Category: Stock Market News

Soybean futures rose to their highest level since mid-December Thursday after the U.S. Department of Agriculture cut its estimate on domestic production in 2016. The government estimated soybean output at a record 4.307 billion bushels, but that’s down 54 million from last month on lower yields. “Total production and yield for the U.S. soybean crop were lowered more than traders had expected and any lowering of production in the face of growing global soybean demand is also going to make the markets nervous, particularly given the surge in soybean imports by China over the past year,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading LLC. March soybeans traded at $10.34 a bushel in Chicago, up 2.2%.

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Tesla Motors Inc. CEO Elon Musk tweeted earlier Thursday that early results around a software “Easter egg” are “promising” and could enable a Model S equipped with “ludicrous mode” to go from zero to 60 miles an hour in 2.34 seconds. The mode currently allows the priciest Model S trim to achieve that same pace in 2.5 seconds. The boost would take the Model S around the same accelerating speeds of ultra-luxury cars such as Porsche’s 918 Spyder and the concept car Faraday Future unveiled at the CES technology conference last week.

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ClubCorp Holdings Inc. shares surged 11.4% in afternoon trade Thursday, after the private clubs owner-operator said it has hired Jefferies & Co. and Wells Fargo Securities LLC as advisers as it reviews its strategic options. The Dallas, Tx.-based company said it has formed a strategic review committee to consider ways to enhance shareholder value. The committee is made up of independent directors, who are working with management to oversee the process. ClubCorp properties include Firestone Country Club in Akron, Ohio, The Woodlands Country Club in Texas and the Metropolitan Club Chicago. Shares are now up 6.7% in the last 12 months, while the S&P 500 has gained 17%.

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The decision by Federal Bureau of Investigation Director James Comey in late October to publicly announce the agency was again examining the emails of Democratic presidential candidate Hillary Clinton will be investigated, the Justice Department’s inspector-general announced Thursday. Pollsters have said support for Clinton dropped after those revelations. The probe will look at whether FBI policies or procedures were followed as well as whether investigative decisions were based on improper considerations. The probe also will look at whether the Justice Department official improperly disclosed non-public information to the Clinton campaign, and the FBI’s tweeting of FOIA documents ahead of the election.

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Amazon.com Inc. said Thursday that it will create more than 100,000 full-time, full-benefit jobs across the U.S. over the next 18 months. The new additions will take the U.S. full-time workforce from 180,000 in 2016 to more than 280,000 by mid-2018. The new jobs will be nationwide and cut across functions from software developers and engineers to entry-level positions, the company said. Most will be in fulfillment centers currently under construction in states including Texas, California and New Jersey. Amazon says it has created more than 150,000 jobs in the U.S. over the past five years. In addition to job creation, the company said more than 9,000 employees have taken advantage of the Career Choice program, which pre-pays 95% of tuition for a variety of courses. Amazon shares were last trading up 1%, but are up 30% for the past 12 months. The S&P 500 index is up 17% for the last year.

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Eli Lilly & Co.’s stock rallied 2.4% in midday trade Thursday, after the drugmaker confirmed a favorable court ruling related to its cancer treatment Alimta. The company said a federal appeals court upheld a district court ruling, that Teva Pharmaceutical Industries Ltd.’s proposed generic products would infringe on Lilly’s vitamin regimen patent. Leerink Partners analyst Seamus Fernandez said the ruling “removes an overhang” and supports Lilly’s positive 2017 financial outlook. Teva’s stock fell 0.5% Thursday, which puts it on track to close at a 10-year low. Lilly’s stock has lost 4.1% over the past 12 months, while Teva shares have plunged 47%, the SPDR Health Care Select Sector ETF has gained 3.8% and the S&P 500 has climbed 17%.

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U.K. Prime Minister Theresa May is expected to give a landmark speech Tuesday on her country’s plans for negotiating an exit from the European Union, according to multiple media reports. Critics have accused her of being unclear and not providing details on Brexit efforts. May denied that the government’s approach to Brexit is “muddled” in a Sunday interview with Sky News.

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VF Corp. was downgraded to hold from buy at Canaccord Genuity on concerns over executive departures and competition facing The North Face brand. The price target was cut to $54 from $64. Shares are down 1.2% in Thursday trading, and hit their lowest point in more than three years. VFC, whose brands include Wrangler and Timberland in addition to The North Face, has a new chief executive, Steven Rendle, as of Jan. 1. The company’s group president of VF International, Karl Heinz Salzburger, also announced that he would retire at the end of 2017. Canaccord analysts also learned that The North Face’s Chief Executive Todd Spaletto would be leaving the company after 13 years. Analysts believe these departures, at least, will lead to a period of adjustment or, at worst, could indicate greater challenges. Aside from executive issues, Canaccord analysts are also concerned that cold December weather wasn’t enough to offset weakness between September and November. With growing competition from brands like Canada Goose and Columbia Sportswear Co. and a “lull in innovation,” the brand has lost market share, analysts said. Canaccord forecasts a “reset likely coming” on the Mar. 30 analyst day “from what had been high-single digit revenue growth to mid-single digit growth for its outlook period.” VF Corp. shares are down 10.1% for the past year while the S&P 500 index is up 16.4% for the same period.

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Shares of Fiat Chrysler Automobiles N.V. plunged 16% in morning trade Thursday prior to a trading halt, which put them on track for the biggest one-day selloff in six years, after the automaker said the U.S. Environment Protection Agency issued a notice of violation with respect to its emissions control technology. The company said it was “disappointed” that it was issued the notice, which covers technology employed in 3.0-liter diesel engines in the company’s 2014 to 2016 model years. “FCA US looks forward to the opportunity to meet with the EPA’s enforcement division and representatives of the new administration to demonstrate that FCA US’s emissions control strategies are properly justified and thus are not ‘defeat devices’ under applicable regulations and to resolve this matter expeditiously,” the company said in a statement. The stock was halted for news as of 11:04 a.m. ET. It was on track for the biggest decline since Jan. 3, 2011, when it plummeted 54%. Volume prior to the halt was 42.9 million shares, more than 4-times the full-day average. The stock has gained 14% over the past 12 months, while the S&P 500 has advanced 16%.

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Fear is on the rise. Wall Street’s most popular measure of uncertainty and anxiety in the stock market, the CBOE Volatility Index , climbed more than 11% Thursday, marking its sharpest daily rise since Nov. 3, 2016, according to FactSet data. The spike comes as the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index have staged their worst declines in weeks. The Dow, for example, is on track for its steepest daily drop since October. The pullback comes as investors rethink a rally in the equity market that has been supported by a raft of policy proposals by President-elect Donald Trump, which include looser regulations on Wall Street, tax cuts and an increase in fiscal spending– all factors that are expected to boost U.S. economic growth. However, a lack of details on his legislative agenda at Trump’s news conference on Wednesday may have raised concerns about his ability to make good on his promises. The VIX is used as a way for investors to bet declines in the S&P 500, and its levels of late have suggested that traders haven’t been wary of a big drop in stocks, which means a sudden tumble in equities could catch investors flat-footed. Still, current levels of the VIX at about 12.54 may not immediately raise red flags because readings of about 20 are seen as the clearest indication that fear is taking hold in the market. On Wednesday, the VIX also tipped higher on the heels of Trump’s conference.

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