Category: Uncategorized

U.S. stock-market indexes opened slightly higher on Wednesday, bouncing from losses during the previous session, which were sparked by worries over North Korea. Gains were limited, however, as investors kept an eye on a potentially destructive Hurricane Irma. The category 5 Hurricane has made a landfall in northeastern Caribbean islands and could potentially hit Florida, where a state of emergency has been declared. The Dow Jones Industrial Average gained 85 points, 0.4%, to 22,838 at the open. The S&P 500 advanced 8 points, or 0.3%, to 2,465. The Nasdaq Composite index rose 23 points, or 0.4% to 6,400. Among the best performers on Wall Street, Hewlett Packard Enterprise Co. [s :HPE] climbed following better-than-expected earnings released late Tuesday.

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

Gap Inc. said Wednesday that it expects its Old Navy brand to reach $10 billion in sales over the next few years. The company is speaking at the Goldman Sachs Global Retailing Conference. Gap expects its Athleta brand of activewear to exceed $1 billion in sales over the coming years as well. Both brands will be driven by online growth, increases in mobile, store expansion and through loyalty channels. The company said it will add 70 stores in the next three years and close about 200 underperforming Gap and Banana Republic stores. Gap shares are up 0.8% in premarket trading, and up 7.1% for the year so far. The S&P 500 index is up 9.8% for 2017 to date.

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 online travel services companies fell Wednesday, after Germany-based hotel search platform Trivago N.V. issued a profit warning. Expedia Inc.’s stock slumped 2.8% in premarket trade while Priceline Group Inc. shares shed 1.2% and shares of TripAdvisor Inc. slid 2%. Trivago’s stock plunged 26% ahead of the open, putting it on track to open at a 7-month low, after saying earlier Wednesday that third-quarter and full-year earnings would be lower than previously expected.

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 CSX Corp. shed 1% in premarket trade Wednesday, after the railroad operator cut its 2017 profit growth and operating ratio outlook. In a presentation at the Cowen & Co. Global Transportation Conference, Chief Executive Hunter Harrison said EPS growth is now expected to be in the range of 20% to 25%, compared with previous guidance of “around” 25%. The operating ratio outlook was revised to “around the high end of the mid-60s” from previous guidance of mid-60s. “The railroad is now returning to a normal operating rhythm, and our performance metrics are improving,” CEO Harrison said. “Fluidity in our terminals largely has been restored and we are appropriately resourced to continue making progress.” The stock had slumped 9.2% over the past three months, while the Dow Jones Transportation Average has slipped 0.1% and 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.

…read more

From:: Stock Market News

Abercrombie & Fitch Co. said Wednesday that Scott Lipesky has been named chief financial officer, effective October 2. Lipesky was most recently the CFO of American Signature Inc., a privately-held home furnishings company. He also previously worked for Abercrombie & Fitch for nine years, at one point serving as CFO of the Hollister brand. Lipesky succeeds Joanne Crevoiserat, who continued to serve as CFO of Hollister after she was promoted to COO on February 1. Abercrombie & Fitch shares are unchanged in premarket trading, and up 9.4% for the year so far. The S&P 500 index is up 9.8% for the period.

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

Health and wellness products retailer GNC Holdings Inc. said Wednesday that it named Ken Martindale as its chief executive officer, replacing interim CEO Bob Moran. Martindale was previously president of Rite Aid Corp. , and Moran was elected non-executive chairman of the board. The company said Michael Hines will step down as chairman, effective Sept. 11, but remain on the board. “Ken is a proven leader with deep retail expertise, intimate knowledge of our business through his years of leadership with our partner, Rite Aid, and a record of success in transforming retail business models,” Hines said. The stock, which was inactive in premarket trade, has plunged 27% year to date, while the SPDR S&P Retail ETF has shed 10% and the S&P 500 has gained 9.8%.

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

Vertex Pharmaceuticals Inc. shares surged 1.2% in premarket trade Wednesday after the company announced that Tom Graney would be its new chief financial officer and senior vice president, starting September 13. Graney will report to Ian Smith, Vertex’s chief operating officer and executive vice president, who has been Vertex’s chief financial officer for 16 years. Graney most recently served as CFO and senior vice president of finance and corporate strategy at Ironwood Pharmaceuticals . Graney was in his Ironwood Pharma position for just over three years, according to his LinkedIn profile; he previously worked at Johnson & Johnson and its Ethicon and Janssen business units, among other places. Vertex shares have surged 24.6% to $159.07 over the last three months, compared with a 1.2% 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

Shares of United Continental Holdings Inc. dropped 2.7% in premarket trade Wednesday, after the air carrier cut its unit revenue and pre-tax margin outlook for the current quarter, citing the effects of Hurricane Harvey, tensions in the Korean Peninsula, pricing issues and higher fuel costs. The company disclosed in an SEC filing that it now expects third-quarter passenger revenue per available seat mile (PRASM) to be down 3% to down 5% from a year ago, compared with a previous guidance range of down 1% to up 1%. The pre-tax margin outlook was cut to a range of 8.0% to 10.0% from 12.5% to 14.5%, while the guidance range for fuel prices was raised to $1.72 to $1.77 from $1.56 to $1.61. Capacity is now expected to be up 3.0% to 3.5%, compared with a prior guidance of about 4.0%. Chief Financial Officer is scheduled to present the carrier’s updated outlook when he speaks at the Cowen & Co. Global Transportation Conference later Wednesday. The stock has tumbled 25% over the past three months, while the NYSE Arca Airline Index has shed 9.6% and 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.

…read more

From:: Stock Market News

A popular way to wager on the financial sector on Wednesday is 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 2% to 24.24 on Tuesday and may soon fall below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. In premarket trade the ETF was trading slightly higher. 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 slipped to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.07% on Tuesday amid anxieties about North Korea’s recent test of a hydrogen bomb over the Labor Day weekend and doubts that the Federal Reserve will find economic data supportive enough to lift interest rates once more this year. 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. On Tuesday, Goldman Sachs Group Inc. , J.P. Morgan Chase & Co., and Bank of America Corp. all declined at least 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.

…read more

From:: Stock Market News

Rite Aid Corp. said Wednesday its president and chief executive of Rite Aid Stores, Ken Martindale, will leave the company effective immediately to assume a position at another company. Martindale joined the company in December 2008. The drugstore chain said it promoted Bryan Everett, currently the executive vice president of store operations, to the newly created position of chief operating officer. The stock, which was inactive in premarket trade, has plunged 29% over the past three months, while the SPDR S&P Retail ETF has lost 1.8% and 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.

…read more

From:: Stock Market News