Category: Stock Market News

Apple Inc. is back in the lead in the smartphone market, surpassing Samsung in terms of holiday shipments, according to data from the International Data Corporation released Wednesday. Propelled by the success of the iPhone 7 and 7 Plus, Apple shipped 78.3 million units in the calendar fourth-quarter, up 4.7% from the year-earlier period. Samsung sold 77.5 million units in the fourth-quarter, down from 81.7 million units in the year-earlier period, and saw its worldwide marketshare dip below 20% for the first time in four years, according to the IDC. Samsung suffered from the recall of its Note 7 smartphone as well as pressure from other Chinese companies. Samsung still led Apple in marketshare for the full year of 2016. Apple and Samsung still commanded 18.3% and 18.1% market share respectively, but Huawei, a Chinese phone company, moved up to 10.6%. Oppo and Vivo also saw big percentage gains in shipment growth compared to the year-earlier period. “It is worth noting that despite the success of these brands within China, they will need to find growth beyond their home turf to eventually knock off either Samsung or Apple at the top,” said Anthony Scarsella, a research manager with IDC. Shares of Apple were up 5.6% Wednesday, while the S&P 500 was down 0.07%.

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Consumers will spend an average of $136.57 this year on Valentine’s Day gifts, experiences and other purchases, down from a record high of $146.84 last year, according to the National Retail Federation’s annual survey. Total spend will also decrease, to $18.2 billion from $19.7 billion, which was also a record. The organization found that the number of people who plan to celebrate the holiday has fallen 10 percentage points since 2007, to 54% this year. “Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season,” said NRF Chief Executive Matthew Shay in a statement. Retailers like Macy’s Inc. and Target Corp. have reported weak holiday sales, in part due to heavy discounting.

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Oil futures held onto most of their earlier gains on Wednesday afterthe U.S. Energy Information Administration reported an increase of 6.5 million barrels in domestic crude-oil supplies for the week ended Jan. 27. The American Petroleum Institute late Tuesday reported a rise of 5.8 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.2 million barrels. Gasoline supplies rose by 3.9 million barrels, while distillate stockpiles gained 1.6 million barrels last week, according to the EIA. March crude traded up 21 cents, or 0.4%, at $53.02 a barrel on the New York Mercantile Exchange.

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GoPro Inc. returned its Karma drone to market Wednesday, three months after the company issued a recall and pulled it from store shelves for battery issues. The $799 Karma was recalled in early November just two weeks after it was released amid complaints from customers that it would suddenly lose power during flight. It was meant to be one of GoPro’s bestselling holiday items. However, its delay, along with separate manufacturing issues that affected production of the Hero5, once against raised questions about GoPro’s ability to launch new products. In a statement, the company said it identified the Karma power issue as related to the latch mechanism that secured the drone’s battery. It redesigned the battery latch with the updated Karma drone to solve the problem. Shares of GoPro fell 1.7% Wednesday morning, pushing them down more than 15% in the past three months. The S&P 500 , by comparison, has risen 8% in the past there months. The company is due to report fourth-quarter earnings after the market closes on Thursday.

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Activision Blizzard Inc. announced on Wednesday it’s launching a new consumer products division and is bringing in Tim Kilpin to take on the role of chief executive. Kilpin most recently served as president and chief commercial officer at Mattel Inc. and was at the Walt Disney Co. before that, where he oversaw global cross-category franchise plans for Disney Princess, Mickey Mouse and Pixar properties. Activision Blizzard expects its new consumer products division to expand the company’s ability to offer its portfolio of game franchises and characters to audiences and attract consumers. The company said it plans to do so through, among other things, interactive content, TV and film, competitive gaming and mobile. “Inspiring play, competition and community underpins everything we do, and giving audiences new ways to experience our franchises is core to this commitment,” Ativision Blizzard CEO Bobby Kotick said in a statement. “Under [Tim Kilpin’s] leadership, we will elevate our consumer product offerings to the same level of exceptional quality as our games and transform the ways audiences connect with the characters they love in their everyday lives.” Shares of Activision Blizzard are up more than 15% in the last 12 months, while the S&P 500 Index is up nearly 18%.

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Hillary Clinton is writing a book that will touch on her failed 2016 run for the presidency, the Associated Press reported, citing Simon and Schuster. The book, which is as yet untitled, will be a collection of personal essays, the AP said. It didn’t elaborate. Clinton won the popular vote but lost the Electoral College to Donald Trump in an upset. Simon and Schuster is a unit of CBS Corp. . For more about books and publishing: BookWatch.

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Ford Motor Co. said total vehicle sales in January fell 0.6%, as a sharp drop in car sales offset increases in trucks and sport-utility vehicles. Trucks sales rose 5.5% to 72,579 vehicles, with F-Series truck sales surging 12.5% to 57,995 vehicles. Ford SUV sales grew 6% to 58,732 vehicles, with Escape sales rising 7.1% and Explorer sales increasing 7.2%. Car sales tumbled 17.5% to 41,301 vehicles, with Fusion sales down 21.9%, Focus sales plunging 26.2% and Taurus sales dropping 9.6%, while Fiesta sales jumped 39.6%. Ford said average transaction prices rose $2,500 to a near-record in January, compared with an industry average increase of $550. The stock, which gained 0.4% in morning trade, has advanced 2.8% over the past 12 months, while the S&P 500 has gained 18%.

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U.S. stocks opened slightly higher Wednesday, with sentiment boosted by upbeat earnings by Apple Inc. as well as stronger-than-expected private-sector hiring data. Private-sector employers added 246,000 new jobs in January, well above expectations. The S&P 500 opened up 9 points, or 0.4%, at 2,287. The Nasdaq Composite began the session up 39 points, or 0.7% higher at 5,653. The Dow Jones Industrial Average added 81 points or 0.4%, to 19,945 at the open.

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Apple Inc.’s earnings beat Tuesday and subsequent stock gains did not appear to be carrying over to its suppliers Wednesday. While shares of Apple were up 5% in premarket trade Wednesday, shares of Micron Technology Inc. , a semiconductor company, were up 1%. Shares of Analog Devices , another semiconductor company, were up 0.4%. Shares of FoxConn , an electronic contract manufacturing company, were up 0.8%. Shares of Jabil Circuit Inc. , which makes iPhone casings for Apple, were flat in premarket trade, as were shares of semiconductor company Cirrus Logic . Shares of Qualcomm Inc. were up 0.5% in premarket trade Wednesday, despite the fact that Apple recently filed a lawsuit against the company and offered commentary on it on the call Tuesday. The S&P 500 was down 0.1% in premarket trade Wednesday.

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Standard Motor Products Inc. said Wednesday it is raising its quarterly dividend to 19 cents a share from 17 cents. The New York-based maker of engine parts said the new payment will be made March 1 to shareholders of record as of Feb. 15. Shares were not yet active premarket, but have gained 34% in the last 12 months, outperforming the S&P 500 , which is up 17.5%.

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