Tag: stock market

A full 48% of hedge funds were in the red for the year as of the end of May, as managers underperformed the broader markets in the month, according to Eurekahedge. Hedge funds were up 0.4% in the month, while the markets as measured by the MSCI World Index rose 1.3%. Distressed debt hedge funds enjoyed the best gains in the month at 1.7% and were up 2.6% in the year to date. That was a rebound from 2015, when they were up just 2.1% in the January to end-May period and down 4.4% for the year. The worst performance came from Latin American mandated hedge funds, which were down 0.4% in May. However, Latin American managers outperformed the broader market, with the MSCI Latin American index down 6%. “Among profitable moves for managers were some short Chinese names as markets fell earlier in the month,” said Eurekahedge. “On the FX front, long USD positions on the back of relative dollar strength contributed to gains. “

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From:: Stock Market News

Staples Inc. said Tuesday it will begin offering same-day delivery for online orders in select metropolitan areas. Orders placed before 3 p.m. local time will can be delivered by 7 p.m. for a fee of $14.99. The service, named “Staples Rush,” is currently available in parts of Boston, Dallas and New York City, and will soon be available in Chicago, Houston, Los Angeles, San Francisco and Seattle. “Businesses want their online orders fulfilled faster than ever,” said Faisal Masud, executive vice president of global e-commerce. The stock, which was indicated up slightly in premarket trade, had declined 8.9% year to date through Monday, while the S&P 500 had gained 1.7%.

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The yield on Germany’s 10-year bund turned negative for the first time ever on Tuesday, according to TradeWeb. The mid-yield fell to minus 0.003% about 25 minutes after European equity trading started at 8 a.m. London time. Investors have been flocking to the fixed-income market on rising uncertainty around the referendum on June 23 to decide whether the U.K. should membership ties with the European Union, as the IMF and others warn of the economic impact of a “Brexit.” In addition, the European Central Bank last week kicked off purchases of corporate bonds as a part of its aggressive stimulus program. Bond yields fall when prices rise and vice versa.

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.

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NXP Semiconductors NV said late Monday it agreed to sell its “standard products” business to a Chinese consortium for $2.75 billion. The business unit, which supplies chips for auto, industrial, computing, consumer, and wearable applications, will be rebranded as Nexperia. The consortium including Beijing Jianguang Asset Management Co. and Wise Road Capital Ltd. NXP expects the deal to close in the first quarter of 2017. NXP shares were unchanged at $87.40 after hours.

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A recent poll covering how Britons may vote in a referendum on whether to stay in the European Union jumped higher into “leave” territory Monday. According to a poll conducted by the Sunday Times and YouGov, 46% of Britons surveyed supported leaving the EU, while 39% supported remaining. Last week, a Times/YouGov poll showed 42% of respondents supported leaving while 43% supported staying.

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U.S. shares of Baidu Inc. fell in the extended session Monday after the Chinese search engine cut its revenue forecast for the second quarter. U.S. shares of Baidu dropped 8.4% to $149.75 after hours. The company forecast second-quarter revenue in the range of $2.81 billion to $2.82 billion, down from its previous guidance of $3.12 billion to $3.19 billion. Analysts surveyed by FactSet had estimated revenue of $3.03 billion. Baidu said medical and pharmaceutical firms are postponing spending on ads because regulators are reviewing online marketing practices, and that the company has reduced the number of sponsored links across its platform.

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Revance Therapeutics Inc. plummeted in the extended session Monday after a late-stage clinical study for the tiny biotech crow’s-feet treatment did not reach its main goal. Revance shares dropped 27% to $13.44 after hours. The company said a study of its topical gel DaxibotulinumtoxinA did not significantly improve crow’s feet, or branching wrinkles at the outer corners of the eyes, 28 days after treatment.

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Daily fantasy sports companies FanDuel Inc. and DraftKings Inc. are in talks to merge, according to a Bloomberg report that cited people familiar with the conversations. The privately held companies have been battling regulators this year, who claim the sites are tantamount to gambling, and in March agreed to bar New York state residents from their sites as part of a deal with the state’s attorney general’s office.

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The iPath S&P 500 VIX Short-term Futures ETN shot up 14.80% in active trade Monday, the biggest one-day gain of 2016, to extend its win streak to five sessions. That’s the longest win streak for the measure of stock market volatility (VXX), which tends to rise when stocks fall, since the six-session streak ending Feb. 11, 2016. That was the day the S&P 500 closed at a 22-month low of 1,829.08. The VXX’s gain was the biggest since it climbed 14.99% o Dec. 11, 2015. Volume of 124.5 million shares on Monday, which was nearly double the full-day average, made it the most active stock traded on U.S. exchanges. The VXX has run up 28% during its win streak; the S&P 500 has declined for three-straight sessions, and has lost 1.4% during the VXX’s losing streak.

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Oil production from seven major U.S. shale plays is expected to fall by 118,000 barrels a day to 4.72 million barrels a day in July from June, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in South Texas is expected to see the largest decline, down 63,000 barrels in July. The Bakken shale play, which stretches from Canada into North Dakota and Montana, is expected to see output fall by 32,000 barrels a day, the report said. July oil traded at $48.84 a barrel in electronic trading, after settling at $48.88, down 19 cents, on the New York Mercantile Exchange.

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