Tag: stock market

Oil futures rallied Wednesday, with West Texas Intermediate crude prices marking their highest settlement of the year. Prices got a boost after U.S. government data showed a sixth-weekly decline in domestic oil production. On its expiration day, May WTI crude rose $1.55, or 3.8%, to settle at $42.63 a barrel on the New York Mercantile Exchange. June WTI crude , which is now the front-month contract, added $1.71, or 4%, to $44.18 a barrel.

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The Market Vectors Gold Miners ETF surged 1.7% in afternoon trade Wednesday to a 19-month high, as the shares of companies that mine gold continue to significantly outperform the price of the commodity the companies mine. The SPDR Gold ETF edged up 0.1%, below last Tuesday’s intraday high of $120.35, and 2.2% below 13-month peak of $122.37 reached on March 4. The gold miners ETF (GDX) has now rocketed 84% over the past three months, while the gold ETF has advanced 14%. Tom Ord, editor of “The Ord Oracle” newsletter, said his charts suggest an upside target for GDX near $27, which is 14% above current levels. Among the GDX’s 24 U.S.-listed components, 15 have more than doubled in three months, and three have at least tripled. The triplers are shares of First Majestic Silver Corp. , Royal Gold Inc. and Silver Wheaton Corp. .

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Treasury Secretary Jack Lew will announce Wednesday that Alexander Hamilton will stay on the $10 bill, and Harriet Tubman will replace Andrew Jackson on the $20 bill, Politico reported. Politico also said there will be changes to the $5 bill to depict civil-rights era leaders.

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From:: Stock Market News

Treasury Secretary Jack Lew plans to announce Wednesday that Alexander Hamilton will stay on the $10 bill, while Harriet Tubman will replace Andrew Jackson on the $20 bill, Politico reported. Politico also reported that changes are coming to the $5 bill to depict civil-rights-era leaders.

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Sonoco Products Co. raised on Wednesday its quarterly dividend to 37 cents a share, up 5.7% from the previous dividend of 35 cents a share. The consumer packaging company said the new dividend will be payable June 10 to shareholders of record on May 13. “Today’s dividend increase demonstrates our confidence in the continued earnings growth of Sonoco and our dedication to returning value to our shareholders,” said Chief Executive Jack Sanders. The stock tacked on 0.4% in midday trade, putting it on track for a record close. At current stock prices, the new dividend would imply an annual yield of 3.02%, in line with the aggregate S&P 500 dividend yield of 2.98%, according to FactSet. Sonoco’s stock has run up 20% year to date, while the S&P 500 has gained 3.9%.

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From:: Stock Market News

Sonoco Products Co. raised on Wednesday its quarterly dividend to 37 cents a share, up 5.7% from the previous dividend of 35 cents a share. The consumer packaging company said the new dividend will be payable June 10 to shareholders of record on May 13. “Today’s dividend increase demonstrates our confidence in the continued earnings growth of Sonoco and our dedication to returning value to our shareholders,” said Chief Executive Jack Sanders. The stock tacked on 0.4% in midday trade, putting it on track for a record close. At current stock prices, the new dividend would imply an annual yield of 3.02%, in line with the aggregate S&P 500 dividend yield of 2.98%, according to FactSet. Sonoco’s stock has run up 20% year to date, while the S&P 500 has gained 3.9%.

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Six of the Dow Jones Industrial Average’s 30 components have hit all-time intraday highs this week, while the Dow remains 1.4% below its May 19, 2015 intraday record of 18,351.36. The Dow’s record close was 18,312.39 that same day. Shares of UnitedHealth Group Inc. , Johnson & Johnson and McDonald’s Corp. have record highs Wednesday, while the stocks of Visa Inc. , 3M Co. and Home Depot Inc. hit record on Tuesday. Separately, Coca-Cola Co.’s stock hit an all-time high on April 11 and Travelers Companies Inc. shares hit a record April 4, while Verizon Communications Inc.’s stock reached a 16-year high on April 5 and General Electric Co. shares hit an 8-year high on March 31.

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McDonald’s Corp.’s stock tacked on 0.1%, putting it on track for a third-straight record close, after the fast-food giant’s share price target was raised at SunTrust Robinson Humphrey, two days before first-quarter results are scheduled to be released. Analyst Jake Bartlett affirmed his buy rating, but boosted his stock price target to $145, which is 12% above current levels, from $135. He raised his earnings-per-share outlook for this year and next, citing expectations that the drag from unfavorable currency moves will be reduced significantly, and an upbeat outlook for same-store sales (SSS) in the U.S. “We see some risk of disappointing about [first-quarter] U.S. SSS, given our perception of high investor expectations…but expect that continued SSS outperformance in the U.S….and EPS upside in 2016 and 2017 due to the weaker U.S. dollar…will ultimately drive [McDonald’s] shares higher,” Bartlett wrote in a note to clients. The stock has climbed 9.1% year to date, while the Dow Jones Industrial Average has tacked on 3.6%.

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Oil futures pared some of their earlier losses on Wednesday after the U.S. Energy Information Administration reported a 2.1 million-barrel climb in crude-oil supplies for the week ended April 15. That was below the 3.1 million-barrel increase reported by the American Petroleum Institute late Tuesday, but above the climb of 1.6 million barrels expected by analysts polled by Platts. Gasoline supplies fell 100,000 barrels, while distillate stockpiles declined by 3.6 million barrels last week, according to the EIA. May crude was at $$40.56 a barrel on the New York Mercantile Exchange, down 52 cents, or 1.3%. Prices traded at $40.10 before the data.

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UnitedHealth Group Inc.’s stock surged 2.5% to an all-time high in morning trade Wednesday, as investors continued to cheer the company’s decision to exit most Obamacare exchanges in 2017. The stock’s price gain of $3.20 was adding about 22 points to the Dow Jones Industrial Average , which is a price-weighted index. That was more than offsetting the $2.29, or 4.9%, tumble in Coca-Cola Co.’s stock following disappointing first-quarter results. Coke’s stock slide was shaving 16 points off the Dow. The Dow was up 15 points at a nine-month high. UnitedHealth’s stock has now run up 14% year to date, while Coke shares have gained 3.4% and the Dow has advanced 3.7%.

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