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Shares of New York Times Co. rose more than 6% in intraday trade on Thursday, catapulting the newspaper publisher’s stock to its highest level since 2008. New York Times shares were on track to close at their highest level since May 9, 2008, after the company reported better-than-expected second-quarter profit and revenue. The company said subscription revenue increased 13.9%, while 22.5% growth in digital-only advertising revenue offset a 10.5% decline in print ad revenue. The stock has gained more than 46% in 2017, and it’s up 73% since the presidential election, while the S&P 500 index has gained more than 10% this year and is up 15% since the November election.

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The S&P telecom sector soared on Thursday and was on track for its biggest one-day percentage increase in more than eight years, boosted by strong results from some of its biggest components. The sector jumped 4.8%, its best day since March 2009, according to FactSet data. Thursday marks the third straight daily increase for the industry, a period over which it has gained about 8%. Despite that, telecom remains one of the laggards of the year, down 8.7% for 2017. The rally came after Verizon Communications Inc. popped 6.9% on the back of second-quarter revenue that beat expectations, as well as an expansion of its unlimited wireless data plan, which helped it recover from a net subscriber loss in the first quarter. AT&T Inc. gained 3.3% on Thursday, building on a rally the shares had on Wednesday, which came in the wake of the company’s own results, when it posted a profit that topped analyst forecasts. The S&P 500 dipped 0.4% on Thursday.

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Analysts at Canaccord Genuity on Thursday increased their price target on Boeing Co. shares to $215, from $200, saying the aerospace and defense company benefits from a “perfect storm” of stability in fuel prices and interest rates, strong fundamentals, and improving macroeconomic outlook. Boeing’s second-quarter earnings, released Wednesday, beat Wall Street expectations, and the stock has rallied to a record, trading as high as $242.68 on Thursday.

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MKM Partners analyst Rob Sanderson put out a bullish note on Netflix Inc. on Thursday, raising his 12-month price target on the streaming giant to $230 from $195. That represents a 23% premium to current trading levels. Sanderson also said his model suggests that Netflix hitting earnings of $30 per share is possible over time. “While we look to our $12 EPS power in 2021 as our valuation benchmark, we think there is a much larger opportunity over time,” Sanderson wrote. “We think that 2021 provides a relevant benchmark for valuation, but think that the growth story will still have meaningful headroom from there. We continue to think the international opportunity is much larger. Each benchmark suggests the opportunity for Netflix outside the U.S. could be four to five times the domestic opportunity over time.” Shares of Netflix were down less than 1% intraday on Thursday, but have gained more than 50% in the year to date, while the S&P 500 index is up nearly 11%.

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Appliance maker Whirlpool Corp. shares fell 7% Thursday, after second-quarter earnings fell short of expectations and the company offered guidance that was below consensus. The company said it had net income of $179 million, or $2.52 a share, in the quarter, down from $320 million, or $4.15 a share, in the year-earlier period. Excluding higher income tax expenses, per-share earnings came to $3.50, below the FactSet consensus of $3.54. Sales rose to $5.3 billion from $5.2 billion, matching the FactSet consensus. The company said it now expects full-year EPS of $12.40 to $12.90 and adjusted EPS of $14.50 to $15.00. The FactSet consensus is for full-year EPS of $15.10. “This quarter appears similar to last quarter, with North America strong but weakness in other regions leading to an EPS miss and guide-down,” MKM analysts wrote in a note. The company expects to generate free cash flow of about $1 billion. The board has approved an additional $2.23 billion shares buyback. Shares have fallen .2.6% in 2017, while the S&P 500 has gained about 11%.

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The Trump administration and lawmakers will issue “guiding principles” for tax reform on Thursday, Vice President Mike Pence told a business group. Pence told the National Federation of Independent Business that details will continue to be worked out, “but rest assured: we’re going to cut taxes, and we’re going to cut taxes this year.” Top congressional Republicans and Trump administration officials have been meeting for months on a tax overhaul.

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The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 17 billion cubic feet for the week ended July 21. Analysts surveyed by S&P Global Platts forecast a build of 22 billion cubic feet. Total stocks now stand at 2.990 trillion cubic feet, down 302 billion cubic feet from a year ago, but 111 billion cubic feet above the five-year average, the government said. August natural gas was up 4.1 cents, or 1.4%, from Wednesday’s settlement to $2.965 per million British thermal units. It traded at $2.934 before the data.

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From:: Stock Market News