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WASHINGTON (MarketWatch) — U.S. car and light truck sales rose to a seasonally adjusted annual rate of 18.2 million in August, the highest level in 10 years, according to data from Autodata. Economists polled by MarketWatch had forecast a reading of 17.6 million.
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U.S. stocks trimmed losses on Thursday in a volatile session that saw major indexes kick off the day on a strong note and then sink into negative territory. Jonathan Golub, chief U.S. equities strategist at RBC Capital Markets, attributed the stock market’s swings to heightened volatility where rallies are immediately followed by large drops. The S&P 500 slid 6 points, or 0.3% to 1,913, coming back from an earlier low of 1,900 and the Dow Jones Industrial Average fell 88 points, or 0.5%, to 16,196. The tech-laden Nasdaq Composite shed 28 points, or 0.6%, to 4,591.
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Some 10 people have died and 20 are wounded after a shooting at Umpqua Community College in Oregon,reports CNN, attributing those figures to state police. The shooter is “down,” a local fire-department official told MSNBC, characterizing the situation as “chaotic” and the number of fatalities as “multiple.”
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Dunkin’ Brands Group Inc.’s stock is on track to have its worst day since the doughnut and coffee chain went public over four years ago. The stock tumbled $5.16, or 11%, in afternoon trade, after the company provided a disappointing sales growth outlook. The next biggest percentage selloff was when it slid 7.5% on Nov. 1, 2011, after the company released its first quarterly results as a public company; the second-biggest price decline was when the stock slumped $3.17 on Dec. 18, 2014, after the company cut its sales growth outlook. The stock, which is now down 23% from its record close of $56.58 on July 13, 2015, in on track to close at the lowest level since Jan. 9. The stock went public on July 27, 2011, closing its first day at $27.85, or 47% above its $19 initial public offering price.
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Hurricane Joaquin has strengthened to a Category 4 storm from Category 3 on the Saffir-Simpson scale, with maximum sustained winds of 130 miles per hour, the National Hurricane Center said Thursday. The storm, which is already battering parts of the Bahamas, may intensify further in the next 24 hours, the NHC said in its latest advisory. Tropical storm conditions are now expected to affect other areas in the Bahamas, as well as the Turks and Caicos islands, later tonight. Rain bands are expected to affect parts of eastern Cuba, Haiti and the Dominican Republic, it said. For now, Joaquin is still expected to create a prolonged period of elevated water levels in the U.S. mid-Atlantic region. There was no update on whether the storm would make landfall anywhere in the U.S.
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Shares of Twitter Inc. were down 7.5% in midday trade Thursday. Some investors appear to have been well prepared for the decline, as short interest, or bearish bets on the stock, has increased 77% in less than three months and is now at 17-month high. The company is expected to report interim chief executive Jack Dorsey, also the CEO of Square, as its CEO as early as today.
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The House on Thursday passed a bill to fund the Pentagon that the White House has said President Barack Obama would veto. The bill uses a war fund to get around spending caps agreed to in 2011, but Obama opposes using the fund for that purpose. The White House and Democrats are pressing to lift spending caps for both domestic and defense spending, but Republicans want to lift limits for defense only. Obama and Republican leaders are now negotiating a two-year budget deal. The vote on the $612 billion bill for fiscal 2016 was 270 to 156.
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WASHINGTON (MarketWatch) – Small businesses created jobs in September at the fastest pace of 2015, a sign that companies are still growing at a solid pace, a trade group said Thursday. The National Federation of Independent Business said smaller companies added 0.18 jobs per firm, up from 0.13 in August. Some 53% of firms surveyed said they tried to add workers, but 85% also said they had a hard time finding qualified candidates. “Overall, September was on par with historically solid numbers,” said William Dunkelberg, NFIB chief economist. He also said there’s litle evidence that hiring slowed in August, so he expects the increase in U.S. employment in that month to be revised higher.
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Agco Corp.’s stock slumped 5.9% in active midday trade Thursday, putting it on course to close at an eight-month low, after UBS downgraded the agricultural equipment maker because of a bleak 2016 outlook. Analyst Steven Fisher cut his rating to sell, after being at neutral for more than 2 1/2 years. He slashed his stock price target to $39, which is 11% below current levels, from $52. Fisher said expectations weaker corn, soybean and cattle prices in the U.S., continued weakening in South America markets and risks of lower machinery and dairy prices in 2016, have not yet been fully reflected in consensus earnings estimates. While the company has done a “good job” of improving productivity and cutting costs, Fisher said he believes further progress will be harder to achieve. “WE believe volume declines in 2016 will have a more direct negative impact on profitability, particularly in the North American market,” Fisher wrote in a note to clients. The stock has tumbled 21% over the past three months, while the S&P 500 has lost 8.5%.
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Shares of PBF Energy Inc. rose 13% Thursday, a day after the Parsippany, N.J., refiner announced a deal with Exxon Mobil Corp. to buy Exxon’s Torrance, Calif., refinery. The deal, announced late Wednesday, is PBF’s second with Exxon in less than three months. In June, PBF agreed to buy the Chalmette, La., refinery for $322 million from Exxon and Venezuela’s state-run oil company Petroleos de Venezuela SA. By adding the Torrance refinery to its portfolio, “the company has meaningfully increased its geographic (and margin) diversification,” analysts with Raymond James said in a note to clients. The Torrance deal also involves terminals, storage facilities, and pipelines so it allows the company to diversify not only geographically but also in flexibility, the analysts said.
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