What’s new

A popular way to bet on the fortunes of the technology sector on Monday was on track for its steepest one-day drop since mid-August. The Technology Select Sector SPDR ETF was 1.2% lower in late-morning trade, underlined by sharp drops in shares of chip manufacturers Advanced Micro Devices Inc. , Micron Technology , and Nvidia Corp. shares . The tech ETF was on pace for its worst daily drop since Aug. 17, when it tumbled nearly 2%, according to FactSet data. A separate fund representing the semiconductor sector, including Nvidia and AMD, was also down sharply and looking at its worst session drop since mid August. The iShares PHLX Semiconductor ETF was down 1.7% on Monday, most recently. The broader market was also under pressure led by the slide in the tech sector. The S&P 500 index was down 0.4% at 2,492, while the Dow Jones Industrial Average was off 0.4%, pressured by a decline in Apple Inc.’s stock . Apple’s shares also weighed on the tech-heavy Nasdaq Composite Index , which was trading 1% lower at 6,362. Apple is the largest component in the tech ETF.

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

A popular way to bet on the fortunes of the technology sector on Monday was on track for its steepest one-day drop since mid-August. The Technology Select Sector SPDR ETF was 1.2% lower in late-morning trade, underlined by sharp drops in shares of chip manufacturers Advanced Micro Devices Inc. , Micron Technology , and Nvidia Corp. shares . The tech ETF was on pace for its worst daily drop since Aug. 17, when it tumbled nearly 2%, according to FactSet data. The broader market was also under pressure led by the slide in the tech sector. The S&P 500 index was down 0.4% at 2,492, while the Dow Jones Industrial Average was off 0.4%, pressured by a decline in Apple Inc.’s stock . Apple’s shares also weighed on the tech-heavy Nasdaq Composite Index , which was trading 1% lower at 6,362. Apple is the largest component in the tech ETF.

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 Cowen have started covering shares of Delphi Automotive Plc at their equivalent of a buy rating, saying the auto parts maker is set for an “above-market” growth as the leading system integrator to tackle the vehicle electrification, autonomous, and infotainment trends. They set a price target of $120 on the stock, which represents a 17% upside from Monday’s prices. “We see the anticipated spinoff of (Delphi’s) powertrain business in early 2018 a catalyst for the company to unlock value as a pure play on the megatrends of electrified, autonomous, and connected vehicles,” the analysts said. Cowen analysts also started their coverage of shares of Lear Corp. at buy, and Autoliv Inc. at their equivalent of a neutral rating.

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

The Dow Jones Industrial Average on Monday, trying to avoid a three-session skid, will need help from shares of Apple which has been the biggest drag over the past several sessions. Dow component Apple Inc.’s shares have fallen for four straight sessions and has knocked off more than 50 points from the blue-chips gauge over that period, exacting the biggest toll on the price-weighted benchmark of any of its 30 components, according to WSJ Market Data Group. Apple pared its earlier Monday morning drop, but is still off about 1.2%, or $1.84, and looking at falling below $150.05, which would mark its lowest level since Aug. 1. A $1 move in any one of the Dow’s components is equal to a 6.89-point swing in the average. In most recent trade, the Dow was trading off 44 points, or 0.3%, at 22,293, the S&P 500 index was down 8 points, or 0.3%, at around 2,494, while the Nasdaq Composite Index was down 0.9% at 6,368, as technology shares were under pressure from Apple’s stock decline. Apple’s retreat on Monday comes as Digitimes reported that Apple has told component suppliers to withhold part of the shipments of parts used in production of its iPhone X handset, citing sources from Taiwan-based upstream component suppliers.

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 American Outdoor Brands Corp. rallied 1.5% in morning trade Monday, after the parent of gun maker Smith & Wesson was upgraded at Wedbush Securities, citing the belief that an eventual return of gun buyers will create support for the stock. Analyst James Hardiman raise his rating to outperform, after being at neutral since January 2016, and boosted this stock price target by 22% to $19.50 from $16.00. The stock has now run up 15% since it closed at a 2 1/2-year low on Sept. 11, in the wake ofdisappointing fiscal first-quarter results. Hardiman said a survey of gun owners shows that while there is little urgency to buy more guns, they are “far from satisfied” with their current level of ownership. and plan to make even higher levels of purchases over the next year. The stock has plunged 36% over the past three months, while shares of rival gun maker Sturm Ruger & Co. has tumbled 23% 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.

