Category: Stock Market News

The S&P 500 slumped 0.8% in morning trade, putting the large-cap benchmark index on track for its biggest one-day point and percentage decline so far this year, with 393 of 505 components losing ground. The index was also headed for a fourth-straight loss, matching the four-session losing streak ending Jan. 31. The S&P 500 has lost 30.57 points, or 1.28%, during its current streak, which would be the biggest four-day point and percentage loss since before the election, when it lost 40.97 points, or 1.93%, over the four sessions ending Nov. 4. Tuesday’s selloff is also in danger of snapping a 109-session streak without a 1% decline.

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Apple Inc.’s stock continued its march to record highs, as it climbed 0.7% in morning trade after updating its iPad and iPhone offerings and introducing a new video app. The stock was the biggest gainer among Dow Jones Industrial Average components, with the price gain of 97 cents adding about 7 points to the Dow’s price, which was up 15 points. Apple’s stock has reached all-time intraday highs in four of the past five sessions, and has already closed at record highs three times this month and 10 times this year, bringing its market capitalization to $747.4 billion in morning trade. In comparison, the Dow has closed at one record high this month, on March 1, and 15 times this year. Apple shares have gained 23% year to date, while the Dow has climbed 5.9%.

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Shares of Facebook Inc. opened at $141.15 Tuesday morning, an all-time high for the stock. The stock had been upgraded to buy from neutral at BTIG this morning. Shares of Facebook have been on the upswing, gaining 6% in the past month, compared to the S&P 500’s gain of 1%. Apple Inc. , which announced updated iPhone and iPad offerings Tuesday, and Netflix Inc. also saw all-time highs at the opening Tuesday.

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.

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The Nasdaq Composite opened in record territory, setting an intraday all-time high as U.S. stocks advanced on Tuesday. The S&P 500 rose 6 points, or 0.4%, to 2,397, trading above its previous closing high. All the main 11 sectors were higher. The Nasdaq Composite advanced 21 points, or 0.4% to 5,922. The Dow Jones Industrial Average gained 46 points or 0.3%, to 20,952.

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.

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Amazon.com Inc. said Tuesday that it has launched Alexa voice shopping for the Prime Now two-hour delivery service in 30 cities. Prime Now ordering is available through a variety of Amazon devices, including the Echo and Amazon Tap. Once the minimum order value is reached, Alexa will choose a delivery slot. In select cities like Seattle, Columbus and Cincinnati, Alexa will also purchase beer, wine and spirits. Amazon shares are up 0.2% in premarket trading, and up 54.7% for the last year. The S&P 500 index is up 15.7% 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.

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Apple Inc. updated its iPad and iPhone offerings Tuesday, including a new iPad starting at $329 and featuring a brighter 9.7-inch Retina display. The $329 model iPad will have 32 gigabits of memory and Wi-Fi, while the $459 model with have 32GB, Wi-Fi and cellular. Apple also introduced RED special edition iPhone 7 and iPhone 7 Plus smartphones, which will be available in stores starting March 24. The phones will be available in 128GB and 256GB models starting at $749. Separately, Apple introduced its new free Clips app that allows users to create expressive videos, that can be shared through Apple’s Messages app, Facebook, Instagram and other social networks. Apple’s stock gained 0.5% in premarket trade, putting it on track to open at a record high. It has run up 22% year to date, while the Dow Jones Industrial Average has gained 5.8%.

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.

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Starbucks Corp. said Tuesday that it has launched a food menu that includes gluten-free and vegan options. The gluten-free smoked Canadian bacon breakfast sandwich made with an egg patty and reduced-fat cheddar cheese will be available at most stores. The sprouted grain bagel, which is topped with sunflower seeds, golden flax and other ingredients, is available at participating stores. And the Goodie Girl Mint Slims, a gluten-free chocolate mint cookie, is available at all stores. Other menu items include the Starbucks Organic Avocado Spread, now available nationwide, and lemon chiffon yogurt. Starbucks shares are up 0.8% in premarket trading, and down 5.6% for the past year. The S&P 500 index is up 15.7% for the last 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.

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Lands’ End Inc. reported a fiscal fourth-quarter net loss that widened to $94.8 million, or $2.96 a share, from $39.5 million, or $1.23 a share, in the same period a year ago. Excluding non-recurring items, such as a $173 million one-time charge to write down the Lands’ End trade name, adjusted earnings per share came to 41 cents, beating the FactSet consensus of 35 cents. Revenue fell to $458.8 million from $473.5 million, just shy of the FactSet consensus of $459.4 million. The multichannel apparel seller said gross margin declined to 38.6% from 42.0%, as it wrote down $6.7 million worth of prior-season inventory from its Canvas by Lands’ End brand. The stock, which was still inactive in premarket trade, has run up 27% year to date, but was still down 28% over the past 12 months. In comparison, the S&P 500 has gained 6% so far this year and has rallied 16% 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.

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Shipt, a membership-based delivery service for online groceries, announced Tuesday that it has partnered with Costco Wholesale Corp. in the Tampa metro area to deliver groceries, including perishable items. The service does not include apparel, furniture or electronics items. Shipt offers unlimited grocery deliveries for $99 per year, and services 17 million households in 35 markets, the company said. It plans to be in 50 markets and more than 30 million households by the end of the 2017. Tampa residents can try Shipt for free for two weeks and receive $15 off their first order. Shipt members in Tampa shop the grocery selection, choose a one-hour delivery window and pay online. Costco members will receive perks for shopping using Shipt, but non-members can also fill Costco orders. Costco shares are up 8.8% for the past year while the S&P 500 index is up 15.7% for the period.

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.

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Shares of General Mills Inc. fell 0.8% in premarket trade Tuesday, after the branded consumer foods company reported a fiscal third-quarter profit that beat expectations but sales that fell a bit short. Net earnings for the quarter to Feb. 26 came to $357.8 million, or 61 cents a share, compared with $361.7 million, or 59 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 72 cents, above the FactSet consensus of 71 cents. Revenue declined 5.2% to $3.79 billion from $4.00 billion, just below the FactSet consensus of $3.82 billion. The company attributed the sales decline to gaps in pricing and promotional activity in key U.S. businesses. North America revenue dropped 7.0% to $2.50 billion, and convenience stores and foodservice revenue declined 1.1% to $448.5 million. Looking ahead, the company expects fiscal 2017 adjusted EPS to rise 5% to 7% above last year’s $2.92; the FactSet consensus of $3.06 implied 4.8% growth. The stock has lost 2.4% year to date through Monday, while the S&P 500 has gained 6%.

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.

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From:: Stock Market News