Tag: stock market

Gold futures edged higher on Thursday to finish out the quarter more than 16% higher. The metal has benefited from the U.S. Federal Reserve’s dovish stance on monetary policy. June gold added $7, or 0.6%, to settle at $1,235.60 an ounce. For the quarter, prices climbed roughly 16.4%, according to FactSet, which was the largest quarterly gain since the third quarter of 1986. They ended the month less than 0.1% higher.

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Natural-gas futures turned lower on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity fell by 25 billion cubic feet for the week ended March 25. Analysts polled by Platts forecast a decline of between 20 billion and 24 billion cubic feet. Some analysts, however, have said that the supply fall is likely to be the last one of the season. Total stocks now stand at 2.468 trillion cubic feet, up 1.002 trillion cubic feet from a year ago and 843 billion cubic feet above the five-year average, the government said. May natural gas was down 1.9 cents, or 1%, at $1.977 per million British thermal units. Prices traded $2.013 before the supply data.

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Southwest Airlines Co. announced a partnership with ride-hailing app Lyft Thursday. With the partnership, first-time Lyft users who are already Southwest Airlines rewards members will earn 1,100 rapid rewards. The offer is available in 11 Southwest Airlines markets. Lyft competitor Uber announced a similar partnership with American Airlines last month, in which rewards members can receive a discount and set a reminder to book an Uber along with a flight.

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Fitbit Inc. reported Thursday that it has shipped more than one million of its new Fitbit Blaze devices, beating sales forecasts. This is the first month of retail availability for Fitbit Blaze, which is a fitness device with some of the capabilities of a smartwatch. The company also said it has sold more than one million Fitbit Alta devices, a new fitness tracker, since it began shipping March 9. Shares of Fitbit have fallen 55% in the past three months, though the stock has gained 10% in the past month. The S&P 500 has gained 1% in the past three months and 7% in the past month.

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U.S. stocks opened little changed Thursday after three straight sessions of gains. A drop in oil prices weighed on the main benchmarks, while a report showed the number of Americans who applied for unemployment benefits rose to the highest level in two months. The S&P 500 opened one point lower at 2,063. The Dow Jones Industrial Average gained 10 points, or less than 0.1%, to 17,727. Meanwhile, the Nasdaq Composite began the day down 3 points, or less than 0.1%, at 4,867.

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Shares of Micron Technology Inc. fell more than 1% in premarket trade Thursday after the stock was downgraded to neutral from buy at Macquarie Research. The brokerage’s price target of $12 implies 14.5% upside to Wednesday’s closing price. While the stock has likely bottomed, said Macquarie, and the bank continues to believe the DRAM industry can sustainably generate “cross cyclical profitability,” it struggles to find “any meaningful catalysts” for the stock over the next several quarters. Shares of Micron have tumbled 26% over the last three months and 61% over the last year. The S&P 500, by comparison, is up 1% over the last three months and flat on the year. The average rating on the stock, according to a survey of nearly 20 analysts on FactSet, is the equivalent to buy, while the median price target is $14.59.

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Nasdaq Inc. said Thursday it is raising its quarterly dividend by 28% to 32 cents a share. The new payment will be made June 24 to shareholders of record as of June 10. Shares were not yet active in premarket trade, but have gained 12% in the year so far, while the S&P 500 has gained 1%.

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Standard & Poor’s Ratings Services on Thursday revised the outlook on its China rating to negative from stable, saying the country’s “economic rebalancing” is likely to progress more slowly than expected. “We revised the outlook to reflect our expectation that the economic and financial risks to the Chinese government’s creditworthiness are gradually increasing,” the credit agency said. “This follows from our belief that, over the next five years, China will show modest progress in economic rebalancing and credit growth deceleration,” it added. S&P kept its AA- rating on China, arguing the country’s government is taking steps to bolster its economy. “Most importantly, we view the government’s anti-corruption campaign as a significant move to improve governance at state agencies and state-owned enterprises,” it said. The S&P report came out after Chinese markets closed on Thursday. The Shanghai Composite Index ended the day up 0.1% at 3,003.92.

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Luxury watch maker Movado Group Inc. said Thursday it is raising its quarterly dividend by 18% to 13 cents a share. The new payment will be made April 26 to shareholders of record as of April 12. The company is also planning to buy back up to $50 million of its shares, replacing a $100 million buyback authorization that expired on Jan. 31. Shares were down 3.6% premarket, but have gained 18% in the year so far, while the S&P 500 has gained just 1%.

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Standard & Poor’s Ratings Services on Thursday cut its outlook on China to negative from stable, saying the country’s “economic rebalancing” is likely to progress more slowly than expected. “We revised the outlook to reflect our expectation that the economic and financial risks to the Chinese government’s creditworthiness are gradually increasing,” the credit agency said. “This follows from our belief that, over the next five years, China will show modest progress in economic rebalancing and credit growth deceleration,” it added. S&P kept its AA- rating on China, arguing the country’s government is taking steps to bolster its economy. “Most importantly, we view the government’s anti-corruption campaign as a significant move to improve governance at state agencies and state-owned enterprises,” it said. The S&P report came out after Chinese markets closed on Thursday. The Shanghai Composite Index ended the day up 0.1% at 3,003.92.

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