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A popular way to wager on the financial sector Thursday morning dipped below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.6% to 23.92 on Thursday, trading below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street’s expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.05% Thursday after a European Central Bank news conference. Anxieties about North Korea’s recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks’ business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,770, the S&P 500 index trading 0.2% lower at 2,461, while the Nasdaq Composite Index was retreating by 0.1% at 6,385. U.S. equities had opened slightly higher on the day.

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.

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From:: Stock Market News

Data from the U.S.Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 65 billion cubic feet for the week ended Sept. 1. That matched the average forecast of analysts surveyed by S&P Global Platts. Total stocks now stand at 3.220 trillion cubic feet, down 212 billion cubic feet from a year ago, but 15 billion cubic feet above the five-year average, the government said. October natural gas was down less than a cent, or 0.3%, from Wednesday’s settlement to $2.992 per million British thermal units. It traded at $2.995 before the data.

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.

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From:: Stock Market News

A popular way to wager on the financial sector Thursday morning dipped below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.6% to 23.92 on Thursday, trading below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street’s expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.05% Thursday after a European Central Bank news conference. Anxieties about North Korea’s recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks’ business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,770, the S&P 500 index trading 0.2% lower at 2,461, while the Nasdaq Composite Index was retreating by 0.1% at 6,385. U.S. equities had opened slightly higher on the day.

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.

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From:: Stock Market News

Shares of FireEye Inc. surged 6.3% in active morning trade Thursday, after Morgan Stanley turned bullish on the security services company for the first time, citing stabilization in recent results and an upbeat outlook for the company’s new Helix offering. Volume topped 5.5 million shares within an hour after the open, which was already more than the full-day average of 5.2 million shares. Analyst Melissa Franchi raised her rating at overweight after being at equal weight since coverage was initiated in September 2014. She raised her stock price target to $19, which is 21% above current levels, from $13. “Early data points from recent results and our customer survey suggest a Helix adoption potential significantly higher than consensus assumes,” Franchi wrote in a note to clients. “At the same time, our sum of the parts analysis suggest investors are pricing in continued declines in the FireEye subscription base–stabilization in recent results, positive spending indications from our survey work and a building renewal base all suggest otherwise.” The stock has soared 32% year to date, while the SPDR S&P Software and Services ETF has run up 18% and the S&P 500 has gained 10%.

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.

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From:: Stock Market News

A popular way to wager on the financial sector Thursday morning was on the verge of dipping below a long-term trend line for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled more than 1.2% to 24.01 on Thursday and may soon fall below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street’s expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.06% Thursday after a European Central Bank news conference. Anxieties about North Korea’s recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks’ business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,775, the S&P 500 index trading 0.1% lower at 2,462, while the Nasdaq Composite Index was retreating 0.2% at 6,381. U.S. equities had opened slightly higher on the day.

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.

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From:: Stock Market News

Shares of GoPro Inc. soared 19% in active morning trade, putting it on track for seven-month closing high, after the company surprised Wall Street analysts by saying it expected to report an adjusted profit for its third quarter. Volume ballooned to over 10.6 million shares in recent trade, already more than double the full-day average of about 4.8 million shares. The stock was currently the fourth-biggest percentage gainer and second-most active on the Nasdaq exchange. The rally comes barely a month after another 19% surge on the back of better-than-expected second-quarter results after the Aug. 3 close. The stock has now run up 26% over the past three months, while the S&P 500 has gained 1.2%.

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.

