Category: Stock Market News

Hess Corp.’s stock tumbled 7.6% in morning trade, enough to make it the biggest decliner in the S&P 500 , after the oil and gas exploration company provided before the open its 2017 budget and production outlook. The selloff reverses a premarket gain of as much as 5.1%. Analyst Charles Robertson at Cowen & Co. said Hess’s 2017 guidance was lower than expected, as it suggests the ramp in the Bakken region is taking longer than forecast. He said the company’s 2017 production outlook of 300 million to 310 million barrels of oil equivalent per day, excluding Libya, was below consensus expectations of about 320 million, while the company’s capital expenditure budget of $2.25 billion was below expectations of about $2.4 billion. The stock was now up 10% over the past three months, while the SPDR Energy Select Sector ETF was up 5.8% and the S&P 500 has gained 5.6%.

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Natural-gas futures gained more ground Thursday after the U.S. Energy Information Administration reported that supplies of natural gas fell by 151 billion cubic feet for the week ended Jan. 6. That was more than the 137 billion cubic feet decline expected by analyst polled by S&P Global Platts. Total stocks now stand at 3.160 trillion cubic feet, down 363 billion cubic feet from a year ago and 4 billion cubic feet below the five-year average, the government said. February natural gas rose 20.3 cents, or 6.3%, to $3.427 per million British thermal units. It traded at $3.345 before the data.

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Vista Outdoor Inc.’s stock plunged 17% toward a record closing low in active morning trade Thursday, after the maker of guns, ammunition and other outdoor sports products said an increasingly challenging retail environment will force it to record a “material” asset impairment charge. The stock was the biggest decliner listed on the New York Stock Exchange, on volume that was already almost triple the full-day average. The company said late Wednesday that the third-quarter impairment charge could be in the range of $400 million to $450 million. In comparison, the FactSet consensus for net income is $42 million for the third quarter, and $188.6 million for the full fiscal year. Vista had said in a conference call following fiscal second-quarter results revenue and gross margin declined as a challenging retail environment led to deeper discounting. “These sales and gross margin trends accelerated during the company’s recently completed third quarter to the point where this impairment charge is necessary to comply with accounting standards,” the company said in a statement. The stock has now tumbled 31% over the past year, while the S&P 500 has climbed 17%.

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U.S. stocks fell at the open on Thursday as investors expressed their disappointment at the lack of policy details provided during President-elect Donald Trump’s Wednesday press conference. The S&P 500 index shed 7 points, or 0.3%, to 2,268, while the Dow Jones Industrial Average lost 63 points, or 0.3%, to 19,893. The Nasdaq Composite Index fell 23 points, or 0.4%, to 5,540. In corporate news, Applied Optoelectronics Inc. shot higher after the company raised its earnings forecast. Meanwhile, investors focused on Delta Air Lines Inc. after the company posted quarterly earnings that matched forecasts and revenue that beat expectations.

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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 are down 0.2% in premarket trading, but are up 29.3% for the past 12 months. The S&P 500 index is up 17.4% for the last year.

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Boeing Co.’s stock fell 0.5% in premarket trade Thursday, after RBC Capital started coverage of the aerospace giant with a rare underperform rating, citing concerns over the average age of the company’s production platforms and that the commercial areo cycle may have peaked. Analyst Matthew McConnell’s stock price target of $136 is 15% below Wednesday’s closing price of $159.40. Only 103, or 6.5%, of the 1,594 companies covered by RBC have underperform ratings. “We believe new commercial platforms create margin pressure due to higher unit production costs in initial accounting blocks, engineering and supply chain risks when ramping up new programs, and slowing production and pricing pressure on high margin legacy platforms in advance of new launches, among other factors,” McConnell wrote in a note to clients. He also said “it is clear” that the strongest part of the commercial aero cycle has passed, given declining commercial orders, headcount reductions and cuts to widebody production rates. Boeing’s stock has run up 20% over the past three months through Wednesday, while the Dow Jones Industrial Average has gained 10%.

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Hess Corp.’s stock surged 1.6% in premarket trade Thursday, after the oil and gas exploration company said its capital and exploratory budget and production will rise in 2017. The company said the E&P capital and exploratory budget for 2017 will rise 18% from a year ago to $2.25 billion, to fund additional rigs in the Bakken, development activities in Guyana and to restart drilling in the Valhall Field in Norway. Production is expected to increase 8% to 12% from the beginning of 2017 to the end of the year. Separately, Hess said it will record a $3.8 billion noncash charge in the fourth quarter to establish valuation allowances against net deferred tax assets. The company will also take a $700 million fourth-quarter charge to impair the carrying value of interests in Equus, and $140 million in charges for rig exit costs. Hess’s stock has soared 56% over the past 12 months through Wednesday, while the SPDR Energy Select Sector ETF has run up 36% and the S&P 500 has gained 17%.

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Straight Path Communications Inc.’s stock rocketed 54% toward a 15-month high in premarket trade Thursday, after the wireless spectrum holder announced a settlement with the Federal Communications Commissions that clears the way for the company to review strategic alternatives. The stock was on track to open at the highest level since October 2015. As part of the settlement, the FCC has ended its investigation related to Straight Path’s wireless spectrum licenses, leaving the “vast majority” of its 39 gigahertz spectrum intact, and its 28 gigahertz spectrum unchanged. “With this settlement, we have cleared the way for a review of strategic alternatives to maximize shareholder value,” said Chief Executive Davidi Jonas. “To represent us in our endeavors, we have retained Evercore, a premier independent investment banking advisory firm.” The stock had more than doubled over the past 12 months through Wednesday, while the S&P 500 had climbed 17%.

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Wendy’s Co. said Thursday it has added the Double Stack burger to the 4 for $4 deal for a limited time at participating locations. The Double Stack is a cheeseburger with two hamburger patties. The deal will include the burger, chicken nuggets, small fries and a small drink. Other sandwich options include the Junior Bacon Cheeseburger and the Crispy Chicken BLT. Wendy’s shares are unchanged in premarket trading, but are up 36.5% for the last year. The S&P 500 index is 17.4% for the past 12 months.

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President-elect Donald Trump’s fiscal policy plans are more a story for 2018-2019 than this year, said St. Louis Fed President James Bullard on Thursday. In an interview on CNBC, Bullard said growth in 2017 is pretty much “baked in the cake.” He said he thinks the economy remains in a low interest-rate and slow growth environment that is not going to change by “snapping fingers.” Bullard said he still thinks economic conditions will justify only one interest rate this year and the Fed has time to wait and see what develops. The St. Louis Fed president said he does not believe that a low unemployment rate will necessarily boost inflation. He noted that the market still expects low inflation going forward. The recent pullback in the 10-year Treasury bond yields is the market settling down and waiting to see if Republicans can deliver on their promise of faster economic growth.

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