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The Dow Jones Industrial Average on Thursday was being yanked firmly lower in early trade as four of its components were under severe pressure. Shares of Apple Inc. , Goldman Sachs Group Inc. , Wal-Mart Stores Inc. and Cisco Systems Inc. were exacting a more-than 50-point toll on the Dow , which was down more than 100 points at last check, with those components representing the lion’s share of the fall. Wal-Mart’s share decline came even as the the giant retailer reported quarterly results that were better than expected but showed disappointing sales in its Sam’s Club unit. More broadly, the S&P 500 index was off 0.6% at 2,452, and the Nasdaq Composite Index was giving up 1% in early trade at 6,284.

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From:: Stock Market News

Shares of Automatic Data Processing Inc. could more than double in less than four years, if the payroll services company fulfill’s its potential, according to hedge fund Pershing Square Capital Management, which is run by billionaire activist investor Bill Ackman. In a presentation to investors, Pershing said the value of ADP’s stock, which was down 1.4% at $109.54 in morning trade, can rise to $221 to $255 a share by June 21, with “not changes in the credit rating, capital structure, dividend policy, or clients funds investment strategy.” Pershing said ADP’s “buy” instead of “build” strategy has led to weak product offerings, most notably in enterprise, and inefficient legacy back-end infrastructure. “ADP’s focus on ‘hitting the numbers’ has led to value-destructive decisions with negative long-term consequences,” Pershing wrote in the presentation. ADP diclosed earlier this month that Pershing, which owns 36.8 million ADP shares, or an 8.3% stake, was seeking to take five board seats and change the CEO. In an interview on CNBC last week, ADP CEO Carlos Rodriguez called Ackman “a spoiled brat.” stock has gained 22% over the past 12 months, while the S&P 500 has rallied 13%.

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From:: Stock Market News

U.S. stocks opened lower Thursday as investors weighed concerns about President Donald Trump’s ability to pursue pro-business policies amid a continued controversy over his response to weekend violence in Charlottesville, Va., and sorted through a mixed bag of economic data. The S&P 500 fell 0.3%, while the Nasdaq Composite shed 0.4%. The Dow Jones Industrial Average declined 47 points, weighed down in part as shares of components Wal-Mart Stores Inc. , down 2.8%, and Cisco Systems Inc. [CSCO], off 1.8%, declined following earnings.

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

Time Warner Inc.-owned Turner Sports is planning to launch a new sports streaming platform in 2018 the company said on Thursday. Turner acquired exclusive multi-platform rights to two of the world’s premier soccer competitions, the UEFA Champions League and the UEFA Europa League. Those two competitions will be the foundation for Turner’s direct-to-consumer streaming service. The three-year deal with UEFA, the governing body of European football, begins in 2018 with the launch of Turner’s streaming service. Walt Disney Co.’s premier cable sports network ESPN also recently announced it will launch a streaming service in 2018. Turner President David Levy said the deal with UEFA and the coming streaming platform aligns with the broadcaster’s strategy to expand the distribution of its content. Turner also plans to use Bleacher Report to offer access to live games, along with year-round clips and content to focus on reaching millennial audiences. Shares of Time Warner have gained 5.6% in the year to date, while the S&P 500 index is up 10.2%.

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From:: Stock Market News

Shares of Wal-Mart Stores Inc. and Cisco Systems Inc. are acting as a drag on the Dow Jones Industrial Average in premarket trade Thursday, in the wake of the companies’ earnings reports. Wal-Mart’s stock slumped $2.00, or 2.5%, ahead of the open, after the discount retail giant beat overall revenue expectations but Sam’s Club sales came up short. That would take about 14 points off the Dow’s price. Cisco shares fell 87 cents, or 2.7%, in premarket trade, after a downbeat outlook, which would shave about 6 points off the Dow. The combined drag on the Dow was 20 points, while Dow futures were down 63 points.

