Tag: stock market

Shares of gun makers rallied in premarket trade Monday, to bounce sharply off multi-month lows hit amid concerns over slowing demand. Smith & Wesson Holding Corp.’s stock rose 7.8% ahead of the open, while Sturm Ruger & Co. shares gained 4.3%. On Friday, Smith & Wesson’s stock closed at the lowest level since Feb. 9, while Sturm Ruger shares had closed at the lowest level since Jan. 28. Vista Outdoor Inc.’s stock advanced 2% ahead of the open, after closing at a one-month low on Friday. The early gains in the stocks come in the wake of the deadliest shooting in U.S. history at a night club in Orlando, Fla. over the weekend. Also in Orlando, “The Voice” star Christina Grimmie was shot to death following a concert.

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Hanesbrands Inc. said Chief Executive Richard Noll will step down as CEO, effective Oct. 1, to focus on his role as chairman of the board. The apparel and underwear maker elected Chief Operating Officer Gerald Evans as its CEO. Separately, the company said it expanded the size of its board of directors to 11 members. The stock, which was still inactive in premarket trade, has lost 8.7% year to date, while the S&P 500 has gained 2.6%.

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Shares of Chipotle Mexican Grill Inc. ticked lower in premarket trade Monday after Deutsche Bank cut the stock’s 12-month price target to $340 from $360 and reiterated a sell rating. Analyst Brett Levy said the reduced target reflects a loss in customers – some of which “may be lost for good” – and other issues that may continue to weigh on average unit volume. AUV has experienced a “dramatic sales decline” over the last year amid the E. Coli outbreak. The stock dipped 0.8% to $401.88 in early-morning trade. It is down more than 20% over the last three months, versus a 4% improvement for the S&P 500. The average rating on the stock is the equivalent to hold, while the median price target among a poll of nearly 20 analysts is $459.76, according to FactSet.

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The British pound fell Monday, stuck trading around eight-week lows, as the U.K.’s referendum on whether the country should stay in the European Union approaches. Sterling was buying $1.4123, down from $1.4267 late Friday in New York. The currency has been under pressure as recent polls have shown voters leaning toward backing a U.K.-EU breakup on June 23. This week “will likely be a busy one for [the pound], with releases including inflation and retail sales figures from both the U.S. and the U.K. as well as meetings of both the Fed and the Bank of England,” wrote Alexandra Russell-Oliver, FX analyst at CaxtonFX, in a note.

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The Pittsburgh Penguins won their fourth NHL championship in franchise history Sunday night, beating the San Jose Sharks, 3-1, and winning the Stanley Cup Final series four games to two at San Jose’s SAP Center. Pittsburgh’s Kris Letang gave the Penguins the lead for good with a second-period goal past the Sharks’ Martin Jones, who had 44 saves in Game 5. Patric Hornqvist added an empty-net goal in the final minutes to seal the victory. The Penguins’ tenacious defense held the Sharks to just two shots over the final 20 minutes. Pittsburgh last won the Cup in 2009. This was the first trip to the finals for the Sharks in their 25-year history.

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Amazon.com Inc. is looking to muscle in on Apple Inc.’s and Spotify AB’s territory by launching a standalone streaming-music service by subscription, according to a late Friday Reuters report citing people close to the matter. The $9.99-a-month service is expected to launch in the late summer or early fall, Reuters said. Amazon, which already offers limited streaming music to its Prime subscribers, did not respond to a request for comment from Reuters. Amazon shares rose less than 0.1% to $718.26 after hours.

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U.S. stocks closed lower Friday, with only blue chips holding onto slight gains for the week, as anxiety over a possible exit of the U.K. from the European Union and a drop in oil prices weighed on markets. The Dow Jones Industrial Average fell 119.85 points, or 0.7%, to close at 17,865.34, for a weekly gain of 0.3%. The S&P 500 Index declined 19.41 points, or 0.9%, to finish at 2,096.07, for a loss of 0.2% on the week. The Nasdaq Composite Index dropped 64.07 points, or 1.3%, to close at 4,894.55, for a weekly loss of 1%. Oil futures slipped back below $50 a barrel, settling down 3% at $49.07.

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Oil futures fell on Friday to settle back below $50 a barrel, as a second-straight weekly rise in the number of active U.S. rigs drilling for oil raised concerns about growing production. July WTI crude settled at $49.07 a barrel on the New York Mercantile Exchange, down $1.49, or 3%, for the session. Prices still finished higher for the week as global supply disruptions pulled prices past $51 a barrel Wednesday to their highest level in nearly 11 months.

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The pound plunged to its weakest level against the dollar in eight weeks on Friday after a new poll showed rising support for a vote to leave the European Union. The poll, conducted by the Independent, a British newspaper, showed 55% of U.K. voters intend to vote “leave” at the June 23 referendum. The British currency traded as low as $1.4180 after the poll was published, its weakest level since April 18. It traded at $1.4329 earlier in the session. The pound has fallen sharply this week as a spate of recent polls showed rising support for the “leave” vote. The British currency has shed nearly 2% of its value relative to the dollar so far this week.

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Gold futures settled higher on Friday to tally a weekly gain of 2.7%, as weakness in U.S. equities and uncertainty ahead of the Brexit vote later this month helped lift the metal’s safe-haven investment appeal. Gold for August delivery settled at $1,275.90 an ounce, up $3.20, or 0.3%.

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