Tag: stock market

Gold futures retreated on Wednesday, giving back more than half of what they gained a day earlier when U.S. Federal Reserve Chairwoman Janet Yellen reiterated a cautious stance on interest-rate hikes. June gold lost $8.90, or 0.7%, to settle at $1,228.60 an ounce. The dollar-denominated metal gained $15.50, or 1.3%, on Tuesday as Yellen’s remarks pressured the greenback .

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Gold futures retreated on Wednesday, giving back more than half of what they gained a day earlier when U.S. Federal Reserve Chairwoman Janet Yellen reiterated a cautious stance on interest-rate hikes. June gold lost $8.90, or 0.7%, to settle at $1,228.60 an ounce. The dollar-denominated metal gained $15.50, or 1.3%, on Tuesday as Yellen’s remarks pressured the greenback .

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WASHINGTON (MarketWatch) – The Treasury Department said Wednesday that it stands by the Financial Stability Oversight Council’s determination that a material distress at Metlife Inc. [s:MET] could pose a threat to the financial system. In a statement, a spokesman for the agency said Treasury “strongly disagree” with afederal judge’s decision to rescind the FSOC determination that MetLife is a systemically important financial institution. “We are confident that FSOC’s determination was lawful and will continue to defend the Council’s designations process vigorously,” the Treasury spokesman said.

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The Securities and Exchange Commission settled charges Wednesday with G. Steven Burrill, and his firm Burrill Capital Management, for allegedly siphoning money from a fund managed by the firm in order to prop up his other struggling businesses and finance a lavish lifestyle. The SEC investigation found Burrill concealed his theft from investors by calling the misappropriation “advanced” management fees and spent it on family vacations as well as jewelry, gifts, car service, and private jets. Burrill and his firm will pay back $4.785 million to investors plus pay a $1 million penalty. Burrill also agreed to be permanently barred from the securities industry. Burrill Capital Management’s chief legal officer Victor A. Hebert and controller Helena C. Sen also settled charges they enabled the scheme and paid penalties of $185,000 and $90,000, respectively. They also are barred from the securities industry. Burrill, his firm, Hebert, and Sen agreed to the settlements without admitting or denying the findings. Burrill, a former audit partner, and Sen are also permanently suspended from appearing and practicing before the SEC as accountants. Hebert is permanently suspended from appearing and practicing before the SEC as an attorney.

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MetLife Inc.’s stock shot up 5.1% in active morning trade, after a federal judge granted the insurer’s wish by rescinding the government’s determination that the company was a systemically important financial institution (SIFI), according to a report in The Wall Street Journal. Volume topped seven million shares about 90 minutes after the open, compared with the full-day average of 6.2 million shares, according to FactSet. Details of the judge’s decision, which could be appealed by the Financial Stability Oversight Council, were not immediately available, the WSJ report said. MetLife has been pushing to overturn the SIFI designation, because that comes with increased regulatory oversight and higher capital requirements.

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Oil futures gained more ground on Wednesday after the U.S. Energy Information Administration reported a 2.3 million-barrel rise in crude-oil supplies for the week ended March 25. That was below than the 2.6 million-barrel increase reported by the American Petroleum Institute, and close to the climb of 2 million barrels expected by analysts polled by Platts. Gasoline supplies fell by 2.5 million barrels, while distillate stockpiles edged down by 1.1 million barrels last week, according to the EIA. May crude was at $39.75 a barrel on the New York Mercantile Exchange, up $1.47, or 3.8%. Prices traded at $39.46 before the data.

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U.S. stocks opened higher on Wednesday, set to benefit for a second session from a cautious stance on interest-rate hikes expressed by Federal Reserve Chairwoman Janet Yellen. A private-sector jobs report on Wednesday showed a modest deceleration from the prior month but remained roughly in line with expectations. The S&P 500 opened 7 points, or 0.3%, higher at 2,062. The Dow Jones Industrial Average gained 65 points, or 0.4%, to 17,694. Meanwhile, the Nasdaq Composite began the day up 28 points, or 0.6%, at 4,875.

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Shares of Carnival Corp. shot up 4.1% in premarket trade Wednesday, after the cruise operator beat fiscal first-quarter profit expectations and bumped up its full-year outlook. For the quarter ended Feb. 29, earnings rose to $142 million, or 18 cents a share, from $49 million, or 6 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 39 cents, above the FactSet consensus of 31 cents. Revenue rose to $3.65 billion from $3.53 billion, boosted by growth in passenger tickets and onboard sales. The FactSet sales consensus was $3.63 billion. The company expects fiscal second-quarter adjusted EPS of 34 cents to 38 cents, surrounding the FactSet consensus of 37 cents. The full-year EPS outlook was increased to $3.20 to $3.40 from $3.10 to $3.40. “The lower levels of inventory remaining for sale for the balance of the year, particularly for our peak summer period, positions our brands well for continued revenue yield growth and builds confidence in our full year earnings forecast,” Chief Executive Arnold Donald said. The stock has dropped 8.9% year to date through Tuesday, while the S&P 500 has gained 0.5%.

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Cowen upgraded shares of Apple Inc. to outperform from market perform and raised its price target on the stock Wednesday to $135 from $125. Analyst Timothy Arcuri said Apple estimates “have bottomed,” and that the iPhone 7, expected to be unveiled in September, will help spur upgrades in the near term. “Street estimates finally look safe while [year-over-year] compares on iPhone units and overall Apple revenue are bottoming” and should turn flat as soon as the calendar fourth quarter, said Arcuri. Cowen also believes that Apple’s potential adoption of OLED screens for new flagship phones starting in 2017 might help boost sales longer term. Shares of Apple rose 1.3% to $109.05 in premarket trade. They’re down 14% from a year ago, versus a 2% decline for the Dow Jones Industrial Average.

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From:: Stock Market News

Cowen upgraded shares of Apple Inc. to outperform from market perform and raised its price target on the stock Wednesday to $135 from $125. Analyst Timothy Arcuri said Apple estimates “have bottomed,” and that the iPhone 7, expected to be unveiled in September, will help spur upgrades in the near term. “Street estimates finally look safe while [year-over-year] compares on iPhone units and overall Apple revenue are bottoming” and should turn flat as soon as the calendar fourth quarter, said Arcuri. Cowen also believes that Apple’s potential adoption of OLED screens for new flagship phones starting in 2017 might help boost sales longer term. Shares of Apple rose 1.3% to $109.05 in premarket trade. They’re down 14% from a year ago, versus a 2% decline for the Dow Jones Industrial Average.

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