Tag: stock market

Oil futures held onto its earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies in the week ended Nov. 25 fell by 900,000 barrels. The American Petroleum Institute late Tuesday reported a decline of 717,000 barrels, according to sources. Analysts polled by S&P Global Platts expected a fall of 250,000 barrels. Gasoline supplies climbed by 2.1 million barrels and distillate stockpiles surged higher by 5 million barrels, according to the EIA. January crude rose by $3.20, or 7.1%, to $48.43 a barrel on the New York Mercantile Exchange. Prices, which had already been rallying following reports that the Organization of the Petroleum Exporting Countries has reached a deal to cut output, traded at $48.56 before the data.

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Wayfair Inc. shares rose 4.2% in Wednesday trading after the home furnishings and decor retailer reported a 46% year-over-year jump in sales for the five-day period between Thanksgiving and Cyber Monday. The company’s strongest day ever was Cyber Monday, with order volume peaking between 9 p.m. and midnight ET. TV stands were the top seller, with the most popular version, the Sunbury TV Stand by Beachcrest Home, sold every 19 seconds on Cyber Monday. On that day, the company sold a rug every four seconds, and a mattress every 12 seconds. Ahead of the holiday season, Wayfair expanded its selection of Christmas trees and other seasonally decorative items, adding the 5 for $25 Ornament Shop with two-day free shipping. Wayfair shares are down 24% for the year so far while the S&P 500 index is up 8.1% for the same period.

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The Dow Jones Industrial Average hit an intraday record after opening higher Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output. A better-than-expected report on private-sector hiring boosted the main indexes. The benchmark S&P 500 and Dow were on track to post their largest monthly gains since March. The S&P 500 gained 5 points, or 0.2%, to 2,209. The Dow Jones Industrial Average added 62 points, or 0.3%, to 19,184, trading in record territory. The Nasdaq Composite was 7 points, or 0.1%, higher at 5,386.

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Shares of CSX Corp. climbed 1.3% in premarket trade Tuesday, after the railroad operator provided an upbeat fourth-quarter earnings and volume outlook. Chief Financial Officer Frank Lonegro said at a Credit Suisse industrial conference that he now expects earnings per share to be flat to up slightly, compared with guidance provided earlier this month of “flat to slightly down.” And given that “macroeconomic headwinds impacting the company’s volume are moderating,” Lonegro now expects volume to be flat to up slightly, compared previous guidance of “roughly flat.” He said many markets are showing more moderate declines than in previous quarters, with coal in particular is showing sequential volume stabilization and is essentially flat in the quarter to date. The stock has run up 34% year to date through Tuesday, while the Dow Jones Transporation Average has rallied 19% and the S&P 500 has gained 7.9%.

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Netflix Inc. said Wednesday morning it is rolling out the ability to download TV series and films, a feature lauded on other platforms such as Amazon.com Inc.’s Prime Video. More and more consumers are watching video content on the go where cellular and wireless internet connections can be spotty, at best. The feature is available Wednesday for all plans and across all available devices, Director of Product Innovation Eddy Wu wrote in a blog post on the company’s site. It’s not clear exactly how many series and films are available for download. In the blog post Wu writes many of viewers favorite series are available, with more on the way. Shares of Netflix are up nearly 3% in the year to date, underperforming the S&P 500 Index , which is up almost 8%.

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Bank stocks rallied in premarket trade Wednesday, as upbeat jobs data and a surge in oil prices helped boost Treasury yields. The SPDR Financial Select Sector ETF rose 0.8% to $52.39 ahead of the open, just shy of Monday’s 8 1/2-year closing high of $22.41. Among sector heavyweights, shares of Bank of America Corp. shot up 1.8% in active trade, of Citigroup Inc. surged 1.1%, of J.P. Morgan Chase & Co. gained 0.9%, of Goldman Sachs Group Inc. rose 1.4% and of Wells Fargo & Co. hiked up 0.9%. Payroll processor ADP said 216,000 net new jobs were added in November, above expectations of 160,000. Separately, crude oil futures soared 7.3%, after OPEC agreed to cut production for the first time in eight years. That helped push the yield on 10-year Treasury note up 0.059 percentage points to 2.361%. Higher long-term interest rates can boost bank profits, as they increase the spread between what banks earn by funding longer-term assets, such as loans, with shorter-term liabilities

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American Eagle Outfitters Inc. shares sank 11% in Wednesday premarket trading after the apparel retailer reported third-quarter same-store sales below estimates and offered weak guidance. Net income totaled $75.8 million, or 41 cents per share, up from $74.1 million, or 38 cents per share, for the same period last year. The FactSet consensus was 41 cents per share. Revenue for the quarter was $941 million, up from $919 million last year and beating the $940 million FactSet consensus. Same-store sales increased 2%, falling short of the FactSet consensus for a 2.9% increase. American Eagle sees fourth-quarter EPS of 37 cents to 39 cents, below the 46-cent FactSet consensus. Same-store sales are expected to be flat to a low-single digit increase. The FactSet estimate is for a 3.8% increase. American Eagle shares are up 22% for the year so far while the S&P 500 index is up nearly 8% for the same period.

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OnDeck Capital Inc. said Wednesday it has named Nick Brown to the newly created role of chief risk officer. Brown comes to the company from Commonwealth Bank of Australia, where he was general manager of the group decision sciences team. The executive has also done stints at Discover Financial, where he grew the personal loan book and led the acquisition of the Student Lending Company from Citigroup Inc. . Brown has a PhD in organizational behavior and statistics from Cornell University. Shares were not yet active in premarket trade, but are down 55% in the year so far, while the S&P 500 has gained about 8%.

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Shares of energy companies surged in premarket trade Wednesday, as hopes for an OPEC deal to cut production sent crude oil futures soaring. The SPDR Energy Select Sector ETF ran up 3.4%, but it on course for a 16-month high. Among some of the sector heavyweights, shares of Exxon Mobil Corp. rose 2.1%, of Chevron Corp. gained 2%, of Transocean Ltd. surged 6%, of Schlumberger Ltd. shot up 3.2%, of Halliburton Co. gained 4.2% of Kinder Morgan Inc. rallied 3.7% and of Chesapeake Energy Corp. ran up 6%. Crude oil futures rocketed 8% in early trade, amid reports OPEC was close to a deal to cut production by 1.4 million barrels a day, and that Russia was considering deeper cuts.

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Shares of GoPro Inc. jumped 3.3% in premarket trade Wednesday, after the action camera maker announced a restructuring that will include the cutting of 200 jobs, or 15% of its workforce. GoPro said the restructuring, which will include the closing of its entertainment division and facilities reductions, will lower 2017 operating expenses by $735 million as the company aims to return to adjusted profitability in 2017. The company expects to record charges of $24 million to $33 million for the restructuring, including $13 million to $18 million for the job cuts. Tony Bates will depart the company at the end of the year. Separately, GoPro said Black Friday camera sales at U.S. retailers rose over 35% from a year ago. “Consumer demand for GoPro is solid and we’ve sharply narrowed our focus to concentrate on our core business,” said Chief Executive Nicholas Woodman. The stock had tumbled 45% year to date through Tuesday, while the SPDR Technology Select Sector ETF has fun up 12% and the S&P 500 has gained 7.9%.

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