Under Armour discloses MyFitnessPal data breach

Under Armour Inc. said late Thursday it has detected a data breach in MyFitnessPal user accounts. The breach did not include government-issued identifiers, such as Social Security numbers and driver’s license numbers, which the company does not collect from users, or credit-card data, which is processed separately, Under Armour said. About 150 million user accounts were affected, the company said. “The investigation indicates that the affected information included usernames, email addresses, and hashed passwords — the majority with the hashing function called bcrypt used to secure passwords,” the company said. Shares of Under Armour were flat in late trading after ending the regular session up 0.1%.

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Amazon’s market cap falls behind Microsoft’s into 4th place

Amazon.com Inc. has lost its hold as the third-most valuable U.S. company by market capitalization, as the recent selloff in the e-commerce giant’s stock has knocked it below Microsoft . Amazon’s stock fell 1.4% in midday trade, with its market cap falling to $684.3 billion from $693.4 billion, while Microsoft’s stock rose 0.6% to lift its market cap to $692.4 billion from $688.3 billion. Amazon’s stock has tumbled 9.2% amid a three-session losing streak, weighed by President Trump’s criticism of the company. That selloff has shaved $69.3 billion off Amazon’s market cap. Over the same time, Microsoft’s market cap has lost $29.6 billion. The companies are still behind second-place Alphabet Inc. at $717.9 billion and Apple Inc. at $860.5 billion. Amazon shares have still climbed 21% over the past three months while Microsoft’s stock has gained 5.1% and the Dow Jones Industrial Average has lost 2.6%.

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All 11 sectors of the S&P 500 in positive territory in afternoon trade

The S&P 500 index was trading near session highs Thursday afternoon, with all 11 of its sectors trading in the green. The broad-market index was up 1.2% at 2,636, with gains in the energy sector and technology leading the way higher. Technology shares have been under assault throughout the week, highlighted by sharp weekly declines in Facebook Inc. and Amazon.com Inc. , some of the internet and social-media highfliers. Those companies were slumping due to a slew of negative news stories and the threat of increased governmental scrutiny. The Dow Jones Industrial Average was up 1.2% at 24,136, while the tech-centric Nasdaq Composite Index rose 1.2% at 7,031. All three equity benchmarks are attempting to halt a two-session slide.

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Snap stock falls after Bloomberg reports of job cuts on advertising team

Shares of Snap Inc. are down 0.3% in Thursday trading after Bloomberg reported that the company was cutting about 100 workers, after cutting more than 100 engineers earlier in March. The latest round of cuts will be focused on the advertising team, Bloomberg said. “Late last year we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions,” Snap’s chief strategy officer Imran Khan said in a statement provided to Bloomberg. “Tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business.” Snap didn’t immediately respond to MarketWatch’s request for comment. The company is in the midst of transitioning to self-serve ad buying. Snap shares are down 30% over the past 12 months, while the S&P 500 has gained 11%.

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Tesla bull lowers price target to $420 from $500, citing Model 3 production issues

Instinet analyst Romit Shah, formerly the biggest Tesla Inc. bull on Wall Street, lowered his price target on Tesla shares to $420 from $500 on Thursday. Shares are down 1.6% in Thursday morning trading. The lowered target reflects “Model 3 production constraints that have lingered beyond our initial expectations,” as well as reduced multiples for other major tech names, including Amazon.com Inc. , Facebook Inc. , Apple Inc. , and Nvidia Corp. . The new target also takes into account “a forecasted $3 billion capital raise at $250 per share (7% dilutive to current share count).” Shah maintained his buy rating on the stock, partly due to the “inferior competitive landscape” for electronic vehicles. Shares of Tesla are down 9% over the past 12 months, while the S&P 500 has gained 11%.

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GoPro stock falls after company unveils new budget action camera

Shares of GoPro Inc. are down 0.4% in premarket trading Thursday after the company announced a new entry-level action camera. The $199 Hero camera has a two-inch touchscreen display and is waterproof up to 30 feet. The camera is available today. GoPro’s head of product said in a release that the Hero is intended “for people looking to share experiences beyond what a phone can capture.” GoPro shares are down 45% over the past 12 months, while the S&P 500 has gained 10%.

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Square services business could make up half of revenue by 2022, says analyst

Shares of Square Inc. are up 0.9% in premarket trading Thursday after Jefferies analyst Ramsey El-Assal reiterated his positive view on the stock and cheered the company’s “subscription and services” offerings. Such products, which include instant deposits, food delivery, and small-business loans, currently make up 26% of Square’s adjusted net revenues, but El-Assal thinks they could account for about half by 2022. He predicts that instant deposits and Caviar food delivery will be among the fastest growers. “Our thesis is that as S&S becomes a larger part of the overall business, SQ should carry a higher valuation multiple,” El-Assal wrote. He maintained his buy rating and $60 price target on Square shares, and he believes “the recent pullback is a compelling buying opportunity.” Square shares fell 7.2% in Wednesday’s session alone, in the midst of the tech sell-off, marking their worst single-day percentage performance since November. The stock is up 175% over the past 12 months, compared with a 10% gain for the S&P 500 in that time.

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Fed’s Harker sees 3 rate hikes this year

Philadelphia Federal Reserve President Patrick Harker expects Fed officials to hike interest rates three times in 2018, compared with his earlier projection for two rises, The Wall Street Journal reported Thursday. Speaking in an interview, Harker explained his new projection by saying: “We saw some firming of inflation.” Last week, the Fed under new Chairman Jerome Powell lifted a key interest rate and stuck to its script for three interest rate hikes this year.

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North and South Korea to hold summit in April: reports

The leaders of North and South Korea will hold a summit on April 27, Seoul Unification Ministry officials said Thursday, according to media reports. Kim Jong Un will meet the South’s President Moon Jae In at the border village of Panmunjom in only the third summit between the two Koreas ever. The meeting, which came after high-level talks between Pyongyang and Seoul, will be watched for any signs of movement over North Korea’s nuclear program. After a surprise visit to Chinese President Xi Jinping this week, Kim said he was committed to denuclearizing the Korean peninsula and is open to starting a dialogue with the U.S. The North Korean leader is expected to travel to the U.S. in May for a face-to-face meeting with President Donald Trump.

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North and South Korea to hold summit in April: reports

The leaders of North and South Korea will hold a summit on April 27, Seoul Unification Ministry officials said Thursday, according to media reports. Kim Jong Un will meet the South’s President Moon Jae In at the border village of Panmunjom in only the third summit between the two Koreas ever. The meeting, which came after high-level talks between Pyongyang and Seoul, will be watched for any signs of movement over North Korea’s nuclear program. After a surprise visit to Chinese President Xi Jinping this week, Kim said he was committed to denuclearizing the Korean peninsula and is open to starting a dialogue with the U.S. The North Korean leader is expected to travel to the U.S. in May for a face-to-face meeting with President Donald Trump.

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