Tag: stock market

Shares of Chevron Corp. slumped 1.8% in premarket trade Friday, after the energy giant reported fourth-quarter earnings that rose more than 7-fold from a year ago, but primarily because of a one-time tax benefit. Net income rose to $3.11 billion, or $1.64 a share, from $415 million, or 22 cents a share, in the same period a year ago. The results included a $2.02 billion benefit related to tax legislation. The FactSet EPS consensus was $1.23. Total revenue rose to $37.62 billion from $31.50 billion, beating the FactSet consensus of $37.4 billion. Among Chevron’s business segments, upstream earnings rose to $5.29 billion from $930 million and downstream earnings grew to $1.28 billion from $357 million, while losses from “all other” segments widened to $3.46 billion from $872 million. Separately, Chevron raised its quarterly dividend to $1.12 a share from $1.08 a share, payable in March. The stock has rallied 8.9% over the past three months, while the SPDR Energy Select Sector ETF has climbed 10.4% and the Dow Jones Industrial Average has run up 11.4%.

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Treasury yields rose at the start of the U.S. trading session, extending its gains to set a 4-year high. The 10-year note yield climbed 6.6 basis points to 2.837%, the highest since Jan. 2014. The 30-year bond yield rose 5.9 basis points to 3.065%, while the 2-year note yield was up 2.5 basis points to 2.186%. Bonds have come under pressure on concerns that stronger wage gains could spur inflationary pressures, eroding the value of debt. Bond prices fall when yields rise. Hourly wages rose 0.3% in January to raise the 12-month increase to 2.9% from 2.6%, the fastest pace since June 2009.

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The U.S. dollar strengthened against its major rivals on the back of the December jobs report on Friday, just one day after trading around a three-year low that it first hit last week. Nonfarm payrolls beat expectations at 200,000 jobs added, while wage growth, which had been lagging in previous reports, and the increase of which is seen as crucial to get inflation to rise, hit an 8.5-year high. The Federal Reserve had long cited low inflation as an issue for the U.S. economy and its path to monetary policy normalization. In this week’s Fed meeting, the central bank said inflation was likely going to rise toward its 2% target, and market participants are beginning to alter their expectations for more rate hikes than previously indicated this year, which could drive the dollar higher. The ICE U.S. Dollar Index was last up 0.5% at 89.085

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Apple Inc. eclipsed Samsung Electronics Co. Ltd. in terms of smartphone shipments for the December quarter, research firm IDC said late Thursday. Apple shipped 77.3 million devices, up 19.2% from a year ago, while Samsung shipped 74.1 million, up 18.4%, according to IDC’s figures. Huawei, Xiaomi, and Oppo rounded out the top five. Overall smartphone shipments slipped 6.3% in the quarter. “The latest flock of posh flagships may have had consumers hitting the pause button in the holiday quarter,” said Anthony Scarsella, an IDC research manager, in a release. “With ultra-high-end flagships all the rage in 2017, many of these new bezel-less wonders proved to be more of a luxury than a necessity among upgraders.” In its earnings release Thursday night, Apple CEO Tim Cook said that the iPhone X, which starts at $999, was has been the company’s best-selling phone since its November launch. He also said that Apple sold 77.3 smartphones in the quarter. Apple shares are up 0.5% in premarket trading and up 31% over the past 12 months. The Dow Jones Industrial Average , of which Apple is a component, is up 32%.

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Following Alphabet Inc.’s fourth-quarter earnings release, analysts at Stifel have cut their rating on shares to hold from buy. The analysts, led by John Egbert, raise a number of “longer-term concerns,” including the impact of Amazon.com Inc.’s ever-expanding retail dominance on Google’s search segment. Egbert cites a third-party study saying that more than half of all consumer-product searches begin at Amazon: “This has the potential to cannibalize Google’s revenue from retail advertisers.” He added that Google’s traffic-acquisition costs have been rising as a percentage of total gross revenue. “Rising TAC presents a greater risk to multiple compression rather than margin erosion in the near term, though greater-than-expected TAC could continue to create a headwind to margin expansion,” Egbert wrote. He kept his price target of $1,150 unchanged. Alphabet shares are down 4.1% in premarket trading but up 44% over the past 12 months. The S&P 500 Index is up 24% in that time.

