Tag: stock market

Markets in Asia were set to open lower Tuesday, with Nikkei futures down more than 3% after the U.S. stock market rout. Futures in Tokyo had dropped nearly as much as 8% and are pointing to an open below the 22,500 support, and into correction territory – more than 10% off its all-time high – as the decade-long bull market rally hits its first speed bump.

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From:: Stock Market News

Micron Technology Inc. rose in the extended session Monday after the chip maker raised its outlook for the quarter and announced a new financial chief. Micron shares advanced 1.9% to $40.15 after hours, following a 3.5% drop during the regular session. For the fiscal second quarter, Micron estimates earnings of $2.70 to $2.75 a share on revenue of between $7.20 billion and $7.35 billion. That’s up from the previous estimate of $2.51 to $2.65 a share on revenue of $6.8 billion to $7.2 billion. Analysts expect earnings of $2.58 a share on revenue of $7.02 billion. Separately, Micron announced that David Zinsner will become chief financial officer, effective Feb. 19, succeeding Ernie Maddock, who is retiring.

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Shares of a popular exchange-traded fund designed to bet against volatility plunged in after-hours trading on Monday. The VelocityShares Daily Inverse VIX Short Term ETN lost 62%, after getting crushed 14% in the regular session.

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Fortinet Inc. shares rose in the extended session Monday after the company beat fourth-quarter earnings and revenue expectations. The cybersecurity company’s shares gained 2.5% to $43.83 after hours. The company reported fourth-quarter net losses of $28.96 million, or losses of 17 cents a share, compared with net income of $25.17 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 32 cents a share. The company said it logged a one-time tax expense of $63 million, or 36 cents a share, due to the changes in the U.S. tax code. Revenue rose to $416.7 million from $362.8 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 29 cents a share on revenue of $409.1 million. For the first quarter, analysts model adjusted earnings of 22 cents a share on revenue of $390 million. Fortinet stock has gained 16% in the past year, with the S&P 500 index rising 20%.

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Shares of Lululemon Athletica Inc. fell more than 3% late Monday after the retailer said Chief Executive Laurent Potdevin has resigned as its top executive and as a member of the company’s board of directors, effective immediately. “Lululemon expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct,” the company said in a statement. The board of directors has begun a search for a “proven and highly-experienced global” chief executive, the company said, calling Potdevin’s decision to resign “difficult and considered.” In a separate filing with federal regulators, the company said Potdevin has agreed to “a general release of claims in favor of Lululemon, an extension of his non-solicitation period to a period of 24 months, a covenant not to sue and a covenant of future cooperation,” and in exchange the company has agreed to pay Potdevin a lump sum of $3.35 million in cash “as soon as practicable” and a cash payment of $1.65 million over 18 months in installments starting 60 days after the resignation. “Mr. Potdevin’s entitlement to this consideration is subject to his continuing compliance with the terms of the separation agreement and release, as well as various other restrictive covenants, including covenants relating to non-competition, non-solicitation, non-disparagement and confidentiality,” the company said in the filing. Lululemon shares ended the regular session down 1.5%. The shares have gained 17% in the last 12 months, compared with gains of 15% for the S&P 500 index . Last month Chief Executive Steve Smith of Equinix Inc. resigned after what the company called “poor judgment with respect to an employee matter,” and Guess Inc. shares sunk last week after model Kate Upton tweeted allegations of harassment against company co-founder Paul Marciano.

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Cirrus Logic Inc. shares dropped in the extended session Monday after the audio-signal chipmaker’s quarterly results and outlook fell short of Wall Street estimates. Cirrus shares fell 11% to $40 after hours. The company reported fiscal third-quarter net income of $33.8 million, or 52 cents a share, compared with $122 million, or $1.83 a share, in the year-ago period. Adjusted earnings were $1.59 a share. Revenue fell to $482.7 million from $523 million in the year-ago period. Analysts surveyed by FactSet had estimated $1.78 a share on revenue of $531 million. “Unanticipated weakness in smartphone demand that materialized in late December drove our Q3 results below expectations and further impacted our Q4 guidance,” said Jason Rhode, Cirrus president and chief executive, in a statement. For the fourth quarter, Cirrus estimates revenue of $300 million and $340 million. Analysts expect revenue of $373.4 million.

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Selling on the NYSE has reached panic-like proportions, as the exchange’s Arms Index shot up to record the biggest rise in 2 1/2 years. The Arms is a volume weighted breadth measure, that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. Closes above 2.000 are considered panic-like activity. The Dow Jones Industrial Average plunged 1,175 points, or 4.6%, on Monday, the biggest point drop in its history but not quite the 100th biggest percentage decline. The number of advancing stocks on the NYSE are outnumbered decliners 2,718 to 317, or by an 8.6-to-1 margin. Meanwhile, volume in declining stocks outnumbered up volume 1,277.0 billion shares to 41.4 million shares, or by a 30.8-to-1 margin. That has pushed the Arms up to 3.594 , the first close above 2.0 since April 13, 2017, when it rose to 2.27. The Dow rallied 184 points the next session. The Arms closed at the highest level since it rose 4.95 on Sept. 1, 2015; the next day, the Dow rallied 293 points.

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The largest exchange-traded fund to track the energy sector fell on Monday and was the biggest declining sector of the day. The Energy Select Sector SPDR ETF sank 4.3% in its biggest one-day decline since January 2016, edging out a 4.2% decline that occurred in Friday’s session. The fund has shed more than 10% since a recent intraday peak hit on Jan. 24. Exxon Mobil was the biggest drag on the group, sinking 5.4%. The Dow component has lost more than 9% over the past two sessions, which is on track to be its biggest two-day decline since November 2008. Among other companies, Chevron Corp. fell 5.5% while Occidental Petroleum Corp. sank 3.5% and Marathon Oil Corp. was off 4.4%. Much of the sector’s weakness was attributed to crude oil prices, which shed 2.4% on ongoing concerns over rising production, which could mean excessive supply.

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The Dow Jones Industrial Average fell nearly 1,600 points at its lows on Monday, after a period of selling accelerated sharply heading into the close of the session. Amplifying the slump was computer-programmed trade set to dump shares at certain levels. According to traders, the Dow was set to trigger trades once it fell below 25,000, for example, and 2,700 for the S&P 500 . Most recently, the S&P 500 was off 71 points, or 2.6% at 2,690, the Nasdaq Composite Index was down 148 points, or 2%, at 7,095. The Dow, meanwhile, lost as much as 1,500 points, and was most recently down 800 points, or 3.1%, at 24,737.

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The Dow Jones Industrial Average has bounced nearly 750 points off its low, but was still down 849 points to be on track for the biggest point decline in the index’s 121-year history. At the intraday low, the Dow was down 1,597.08 points. The current percentage decline of 3.33%, however, barely cracks the top 300, to put it around 291st, according to FactSet data.

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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