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The British pound weakened against the U.S. dollar and the euro on Friday, as Prime Minister Theresa May revealed details on Britain’s ambitious for Brexit in a speech in Florence. Against the dollar, the pound slipped to $1.3495, a new intraday low, while the euro jumped to a two-day high at £0.8874.
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The British pound weakened against the U.S. dollar and the euro on Friday, as Prime Minister Theresa May revealed details on Britain’s ambitious for Brexit in a speech in Florence. Against the dollar, the pound slipped to $1.3495, a new intraday low, while the euro jumped to a two-day high at £0.8874.
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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U.S. stock benchmarks saw muted trade on Friday as geopolitical tensions re-emerged after North Korea threatened to test a hydrogen bomb over the Pacific Ocean this weekend. The Dow Jones Industrial Average fell 3 points, or less than 0.1%, at 22,356, the S&P 500 index slipped less than a point at 2,500, while the Nasdaq Composite Index was little changed at 6,420. North Korea’s foreign minister Ri Yong Ho said late Thursday at a United Nations meeting that his country might consider a nuclear bomb of “unprecedented scale” in the Pacific. For the week, the Dow is set to post a gain of 0.4%, the Nasdaq is aiming for a gain of 1.8%, while the S&P 500 is looking at a decline of 0.1%. In corporate news, shares of Sprint Corp. and T-Mobile US Inc. were active on reports that a merger announcement between the two was imminent. And Apple Inc. was on track to have its worst weekly decline on the same week of a new iPhone release ever.
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The U.S. dollar early Friday pared previous losses against the Canadian dollar following a report on inflation in Canada for August that came in weaker than expected. Canada’s headline consumer-price index showed a rise of 1.4% on an annualized basis, compared with consensus expectations of 1.5%, according to average estimates of economists polled by FactSet. Core inflation, which strips out more volatile components, stood at 0.86% on annualized basis in August, versus expectations of 1.5%. One dollar bought C$1.2304 after the report, versus an intraday low of C$1.2260.
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Ascendis Pharma shares surged 42% in premarket trade Friday after news that competitor Versartis Inc.’s late-stage clinical trial missed its primary endpoint. Both companies are developing human growth hormone therapies. Wedbush analyst Liana Moussatos raised Ascendis Pharma’s price target nearly 81% to $65 on Friday, calling Versartis’ human growth hormone product “no longer a threat.” Ascendis Pharma’s treatment for pediatric growth hormone deficiency is expected to finish enrollment in a late-stage trial in the fourth quarter of this year, and the company also plans to start two trials in the second half of this year, Moussatos said, with results expected in the second half of next year and applications for Food and Drug Administration approval in the first half of 2019. Ascendis Pharma shares have surged 20.5% over the last three months and Versartis shares have surged 25.6%, compared with a 2.7% rise in the S&P 500 .
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Wal-Mart Stores Inc. is testing a program that will deliver items, not just to your doorstep, but into your house. The retail giant has partnered with August Home, a provider of smart locks and smart home accessories, for the test. Customers place their order online, and a third-party driver from Deliv will bring the items to a shopper’s home, using a one-time passcode that’s been pre-authorized by the shopper to allow entry. The driver will then leave boxes by the door and put grocery items in the kitchen, even the refrigerator, before leaving. Customers can watch the process on the August Home app, and will receive confirmation that the door has been locked behind them. The test is being conducted in Silicon Valley using a few August Home customers, according to a blog post from Sloan Eddleston, vice president of Walmart e-Commerce Strategy and Business Operations, posted on the company website. Wal-Mart shares are nearly flat in Friday premarket trading, and up 15.8% for the year so far. The S&P 500 index is up 11.7% for the year so far, and the Dow Jones Industrial Average is up 13.1% for the period.
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Phillips 66 Partners LP said Friday it has reached an agreement to acquire assets from Phillips 66 in a deal worth $2.4 billion including debt. Phillips 66 Partners is a master limited partnership that was set up by Phillips 66 to own, operate and acquire crude oil and other energy assets. The MLP is acquiring a 25% interest in two joint ventures, Dakota Access LLC and Energy Transfer Crude Oil Co. LLC, as well as a 100% interest in Merey Sweeny L.P. The deal is expected to be immediately accretive to unitholders in the MLP and to close in early October. The $2.4 billion value includes $625 million of pipeline debt and another $100 million of Merey Sweeny LP debt. The deal will be financed with a mixture of debt, proceeds from a private placement of equity units, and PSXP units issued to Phillips 66, said the companies. “The Bakken Pipeline complements our strategy to expand current systems that are integrated with Phillips 66 refineries and terminals, while MSLP provides another reliable source of cash flow generation to the portfolio,” Phillips 66 Chief Executive Greg Garland said in a statement. Shares were not active premarket. The MLP units have lost 0.3% of their value in 2017, while the S&P 500 has gained 12%.
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CarMax Inc. shares rose 1.5% in Friday premarket trading after the used car retailer reported earnings and sales that beat expectations. CarMax’s second-quarter net income was $181.4 million, or 98 cents per share, up from $162.4 million, or 84 cents per share, for the same period last year. The FactSet consensus was 95 cents. Revenue totaled $4.39 billion, an increase from $4.00 billion last year and ahead of the $4.26 billion FactSet consensus. Same-store sales were up 5.3%, beating the 5% FactSet consensus. CarMax’s six Houston locations were closed most of last week due to Hurricane Harvey, “which had a modest adverse effect” on same-store sales, the company said. Used vehicles average selling price was $19,667 for the quarter, up from $19,530 for the same period last year. Wholesale vehicle average selling price was $4,957, down from $5,119 last year. CarMax shares are up 7% for the year so far while the S&P 500 index is up 11.7% for the period.
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Shares of Sprint Corp. and T-Mobile US Inc. jumped in premarket trade Friday, after Reuters said the companies are close to agreeing tentative terms on a merger, citing people familiar with the matter. Japan’s Softbank Group Corp. , Sprint’s majority shareholder, will own 40% to 50% of the combined entity, Reuters reported. T-Mobile parent Deutsche Telekom AG will own a majority stake. Sprint shares rose 4.4%, while T-Mobile shares were up 1.3%. S&P 500 futures were down 0.2%.
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Shares of Finish Line Inc. fell 2.4% in premarket trade Friday, after the athletic shoe and apparel retailer reported fiscal second-quarter profit and sales that missed expectations. Net income for the quarter to Aug. 26 fell to $2.8 million, or 7 cents a share, from $22.1 million, or 53 cents a share, in the same period a year ago. In an Aug. 28 profit and sales warning, the company said it expected earnings per share of 8 cents to 12 cents. Excluding non-recurring items, adjusted EPS for the latest quarter was 12 cents, missing the FactSet consensus of 14 cents. Revenue declined to $469.4 million from $485.2 million, while the FactSet consensus was $470.5 million. Same-store sales declined 4.5%. On Aug. 28, the company had cut its full-year EPS outlook to 50 cents to 60 cents from $1.12 to $1.23. The stock has tumbled 27.6% over the past three months, while the SPDR S&P Retail ETF has gained 3.2% and the S&P 500 has tacked on 2.7%.
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