Tag: stock market

Walt Disney Co.’s stock rallied 1.7% toward a seven-month closing high in midday trade Monday, after the entertainment and media giant’s latest “Star Wars” franchise movie beat opening-weekend box office expectations. The stock has now run up 12% since Nov. 8, while the Dow Jones Industrial Average has gained 8.6%. Disney’s “Rogue One: A Star Wars Story” took in an estimated $155 million over the weekend, while J.P. Morgan analyst Julia Yue said the industry was tracking for about $130 million to $150 million. She said the movie is also likely to benefit from follow-through viewing given that it received a Rotten Tomatoes score of 84% and an “A” CinemScore. That should also help Imax Corp. , as the movie represented the movie theater chain’s biggest opening this year at $19 million in the U.S. and $29.2 million globally, and a 12.3% market share. Disney’s stock has tacked on 0.5% year to date, while Imax shares have tumbled 13% and the Dow has gained 14%.

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The Russian ambassador to Turkey was shot, media outlets reported. The Associated Press reported the ambassador was shot by a gunman while attending a photo exhibition. It’s not clear the ambassador’s condition.

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The Russian ambassador to Turkey has been shot in the capital city Ankara, media outlets reported. The Associated Press reported the ambassador was shot by a gunman while attending a photo exhibition. The ambassador’s condition is not known.

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NYSE Arca said Monday it had identified a technical issue that required a temporary suspension in all trading between 10:50 a.m. and 11:05 a.m. All orders made within that period will be canceled. The firm didn’t detail the technical issue, but less than 20 minutes before announcing the suspension it had said it was investigating an issue where some firms received unsolicited cancellations. The Arca is owned by Intercontinental Exchange Inc. , shares of which fell 0.4% on Monday.

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Shares of United Technologies Corp. surged 2.1% toward a 17-month high in morning trade, enough for them to pace the gainers among Dow Jones Industrial Average components, after Credit Suisse turned bullish on the diversified industrial giant. Analyst Julian Mitchell raised his rating to outperform, after being at neutral since November 2015. He raised his stock price target to $125, which is 13% above current levels, from $108. Mitchell said that “for the first time in several years,” he sees little downside risk to consensus analyst earnings expectations, given his belief that profit margins and earnings momentum are close to bottoming. He said headwinds in the aerospace market should start to abate in 2018, and United Technologies’ Otis China business should see improved demand in 2017. The stock has run up 15.3% year to date, while the SPDR Industrial Select Sector ETF has rallied 18.7% and the Dow has gained 14.2%.

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Deutsche Bank AG is set this week to settle a claim with U.S. authorities over the bank’s alleged misselling of mortgage-backed securities in the run-up to the financial crisis, according to Reuters. A source told the news outlet there is a good chance Deutsche Bank will reach an agreement with the U.S. Department of Justice before Christmas, possibly as early as Wednesday. The source also said the bank is set to pay a penalty well below the $14 billion the DOJ initially demanded. The justice department in September asked the German lender to pay $14 billion to settle claims connected with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007. At the time, Deutsche Bank said it had “no intent” to settle “anywhere near the number cited.” A representative from Deutsche Bank wasn’t immediately available to comment on Monday.

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Shares of Jakks Pacific Inc. plunged 26% toward a three-year low in morning trade Monday, after the toy maker slashed its 2016 profit and sales outlook. The company said late Friday, that it now expects sales of about $700 million, down from the previous outlook of $755 million it provided on Oct. 20. Earnings per share are now expected to be in the range of 1 cent to 5 cents, down from previous guidance of 56 cents. The company said the lowered outlook is primarily the result of lower-than-expected sales of certain key product lines. Analyst Linda Bolton Weiser at B. Riley cut her stock price target to $5 from $8. She said she didn’t cut the rating, currently at neutral, because involvement by activist investors raises the possibility that remedial action was imminent. Weiser said, however, that with about $100 million of converts coming due in August 2018, Jakks could be “real trouble” if it has another disappointing Christmas in 2017. The stock has shed 34% year to date, while the S&P 500 has gained 11%.

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The holding company for Vincent Viola, the founder, executive chairman and majority holder of Virtu Financial , doesn’t plan to divest his holdings in the high-frequency trading firm after Viola was nominated to be secretary of the Army. Viola will seek an “orderly and appropriate” transition from his role as chairman upon confirmation, Virtu said in a statement. The company’s current CEO, Douglas Cifu, will be Viola’s successor if Viola is confirmed, the company added. Viola is a West Point graduate and U.S. Army veteran and also chaired the New York Mercantile Exchange.

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WASHINGTON (MarketWatch) — The executive board of the International Monetary Fund will meet shortly, after a French court convicted IMF Managing Director Christine Lagarde of negligence. “The executive board has met on previous occasions to consider developments related to the legal proceedings in France. It is expected that the board will meet again shortly to consider the most recent developments,” said Gerry Rice, director of communications, in a statement.

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A French court on Monday found International Monetary Fund Managing Director Christine Lagarde guilty of negligence, though a judge said there would be no sentence for the former French finance minister, according to media reports. She had been on trial in France over allegations of negligence in her handling of a public financial settlement. The charges against Lagarde stem from her role nearly 10 years ago in settling a long-running dispute known as “L’Affaire Tapie” that pitted the French state against Bernard Tapie, a tycoon-turned-politician, The Wall Street Journal said. The state ultimately paid €405 million ($429 million) to Tapie.

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