Tag: stock market

The Russell 2000 Index rose 0.9% Tuesday to a record high, as the small-cap tracker’s win streak hit the longest stretch in over 20 years. After closing at a four-month low on Nov. 3, the index has now gained ground for 13-straight sessions, soaring 15% during that streak. That is the longest streak of gains since the 15-session stretch ending Feb. 6, 1996. The index only gained 6.1% during that streak. In comparison, the S&P 500 index of large-cap stocks has gained in eight of the past 13 sessions, and has climbed just 5.5% during that stretch.

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

GameStop Corp. narrowly topped reduced expectations late Tuesday, after issuing a profit warning earlier this month. The retailer reported net income of $50.8 million, or 49 cents a share, compared with $56 million, or 54 cents a share, in the year-earlier period. On Nov. 2, the company warned that both its quarterly and full-year earnings would be weaker than previously forecast. Revenue fell 3% to $1.96 billion from $2.02 billion a year ago, while same-store sales, a key growth metric for retailers, fell 6.5%. Analysts surveyed by FactSet were calling for earnings of 47 cents on sales of $1.98 billion. New hardware sales plummeted 20.6%, which the company blamed on “weaker-than-expected demand during the last few weeks of October.” The declines were partially offset by stronger sales in its technology brands and collectibles category, the latter of which was propped up by demand for Pokémon items. The company expects same-store sales to fall between 12% and 7% in the current quarter, and earnings to be in the range of $2.23 to $2.38 a share, compared with the FactSet consensus estimate of $2.36. Shares of GameStop have declined by 23% in the past three months and nearly 40% in the past year. The S&P 500 , by comparison, has risen 1% in the past three months and 5.5% in the past year.

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

On the anniversary of their split, Hewlett Packard Enterprise Co. and HP Inc. dropped together Tuesday afternoon after revealing fiscal fourth-quarter earnings. HPE, which focuses on sales to businesses, came in well below its forecast for net income, at $300 million, or 18 cents a share; the company had said it expected earnings of 44 cents to 49 cents a share. After adjustments, HPE claimed profit of 61 cents a share, which was within its forecasted range and a penny more than analysts’ expectations, on revenue of $12.5 billion. Analysts expected HPE to report adjusted earnings of 60 cents a share on sales of $12.8 billion, according to FactSet. The consumer-focused business reported net income of $500 million, or 30 cents a share, on sales of $12.5 billion. After adjustments, HP claimed profit of 36 cents a share. HP Inc. was expected to report adjusted profit of 36 cents a share on sales of $11.9 billion. Shares of both companies declined in late trading, with HPE dropping about 0.4% and HP Inc. taking a bigger tumble of more than 2%. The former Hewlett-Packard Co. split into HP Inc. and Hewlett Packard Enterprise Co. a year ago, with Chief Executive Meg Whitman remaining in charge at HPE and leaving the consumer-technology company in the hands of Dion Weisler.

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 Urban Outfitters Inc. fell more than 7% late Tuesday after the retailer reported sales and earnings below Wall Street expectations. Urban Outfitters said it earned $47 million, or 40 cents a share, in the third quarter, compared with $52 million, or 42 cents a share, in the year-ago period. Sales reached $862 million in the quarter, compared with $825 million a year ago. Analysts polled by FactSet had expected the Philadelphia-based retailer to report earnings of 44 cents a share on sales of $869 million. Comparable-store sales rose 1%, compared with expectations of a 1.9% increase, according to FactSet. The shares had ended the regular trading day up 5%.

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

The Dow Jones Industrial Average closed modestly higher to end above 19,000 for the first time ever on Tuesday. Meanwhile, the S&P 500 also closed at a fresh record, above 2,200 for the first time. Tuesday’s gains were broad-based, with 10 of the 11 main sectors finishing with gains. The S&P 500 gained 4.75 points, or 0.2%, to 2,202.93, scaling a major psychological level. The Dow Jones Industrial Average added 67.18 points, or 0.4%, to 19,023.87. The Nasdaq Composite ended the session up 17.49 points, or 0.3%, at 5,386.35, also a record. The Russell 2000 index rose 9.05 points, or 0.7%, to 1,331.31, rising for a 13th consecutive day, according to preliminary FactSet data. For the second consecutive session, all the main indexes closed at records.

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

AppDynamics, a software company, is postponing its initial public offering until next year due to uncertainty after the U.S. presidential election, the Wall Street Journal reported Tuesday, citing sources. The company filed confidentially and had planned to go public in December, the Journal reported, but now will not go out until January at the earliest. The offering could value the company between $2 billion and $3 billion.

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

Oil futures fell toward the session’s lows on Tuesday after Reuters reported that the Organization of the Petroleum Exporting Countries will debate a plan to cut member-output, excluding Libya and Nigeria, by 4% to 4.5% at its meeting on Nov. 30. The news report, citing OPEC sources, also said the representatives of Iran, Iraq and Indonesia expressed reservations over their level of participation in the group’s deal. January West Texas Intermediate crude fell 80 cents, or 1.7%, to $47.44 a barrel on the New York Mercantile Exchange.

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

Apple Inc. will offer discounts on some products and free two-day delivery on Black Friday. In an ad scant with details posted to its website late Monday, the company announced a “one-day shopping event” for Friday, Nov. 25. Apple does not say what products will be included in the daily deals, but the photo on the ad specifically features Apple Watch, while links to other “holiday gift collections” range from devices to music and photography. It even offers a slew of games and toys, such as small plastic robots. It’s unclear whether the iPhone 7 or iPhone 7S will be included, though the company has offered holiday deals on devices on past Black Friday events. Shares of Apple traded flat around $111.72 on Tuesday morning. They’re risen 3% in the past three months, virtually in line with the Dow Jones Industrial Average , but have underperformed on the year, declining by more than 6% while the index has increased by 6%. Last month, Apple reported its first ever annual decline in iPhone sales.

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

WASHINGTON (MarketWatch) — The chief accountant of the Securities and Exchange Commission, James Schnurr, said he plans to retire from the agency. Schnurr had suffered a serious bicycle accident in April and is continuing rehabilitation. The former vice chairman of Deloitte became the SEC’s chief accountant in Oct. 2014. “Jim has been a strong leader–encouraging improvement in audit quality and working to facilitate other important goals, including consistent implementation and application of new accounting standards,” said SEC Chairwoman Mary Jo White. Wesley Bricker, who as interim chief accountant since July, will become the chief accountant.

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

The Dow industrials on Tuesday traded above 19,000 for the first time ever–a milestone level for the blue-chip benchmark. The ascent for the Dow Jones Industrial Average which carved out a fresh record close of 18,956.69 less than 24 hours ago, comes as three other major stock-market benchmarks also hit historic highs, including the S&P 500 index , which was trading above 2,200, the Nasdaq Composite Index and the small-cap index Russell 2000 . A multisession rally for equities comes on the heels of President-elect Donald Trump’s surprising victory against Democrat Hillary Clinton. Trump’s proposals to deregulate certain markets, including banking, and rev up investing in the countries worn-out bridges, tunnels and roads has delivered a jolt to the broader equity market. MarketWatch’s William Watts touches on some of the stats related to the Dow’s historic move in this piece.

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