Tag: stock market

The Dow Jones Industrial Average opened opened higher, trading above 19,000 for the first time ever, while the S&P 500 traded above 2,200 shortly after the opening bell on Tuesday. The S&P 500 opened 5 points, or 0.2%, higher at 2,202. The Dow Jones Industrial Average added 45 points, or 0.2%, to 19,002. The Nasdaq Composite began the session up 16 points, or 0.3%, at 5,385.

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Russell 2000 futures rose 0.4% ahead of the open, suggesting the Russell 2000 Index of small-cap stocks is on track for a 13th-straight gain. That would be the longest such streak since the 15-day stretch ending Feb. 6, 1996. The 12-day win streak through Monday has been the longest since the 12-session streak ending June 5, 2003. The index has soared 14% during its current streak, compared with the 12% surge during the 2003 streak. The index had gained 6.1% during its 15-day win streak in 1996.

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Amazon.com, Inc. plans to open a third fulfillment center in Nevada, creating more than 1,000 new positions, the company said Tuesday. The new center will be in North Las Vegas and adds to facilities in Reno and North Las Vegas. The center will be 800,000 square feet and the employees will work to ship larger items such as big-screen televisions and kayaks. Shares of Amazon were up 1% in premarket trade Tuesday. Shares have gained 3% in the past three months, compared to the S&P 500’s gain of 1%.

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Barnes & Noble Inc. saw shares pop more than 6% in premarket trade after the company reported a fiscal second quarter loss that was smaller than expected. The book seller reported a net loss of $20.4 million, or 29 cents per share, compared to a net loss of $27.2 million, or 36 cents per share during the same period a year ago. The FactSet consensus was for a loss of 39 cents. Sales for the quarter hit $858.5 million, down 4% from the $894.7 million in sales last year. FactSet expected sales to come in at $845.0 million. Barnes & Noble said sales were sluggish due to the election cycle, with same-store sales dropping 3.2%, less than the 5% decline expected on FactSet. The company expects same-store sales to be down in the mid single digits for the full year 2017. Shares of Barnes & Noble are up more than 31.5% in the year to date, outperforming the S&P 500 Index , which is up more than 7%.

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Sears Holdings Corp. said Tuesday that its Cyber Monday sales event will begin a day early, on Sunday, and last a day longer, through Tuesday. The department store chain said it will offer online-only discounts on an extensive line of products, and will provide same-day or next day service in some cases. Sears’ announcement comes a day after Wal-Mart Stores Inc. said it was beginning its Cyber Monday sales event three days early on Friday. Sears’ stock, which was still inactive in premarket trade, has tumbled 39% year to date, while the SPDR S&P Retail ETF has gained 5.3% and the S&P 500 has climbed 7.6%.

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Alaska Air Group Inc. unit Alaska Airlines said Tuesday it will offer savings deals starting Sunday as part of its Cyber Monday promotion. The sale will being at 5 p.m. Pacific Time on Sunday on its website. Shares were not yet active in premarket trade, but are down 2.2% in the year so far, while the S&P 500 has gained 7.6%.

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Dollar Tree Inc. shares rose 6% in premarket trade, after the company reported better-than-expected profit for its third quarter. The retailer said it had net income of $171.6 million or 72 cents a share, up from $81.9 million, or 35 cents a share, in the year-earlier period. Earnings include a 9 cents expense for debt refinancing. The FactSet consensus was for EPS of 78 cents. Sales rose 1.1% to $5.00 billion, compared with a FactSet consensus of $5.064 million. Same-store sales adjusted for the impact of the Canadian dollar rose 1.8%, above the FactSet consensus for a rise of 1.4%. The company said it expects fourth-quarter sales to range from $5.59 billion to $5.69 billion, compared with a current FactSet consensus of $5.597 billion. EPS is expected to range from $1.24 to $1.33, wrapping around the current FactSet consensus of $1.29. Shares had gained 6.2% in the year so far, while the S&P 500 has gained 7.6%.

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Campbell Soup Co. said Tuesday it had net income of $292 million, or 94 cents a share, in its first fiscal quarter to Oct. 30, down from $194 million, or 62 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.00, ahead of the FactSet consensus of 95 cents. Sales edged down to $2.202 billion from $2.203 billion, but were also ahead of the FactSet consensus of $2.198 billion. “As expected, organic sales were down slightly compared to the prior year, due to the performance of Campbell Fresh,” Chief Executive Denise Morrison said in a statement. “Campbell Fresh continues to rebuild capacity for Bolthouse Farms Protein PLUS drinks following a voluntary recall last quarter, and remains focused on working to regain lost carrot customers over time with improved quality.” The company said it still expects full-year sales to be flat to up 1%, and adjusted per-share earnings to rise 2% to 5%. Shares were not yet active in premarket trade, but are up 4.7% in the year so far, while the S&P 500 has climbed 7.6%.

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Shares of Medtronic PLC’s tumbled 5.7% in premarket trade Tuesday toward a 5 1/2-month low, after the medical technology company reported fiscal second-quarter sales that missed expectations and cut its profit outlook. Earnings for the quarter to Oct. 28 rose 114% to $1.12 billion, or increased 122% on a per-share basis to 80 cents. Adjusted earnings per share came to $1.12, above the FactSet consensus of $1.11. Revenue increased 4% to $7.35 billion, missing the FactSet consensus of $7.45 billion. The company’s press release did not include a table with year ago results. “We faced issues that affected our growth, including slower than expected revenue as we await new product introductions, particularly in CVG and diabetes,” said Chief Executive Omar Ishrak. He said some of the challenges that affected second-quarter revenue could persist in the near term. As a result, the company cut its full fiscal year adj. EPS outlook to $4.55 to $4.60 from $4.60 to $4.70. The stock has gained 4.8% year to date through Monday, while the SPDR Health Care Select Sector ETF has lost 2.9% and the S&P 500 has climbed 7.6%.

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Dr. Pepper Snapple Group Inc. announced Tuesday a deal to buy premium antioxidant infused beverage company Bai Brands for $1.7 billion in cash. The beverage company said the purchase price includes a $400 million tax benefit. The company expects the acquisition to add 132 million to 2017 sales expectations, reduce 2017 earnings by 3 cents a share then added to earnings in 2018. “Bai has contributed greatly to our allied brand lineup since we began distributing it broadly in 2013,” said Chief Executive Larry Young. “Adding it to the broad range of choices and options in our company-owned portfolio is a natural next step.” Dr. Pepper’s stock, which was still inactive in premarket trade, has declined 8.5% year to date while the S&P 500 has gained 7.6%.

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