Category: Stock Market News

The National Retail Federation forecasts a 3.7% to 4.2% rise in retail industry sales in 2017, excluding autos, gas and restaurants, the organization said Wednesday. E-commerce and other non-store sales, which is included in that percentage, will increase 8% to 12%. “[T]his year is unlike any other – while consumers have strength they haven’t had in the past, they will remain hesitant to spend until they have more certainty about policy changes on taxes, trade and other big issues being debated in Congress,” said NRF Chief Executive Matthew Shay in a statement. “Lawmakers should take note and stand firm against any policies, rules or regulations that would increase the cost of everyday goods for American consumers.” The SPDR S&P Retail ETF is up 1.8% for the past three months, and up 9.8% for the past year.

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CHICAGO (MarketWatch) — Chris Kennedy, son of the late Sen. Robert F. Kennedy and a nephew of President John F. Kennedy, is set to announce as soon as Wednesday his intention to run for governor of Illinois, according to a report by political columnist Michael Sneed of the Chicago Sun-Times. Chris Kennedy, 53, is a former president of Merchandise Mart Properties in Chicago and with his wife Sheila, a native of Illinois, founded a Chicago-based nonprofit food company called Top Box Foods. He’s on the board of directors of the politically engaged mutual-fund firm Ariel. He has mulled bids several times in the past and not pulled the trigger. Kennedy is viewed as likely to face several fellow Democrats for the right to face off against Republican Gov. Bruce Rauner in 2018.

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The U.S. Energy Information Administration on Wednesday reported a fifth straight weekly increase in crude-oil supplies that was much more than the market expected. Inventories climbed by 13.8 million barrels in domestic crude-oil supplies for the week ended Feb. 3. The American Petroleum Institute late Tuesday reported 14.2 million-barrel jump, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.5 million barrels. Gasoline supplies fell by 900,000 barrels, while distillate stockpiles were unchanged last week, according to the EIA. March crude fell 52 cents, or 1.1%, at $51.61 a barrel on the New York Mercantile Exchange. It was trading at $51.80 before the supply data.

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The latest weekly survey of U.S. advisors by Investors Intelligence, a provider of research and technical analysis, showed that the number of bulls rose to 62.7% last week, the highest level since December 2004. Investor Intelligence considers a number above 55% a danger zone, as it is a strong, contrarian warning of a potential market top. Advisors have been extremely bullish on U.S. stocks for the past 11 straight weeks as the S&P 500 rose 7% over the past three months and is trading near all-time highs. Nearly a year ago, when stocks posted a sharp January-February decline, the bullish count fell as low as 24.7%. In the latest survey, the percentage of bearish advisors fell to 16.7% as they reacted to the recent market strength. That is the fewest bears since August 2015. In a report, Investor Intelligence said that advisor sentiment is a leading indicator and that excessive optimism most often peaks prior to the indexes.

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La-Z-Boy Inc. said Wednesday it is recalling power supplies sold with lift chairs because of a shock hazard. The maker of recliners and other furniture said the lift chair’s power supply cover can crack and end up detaching and exposing the electrical components, which could give users an electric shock. No injuries have been reported so far. “Consumers should immediately stop using the power supplies to power the lift chairs and contact La-Z-Boy for a free replacement power supply,” the company said. About 2,500 units are affected, 210 of which were sold in Canada. The recall involves: Gold Series electric Lift Chairs, the Clayton Luxury-Lift (Model 1HL562) and Power Lift (Model 1ML562), and Luxury-Lift (Models 1LF505 and 1LF819), said the company. Consumers can contact La-Z-Boy toll-free at 855-592-9087 from 9 a.m. to 5 p.m. Eastern Monday through Friday. La-Z-Boy shares were down 0.7% in early trade, but have gained 41.5% in the last 12 months, outperforming the S&P 500’s 23.5%.

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The New York Times Co. said Wednesday it will offer digital subscribers who sign up for a year unlimited access to streaming music service Spotify Premium. The offer will be available for a limited time to U.S. residents who are not current subscribers to the paper or to Spotify Premium. The deal can be accessed at nytimes.com/spotify. The service will cost $5 a week and give consumers access to a catalogue of more than 30 million songs and two billion playlists along with access to the Times and Times Insider, said the Times. A regular Spotify Premium subscription costs $120 a year. New York Times shares were down about 1% in early trading, but have gained 16.5% in the last year, underperforming the S&P 500’s 23% gain.

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U.S. stocks opened lower as falling oil prices weighed on the shares of energy companies. The S&P 500 index shed four points, or 0.2%, to 2,288. The Dow Jones Industrial Average retreated 53 points, or 0.3%, to 20,038. The Nasdaq Composite Index slipped 12 points, or 0.2%, to 5,662. The American Petroleum Institute said late Tuesday that the U.S. crude supply increased by 14.2 million barrels last week, far beyond the 2.5 million expected. Official weekly inventory data from the Energy Information Administration due later Wednesday will be closely watched. Oil prices fell 1% to $51.60 in recent trade. Time Warner Inc. shares rose after the company reported stronger than expected quarterly earnings. Alaska Air Group Inc. jumped after reporting a double-digit increase in quarterly revenue. Zillow Group Inc. shares fell after the real-estate website forecast a wider loss for the year than Wall Street had expected.

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Vice President Mike Pence and Tesla Inc. chief executive Elon Musk are scheduled to talk on the phone on Wednesday afternoon, the White House announced. The purpose of the call was not disclosed. Musk has tried to distance himself from President Donald Trump even though he is a member of the president’s economic advisory council. Musk tweeted that being on the advisory council did not mean he agreed with the administration’s actions.

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Shares of GrubHub Inc. dropped 3.4% in premarket trade Wednesday, after the online takeout food-ordering company missed fourth-quarter profit and sales expectations. Net earnings rose to $13.6 million, or 16 cents a share, from $11.3 million, or 13 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 23 cents, below the FactSet consensus of 25 cents. Revenue rose 38% to $137.5 million, but fell short of the FactSet consensus of $137.6 million. Active diners rose 215 to 8.2 million, while daily average grubs (DAGs) grew 21% to 292,500. The company expects first-quarter revenue of $148 million to $156 million, surrounding the FactSet consensus of $150.8 million. “Fueled by data-driven product enhancements, substantial strides in delivery, and a refreshed marketing approach, we exited the year growing DAGs faster than we did a year ago,” said Chief Executive Matt Maloney. The stock has more than doubled over the past 12 months through Tuesday, while the S&P 500 has climbed 24%.

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Shares of Galena Biopharma Inc. plunged 37% in premarket trade Wednesday toward a record low, after the biopharmaceutical company’s stock offering priced at a steep discount. Galena said late Tuesday that it has commenced a public offering of common stock, and warrants to buy common stock, as part of a previously filed shelf registration. Early Wednesday, Galena said it priced the offering at $1.00, which was 29% below Tuesday’s closing price of $1.40, with the warrants immediately exercisable at a price of $1.10. Galena said it expects gross proceeds of $17 million from the offering. Through Tuesday, Galena had a market capitalization of $15.2 million, according to FacdtSet. The stock has plummeted 89% over the past 12 months through Tuesday, while the iShares Nasdaq Biotechnology ETF has climbed 14% and the S&P 500 has rallied 24%.

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