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From:: Stock Market News

U.S. stock benchmarks inched slightly higher on Thursday as investors contend with a barrage of risk factors, including Hurricane Irma, the European Central Bank President Mario Draghi and White House policy. The Dow Jones Industrial Average traded 0.1% higher at 21,822, the S&P 500 index ticked 0.1% up at 2,467, the Nasdaq Composite Index climbed 0.2% to 6,400. The ECB left key interest rates unchanged and said it expects them to remain at present levels for “extended period.” In the accompanying statement, which was virtually identical to the previous one, the central bank said that asset buying will continue at a €60 billion ($71 billion) a month through year-end or beyond and quantitative easing could be increased if the outlook deteriorates. Draghi’s comments during a Thursday news conference following the ECB’s policy statement sent the euro above $1.20 against the U.S. dollar. Meanwhile, Wall Street was still digesting President Donald Trump’s decision to extend the debt-limit deadline and fund the government through mid-December late Wednesday. The agreement raised hopes for more bipartisan deals that would allow the Trump administration to move forward with its promised economic reforms. However, it also raised concerns that divisiveness in the Republican party may limit further policy success, because other GOP leaders weren’t universally in favor of a short-term agreement. In corporate news, shares of GoPro Inc. rallied 18% after the wearable camera maker said it expects to be profitable on an adjusted basis in the third quarter. And Amazon’s shares rose 0.6% after it announced that it plans to open a second headquarters somewhere in North America that will house up to 50,000 employees and cost $5 billion to build. In meteorological news, Hurricane Irma, set to barrel down on Florida, comes two weeks after Hurricane Harvey hit the Texas and Louisiana Gulf Coast, where damages are estimated by AccuWeather to be up to $190 billion. Irma is said to have already killed more than 8 people and could hit Florida this weekend.

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.

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From:: Stock Market News

Online travel operator Despegar on Thursday set terms for its planned initial public offering, saying it will offer 12.8 million shares priced at $23 to $26 a pop. The company is planning to list on the New York Stock Exchange under the ticker symbol “DESP”. Morgan Stanley and Citigroup are lead underwriters on the dal, with Itau BBA, UBS, Cowen and KeyBanc acting as joint bookrunners. The company is the leading online travel company in Latin America and specializes in travel to that region, as well as Central America and the Caribbean. The timing of its announcement coincides with the arrival of Hurricane Irma, which has been confirmed as the most powerful storm to ever form in the Atlantic. Irma has wreaked havoc across the Caribbean and is now on track for Florida.

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.

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From:: Stock Market News

Eli Lilly & Co. said it will cut about 3,500 jobs, or about 8.3% of its global workforce, as part of a streamlining plan aimed at cutting costs by $500 million a year. The drug giant expects most of the job cuts to come in the U.S. from a voluntary early retirement program, which it expects to be mostly completed by the end of the year. Other workforce reductions are expected to come from streamlining moves, including site closures. Lilly expects to record charges of $1.2 billion, or 80 cents a share, in the third and fourth quarters of 2017. The company plans to use the cost savings to improve its cost structure and reinvest in its business. “The actions we are announcing today will result in a leaner, more nimble global organization and will accelerate progress towards our long-term goals of growing revenue, expanding operating margins and sustaining the flow of life-changing medicines from our pipeline,” said Chief Executive David Ricks. The stock, which slipped less than 0.1%, has gained 9.5% year to date through Wednesday, while the SPDR S&P Pharmaceuticals ETF has rallied 8.9% and the S&P 500 has tacked on 10%.

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.

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From:: Stock Market News

Shares of NCI Building Systems Inc. tumbled 16% toward a 10-month low in premarket trade Thursday, after the maker of metal products for the nonresidential building industry reported disappointing third-quarter results and cut its sales outlook. Late Wednesday, the company said net income fell to $18.1 million, or 25 cents a share, from $23.6 million, or 32 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 27 cents, missing the FactSet consensus of 32 cents. Revenue rose to $469.4 million from $462.4 million, but was below the FactSet consensus of $495.2 million. The company cuts its 2017 revenue outlook to $1.75 billion to $1.78 billion, after raising it to $1.80 billion to $1.86 billion from $1.75 billion to $1.85 billion on June 6. NCI said it lowered its outlook because the softer market activity seen in the third quarter is expected to continue into the fourth quarter, particularly in its legacy components business and given the impact of Hurricane Harvey. The stock had gained 7.4% year to date through Wednesday, while the S&P 500 had rallied 10%.

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.

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From:: Stock Market News