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Shares of movie theater chains stumbled out of the gate on Friday. AMC Entertainment Holdings Inc. stock fell more than 5% in morning trade, leading the film exhibitor group down. Shares of Regal Entertainment Group were down 4%, Cinemark Holdings Inc. shares fell more than 2% and shares of Marcus Corp. fell nearly 2%. B. Riley analyst Eric Wold pointed to a Bloomberg report that Apple Inc. and Hollywood studios were mulling the possibility of moving forward with a premium video on demand format, releasing new films just weeks after they open in theaters. Cinema chains have been opposed to this model, which would shrink the exclusive window of time where films can only be seen in theaters. Discussions about the best possible way to introduce PVOD have been going on for a while, and the price point being thrown around is in the range of $30 to $50. Time Warner Inc.-owned Warner Bros. and Comcast Corp.’s are said to be the studios leading the charge. Walt Disney Co. has been a hold out. Concerns surrounding the possibility of PVOD, coupled with soft box office returns have ravaged cinema chain stocks in 2017. Shares of AMC are down nearly 63% in the year to date, Regal Entertainment shares have dropped nearly 24%, Marcus Corp shares are down almost 22% and shares of Cinemark are down more than 9% in the year. By comparison, the S&P 500 index is up more than 8%.

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From:: Stock Market News

U.S. stocks opened slightly lower on Friday, extending the previous session’s decline and putting major indexes on track for weekly losses. The Dow Jones Industrial Average slid 22 points, or 0.1%, to 21,732. The S&P 500 lost 0.6 point to 2,429. The Nasdaq Composite Index was up 1.2 point to 6,222. All three indexes are on track for a negative week, with the Dow down 0.6%, the S&P off 0.5%, and the Nasdaq having lost 0.6%. This is the second straight weekly decline for the S&P and the Dow, and the fourth straight down week for the Nasdaq. Recent losses have been fueled by geopolitical uncertainty, including tensions between the U.S. and North Korea last week, and a terrorist attack in Barcelona on Thursday. Among the most actively traded stocks, Ross Stones rallied 11% a day after it reported results that beat expectations, while Applied Materials gained 3.6% a day after its own results.

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Caterpillar Inc. said Friday that total machines retail sales for the rolling 3-month period ending July rose 12% from the same period a year ago, with growth in all geographic regions, after rising 7% in June. Caterpillar’s stock fell 0.5% in premarket trade. Resource industries retail sales increased 8%, after falling 1% in June, as growth in the Asia/Pacific and Europe, Africa and Middle East regions offset declines in North America and Latin America. Construction industries sales rose 13%, after climbing 10% in June, while energy and transportation sales fell 2% after rising 1% in June. Caterpillar’s stock has rallied 22% year to date through Thursday, while the SPDR Industrial Select Sector ETF has gained 8.4% and the S&P 500 has advanced 8.5%.

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From:: Stock Market News

Small-capitalization stocks are set to fall further Friday, despite early indications of gains for large-cap stocks, after the Russell 2000 small-cap tracker closed the previous session below its 200-day moving average for the first time in 14 months. The 200-day moving average is viewed by many technicians as a dividing line between longer-term uptrends and downtrends. The iShares Russell 2000 ETF slipped 0.13% in premarket trade, putting it on track to open at the lowest level seen during regular session hours since May 31. Meanwhile, the SPDR S&P 500 ETF rose 0.09% ahead of the open and the PowerShares QQQ ETF , which tracks the technology-heavy Nasdaq 100 , tacked on 0.38%. The S&P 500 closed Thursday 3.6% above its 200-day moving average (MA) and the Nasdaq 100 ended 7.7% above its 200-day MA.

