2.46, or 4.2%, in premarket trade Wednesday, after the athletic apparel and accessories maker provided a tepid outlook as it reported fiscal third-quarter results. The price decline would be in line to shave about 17 points off the price of the Dow Jones Industrial Average , or about 44% of the 39-point drop in Dow futures in recent trade. Nike’s stock has climbed $7.18, or 14%, year to date through Tuesday, which added about 49 points to the Dow. The Dow has gained 905 points, or 4.6%, so far this year.

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Winnebago Industries Inc. reported fiscal second-quarter earnings that rose to $15.3 million, or 48 cents a share, from $9.4 million, or 35 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of 44 cents. Revenue increased 64% to $370.5 million from $225.7 million, boosted by the inclusion of sales from the recently purchased Grand Design. That exceeded the FactSet consensus of $338.4 million. The recreational vehicle seller said motorized revenue for the quarter to Feb. 25 fell 3% to $198.9 million, as a 5.2% decline in average selling prices offset a 3.6% rise in unit deliveries. Towable revenue rose 14% to $171.6 million. The stock, which was still inactive in premarket trade, has dropped 12% year to date, while the S&P 500 has gained 4.7%.

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Philip Morris International Inc. said Wednesday it has invested about 300 million euro, or the U.S. dollar equivalent of about $323.7 million, to convert a cigarette factory in Greece to a plant to make tobacco sticks for its smoke-free product IQOS. Philip Morris expects the investment to create 400 new jobs in Papastratos, in addition to the 800 people the factory had already employed. Production is expected to begin in January 2018, and the company expects the plant to have an annual capacity of 20 billion tobacco sticks. “This investment is further evidence of our progress towards a smoke-free future,” said Frederic de Wilde, regional president for the European Union at Philip Morris. “We are encouraged by the 1.4 million smokers who have already switched to IQOS around the world, and we expect this momentum to continue.” The stock, which is still inactive in premarket trade, has rallied 24% year to date while the S&P 500 has gained 4.7%.

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Dutch bank ING disclosed in its annual report published last week that it is a target of a criminal investigation into money laundering and corruption that could result in significant fines. The company on Wednesday was not confirming on record a report in Dutch newspaper Het Financieele Dagblad that linked the investigation to a case that prosecutors said allegedly involved bribes paid to the daughter of the former president of Uzbekistan by several telecommunications companies, including Amsterdam-based Vimpelcom. That press report cited a Dutch prosecution spokeswoman, according to Reuters. ING said in its annual report that it had also received requests for information from U.S. authorities and is cooperating. ING’s ADRs were trading down over 5% in U.S. premarket trading.

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Shares of Dutch paints and chemicals giant Akzo Nobel NV lost 2.4% in early Wednesday trade after the company rejected a second takeover offer from PPG Industries Inc. . U.S. coatings major PPG had offered to buy Akzo Nobel for 88.72 euros a share, up from the first offer of €83 a share. “This proposal significantly fails to recognize the value of Akzo Nobel. Our boards do not believe it is in the best interest of Akzo Nobel’s stakeholders, including our shareholders, customers and employees. That is why we have rejected it unanimously,” said the company’s chief executive Ton Büchner in a statement.

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