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Atlanta Fed President Raphael Bostic said he is likely to support more interest-rate hikes this year, saying there are upside risks to both GDP and employment and building if modest inflation pressures. “For the first time in a long time, I see the potential for inflation to run somewhat above the Fed’s longer-run 2% target as opposed to the below-target rate we have seen over the past six years,” he said. Bostic is a voting Federal Open Market Committee member this year.

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Shares of Target Corp. and Kroger Co. jumped 2.7% and 6.9% respectively on a report from Fast Company that the two companies are in merger talks. The retailers began discussions last summer about a partnership, and talked again in the fall. Neither company commented for the story. Target has searched for ways to improve its grocery business. And both companies, along with the rest of the retail sector, are grappling with Amazon.com Inc. and its acquisition of Whole Foods Market. Fast Company points out that a number of grocers, including Kroger and Albertson’s, have struck deals with third-parties like Instacart to beef up digital grocery and delivery services. And Walmart Inc. has either tested or enacted various initiatives, like curbside pick-up and in-home delivery, to remain competitive. Target announced that it was acquiring Shipt, an online same-day grocery delivery service, in December. Target shares are up 29.6% for the past year, Kroger shares are down 20.1% for the period, and the S&P 500 index is up 12.7% for the last 12 months.

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Nike Inc.’s stock surged 4.5% in premarket trade Friday, in the wake of the athletic apparel and accessories company’s fiscal third-quarter results, to pace the handful of Dow Jones Industrial Average components trading higher ahead of the open. Six of the 30 Dow stocks were gaining ground; the next biggest gainer was Home Depot Inc. shares, which were up just 0.4%. Nike’s stock rally would add about 20 points to the Dow, while Dow futures were down 96 points. Among the biggest decliners, shares of Intel Corp. were shedding 0.9%, Boeing Co. were losing 0.8% and Pfizer Inc. were giving up 0.8%. The most-active stock was Apple Inc.’s , which dropped 0.4%.

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Cars.com Inc. said Friday it has agreed to appoint activist investor Starboard Value LP’s nominees to its board of directors, and expand the size of the board to 11 members from eight. The appointees will be Michael Kelly, chief executive of investment firm Kelly New Ventures and former CEO of The Weather Channel Companies, Bryan Weiner, executive chairman of digital advertising agency 360i and an additional independent director to be agreed upon later. Starboard is the online automotive marketplace’s second-largest shareholder with 6.4 million shares, or 8.9% of the shares outstanding, according to FactSet. The stock, which was still inactive in premarket trade, has tacked on 0.9% over the past three months, while the S&P 500 has slipped 1.5%.

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At least one person has been killed in a hostage-taking situation in Southwestern France on Friday, according to media reports. A gunman claiming allegiance to Islamic State fired shots and took hostages in a supermarket in the town of Trebes, south of Toulouse, the reports said. Local authorities are reportedly treating the incident as a possible terrorist attack.

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Chip maker Qualcomm Inc. said Friday it has extended its cash tender offer for NXP Semiconductors N.V. to 5.00 p.m. Eastern Time on April 2. The company is offering to buy NXP in a deal valued at about $44 billion. Qualcomm said so far, shareholders representing 15.1% of outstanding NXP shares have validly tendered them. Qualcomm itself was the subject of an unsolicited bid from Broadcom Inc. until President Donald Trump blocked the Singapore company earlier this month. Qualcomm shares were down 0.5% in premarket trade, while NXP was up 1.9%. S&P 500 futures were down 0.2%.

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Tapestry Inc. [: tpr] said Friday it named Anna Bakst as Kate Spade’s chief executive officer and brand president. The lifestyle company, which brands also includes Coach and Stuart Weitzman, said Bakst is expected to join the company on March 26, replacing Craig Leavitt, who left the company in 2017. Bakst was most recently Group President of Accessories and Footwear at Michael Kors Holdings Ltd. . “Anna’s focus on product innovation–notably in the key categories of accessories and footwear–will be a key pillar of the Kate Spade growth strategy,” said Tapestry Chief Executive Victor Luis. The stock, which was still inactive in premarket trade, has run up 17% over the past three months, while Michael Kors shares have lost 2.1% and the S&P 500 has declined 1.5%.

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China is planning to slap $3 billion in reciprocal tariffs on U.S. products, according to multiple reports late Thursday. The move comes after President Donald Trump announced Thursday at least $50 billion in tariffs on imports from China. Bloomberg News reported China plans 15% tariffs on U.S. steel, fruit, wine and other products, and 25% tariffs on pork and aluminum. Reuters reported that 128 U.S. products would be subject to the tariffs, and that the measures will take effect if a trade agreement cannot be reached with the U.S.

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The hacker who took credit for providing WikiLeaks with hacked emails from the Democratic National Committee in 2016 has been linked to Russian military intelligence, according to a report by The Daily Beast late Thursday. The hacker, known as Guccifer 2.0, had claimed to be a Romanian “hacktivist,” and hid his true location by using a VPN service. But the Daily Beast reported that cybersecurity experts traced one logon in which he apparently neglected to use VPN to a building in Moscow that is the headquarters of the GRU, Russia’s military intelligence agency. That could have wide implications for special counsel Robert Mueller’s probe into Russian meddling and possible collusion with the Trump campaign. Trump campaign adviser Roger Stone has admitted contacts with Guccifer 2.0 in 2016. Mueller has taken over the Guccifer 2.0 investigation from the FBI, the Daily Beast said.

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From:: Stock Market News