Tag: stock market

U.S. stocks opened little changed on Thursday after fresh economic data offered a mixed picture of the U.S. economy a day after the Federal Reserve expressed concerns about global growth and cut its forecast for a number of rate hikes this year. The S&P 500 opened 1 point, or less than 0.1%, lower at 2,026. The Dow Jones Industrial Average gained 3 points, or less than 0.1%, to 17,329. Meanwhile, the Nasdaq Composite began the day down 11 points, or 0.2%, at 4,753.

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From:: Stock Market News

U.S. stocks opened little changed on Thursday after fresh economic data offered a mixed picture of the U.S. economy a day after the Federal Reserve expressed concerns about global growth and cut its forecast for a number of rate hikes this year. The S&P 500 opened 1 point, or less than 0.1%, lower at 2,026. The Dow Jones Industrial Average gained 3 points, or less than 0.1%, to 17,329. Meanwhile, the Nasdaq Composite began the day down 11 points, or 0.2%, at 4,753.

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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Market strategists said the dollar’s sharp bounce after falling to a 17-month low vs. the yen had all the hallmarks of central bank intervention. The dollar abruptly turned higher Thursday after dropping to 110.67 yen in early morning trade, its lowest level against the Japanese currency since the Bank of Japan meeting on Oct. 31, 2014 when the central bank surprised investors with an unexpected expansion of its monetary stimulus measures. The dollar quickly rocketed back to 111.97 yen — strengthening by more than one yen in under 30 minutes. Boris Schlossberg, managing director of currency strategy at BK Asset Management, said the move suggests 111 yen is the strongest level the BOJ will tolerate before actively trying to influence the exchange rate. “That’s their Maginot Line,” he said. The dollar bought 111.67 yen in recent trade, compared with 112.77 yen late Wednesday.

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Newell Rubbermaid Inc. said it was selling its Levolor and Kirsch window coverings brands, known as its Decor business, to privately-held Hunter Douglas for $270 million. Newell plans to use the proceeds from the deal, which is expected to close this year, to pay down debt. “The announced sale of our Décor business further strengthens our portfolio as we focus our investment behind our highest-potential global growth opportunities,” said Newell Chief Executive Michael Polk. The stock, which was still inactive in premarket trade, had lost 4.4% year to date, while the S&P 500 has slipped 0.8%.

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The Bank of England on Thursday kept its key interest rate at a record low of 0.5% and made no changes to its 375-billion-pound ($538 billion) asset purchase program. The vote was unanimous. Policy makers were expected to leave rates where they’ve been since March 2009, as the bank faces downside risk to U.K. growth and low inflation. Inflation remains “well below” the 2% target rate, “due predominantly to unusually large drags from energy and food prices, which are expected to fade in the coming months,” the BOE said in a statement. The pound rose to $1.4389 from $1.4365 just before the announcement. The pound earlier Thursday had been climbing against the U.S. dollar , which was selling off after the Federal Reserve late Wednesday indicated it will slow the pace of interest-rate increases this year.

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Vitae Pharmaceuticals Inc.’s stock rocketed 97% in active premarket trade Thursday, after the biotechnology company announced positive results from its psoriasis treatment. Volume about 100 minutes before the open was around 177,000 shares, which was already about a third of the full-day average. The company said it believes the results of the Phase 2a trial, which tested the efficacy, safety and tolerability of multiple doses, validates VTP-43742 as a novel therapeutic target for the treatment of psoriasis. “We plan to advance VTP-43742 into a larger scale 16 week trial in the second half of 2016 to continue to assess the efficacy, safety and tolerability of our first-in-class drug candidate,” said Chief Scientific Officer Richard Gregg. The stock had tumbled 77% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF had dropped 26% and the S&P 500 has slipped 0.8%.

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From:: Stock Market News

Vitae Pharmaceuticals Inc.’s stock rocketed 97% in active premarket trade Thursday, after the biotechnology company announced positive results from its psoriasis treatment. Volume about 100 minutes before the open was around 177,000 shares, which was already about a third of the full-day average. The company said it believes the results of the Phase 2a trial, which tested the efficacy, safety and tolerability of multiple doses, validates VTP-43742 as a novel therapeutic target for the treatment of psoriasis. “We plan to advance VTP-43742 into a larger scale 16 week trial in the second half of 2016 to continue to assess the efficacy, safety and tolerability of our first-in-class drug candidate,” said Chief Scientific Officer Richard Gregg. The stock had tumbled 77% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF had dropped 26% and the S&P 500 has slipped 0.8%.

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Michaels Companies Inc.’s stock surged 6% in premarket trade Thursday, after the arts and crafts retailer beat fiscal fourth-quarter profit and sales expectations provided an upbeat 2016 outlook. For the quarter ended Jan. 30, earnings rose to $183.7 million, or 87 cents a share, from $146.4 million, or 75 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 84 cents. Sales increased 4.6% to $1.68 billion, topping the FactSet consensus of $1.65 billion. Same-store sales grew 3.1%, well above expectations of 1% growth. For fiscal 2016, sales are expected to grow 8% to 9%, while the FactSet consensus of $5.11 billion implies 4% growth. The company launched a new $200 million stock buyback program, with no expiration date. The stock has run up 10% year to date through Wednesday, while the S&P 500 has slipped 0.8%.

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Caterpillar Inc. on Thursday warned that first-quarter sales and earnings will come in below expectations set by Wall Street analysts. The heavy-equipment supplier in a regulatory filing said first-quarter sales would come in between $9.3 billion and $9.4 billion. That’s lower than the $10.4 billion in revenue projected in a FactSet survey of analysts. Caterpillar foresees per-share earnings excluding restructuring costs of 65 cents to 70 cents a share. Analysts were looking for 95 cents a share. The company projects net profit of 50 cents to 55 cents a share. Stock in Caterpillar dropped 3.8% to $71.50 in heavy premarket volume.

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Barrick Gold Corp. said late Wednesday its financial chief, Shaun Usmar, is leaving the company to lead a mining industry investment firm backed by Elliot Management. Succeeding Usmar as chief financial officer is Catherine Raw, Barrick’s current executive vice president of business performance. The transition will take place following the company’s April 26 shareholder meeting, Barrick said.

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