Tag: stock market

South Africa’s governing party, the African National Congress, has decided to tell President Jacob Zuma to leave his post after he refused to do so voluntarily, media reports said Tuesday. The ANC’s top leadership came to the decision after 13 hours of discussion in Pretoria that ended early Tuesday. Zuma, who has been president since 2009, will likely have to undergo a vote of confidence in parliament if he does not step down — a vote he is likely to lose, the BBC reported. In line as his successor is Cyril Ramaphosa, who replaced Zuma as leader of the ANC in December. The South African rand shed 0.03% against the U.S. dollar, with one buck buying 11.937 rand.

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From:: Stock Market News

A recovery for U.S. equities showed signs of faltering on Tuesday, as stock futures stumbled in early trade. Dow futures fell 81 points, or 0.3%, to 24,503, while S&P 500 futures fell 6.7 points, or 0.3%, to 2,648.50. Nasdaq-100 futures slipped 13.5 points, or 0.2%, to 6,518.25. Stocks gained for a second straight session on Monday, as the Dow Jones Industrial Average rallied over 400 points, while the S&P 500 and the Nasdaq Composite climbed 1.4% and 1.6%, respectively. That came after one of the worst weeks for stocks in two years. Asia saw another positive session, outside of the Nikkei , which gave up an earlier gain to slip 0.6%. Oil prices and gold rose, while the dollar pulled back.

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Amazon.com Inc. is laying off hundreds of workers, even as it continues on a nationwide hiring spree and seeks to build a new headquarters that could generate 50,000 new jobs. The Seattle Times reported Monday that the tech giant was cutting hundreds of jobs at its Seattle, Wash., headquarters, and hundreds more across its global operations. In a statement to the Times, Amazon acknowledged making “head count adjustments” and said it was making cuts in some areas while hiring in others. Resources seemed to be shifting from Amazon’s retail business to faster-growing units, such as voice assistant Alexa. The Times reported some of the cuts were aimed at weeding out lower-performing employees. Amazon’s workforce surged 66% last year, to 566,000 nationwide. Amazon reportedly had 4,000 job openings in Seattle as of Monday. Amazon shares are up 18.5% in 2018, and 67.5% in the past year, compared to the S&P 500’s 0.6% loss this year and 14.7% gain over the past year.

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Walgreens Boots Alliance Inc. is making a bid to take over AmerisourceBergen Corp. , the Wall Street Journal reported late Monday, in a deal that could be worth around $20 billion. Shares of AmerisourceBergen shot up more than 20% after hours. The Journal said Walgreens has made a high-level outreach to the drug distributor, and that talks are in their early stages. Walgreens already owns about 26% of AmerisourceBergen. As of the end of regular trading Monday, AmerisourceBergen’s market cap stood at $19.65 billion. Walgreens’ market cap was about $67.8 billion.

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From:: Stock Market News

Walgreens Boots Alliance Inc. is making a bid to take over AmerisourceBergen Corp. , the Wall Street Journal reported late Monday, in a deal that could be worth around $20 billion. Shares of AmerisourceBergen shot up more than 26% after hours. The Journal said Walgreens has made a high-level outreach to the drug distributor, and that talks are in their early stages. Walgreens already owns about 26% of AmerisourceBergen. As of the end of regular trading Monday, AmerisourceBergen’s market cap stood at $19.65 billion. Walgreens’ market cap was about $67.8 billion.

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Equifax Inc. said late Monday that it has named Jamil Farshchi as the company’s chief information security officer. Equifax stock was up a fraction to $114.60 after hours. Farshchi has previously served in the same role at Home Depot Inc. ; details about his total compensation were not immediately available. Equifax announced a massive data breach in September affecting 173 million people around the world. In February, a report said that the Consumer Financial Protection Bureau has scaled back its investigation into Equifax following the breach. The credit reporting company’s stock is down 12% in the past 12 months, with the S&P 500 index rising 13%.

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MoviePass said on Monday that it has closed partnership deals with more than 1,000 movie theaters and several major Hollywood studios, allowing them to target their advertising spend. The partnerships will allow studios to market films directly to MoviePass’s 2 million subscribers through email and mobile push notifications, as well as have films prominently displayed within the app. The company said in a news release that cinemas also gain access to marketing opportunities in the MoviePass app and priority placement, among other things. “In the old days, the studios would pay advertising dollars without the ability to track results,” MoviePass Chief Executive Mitch Lowe said. “With the MoviePass platform, the studios pay MoviePass only when the MoviePass subscriber goes to the movie.” The partnerships give MoviePass much needed additional revenue streams outside of subscriptions. Selling customer data and capitalizing on MoviePass’s growing audience has been the company’s plan since Helios & Matheson Analytics Inc. bought a majority share last summer. Shares of Helios & Matheson have gained nearly 118% in the last 12 months, while the S&P 500 index is up 15%.

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Oil edged up Monday, tracking gains in the U.S. stock market after a drop last week, but prices for the U.S. benchmark still settled near the session’s lows. In a monthly report Monday, the Energy Information Administration said it expects to see a further rise in domestic shale-oil production next month. March WTI rose 9 cents, or nearly 0.2%, to settle at $59.29 a barrel on the New York Mercantile Exchange.

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The Dow Jones Industrial Average Monday afternoon was rising by nearly 500 points, as the blue-chip benchmark was buoyed by solid gains in shares of Apple Inc. and Boeing Co. The pair of Dow components were contributing more than 120 points to the Dow . The average was up $12.52, or 3.8%, at $345.29, while shares of Apple rose 4%, or $6.21, to $162.64. A $1 move in any one of the Dow’s components equates to a 6.83-point swing in the price-weighted average. Shares of General Electric Co. was the only laggard among Dow components. The Dow was recently up 476 points, or 2%, at 24,664, as the benchmark attempted to post its second straight gain after U.S. stocks got rocked last week, putting in their worst stretch of gains since early 2016, with all of the main benchmarks posting a loss of at least 5% for the week. Most recently, the S&P 500 index , meanwhile, was up 1.6% at 2,660, while the Nasdaq Composite Index advanced 1.6% at 6,986.

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Shale crude-oil production from seven major U.S. oil plays is expected to see a monthly climb of 110,000 barrels a day in March to 6.756 million barrels a day, according to a report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 75,000 barrels a day. The report was released about half an hour ahead of the settlement for futures prices. March West Texas Intermediate oil was up 60 cents, or 1%, to $59.80 a barrel on the New York Mercantile Exchange.

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From:: Stock Market News