Category: Stock Market News

The U.S. Energy Information Administration on Wednesday reported a sixth straight weekly increase in crude-oil supplies, lifting total commercial inventories to a record weekly level, based on data going back to 1982. Crude stockpiles rose 9.5 million barrels to total 518.1 million barrels for the week ended Feb. 10, the EIA said. The previous record was at roughly 512.1 million barrels for the week ended April 29, 2016. The American Petroleum Institute late Tuesday reported a 9.9 million-barrel climb for crude supplies, according to sources, while analysts polled by S&P Global Platts forecast a climb of 3.25 million barrels. Gasoline supplies rose by 2.8 million barrels, while distillate stockpiles were down 700,000 barrels last week, according to the EIA. March crude fell 24 cents, or 0.5%, at $52.96 a barrel on the New York Mercantile Exchange. It was trading at $53.13 before the supply data.

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Industrial production fell 0.3% in January, the largest drop since September, the Federal Reserve said Wednesday. Economists polled by MarketWatch had expected a 0.4% drop. Also, December production was revised down to a 0.6% gain from a previously 0.8% gain. The weakness in January was led by a decline in utility output. Manufacturing output rose 0.2% in January.

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U.S. stock-market indexes opened little-changed on Wednesday, as investors took a break from a four-day record run. Investors digested a trio of stronger-than-expected economic data and earnings. The S&P 500 opened off 2 points, or 0.1%, at 2,335, hovering near record close, set on Tuesday. The Nasdaq Composite began the session down 5 points, or 0.1% at 5,777. The Dow Jones Industrial Average was flat 20,503 at the open.

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Treasury yields touched their highest levels in more than two weeks on Wednesday after a strong reading on consumer-price inflation was seen strengthening the Federal Reserve’s case for raising interest rates as early as March. The yield on the 10-year Treasury note rose to 2.517%, its highest level since Jan. 27, while the yield on the two-year Treasury note rose 2.5 basis points to 1.259%, its highest level sine Jan. 9. The yield on the 30-year Treasury bond rose 4.3 basis points to 3.097%, its highest since Feb. 3. Yields rise as bond prices fall. Market strategists attributed the move to a stronger-than-anticipated reading on consumer-price inflation, which accelerated to 2.5% during the 12 months ending in January. Federal Reserve Chairwoman Janet Yellen rattled the Treasury market on Tuesday while testifying before the Senate Banking Committee when she said waiting too long to raise interest rates would be “unwise.” “Yesterday, we saw a hawkish Fed. Now, we’re getting corroboration on the data side of things,” said Subadra Rajappa, fixed-income strategist at Société Générale. Market-based expectations for a March hike also rose after the data. The CME Group’s FedWatch tool, which derives rate-hike odds from activity in the Fed funds futures market, put the probability of a hike at 22%.

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Shares of Evoke Pharma Inc. soared 38% in premarket trade, after the Food and Drug Administration’s positive assessment of the company’s gastrointestinal disease treatment, Gimoti. The company said the FDA exempted the late-stage product from a Human Factors Validation study that is required prior to the submission of a new drug application. The FDA determined that Evoke had adequately considered the risks associated with the proposed Gimoti nasal spray, and therefore HF Validation as not needed at this time. Evoke said the FDA’s determination helps reduce potential risks and saves additional resources for NDA preparation. “We intend to pursue an NDA submission by the end of the year and plan to update our investors in the near term with more specific timelines on these efforts,” said Chief Executive Dave Gonyer. The stock had run up 60% over the past three months through Tuesday, but was still down 7.5% over the past 12 months, while the S&P 500 has climbed 25% over the past year.

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Shares of Groupon Inc. soared 14% Wednesday after the company reported stronger-than-expected quarterly earnings. The daily-deals site reported a loss of $50.2 million, or 9 cents a share, compared with a loss of $32.6 million, or 8 cents a share, in the year-earlier period. Excluding one-time items, Groupon reported non-GAAP earnings of 7 cents a share, topping the 3-cent profit analysts on average had been expecting, according to FactSet. Revenue rose to $934.9 million from $917.2 million in the year-earlier period, beating the Street’s view of $913 million. Shares of Groupon rocketed 14.3% higher to $4.32 in premarket trade. As of Tuesday’s close, they had been down 6% in the past three months, underperforming the S&P 500 , up more than 7%.

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Shares of Groupon Inc. soared 14% Wednesday after the company reported stronger-than-expected quarterly earnings. The daily-deals site reported a loss of $50.2 million, or 9 cents a share, compared with a loss of $32.6 million, or 8 cents a share, in the year-earlier period. Excluding one-time items, Groupon reported non-GAAP earnings of 7 cents a share, topping the 3-cent profit analysts on average had been expecting, according to FactSet. Revenue rose to $934.9 million from $917.2 million in the year-earlier period, beating the Street’s view of $913 million. Shares of Groupon rocketed 14.3% higher to $4.32 in premarket trade. As of Tuesday’s close, they had been down 6% in the past three months, underperforming the S&P 500 , up more than 7%.

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Shares of SodaStream International Ltd. soared 6.8% in premarket trade Wednesday, after the seller of sparkling water maker beat fourth-quarter profit and sales expectation, boosted by a big jump in sales of sparkling water maker starter kits. Earnings rose nearly six fold to $15.6 million, or 71 cents a share, from $2.8 million, or 13 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 36 cents. Revenue increased 17% to $131.8 million from $112.9 million, beating expectations of $125.5 million, amid 18% growth in Western Europe and 20% growth in the Americas. Sparkling water maker starter kit sales surged 37% to $56.7 million, while consumables sales increased 5% to $74.0 million. “Consumers are responding positively to our messaging around health & wellness, convenience, and the environment and are using SodaStream to produce sparkling water in record numbers,” said Chief Executive Daniel Birnbaum. The stock has run up 37% over the past three months, and nearly quadrupled over the past 12 months, while the S&P 500 has gained 25% over the past year.

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Angie’s List, a provider of reviews, offers and data in more than 700 categories of home-improvement and repairs, said Wednesday it had net income of 48.9 million, or 15 cents a share, in the fourth quarter , down from $14.2 million, or 24 cents a share, in the year-earlier period. Revenue fell to $76.7 million from $86.3 million. the FactSet consensus was for EPS of 8 cents and revenue of $78.0 million. The company had gross member additions of 0.8 million in the quarter and 2.9 million in the year, bringing its total members to 5.1 million by year end. “In 2017, we have three priorities: 1) Build products that increase member engagement, 2) Strengthen the value proposition to our service providers, and 3) Continue to improve our cost structure,” Chief Executive Scott Durchschlag said in a statement. Shares rose 3% in premarket trade, but are down about 34% in the last 12 months, while the S&P 500 has gained 25%.

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Integra LifeSciences Holdings Corp. said Wednesday that it was paying $1.05 billion in cash to buy Johnson & Johnson’s Codman Neurosurgery business. Codman’s devices are focused on hydrocephalus, neurocritical care and operative neurosurgery. Integra expects the deal to add 22 cents to adjusted earnings per share in the first year after closing. Integra said it will finance the purchase with cash on hand, use of its revolving credit facility and new senior secured term loan facility. Shares of Integra and J&J were still inactive in premarket trade. Over teh past three months, Integra’s stock has climbed 8.2%, while J&J’s has been little changed and the S&P 500 has gained 7.2%.

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