Tag: stock market

U.S. stocks opened firmly lower Tuesday as worries about the global economy flared up after the world’s second-largest economy, China, released weaker-than-expected manufacturing data. An interest-rate cut in Australia also underscored a downbeat tone emanating from Asia, which was buffeting global stock markets. The Dow Jones Industrial Average was off 146 points, or 0.8%, at 17,743, while the S&P 500 sank 16 points, or 0.8%, to 2,065. Meanwhile, the tech-laden Nasdaq Composite index , which snapped a seven-session losing streak on Monday, was off 35 points, or 0.7%, at 4,783.

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Marvell Technology Group Ltd. said Tuesday it was granted an extension to Sept. 6, 2016 to regain compliance with the Nasdaq’s listing requirements. The extension follows a meeting with the Nasdaq hearings panel on April 14. The semiconductor company said it was looking to file its annual report for fiscal 2016, which is already late, “as soon as practicable.” The stock, which was still inactive in premarket trade, has run up 11% year to date, while the S&P 500 has gained 1.8%.

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Apple Inc.’s stock seesawed into positive territory in premarket trade Tuesday, adding drama to whether it will snap its losing streak at eight sessions, or extend it to nine sessions. The shares inched up 0.2%, after being down as much as 0.6% earlier. A ninth-straight loss would be the longest such stretch since the nine-session losing streak ending June 14, 1991. The eight-session loss streak as of Monday’s close was the longest since July 1998. Apple Chief Executive Tim Cook was on CNBC late Monday trying to dispel long-term concerns over iPhone demand, but he did acknowledge some near-term headwinds, such as lengthening upgrade cycles and macroeconomic issues.

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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From:: Stock Market News

Apple Inc.’s stock seesawed into positive territory in premarket trade Tuesday, adding drama to whether it will snap its losing streak at eight sessions, or extend it to nine sessions. The shares inched up 0.2%, after being down as much as 0.6% earlier. A ninth-straight loss would be the longest such stretch since the nine-session losing streak ending June 14, 1991. The eight-session loss streak as of Monday’s close was the longest since July 1998. Apple Chief Executive Tim Cook was on CNBC late Monday trying to dispel long-term concerns over iPhone demand, but he did acknowledge some near-term headwinds, such as lengthening upgrade cycles and macroeconomic issues.

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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From:: Stock Market News

Apple Inc.’s stock seesawed into positive territory in premarket trade Tuesday, adding drama to whether it will snap its losing streak at eight sessions, or extend it to nine sessions. The shares inched up 0.2%, after being down as much as 0.6% earlier. A ninth-straight loss would be the longest such stretch since the nine-session losing streak ending June 14, 1991. The eight-session loss streak as of Monday’s close was the longest since July 1998. Apple Chief Executive Tim Cook was on CNBC late Monday trying to dispel long-term concerns over iPhone demand, but he did acknowledge some near-term headwinds, such as lengthening upgrade cycles and macroeconomic issues.

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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From:: Stock Market News

New York Times Co. said Tuesday it had a net loss of $8.27 million, or 5 cents a share, in the first quarter, after a loss of $14.3 million, or 9 cents a share, in the year-earlier period. Adjusted per-share earnings came to 10 cents, ahead of the FactSet consensus of 8 cents. Revenue fell 1.2% to $379.5 million from $384.2 million. The FactSet consensus was for revenue of $378 million. The newspaper company said it added 67,000 net digital-only subscribers to its new products, the most for a quarter in more than three years. “We have continued to prioritize deepening the level of engagement of our readers with Times content and this effort, along with the application of new consumer marketing tactics, has led to an increase in new subscribers and improved retention of existing ones,” Chief Executive Mark Thompson said in a statement. Shares were not yet active in premarket trade, but are down 4% in the year so far, while the S&P 500 has gained about 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.

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Baxter International Inc. said Tuesday that it is raising its quarterly dividend to 13 cents per share from 11.5 cents per share. The dividend is payable on July 1 to shareholders of record as of June 3. The company, which provides renal and hospital products, will have an investor conference on May 9 in New York City. Baxter shares are unchanged in premarket trading, but up 17.2% for the year so far. The S&P 500 is up 1.8% for the year to date.

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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Estee Lauder Companies Inc. shares are up 0.9% in Tuesday premarket trading after the beauty company announced fiscal third-quarter sales that beat expectations and job cuts related to a restructuring initiative. Estee Lauder said it had net income of $265.6 million, or 71 cents per share, down from $272.1 million, or 71 cents per share, a year earlier. Adjusted earnings per share totaled 73 cents per share, exceeding the FactSet consensus of 61 cents per share. Sales for the quarter totaled $2.66 billion, up from $2.58 billion for the same period last year and meeting the FactSet consensus. The beauty company said it expects full-year sales to increase between 4% and 5%, with currency exchange expected to impact sales negatively by 5%. Earnings per share are expected to be between $3.00 and $3.07. Estee Lauder’s restructuring initiative, called Leading Beauty Forward, will begin fiscal fourth-quarter 2016. It expects job cuts between 900 and 1,200 positions globally and restructuring and other pre-tax charges between $600 million and $700 million. Estee Lauder expects to yield annual pre-tax benefits between $200 million and $300 million. Estee Lauder shares are up 10.3% for the year-to-date while the S&P 500 is up 1.8% for the same period.

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CVS Health Corp. shares were up 0.2% in pre-market trade after the company beat earnings expectations and provided an upbeat earnings outlook. Earnings for the latest quarter fell to $1.15 billion, or $1.04 per share, from $1.22 billion, or $1.07 per share, in the same period a year ago. Adjusted earnings-per-share were $1.18, above the FactSet consensus of $1.16. Revenue rose to $43.2 billion, up 18.9%, beating the FactSet consensus of $43.0 billion. For 2016, CVS expects adjusted EPS of $5.73 to $5.88, around the FactSet consensus of $5.82. The company said it expects adjusted EPS in the second quarter to be $1.28 to $1.31, above the FactSet consensus of $1.16. Shares in the company rose 6.4% in the last three months, compared with a 8.8% rise in the S&P 500 .

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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Archer Daniels Midland Co.’s stock was indicated about 2% lower in premarket trade Tuesday, after the agricultural services company reported first-quarter profit and sales that fell more than expected. Earnings for the latest quarter declined to $230 million, or 39 cents a share, from $493 million, or 77 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 42 cents, below the FactSet consensus of 45 cents. Revenue fell to $14.38 billion from $17.51 billion, well below the FactSet consensus of $16.85 billion, as agricultural services, oilseeds processing and corn processing revenue all declined more than expected. “Low U.S. export volumes and weak margins continued, and in the quarter, poor results from the global trade desk impacted results for [agricultural] services,” said Chief Executive Juan Luciano. The stock has run up 9.8% year to date through Monday, while the S&P 500 has gained 1.8%.

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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From:: Stock Market News