Category: Stock Market News

Claire’s Inc., a teen retailer of accessories and cosmetics, withdrew its initial public offering Tuesday. The company, owned by equity firm Apollo Global Management, did not give a reason other than it “decided not to proceed with the offering at this time.” The company had filed to go public in May 2013. Neiman Marcus, another retailer, withdrew its IPO in early January.

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Fox News Channel said Tuesday that anchor Bill O’Reilly will interview incoming President Donald Trump on Super Bowl Sunday, Feb. 5, and will air the exchange during the Fox pregame show. The interview is slated to take place at the White House earlier that day, and to be broadcast at about 4 p.m. Eastern time, Fox said in a statement. It is expected to cover a range of topics, and further excerpts are set ti be broadcast on the Feb. 6 edition of “The O’Reilly Factor.” Fox shares were last trading down 0.3% but are up about 15% in the past 12 months, while the S&P 500 has gained about 20%.

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The Securities and Exchange Commission said on Tuesday that BlackRock Inc. , the world’s largest asset manager, will pay a $340,000 penalty to settle charges the firm improperly forced exiting employees, via separation agreements, to waive their right to obtain whistleblower awards. Those waivers violate the Dodd-Frank law, said the SEC. More than 1,000 BlackRock employees signed agreements to “waive any right to recovery of incentives for reporting of misconduct”, according to the SEC’s order, in order to receive separation payments from the firm. BlackRock added the waiver in October 2011 after the SEC adopted Dodd-Frank whistleblower program rules, and the firm continued to include it in separation agreements until March 2016. BlackRock consented to the SEC’s order without admitting or denying the findings. The firm voluntarily revised its separation agreement and has taken a number of remedial actions, including the implementation of mandatory yearly training to summarize employee rights under the SEC’s whistleblower program, according to the SEC’s press release.

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Wal-Mart Stores Inc.’s stock shot up 3.1% in morning trade Tuesday, making it the biggest gainer among Dow Jones Industrial Average components, after the discount retail behemoth said it planned to create 10,000 U.S. jobs this year. The price gain of $2.05 was adding 14 points to the price of the Dow, which was down 25 points. The stock’s rally comes one session after it closed at an 8-month low, and a week after The Wall Street Journal reported Wal-Mart was preparing to cut hundreds of jobs by the end of January. On Tuesday, Wal-Mart said it estimates that 24,000 construction jobs will also be supoprted through the opening of new facilities and the improvement of existing facilities. The stock

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J.C. Penney Co. Inc. shares surged 3.7% Tuesday, after the company announced a new partnership with sports equipment and apparel maker Nike Inc. . The troubled department store chain said it has added in-store Nike shops to more than 600 of its stores. The company has dedicated 500 square feet of space to Nike in the men’s department of its stores, anchored by a a Nike swoosh sign and what it called “motivating” graphics of athletes. “Fitness enthusiasts will find everything they need to maximize their workouts including Dri-FIT base layer pants, mesh shorts, jogger pants, moisture wicking compression tees, performance socks and breathable hoodies,” J.C. Penney said in a statement. Nike shares rose 1.7%, while the S&P 500 was down 0.2%.

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Shares of Brinker International Inc. slumped 1.1% in morning trade Tuesday, after the operator of Chili’s Grill & Bar and Maggiano’s Little Italy restaurant chains was downgraded at Morgan Stanley, which cited concerns over decelerating industry trends. Analyst John Glass cut his rating to underweight from equal weight and lowered his price target to $47, which is just 0.8% above current levels, from $51. “While market expectations for sales have been reduced and shares have already faded from their postelection highs…we see risk to the consensus estimates in [fiscal 2017] as broader industry trends continue to weaken…and [Brinker’s] core Chili’s business has seen its sales trail the industry average over the last seven quarters (though the gap narrowed in the most recent quarter),” Glass wrote in a note to clients. Brinker’s stock has run up as much as 12% after the election to a 15-month high on Nov. 23, but has since tumbled 15%. He also downgraded Blooming Brands Inc. , which operates Outback Steakhouse and Carrabba’s Italian Grill, to underweight from equal weight. Meanwhile, Glass upgraded Texas Roadhouse Inc. to equal weight from underweight. Brinker’s stock has lost 1.5% over the past 12 months, while Bloomin’ shares have gained 2.6%, Texas Roadhouse’s stock has soared 31% and the S&P 500 has climbed 21%.

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General Motors Corp. said Tuesday it will invest an additional $1 billion in U.S. manufacturing operations and create 7,000 jobs for American workers. The company said it will begin work on insourcing axle production for full-size pickup trucks, including work that was previously done in Mexico. That will create 450 jobs in Michigan. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value,” Chief Executive Mary Barra said in a statement. The car maker said it has created 25,000 jobs in the U.S. in the last four years, about 19,000 in engineering, IT and professional services, and 6,000 hourly manufacturing jobs. Shares were slightly higher in early trade, and are up 26% in the last 12 months, while the S&P 500 has gained 20%.

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U.S. stocks opened lower on Tuesday, pressured after President-elect Donald Trump told The Wall Street Journal that the dollar was “too strong,” raising new questions about the types of economic policies he might pursue when he takes office later this week. Investors also digested comments from British Prime Minister Theresa May, who spoke about the country’s upcoming exit from the European Union. On the upside, both Morgan Stanley and UnitedHealth Group reported strong quarterly results. The Dow Jones Industrial Average fell 48 points, or 0.2%, to 19,836. The S&P 500 lost 7 points, or 0.3%, to 2,268. The Nasdaq Composite Index slid 19 points to 5,555, a loss of 0.3%.

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Revlon Inc. announced an organizational restructuring Tuesday to focus on four distinct brands, including its namesake Revlon cosmetics brand, the hair coloring and cosmetics brand Elizabeth Arden, which it purchased for $870 million last September, as well as two others focused on fragrances and portfolio brands. The company said the move will streamline and simplify the business, giving it the opportunity to more easily meet its long-term growth targets in the global beauty industry. Shares of Revlon were inactive in premarket trade, but they’ve underperformed both in the last three months and the past year. They’ve declined 9% in the past three months, compared with a 7% increase for the S&P 500 , and are up 15% from three months ago, compared with an increase of 21% for the index.

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Exxon Mobil Corp. announced Tuesday to more than double its Permian Basin resource to six billion barrels of oil equivalent through the acquisition of companies owned by the Bass family. As part of the deal, Exxon Mobil will make an upfront payment of $5.6 billion worth of shares, and a series of contingent cash payments of up to $1 billion, starting in 2020. “This acquisition strengthens ExxonMobil’s significant presence in the dominant U.S. growth area for onshore oil production,” said Exxon Mobil Chief Executive Darren Woods. Exxon Mobil’s stock was unchanged at $86.35 in premarket trade. It has eased 0.2% over the past three months, while the SPDR Energy Select Sector ETF has gained 7.1% and the Dow Jones Industrial Average has climbed 9.9%.

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