Category: Stock Market News

Shares of Match Group Inc. are down 2.4% in premarket trading Wednesday after analysts at J.P. Morgan downgraded the stock to neutral from overweight. The analysts, led by Doug Anmuth, think that the current stock price “reflects a more balanced risk/reward profile” given a huge run-up over the past year, including a 34% gain just since the start of 2018. Anmuth notes that Match has seen paying subscriber additions for its Tinder property grow at a far higher rate than normal in the last couple of quarters following the launch of its new Tinder Gold option, but he thinks that net additions will head back toward historical levels in the first half of the year. Tinder’s “next monetization push” won’t happen until the second half of the year, he wrote. “While we continue to believe Tinder has significant room for paid sub penetration going forward (~30M+ MAUs, ~3M subs), we expect Tinder net adds to trend down in 1H18 as the Gold surge fades and with fewer expected product catalysts,” Anmuth wrote. Match shares are up 147% over the past 12 months, while the S&P 500 has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Palo Alto Networks Inc. gained 2.5% in premarket trading Wednesday after Susquehanna Financial Group analyst Anne Meisner upgraded her rating on the stock to positive from neutral. ” With an increasing proportion of revenue coming from recurring subscription, overall revenue growth should show much more gradual deceleration going forward,” she wrote. “We look for a stabilization of total revenue growth in the high-teens range beyond FY18.” Meisner’s channel checks show growing interest in products such as Global Protect Cloud and its Traps “advanced endpoint protection” service, she wrote, adding that in general the checks were encouraging for the fiscal second quarter, which the company is due to report results for on Feb. 26. Meisner also likes the stock’s valuation relative to peers. It trades at 5.5 times Susquehanna’s estimates for calendar 2018 enterprise value to revenue, “a slight discount to the mean of our coverage universe despite having a slightly higher than average growth rate.” Shares are up 4.6% in the past 12 months, compared with a 15% gain for the S&P 500 Index .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Devon Energy Corp. fell 6% in premarket trading Wednesday, after the company posted weaker-than-expected fourth-quarter earnings late Wednesday and offered downbeat production guidance for 2018. Cowen analysts said the company’s earnings call later Wednesday “should focus more on DVN’s potential for cash return in dividends and share repurchases after it pays down debt. Asset sales, which we see the Eagle Ford as a potential candidate, could accelerate cash returns.” Cowen has an outperform rating on the stock. Susquehanna said the weak production guidance was partly impacted by winter weather in the U.S. and Eagle Ford well completion timing (no well completions until 2Q), but said it views the guidance as conservative and expects it may be raised during the year. Shares have fallen 23% in the last 12 months, while the S&P 500 has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Broadcom Ltd. announced early Wednesday that it would be lowering its hostile takeover bid for Qualcomm Inc. , following Qualcomm’s decision to raise its own bid for NXP Semiconductors NV . Broadcom is now seeking to acquire Qualcomm for $79 per Qualcomm share, consisting of $57 in cash and $22 in Broadcom shares. The company previously said it was prepared to acquire Qualcomm for $82 a share, made up of $60 in cash and $22 in Broadcom shares. Broadcom announced that it would revert to that initial bid “in the event that Qualcomm is unable to complete the NXP acquisition.” The company’s revised offer comes a day after Qualcomm raised its bid for NXP, prompting Broadcom to say that it was “evaluating its options” for its own deal. Qualcomm shares are down 1.2% in premarket trading, while Broadcom shares are up 0.9%. They’re up 13% and 17%, respectively, over the past 12 months, while the S&P 500 Index has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Priceline Group Inc. said Wednesday that it is changing its name to Booking Holdings Inc., effective today. The company will change its ticker to “BKNG” effective February 27. The company has grown from the Priceline website to six brands with operations around the world, the company’s Chief Executive Glenn Fogel said in a statement. Its largest brand is Booking.com with more than 1 million bookings each day and a “significant majority”of its gross bookings and operating profit. The company is “[m]aking this change to more accurately align our company name with our largest business,” he said. Other Booking brands include Kayak and OpenTable. The company headquarters will remain in Norwalk, Conn. Priceline shares are indicating higher in premarket trading, and are up 15% for the past year. The S&P 500 index is also up nearly 15% for the last 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

AbbVie Inc. and Neurocrine Biosciences Inc. shares rose 1.7% and 1.1% respectively in premarket trade Wednesday after the companies announced that their drug met its primary endpoint in a phase 3 trial testing it in women with uterine fibroids. The therapy, elagolix, combined with low-dose hormone therapy reduced heavy menstrual bleeding in 68.5% of women, compared with 8.7% of women on the placebo. The phase 3 trial, ELARIS UF-I, is the first of two late-stage studies, and the Wednesday release was based on topline results from a six-month primary analysis. Uterine fibroids affect an estimated 7.5 million U.S. women, and consist of growths in the uterus that can cause heavy bleeding, pain and bladder problems. Other companies are also developing drugs in this area, includingMyovant , Allergan and the biotech ObsEva . AbbVie and Neurocrine’s elagolix is also being developed for endometriosis with associated pain, and is being reviewed by the Food and Drug Administration for that indication. AbbVie shares have surged 24.6% over the last three months, and Neurocrine shares have surged 14%, compared with a 4.5% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Popular Christian evangelist preacher Billy Graham, known for tent revivals and, eventually, sermons delivered in filled-to-capacity stadiums and across television broadcasts, has died at age 99, the Billy Graham Evangelistic Association told NBC News early Wednesday. “God has sent me out as a warrior … ,” he once said. Graham, an ordained Southern Baptist minister, became internationally recognized with his “crusades” from about 1949 on. He was known to meet and consult with American presidents from both parties. His son, Franklin Graham, tweeted on Presidents Day earlier this week that his father had met every U.S. president from Harry Truman to Donald Trump.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Women’s clothing retailer Chico’s FAS Inc. said Wednesday it is raising its quarterly dividend by 3% to 8.50 cents a share. The new dividend will be payable April 2 to shareholders of record as of March 19. Shares were not yet active premarket, but have fallen 36% in the last 12 months, while the S&P 500 has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

GPS provider Garmin Ltd. said Wednesday it had net income of $138.8 million, or 73 cents a share, in the fourth quarter, up from $136.6 million, or 72 cents a share, in the year-earlier period. Adjusted per-share earnings came to 70 cents, ahead of the FactSet consensus of 75 cents. Sales rose to $888.5 million from $860.8 million, also ahead of the FactSet consensus of $871 million. Outdoor, fitness, marine and aviation revenue grew 9% over the year-earlier quarter to account for 78% of total revenue. Looking ahead, Garmin said it expects full-year revenue of about $3.2 billion, compared with a current FactSet consensus of $3.1 billion. EPS is expected to come to about $3.05, ahead of the FactSet consensus of $2.97. Shares were slightly higher premarket, but have gained 29% in the last 12 months, while the S&P 500 has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

MKM Partners raised its Amazon.com Inc.’s price target to $1,750 from $1,350 on analyst belief that the company has created a competitive advantage that it can maintain and grow into other categories. “We continue to think Amazon is the best growth story of all the mega-caps over the very long term,” analyst Rob Sanderson wrote in a note. MKM maintained its buy stock rating. Analysts highlight investor support for Amazon’s investment spending; say that higher-margin businesses, like AWS and advertising, are growth engines for the e-commerce giant; and highlight the online retail growth of 19% in 2017. MKM sees prospects for earnings per share of $78 in 2022, up from previous estimate of $66. Amazon shares are up 0.7% in premarket trading, and up 71.5% for the past year. The S&P 500 index is up nearly 15% for the last 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News