Tag: stock market

The smartphone market is expected to show significant deceleration in 2016, according to the latest forecast by industry tracker IDC. Worldwide shipments are expected to reach 1.45 billion, which would represent a year-over-year growth rate of 0.6% compared with 10.4% in the year-earlier period. Alphabet Inc.’s Android operating system is expected to show the only growth, rising an estimated 5.2% year-over-year to 1.2 billion, fueled by Android’s expansion in emerging markets and the new Google Pixel phones that hit the market this fall. Shipments of phones operating Apple Inc.’s iOS, the second most-used operating system behind Android, are forecast to fall 11% year-over-year to 206 million, despite the release of the iPhone 7 in September. Microsoft Corp. smartphone shipments are expected to plunge 79%. Shares of Google rose 0.5% to $789.94 in morning trade and have risen 2.3% in the past year. Apple’s shares fell 1.1% on Tuesday and are down 6.3% in the past year. The Dow Jones Industrial Average has outperformed both stocks on the year, rising 7.3%.

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

Securities tied to the energy space all tumbled on Tuesday, tracking crude oil lower as caution grew ahead of a pivotal OPEC summit. Although Wall Street has expressed its doubts, investors have held out hope that production cuts will be announced at the meeting of the Organization of the Petroleum Exporting Countries to help stabilize oil prices and address a glut of oil that has resulted in crude prices tumbling from their 2014 peak. Crude oil [S: CLX7] fell 3.7% on the day, while the United States Oil Fund LP exchange-traded fund [S: USO] lost 3.5%. The iPath S&P GSCI Crude Oil Total Return Index exchange-traded note [S: OIL] sank 3.2%, while the PowerShares DB Oil Fund [S: DBO] lost 3.3% and the United States 12 Month Oil Fund LP [S: USL] shed 3.1%. Among major companies, Exxon Mobil Corp. [S: XOM] fell 0.9% while fellow Dow component Chevron Corp. [S: CVX] lost 1.4%. Occidental Petroleum Corp. [S: OXY] sank 1.7%. Halliburton Co. [S: HAL] dropped 2.8% on the day.

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

Cyber Monday 2016 set a new record with a final tally of $3.45 billion in online sales, up 12.1% from last year, according to Adobe Digital Insights. This is the biggest online sales day in history, the organization says, and exceeds Adobe’s forecast by 2.6%. With the Thanksgiving weekend and Cyber Monday in the books, Adobe reaffirmed its projection for $91.6 billion in online sales for the holiday season. Mobile accounted for 31% of sales while the highest discounts were on televisions, with an average discount of 21.4%. Among the top electronics sellers were the Apple iPhone, the Sony PlayStation 4, and the Amazon Fire.

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

Cyber Monday 2016 set a new record with a final tally of $3.45 billion in online sales, up 12.1% from last year, according to Adobe Digital Insights. This is the biggest online sales day in history, the organization says, and exceeds Adobe’s forecast by 2.6%. With the Thanksgiving weekend and Cyber Monday in the books, Adobe reaffirmed its projection for $91.6 billion in online sales for the holiday season. Mobile accounted for 31% of sales while the highest discounts were on televisions, with an average discount of 21.4%. Among the top electronics sellers were the Apple iPhone, the Sony PlayStation 4, and the Amazon Fire.

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

U.S. stocks opened flat on Tuesday as analysts posited that the postelection rally has run out of steam. The S&P 500 index was little-changed at 2,202, while the Dow Jones Industrial Average was steady at 19,096. The Nasdaq Composite Index added 2, or less than 0.1%, to 5,371. A sharp drop in oil prices helped restrain gains, with U.S.-traded crude futures traded nearly 4% lower ahead of a crucial meeting of the Organization for the Petroleum Exporting Countries, which begins 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

