Tag: stock market

The Russell 2000 Index fell 1.3% Monday, to snap its win streak at 15 sessions. That matches the longest such stretch since the 15-day streak ending Feb. 6, 1996. The index of small-capitalization stocks had soared 16.5% during its latest stretch of gains, compared with a 6.1% gain for the 1996 streak. That streak had ended with a 0.2% decline on Feb. 7, 1996, but the index was back at a record close on Feb. 8. The index ran up another 2.5% to a record close one month after the streak was snapped, and another 8.2% three months after the streak ended. A year later, it was up 15%.

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Oil futures climbed Monday, scoring their first gain four sessions. Traders continued to weigh the possibility that the Organization of the Petroleum Exporting Countries will be able to finalize a deal to curb output at a meeting Wednesday. January West Texas Intermediate crude rose $1.02, or 2.2%, to settle at $47.08 a barrel on the New York Mercantile Exchange.

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Cognizant Technology Solutions Corp. said Monday that it “values” the suggestions made by activist investor Elliott Management Corp., and “will respond in due course.” The information technology consulting company said it had an “introductory discussion” after receiving a letter from Elliott, the hedge fund run by billionaire investor Paul Singer, after receiving the letter early Monday. “The Cognizant board of directors and management team regularly review the Company’s strategic priorities and opportunities towards the goal of enhancing value for all shareholders,” Cognizant said in a statement. Elliott’s letter detailed value creation measures that could push the stock up by about 70% by the end of 2017. Cognizant’s stock, which climbed 6.9% in afternoon trade, has lost 5.1% year to date, while shares of rival Accenture PLC have run up 16% and the S&P 500 has climbed 7.9%.

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Shares of Gap Inc. and L Brands Inc. edged higher in midday trade Monday, bucking the broad weakness in the retail sector, after the apparel retailers were upgraded at Piper Jaffray, which cited evidence of accelerating momentum in holiday spending trends. Analyst Neely Tamminga raised her ratings on both Gap and L Brands to neutral, after having a bearish underweight rating for Gap since Sept. 30, 2015 and for L Brands since May 5, 2016. Tamminga wrote in a note to clients that she believes a “broad-based relief is on the horizon for consumer discretionary spending, of which each [Gap] and [L Brands] could participate in by the rising tide.” With Gap’s stock tumbling 17% since reporting third-quarter results on Nov. 17 through Friday, Tamminga said she believes the price is now “appropriately reflecting concerns on fundamentals.” She said L Brands valuation is currently at the low end of its three-year range, which suggests they are already pricing in fundamental disappointing in the near term. Gap’s stock was up 0.3% Monday and L Brands shares tacked on 0.2%, while the SPDR S&P Retail ETF slid 0.8% and the S&P 500 index slipped 0.3%.

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Amazon.com Inc.’s stock fell 1.7% in midday trade Monday, which should come as no surprise to investors despite early reports of another big jump in overall Cyber Monday online sales. On the 11 previous Cyber Mondays, which was coined by Shop.org and the National Retail Federation in 2005, Amazon’s stock fell six times, including the past three years. The median percentage move for the stock on the first Monday after Thanksgiving has been a decline of 0.2%, while the average move on the day was a decline of 1.5%. Meanwhile, the SPDR S&P Retail ETF dropped 0.9% on Monday, which is exactly what history suggests. On the past 10 Cyber Mondays since the ETF’s inception in June 2006, it has declined nine times, with an average decline of 2.5%. That includes a 10% decline on the 2008 Cyber Monday, which was in the middle of the financial crisis. Despite Monday’s decline, Amazon’s stock is still up 13% year to date, while the retail ETF has gained 6.9% and the S&P 500 index has climbed 7.9%.

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U.S. stocks opened lower on Monday, putting the Dow Jones Industrial Average and the S&P 500 index on track to snap a four-session winning streak. The S&P 500 lost 5 points, or 0.2%, to 2,208. The Dow fell 45 points, or 0.3%, to 19,106. The Nasdaq Composite Index declined 11 points, or 0.2%, to 5,388.

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Under Armour Inc. said Monday it will change the ticker symbol for its Class A shares to “UAA” from “UA.” The stock will remain listed on the New York Stock Exchange. The athletic apparel company said the ticker for its Class C shares will change to “UA” from “UA.C.” The changes will be effective Dec. 7. The Class C shares don’t have voting rights. The Class A shares were by far the more active, with a full-day average of 8.03 million shares traded over the past 30 days, according to FactSet, compared with the Class C share volume of 1.58 million shares. The Class A shares, which surged 1.2% in premarket trade, have tumbled 27% year to date through Friday, while the rival Nike Inc.’s stock has dropped 18% and the Dow Jones Industrial Average has climbed 9.9%.

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Shares of Cognizant Technology Solutions Corp. soared 10% in active premarket trade, after activist investor Elliott Management Corp. detailed value creation measures that it believes could propel the stock by nearly 70% in just over a year. Elliott said in a letter to Cognizant’s board that it owns over 4% of the information technology service provider, making it one of the top four shareholders. The investor said one reason for the stock’s underperformance relative to peers and to the broader market is that it follows a strategy developed nearly two decades ago, with target margins that are 10 percentage points lower than direct peers. Elliott’s plan is based on the need for fundamental operational improvements, efficient capital allocation and effective oversight and incentive alignment. Elliott said the stock could “achieve a value of $80-$90+ per share be the end of 2107,” which is 50% to 69% above Friday’s closing price of $53.25. The stock has dropped 11% year to date through Friday, while shares of peer Accenture PLC have run up 16% and the S&P 500 has climbed 8.3%.

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Recro Pharma Inc. shares surged 18.6% in pre-market trade Monday after the company announced positive phase 3 trial results for its acute postoperative pain treatment. The drug, intravenous meloxicam, met the trial’s primary endpoint in the second of two late-stage clinical trials, which should put it on track for a new drug application with the Food and Drug Administration for summer 2017, Recro Pharma said. Meloxicam demonstrated a statistically significant difference in pain compared to a placebo in the first day after abdominoplasty surgery in a 219 person trial. The drug “has the potential to be a new, non-opioid alternative for patients with moderate-to-severe pain following soft tissue surgery,” said Dr. Neil Singla, the chief scientific officer of Lotus Clinical Research. Recro Pharma shares dropped 13.8% year-to-date, compared with a 8.3% rise in the S&P 500 .

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Shares of the Herzfeld Caribbean Basin Fund Inc. soared 18% toward an eight-month high in active premarket trade Monday, in the aftermath of Fidel Castro’s death over the weekend. Volume of about 167,000 shares ahead of the open was already six times the full-day average. The fund (CUBA) invests in issuers likely to benefit from economic and political progress in the Caribbean Basin, including Cuba. “At such time as it becomes legally permissible for U.S. entities to invest directly in Cuba, the fund will consider such investments,” according to the fund’s prospectus. The fund’s holding as of June 30 included shares of Mastec Inc. , Royal Caribbean Cruises Ltd. , Carnival Corp. , Nextera Energy Inc. , Norwegian Cruise Line Holdings Ltd. and Copa Holdings S.A. . CUBA has lost 3.6% year to date through Friday, while the S&P 500 has gained 8.3%.

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