What’s new

Oil futures lost more ground on Tuesday after Saudi Arabia’s Oil Minister Ali al-Naimi said he has no concerns about oil demand and that he welcomes additional supplies, including shale oil. He emphasized in his speech at IHS CERAWeek that “we have not delcared war on shale” or on production from any country or company. “Our purpose is not market share.” Al-Naimi said oil is in a “painful downturn” but the market will be balanced and demand will pick up. He said he remains optimistic. On the New York Mercantile Exchange, April oil fell $1, or 3%, to $32.39 a barrel.

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

Twitter Inc. was upgraded to outperform from market perform Tuesday at Raymond James. The analysts established a $25 price target. The analysts say that Twitter’s risk reward is attractive right now, and that the company’s strategies, including simplifying how users can see tweets and conversations, as well as monetization efforts, could drive user growth and revenue in the future. The analysts added that they see recent insider buying from executives such as Twitter Chairman Omid Kordestani as positives. Shares of Twitter were up 2% in early trade 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

U.S. stocks opened slightly lower on Tuesday as oil prices reversed earlier strong gains, turning negative. The S&P 500 opened 7 points, or 0.3%, lower at 1,938. The Dow Jones Industrial Average lost 42 points, or 0.3%, to 16,578 shortly after the open. Meanwhile, the Nasdaq Composite began the day down 22 points, or 0.5%, at 4,550.

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

Chipotle Mexican Grill Inc. was downgraded to sell from hold at Deutsche Bank on uncertainty over the way in which customers will receive the company’s turnaround efforts after a months-long E. coli outbreak. The price target remains at $400, with shares opening Tuesday at about $526. Deutsche Bank analysts said in a Tuesday note that they still have questions about whether Chipotle could withstand another outbreak incident, whether there has been a permanent loss of customers, and about the duration of “softer sales” through the recovery. Analysts said they’ve also noticed that items on the menu are increasingly out of stock and there are longer wait times at restaurants. They also expressed concern about the company’s lag in data analytics about its customers. Chipotle shares are up 9.6% for the year so far, but down 21.6% for the past 12 months. The S&P 500 is down 7.8% for the same 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

TheStreet Inc. said Tuesday it has appointed Chairman Larry Kramer as interim chief executive and president, replacing current CEO Elisabeth DeMarse who has resigned. The owner of financial website TheStreet.com has hired a recruitment firm and is seeking a full-time replacement. Kramer, who became chairman of TheStreet in December, has years of experience in the media sector, and was formerly president and publisher of USA Today, as well as the founder of MarketWatch, which is now owned by News Corp’s Dow Jones division.

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

TheStreet Inc. said Tuesday it has appointed Chairman Larry Kramer as interim chief executive and president, replacing current CEO Elisabeth DeMarse who has resigned. The owner of financial website TheStreet.com has hired a recruitment firm and is seeking a full-time replacement. Kramer, who became chairman of TheStreet in December, has years of experience in the media sector, and was formerly president and publisher of USA Today, as well as the founder of MarketWatch, which is now owned by News Corp’s Dow Jones division.

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 PTC Therapeutics Inc. fell more than 35% following news the company received a refuse to file letter from the U.S. Food and Drug Administration for a new drug, Translarna. The FDA, according to a news release, said the application for Trnaslarna was not up to standards in order to permit a substantive review. Translarna is a protein restoration therapy tasked with treating a form of muscular dystrophy mostly affecting men. PTC said it is examining what its next steps are.

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

Fitbit Inc. shares are down 14% in premarket trading after the digital fitness company was downgraded to market perform from outperform at Leerink based on uncertain new product sales and poor 2016 visibility. The price target was lowered to $18 from $33. Leerink analysts said first-quarter 2016 guidance fell “well short” of Street consensus, “creating a back-end weighted year that carries risk in our view,” analysts wrote in a Tuesday note. “Given uncertainty around new product sales and second half ramp, we no longer believe a premium multiple will be achieved.” Company shares down 44.2% for the year so far, while the S&P 500 is down 4.8% for the same 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

Macy’s Inc. shares are up 5.7% in premarket trading after the company reported fourth-quarter earnings that exceeded expectations. The retailer said it had net income of $543 million, or $1.73 per share, down from $793 million, or $2.26 per share, for the same period last year. Adjusted earnings were $2.09 per share, excluding $177 million in impairments, store closures and other costs. The FactSet consensus was $1.89. Sales for the quarter totaled $8.87 billion, down 5.3% from $9.37 billion year-over-year. The FactSet consensus was $8.83 billion. Fourth-quarter same-store sales on an owned plus licensed basis were down 4.3%. On an owned basis, same-store sales for the quarter were down 4.8%. The FactSet consensus forecast a 5.1% drop. Macy’s sees a 1% same-store sales decline for fiscal 2016 on an owned plus licensed basis. The company expects earnings between $3.80 and $3.90 for the fiscal year compared with a FactSet consensus of $3.90, and a 2% sales decline for the year. Macy’s shares are down 36% for the past year while the S&P is down 7.8%.

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