Tag: stock market

In the first earnings report after its initial public offering, Coupa Software Inc. handily beat expectations, sending the company’s stock up more than 5%. The cloud-software company, which helps companies manage their spending, reported a net loss of $6.7 million, or 36 cents a share, on revenue of $35.4 million. After adjustments for stock-based compensation and other factors, Coupa claimed a loss of 22 cents a share. Analysts on average expected an adjusted loss of 47 cents a share on sales of $31 million, according to FactSet. Coupa sold IPO shares for $18 apiece in October, and saw those shares more than double in its first day of trading, though those prices have deflated in the intervening months. The stock fell 1% to $26.02 in Monday’s regular trading session, then popped to more than $27 in after-hours action.

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The Commodity Futures Trading Commission on Monday voted unanimously to repropose rules that would put limits on speculative positions in twenty-five physical commodity futures contracts and their “economically equivalent” options and swaps positions. This is the third time the agency has proposed such limits. One previous iteration was overturned by a federal count. The new rules were mandated by the 2010 Dodd-Frank regulatory law. The agency also reproposed a definition of bona fide hedging positions, as well as exemptions to this definition in physical commodities. The proposal will be open for public comment for 60 days.

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U.S. stocks closed higher Monday after strong economic data overshadowed concerns about Italy’s rejection of constitutional reforms. The Dow Jones Industrial Average closed up 45.82 points, or 0.2%, at 19,216.24, a fresh record close, led by more than 2% gains in shares of Nike Inc. and Goldman Sachs Group Inc. , after reaching an intraday record of 19,274.85 earlier in the session. The S&P 500 index advanced 12.76 points, or 0.6%, to finish up at 2,204.71, with the financials and tech sectors the strongest performers. The Nasdaq Composite index rose 53.24 points, or 1%, to close at 5,308.89.

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Oil futures settled in the green Monday, but pared a firmer rise, as the industry continues to enjoy a bounce inspired by OPEC’s historic agreement to cut production. Crude-oil futures traded in positive territory throughout much of the session after shaking off concerns about Italy’s rejection of a vote on existing rules to its constitution that resulted in the resignation of Italian Prime Minister Matteo Renzi. Some energy strategists, however, expressed doubts over the ability of the Organization of the Petroleum Exporting Countries and other major oil producers to follow through on plans on complying with and enforcing limits on oil output. West Texas Intermediate crude oil ended up 11 cents, or 0.2%, higher at $51.79 a barrel, but the contract had traded as high as $52.42 a barrel early in New York.

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Gold prices settled lower Monday as Italian voters rejected constitutional reforms as expected and prospects that the Federal Reserve may tighten monetary policy at an accelerated pace rose. Gold for February delivery declined $1.30, or 0.1%, to settle at $1,176.50 an ounce. Meanwhile, silver for March delivery settled up 6.7 cents, or 0.4%, at $16.90 an ounce.

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Amazon.com Inc. shares are up 2.6% in Monday trading, on track to snap a five-session losing streak, after the e-commerce giant announced the new Amazon Go app, coming in early 2017. Amazon shares have lost 5.1% over the past five days. Unveiled via video available on the Amazon Twitter page, details so far are few, but the video shows customers walking into a store, activating the app, and then shopping freely. The clip promises “no lines, no checkout,” saying that technology including AI and machine learning has been “woven into the fabric” of the store so shoppers won’t have to stop at a register to tally their purchase. Amazon gives a Seattle address at the end of the clip where the store seemingly will be located. Amazon stock is up 12.4% for the year so far while the S&P 500 index is up nearly 8% for the same period.

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The overall wearables market grew 3.1% in the third quarter, led by demand for fitness bands, which outpaced sales of smartwatches like Apple Watch and Samsung Gear, according to new data from industry tracker IDC. Roughly 23 million wearables were shipped last quarter, with basic wearables, mostly comprised of fitness bands, accounting for 85% of the market and growing at a double-digit pace. Fitbit Inc. maintained its place as the market leader, capturing a 23% share, with shipments growing 11% year-over-year. Xiaomi, Garmin , Apple and Samsung rounded out the top five, however Apple’s shipments tumbled 71% year-over-year, reducing its share to 1.1% versus 3.9% last year. Samsung’s shipments, meanwhile, soared 90%, boosting its share to 1% from 0.5% a year ago. Shares of Apple fell 0.3% to $109.57 in late-morning trade Monday, while those of Fitbit rose 1.8% to $8.29. The Dow Jones Industrial Average rose 0.5%.

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Food company General Mills Inc. on Monday unveiled a new organizational structure aimed at boosting growth and helping the company scale internationally. The company is eliminating the role of international chief operating officer and creating four business groups that will report directly to Jeff Harmening, the company’s new chief operating officer. The groups are North America Retail, Europe & Australia, Asia & Latin America and Convenience Stores and Foodservice. The company will align its current dairy strategic brand unit, based in France, to the new structure, and will work with Harmening to explore opportunities. General Mills said it’s the number two company globally in yogurt and super-premium ice cream, thanks to brands including Yoplait and Haagen-Dazs. The overhaul will impact 400 to 600 jobs. “The capability investments and savings generated by these changes will help us deliver our fiscal 2018 adjusted operating profit margin target of 20 percent,”said Harmening. Shares were trading flat, but are up 5.7% in the year to date, while the S&P 500 has gained about 8%.

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Shares of Chesapeake Energy Corp. surged 2.9% in active morning trade Monday, after the oil and gas company announced $450 million in asset sales. Trading volume of 17.7 million shares makes the stock the second-most active on the major U.S. exchanges. The company said it reached a deal to sell a portion of the acreage and properties in its Haynesville Shale area in northern Louisiana, including 78,000 net acres, to a private company. Chesapeake said it has now reached $2 billion in gross proceeds from asset sales, as part of its long-term target to reach $2 billion to $3 billion in debt reduction. Analyst Neal Dingmann reiterated his buy rating on the company, saying the deal should help the company reach its leverage goals. “Our thesis remains that the company’s massive acreage position…ensures adequate upcoming liquidity/leverage growth,” Dingmann wrote in a note to clients. The stock

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Dutch company Travel B.V. on Monday filed for an initial public offering of its travel site Trivago, filing to sell 28.5 million American depositary shares of the company priced at $13 to $15 a pop. In a filing with the Securities and Exchange Commission, the company said it has applied to list the shares on the Nasdaq under the ticker symbol “TVRG.” The company, which is known in the U.S. from its television ads, will offer Class A shares and Class B shares, with the latter to be held solely by Expedia Inc. and its subsidiaries. Each Class A share will have a nominal value of EUR0.06, said the filing. J.P. Morgan, Goldman Sachs, and Morgan Stanley are lead underwriters, with Allen & Co. LLC, Bank of America Merrill Lynch, Citi. Deutsche Bank, Cowen and Co. and Guggenheim Securities acting as co-bookrunners.

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