…read more

From:: Stock Market News

Rhythm Pharmaceuticals Inc. said Monday that it was offering 6.67 million shares of common stock for sale in its initial public offering, to raise up to $106.7 million. The biopharmaceutical company said in a filing that it expects the IPO to price between $14 and $16 a share. Including options granted to underwriters to buy additional shares, the IPO could raise as much as $122.7 million. The company has applied to list the shares on the Nasdaq Global Market under the ticker symbol “RYTM.” The initial IPO filing was made on Sept. 5. The Rhythm is going public at a time when the iShares Nasdaq Biotechnology ETF has gained 3.1% over the past three months and the S&P 500 has advanced 2.5%.

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

Amgen Inc. said early Monday that it does not expect a Hurricane Maria-related interruption to its drug supply and reaffirmed its 2017 guidance. No product or in-process inventory has been lost in the aftermath of the hurricane, which recently hit Puerto Rico, Amgen said, and the company has kept enough inventory to meet patient demand. Hurricane Maria did not “significantly” impact Amgen’s key manufacturing areas in its Juncos, Puerto Rico facility, and the company is working to restore its Puerto Rico operations back to normal. Outreach to more than 2,000 Amgen employees and their families is ongoing, the company also said, and the Amgen Foundation has pledged $3 million and up to $2 million more for hurricane relief efforts. Amgen shares were not active in premarket trade. Shares have surged 7.7% over the last three months, compared with a 2.6% 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

Data center design and operations company Switch Inc. said Monday that it planned to sell 31.25 million shares of Class A common stock in an initial public offering that could raise up to $500 million. The IPO, initially filed earlier this month, is expected to price between $14 and $16 a share. Including options granted to underwriters to buy additional shares, the IPO could raise up to $575 million. The company had revenue of $318.4 million in 2016, up 20% from 2015, although profits fell more than 50% to $31.4 million from $73.5 million. The company said it planned to use the proceeds from the IPO to buy out investors in Switch Ltd. and take control of that company though Switch Inc., which was just incorporated in 2017. The company is planning to go public at a time that the SPDR Technology Select Sector ETF has gained 3.2% over the past three months, while the S&P 500 has tacked on 2.5%.

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

U.S. stock indexes kicked off the week on a lower note on Monday, as technology shares sold off and investors awaited digested comments from speakers from the Federal Reserve. The Dow Jones Industrial Average is 0.1% off at 22,321, while the S&P 500 index is 0.1% lower at 2,499. The tech-heavy Nasdaq Composite Index is 0.4% down at 6,402 points. In individual stocks, home builder D.R. Horton dipped 0.5% after cutting its guidance on the back of delays linked to Hurricanes Harvey and Irma.

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 Apple Inc. sank 1.4% in premarket trade Monday, putting it on track to open at an 8-week low, after a report that raises concerns demand for the coming iPhone X may be weaker than anticipated. That stock fell below $150 ahead of the open; the stock hasn’t traded below $150 during regular-session hours since Aug. 1. The decline adds to the 6.0% loss the stock has suffered since Sept. 11, the day before the product event to unveil the new iPhones. Digitimes reported Monday, citing sources from Taiwan-based upstream component suppliers, that Apple has told component suppliers to withhold part of the shipments of parts used in production of the iPhone X devices. The report said supplier are currently shipping just 40% of the quantities of original iPhone X production plans, compared with the iPhone 7 in 2016 when initial parts shipments reached about 60% of production plans. Apple is waiting to see pre-sale orders, which will begin Oct. 27, the report said. Despite the recent weakness, Apple’s stock had still gained 3.8% over the past three months through Friday, while the Dow Jones Industrial Average advanced 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