Tag: stock market

Oil futures climbed toward the session’s highest levels Friday, buoyed by news that the U.S. Senate has approved a bill that will extend sanctions against Iran’s missile development and weapons program that was not part of last year’s nuclear pact. President Barack Obama is expected to sign the bill. “It is clear that this will not help positive developments in U.S. and Iranian relations,” said Troy Vincent, oil analyst at ClipperData. And “the potential for deterioration in U.S.-Iran relations puts the future of Iranian crude exports in question once again,” he said. January West Texas Intermediate crude rose 54 cents, or 1.1%, to $51.60 a barrel on the New York Mercantile Exchange, near the day’s high of $51.66.

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Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil climbed by 3 to 477 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose 4 to 597, according to Baker Hughes. January crude was up 25 cents, or 0.5%, to trade at $51.31 a barrel on the New York Mercantile Exchange. It was trading at around $51.36 before the rig data.

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Ford Motor Co.’s stock slumped 1.5% in midday trade Friday, reversing an earlier 1.2% intraday gain, after the auto maker issued two safety recalls involving more than 650,000 Ford Fusion and Lincoln MKZ model cars. “In the affected vehicles, increased temperatures generated during deployment of the seat belt anchor pretensioner could cause pretensioner cables to separate, which may inadequately restrain an occupant in a crash, increasing risk of injury,” Ford said in a statement. The recall is for Fusions built from 2013 to 2016 and for Lincolns built from 2013 to 2015. Ford said 680,872 vehicles are affected, including 602,739 in the U.S., 35,614 in Canada and 8,665 in Mexico. Ford shares had closed Thursday at a two-month high after Ford’s November sales report. They have now shed 13% year to date, while General Motors Co.’s stock has gained 4.5% and the S&P 500 has climbed 7.2%.

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Analysts at Cowen & Co. have cut their price target on Tesla Motors Inc. stock to $155, from $160, on concerns about the integration with SolarCity Corp. , which Tesla recently bought, and ongoing worries around Tesla’s production targets, the launch of its mass-market Model 3, and competition in the electric-vehicle arena from other car makers. Cowen’s new price target represents about 14% downside for Tesla’s current share prices. The shares are off 24% so far this year, versus gains of more than 7% for the S&P 500 index in the same period.

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Shares of Pandora Media jumped 12% Friday after a CNBC report that the company was open to selling itself. Citing people familiar with the matter, the CNBC report said that Pandora was willing to talk with SiriusXM, which has tried to buy Pandora in the past. A Pandora spokesperson said the company does not “comment on rumors or speculation.” Shares of Pandora have gained 23% in the past month, compared to the S&P 500’s gain of 4.5%.

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U.S. stocks opened lower on Friday as a robust November jobs number apparently wasn’t enough to revive a postelection rally. The S&P 500 index opened flat at 2,191. The Dow Jones Industrial Average was off 19 points, or 0.1%, at 19,175. The Nasdaq Composite Index shed 6 points, or 0.1%, to 5,242. Starbucks Corp. shares dropped after CEO Howard Schultz said he would step down. Shares of tech giants Apple Inc. and Google-parent Alphabet Inc. also fell as a rout in tech stocks continued.

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Treasury yields declined on Friday after the November jobs report showed the U.S. economy added 178,000 jobs last month, slightly below expectations. The 10-year yield fell five basis points to 2.399%, while the two-year yield shed 3.5 basis points to 1.116%. The 30-year yield lost 5.2 basis points to 3.057%. Despite the strong headline number, a lackluster reading on average hourly earnings, which slumped 0.1% in November, helped weigh on Treasury yields by dampening inflation expectations.

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Xerox Corp. said Friday Chief Financial Officer Leslie Varon will retire after about 14 months in the role, and 36 years with the company. Varon will retire following the completion of Xerox’s separation into two publicly-traded companies, Xerox and Conduent, on Dec. 31. The company named William Osbourn as CFO of Xerox when the separation is completed. Osbourn, who will join the company on Dec. 5, was previously co-CFO of Time Warner Cable Inc., and played a role in Time Warner Inc. spinning off its cable business. Xerox stock was still inactive in premarket trade. It has lost 11% year to date, while the S&P 500 has gained 7.2%.

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Owens Corning said Friday it’s board has approved an 11% increase to its quarterly dividend to 20 cents a share. The new dividend is payable Jan. 18 to shareholders of record as of Jan. 3. Shares were not yet active in premarket trade, but have gained 10.4% in the year to date, while the S&P 500 has gained 7.2%.

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Allergan plc. said Friday it has settled patent litigation with Zydus Pharmaceuticals (USA) Inc. and Cadila Healthcare Ltd, regarding its Delzicol (mesalamine) product, a treatment for ulcerative colitis. If the Food and Drugs Administration approves it, Zydus and Cadila may be able to sell their generic version of Delzicol from March 1, 2020, or earlier under certain circumstances, Allergan said in a statement. In the third quarter, Allergan said revenue from Delzicol and Asacol, another ulcerative colitis treatment, came to $72.2 million. Allergan shares were down 0.9% premarket, and are down 30% in the year so far, while the S&P 500 has gained 7.2%.

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