Tag: stock market

Oil futures settled lower Friday, pulling back from a rally a day earlier, as Baker Hughes reported the first weekly rise in the U.S. oil drilling rig count this year. April West Texas Intermediate crude fell 76 cents, or 1.9%, to settle at $39.44 a barrel on the New York Mercantile Exchange. For the week, prices on the most-active contracts gained roughly 6.9% but the April contract itself, which expires at Monday’s settlement, tacked on about 2.4%.

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Gold futures fell on Friday to finish the week with a loss of roughly 0.4%. Prices saw a pullback in the wake of the 2.9% rally a day earlier, when gold got a boost as the U.S. Federal Reserve cut its interest-rate hike expectations. April gold settled at $1,254.30 an ounce, down $10.70, or 0.9%, for the session.

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Oil prices traded solidly under $40 a barrel after data Friday from Baker Hughes showed that the weekly number of active U.S. oil rigs edged higher for the first time this year. The domestic oil-rig count rose by 1 rig to 387 as of Friday. Meanwhile, the total U.S. rig count fell 4 to 476, which is a record low. April crude was at $39.77 a barrel on the New York Mercantile Exchange, down 43 cents, or 1.1%. It was trading at around $39.99 before the data.

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U.S. stocks opened higher on Friday with the main indexes on track to post a fifth consecutive weekly gain. Rising oil prices continued to buoy the indexes. The S&P 500 opened 5 points, or 0.2%, higher at 2,045 and turned positive for the year. The Dow Jones Industrial Average gained 46 points, or 0.3%, to 17,526 at the open. Meanwhile, the Nasdaq Composite began the day up 16 points, or 0.3%, at 4,790.

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Starwood Hotels & Resorts Worldwide Inc.’s stock surged 4.7% in premarket trade Friday, after the hotel operator said it plans to terminate the deal to be bought by Marriott International Inc. , after determining that a new unsolicited bid by a consortium of companies, including China’s Anbang Insurance Group Co. Ltd., was a “superior proposal.” Starwood said it received a new bid of $78 a share in cash, up from the previous bid of $76 a share, from the consortium, which also includes J.C. Flowers & Co. and Primavera Capital Ltd. At Thursday’s closing prices, the cash and stock deal with Marriott would have valued Starwood shares at $68.06 each. Marriott has the right to negotiate a revision of the current deal until 11:59 p.m. Eastern on March 28. Marriott’s stock gained 1% ahead of the open.

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The Canadian dollar soared to its strongest level against its U.S. rival Thursday after official data showed retail sales rebounded sharply in January after an unexpected decline in December. The loonie rose to a session high of 77.38 cents, its strongest level since late October, compared with 77.03 cents late Thursday. Retail sales rose at a monthly rate of 2.1%, surpassing a FactSet consensus estimate for 0.7% growth. But analysts said the currency’s gains were constrained somewhat by a weaker-than-expected report on consumer-price inflation. The loonie has risen 4.5% against the dollar so far this month, supported by rising oil prices and the Bank of Canada’s decision to leave interest rates on hold. (

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From:: Stock Market News

The Canadian dollar soared to its strongest level against its U.S. rival Thursday after official data showed retail sales rebounded sharply in January after an unexpected decline in December. The loonie rose to a session high of 77.38 cents, its strongest level since late October, compared with 77.03 cents late Thursday. Retail sales rose at a monthly rate of 2.1%, surpassing a FactSet consensus estimate for 0.7% growth. But analysts said the currency’s gains were constrained somewhat by a weaker-than-expected report on consumer-price inflation. The loonie has risen 4.5% against the dollar so far this month, supported by rising oil prices and the Bank of Canada’s decision to leave interest rates on hold. (

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McKesson Corp. said it has committed to a restructuring that will include layoffs and changes in business operations that the health care services company expects will cut costs by $170 million to $190 million in fiscal 2017, and by $70 million to $90 million in fiscal 2018. The company disclosed in a regulatory filing that it expects to record a charge of $300 million to $330 million as a result of the restructuring, with the bulk of the charges–about $250 million to $275 million–to be recorded in the current quarter, which ends this month. Most of the charges will be for severance and other employee-related costs. The stock, which was still inactive in premarket trade, has tumbled 23% year to date, while the S&P 500 has slipped 0.2% and the SPDR Health Care ETF has lost 8.3%.

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Shares of Bank of America Corp. climbed 0.9% in premarket trade Friday, after the bank said it’s board of directors authorized the repurchase of up to $800 million worth of common stock. The new repurchase program was implemented to offset the dilution resulting from equity incentive compensation recently awarded to employees eligible for retirement, the bank disclosed in a regulatory filing. The new program is in addition to the $4 billion buyback program announced in March 2015. The stock has tumbled 20% year to date through Thursday, while the S&P 500 has slipped 0.2% and the SPDR Financial ETF has lost 5.6%.

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Tiffany & Co. reported Friday fiscal fourth-quarter earnings that fell to $163.2 million, or $1.28 a share, from $196.2 million, or $1.51 a share, in the same period a year ago. Excluding non-recurring items, including a $28.3 million charge for impairment of a loan made to a diamond mining company, adjusted earnings per share came to $1.46, above the FactSet consensus of $1.40. Sales fell to $1.21 billion from $1.29 billion, matching the FactSet consensus. Worldwide same-store sales fell 9%, missing the FactSet consensus of a 4.4% decline, with all regions missing expectations, with particular weakness in Europe. Looking ahead, the high-end jewelry retailer said fiscal first-quarter EPS may drop 15% to 20% from a year ago, while the FactSet consensus of 76 cents implies a 6.2% decline. The stock, which was indicated up more than 2% in premarket trade, has dropped 8.1% year to date through Thursday, while the S&P 500 has slipped 0.2%.

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