Tag: stock market

Fidelity Investments experienced a temporary outage on its website on Tuesday morning. In a note posted on its homepage, Fidelity said it was working to fix the problem. It appears the outage was affecting only the homepage, as customers were still able to log into their accounts. Fidelity joins a number of other discount brokerages, mutual-fund firms and digital advisers that suffered outages during Monday’s market rout. U.S. Equity markets switched between gains and losses on Tuesday, with the Dow swinging from a 500-point loss to a 360-point gain in early trade. Dow was last trading 169 points lower at 24,164.

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 number of job openings in the United States fell slightly in December to a seven month low of 5.81 million, the government said Tuesday. Openings have fallen from a recent record high high in part because companies filled some 1.3 million positions in the second half of 2017. Companies hire 5.49 million people in December while 5.24 million Americans lost their jobs. About 3.3 million people quit their jobs. The percentage of people in the workforce who walked away from their old jobs, known as the quit rate, rose a notch to 2.2%.

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

Health care stocks moved upward in Tuesday morning trade as the market began to reverse its previous weakness, though some pharmaceutical stocks continued to drag. The Health Care Select Sector SPDR rose 0.8%, the SPDR S&P Pharmaceuticals ETF rose 1.6% and the SPDR S&P Biotech ETF rose 1.3%, compared with a 0.5% rise in the S&P 500 and a 0.4% drop in the Dow Jones Industrial Average . Shares of Mylan NV rose 2.6%, Shire PLC rose 2.1%, Johnson & Johnson rose 1.5%, Eli Lilly & Co. rose 1.7%, Danaher Corp. rose 1.4% and UnitedHealth Group rose 0.8%. Some biopharmaceutical stocks continued their weakness on Tuesday, however, including Sanofi , which declined 0.9%, Bristol-Myers Squibb , which declined 1.4%, Medtronic , which declined 0.9%, and Neurocrine Biosciences , which declined 1.7%. Despite having dropped 4.4% on Monday, matching widespread market weakness, the health Care Select Sector SPDR has gained 1.5% year-to-date, compared with a 0.2% decline in the S&P 500 and a 1.5% decline in the Dow Jones Industrial Average.

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

Coach parent company Tapestry Inc. shares rose 5.2% in early Tuesday trading, leading a retail rebound after Tuesday’s record-setting decline in the Dow Industrials. Urban Outfitters Inc. shares are up 4%, J.C. Penney Co. Inc. shares are up 3.6%, Abercrombie & Fitch Co. stock is up 1.3% and Nordstrom Inc. is up 2.3% shortly after the opening bell. Guess Inc. , which saw a sharp decline in shares late last week after model Kate Upton leveled allegations of misconduct against the company’s co- founder, saw it shares rise 2.2% early. And Fossil Group Inc. shares surged 3.7% Tuesday. American Eagle Outfitters Inc. , Macy’s Inc. , Michael Kors Holdings Ltd. and Kohl’s Corp. are each up more than 1%. In sporting goods, Foot Locker Inc. and Dicks Sporting Goods Inc. are each up. The S&P 500 index is up 0.6% in Tuesday trading, the Dow Jones Industrial Average and the SPDR S&P Retail ETF is up 0.7% for the day so far.

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

U.S. stocks opened lower on Tuesday, suggesting the recent spate of selling was not yet over as investors continued to fret over what impact inflation might have on equities going forward. The Dow Jones Industrial Average fell 250 points, or 1%, to 24,100. The blue-chip average is coming off its biggest one-day percentage drop since August 2011, as well as the largest point drop in its history. The S&P 500 lost 33 points, or 1.3%, to 2,615. The Nasdaq Composite Index lost 73 points to 6,893, a decline of 1% that pushed it into negative territory for the year. The S&P is also coming off its biggest percentage decline since August 2011, and Monday’s selling pushed both the Dow and the S&P into negative territory for the year. Tuesday is on track to be the fourth straight negative session for the S&P and the Nasdaq, as well as the third straight down day for the Dow. The weakness was sparked by a stronger-than-expected jobs report last week, which suggested the Federal Reserve could be more aggressive than previously expected in raising interest rates, which added a new element of uncertainty into the market’s inflation outlook. The selling on Tuesday was broad based, with all of the 11 S&P 500 sectors lower on the day, although technology was among the biggest decliners, off 1.7%. In company news, General Motors rose 2.5% after it reported fourth-quarter earnings that topped expectations.

