What’s new

Shares of Funko Inc. plunged in their public debut Thursday, as the opening price of $8 was 33% below the initial public offering price of $12. The stock was recently down 37% at $7.55, and has traded in a range of $7.45 to $8.24 since the open. The company disclosed Thursday that it cut its offering of Class A shares to 10.42 million shares from 11.61 million shares, as the IPO priced below the previously expected per-share range of $14 to $16. The maker of toys and licensed-focused collectibles raised $125 million in the IPO, before options granted to underwriters, compared with previous expectations that it could raise up to $185.7 million. The lead underwriters included Goldman Sachs, J.P. Morgan and BofA Merrill Lynch. The company is one of four companies going public Thursday. Funko’s IPO comes at a time when the Renaissance IPO ETF has run up 9.4% over the past three months and the S&P 500 has gained 3.7%.

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 slumped on Thursday in an up-and-down session as investor digested details of a highly anticipated tax-reform plan. The Dow Jones Industrial Average was trading flat at 23,422. The S&P 500 index was down 0.3% at 2,572, while, the Nasdaq Composite Index declined 0.5% at 6,686. The House Ways and Means Committee unveiled its tax bill, to be called the Tax Cuts and Jobs Act, which it plans to consider next week with the aim of turning it into law before the end of December. Details show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, according to The Wall Street Journal.

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 recovered somewhat after tumbling early Thursday amid emerging details of a highly anticipated tax-reform plan. The Dow Jones Industrial Average was trading flat at 23,429, recovering from an intrasession low of 23,350. The S&P 500 index was down 0.2% at 2,574, but had been down as much as 0.4% at 2,566. Meanwhile, the Nasdaq Composite Index declined 0.1% at 6,706, after hitting a nadir intraday of 0.4% at 6,684. The House Ways and Means Committee plans to consider the bill next week with the aim of turning it into law before the end of December.
Early details of the new tax bill, to be called the Tax Cuts and Jobs Act, show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, according to The Wall Street Journal.

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

Cheesecake Factory Inc. shares are down 5.9% in Thursday trading after the restaurant chain reported third-quarter earnings and revenue that missed expectations, which the company attributes to hurricanes in the U.S. and Puerto Rico. Net income for the quarter totaled $26.4 million, or 56 cents per share, down from $34.6 million, or 70 cents per share, for the same period last year. The FactSet consensus was for 60 cents per share. Revenue was $555.4 million, down from $560.0 million last year and below the $566.0 million FactSet estimate. Same-store sales also missed FactSet consensus, falling 2.3% against expectations for a 2.0% decline. The company said Hurricanes Harvey, Irma and Maria pushed same-store sales down 0.8%. Cheesecake Factory shares are down 29.3% for the year so far while the S&P 500 index is up 15% for the 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

Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 65 billion cubic feet for the week ended Oct. 27. That matched an average forecast from analysts surveyed by S&P Global Platts. Total stocks now stand at 3.775 trillion cubic feet, down 180 billion cubic feet from a year ago, and 41 billion cubic feet below the five-year average, the government said. December natural gas rose 4 cents, or 1.4%, from Wednesday’s settlement to $2.933 per million British thermal units, up from $2.925 before the data.

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

Analysts at Goldman Sachs on Thursday cut their price target on Tesla Inc. stock to $205, from $210, implying a 32% downside from current prices. The analysts kept their rating on the stock at sell, saying they believe the shares will continue to head lower following the company’s weaker-than-expected third-quarter results and pushing out a production milestone for the Model 3 sedan. Tesla late Wednesday reported an adjusted loss of $2.92 a share in the quarter on revenue of $2.98 billion. Analysts polled by FactSet had expected an adjusted loss of $2.31 a share on sales of $2.95 billion. Tesla shares traded as low as $300 on Thursday, their lowest since early May.

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 GoPro Inc. slid 14% in early trade Thursday, as analysts weighing in on earnings said the holiday season will be crucial for the company to meet goals. The wearable camera maker posted stronger-than-expected third-quarter numbers, but guidance was below consensus, disappointing investors. Raymond James analyst Tavis McCourt maintained a market perform rating on the stock, and said the quarter was “good all around.” With more product launches coming in 2018 “and a path to meaningfully increased profitability next year, we suspect the company has its operations moving in an appropriate direction,” McCourt wrote in a note. “However, this trend will depend on the success of the holiday quarter, and the 2018 outlook could change meaningfully if holiday demand does not meet expectations.” J.P. Morgan analysts said the company is still operating on “less than full-throttle” with lean inventory to achieve predictable growth, boosted profitability and rebuild its balance sheet. “GPRO stock might trade down a bit today on the weaker-than-expected 4Q guidance, but this will present a buying opportunity ahead of a de-risked 4Q, CES and easy 1Q18 y/y comps, in our view,” they wrote in a note, reiterating an overweight rating on the stock. GoPro shares have gained 5% in 2017, while the S&P 500 has gained 15%.

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

Details of the new tax bill, to be called the Tax Cuts and Jobs Act, show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, The Wall Street Journal reported, citing a summary of the plan. For married couples, the 25% rate starts at $90,000 and the 35% rate starts at $260,000. The mortgage interest deduction would be capped at $500,000, down from $1 million, though existing loans would be grandfathered, the report says. The House bill takes the child credit from $1,000 to $1,600, the report adds.

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

Adobe forecasts online sales for the holiday season totaling $107.4 billion, up 13.8% year-over-year and “outpacing in-store retail by 10%.” Experts there say Cyber Monday will be the biggest online shopping day in history, with sales of $6.6 billion, up 16.5% year-over-year. Shoppers are expected to buy more items at lower prices, and mobile visits to retail websites are expected to surpass desktop visits for the first time. “We predict the biggest retailers with wide selections, easy shopping experiences and free shipping, to drive online holiday growth this year,” said Mickey Mericle, Adobe’s vice president of marketing and insights, in a statement. The SPDR S&P Retail ETF is down 10.2% for the year so far while the S&P 500 index is up 15.2% for the 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

U.S. stock benchmarks early Thursday saw muted moves as as traders took a cautious approach to buying equities ahead of Trump’s choice of Federal Reserve leader and the unveiling of a House Republican tax bill. The Dow Jones Industrial Average was flat at 23,432, the S&P 500 index was little changed at 2,577, while Nasdaq Composite Index was down 0.2% at 6,702. A tax bill from House Republicans is expected later in the morning, while the President is slated to tap Fed. Gov. Jerome Powell to replace Chairwoman Janet Yellen as Fed boss later Thursday afternoon. In corporate news, Tesla Inc. dropped 6% after the electric-car maker late Wednesday reported a wider-than-expected loss. Looking ahead, investors are awaiting quarterly results from social-media giant Faecbook Inc. after Thursday’s regular session of trade.

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