Tag: stock market

General Dynamics Corp.’s stock shed 3.8% toward a six-week low, after the aerospace and defense company was downgraded at Deutsche Bank, which cited “alarming” investory and sales trends surrounding its Gulfstream business jets. Analyst Myles Walton cut his rating to hold, after being at buy for at least the last three years. He said the Gulfstream G650 inventory and price trends are “quickly becoming a problem,” with 13% of G650s now available for sale, and rising. “We estimate the G650 drives two-thirds of the profit in the aerospace segment…but that the production we’re seeing may be as much as 20%-30% ahead of true demand,” Walton wrote in a note to clients. The stock has now lost 5.9% year to date, while the S&P 500 has slipped 0.7%.

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From:: Stock Market News

General Dynamics Corp.’s stock shed 3.8% toward a six-week low, after the aerospace and defense company was downgraded at Deutsche Bank, which cited “alarming” investory and sales trends surrounding its Gulfstream business jets. Analyst Myles Walton cut his rating to hold, after being at buy for at least the last three years. He said the Gulfstream G650 inventory and price trends are “quickly becoming a problem,” with 13% of G650s now available for sale, and rising. “We estimate the G650 drives two-thirds of the profit in the aerospace segment…but that the production we’re seeing may be as much as 20%-30% ahead of true demand,” Walton wrote in a note to clients. The stock has now lost 5.9% year to date, while the S&P 500 has slipped 0.7%.

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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Pandora Media Inc.’s stock surged 10% in active trade Thursday, as the addition of a long-time media executive to the music streaming services board of directors fueled merger speculation. The company said late Wednesday that it expanded the size of its board to 10 members from nine, with the addition of Anthony J. Vinciquerra, who Pandora said has three decades of media industry experience, and has been a senior advisor to private equity firm Texas Pacific Group in the technology, media and telecom sectors since 2011. Speculation about a merger has been around for a while, but analyst Rich Tullo at Albert Fried & Co. said adding Vinciquerra to the board gives “a little credence” to the speculation. “If I were selling Pandora, I would add a director like Mr. Vinciquerra to the board,” Tullo wrote in a note to clients. “If I were buying Pandora, I would send Mr. Vinciquerra to Pandora to aid in integration. Just a speculation.” The stock was still down 20% year to date, while the S&P 500 has slipped 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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Natural-gas futures turned modestly higher on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose by 15 billion cubic feet for the week ended March 18. That was below with the rise of between 18 billion and 22 billion cubic feet expected by analysts polled by Platts. The weekly climb, however, is the first one of the year, marking an end to the heating season. Total stocks now stand at 2.493 trillion cubic feet, up 1.02 trillion cubic feet from a year ago and 846 billion cubic feet above the five-year average, the government said. April natural gas rose about a penny to $1.80 per million British thermal units. Prices traded $1.785 before the supply data.

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WASHINGTON (MarketWatch) – President Barack Obama and China’s President Xi Jinping will hold bilateral talks on March 31 on the sidelines of the Nuclear Security Summit in Washington, White House spokesman Josh Earnest said Thursday. The meeting will give the two leaders a chance to discuss a range of issues and to address areas of disagreement constructively, he said.

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U.S. stocks opened lower Thursday and are on track for a third straight day of losses, as oil prices also slumped for a third day in a holiday-shortened week. The S&P 500 shed 7.46 points, or 0.4%, to 2,028.78, while the Dow industrials slid 68.21 points, or 0.4%, to 17,422.94. The Nasdaq Composite lost 28.77 points, or 0.5%, to 4,739.72. U.S.-traded crude-oil futures were down nearly 3% in recent action, bringing oil’s weekly decline to 6.3%. Here’s a guide to which markets will be closed for the Easter holiday.

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Dutch soccer star Johan Cruyff has died at home in Spain at the age of 68, after suffering from lung cancer for years. “On March 24, 2016 Johan Cruyff (68) died peacefully in Barcelona, surrounded by his family after a hard fought battle with cancer. It’s with great sadness that we ask you to respect the family’s privacy during their time of grief,” said a statement Thursday on the World of Johan Cruyff website. Regarded as one of the best players of all time, Cruyff led the “Total Football”-era Holland team to the final of the 1974 World Cup, where they lost to West Germany. He rose to fame as a forward in the Ajax and Barcelona teams, then went on to manage Barcelona as head coach.

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Yahoo Inc.’s stock rose 0.8% in premarket trade Thursday, bucking the sharp weakness seen in the broader market, after activist investor Starboard Value LP confirmed that it was nominating nine people to the Internet company’s board of directors. Starboard said it owns about 1.7% of Yahoo’s outstanding shares. In a letter to Yahoo shareholders, Starboard said it believes Yahoo is “deeply undervalued,” and opportunities exist to unlock significant value for shareholders. “Unfortunately, as we have outlined in previous letters, we have been extremely disappointed with Yahoo’s dismal financial performance, poor management execution, egregious compensation and hiring practices, and general lack of accountability and oversight by the Board,” Starboard wrote. “We believe the Board clearly lacks the leadership, objectivity, and perspective needed to make decisions that are in the best interests of shareholders.” The Wall Street Journal had reported late Wednesday that Starboard was looking to replace Yahoo’s entire board. The stock has tumbled 22% over the past 12 months, while the S&P 500 has slipped 2.6%.

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Portola Pharmaceuticals Inc. stock dropped nearly 27% in active pre-market trade Thursday after phase 3 trial results missed study thresholds. The study tested two different anti-coagulation medications in preventing venous thromboembolism, or blood clots in acutely ill patients who had been hospitalized from conditions such as heart failure and stroke. The 7,513 enrolled patients were split into three groups, of which the first group’s results missed the study’s threshold, though the other two, larger groups met the measure, the company said. Portola also said there was no statistical difference in major bleeding between the two anticoagulation medications in the patients. The results “will be subject to discussions with regulatory agencies,” Portola chief executive officer Bill Lis said, adding that the company believed in the trial’s “overall robustness.” About 20 million patients in G7 countries are at risk for venous thromboembolism during or after a hospital stay, the company said.

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Finish Line Inc.’s stock surged 3.2% in premarket trade Thursday, after the athletic apparel retailer beat fiscal fourth-quarter profit and sales expectations. For the quarter ended Feb. 27, earnings fell to $4 million, or 9 cents a share, from $40.8 million, or 87 cents a share, in the same period a year ago. Excluding a one-time charge for the write-off of technology assets, adjusted earnings per share were 83 cents, above the FactSet consensus of 80 cents. Revenue rose 5.2% to $580.3 million and same-store sales increased 4.6%, compared with the FactSet revenue consensus of $568 million and same-store sales consensus of 3.7%. The company expects adjusted EPS of for the current fiscal year of $1.50 to $1.56 and same-store sales growth of 3% to 5%, compared with expectations for EPS of $1.70 and for same-store sales growth of 2.8%. The stock has climbed 4.8% year to date through Wednesday, while the S&P 500 has slipped 0.4%.

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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