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

Credit Suisse says that a popular exchange-traded note that was designed to bet against rising volatility will be liquidated on Feb. 21 after the VelocityShares Daily Inverse VIX Short Term ETN lost more than 80% of its value in after-hours trade, triggering a technical liquidation, or “acceleration” event. “On the acceleration date, investors will receive a cash payment per ETN in an amount equal to the closing indicative value of XIV on the accelerated valuation date. The last day of trading for XIV is expected to be February 20, 2018. As of the date hereof, Credit Suisse will no longer issue new units of XIV ETNs,” the bank wrote in a statement. The tumble for the so-called inverse VIX product which is pegged to moves in the CBOE Volatility Index , which jumped 115%, reflecting its sharpest daily surge in history, to 37.32 on Monday, crushing bets that a sustained period of calm would persist. The VIX was trading around 50 early Tuesday. The move for the VIX, known as Wall Street’s fear gauge, also comes after the stock market suffered one of its worst declines in recent memory, with the Dow Jones Industrial Average registering its most severe point drop in history.

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 Cirrus Logic Inc. , a supplier to Apple Inc. [s; aapl], plunged further in premarket trading Tuesday after the company’s quarterly revenue and outlook fell short of expectations. The company, which derived 86% of its revenue from Apple during the latest quarter, cited unexpectedly soft smartphone demand toward the end of the period. Its stock is down 15% in early trading. Analysts at Needham cut their rating on Cirrus shares to hold from buy following the earnings release. They believe Cirrus has some potential catalysts in its future, including a greater presence in Android phones, but they’re cautious given talk that Apple has meaningfully slashed its iPhone X production orders. “While we don’t like downgrading at the bottom we see little in the way of upside until there is more clarity on the stabilization of Apple’s iPhone builds and tangential evidence of Cirrus’ non-Apple business impacting the model,” wrote the analysts, led by Rajvindra Gill. Shares of Cirrus are down 13% so far in 2018, while the S&P 500 has fallen 0.9%.

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

Tapestry Inc. shares were up 2.3% in Tuesday premarket trading after it reported earnings and revenue that beat guidance. Fiscal second-quarter net income totaled $63.2 million, or 22 cents per share, down from $199.7 million, or 71 cents per share, for the same period last year. Adjusted EPS was $1.07. Revenue totaled $1.79 billion, up from $1.32 billion last year. The FactSet consensus was for EPS of 89 cents and revenue of $1.77 billion. Coach sales for the second quarter rose 2% to $1.23 billion and global same-store sales were up 3%. Kate Spade revenue was $435 million, and global same-store sales fell 7%, which the company attributed, in part, to a “strategic pullback” in wholesale and online flash sales. And Stuart Weitzman sales rose 2% to $121.0 million. Tapestry plans to pay a one-time transition tax on $315 million to be repatriated and a one-time $102.0 million for net deferred tax liabilities, for a total of $213.0 million in aggregate. Tapestry continues to expect fiscal 2018 revenue of $5.8 billion to $5.9 billion, up about 30% with Kate Spade adding more than $1.2 billion. The company now sees EPS in the range of $2.52 to $2.60, including mid-to-high single digit accretion from Kate Spade. The FactSet consensus is for sales of $5.83 billion and earnings of $2.40. Tapestry shares are up 21% for the past year while the S&P 500 index rose 15.6% for the period.

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 theater chain AMC Entertainment Holding Inc. were down 6% on relatively light volume during premarket trade on Tuesday after owner Dalian Wanda Group said on Monday that it was selling a $1.2 billion stake in its Chinese cinema business to Alibaba Group Holding Ltd. and a government-backed firm in order to pay down debt. Adding pressure to shares is a broader market sell off that saw historic losses on Monday. Joining AMC, MoviePass owner Helios & Matheson Analytics Inc. , which has proven to be a volatile stock, fell more than 8% in premarket trade Tuesday and shares of Cinemark Holdings Inc. were down 1% on light volume. Shares of Regal Entertainment Group , Imax Corp. and Marcus Corp. were inactive in premarket trade. Regal Entertainment is in the process of being acquired by British theater chain Cineworld $3.6 billion. Imax shares declined more than 2% in Monday’s sell off.

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

Chip stocks are trading lower premarket, in conjunction with a broader market selloff. Nvidia Corp. shares are down 3.4%, after falling 8.5% Monday to 17% below their all-time intraday high of $249.27. Advanced Micro Devices Inc. shares have made a similar move, dropping 3.3% premarket on top of a 7.1% decline in Monday trading. The stock was down 26% from its 52-week intraday high of $15.65 as of Monday’s close. Shares of Intel Corp. are down 1.4% premarket. They dropped 3.5% Monday, while the Philadelphia Semiconductor Index was off 4.7%. Notable outliers in early trading include Micron Technology Inc. and Skyworks Solutions Inc. , whose stocks are up 3.5% and 1.7%, respectively, following announcements from management late Monday. Micron raised its outlook and said it had found a new CFO, while Skyworks reported better than expected earnings. The Philadelphia Semiconductor Index is up 0.2% so far in 2018, while the S&P 500 is down 0.9%.

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