Category: Stock Market News

U.S. stocks opened higher on Friday after the February payroll report showed more jobs added in the month than had been expected, the latest positive read on the labor market. The Dow Jones Industrial Average rose 0.3% to 20,928. The S&P 500 advanced 0.4% to 2,374. The Nasdaq Composite Index climbed 0.5% to 5,866. The jobs number was seen as confirming the view that the Federal Reserve would raise interest rates at its upcoming meeting next week. Bank stocks were among the strongest gainers of the day on Friday; not only does the sector outperform in times of stronger economic growth, but it tends to benefit from an environment with higher interest rates. Goldman Sachs rose 0.4% while J.P. Morgan Chase & Co added 0.4%.

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Treasury yields retreated on Friday after official data showed that U.S. employers created more jobs than expected in February, but wage growth remained unexpectedly weak. The yield on the 10-year Treasury note was off nearly three basis points at 2.580% in recent trade, while the 30-year yield was down two points at 3.173%. The yield on the two-year note , considered the most sensitive to interest-rate hike expectations, was down 1.1 basis point at 1.368%. The U.S. economy created 235,000 jobs in February, surpassing expectations for a 221,000 increase, but average hourly wages rose just 0.2%, undershooting expectations for the second month in a row. Wages are considered an important precursor to consumer-price inflation, as companies raise prices on their goods to offset higher labor costs. Thus, the weaker than expected number helped rein in inflation expectations, which have been partly responsible for the jump in yields since the Nov. 8 U.S. election. Typically, when investors expect consumer prices to rise, they demand a higher return on their bond investors to offset that increase.

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U.S. stock futures added to gains after data showing the economy added 235,000 jobs in February, pushing unemployment rate to 4.7%, both numbers exceeding Wall Street expectations. The government said 238,000 new jobs were created in January instead of 227,000. The final and the most important data point before the Federal Reserve’s policy meeting next week all but confirms a rate increase. The S&P 500 futures rose 10 points, or 0.4%, at 2,376. The Nasdaq-100 futures advanced 21 points, or 0.4% at 5,387. Futures for the Dow Jones Industrial Average gained 91 points or 0.4%, to 20,961.

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WASHINGTON (MarketWatch) – The U.S. added 235,000 new jobs in February, helped by a big gain in construction, in a sign the economy is still chugging along. Economists polled by MarketWatch had predicted a 221,000 increase in nonfarm jobs. The unemployment rate dipped to 4.7% from 4.8%, the government said Friday. Average wages rose 0.2% to $26.09 an hour. Hourly pay increased 2.8% from February 2016 to February 2017, up from 2.6% in the prior month. Hours worked was unchanged at 34.4 a week. The government said 238,000 new jobs were created in January instead of 227,000. December’s gain was trimmed to 155,000 from 157,000.

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Genesco Inc. shares rose 4.6% in premarket trade on Friday after the footwear and apparel company reported a fourth-quarter profit above Wall Street’s expectations. Net income for the quarter was $46.8 million, or $2.40 per share, compared to $45.0 million, or $2.07 per share during the same period a year ago. Adjusted earning per share were $2.15, beating FactSet’s consensus of $1.78. Sales in the quarter fell to $883 million from $932 million, and below FactSet’s $901 consensus. Genesco shares have declined 16.7% in the trailing 12-month period, while the S&P 500 index is up 18.9%.

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Shares of ski operator Vail Resorts Inc. rose 3% in premarket trade Friday, after the company blew past earnings estimates for its latest quarter and said it is raising its dividend. Vail said it had net income of $149.2 million, or $3.63 a share, in its fiscal fourth quarter to end January, up from $116.9 million, or $3.14 a share, in the year-earlier period. Revenue rose to $725.2 million from $599.4 million. The FactSet consensus was for EPS of $3.40 and revenue of $709 million. “We had strong results during the holidays and the month of January despite a slower start to the season at our U.S. resorts resulting from below average early season conditions,” Chief Executive Rob Katz said in a statement. The company said its board has approved a 30% increase in its quarterly dividend to $1.053 per share, payable April 13 to shareholders of record as of March 29.

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Tesla Inc. Chief Executive Elon Musk on Friday offered to help the state of South Australia overcome power outages by installing 100 megawatt hours worth of battery storage, according to media reports. Musk said he could fulfill a contract within 100 days, and if he failed, he would not charge for what would be about $25 million of battery storage. Mike Cannon-Brookes, the Australian co-founder of Silicon Valley startup Atlassian, on Friday tweeted Musk to ask if Tesla was serious about being able to install the capacity. Musk said Tesla could do it in 100 days of the contract being signed, or else provide it free, adding: “That serious enough for you?” Musk said he would charge $250 per kilowatt hour for 100 megawatt hour systems, which is equal to $25 million. Cannon-Brookes replied on Twitter: You’re on mate. Give me 7 days to try and sort out politics & funding.” South Australia has been hit by power outages after a record-breaking summer. Tesla shares were slightly higher premarket, and are up 19% in the last 12 months, matching the S&P 500’s gains.

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From:: Stock Market News

Tesla Inc. Chief Executive Elon Musk on Friday offered to help the state of South Australia overcome power outages by installing 100 megawatt hours worth of battery storage, according to media reports. Musk said he could fulfill a contract within 100 days, and if he failed, he would not charge for what would be about $25 million of battery storage. Mike Cannon-Brookes, the Australian co-founder of Silicon Valley startup Atlassian, on Friday tweeted Musk to ask if Tesla was serious about being able to install the capacity. Musk said Tesla could do it in 100 days of the contract being signed, or else provide it free, adding: “That serious enough for you?” Musk said he would charge $250 per kilowatt hour for 100 megawatt hour systems, which is equal to $25 million. Cannon-Brookes replied on Twitter: You’re on mate. Give me 7 days to try and sort out politics & funding.” South Australia has been hit by power outages after a record-breaking summer. Tesla shares were slightly higher premarket, and are up 19% in the last 12 months, matching the S&P 500’s gains.

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U.S. Secretary of State Rex Tillerson has recused himself from dealings with the controversial Keystone XL pipeline, the State Department said late Thursday. “He has not worked on that matter at the Department of State, and will play no role in the deliberations or ultimate resolution of TransCanada’s application,” a letter from the State Department to the environmental group Greenpeace said. Tillerson made the decision in early February, the State Department said. TransCanada Corp. in January resubmitted its application for the pipeline, which President Donald Trump signed. The project had been rejected by former President Barack Obama in 2015. Greenpeace had urged Tillerson to recuse himself, since he used to be the chief executive of Exxon Mobil Corp. , which stands to financially benefit if the pipeline is built. The Keystone XL pipeline will transport crude oil almost 1,200 miles from Canada and North Dakota to the Gulf of Mexico.

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The Securities and Exchange Commission said a California company and its founder falsely touted record revenues, when its earnings came from sham transactions with a secret affiliate. Medbox said it sold vending machines capable of dispensing marijuana on the basis of biometric identification. Instead, nearly 90% of revenue in the first quarter of 2014 came from “sham transactions” with a shell company, the SEC says. Vincent Mehdizadeh and Medbox, which has since changed its name to Notis Global, have agreed to settle the SEC’s charges, and Mehdizadeh will pay a fine of more than $12 million and agreed to be barred from serving as an officer or director of a public company or participating in any penny stock offerings. Litigation continues against then CEO Bruce Bedrick, Mehdizadeh’s then fiancee Yocelin Legaspi, and the shell company, New-Age Investment Consulting.

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