Tag: stock market

Fitch Ratings on Thursday revised the outlook on Caterpillar Inc.’s A rating to negative from stable, on concerns about the long downturn in the company’s machinery markets. Caterpillar’s sales have declined for eight straight quarters and the company has cautioned that forecasts for 2017 seem over-optimistic. Fitch said there is an “increased risk that the company could face challenges to rebuild its operating and financial performance to levels that support the current ratings.” A slow recovery in demand could prevent the company from returning to stronger credit metrics and even if the recovery is strong, free cash flow could be constrained if the company fails to fully realize benefits from recent restructuring moves. The maker of diggers and dozers launched a restructuring program in 2015 that aims to cut costs by $1.5 billion annually. Caterpillar shares have gained almost 42% in the year so far, despite its weak performance. its most active bonds, the 1.700% notes due August 2021, were last quoted at 97 cents on the dollar, according to MarketAxess.

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

John Glenn, former astronaut and U.S. senator for Ohio, died at 95. Glenn became the first U.S. astronaut to orbit Earth in 1962 and later served for a quarter-century in the U.S. Senate. He was admitted to the James Cancer Hospital at Ohio State University more than a week ago, according to CNN. He is survived by Annie, his wife of 73 years, according to the Columbus Dispatch. A cause of death was not immediately given.

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

Time Inc.’s stock surged 7.8% in afternoon trade toward a 13-month closing high, after The Wall Street Journal reported the magazine publisher had hired banks to field buyout or partnership interest. The stock The report, which cited people familiar with the situation, said the company hired Morgan Stanley and Bank of America Corp. , but that there was no guarantee there will be a sale or any other deal. The company has been struggling with declining advertising and newsstand revenue, the report said. The stock was trading up about 0.8% at $16.58 around 3:06 p.m. ET, just before the WSJ report ran, then soared as much as 9.1% to an intraday high of $17.95, before paring some gains. The stock was now up 13% year to date, while the S&P 500 has gained 9.8%.

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

Insys Therapeutics Inc. shares dropped as much as 16% in Thursday afternoon trade after the Department of Justice said several former employees, including its former chief executive offer and president, had been arrested and charged with bribing doctors to push a highly addictive opoid pain medication and defrauding health insurers. Six former executives and managers allegedly used bribes and kickbacks to push prescriptions of “Subsys” — a fentanyl-based pain medication intended for cancer patients with intense pain — with doctors prescribing the drug to a good deal of patients not diagnosed with cancer. The DOJ said that the former employees made big profits off the alleged scheme, for which they could face prison time and large fines. Insys Therapeutics shares, which were valued at $9.10 per share Thursday afternoon, have dropped 68.0% year-to-date, compared with a 9.8% rise in the S&P 500 .

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

Oil futures settled with a gain on Thursday following two consecutive sessions of declines, which pulled prices below $50 a barrel for the first time in a week. Traders looked ahead to a meeting this weekend of the Organization of the Petroleum Exporting Countries and other crude producers, with expectations that that the nations will shore up a deal to curb output. January West Texas Intermediate crude rose $1.07, or 2.2%, to settle at $50.48 a barrel on the New York Mercantile Exchange. It lost 2.3% to finish at $49.77 on Wednesday for its lowest settlement since Nov. 30.

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

Gold futures settled lower Thursday, giving back much of the prior session’s gain, as the U.S. dollar strengthened against the euro following the European Central Bank’s decision to pare back its bond-buying program. February gold fell $5.10, or 0.4%, to settle at $1,172.40 an ounce after climbing 0.6% on Wednesday.

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 Express Scripts Holding Co. took a dive in afternoon trade Thursday, after short seller Andrew Left at Citron Research called the pharmacy benefit management services company the “Philidor of the pharma industry.” The former CEO of Philidor, the now-defunct mail order pharmacy, is facing criminal charges. Citron tweeted at about 1 p.m. ET, that Left will be on CNBC at 5:30 p.m. to explain why Express Scripts’ stock “is on its way to $45,” which is 36% below current levels of $69.85. The stock was losing about 2.6% at $73.86 at around 1 p.m. ET, before Citron’s tweet, then accelerated to loss of as much as 10% before paring some losses. The stock has now tumbled 20% year to date, while the SPDR S&P Pharmaceutical ETF has shed 26% and 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

Shares of Cognex Corp. ran up 6.2% in afternoon trade toward a record close, after Deutsche Bank’s bullish call, given that it is in the sweet spot of the factory automation trend, which could get a boost from potential trade protectionist policies. Analyst Karen Lau started Cognex at a buy with a stock price target of $74, which is 17% above current levels. Lau said the Cognex’s product sales for factory automation applications have exceeded the machine vision industry’s growth rate over the past 10 years. She expects increased growth in the mobile computing market, rising machine vision content in consumer electronics assembly lines, 3D products adoption and China automation investments. “Automation investment boost by potential protectionist trade policies–which could drive manufacturers domestically and overseas to invest more heavily in automation to improve efficiency and competitiveness–would also contribute positively to our thesis,” Lau wrote in a note to clients. The stock has soared 15% in the month since the election, compared with the a 2.1% gain in the SPDR Technology Select Sector ETF and a 5.1% rise in the S&P 500 .

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 U.S. Energy Information Administration reported Thursday that supplies of natural gas fell by 42 billion cubic feet for the week ended Dec. 2. Analysts polled by S&P Global Platts forecast a decline of 40 billion cubic feet. Total stocks now stand at 3.953 trillion cubic feet, up 51 billion cubic feet from a year ago and 254 billion cubic feet above the five-year average, the government said. January natural gas was up half a cent at $3.608 per million British thermal units. It traded at $3.64 before the 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

Transocean Ltd.’s stock , which tacked on 0.8% in morning trade Thursday, was currently the best performer within the S&P 500 in the month since Donald Trump was elected president. The oil services company’s stock has rocketed 49% since Nov. 8, compared with a 23% jump in the PHLX Oil Service Index and a 4.8% gain in the S&P 500. Among the next biggest post-election gainers within the S&P 500, Chesapeake Energy’s stock has shot up 42%, United Rentals Inc. shares have climbed 41% and shares of Bank of America Corp. have run up 34%. Investors appear to be banking on Trump’s policy plans to boost infrastructure spending, help revive the fossil fuel industry and cut regulations. The biggest loser was TripAdvisor Inc.’s stock , which has plunged 24% in the last month, followed by Medtronic PLC shares , which have slumped 15%.

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