Tag: stock market

Natural-gas futures turned higher Thursday after the U.S. Energy Information Administration reported that supplies of natural gas dropped by 147 billion cubic feet for the week ended Dec. 9. Analysts at Citi Futures had forecast a fall of 124 billion cubic feet. Total stocks now stand at 3.806 trillion cubic feet, down 50 billion cubic feet from a year ago but 186 billion cubic feet above the five-year average, the government said. January natural gas added 2.5 cents, or 0.7%, to $3.565 per million British thermal units. It traded at $3.514 before the data.

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President-elect Donald Trump has chosen Rep. Ryan Zinke to head the Interior Department, Trump’s transition team announced Thursday. Trump said in a statement that the Montana Republican has “one of the strongest track records on championing regulatory relief.” The congressman served for 23 years as a Navy SEAL and was elected in 2014.

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WASHINGTON (MarketWatch) — A reading of U.S. manufacturing sentiment hit the highest level in 21 months in December. The Markit flash U.S. manufacturing purchasing managers index inched up to a seasonally adjusted 54.2 in December from 54.1 in November. Output was up for the seventh month, and production inventories was the strongest recorded since the survey began in May 2007. The flash reading incorporates 85% to 90% of total responses.

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U.S. stocks opened with a slight upside bias on Thursday as investors continued to digest the previous day’s statement from the Federal Reserve, when the central bank raised interest rates and pointed to a faster pace of increases in 2017. Wall Street has rallied to repeated records of late, and further gains may be difficult to come by given the new Fed uncertainty. While more rate hikes would be a sign of confidence in the economy, it would also represent a less accommodative stance. The Dow Jones Industrial Average rose 32 points, or 0.1%, to 19,824. Energy shares were in focus, with crude oil falling 1.7% on the day, sending the Energy Select Sector SPDR ETF down 0.7%. The S&P 500 rose 2 points to 2,255, a move of less than 0.1%. The Nasdaq Composite Index rose 5.7 points to 5,442, a move of 0.1%.

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Shares of Nucor Corp. dropped 2.5% in premarket trade Thursday, after the steel maker provided a fourth-quarter earnings outlook that was below expectations. The company said it expects earnings per share for the quarter ending December of 30 cents to 35 cents, down from 84 cents in the sequential third quarter and down from 45 cents a year ago. Nucor said fourth-quarter results included an estimated last-in-first-out expense of 7 cents a share. The FactSet EPS consensus was 52 cents. The company said the expected sequential decline in earnings is primarily related to lower margins in its steel mills segment, with the most significant impact at its sheet mills segment. The stock has soared 56% year to date through Wednesday, while the S&P 500 has gained 10%.

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Federal Communications Commission Chairman Tom Wheeler announced on Thursday he will step down from his role the day of President-elect Donald Trump’s inauguration into office on Jan. 20. Wheeler, a Democrat, has led the agency for more than three years and championed such policies as net neutrality. “Serving as FCC Chairman during this period of historic technological change has been the greatest honor of my professional life. [The Commission’s] achievements have contributed to a thriving communications sector, where robust investment and world-leading innovation continue to drive our economy and meaningful improvements in the lives of the American people. It has been a privilege to work with my fellow Commissioners to help protect consumers, strengthen public safety and cybersecurity, and ensure fast, fair and open networks for all Americans,” Wheeler said in a statement.

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WASHINGTON (MarketWatch)- The U.S. current-account deficit, a measures of the nation’s debt to other countries, dropped 4.5% in the third quarter to $113 billion from $118.3 billion. The decline was mostly tied to a lower trade deficit in goods, the government said Thursday. The U.S. posted an unusually large increase in agricultural exports, mainly soybeans, in the third quarter after a poor harvest among South American producers. The current account reveals if a country is a net lender or debtor. The current account deficit was 2.4% of GDP in the third quarter. That’s down from 2.6% in the second quarter and well below a peak of 6.3% in 2005.

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CVS Health Corp. said it will raise its annual dividend by 18% in 2017, to $2.00 a share from $1.70 a share. Based on Wednesday’s closing price for the drugstore chain’s stock of $78.96, the new dividend implies a dividend yield of 2.53%, compared with the aggregate dividend yield for the S&P 500 of 2.08%, according to FactSet. CVS also said at its analyst day that it affirmed its adjusted earnings-per-share outlooks for 2016 and 2017, that it expects to deliver cost savings of $700 million to $750 million across its businesses by 2021 and that it has more than $18 billion authorized for share repurchases over the next few years. The stock, which was still inactive in premarket trade, has tumbled 19% year to date, while the S&P 500 has gained 10%.

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Shares of Sanderson Farms Inc. were indicated higher in premarket trade Thursday, after the fresh and frozen chicken products company reported fiscal fourth-quarter earnings and revenue that beat expectations. Earnings for the quarter to Oct. 31 jumped to $76.0 million, or $3.36 a share, from $27.4 million, or $1.22 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.65. Revenue grew to $790.8 million from $679.6 million, topping the FactSet consensus of $790.7 million, as overall market prices for poultry prices increased. The company said whole chicken prices declined 4.0%, but boneless breast mean prices increased 7.4%, jumbo wing prices rose 9.5% and bulk leg quarters prices increased 46%. The higher overall prices resulted from improved export demand. “Market conditions strengthened at the beginning of our fourth fiscal quarter of 2016, although market prices declined seasonally after Labor Day,” said Chief Executive Joe Sanderson, Jr. The stock has rallied 15% year to date through Wednesday, while the S&P 500 has gained 10%.

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General Mills Inc. was downgraded Thursday to sector perform from outperform at RBC Capital Markets on concerns that declines in the company’s yogurt business will hurt earnings growth. The company’s price target was lowered to $69 from $73. General Mills brands include Yoplait and Liberte. General Mills sales fell in the most recent quarter on slumping sales of its yogurt brands. The company announces second-quarter earnings on Tuesday. RBC analysts add yogurt to a list of categories, including cereal, where sales have slipped. “While it is conceivable that cereal can return to growth, the recent deterioration in yogurt has been concerning – especially since it has coincided with lower competitive price pressure,” RBC wrote. “We now believe it is unlikely that General Mills will meet its full-year FX-neutral global sales growth target of flat to down 2%.” General Mills shares are down 0.3% in premarket trading, but up 9% for the year to date. The S&P 500 index is up 10.2% for 2016 so far.

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