What’s new

General Electric Co. said it will shut down its corporate jet fleet Wednesday in a cost-cutting move, according to a report from The Wall Street Journal, which cited a person familiar with the situation. The industrial conglomerate, which has seen its stock underperform its peers and the broader market by wide margins this year, will still operate some helicopters, other aircraft overseas and will use charter services as needed, the WSJ report said. GE’s stock gained 0.6% in morning trade. It has advanced 2.6% since closing at a 2-year low of $23.72 on Sept. 11, was still down 22.9% this year, to pace the year-to-date decliners in the Dow Jones Industrial Average by a wide margin. The SPDR Industrial Select Sector ETF has rallied 13.0% year to date, while the Dow has climbed 13.3%.

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., on Wednesday were weighing on the Dow Jones Industrial Average in early trade, capping gains in the benchmark after a negative report. Apple Inc. shares were sinking 2.7% Wednesday morning after the iPhone and iWatch maker reportedly admitted there are issues with connectivity of its latest Apple Watch Series 3. Shares of Apple were down $4.25, shaving more than 30 points from the price-weighted Dow . A $1 change in any of the Dow’s components equates to a 6.89-point swing in the average. Overall, the Dow was trading at break-even levels at 22,371, as investors await a key policy update from the Federal Reserve later Wednesday afternoon. Meanwhile, the S&P 500 index lower at 2,505, as was the Nasdaq Composite Index trading at 6,437.

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., on Wednesday were weighing on the Dow Jones Industrial Average in early trade, capping gains in the benchmark after a negative report. Apple Inc. shares were sinking Wednesday morning after the iPhone and iWatch maker reportedly admitted there are issues with connectivity of its latest Apple Watch Series 3. The decline was shaving more than 20 points from the price-weighted Dow . A $1 change in any of the Dow’s components equates to a 6.89-point swing in the average. Overall, the Dow was trading at break-even levels at 22,371, as investors awaited a key policy update from the Federal Reserve. Meanwhile, the S&P 500 index was flat at 2,506, as was the Nasdaq Composite Index trading at 6,454.

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 Wednesday showed that domestic crude supplies climbed by 4.6 million barrels for the week ended Sept. 15. That’s above the forecast for a rise of 2.4 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday an increase of 1.4 million barrels, according to sources. The EIA also reported that total domestic crude output rose by 157,000 barrels a day to 9.510 million barrels. Gasoline stockpiles were down 2.1 million barrels for the week, while distillate stockpiles fell 5.7 million barrels, according to the EIA. October crude , which expires at the day’s settlement, rose 52 cents, or 1.1%, to $50 a barrel on the New York Mercantile Exchange. Prices traded at $50.21 before the supply 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

Apple Inc. shares declined Wednesday morning after the tech company reportedly admitted there are issues with connectivity of its new Apple Watch Series 3. The new Apple smartwatch is the first to connect to cellular networks on its own, without having to be electronically tethered to an iPhone, but reviewers had issues staying connected while reviewing the new device. According to The Verge, Apple admitted an issue in an official statement, saying, “We have discovered that when Apple Watch Series 3 joins unauthenticated Wi-Fi networks without connectivity, it may at times prevent the watch from using cellular. We are investigating a fix for a future software release.” The new Apple Watch, which costs at least $399 for versions with a cellular connection, opened for preorders last Friday and will begin reaching customers Sept. 22. Apple stock fell more than 1% in early trading Wednesday, and is down 0.4% in the past month, as the S&P 500 index has gained 3.3%.

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 Adobe Systems Inc. were trading down 5% Wednesday morning, a day after the company beat earnings expectations, but had weaker than expected results in its booked business segments. Canaccord Genuity analyst Richard David urged investors to look past that decline however and raised his price target to $170 from $165, saying “Adobe did not suddenly see the industry’s best competitive moat disappear, nor did competitive products miraculously merge to disrupt the firm.” David says he is not concerned about the fundamentals, but rather the ability of the company’s salespeople to convince clients that the firm can be a strategic partner and thus get larger $1 million deals. Davis reiterated a buy rating on the stock. Shares of Adobe have gained 6% in the past three months, outperforming the S&P 500 , which has gained 3%.

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 Pfizer Inc. surged 1.3% in morning trade Wednesday toward a 13-month high, after the drug maker was upgraded at Morgan Stanley, which cited valuation following “a long period of middling performance.” The stock was the biggest percentage gainer within the Dow Jones Industrial Average . The 46-cent price gain added about 3 points to the Dow’s price, which was up 1 point. Analyst David Risinger raised his rating to overweight from neutral, and boosted his price target to $39 from $35. “Following underperformance, we believe [Pfizer] shares are poised to outperform given global rollout of #1 growth driver Ibrance, the stock’s favorable risk-reward and M&A optionality,” Risinger wrote in a note to clients. He expects breast cancer treatment Ibrance to maintain its first-to-market advantage, given competitors’ safety issues. He said prospects of tax reform in the U.S. gives the company additional acquisition options. The stock has gained 10.5% year to date, while the SPDR Health Care Select Sector ETF has run up 18.9% and the S&P 500 has climbed 12.0%.

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

HTC Corporation , a maker of Android hardware, will halt the trading of its shares Thursday when it expects the release of ‘material information,’ the Taiwan Stock Exchange said Wednesday. Alphabet Inc.’s Google , which has partnered with HTC in the past, has been rumored to be buying the company, but HTC would not comment on the rumors, according to The Verge. After the release of information Thursday, HTC is expected to resume trading.

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