Tag: stock market

Shares of Whirlpool Corp. were upgraded to overweight from neutral at J.P. Morgan on Tuesday. In a note to clients, the bank said the stock is attractive on a valuation basis relative to its three-year average, and that fundamentals in 2016 appear solid. “[We] see a path towards the company achieving its 2018 sales and EPS goals, both of which we believe are viewed with varying degrees of skepticism by investors,” J.P. Morgan said in the note. The stock has fallen 16% over the last 12 months, underperforming the S&P 500’s 2% decline. But they have outperformed more recently, climbing 15% over the last three months versus the index’s 1% decline. They rose 1% in premarket trade on Tuesday, putting them on track to open around $167.53.

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Shares of 3D Systems Inc. fell more than 6% in premarket trade Tuesday after J.P. Morgan downgraded the stock to underweight and said the stock’s rally this year has been “excessive” given the lack of clear demand and decline in printer sales last quarter. On Monday, the company reported lower quarterly sales and earnings, though both numbers trumped Wall Street expectations as the company benefitted from new industrial clients in the healthcare industry. Its shares rallied 25% on Monday, marking the company’s best one-day percentage gain in five years. However, J.P. Morgan analyst Paul Coster, who raised his price target on the stock to $10 from $9 on Tuesday, said he believes the stock “overreacted positively” on Monday, primarily owing to a short squeeze.

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

Shares of 3D Systems Inc. fell more than 6% in premarket trade Tuesday after J.P. Morgan downgraded the stock to underweight and said the stock’s rally this year has been “excessive” given the lack of clear demand and decline in printer sales last quarter. On Monday, the company reported lower quarterly sales and earnings, though both numbers trumped Wall Street expectations as the company benefitted from new industrial clients in the healthcare industry. Its shares rallied 25% on Monday, marking the company’s best one-day percentage gain in five years. However, J.P. Morgan analyst Paul Coster, who raised his price target on the stock to $10 from $9 on Tuesday, said he believes the stock “overreacted positively” on Monday, primarily owing to a short squeeze.

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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Fossil Group said Tuesday it is planning to launch wearables for eight brands in 40 countries in 2016. the Swiss watch maker said the brands are Chaps, Diesel, Emporio Armani, Fossil, Kate Spade New York , Michael Kors , Misfit and Skagen, and the products will include display and non-display watches and trackers. “Fossil Group will support the wearables with unique and branded apps across all brands, three product categories, and two operating systems,” the company said in a statement. Shares were not yet active in premarket trade, but are down 38% in the last 12 months, while the S&P 500 has lost 1.6%.

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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Avon Products Inc. said Monday it will cut about 2,500 positions worldwide as part of its reorganization plan announced in January. The workforce reduction includes both filled and open positions, the beauty products company said. Avon said it expects charges of about $60 million before taxes in the first quarter of 2016 as a result, mostly to cover employee-related costs. The company expects pre-tax savings of about $30 million in 2016, and expects annualized pre-tax savings between $65 million to $70 million beginning next year, it said. Avon, which recently sold its North American business and now has commercial operations fully outside the U.S., said it will continue to operate facilities in New York state and continue to be incorporated in the U.S. “The North American business is not impacted by any of today’s actions,” the company said in a statement. Shares of Avon rose 3.9% in late trading Monday after ending the regular session up 4.3%.

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Celator Pharmaceuticals Inc. shares skyrocketed in the extended session Monday after the tiny biotech said its drug candidate significantly improved survival in blood cancer patients. Celator shares jumped 357% to $7.68 on volume of more than 6.4 million shares after hours. Average daily trading volume for Celator shares has been just under 376,000 shares over the past 52 weeks. In a late-stage clinical trial, the company said acute myeloid leukemia patients taking its treatment, Vyxeos, survived an average of 9.6 months, compared with 6 months in patients using standard-of-care treatments.

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Shares of Outerwall Inc. skyrocketed in late trading Monday after the parent company of movie-rental Redbox and coin-exchange Coinstar kiosks said Monday its board of directors agreed to increase its dividend to 60 cents a share, from 30 cents a share, payable June 21 to shareholders of record June 7. The company also said it has started to “explore strategic and financial alternatives” to maximize profit, and that it has retained Morgan Stanley as its financial advisor. Outerwall has been under pressure from activist firm Engaged Capital LLC, which has pointed out to what it called “persistent failures by the Board and management team” responsible for years of losses and has said the company should go private. Shares of Outerwall rose 13% in late trading Monday after ending the regular trading day up 0.7%.

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U.S. stocks finished marginally higher on Monday, with the Dow logging its highest close of the year despite a drop in oil prices. The Dow industrials finished 15.48 points, or 0.1%, higher at 17,228.72, led by strong gains from Nike Inc. and Boeing Co. . The S&P 500 shed 2.59 points, or 0.1%, to 2,019.58, while the Nasdaq Composite gained 1.81 points, or less than 0.1%, to 4,750.28. The correlation between stocks and oil prices will likely loosen as long as prices remain near their recent highs, analysts said.

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

U.S. stocks finished marginally higher on Monday, with the Dow logging its highest close of the year despite a drop in oil prices. The Dow industrials finished 15.48 points, or 0.1%, higher at 17,228.72, led by strong gains from Nike Inc. and Boeing Co. . The S&P 500 shed 2.59 points, or 0.1%, to 2,019.58, while the Nasdaq Composite gained 1.81 points, or less than 0.1%, to 4,750.28. The correlation between stocks and oil prices will likely loosen as long as prices remain near their recent highs, analysts said.

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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WASHINGTON (MarketWatch) — Three units of American International Group were charged by the Securities and Exchange Commission with steering clients into more expensive mutual fund share classes so that they could collect more fees. The SEC said clients were eligible to buy shares without these charges, costing the clients around $2 million. The firms — Royal Alliance Associates, SagePoint Financial, and FSC Securities Corporation — didn’t admit or deny the charges, disgorged $2 million and paid a $7.5 million penalty.

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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