Category: Stock Market News

Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 6 to 597 rigs this week. That marked the fifth weekly increase in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 10 to 751, according to Baker Hughes. March West Texas Intermediate crude held onto earlier declines after the figures, trading down 15 cents, or 0.3%, at $53.21 a barrel on the New York Mercantile Exchange.

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.

…read more

From:: Stock Market News

The Senate confirmed Scott Pruitt to head the Environmental Protection Agency on Friday. Two Democrats, Joe Manchin of West Virginia and Heidi Heitkamp of North Dakota, joined Republicans to confirm him, while Republican Susan Collins of Maine voted against him. The vote was 52-46.

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.

…read more

From:: Stock Market News

Shares of Mondelez International Inc. shed 1.4% in midday trade, as Kraft Heinz Co.’s bid to buy Unilever PLC might reduce the likelihood that Mondelez gets acquired. Analyst Pablo Zuanic at Susquehanna said that although Unilever has rejected Kraft Heinz’s bid, he believes “a deal to eventually happen.” For now, Zuanic said the bid “should lower the probability of a bid for [Mondelez],” as the focus seems to be more on grocery than snacks. He said the bid should also pressure the stocks of a number of U.S.-heavy food companies, including General Mills Inc. , Campbell Soup Co. and Kellogg Co. . General Mills shares dropped 3.3% after cutting its sales outlook, Campbell’s stock shed 6.7% after reporting disappointing quarterly sales and Kellogg’s shares slumped 2.9%. Kraft’s stock soared 7.6% and Unilever’s U.S.-listed shares climbed 11%, while the S&P 500 eased 0.2%.

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.

…read more

From:: Stock Market News

Shares of UnitedHealth Group Inc. tumbled 4% in morning trade Friday to pace the Dow Jones Industrial Average decliners, after the Department of Justice joined a whistleblower’s lawsuit against the health care giant for overcharging Medicare. The stock, which is on track to suffer the biggest one-day percentage decline in 15 months, is heading toward the lowest close since Nov. 28, 2016. The price decline of $6.50 is shaving about 45 points off the Dow, which is down 58 points. On Thursday, law firm Constantine Cannon made public its lawsuit filed in 2011, after the DoJ joined the suit, that alleges UnitedHealth defrauded the Medicare program of “hundreds of millions of dollars” by claiming its members were treated for conditions they either did not have or were treated for. The allegations are against Texas-based WellMed, which UnitedHealth acquired in 2011. UnitedHealth’s stock was still up 33% over the past 12 months, while the Dow was up 25%.

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.

…read more

From:: Stock Market News

The Trump administration is considering mobilizing National Guard troops to round up unauthorized immigrants, the Associated Press reported Friday. Citing a draft memo, the AP said the White House is mulling the use of as many as 100,000 troops. The memo said the proposed enforcement would go as far east as New Orleans, La., and as far north as Portland, Ore. A senior assistant White House press secretary tweeted “not true” about the story but did not go into any detail.

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.

…read more

From:: Stock Market News

U.S. stock-market indexes started in negative territory on Friday, retreating from record levels for a second straight session. The main indexes were still on track to post solid weekly gains, however. In corporate news, investors were closely watching shares of Kraft Heinz Co. and Unilever PLC after Kraft said it made an offer to purchase Unilever that was rejected, but added that talks were still ongoing. The S&P 500 opened down 7 points, or 0.3%, at 2,339. The Nasdaq Composite began the session down 12 points, or 0.2% at 5,802. The Dow Jones Industrial Average declined 80 points or 0.4%, to 20,540 at the open.

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.

…read more

From:: Stock Market News

The People’s Bank of China said Friday that it would crack down on financial crimes like money laundering, tax evasion and terrorist financing. Over the past month, the central bank has stepped up monitoring of several prominent bitcoin exchanges to try and prevent Chinese citizens from using digital currencies to circumvent the country’s stringent capital controls.The central bank also warned that it sees asset bubbles forming in certain markets and that it will increasingly monitor the country’s financial markets for abnormal moves. Chinese stocks finished lower on Friday, with the Shanghai Composite Index down 0.9% at 3,202 and the Shenzen A Share index fell 0.7% to 24,033.74. The dollar strengthened 0.2% to 6.87 yuan.

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.

…read more

From:: Stock Market News

DineEquity Inc. shares fell 2.2% in Friday premarket trading after the company announced that Chief Executive Officer Julia Stewart has resigned, effective Mar. 1, and reported preliminary fourth-quarter earnings that missed expectations. Richard Dahl, lead director of the board, will serve as interim CEO while a search for a permanent replacement is conducted. Fourth-quarter net income was $21.1 million, or $1.18 per share, and adjusted EPS was to be $1.37. The FactSet consensus is $1.39. IHOP’s domestic system-wide same-store sales were down 2.1% for the quarter, compared with a FactSet consensus of 1.2% growth. And Applebee’s domestic system-wide same-store sales were down 7.2%, compared with a FactSet consensus of a 4.9% decline. The company will report quarterly and full-year earnings on Mar. 1. DineEquity shares are down 21.1% for the past year while the S&P 500 index is up 21.8% for the same 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.

…read more

From:: Stock Market News

General Mills Inc. shares dropped 4.1% in Friday premarket trading after the food company lowered its guidance for fiscal 2017, ending in May. The revision is largely due to recent sales performance of U.S. yogurt and soup. General Mills organic net sales are now expected to fall about 4%, which is the low end of the 3%-to-4% decline in the previous guidance range, “due primarily to a widening gap between the company’s level of promotional activity and that of competitors in the U.S. yogurt and soup categories.” Adjusted earnings per share are expected to increase 5% to 7% in constant currency. General Mills shares are up 5.9% for the past year while the S&P 500 index is up 21.8% for the same 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.

…read more

From:: Stock Market News

Shares of both Kraft Heinz Co. and Unilever PLC rose in Friday premarket trading after Kraft revealed that it made a merger proposal to Unilever that was declined. Shares of Unilever shot up 8.1%, while Kraft Heinz stock rose 3.1%. “While Unilever has declined the proposal, we look forward to working to reach an agreement on the terms of a transaction,” Kraft Heinz said in the statement. Kraft brands include Oscar Meyer, Velveeta and Jell-O. Dove, Lipton and Vaseline are among Unilever’s brands. Kraft stock is up 17.6% in the past year, Unilever shares are down 1.4% over that period, and the S&P 500 index is up 21.8% in 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.

…read more

From:: Stock Market News