Tag: stock market

All three of the main U.S. stock benchmarks notched record closes on Wednesday as investors braced for the Federal Reserve’s December interest-rate announcement, set for Wednesday at 2 pm. Eastern. The Dow Jones Industrial Average, which finished higher for a seventh straight day, gained 114.50 points, or 0.6%, to 19,910.93, closing within striking distance of the psychologically-important 20,000 level. Tech stocks like Intel Corp. and Apple Inc. were among the best performers on the blue-chip gauge. Meanwhile, the S&P 500 index advanced 14.73 points, or 0.7%, to 2,271.69, with tech and energy shares leading the index higher. The Nasdaq Composite Index rose 51.29 points, or 1%, to 5,463.83. The Fed is widely expected to raise interest rates for the second time since the financial crisis, with market-based indicators pricing in a nearly 100% chance of a hike.

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

Facebook Inc. is changing its approach to virtual reality, which includes a change at the top for its VR unit, Oculus. The Facebook unit, which the social-networking giant acquired for $2 billion in 2014, will split into groups focused on personal computers and mobile, and the chief executive will step down from the top spot to lead the PC group. The Oculus Rift VR headset requires tethering to a powerful PC for its virtual worlds, but has shown off efforts toward a more mobile and wireless headset. “You do your best work when you love what you’re working on. If that’s not the case, you need to make a change,” outgoing Oculus CEO Brendan Iribe wrote in a blog post announcing the changes. “With this new role, I can dive back into engineering and product development.” A recent Oculus hire, Jon Thomason, will lead the mobile group, and Facebook Chief Technical Officer Mike Schroepfer will lead the search for a new Oculus CEO, Iribe wrote. Facebook shares were up about 3% in Tuesday afternoon 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

Shares of JetBlue Airways Corp. soared 6.7% toward a 10-month high in midday trade Tuesday, after the air carrier said it was doubling its share repurchase program, and as the company presented its 2017 outlook at its investor gathering. The company said it previously approved $250 million three-year stock buyback program was increased to $500 million, with the term extended to Dec. 31, 2019. So far this year, JetBlue said it bought about 5.4 million shares for $120 million. That implies a price of $22.22 per share for those repurchased, which is 4.5% below current prices. Separately, the company said it expects 2017 capacity growth in the 6.5%-to-8.5% range over last year, with most of the growth from the eastern U.S. (17.5% to 19.5%).

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

The Federal Trade Commission ruled Tuesday that Mars Petcare Inc. mislead consumers by suggesting that its Eukanuba dog foods will increase the lifespan of dogs. The FTC said the ads which implied that with Eukanuba dogs will live 30% or more longer than their typical lifespan, and that the Eukanuba brand foods enable dogs to live exceptionally long lives, are “false or misleading or were not substantiated” at the time the representations were made. “Among other things, the evidence relied on by [Mars Petcare] for its representations concerning the Eukanuba brand dog food consisted primarily of results from a single study, the results of which showed no significant difference in the median age at death of the dogs in the study relative to the typical age at death of dogs of the same breed,” the FTC said in statement.

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. made its AirPods wireless headphones available to the public on Tuesday, nearly two months after first unveiling them at an event alongside the iPhone 7. The headphones, the answer to Apple’s removed headphone jack, which Apple marketing chief Phil Schiller referred to as the “entrée to a wireless future” at Apple’s flagship hardware event in September, have been mysteriously delayed for weeks. They were supposed to begin shipping in October. On Tuesday, they became available for online purchase for $159, with the current delivery times slated for Dec. 29. They’re scheduled to hit store shelves beginning next week, narrowly in time for the holidays. Apple did not say why it had put off their release, but a spokesperson told the Wall Street Journal last week that the company didn’t “believe in shipping a product before it’s ready.” Shares of Apple rose 1.6% to $115.04 on Tuesday. They’re up 6.5% in the past three months, compared with a 10% increase for the Dow Jones Industrial Average .

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

Alphabet Inc. is moving away from making a car without a steering wheel or pedals, according to The Information. The move marks a backing away from Google’s initial self-driving car goals, but The Information reports that Google plans to partner with automakers to make a self-driving car with more “traditional features.” Additionally, the self-driving car unit is expected to be broken out into a separate company under Alphabet, according to The Information. Shares of Alphabet have gained 6% in the past month, compared to the S&P 500’s gain of 5%.

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

U.S. stocks opened higher on Tuesday, with both the Dow and the S&P 500 trading in record territory and the Dow moving closer to the key psychological level of 20,000 as energy companies continued their recent advance. Investors are also looking ahead to the start of a two-day meeting by the Federal Reserve that is widely expected to end with the announcement of higher interest rates on Wednesday afternoon. The Dow Jones Industrial Average rose 0.4%, or 71 points, to 19,863.65, with Chevron Corp. up 0.9%, tracking a 0.6% rise in the price of crude oil. If the blue-chip index closes higher, it will notch its seventh straight gain and end at another record high. The S&P 500 gained 0.3%, or 7.35 points, to 2,264.5. The Nasdaq Composite Index rose added 0.4%, or 20.3 points, to 5,433.

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 Wynn Resorts Ltd. hiked up 1.8% in premarket trade Tuesday, after the casino operator announced an agreement with Crown Acquisitions to form a joint venture to operate retail space at Wynn Las Vegas. Under terms of the deal, Crown will pay Wynn $472 million in gross proceeds in two installments, the first of $292 million at closing by year end or early 2017, and $180 million when Wynn Plaza is completed in 2017. Crown will have a 49.9% interest in a portion of Wynn Las Vegas’ owned and leased retail. Wynn’s stock has run up 32% year to date through Monday, while the S&P 500 has gained 10%.

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

Barnes & Noble Inc. said in a filing Tuesday that it determined last week that Jaime Carey will no longer have the duties and responsibilities of president, development and restaurant group. Therefore, the company said Carey has decided to resign, “for good reason,” after taking on the role as of July 1, 2015. Carey will remain as an employee through Feb. 10, 2017 to help provide a smooth transition of his responsibilities. The stock, which was still inactive in premarket trade, has soared 44% year to date, while the SPDR S&P Retail ETF has gained 8.9% and the S&P 500 has climbed 10%.

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

Neiman Marcus Group Ltd. said Tuesday that total revenue for the fiscal first quarter ended Oct. 29 fell 7.4% from a year ago to $1.08 billion. The privately-held high-end department store chain said comparable sales declined 8.0%, net losses more than doubled to $23.5 million from $10.5 million. Same-store sales have declined for the fifth-straight quarter. In comparison, rival Nordstrom Inc. reported total revenue growth of 6.4% and same-store sales growth of 2.4% for the quarter ended in October, while Macy’s Inc. total revenue fell 4.2% and same-store sales declined 2.7%. The SPDR S&P Retail ETF has gained 8.9% year to date through Monday, while the S&P 500 has climbed 10%.

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