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If it wasn’t for the selloff in International Business Machines Corp.’s stock , futures for the Dow Jones Industrial Average would likely be rising slightly instead of falling. IBM’s stock was tumbling $9.38, or 5.4%, in premarket trade after the technology company reported disappointing second-quarter results late Monday. That price decline would shave off about 63 points from the price of the Dow, which is a price-weighted index. Meanwhile, Dow futures were down 58 points, while futures for the technology-friendly Nasdaq 100 Index, which is a market-capitalization weighted index, were up 3.5 points. If IBM’s stock closes with the latest price decline, it would be the eighth-biggest price drop in the stock’s history, and the biggest since it plunged $12.95, or 7.1%, on Oct. 20, 2014.

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

AMC Entertainment Holdings, Inc. announced it has named Chief Financial Officer Craig R. Ramsey as interim CEO after Chief Executive Gerry Lopez stepped down. Lopez is leaving his position, effective August 6, to pursue another opportunity. The board has begun the search for a permanent CEO. AMC shares have gained 26%., while the S&P 500 has gained 3.4%.

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

Harley-Davidson Inc.’s stock surged 2.8% in premarket trade Tuesday, after the motorcycle maker beat profit and sales expectations. Earnings fell to $299.8 million, or $1.44 a share, from $354.2 million, or $1.62 a share, in the same period a year ago, but came in above the FactSet earnings-per-share consensus of $1.39. Revenue slipped to $1.82 billion from $2 billion, but beat the FactSet consensus of $1.68 billion, as overall motorcycle shipments declined less than the guidance the company provided in April. The company affirmed its full-year 2015 outlook on motorcycle shipments, operating margin and capital expenditures. “In the face of a tough competitive environment, driven mostly by currency and greater competitive activity, we are leveraging our many strengths and meeting the challenge head on,” said Chief Executive Matt Levatich. “We are encouraged by the momentum at retail as the quarter progressed, both in the U.S. and internationally.” The stock had tumbled 17% year to date through Monday, while the S&P 500 had gained 3.4%.

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

Verizon Communications Inc. said Tuesday it had net income of $4.23 billion, or $1.04 a share, in the second quarter, up from $4.21 billion, or $1.01 a share, in the year-earlier period. Revenue rose 2.4% to $32.2 billion. The FactSet consensus was for EPS of $1.01 and revenue of $32.5 billion. “In the second quarter, we again balanced quality Verizon Wireless connections growth with low churn and profitability, and we announced and completed our acquisition of AOL,” Chief Executive Lowell McAdam said in a statement. “We’re now poised to offer customers exciting new over-the-top (OTT) mobile video services, and we look forward to a very positive second half of 2015.” The company is expecting full-year revenue growth of at least 3%. Shares are up 2.8% in the year so far, while the Dow Jones Industrial Average has gained 1.6%.

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

Tesla Motors Inc.’s stock dropped 4% in active premarket trade Tuesday, after UBS recommended investors sell on the belief that the company will miss both storage and auto volume growth expectations. Analyst Colin Langan cut his rating to sell, after being at neutral since April 2014, and cut his stock price target to $210 from $220. Langan said he believes the stock, which has run up 35% over the past three months, is pricing deliveries of more than 1.5 million vehicles in 10 years and full utilization of storage capacity; “however, our analysis indicates that [Tesla’s] current planned 15GWs of storage capacity may be larger than the market in 2020. He also said the addition to the Model X in the third quarter increases production complexity, which puts delivery targets at risk. The stock had closed Monday at $282.26, or just 1.3% away from the Sept. 4, 2014 record close of $286.04. It has run up 27% year to date, while the S&P 500 has tacked on 3.4%.

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

EBay Inc. shares slid 1.2% in premarket trade Tuesday, after Stifel downgraded the stock to hold from buy and said it believes the spinoff of the company’s payment processor PayPal is priced in. EBay shares are trading 11% off Stifel’s fair value estimate of $31, analysts wrote in a note. “Prior to the separation, we recommended eBay shares into the spin under the premise it would unlock value in each entity,” said the note. “At current levels, the limited upside potential to our fair value estimate supports a hold rating.” EBay shares have gained 21% in the year so far, while the S&P 500 is up 3.3%.

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

United Technologies Corp. warned Tuesday that profit at its UTC Aerospace Systems and Otis elevator unit would be lower-than-expected for all of 2015. “With six months of trends behind us, it is now clear the commercial aftermarket at UTC Aerospace Systems will be significantly below our expectations for the year,” Chief Executive Gregory Hayes said in the company’s second-quarter earnings statement. He said weakness for Otis in Europe and a slowing China had led the company to revise down estimates for both businesses. United Technologies is now expecting operating profit at UTC Aerospace to be down $25 million to $75 million from the year earlier, and at Otis to be down $300 million to $350 million, including the impact of the strong dollar. “While this revised forecast is disappointing, we remain confident in our long term outlook for the business,” said Hayes. The company is planning to spend more on share buybacks and M&A and will look for cost cuts across the business. The company earned $1.5 billion, or $1.73 a share, in the second quarter, with the net income number down 6% from the year-earlier period. Excluding one-time items, EPS came to $1.81, compared with the FactSet consensus of $1.71. Sales fell 5% to $16.3 billion, below the FactSet consensus of $16.5 billion. Shares were down 1.8% in premarket trade, and are down 3.9% in the year so far, while the Dow Jones Industrial Average has gained 1.6%.

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

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