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Del Frisco’s Restaurant Group Inc. said Friday that Chief Operating Officer Jeff Carcara has resigned with immediate effect. Carcara, who was COO since November 2012, is leaving to take an executive position at a private restaurant company, Del Frisco’s said in a statement. Shares were not yet active in premarket trade, but are down 23% in the year so far, while the S&P 500 has fallen 0.4%.

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From:: Stock Market News

Costco Wholesale Corp.’s stock climbed 1.3% in premarket trade Friday, after Oppenheimer analyst Brian Nagel upgraded the warehouse-club retailer, who said he believes the stock’s recent weakness has provided investors with a “rare opportunity” to buy into one of the world’s best run retailers. Nagel raised his rating to outperform from perform, and established a $160 stock price target, which is 15% above Thursday’s closing price of $139.45. He said the stock’s price-to-earnings ratio is at one of the lowest levels since 2011, as some recent modest profit disruptions and a flow of funds out of consumer staples-related names have weighed on the share price. Nagel said a potential increase in the membership fee could help boost earnings over the next couple years. The stock (COST) has lost 1.6% year to date through Thursday, while the SPDR S&P Retail ETF has gained 3% and the S&P 500 has slipped 0.4%. “Valuation and lack of a catalyst have kept us on the sidelines with COST despite the chain’s operating prowess,” Nagel wrote in a note to clients. “We now see an opportunity in shares for intermediate to longer term-oriented investors.”

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From:: Stock Market News

European bank stocks charged higher Friday on brighter prospects for a long-awaited deal between debt-burdened Greece and its creditors. The Stoxx Europe 600 Banks Index climbed 2.5% after Greece late Thursday submitted new economic-policy overhauls and budget cuts to its eurozone creditors. The proposal appears to have moved closer to the measures sought by the country’s creditors. Italy’s Banca Monte dei Paschi di Siena gained 5.7%, the best performing among bank stocks on the Stoxx Europe 600 . Banco Comercial Portugues SA rose 5.2% and BNP Paribas SA rose 5%.

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From:: Stock Market News

Greece’s international lenders will make a decision on the country’s proposed reform program “probably today”, head of the Eurogroup Jeroen Dijsselbloem said Friday, Bloomberg reported. Dijsselbloem confirmed late Thursday he had received the new plans for economic overhauls in Greece, which are a prerequisite for the lenders to sign off on more bailout aid for the the debt-laden country. The Eurogroup has rejected previous reform plans from Athens, but the new proposal appears to be closer to creditors’ demands. French President Francois Hollande called the blueprint “serious and credible”, providing hope that the eurozone will approve a new aid package. EU leaders meet on Sunday to discuss Greece in what has been called the final deadline for finding a resolution to the country’s debt problem.

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From:: Stock Market News

Investors piled into southern European government bonds Friday morning, as increased hopes for a Greek bailout deal calmed fears over contagion. The Greek government late Thursday submitted a new reform proposal to the eurozone, which appeared to moved closer to creditors’ demands. The yield on 10-year Italian government bonds fell 9 basis points to 2.072%, while that for 10-year Spanish paper lost 11 basis points to 2.055%, according to electronic trading platform Tradeweb. Yields fall as prices rise. As part of the risk-on sentiment across the eurozone, investors sold off safe-haven German government bonds , with the 10-year yield climbing 9 basis points to 0.819%. Greece’s bond market remained suspended for trade on regulated platforms, but indicative prices showed 2-year borrowing costs plunged 17 percentage points to 37.518%. The 10-year yield in Greece shaved off 4 percentage points to 14.443%.

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From:: Stock Market News

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U.S. stock futures jumped Friday ahead of Wall Street’s open, on higher hopes that debt-troubled Greece and its creditors will reach a economic-reform deal. Futures for the Dow Jones Industrial Average surged 174 points, or 1%, to 17,627, and those of the S&P 500 climbed 23.55 points, or 1.1%, to 2,064.50. Nasdaq futures gained 46.75 points, or 1.1%, to 4,386.25. European equities were also rallying after Greece late Thursday submitted a new reform package that, if approved, could unlock much-needed bailout funds. The new proposal appears to have moved closer to the measures demanded by the country’s creditors, but it could face opposition in Greece.

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