Category: Stock Market News

Roku Inc., a leader in streaming TV platforms, said on Tuesday it experienced record growth in 2016, resulting in $400 million in revenue. The company said 13.4 million active accounts streamed a record 1 billion hours of video and music on Roku devices in December and totaled 9 billion hours in all of 2016. Roku accounted for 48% of active streaming players in the U.S. in December, according to Nielsen.

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Shares of Charles Schwab Corp. slumped 4.2% in morning trade Tuesday, after it slashed commissions for standard online equity and exchange-traded funds trades by 29% to $4.95, to match recent cuts made by Fidelity. Commissions on options was cut to $4.95 plus 65 cents per contract. The cuts are effective March 3. Fidelity had just announced that it had cut commissions on online equity trades to $4.95, boasting that prices were below rivals TD Ameritrade Holding Corp. , Schwab and E-Trade Financial Corp. . TD Ameritrade’s stock tumbled 6.6% and E-Trade shares shed 5.5%. Schwab’s stock has now gained 4.3% over the past three months, while the S&P 500 has climbed 7.4%.

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U.S. stock-market indexes opened slightly lower Tuesday as investors remained cautious ahead of President Donald Trump’s address to a joint session of Congress. The main indexes were still hovering near record levels set on Monday. The S&P 500 was down 3 points, or 0.1%, at 2,367. The Nasdaq Composite began the session down 9 points, or 0.2% at 5,852. The Dow Jones Industrial Average was down 18 points or 0.1%, to 20,818 at the open.

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Revenue from mobile hardware, software and services sales is expected to reach $1.57 trillion in 2017, according to International Data Corporation. Mobile purchases are expected to see a compound annual growth rate of 2.1% over the 2015 to 2020 forecast period, and reach $1.67 trillion in 2020. “Mobility has moved from niche and novelty usage in business to a core end-user computing technology for enterprise workforces,” said Phil Hochmuth, program director for enterprise mobility at IDC, in a statement. “While devices and apps transform how workers do their jobs, mobile app platforms and services create entire new business models and customer interaction opportunities.” Banking, discrete manufacturing and professional services are expected to be the three commercial industries making the largest mobility investment in 2017 — $166.3 billion combined. And the telecommunications industry will provide the fastest spending growth over the 2015 to 2020 period, with a 4.2% compound annual growth rate.

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WASHINGTON (MarketWatch) – The financial market is pricing in the probability of an interest-rate hike by the U.S. central bank in either March, May or June and that is “likely in the neighborhood of where we are heading,” said Dallas Fed President Rob Kaplan on Tuesday. “What market probabilities probably suggest is between now and June – in either the March, May or June meeting – you are going to see some action,” Kaplan said in an interview on CNBC. “I don’t think the exact timing is the most important thing. I think the path of rates is,” he said. The CME Group’s Fed funds futures pricing shows that traders see a 31% chance for a quarter-point rate hike in March. They bump those odds up to 54% for May and 73% for June. Kaplan, who is a rate-policy voter this year, said the economy is making good progress toward the Fed’s goals of full employment and a stable 2% rate of inflation. He said growth should be above 2% this year even before fiscal policies that could provide some upside. Given this outlook, “we should be taking steps to remove some amount of accommodation sooner rather than later,” he said.

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Kite Pharma Inc. said Tuesday a study of a treatment for aggressive non-Hodgkin lymphoma met its main goal in a trial. The company said the first analysis of data for its lead CAR-T candidate, axicabtagene ciloleucel (previously referred to as KTE-C19), in patients with chemorefractory aggressive B-cell non-Hodgkin lymphoma met its primary endpoint. The study involved 101 patients, 41% of whom had recorded a response at month six. “Five of the 101 patients (5 percent) continue to experience highly significant and durable partial responses (PR) with minimal abnormalities in PET scans,” the company said in a statement. The results “are exceptional and suggest that more than a third of patients with refractory aggressive NHL could potentially be cured after a single infusion of axicabtagene ciloleucel, ” said Jeff Wiezorek, M.D., senior vice president of clinical development. The company will present the data at the American Association for Cancer Research in April 2017 in Washington, D.C. Shares were halted for the news.

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Domino’s Pizza Inc. reported fourth-quarter net income of $72.7 million, or $1.48 per share, up from $62.8 million, or $1.18 per share. The FactSet consensus was $1.44. Sales were $819.4 million, up from $741.2 million and ahead of the $782.0 million FactSet consensus. Domestic same-store sales rose 12.2% for the quarter, and same-store sales for the international division was up 4.3%. Domino’s raised its dividend 21.1% to 46 cents per share for shareholders of record as of March 15, 2017 to be paid on March 30, 2017. Domino’s shares are unchanged in Tuesday premarket trading, and up 38% for the past year. The S&P 500 index is up 21.7% for the last 12 months.

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Amazon.com Inc. said Tuesday that it has launched restaurant delivery service in Washington D.C. for Prime members. Customers in the greater D.C. area, including Northern Virginia, Georgetown and other neighborhoods, can have orders from 150 restaurants delivered. Food is delivered in one hour or less. Amazon shares are up 0.3% in premarket trading, and up nearly 53% for the past year. The S&P 500 index is up 21.7% for the last 12 months.

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Target Corp.’s stock plunged 14% in active premarket trade Tuesday, in the wake of a disappointing fiscal fourth-quarter report, putting it on track to open at a 2 1/2-year low. Current volume of about 276,000 shares made the stock the most actively traded before the open. The stock’s $9.41, or 14.1%, drop to $57.50 ahead of the open would put it on track to open at the lowest level seen since Aug. 7, 2014. The stock would suffer the biggest one-day price drop since it went public in January 1972, and the third-biggest-ever percentage decline, and the biggest since Aug. 31, 1998. Earlier,Target missed fiscal fourth-quarter profit expectations, and provided first-quarter and full-year outlooks that were well below analyst projections. The stock has tumbled 15% over the past 12 months, while the SPDR S&P Retail ETF has gained 1.6% and the S&P 500 has climbed 22%.

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Valeant Pharmaceuticals International Inc. shares jumped, then reversed their gains, in premarket trade Tuesday, after the company reported a fourth-quarter loss and decline in revenues, but still beat Wall Street estimates. Valeant, which was immersed in an accounting and drug pricing scandal last year, said it had a net loss of $512 million, or $1.47 a share, in the quarter, after a loss of $385 million, or $1.12 a share, in the year-earlier period. Excluding special items, the company had adjusted EPS of $1.26, ahead of the FactSet consensus of $1.20. Revenue fell to $2.4 billion from $2.7 billion, but were also ahead of the FactSet consensus of $2.3 billion. Joseph Papa, the CEO who was brought in to turn the company around, said it had improved its position in 2016. “We paid all 2017 amortizations and reduced debt by $519 million in the fourth quarter,” Papa said in a statement. “We agreed to divest a number of assets, including several skincare brands, our Dendreon business and smaller international interests. The U.S. Food and Drug Administration (FDA) approved our new psoriasis treatment, SILIQ(TM), and we resubmitted our glaucoma treatment, latanoprostene bunod in February 2017.” The company is expecting 2017 revenue to range from $8.9 billion to $9.1 billion. Shares are down 79% in the last 12 months, while the S&P 500 has gained 22%.

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