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The man in charge at the credit bureau that announced a massive data breach earlier this month that exposed the personal information of 143 million U.S. consumers to hackers is stepping down. As Equifax continues to deal with the impact of the breach, it announced CEO and Chairman of the Board, Richard Smith, is retiring, effective today. Click the headline to read more. …read more
From:: Real Estate Wire
Shares of Nvidia Corp. shot up 3.5% in morning trade Tuesday, after the company said it will supply its artificial intelligence-focused graphics processing unit (GPU) hardware to several of China’s largest cloud-computing providers and server-hardware manufacturers. Speaking at a GPU Technology Conference in Beijing, Nvidia Chief Executive Jensen Huang said late Monday the technology giants included Alibaba Group Holding Ltd. , Baidu Inc. and Tencent Holdings Ltd. . Nvidia’s stock rally follows a five-session losing streak, the longest such stretch since January, in which it tumbled 8.9% from a record close of $187.55 on Sept. 18. The stock has still run up 16% over the past three months, while the PHLX Semiconductor Index has climbed 5.2% and the S&P 500 has gained 2.6%.
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.
From:: Stock Market News
Carnival Corp. shares were up 3% in early Tuesday trading after the cruise company reported third-quarter earnings and revenue that beat expectations. Net income for the quarter totaled $1.33 billion, or $1.83 per share, down from $1.42 billion, or $1.93 per share, for the same period last year. Adjusted EPS was $2.29, beating the $2.20 FactSet consensus. Revenue totaled $5.52 billion, up from $5.10 billion last year and ahead of the $5.39 billion FactSet consensus. Carnival said that changes in fuel prices and currency exchange rates lowered earnings by 3 cents per share. Non-cash impairment charges of $392 million were driven by a business realignment in Australia. “[O]ur owned destinations including Amber Cove, Dominican Republic; Cozumel, Mexico; Mahogany Bay, Honduras; Half Moon Cay and Princess Cays, Bahamas, as well as more than 40 other ports, plus all those in Mexico, are fully operational and welcoming guests,” said Chief Executive Arnold Donald in a statement, referring to the recent earthquakes in Mexico and the hurricanes that swept through the Caribbean. Temporary port closures are expected to result in a 10-to-12 cents reduction in EPS in the fourth quarter. Adjusted EPS for the fourth quarter is expected to be in the range of 44 cents to 50 cents. The FactSet consensus is 63 cents. Carnival shares are up more than 26% for the year so far while the S&P 500 index is up 11.8% 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.
From:: Stock Market News
Internet video platform Vimeo, owned by InterActiveCorp. said on Tuesday that it plans to acquire live video streaming company Livestream. Vimeo plans to integrate Livestream into a newly launched live Vimeo product. Terms of the deal were not disclosed. “Live streaming is the No. 1 request from our creator community this year, and we’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” Vimeo Chief Executive Anjali Sud said in a statement. Shares of IAC have gained 77% in the year to date, while the S&P 500 index is up more than 11%.
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.
From:: Stock Market News
Shares of Genius Brands International Inc. rose nearly 10% in early morning trade on Tuesday after the entertainment company’s Chief Executive Andy Heyward sent a letter to shareholders about its new deal with Amazon.com Inc.. Amazon will offer an exclusive kids subscription channel, Kid Genius Cartoon Plus, to its 80 million Amazon Prime subscribers. “It is the most important transaction in the history of Genius Brands,” Heyward wrote in his letter. The Amazon-Genius Brands partnership is a multi-year deal, and the channel will cost subscribers $3.99 per month. The channel will launch on Sept. 28. Heyward said in his letter: “Monthly subscriber fees enable Genius Brands to immediately monetize the investment.” He also noted that Amazon currently has another kids programming service in PBS Kids. “However, PBS Kids is a service that programs to toddler and preschooler children, whereas Kid Genius Cartoons Plus programs to all kids,” Heyward wrote. Shares Genius Brands International have fallen nearly 33% in the year to date, while Amazon shares are up more than 25% and the S&P 500 index is up more than 11%.
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.
From:: Stock Market News
U.S. stocks opened with a modest gain on Tuesday, with equities partially recovered after a three-day drop for the Dow. The Dow Jones Industrial Average rose 25 points, or 0.1%, to 22,325. The S&P 500 added 3 points to 2,500, a gain of 0.1%. The Nasdaq Composite Index rose 23 points to 6,393, up 0.4%. All three remain close to record levels. Trading could be quiet as investors look ahead to fresh readings on the housing market and consumer confidence, as well as speeches from Federal Reserve chief Janet Yellen and three other U.S. central bankers. Market action could also be driven by any further developments in the tense geopolitical situation between the U.S. and North Korea. In company news, Red Hat Inc. rose 6.6% a day after it reported earnings that beat expectations.
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.
From:: Stock Market News
Home prices increased in July, and at a faster pace than the previous month. While the National Index hit yet another new all-time high, the 10-City and 20-City Composites continue to prepare to surge past their 2007 levels. …read more
From:: Real Estate Wire
J.C. Penney Co. Inc. said Tuesday that it will begin selling Frigidaire appliances in nearly 600 showrooms starting Oct. 1. The retailer has partnered with Electrolux Home Appliances to sell Frigidaire brand dishwashers, freezers, refrigerators and more. Prices range from $399 to $1,099. J.C. Penney will also begin selling Ayesha Curry brand cookware and bakeware. Curry is a chef and Food Network personality, as well as the wife of NBA star Steph Curry. Ayesha Curry’s line will also be available in 600 stores this fall. J.C. Penney shares are up 0.8% in premarket trading, and down 52.7% for the year so far. The S&P 500 index is up 11.5% 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.
From:: Stock Market News
Shares of Apple Inc. rose 0.9% in premarket trade Tuesday, putting it on track to snap a four-session losing streak, after Raymond James raised its price target, and increased expectations for gross margin and average selling prices. Analyst Tavis McCourt maintained its outperform rating and raised his stock price target to $180, which is 19% above current levels, from $170. McCourt said that while a consumer survey and feedback from sources in Asia suggest the new iPhone X won’t launch a new “supercycle,” it will boost average selling prices by about 10%, and expand gross margin by about 2 percentage points. He doesn’t expect earnings and revenue growth to peak until sometime during the first half of 2018, so he views the recent pullback in the stock “as a trading opportunity.” The stock had closed Monday at an 8-week low, after falling 5.2% over the past four sessions, 6.8% since Apple’s product event. It has still climbed 30% year to date through Monday, while the tech-heavy Nasdaq 100 has rallied 21% and the Dow Jones Industrial Average 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.
From:: Stock Market News
Shares of Ann Taylor parent Ascena Retail Group Inc. surged 15% premarket Tuesday, after the retailer posted stronger-than-expected earnings for its fiscal fourth quarter. KeyBanc analysts said visibility is still very limited, “but a continuation of a more favorable environment should give the company sufficient headroom to continue its turnaround.” The company posted a 4% decline in same-store sales, which was better than the 8% decline KeyBanc was expecting, suggesting traffic trends are still soft. “We believe that brand health remains inconsistent throughout the portfolio,” said the analysts. The company’s real estate moves are central to its long-term health, they wrote. Ascena may close 667 stores or more over time, but it offered a better explanation of its thinking about closures. Shares have gained about 5% in 2017, while the S&P 500 has gained 12%.
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.
From:: Stock Market News