Tag: stock market

The American Petroleum Institute late Tuesday reported a fall of 2.2 million barrels in U.S. crude supplies for the week ended Dec. 2, according to sources. Analysts polled by S&P Global Platts expected stockpiles to decline by 1.7 million barrels. Supply data from the Energy Information Administration will be released Wednesday morning. January crude was at $50.82 a barrel in electronic trading, down from the contract’s settlement of $50.93 on the New York Mercantile Exchange.

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SeaWorld Entertainment Inc. will eliminate 320 positions at its headquarters and across 12 theme parks as part of its restructuring effort to reduce costs by about $65 million, the company said Tuesday. The amusement park operator will book a restructuring charge of $9 million that is expected to lower its fourth-quarter earnings. However, the company did not provide specific estimates on how much its bottom line will be affected. Analysts surveyed by FactSet projected SeaWorld to post a loss of 13 cents a share on revenue of $268 million. Shares were flat in late trading after closing at $18.21.

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Dave & Buster’s Entertainment Inc. jumped to record highs Tuesday afternoon after the chain of adult arcades and eateries easily beat earnings expectations. Dave & Buster’s reported net income of $10.8 million, or 25 cents a share, on sales of $228.7 million, more than doubling its profit and showing a 19% revenue gain from the same quarter a year ago. Analysts polled by FactSet expected Dave & Buster’s to report earnings of 14 cents a share on revenue of $216.7 million. The company also suggested it could hit $1 billion in annual sales for the first time by increasing its annual guidance for revenue to a range of $998 million-$1.003 billion, from $983 million-$995 million. going to add this sentence: The company also said it plans to open 11 new locations in th e current fiscal year, the top of a previous guidance range, and 11 to 12 new stores in the 2017 fiscal year. Dave & Buster’s stock, which has never traded for more than $50 a share, jumped 11.5% in after-hours trading to $53.50.

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The Navigators Group Inc. said late Tuesday its board of directors has authorized a two-for-one stock split in the form of a stock dividend. Shareholders of record Dec. 30 will receive one additional share for every share held, the insurance holding company said. Shares of Navigators were flat in late trading after ending the regular session up 2%.

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Gold futures fell Tuesday for a second session in a row, pressured by strength in the U.S. dollar and expectations for an interest-rate hike at next week’s Federal Reserve meeting. February gold fell $6.40, or 0.5%, to settle at $1,170.10 an ounce after losing 0.1% on Monday.

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The U.S. Energy Information Administration on Tuesday raised its price forecasts for Brent and West Texas Intermediate crude oil for 2016 and 2017. In its monthly energy outlook report, the government agency forecast WTI prices at $43.07 a barrel for this year and $50.66 for next year, up 0.6% and 1.5%, respectively, from the November forecasts. Brent crude is forecast at $43.46 this year and $51.66 next year, up 0.4% and 1.5%, respectively from the previous forecasts. The EIA also raised its estimates on U.S. crude production to 8.86 million barrels a day for this year and 8.78 million barrels a day for 2017. January WTI crude traded at $50.77 a barrel, down $1.02, or 2%. February Brent crude shed $1, or 1.8%, to $53.94 a barrel.

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Shares of Chipotle Mexican Grill Inc. tumbled 5.7% in active morning trade Tuesday, enough to make them the biggest decliners in the S&P 500 , after reports that the fast-casual restaurant chain provided a downbeat sales outlook. Volume spiked to 1.6 million shares, which is already above the full-day average of 1.4 million shares. Speaking at the Barclays “Eat, Sleep, Play–It’s Not All Discretionary” conference, Chipotle management said it was nervous about meeting sales guidance, as sales haven’t recovered as much as expected, according to tweets from Bloomberg reporter Shelly Banjo. The company also said it would need to raise prices to cover minimum wage increases. Bloomberg also reported that co-Chief Executive Steve Ells wasn’t happy with customer service at its restaurants as lines have slowed down. The comments come as Chipotle struggles to recover from a sales decline in the wake of an E. coli outbreak at its restaurants last year. The stock has tumbled 22% year to date, while the S&P 500 has gained 7.8%.

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U.S. stocks fought to take flight on Tuesday with the Dow industrials trying for a fresh record a day after closing at an all-time high in the previous session. The Dow Jones Industrial Average opened little-changed at 19,221, the S&P 500 index climbed 2 points, or 0.1%, at 2,206, while the Nasdaq Composite Index , led the way among stock benchmarks, up 11 points, or 0.2%, at 5,321. In corporate news, Toll Brothers reported a fourth-quarter profit of 67 cents a share from 80 cents last year. Meanwhile, oil traded sharply lower, threatening to snap a four-session win streak in the wake of the deal struck by members of the Organization of the Petroleum Exporting Countries to curb oil output and stabilize the commodities price.

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Shares of Boeing turned down 1% in premarket trade Tuesday, after President-elect Donald Trump tweeted that an order for the aerospace giant to build a new Air Force One should be canceled because of rising costs. Just prior to the tweet, the stock was trading unchanged. “Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!,” the tweet said. About 18 minutes after the tweet was sent, it had 12,000 likes and 4,300 retweets. Boeing’s stock has gained 5.2% year to date through Monday, while the Dow Jones Industrial Average has rallied 10%.

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Nike Inc. was downgraded on Tuesday to market perform from outperform at Cowen & Company based on concerns that share loss to Adidas AG and Under Armour Inc. could accelerate. Preference for Nike apparel has declined to 44% from 55%, according to the Cowen Consumer Tracker survey, while preference for Adidas and Under Armour is growing among 18-to-34 year old men and women. Analysts also believe promotions in North America and international inventory levels “appear elevated,” noting 25% discounts on Nike apparel at Dick’s Sporting Goods Inc. , Kohl’s Corp. and other retailers. “We see a high probability that Nike reduces second-half fiscal year 2017 guidance or guides third-quarter below consensus, and we view sell-side estimates (75% net buy rated) as too high into 2018,” the note said. Nike shares are down 1.1% in premarket trading, and down 17% for the year so far. The Dow Jones Industrials Average is up 10.3% for 2016 to date.

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