What’s new

Factory orders rebounded 1.2% in August after a sharp decline in the prior month, the Commerce Department reported Thursday. Economists polled by MarketWatch had expected a gain of 1.1% for overall factory orders after a 3.3% drop in July. Orders for durable goods, about half of all orders, rose a revised 2% in August compared with the prior estimate of a 1.7% gain. Orders for non-defense capital goods excluding aircraft jumped 1.1% in August after a 0.9% gain in July.

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 Biogen Inc. ran up 3.4% in morning trade Thursday, enough to make it the third-biggest gainer within the S&P 500 , after the biotechnology company was upgraded at Morgan Stanley, which cited the belief that the base business was proving “more durable” than expected. Analyst Matthew Harrison raised his rating to overweight, after being at equal weight since March, and boosted his stock price target to $375 from $311. Harrison said the market share loss of Biogen’s hepatitis B treatment Ocrevus has been slower than expected, and he believes its spinal muscular atrophy treatment Spinraza has potential to become a $4 billion asset. He believes Alzheimer’s therapies are a “must-own” catalyst, and Biogen has several therapies in development. The stock has surged 17% over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 8.0% and the S&P 500 has gained 4.5%.

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 Regal Entertainment Group were up more than 3% and Cinemark Holdings Inc. shares were up more than 2% after Morgan Stanley analyst Ben Swinburne upgraded both stocks to equal weight from underweight on Thursday, just ahead of the release of the much-anticipated “Blade Runner 2049.” Swinburne wrote in a note to investors that fears concerning the implications of a historically disappointing summer box office were overblown. The summer box office season — an important period for the industry — finished down more than 15% compared with the previous year. Swinburne also believes concerns that premium video on demand will significantly shrink theatrical windows are priced into the stocks. The box office performed better than expected in the third quarter thanks to the surprise performance of “It,” and Swinburne sees upside for the fourth quarter. AMC Entertainment Holdings Inc. shares also received a boost, gaining nearly 3%. Shares of Regal Entertainment have declined close to 16% in the year to date and Cinemark shares are down less than 1%, while the S&P 500 index is up nearly 14% and the Dow Jones Industrial Average is up nearly 15% during 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

U.S. stock benchmarks opened modestly higher on Thursday, but enough to book fresh records, as investors bought technology stocks, as investors pored over speeches from several Federal Reserve officials and a key employment report on Friday. The Dow Jones Industrial Average traded flat at 22,657, the S&P 500 index advanced 0.1% at 2,540. If the broad-market benchmark finishes with a record on Thursday it will market its longest string of all-time high closes, six consecutively, since 1997, according to WSJ Market Data Group.
Philadelphia Fed President Patrick Harker said he is expecting on additional rate hike in December, during a speech in Austin. Meanwhile, the Nasdaq Composite Index enjoyed the best opening bump, up 0.4% at 6,563. In corporate news, United Parcel Service Inc. fell 2.3%, while FedEx Corp. was down after Bloomberg reported that Amazon.com Inc. was testing a new delivery service. On Friday, the market will assess the Labor Department’s nonfarm-payrolls report.

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

Sears Holdings Corp. is again borrowing from its owner and chief executive Eddie Lampert, according to a regulatory filing. The troubled department store chain is borrowing another $100 million from units of Lampert’s hedge fund ESL Investments Inc. at an annual interest rate of 11%, bringing the total in its loan agreement to $499.4 million. Under the amended terms of the loan, Sears can borrow another up to $100 million by pledging additional properties or assets as collateral, said the filing. The company will use the proceeds of the new borrowing for general corporate purposes. Sears most active bonds, the $1.9 billion of 6.625% notes due in October of 2018, were last trading at 91.55 cents on the dollar, according to MarketAxess. Shares were down 1% and have lost 23% in 2017, while the S&P 500 has gained 13%.

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 United Parcel Service Inc. dropped 2.3% and of FedEx Corp. shed 2.0% in premarket trade Thursday, after Bloomberg reported that Amazon.com Inc. was testing a new delivery service. The report, which cited people familiar with the plan, said Amazon is looking to make more products available for free two-day delivery and to relieve overcrowding in its warehouses. The service, a project Amazon is calling Seller Flex, has begun on a trial basis in the West Coast and is expected to have a broader rollout in 2018, the report said. As part of the service, Amazon will oversee pickup of packages from warehouses of third-party merchants and delivery to customers, the report said, which is currently handled by UPS and FedEx. While those couriers will still be used, Amazon will decide how a package is sent rather than leave that to the merchant, the report said. Amazon’s stock gained 0.5% in premarket trade. Year to date through Wednesday, shares of UPS has gained 3.8% and FedEx has run up 19%, while the Dow Jones Transportation Average has tacked on 9.7% and the Dow Jones Industrial Average has advanced 14.7%.

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

Neurocrine Biosciences Inc. shares rose 3% in premarket trade Thursday after the company said the Food and Drug Administration has approved a higher, 80 mg dose of its tardive dyskinesia drug. The 40 mg dose of Ingrezza was approved in April, making it the first approved for the neurological disorder. The higher dose capsule of Ingrezza is expected to be available within two weeks through a certain pharmacy network, Neurocrine said. Neurocrine said in April that it planned to price the $64,000-a-year drug “essentially the same” at different dose levels so patients could focus on their treatment. However, the lower dose became available first due to issues formulating the higher dose, meaning that patients on the higher dose would be charged twice the price, MarketWatch reported in May. Chief Executive Kevin Gorman told MarketWatch in May that the situation would be temporary, only lasting until the 80 mg dose was approved, and would have a “de minimis” revenue effect because a slow launch was expected. Neurocrine did not immediately provide a price for the 80 mg dose. Neurocrine shares have surged 30.4% over the last three months, compared with a 4.3% rise in the S&P 500 .

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 Constellation Brands Inc. shot up 3.9% in premarket trade Thursday, after the owner of brands including Corona Light, Robert Mondavi and Ballast Point, beat fiscal second-quarter profit expectations and raised its outlook. Net income for the quarter to Aug. 31 rose to $499.5 million, or $2.48 a share, from $358.9 million, or $1.75 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.47, which beat the FactSet consensus of $2.17. Net sales rose to $2.08 billion from $2.02 billion, above the FactSet consensus of $2.06 billion, as better-than-expected beer division sales helped offset a miss in wine and spirits division sales. Looking ahead, the company raised its adjusted EPS outlook to $8.25 to $8.40 from $7.90 to $8.10. The stock has soared 31.2% year to date through Wednesday, while the S&P 500 has gained 13.4%.

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.

…read more

From:: Stock Market News

Shares of International Speedway Corp. ran up 9.3% in light premarket trade Thursday, after the owner and operator of the Daytona 500’s Dayton International Speedway, reported fiscal third-quarter profit and sales that beat expectations. Net income for the quarter to Aug. 31 fell to $265,000, or a penny a share, from $2.2 million, or 5 cents a share, in the same period a year ago. Excluding a host of non-recurring items, such as a legal settlement, the accelerate depreciation of assets and losses related to the retirement of assets, adjusted earnings per share came to 6 cents, above the FactSet consensus of 3 cents. Revenue rose 2.2% to $131.9 million, beating the FactSet consensus of $128.2 million, as declines in admissions and other revenue were offset by increases in revenue for motorsports and other events and food, beverage and merchandise. The company affirmed its previous fiscal 2017 guidance for revenue of $660 million to $670 million and for adjusted EPS of $1.50 to $1.65. The stock has slipped 0.4% year to date through Wednesday, while the S&P 500 has gained 13.4%.

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.

…read more

From:: Stock Market News