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 Alibaba Group Holdings Ltd. rallied toward a record high on heavy volume in premarket trade Thursday, as investors cheered the China-based e-commerce giant’s better-than-expected results. The stock traded up 4.9% at $167.27 ahead of the open, above Wednesday’s record close of $159.50 and all-time intraday high of $158.32. Volume topped 4.5 million shares an hour before the open, enough to make the stock the most actively traded in the premarket. The full-day average volume over the past 30 days is 14.7 million shares, according to FactSet. Alibaba reported earlier fiscal first-quarter earnings and revenue that beat expectations. The stock has rocketed 81.6% year to date through Wednesday, while shares of U.S.-based e-commerce giant Amazon.com Inc. have run up 30.5% and the S&P 500 has gained 10.2%.

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From:: Stock Market News

Shares of Altaba Inc. , formerly known as Yahoo, ran up 4.6% in premarket trade Thursday, on the heels of Alibaba Group Holding Ltd.’s better-than-expected quarterly results. The stock was on track to open at the highest price seen during regular session hours since Aug. 28, 2000. Altaba was Yahoo until the company completed the sale of its operating business to Verizon Communications Inc. in June, but is now a closed-end management investment company that owns a “substantial” Alibaba stake. Alibaba’s stock surged 5.5% ahead of the open after the China-based e-commerce giant beat fiscal first-quarter profit and revenue expectations. Altaba’s stock has soared 57% year to date through Wednesday, while Alibaba shares have rocketed 82% and the S&P 500 has gained 10%.

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From:: Stock Market News

Wal-Mart Stores Inc. reported second-quarter net income of $2.90 billion, or 96 cents per share, down from $3.78 billion, or $1.21 per share, for the same period last year. Adjusted EPS was $1.08, ahead of the FactSet $1.07 consensus. Revenue was $123.4 billion, up from $120.9 billion and ahead of the $122.8 billion. Same-store sales were up 1.8%, with traffic growing 1.3% for the quarter. E-commerce sales at Walmart U.S. grew 60%. Sam’s Club sales were $14.9 billion, up from $14.5 billion last year, but below the FactSet consensus of $14.8 billion. Same-store sales, excluding fuel, were up 1.2%. Wal-Mart sees full year EPS of $4.18 to $4.28, and adjusted EPS of $4.30 to $4.40. The company sees third-quarter EPS of 90 cents to 98 cents. The FactSet consensus is for full-year earnings of $4.36 and third-quarter EPS of 97 cents. Wal-Mart shares are down 1.8% in Thursday premarket trading, but up 17.2% for the year so far. The S&P 500 index is up 10.2% for 2017 to date. The Dow Jones Industrial Average is up 11.5% for 2017 so far.

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From:: Stock Market News

Wal-Mart Stores Inc. reported second-quarter net income of $2.90 billion, or 96 cents per share, down from $3.78 billion, or $1.21 per share, for the same period last year. Adjusted EPS was $1.08, ahead of the FactSet $1.07 consensus. Revenue was $123.4 billion, up from $120.9 billion and ahead of the $122.8 billion. Same-store sales were up 1.8%, with traffic growing 1.3% for the quarter. E-commerce sales at Walmart U.S. grew 60%. Sam’s Club sales were $14.9 billion, up from $14.5 billion last year, but below the FactSet consensus of $14.8 billion. Same-store sales, excluding fuel, were up 1.2%. Wal-Mart sees full year EPS of $4.18 to $4.28, and adjusted EPS of $4.30 to $4.40. The company sees third-quarter EPS of 90 cents to 98 cents. The FactSet consensus is for full-year earnings of $4.36 and third-quarter EPS of 97 cents. Wal-Mart shares are down 1.8% in Thursday premarket trading, but up 17.2% for the year so far. The S&P 500 index is up 10.2% for 2017 to date. The Dow Jones Industrial Average is up 11.5% for 2017 so far.

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From:: Stock Market News