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The Canadian dollar fell on Wednesday, after the Bank of Canada raised interest rates by 25 basis points to 1.25%, but cited the renegotiation of the North American Free Trade Agreement as a risk. “Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of Nafta is clouding the economic outlook,” the BOC statement read. It further said that “some continued monetary policy accommodation will likely be needed to keep the economy operating close to potential and inflation on target.” In November, core consumer price inflation stood at 1.3%, compared with the BOC target around 2%. Market participants updated their forecasts to reflect their anticipation of Wednesday’s rate hike after Canada posted strong December employment data earlier this month. The BOC raised interest rates twice in 2017, but then took a dovish turn in its language. One U.S. dollar last bought C$1.2467, compared with C$1.2435 late Tuesday. The yield on Canada’s ten-year government bond slipped 0.8% to 2.16%.

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From:: Stock Market News

U.S. stock-market indexes opened slightly higher on Wednesday, hovering near record levels a day after Dow industrials saw their biggest one-day reversal in almost two years. Investors continued to focus on earnings releases, including results from Bank of America and Goldman Sachs. The S&P 500 gained 6 points, or 0.2%, to 2,782. The tech-heavy Nasdaq Composite index advanced by 19 points, or 0.2%, to 7,243. The Dow Jones Industrial Average rose 110 points, or 0.4%, to 25,908. Among the best performers on Wall Street, shares of IBM rose sharply, after analysts at Barclays upgraded the stock to overweight from underweight.

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Wal-Mart Stores Inc. said Wednesday that it has named Judith McKenna chief executive of Walmart International, effective Feb. 1, 2018. She succeeds David Cheesewright who has been in the role since 2014 and has been with the company for 19 years. He has “recently shared his desire to retire from a full-time role,” according to a Wal-Mart release. He will remain in his position until March and then work on specific projects on a limited basis. McKenna is currently chief operating officer for Walmart U.S. She began working with Wal-Mart’s Asda unit in 1996 as chief operating officer and chief financial officer. Walmart International has more than 6,200 retail units in 27 countries. Wal-Mart shares are up more than 47% for the past 12 months while the Dow Jones Industrial Average is up 30.1% for the period.

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Shares of International Business Machines Corp. rose 1.8% in premarket trading Tuesday after analysts at Barclays upgraded the stock to overweight from underweight. The firm now has a $192 price target on IBM shares. “We think that the narrative can favorably shift for shares of IBM,” wrote the analysts, led by Mark Moskowitz. He thinks that after years of declining revenue, the company could be on the verge of showing stabilized sales or even returning to top-line growth. He’s optimistic about the mainframe cycle and its ability to serve as a “buffer” while IBM progresses on newer initiatives. “IBM could emerge as the next important cloud vendor after Amazon and [Microsoft’s ] Azure over time as customers seek a multi-cloud strategy to avoid vendor lock-in or technology complacency,” he wrote. IBM’s stock has fallen 2.4% in the past 12 months, compared with a 22% gain for the S&P 500 over that time.

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Cannae Holdings Inc. said Wednesday that its portfolio company, ceridian HCM Holding Inc., a human resources services company, has confidentially filed for an initial public offering. Cannae, which owns majority and minority stakes in a number of companies, including food services company American Blue Ribbon Holdings LLC, said the number of shares and price range have not yet been determined. Cannae shares were not yet active premarket, but have gained 31% in the last 12 months, while the S&P 500 has gained 22%.

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General Electric Co. said Wednesday it signed contracts valued at over $900 million wiht Kazakhstan’s state-run railroad to help develop the country’s railway infrastructure. The contracts with GE Transportation include delivering 300 shunter locomotives and an 18-year service agreement for the maintenance of 175 Evolution series locomotives. The first 2 shunters are expected to be delivered in 2019, with the rest delivered over the next 10 years. GE’s stock fall 0.8% in premarket trade. The stock had shed 2.9% on Tuesday after the company disclosed billions in dollars in losses in its legacy insurance business. It has tumbled 21.5% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 12.2%.

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Construction and industrial supplies maker Fastenal Co; said Wednesday it had net income of $152.4 million, or 53 cents a share, in the fourth quarter, up from $114.8 million, or 40 cent a share, in the year-earlier period. Sales rose to $1.09 billion from $947.9 million. The FactSet consensus was for EPS of 45 cents and sales of $1.08 billion. The company said employee-related costs, which account for 65% to 70% of operating and administrative costs, rose 15.5% in the quarter, mostly due to an increase in its full-time equivalent headcount, higher expenses relating to improving growth including bonuses and commissions and profit sharing and the inclusion of personnel from the Mansco acquisition last year. Shares slid 3.6% in premarket trade, but have gained 15% in the last 12 months, while the S&P 500 has gained 22%.

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Shares of NeuroMetrix Inc. rocketed 78% toward a 7-month high in active premarket trade Wednesday, after chronic pain treatments company announced a collaboration with GlaxoSmithLine PLC involving NeuroMetrix’s lead product, Quell Wearable Pain Relief Technology. Volume topped 270,000 shares more than two hours before the open, compared with the full-day average of about 184,000 shares. Under terms of the collaboration, GlaxoSmithKline will acquire exclusive ownership of Quell technology for markets outside the U.S., while NeuroMetrix will retain exclusive ownership for the U.S. market. GlaxoSmithKline will pay $5 million, and up to $21.5 million for the achievement of certain development and commercialization milestones. NeuroMetrix’s stock has tumbled 71% over the past 12 months, while GlaxoSmithKline shares have slipped 3.5% and the S&P 500 has rallied 22%.

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Shares of Tiffany & Co. initially fell in premarket trade before recovering Wednesday, after the company said it expects the tax bill signed into law in December to create charges of $115 to $165 million for its quarter ending Jan. 31, 2018. The charges stem from a revaluation of the deferred tax assets as well as a repatriation tax on foreign earnings. The company unveiled the charges as it reported holiday sales and updated its outlook for fiscal 2017, saying it expects sales to rise about 4% from the year-earlier and for EPS to increase by a double-digit percentage over the $3.55 earned in fiscal 2016. Those numbers do not include the effect of the tax changes. The company also said sales for the two months ended Dec. 31 rose 8% to $1.05 billion, while same-store sales rose 5%. “While we are encouraged with the holiday sales results, we believe that the preceding negative comparable store sales trend can only be reversed on a sustainable basis by continuing to evolve our product offerings and customer experience and also by stepping up certain strategic spending in our business, all of which is reflected in our preliminary 2018 plans and earnings outlook,” Chief Executive Alessandro Bogliolo said in a statement. Shares have gained 35% in the last 12 months, while the S&P 500 has gained 22%.

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From:: Stock Market News