Tag: stock market

Oil futures rallied above $42 a barrel Tuesday to settle at their highest level of the year, buoyed by a report that said Saudi Arabia and Russia have reached a deal to freeze production ahead of a meeting of major oil producers this weekend. Adding further support, the Energy Information Administration raised its oil-price forecasts and cut its U.S. output expectations for this year and next. May WTI crude rose $1.81, or 4.5%, to settle at $42.17 a barrel on the New York Mercantile Exchange. The settlement was the highest for a most-active contract this year.

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Gold futures turned higher Tuesday to register modest gains but that was enough to mark the best stretch for the yellow metal in about two months. June gold closed $2.90, or 0.2%, higher at $1,290.90 an ounce. Tuesday’s gain marks four straight sessions of climbing prices–its longest stretch of advances since the period ended Feb. 9, when gold gained for five sessions in a row, according to FactSet data. Gold prices shrugged off a rally in stocks and crude oil to rise as metal’s traders focused on weak corporate quarterly results and a bleak outlook for global growth offered by the International Monetary Fund. Late Monday, Alcoa Inc. reported better-than-expected first-quarter results but delivered a poor outlook for earnings. On Tuesday, the IMF lowered its estimate for global growth, cutting its estimate to 3.2% in 2016 from 3.4%. The IMF also cut its growth estimate for the U.S. to 2.4% in 2016 from an earlier estimate of 2.6%. Stephen Kalayjian, chief market technician, at trading tech firm Knowvera, described that environment as perfect for gold, which is viewed as a safe-harbor asset for investors in times of global uncertainty. “I think there are a lot of positives for gold, right now,” he said.

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Shares of Integrated Device Technology Inc. spiked up as much as 23% in midday trade, before paring gains to be up just 3.8%, after the company disclosed the receipt of a buyout bid by an investor group led by Libin Sun. The group said in a letter to Integrated Device’s board that it would pay $32 a share in cash for the shares they don’t already own. That represents a 65% premium to Monday’s closing price of $19.43, and would value the semiconductor maker at about $4.3 billion. The company was not immediately available for comment. The investor group currently owns roughly 5% of the shares outstanding, according to regulatory filings provided by the company, with Libin Sun owning 6 million shares, or 4.4% of the outstanding shares. The group said the buyout bid, which is nonbinding, will be financed with a combination of debt provided by loans from a third party and equity capital. The stock was down 24% year to date, while the S&P 500 has gained 0.7%.

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The U.S. Energy Information Administration raised its forecasts for this year and next on West Texas Intermediate and Brent crude prices in a monthly report issued Tuesday. The government agency said it expects WTI prices to average $34.60 a barrel this year. It previously forecast a 2016 average of $34.04. The EIA also said it expects Brent crude to average $34.73 a barrel this year, compared with a previous forecast for $34.28. For next year, the EIA sees Brent and WTI both averaging $40.58. May WTI oil traded at $41.56 a barrel, up $1.20, or 3%, on the New York Mercantile Exchange, buoyed by a report of a Saudi-Russian deal to freeze output. June Brent crude on ICE Futures added $1.47, or 3.4%, to $44.30 a barrel.

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Macy’s Inc. said its Chief Marketing Officer Martine Reardon will leave the company, effective May 13. She has been with Macy’s for 32 years and was named CMO in February 2012. In a statement, Reardon said she will be taking personal time after her departure. Macy’s said it is now looking for a successor. The retailer’s shares are up 0.5% in Tuesday trading, and up 14.4% for the year so far. The S&P 500 is up 0.6% for the year to date.

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L Brands Inc.’s stock dropped 3.5% in morning trade Tuesday, after the apparel retailer was downgraded at Goldman Sachs, which cited concerns that the recently-announced restructuring at Victoria’s Secret could hurt same-store sales in the near term. Analyst Lindsay Drucker Mann cut her rating to neutral, after being at buy for the last 16 months, and removed the stock from the firm’s conviction list. Although Mann expects the restructuring moves will create value long term, some of the moves, such as reduced promotions, could hurt sales near term until customers are weened off the promotions. Therefore, she now sees potential for same-store sales deceleration, and as a result, earnings multiple compression during early implementation, “and we prefer to stay on the sidelines until the full scope and impact of these actions are better understood.” The stock has shed 20% year to date, while the S&P 500 has gained 0.2%.

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U.S. stocks opened higher on Tuesday, as rising oil prices gave the main indexes a small boost. Investors shrugged off disappointing earnings from Alcoa Inc . The S&P 500 rose 4 points, or 0.1%, to 2,046. The Dow Jones Industrial Average gained 30 points, or 0.2%, to 17,593. Meanwhile, the Nasdaq Composite advanced 4 points, or 0.1%, to 4,838 at the open.

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Revlon Inc. said Tuesday that Juan Figuereo was elected chief financial officer by the board of directors, effective immediately. Figuereo most recently served as chief financial officer of NII Holdings Inc. between Oct. 2012 and Oct. 2015. NII Holdings is a wireless provider under the Nextel brand in Brazil. Revlon shares are inactive in premarket trading, but up 30.2% for the year so far. The S&P is down 0.1% for the year to date.

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From:: Stock Market News

Revlon Inc. said Tuesday that Juan Figuereo was elected chief financial officer by the board of directors, effective immediately. Figuereo most recently served as chief financial officer of NII Holdings Inc. between Oct. 2012 and Oct. 2015. NII Holdings is a wireless provider under the Nextel brand in Brazil. Revlon shares are inactive in premarket trading, but up 30.2% for the year so far. The S&P is down 0.1% for the year to date.

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Cracker Barrel Old Country Store Inc. said Tuesday that Jill Golder will join the company on April 25 and assume the responsibilities of chief financial officer on June 6. She replaces Lawrence Hyatt, who will continue to serve in the CFO role until June 6. He previously announced his retirement. Golder was most recently the CFO of Ruby Tuesday Inc. and spent 23 years at Darden Restaurants Inc. . Cracker Barrel shares are inactive in premarket trading, but up 19.5% for the year so far. The S&P 500 is down 0.1% for the year to date.

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