Category: Stock Market News

Chipotle Mexican Grill Inc. said Tuesday that it has launched an online game in partnership with Avocados From Mexico called “‘Cado Crusher.” Avocados From Mexico is a subsidiary of the Mexican Hass Avocado Importers Association. Players have three rounds to smash and mix ingredients to make guacamole. In return, they receive a mobile offer good for a free order of chips and guacamole with the purchase of an entree at any Chipotle restaurant in the U.S. The game lasts through Feb. 7 while supplies last with all offers expiring on Feb. 28. Chipotle shares are up 0.7% in Tuesday trading, but down nearly 9% for the past year. The S&P 500 index is up almost 19% for the last 12 months.

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DineEquity Inc. shares fell 2.3% in Tuesday trading after it was downgraded to neutral from buy at Instinet on concerns about same-store sales trends at its two signature brands, Applebee’s and IHOP. The price target was cut to $77 from $95. Instinet analysts say the pace of same-store sales recovery at Applebee’s is slower than anticipated, and believes there are risks of restaurant closures. “It now appears likely that Applebee’s will report the worst fourth-quarter same-store sales of any of the 25 largest restaurant chains in the U.S., as measured by domestic systemwide sales,” Instinet wrote in a Tuesday note. Pancake chain IHOP is experiencing weakening same-store sales trends as well, according to Instinet. DineEquity shares are down 13.7% for the past year while the S&P 500 index is up 19% for the same period.

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U.S. stocks opened marginally higher on Tuesday after companies posted mixed quarterly earnings. The S&P 500 index gained three points, or 0.1%, to 2,268. The Dow Jones Industrial Average advanced nine points, or less than 0.1%, to 19,805. The Nasdaq Composite Index climbed 14 points, or 0.3%, to 5,567. Verizon Communications Inc. fell after the telecom’s quarterly profit missed forecasts. Post-it Notes and Scotch tape maker 3M Co. fell despite quarterly profit topping estimates. Health-care giant Johnson & Johnson fell after releasing a soft outlook for the year. Travelers Cos. Inc. rose after posting better-than-expected results.

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La La Land,” distributed by Lions Gate Entertainment Corp. led the way with 14 Oscar nominations Tuesday, when The Academy of Motion Picture Arts and Sciences announced the 2017 nominees. “La La Land’s nominations, which include best picture, director, actor and actress, tie the record number garnered by “Titanic,” which won 11 in 1998 and “All About Eve,” which grabbed six wins in 1950. “La La Land” earlier this year won the Golden Globe for best musical and comedy film and is expected to go head to head with “Moonlight,” which won the Globe for best drama picture. Shares of Lions Gate are up more than 4.5% in the year so far, while the S&P 500 Index is up more than 1%. The Oscars ceremony will air at 7 p.m. Eastern on Sunday, Feb 26 on ABC.

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Ford Motor Co. said it has hired Musa Tariq as its chief brand officer, effective Jan. 30, as part of the automaker’s expansion into becoming an auto and mobility company. Tariq was most recently at Apple Inc. as global marketing and communication director for retail. “As we grow our business, we’re also expanding our focus on and investment in building and differentiating our iconic Ford brand, which is known, loved and trusted around the world,” said Ford Chief Executive Mark Fields. The news comes on the day that auto company CEOs are scheduled to meet with President Donald Trump. Ford’s stock, which tacked on 0.3% in premarket trade, has edged up 1.4% over the past 12 months through Monday, while the S&P 500 has rallied 19%.

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The Dow Jones Industrial Average is being weighed down by disappointing earnings reports early Tuesday, as the shares of all five of the components that reported results ahead of the open are trading lower. The combined premarket price declines of the earnings reporters are on track to shave about 30 points off the Dow’s price. Shares of Travelers Companies Inc. slipped 4 cents, of DuPont Co. shed 25 cents, of Johnson & Johnson lost $1.21, of Verizon Communications Inc. lost $1.34 and of 3M Co. gave up $1.51 in premarket trade. Meanwhile, Dow futures eased 1 point.

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Buffalo Wild Wings Inc. shares are up 1.2% in premarket trading after the restaurant chain added $400 million to its share repurchase program, bringing the total authorization to $900 million. The company also set a new goal for reaching its leverage ratio target of 1.5 times debt to earnings before interest, tax, depreciation and amortization to the end of fiscal 2017. The previous goal was the end of fiscal 2018. Buffalo Wild Wings shares are nearly flat for the past year while the S&P 500 index is up 18.8% for the same period.

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Shares of Apple Inc. were downgraded to equal weight from overweight at Barclays Tuesday morning and their 12-month price target reduced to $117 from $119. Analyst Mark Moskowitz joined a choir of analysts this week saying they don’t expect much from Apple this calendar year, as the company continues to be weighed down by sluggish industrywide smartphone sales. The company’s “sticky ecosystem,” large cash holdings and 10th anniversary iPhone expected this September, however, are positives that may continue to support investors for the long term, said Moskowitz. Shares of Apple fell 0.5% to $119.41 in premarket trade. They’ve risen 2% in the past three months and 18% in the past year. The Dow Jones Industrial Average , by comparison, is up 8.5% in three months and 23% on the year. The average rating on Apple’s stock is the equivalent to overweight, while the average price target is $130, according to a FactSet survey of roughly 40 analysts.

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Shares of Multi Packaging Solutions International Ltd. shot up 24% toward a 13-month high in premarket trade Tuesday, after the provider of packaging services agreed to be acquired by WestRock Co. in a deal valued at $2.28 billion, including $873 million in debt. Under terms of the deal, WestRock will pay $18 for each Multi Packaging share outstanding. That represents a 25% premium to Monday’s closing price, and implies a market value of $1.39 billion for Multi Packaging. The announcement comes a day after WestRock said it expected to make $1 billion from the sale of assets to Silgan Holdings Inc. . The deal is expected to close during the quarter ending in June 2017. Multi Packaging’s stock has lost 10% over the past 12 months through Monday, while WestRock shares have run up 56% and the S&P 500 has climbed 19%.

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Software company AppDynamics upped the terms of its initial public offering Tuesday, increasing its price range to $12 to $14 from $10 to $12. The company still plans to sell 12 million shares. With the increased range, the company is still in danger of receiving a lower market capitalization than its latest private valuation of $1.9 billion. AppDynamics is also planning a concurrent private placement in which existing shareholders can buy up to $32.5 million shares of common stock. The stock has been approved to list on the Nasdaq Global Select Market under the symbol “APPD.”

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