Tag: stock market

United Continental Holdings Inc. said Tuesday it was buying 25 new 737-700 aircraft from Boeing Co. , in addition to a previous order of 40 737s, as part of its effort to update its fleet. The air carrier said it was accelerating the retirement its 747 fleet of aircraft from scheduled service by the end of 2018. As a result, the company said it will convert orders for 787 aircraft originally expected to be delivered in 2020 into four 777-300ER aircraft and five 787-9 aircraft beginning in 2017. “Retiring the 747 fleet and replacing those aircraft with more customer-pleasing, current generation aircraft creates a more reliable and efficient fleet that provides a better overall experience for our customers traveling on long-haul flights,” said Acting Chief Financial Officer Gerry Laderman. UAL’s stock, which was inactive in premarket trade, has gained 0.5% year to date, while the S&P 500 has lost 2.1%.

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U.S. stock futures fell in early trading on Tuesday after downbeat China trade data and as investors began to take profits on gains for crude prices. Dow Jones Industrial Average futures fell 81 points, or 0.5%, to 16,965, while S&P 500 index futures dropped 11.10 points, or 0.6%, to 1,988.25. Nasdaq 100 futures slid 27.75 points, or 0.7%, to 4,272.25. The S&P 500 and Dow industrials extended gains to a fifth day on Monday, driven by oil , which powered to its highest settlement of the year. However, investors appeared to be cashing in on some of those gains for U.S. oil on Tuesday, as prices fell 38 cents to $37.52. Meanwhile, fresh data from China showed exports in dollar terms fell for the eighth straight month, dropping 25.4% on an annual basis in February. Economists surveyed by The Wall Street Journal expected a 15% slide.

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A Nashville jury awarded sports reporter Erin Andrews $55 million in damages following the release of nude videos taken of her filmed through a peephole, according to media reports Monday. Andrews had petitioned for $75 million, suing both the stalker who filmed the video, Michael Barrett, and the Nashville Marriott at Vanderbilt, owned by West End Hotel Partners, and operated at the time by Windsor Capital Group. Andrews verified the court win in a Twitter statement thanking her legal team and supporters.

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Michael Bloomberg, the former mayor of New York City, said in a statement Monday that he will not run for president. Bloomberg says many Americans have urged him to run as an independent. “But when I look at the data, it’s clear to me that if I entered the race, I could not win,” says Bloomberg.

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The federal government ran a budget deficit of $192 billion in February, the Congressional Budget Office estimated Monday. The shortfall is the same as the deficit in February 2015. For the fiscal year to date, the deficit is $352 billion, or $34 billion less than the shortfall in the first five months of fiscal 2015. Year-to-date receipts were five percent higher, and spending was up two percent. The government’s fiscal year runs from October through September.

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Shake Shack Inc. shares fell nearly 7% Monday after the fast-casual restaurant chain gave Wall Street a soft outlook for its same-store sales this year. The company swung to gains in the fourth quarter, reporting a net income of $1.2 million, or 7 cents a share, for the quarter, compared with a net loss of $1.4 million, or 5 cents a share, for the same period last year. Total revenue reached $51.1 million in the quarter, up 47% from $35 million in the year-ago period. Analysts polled by FactSet had expected the company to report earnings of 7 cents a share on sales of $50.3 million. Same-store sales rose 11%, the fast-casual restaurant said. The company said it expects to open restaurants in several new cities this year, including the Los Angeles area, and it also plans to enter South Korea, with a partner. Shake Shack predicted total revenue between $237 million and $242 million for fiscal 2016, whereas analysts had expected sales of $240 million for the year. Same-store sales are expected to grow between 2.5% and 3% in 2016, the company said; that contrasts with expectations of 3.1% same-store sales growth for the year, according to FactSet. Shares of Shake Shack had ended the regular trading session up 0.6%.

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Shares of Urban Outfitters Inc. climbed in Monday’s extended session after the retailer posted better-than-expected earnings. Urban Outfitters reported its fourth-quarter earnings slid to $72.9 million from $80.3 million a year earlier but edged up on a per-share basis to 61 cents versus 60 cents. Revenue was flat at $1.01 billion. Analysts surveyed by FactSet had projected earnings of 56 cents a share on revenue of $1.01 billion. Comparable sales fell 2% in the quarter, steeper than the 1.9% drop forecast by analysts. Shares jumped 5.8% in after-hours trading.

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Oil futures rallied on Monday, with prices scoring their highest settlement level of the year as traders continue to bet that oil producers will freeze output. April West Texas Intermediate crude rose $1.98, or 5.5%, to settle at $37.90 a barrel on the New York Mercantile Exchange. That was the highest settlement for a most-active contract since Christmas Eve, according to FactSet Data.

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Oil production from seven major U.S. shale plays is expected to fall by 106,000 barrels a day in April from March to total 4.871 million barrels a day, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 58,000 barrels a day in April, as the Bakken shale play, which stretches from Canada into North Dakota and Montana, is expected to see output fall by 28,000 barrels a day, the report said. April oil continued to trade higher, up $1.73, or 4.8%, to trade at $37.65 a barrel on the New York Mercantile Exchange.

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Shares of Exelon Corp. and Pepco Holdings Inc. rose Monday, after the utilities companies proposed moves that might appease regulators and secure approval of Exelon’s acquisition of Pepco. After the stocks resumed trading, following halts for news, Exelon’s climbed 1.5% and Pepco’s tacked on 1%. In October, the companies had reached an agreement with the Public Service Commission of the District of Columbia in which $25.6 million would be set aside to offset residential customer rate increases. On Monday, the companies proposed a $45.6 million fund, including an additional $20 million set aside for rate credits, low-income customer assistance or grid modernization. “This alternative proposal provides flexibility in determining a path forward for the merger, addressing the guidance the Commission provided in its order and the desire to protect District residents, including those most in need, from rate increases,” said Exelon Chief Executive Chris Crane. The merger was originally announced in April 2014. Last Tuesday, Pepco’s stock tumbled 13% after a rate-payer group in DC said they opposed a merger. Exelon’s shares have run up 22% year to date, while Pepco’s has dropped 6.5% and the S&P 500 Index has declined 3.8%.

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