Tag: stock market

The Japanese yen renewed its hard push against the dollar on Tuesday, while the Australian dollar dived after the country’s central bank cut interest rates. Hitting a fresh 18-month low, the U.S. dollar dropped to ¥105.98 from ¥106.54 late Monday. Meanwhile, the euro maintained its highest levels since August 2015 against the dollar reached on Monday. The euro last changed hands at $1.1528 from $1.1536 seen late Monday. Even bigger moves were seen Tuesday for the Australian dollar, which took a hit after the Reserve Bank of Australia cut interest rates for the first time in a year, in a bid to combat record-low inflation and a strong local currency. The cash rate target was cut by one-quarter of a percentage point to a new low of 1.75% – analysts had been split on whether the central bank would cut. The Australian dollar slid to $0.7569 against the dollar, having moved up to $0.772 just ahead of the move.

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Yelp Inc. shares rallied in the extended session Monday following reports that David Einhorn’s hedge fund Greenlight Capital took a further long position in the online reviews website. Yelp shares jumped 6% to $22.80 after hours. Back in February, Greenlight reported a stake of about 260,000 shares of Yelp. A Securities and Exchange Commission filing outlining Greenlight’s holdings is due out this month.

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Shares of On Deck Capital Inc. plunged nearly 29% late Monday after the online small-business lender widened its quarterly loss. On Deck said it lost $13 million in the first quarter, compared with $5 million in the year-ago period. Adjusted for one-time items, On Deck said it lost $8.8 million, or 13 cents a share, compared to a loss of $3.3 million, or 5 cents a share, a year ago. Gross revenue was $63 million, up 11% from the prior-year period, the company said. Analysts polled by FactSet had expected On Deck to report an adjusted loss of 8 cents a share on sales of $69 million in the quarter. On Deck shares had ended the regular trading day down 3.8%.

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Symmetry Surgical Inc. shares were halted in the extended session Monday before the surgical instrument maker said it agreed to be acquired by private-equity firm RoundTable Healthcare Partners for $140.3 million in cash. Prior to the announcement, shares of Symmetry were halted at $10.40 a share. The deal works out to $13.10 for each share of Symmetry. The company said it expects the acquisition to close by the third quarter this year.

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Community Health Systems Inc. shares dropped in the extended session Monday after the hospital operator’s quarterly earnings fell well short of Wall Street estimates. Community Health shares fell 7.9% to $14.50 after hours. The company reported adjusted net income from continuing operations of 27 cents a share on revenue of $5 billion. Analysts surveyed by FactSet had forecast earnings of 74 cents a share on revenue of $4.99 billion.

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The Nasdaq Composite snapped a seven-session losing streak Monday as U.S. stocks rebounded off their biggest weekly decline since February. Sharp gains in tech bellwethers Amazon.com Inc. and Netflix Inc. helped lift the tech-laden Nasdaq and highlighted a rally in consumer-discretionary shares of which those companies also are constituents. The Nasdaq Composite gained 42 points, or 0.9%, to close at 4,817–its best one-day gain since April 13 and halted its worst series of consecutive losses since the eight-session period ended Jan. 11, according to FactSet. The S&P 500 advanced 16 points, or 0.8%, to 2,081, led by a 1.4% climb in consumer-discretionary stocks–the best performer among the S&P 500’s 10 sectors. The Dow Jones Industrial Average gained 117 points, or 0.7%, to 17,890, led by a rise in shares of Home Depot and Goldman Sachs . which contributed about 30 points to the blue-chips gauge. Both the Dow and the S&P ended two straight sessions of declines.

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WASHINGTON (MarketWatch) – The U.S. government expects to pay down $65 billion in net marketable debt in the April-June quarter, an estimate that is $47 billion lower than previously projected in February, the Treasury Department said Monday. The revised forecast is the result of lower receipts and higher spending than previously projected, the department said. The estimate assumes as end-of-June balance of $350 billion. For the July-September quarter, Treasury expects to issue $155 billion in net marketable debt, assuming a cash balance of $350 billion. During the January-March quarter, Treasury issues $244 billion in net marketable debt and ended the quarter with a cash balance of $314 billion.

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Oil futures settled with a loss on Monday, with prices pulling back after a nearly 20% climb in April. Data from Genscape reportedly showed a hefty weekly rise in crude stockpiles at the Cushing, Okla. storage hub and recent media surveys revealed a rise in monthly output from the Organization of the Petroleum Exporting Countries. June WTI crude fell $1.14, or 2.5%, to settle at $44.78 a barrel on the New York Mercantile Exchange.

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Gold futures climbed on Monday, finding support from continued weakness in the U.S. dollar. Prices, however, finished below the session’s high as “profit taking” set in when prices topped $1,300 during the session, said Chintan Karnani, chief market analyst at Insignia Consultants. June gold added $5.30, or 0.4%, to settle at $1,295.80 an ounce.

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Colgate-Palmolive Co.’s stock surged 1.8% toward a record high, after Goldman Sachs analyst Jason English threw in the towel on his bearish call on the consumer products company, saying the downside risks to earnings estimates have subsided. English raised his rating to neutral, after being at sell since April 19, 2015. He raised his stock price target to $75, which is 3.9% above current levels, from $62. Since he went to sell on the stock, it has gained 4.3% while the S&P 500 has lost 1.5%. “[Colgate-Palmolive’s] earnings visibility has improved of last as [currency] stabilizes, commodities remain benign and the company’s volume growth ticked higher,” English wrote in a note to clients. The stock is set to close above the previous record close of $71.66 seen on April 19, 2016. The stock has run up 8.4% year to date, while the SPDR Consumer Staples ETF has gained 4.3% and the S&P 500 has tacked on 1.5%.

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