Tag: stock market

J.P. Morgan Chase & Co. had a tough time with the stock market during the first quarter, although the market provided exactly what traders tend to ask for–volume and movement. The bank said equity markets revenue declined 5%, although total composite volume was the highest quarterly average in 4 1/2 years, according to the WSJ Data Group. NYSE composite volume was the highest since the third quarter of 2011, while Nasdaq composite volume was the highest since the first quarter of 2014. And although the major market indexes ended the quarter little changed–the S&P 500 index was up just 0.8% during the quarter–there was plenty of movement. The S&P 500 fell as much as 11% during the first half of the quarter before rebounding sharply during the final six weeks. The problem, the bank said, was the derivatives market in the Americas–despite the market’s whipsaw action, the CBOE Volatility Index fell 23% during the quarter.

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Delphi Automotive PLC said Wednesday it set a new $1.5 billion stock repurchase program, as part of its long-term capital deployment strategy. The auto parts maker said in a presentation to analysts, that the new buyback program reflects its continued confidence in its business and a commitment to create and increase shareholder value. Over the next five years, the company said it expects to deploy 45% to 55% of capital to shares repurchases and acquisitions, 10% to 15% to dividends and 35% to 40% to capital expenditures. The company expects to cut costs by $580 million over the next five years. The stock, which was still inactive in premarket trade, has tumbled 16% year to date, while the S&P 500 has gained 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.

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IMAX Corporation will build 10 new IMAX theaters in China in partnership with IMAX China Holding Inc. and Shanghai Aurora Movie Co., the company said Wednesday. Eight of the theaters will be built at Imax’s construction projects throughout China and the other two locations are not yet determined. Shares of IMAX have fallen 8.6% in the past three months compared to the S&P 500’s gain of 9%.

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Prosecutors in Panama have raided the offices of Mossack Fonseca, the law firm at the center of a tax-haven furor, media reports said Wednesday. During the operation on Tuesday, the team searched for evidence of money laundering and financial backing of terrorism, the Associated Press reported. The aim of the raids was “to obtain documentation linked to the information published in news articles that establish the use of the firm in illicit activities,” Panama’s attorney general’s office said, according to the BBC. Reports based in the millions of documents leaked from the firm began emerging just over a week ago, casting light on how rich and powerful people have been using offshore accounts and shell companies as tax havens. Mossack Fonseca has denied wrongdoing and has said its systems were hacked.

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

Prosecutors in Panama have raided the offices of Mossack Fonseca, the law firm at the center of a tax-haven furor, media reports said Wednesday. During the operation on Tuesday, the team searched for evidence of money laundering and financial backing of terrorism, the Associated Press reported. The aim of the raids was “to obtain documentation linked to the information published in news articles that establish the use of the firm in illicit activities,” Panama’s attorney general’s office said, according to the BBC. Reports based in the millions of documents leaked from the firm began emerging just over a week ago, casting light on how rich and powerful people have been using offshore accounts and shell companies as tax havens. Mossack Fonseca has denied wrongdoing and has said its systems were hacked.

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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Comments on Wednesday from Saudi Arabia Oil Minister Ali al-Naimi played down the prospect of oil producers taking action on crude output at a key meeting on Sunday in Doha, Qatar. When asked about such action, al-Naimi said, “Forget about this topic,” according to a Reuters report citing comments from him published Wednesday in the Saudi-owned al-Hayat newspaper. Traders previously have closely watched for al-Naimi to suggest that an output freeze could happen, and that it might even represent the first step toward a collective cut in oil production.

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

Prosecutors in Panama have raided the offices of Mossack Fonseca, the law firm at the center of a tax-haven furor, media reports said Wednesday. During the operation on Tuesday, the team searched for evidence of money laundering and financial backing of terrorism, the Associated Press reported. The aim of the raids was “to obtain documentation linked to the information published in news articles that establish the use of the firm in illicit activities,” Panama’s attorney general’s office said, according to the BBC. Reports based in the millions of documents leaked from the firm began emerging just over a week ago, casting light on how rich and powerful people have been using offshore accounts and shell companies as tax havens. Mossack Fonseca has denied wrongdoing and has said its systems were hacked.

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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Medivation Inc. shares rallied in the extended session Tuesday after the biotech reportedly turned down a buyout offer from French drugmaker Sanofi. Medivation shares jumped 9.1% to $49.90 after hours. The rebuffed offer was reported by Bloomberg, citing people familiar with the matter.

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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PulteGroup Inc. shares ticked higher in the extended session Tuesday after independent board member James Grosfeld resigned from the homebuilder’s board. Pulte shares advanced 1% to $18 after hours. In a letter attached to a Securities and Exchange Commission filing, Grosfeld said he resigned because since March 22, “I have been excluded from a number of subsequent Board meetings, and therefore see no useful purpose of remaining on the Board.” Grosfeld, who is also an independent board member on BlackRock Inc. board, owns 1.7 million shares, or a 0.5% stake, of Pulte, according to FactSet data. The development follows a letter from founder Bill Pulte on Monday, blasting Chief Executive Richard Dugas for destroying value in the company. Over the past 12 months, Pulte shares have fallen 20%.

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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CSX Corp. on Tuesday reported earnings in line with expectations but a 14% dip in revenues that the railway blamed on lower shipping volumes. The company said it earned $356 million, or 37 cents a share, in the first quarter, down from $442 million, or 45 cents a share, in the year-ago quarter. Revenue for the quarter was down 14% to $2.62 billion, from $3 billion a year ago. Analysts polled by FactSet had expected the company to report earnings of 37 cents a share on sales of $2.68 billion. Revenue for 2016 will decline “as a result of coal headwinds combined with other market fundamentals,” the company said in a statement. Shares of CSX rose 0.2% in late trading Tuesday after ending the regular trading session up 1.9%.

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.

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From:: Stock Market News