Tag: stock market

European stocks dropped Thursday, with all sectors pulling back as investors wrap up the month and the first quarter. The Stoxx Europe 600 fell 0.9% to 337.94, led by oil and gas and financials shares. Equities are struggling “despite a Fed Yellen-sponsored rally mid-week,” analysts at Accendo Markets wrote. This rally and the “U.S. dollar finding support at mid-month lows … hinder commodity gains and temper risk appetite.” The Stoxx 600 was looking at a 1.2% rise for March, but was on track for a 7.7% slide for the quarter. In Thursday’s trade, shares of Bouygues SA fell 3.9% as the French telecommunications company and rival Orange SA extended a deadline to complete merger talks..

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U.S. stock futures inched lower on Thursday, with investors staying on the sidelines after firm gains earlier in the week and ahead of jobless claims ahead of the open. Futures for the Dow Jones Industrial Average lost 44 points, or 0.3%, to 17,578, while those for the S&P 500 index dropped 5.20 points, or 0.3%, to 2,050. Futures for the Nasdaq 100 index fell 14.25 points, or 0.4%, to 4,467.75. The losses follow Wednesday’s positive close for U.S. equities as markets continued to benefit from dovish comments by Federal Reserve Chairwoman Janet Yellen. Overall, expectations that the Fed is on the cusp of raising interest rates again have fallen over the past month, helping boost U.S. stock markets. The Dow average is on track for a 7.3% monthly gain, which would be the best since October. The S&P 500 and Nasdaq Composite were also on track for their best monthly performances since October.

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U.K. stocks opened lower Thursday, setting the market’s blue-chip benchmark to trim its monthly gain. The U.K.’s FTSE 100 fell 0.5% to 6,174.86, with all sectors moving lower, led by oil and mining shares. But among advancers, TUI AG shares rose 3% following a financial update from the travel-services provider. . For the month, the FTSE 100 was on track to rise 1.3%. But it was facing a first-quarter loss of 1.1%.

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Alcoa Inc. said late Wednesday it will sell its stake in the operator of an Australian natural gas pipeline for about $154 million. The aluminum producer said it will sell its 20% stake of DBP, which owns and operates the Dampier to Bunbury Natural Gas Pipeline, to Duet Group, which controls an 80% stake, for $205 million Australian. The sale, which is expected to close in early April, will add 1 cent a share to earnings, Alcoa said. Alcoa shares were flat at $9.68 after hours.

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Pepsico Inc. said late Wednesday the CEO of its Frito-Lay North America division, Tom Greco, has left the company to become a CEO elsewhere. The beverage and snack maker has promoted Al Carey, CEO of its North America beverages division, to CEO of Frito-Lay North America and Quaker foods divisions as well. “Bringing the company’s three North America businesses under a single leader will enable PepsiCo to further leverage its complementary brand portfolio across snacks, beverages and nutrition to unlock new growth opportunities,” Pepsico said. Carey will continue to report to PepsiCo CEO Indra Nooyi, the company said. Pepsico did not disclose the company Greco will lead. Shares of Pepsico were flat in late trading Wednesday after ending the regular trading day up 1.3%.

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From:: Stock Market News

Pepsico Inc. said late Wednesday the CEO of its Frito-Lay North America division, Tom Greco, has left the company to become a CEO elsewhere. The beverage and snack maker has promoted Al Carey, CEO of its North America beverages division, to CEO of Frito-Lay North America and Quaker foods divisions as well. “Bringing the company’s three North America businesses under a single leader will enable PepsiCo to further leverage its complementary brand portfolio across snacks, beverages and nutrition to unlock new growth opportunities,” Pepsico said. Carey will continue to report to PepsiCo CEO Indra Nooyi, the company said. Pepsico did not disclose the company Greco will lead. Shares of Pepsico were flat in late trading Wednesday after ending the regular trading day up 1.3%.

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Progress Software Corp. shares dropped in the extended session Wednesday after the software company reported an outlook and quarterly results that fell short of Wall Street estimates, and announced its financial chief was retiring. Progress Software shares fell 12% to $22.50 after hours. The company expects adjusted second-quarter earnings of 26 cents to 29 cents a share on revenue of $93 million to $96 million. Analysts surveyed by FactSet had estimated 36 cents a share on revenue of $102.5 million. Progress Software reported adjusted first-quarter earnings of 27 cents a share on revenue of $90.2 million. Analysts had forecast earnings of 28 cents a share on revenue of $93.1 million. Separately, the company said its chief financial officer, Chris Perkins, plans to retire following a transition period while a replacement is found.

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Shares of Micron Technology Inc. climbed in Wednesday’s extended session after ​the chip maker turned in a narrower-than-expected loss. Micron reported it swung to a loss of $97 million, or 9 cents a share, in the second quarter from a year-earlier profit of $934 million, or 78 cents a share. On an adjusted basis, the company would have posted a loss of 5 cents a share. Revenue fell 12% to $2.93 billion. Analysts surveyed by FactSet had forecast Micron to report a loss of 9 cents a share on revenue of $3.05 billion. Micron is the last U.S. supplier of dynamic random access memory chips used in personal computers. Shares rose 4.8% in after-hours trading.

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U.S. stocks finished higher Wednesday for the third straight session, driven higher by dovish comments from Federal Reserve Chairwoman Janet Yellen and a rise in oil prices. The S&P 500 closed 8.99 points, or 0.4%, higher at 2,063.97. The Dow industrials gained 83.90 points, or 0.5%, to 17,716.80, led by strong gains from Apple Inc. and Visa Inc. The Nasdaq Composite closed 22.67 points, or 0.5%, higher at 4,869.29.

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BlackRock Inc. intends to reduce its workforce over the coming weeks, according to Bloomberg News Wednesday, citing unnamed sources. Bloomberg said 400 jobs are expected to be eliminated, which would be the largest round of layoffs in BlackRock’s history. The cuts will be broad-based with an aim at streamlining operations, but hiring will continue as the money manager expects total headcount to be higher by the end of the year. BlackRock representatives were not immediately available to comment on the report.

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