Tag: stock market

Pacific Crest cut its price target for Apple Inc. stock to $127 from $132 on Monday, saying its supply and demand checks suggest second-quarter sales volume will come in at the low end of the iPhone maker’s guidance. “Demand appears stable but soft, which prompts more cautious estimates,” analysts wrote in a note. Pacific Crest cut its second fiscal quarter estimates for iPhone unit sales to 47.5 million from 49.0 million, “which drives our FQ2 revenue estimate to $50.0 billion from $51.3 billion and our F2016 EPS estimate to $8.73 from $8.89.” Analysts said they expect the iPhone 7 cycle to be supported by replacement dynamics, which should drive mid-teens unit growth and bolster EPS. Apple shares were slightly lower in premarket trade, and are down 2% in the year so far, while the Dow Jones Industrial Average is down 2.4%.

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Chemicals giant DuPont Co. may attract a takeover bid from German rival BASF SE , according to multiple media reports. That could potentially throw a wrench in DuPont’s planned merger with Dow Chemical Co. Shares in BASF traded lower by 1.3% on Monday in the wake of the news. BASF has hired Deutsche Bank and Citigroup to explore a deal, but chances are low that BASF would make an offer, a Financial Times report said.

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GOP presidential hopeful Ben Carson officially suspended his campaign Friday, according to media reports. Speaking at the Conservative Political Action Conference in National Harbor, Md., Carson told attendees that he was “leaving the campaign trail.” This comes after Carson said on Wednesday that he didn’t see a “political path forward” following Super Tuesday.

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Moody’s Investors Service on Friday placed Russia’s Ba1 sovereign rating on review for a possible downgrade in the wake of a prolonged decline in oil prices. The review will focus on the impact of weak oil on Russia’s economy and the government’s fiscal budget, the ratings agency said. Moody’s estimated that depressed oil prices will likely boost Russia’s debt burden by 12 percentage points over a four-year period. Oil and gas account for nearly 60% of Russia’s exports, according to the ratings agency. Along with Russia, Moody’s also placed Saudi Arabia, Qatar, Kuwait, and United Arab Emirates on review for downgrade.

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Fitch Ratings on Friday affirmed Portugal’s long-term foreign currency rating at ‘BB+’ but lowered its rating outlook to stable from positive. The ratings agency cited a wider-than-expected fiscal deficit of 4.2% of the gross domestic product versus 2.7% initially estimated for the weaker outlook. Fitch noted that the Portuguese government’s plans to reduce the fiscal deficit is at risk and that it may have to implement further austerity measures which could raise political tension going forward. “Renewed political uncertainty would increase fiscal and macroeconomic downside risks,” said Fitch in a statement.

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Shares of Lattice Semiconductor Corp. slumped in Friday’s extended session after the chip maker said Chief Financial Officer Joe Bedewi will resign, effective April 2. The company has named Max Downing, vice president of finance, as interim CFO until a successor has been identified. Lattice Semiconductor shares skidded 10% in after-hours trading after closing at $5.79 during the regular session.

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U.S. stocks closed higher for the fourth straight day Friday as crude oil prices climbed and official data showed jobs growth in February was stronger than economists’ expected. The S&P 500 gained 6.48 points, or 0.3%, to 1,999.91. The Dow industrials rose 62.66 points, or 0.4%, to 17,006.77, while the Nasdaq Composite gained 9.6 points, or 0.2%, to 4,717.02. All three indexes have logged three straight weekly gains. Chesapeake Energy Corp. [s:CHK] was the largest gainer on the S&P 500 for a third straight day. Meanwhile, H&R Block Inc. was the worst performer on the index after posting disappointing third-quarter earnings.

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From:: Stock Market News

U.S. stocks closed higher for the fourth straight day Friday as crude oil prices climbed and official data showed jobs growth in February was stronger than economists’ expected. The S&P 500 gained 6.48 points, or 0.3%, to 1,999.91. The Dow industrials rose 62.66 points, or 0.4%, to 17,006.77, while the Nasdaq Composite gained 9.6 points, or 0.2%, to 4,717.02. All three indexes have logged three straight weekly gains. Chesapeake Energy Corp. [s:CHK] was the largest gainer on the S&P 500 for a third straight day. Meanwhile, H&R Block Inc. was the worst performer on the index after posting disappointing third-quarter earnings.

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Oil futures ended sharply higher Friday, with the U.S. benchmark posting a weekly gain of around 9.6% as traders turned their focus from a global glut to signs of slowing U.S. production amid continued hopes major producers will discuss a potential output freeze. West Texas Intermediate crude futures on the New York Mercantile Exchange rose $1.35, or 3.9%, to settle at $35.92 a barrel, maintaining gains after data showed the number of active U.S. oil rigs fell for an eleventh straight week.

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Gold jumped on Friday, trading around a more than one-year high Friday after February jobs data offered a picture of the labor market that was healthy but not strong enough to shift expectations of the Federal Reserve’s monetary policy. April gold settled up $12.50, or 1%, at $1,270.70 an ounce. The metal registered a weekly advance of about 4%, its first weekly gain in three weeks. The nonfarm-payrolls report isn’t expected to spur the central bank to lift rates at its meeting in March, which is bullish for gold. Lower rates benefit the commodity that doesn’t offer a yield.

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