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From:: Stock Market News

TOP Ships Inc.’s stock jumped 7.0% to $1.40 in premarket trade Friday, after the Greece-based ship-owning company said it regained compliance with the Nasdaq’s minimum bid price requirement. That compliance comes after the company effected at 30-for-1 reverse stock split on Aug. 3, that increased its stock price by a factor of 30. The company had received notice from the Nasdaq on June 27 that the stock had traded below the minimum bid price requirement of $1.00 a share for the past 30 consecutive days. The latest reverse stock split was the third reverse split effected in three months, including a 15-for-1 split on June 23 and a 20-for-1 split on May 11. That means the stock price has been increased by a factor of 9,000 in three months to regain compliance. The stock has plunged 99.6% over the past three months through Thursday, while the Dow Jones Transportation Average has gained 3.8% and the S&P 500 has tacked on 2.7%.

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From:: Stock Market News

Chicken Soup for the Soul Entertainment Inc. said it has closed its $30 million Reg A+ initial public offering, after selling 2.5 million shares at $12 a pop. The Reg A+ format was created by the JOBS Act, which aims to provide access to capital for smaller companies. HCFP/Capital Markets LLC, The Benchmark Company LLC and Weild & Co. were underwriters of the deal. The stock will start trading later Friday on the Nasdaq, under the ticker symbol “CSSE”. The company provides video content that aims to bring out the best in people.

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A roughly 20% slide in shares of Foot Locker Inc. in premarket trade Friday pulled other sports retailers and apparel makers lower with it, with Under Armour down 1.7% and Nike Inc. down 2.7%. Foot Locker reported weaker-than-expected earnings for the second quarter and said it was hurt by the limited availability of new innovative products. Adding to the gloom, Hibbet Sports Inc. also posted worse-than-expected earnings and slashed its guidance. Quo Vadis Capital analyst John Zolidis told investors to avoid companies in the athletic apparel and footwear space. “The fashion trend has turned,” he wrote in an early note. “Athleisure is over. We predict several years of pain for the companies that compete in this arena.” Foot Locker shares have fallen 33% in 2017, while the S&P 500 has gained 8.5%.

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From:: Stock Market News

Share of Blue Apron Holdings Inc. dropped 1.7% in premarket trade Friday, after the meal-kit delivery company was downgraded at Stifel Nicolaus, citing challenges with the transition of order volume to a new fulfillment center in New Jersey and with broader product expansion. Analyst Scott Devitt cut the rating to hold from buy, and slashed his stock price target to $6 from $8. The new target is 40% below the initial public offering price of $10. Stifel Nicolaus was one of the underwriters of the IPO. Devitt said the downgrade comes after a further review of second-quarter results. “The company is currently grappling with unexpected challenges in transitioning its East Coast fulfillment center to a new Linden, N.J. center while at the same time dealing with lower fulfillment efficiency/accuracy stemming from its recent product expansion (more menu options and greater menu flexibility),” Devitt wrote in a note to clients. The stock has plunged 46% through Thursday, since it closed at its IPO price on the first day of trade on June 29, while the S&P 500 has gained 0.4% over the same time.

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From:: Stock Market News

Shares of Hibbett Sports Inc. tumbled 7% toward a 9-year low in light in premarket trade Friday, after the athletic apparel retailer reported fiscal second-quarter sales that missed expectations and slashed its outlook. For the quarter to July 29, the company swung to a net loss of $3.2 million, or 15 cents a share, from a profit of $6.5 million, or 29 cents a share, in the same period a year ago. The FactSet consensus was for a loss of 20 cents a share. Revenue declined to $188.0 million from $206.9 million, below the FactSet consensus of $190.3 million, while the 11.7% drop in same-store sales missed expectations of a 10.0% decline. Gross margin narrowed to 28.9% of net sales from 33.0%, primarily because of promotions and markdowns taken to liquidate excess and aged inventory. The company slashed its full-year EPS outlook to a range of $1.25 to $1.35 from $2.35 to $2.55, and its same-store sales guidance to “negative mid to high single-digit range” from “negative 1.0% to positive 1.0%.” The stock has plunged 69% year to date through Thursday, while the SPDR S&P Retail ETF has shed 13% and the S&P 500 has gained 8.5%.

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From:: Stock Market News