Category: Stock Market News

U.S. stocks wavered between modest gains and losses after Friday’s open following an upbeat report on U.S. jobs growth in December. The Dow Jones Industrial Average was flat at 19,903. The S&P 500 index shed two points, or 0.1%, to 2,268. The Nasdaq Composite Index rose four points, or 0.1%, to 5,491. Shares of Amgen Inc. jumped at the open after a federal judge ruled that two of the firm’s rivals must pull a competing cholesterol drug off the market. Shares of Ruby Tuesday Inc. plunged after the restaurant chain reported a wider-than-expected second-quarter loss.

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Wal-Mart Stores Inc. said it has named John Furner as chief executive of its Sam’s Club unit, replacing Rosalind Brewer, who, is retiring effective Feb. 1. Furner is currently chief merchandising officer at Sam’s Club and has worked at the company since joining it as an hourly store assistant in 1993, the company said in a filing with the Securities and Exchange Commission. Wal-Mart shares were slightly lower premarket, but are up about 9% in the last 12 months, while the Dow Jones Industrial Average has gained 18%.

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Netflix Inc. is expanding its presence in Hollywood, signing a lease to occupy another office building in La La Land. Hudson Pacific Properties Inc. said on Friday Netflix has signed to fully occupy a 91,953 square feet, five-story building called CUE. The building is part of an entertainment production complex Hudson Pacific is building at Sunset Bronson Studios. Netflix has already leased a 14-story, 323,000 square feet space called ICON on the complex. Netflix has leased more than 500,000 square feet of space in Hollywood from Hudson Pacific, according to a news release. Netflix has been maneuvering into film and TV production and over the last year has been planting its roots in Hollywood. Shares of Netflix are up 12% in the last 12 months, while the S&P 500 Index is up 14%. Hudson Pacific shares have gained 30% in the trailing 12 month period.

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Cleveland Fed President Loretta Mester said Friday she would like to see the central bank raise interest rates more than the three quarter-percentage-point moves favored by the majority of her colleagues. In an interview with Fox Business, Mester said she would like to see a steeper path of rate hikes because she expects “a little bit more inflation” than many of her colleagues. Mester said that three hikes this year was a good benchmark forecast at the moment. The Cleveland Fed president said she expects inflation to reach the central bank’s goal of 2% within the next two years, sooner than many of her central bank colleagues project. In the interview, Mester said the December jobs report was “decent” and “in line with an economy on a good track.” The Labor Department reported the economy added 156,000 new jobs in December and the unemployment rate ticked up to 4.7%. Mester is not a voting member of the Fed’s policy committee this year.

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Cleveland Fed President Loretta Mester said Friday she would like to see the central bank raise interest rates more than the three quarter-percentage-point moves favored by the majority of her colleagues. In an interview with Fox Business, Mester said she would like to see a steeper path of rate hikes because she expects “a little bit more inflation” than many of her colleagues. Mester said that three hikes this year was a good benchmark forecast at the moment. The Cleveland Fed president said she expects inflation to reach the central bank’s goal of 2% within the next two years, sooner than many of her central bank colleagues project. In the interview, Mester said the December jobs report was “decent” and “in line with an economy on a good track.” The Labor Department reported the economy added 156,000 new jobs in December and the unemployment rate ticked up to 4.7%. Mester is not a voting member of the Fed’s policy committee this year.

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Treasury yields rose on Friday after official data showed the U.S. economy added 156,000 jobs in December. The yield on the 10-year note rose 2.1 basis points to 2.371%, while the two-year yield rose 1.6 basis point to 1.182%. The yield on the 30-year bond 2.1 basis point to 2.966%. Though the headline number was marginally below expectations, fixed-income investors focused on a stronger-than-expected reading on average hourly earnings, which rose 0.4%. “It’s still a fairly solid number and the wage component is definitely the focal point,” said Tony Bedikian, managing director and head of global markets at Citizens Bank. Rising wages typically boost inflation, and when inflation expectations rise, bond investors demand a higher return on their investments to compensate for the corrosive impact of higher consumer prices.

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WASHINGTON (MarketWatch) – The U.S. added 156,000 jobs in December to cap off the sixth straight year in which the economy created more than 2 million new jobs. Economists polled by MarketWatch had predicted a 180,000 increase in new nonfarm jobs. The unemployment rate rose a tick to 4.7% from 4.6% as more people entered the labor force in search of work, the government said Friday. Average hourly wages jumped 0.4% to $26 last month. Hourly pay increased 2.9% from December 2015 to December 2016, marking the fastest 12-month increase since a recovery that began in mid-2009. Hours worked were unchanged at 34.3. Combined employment gains for November and October, meanwhile, were 19,000 higher than previously reported. The government said 204,000 new jobs were created in November instead of 178,000. October’s gain was trimmed to 135,000 from 142,000, however.

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Momenta Pharmaceuticals Inc. shares rose 3.6% in pre-market trade Friday after the company provided a corporate update, including a Thursday announcement about a research collaboration with CSL Limited , from which Momenta will receive $50 million. The company’s latest update said that its biosimilar for Humira, an anti-inflammatory that is the world’s top-selling treatment, could be up for regulatory submission in mid-2017. A 40 mg product for generic multiple sclerosis drug Glatopa, part of a collaboration with Novartis’ Sandoz , could be approved and launched by the first quarter of 2017, Momenta said. Momenta shares have risen 36.0% over the last three months, compared with a 5.0% rise in the S&P 500 . Momenta shares were trading at $15.50 as of Thursday’s close.

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Shares of Teva Pharmaceutical Industries fell more than 5% in premarket trade on Friday after the company issued 2017 guidance that is below Wall Street expectations. Teva forecasts per-share earnings to range from $4.90 to $5.30. Analysts surveyed by FactSet expect EPS of $5.40. Revenue for 2017 is expected to be in the range of $23.8 billion to $24.5 billion, Teva said, while analysts surveyed by FactSet expect revenue to hit $24.8 billion for the year. Teva said compared to 2016, currency fluctuations are expected to reduce revenue by $800 million. Shares of Teva are down more than 41% over the last 12 months, underperforming the S&P 500 Index , which is up 14%.

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J.C. Penney Co. Inc. said Friday its same-store sales fell 0.8% in the nine-week holiday period, as strength in appliances, outerwear, boots, toys, Sephora and fine jewelry was offset by weakness in women’s apparel. The department store chain said it is still targeting earnings before interest, taxes, depreciation and amortization of $1 billion for 2016. “We are also encouraged by a very strong performance in our e-commerce business, evidenced by double-digit growth,” Chief Executive Marvin Ellison said in a statement. The company is expecting to deliver a fourth straight quarter of positive operating profit, he said. Shares slid 3.6% premarket, but are up 12.3% in the last 12 months, while the S&P 500 has gained 14%.

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