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Avista Corp. said Friday it was raising its quarterly dividend to 37.25 cents a share, which is up 4.2% from 35.75 a share. The electricity and natural gas generation and distribution company said the new dividend will be payable March 15 to shareholders for record on Feb. 23. At Thursday’s stock closing price of $50.08, the new annual dividend rate of $1.49 a share implies a dividend yield of 2.98%, compared with the implied dividend yields of 2.90% for the SPDR Energy Select Sector ETF and 1.79% for the S&P 500 . Avista shares, which were still inactive in premarket trade, have lost 3.5% over the past three months, while the energy ETF has climbed 10.4% and the S&P 500 has gained 9.4%.

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Merck & Co. Inc. shares rose 0.7% in premarket trade Friday after the company reported a fourth-quarter profit beat and revenue miss. The company reported a loss of $872 million, or a loss of 32 cents per share, after a loss of $594 million, or a loss of 22 cents per share in the year-earlier period. Adjusted earnings-per-share were 98 cents, compared with the FactSet consensus of 94 cents. Revenue rose to $10.43 billion from $10.12 billion, compared with the FactSet consensus of $10.49 billion. The latest results include about $125 million in lost sales relates to the company’s June cyber-attack. The company also noted that it took a $2.6 billion charge related to the U.S. corporate tax overhaul. Sales of the company’s Januvia, Keytruda and Gardasil beat FactSet expectations. Merck expects 2018 revenue of $41.2 billion to $42.7 billion, compared with the FactSet consensus of $41 billion, and 2018 adjusted EPS of $4.08 to $4.23, compared with the FactSet consensus of $4.10. Merck also touted its plans to invest $8 billion in U.S. capital projects over the next five years, of a planned $12 billion total, and an intended “one-time, long-term incentive award” for employees in the second quarter. Merck shares have risen 8.1% over the last three months, compared with a 9.4% rise in the S&P 500 and a 11.4% rise in the Dow Jones Industrial Average .

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Estee Lauder Cos. shares rose 1.1% in premarket trade Friday, after the cosmetics, hair and skin care company reported stronger-than-expected earnings for its fiscal second quarter and raised its guidance. The company said it had net income of $123 million, or 33 cents a share, in the quarter, down from $428 million, or $1.15 a share, in the year-earlier period. The number includes a one-time charge of $1.05 a share from the impact of the U.S. tax reform signed into law in December. Adjusted per-share earnings came to $1.52, ahead of the FactSet consensus of $1.44. Sales rose to $3.74 billion from $3.21 billion, also ahead of the FactSet consensus of $3.67 billion. The company is now expecting fiscal 2018 sale to rise 12.5% to 13.5% and expects adjusted EPS of $4.27 to $4.32, compared with a current FactSet consensus of $4.20. Shares have gained 64% in the last 12 months, while the S&P 500 has gained 24%.

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A minivan plowed into pedestrians in downtown Shanghai, China, on Friday, according to media reports, injuring at least 18 people. At least three of those are in critical condition, the state-run People’s Daily newspaper reported. The incident, apparently an accident, happened at a busy intersection by a Starbucks Corp. cafe near People’s Park around 9 a.m. local time, according to reports. The People’s Daily reported the van was carrying multiple gas cannisters inside, which burst into flames. Videos shared on social media show a brown van crashed into a tree, multiple victims sprawled motionless on a sidewalk, and firefighters dousing flames coming from the interior of the van. Authorities believe the incident was an accident, not a terror attack, the Associated Press reported, citing Shanghai police who said the driver was smoking while transporting gas cannisters.

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A vehicle plowed into pedestrians in downtown Shanghai, China, on Friday, according to media reports, injuring at least 18 people. Videos shared on social media show a brown van crashed into a tree, and multiple victims sprawled on a sidewalk. Authorities are investigating the incident, and it is not yet known if the van purposely targeted pedestrians.

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