Lions Gate Entertainment Corp. on Tuesday said it has signed a new long-term film distribution deal with one of China’s biggest online streaming platforms iQIYI. The value of the deal wasn’t disclosed, but under the agreement iQIYI, which has been streaming Lions Gate films since last year, will have exclusive streaming rights in China for upcoming Lions Gate films, such as “Robin Hood” and “Patriots Day.” iQIYI’s platform totes more than 500 million unique users. The renewed agreement is significant for Lions Gate as the industry has shifted its focus to entering China and, or getting its content in front of Chinese audiences — largely with little to no success. Chinese regulators put the brakes on Walt Disney Co. launching its content in the country and streaming giant Netflix Inc. has all but given up on figuring out how best to make a splash in China. Shares of Lions Gate are down nearly 29% in the year to date, underperforming the S&P 500 Index , which is up more than 7%.

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 Warner Inc. said Tuesday it has commenced a public offering of senior debt, due 2027. The media company said it plans to use the proceeds from the offering for general corporate purposes, including the paying down debt. The notes will be issued by Time Warner, and guaranteed by Historic TW Inc., which is backed by Home Box Office Inc. and Turner Broadcasting System Inc. The amount of the offering was not disclosed. Time Warner’s stock, which slipped 0.4% in light premarket trade, has run up 44% year to date through Monday, while the S&P 500 has gained 7.7%.

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

Pilgrim’s Pride Corp. announced Tuesday a deal to buy GNP Company, a branded-chicken products provider for the upper midwest, for $350 million in cash. The deal, which is expected to close in the first quarter of 2017, is expected to add to earnings per share in 2017 and to achieve about $20 million a year in synergies. Pilgrim’s said it believes GNP’s use of innovative technologies, such as gas stunning, aeroscalding and automated deboning, will enhance production efficiencies by increasing the rate of adoption of new technologies in its existing facilities. “GNP Company boasts outstanding state-of-the-art assets in geographic areas where Pilgrim’s is not currently present, providing Pilgrim’s the opportunity to expand our production and customer bases, while maintaining our high standards for quality service and great-tasting products,” said Pilgrim’s Chief Executive Bill Lovette. The stock, which was still inactive in premarket trade, has tumbled 19% year to date, while the S&P 500 has gained 7.7%.

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

Momenta Pharmaceuticals Inc. shares jumped 9.7% in pre-market trade Tuesday after the company said a phase 3 clinical trial for its Humira biosimilar met its primary endpoint. The drug, M923, is being developed with Shire’s Baxalta for patients with moderate-to-severe chronic plaque psoriasis. Momenta said that the percentage of patients in the study that met the primary endpoint was equal to that of Humira and that the difference in responders confirmed equivalence. The first biosimilar version of AbbVie’s Humira — worth $14 billion, it is the world’s top selling treatment — was approved in late September. Biosimilars are a class of drugs that mimic existing treatments and are expected to save the U.S. health care system as much as $250 billion by introducing competition into the pricey biologics drug market. Momenta said that Shire, which is ending its biosimilars program, plans to transition M923 to Momenta. Momenta shares dropped 6.3% year-to-date, compared with a 7.7% 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

Shares of Nivalis Therapeutics Inc. plunged 53% toward a record low in premarket trade Tuesday, after a Phase 2 trial of its cystic fibrosis treatment failed its primary endpoint. Although the two doses of cavosonstat were well tolerated, they failed to show an improvement in lung function. The company said it plans to continue to investigate the potential of cavosonstat. But RW Baird analyst Brian Skorney followed by downgraded Nivalis to neutral from outperform, saying he believes “the absence of any clinical effect indicates that cavosonstat isn’t a relevant drug for cystic fibrosis.” Analyst Thomas Shrader at Stifel Nicolaus cut his rating to hold from buy, saying that while Nivalis has indicated it has backup compounds to cavosonstat, the efficacy signals suggest “the therapeutic premise may be dead.” The stock, which went public on June 17, 2015 at an initial public offering price of $14, had dropped 19% year to date through Monday, while the iShares Nasdaq Biotechnology ETF had lost 17% and the S&P 500 had gained 7.7%.

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