Tag: stock market

DSW Inc. was downgraded to neutral from outperform at Credit Suisse after analysts said the off-price shoe and accessory retailer lacks high-end merchandise. Shares of DSW wre down 1% on Friday, trading at about $26. DSW “originally sourced nearly 80% of its product from national brands available primarily in premium distribution,” Credit Suisse wrote in a Friday note. Now, “92% of shelf space allocated to mid-tier and private label brands whose primary channel is in mid-tier and low-end distribution.” Credit Suisse, which analyzed products on the store’s shelves, said that of the 196 brands it found, only two were designer brands. The top three brands by shelf space were Nike , Skechers and the retailer’s own Kelley & Katie brand. Analysts believe DSW will have a hard time enticing customers looking for off-price desinger shoes and see business struggle as a result. The recent acquisition of online shoe retailer eBuys won’t improve the assortment, Credit Suisse said. DSW shares aredown 30.3% for the past year, but up 9.1% in 2016. The S&P is down 2% this year.

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.

…read more

From:: Stock Market News

Oil prices held gains after data Friday from Baker Hughes showed that the number of active U.S. oil-drilling rigs fell for an 11th week in a row, down by 8 to 392 as of Friday. The total active U.S. rig count, which includes natural-gas rigs, was down 13 at 489. The lowest count for total U.S. rigs was 488 from April 23, 1999, according to Baker Hughes data. April crude was at $35.68 a barrel on the New York Mercantile Exchange, up $1.11, or 3.2%. It traded at $35.80 before the data.

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.

…read more

From:: Stock Market News

The Los Angeles Police Department is testing a knife found on a property once owned by former professional football player and TV personality O.J. Simpson, according to a Friday report in the Los Angeles Times. The knife was turned in to authorities several years ago by a person working on the site, but detectives had only recently learned of its existence, the newspaper reported. Simpson was found not guilty of the double murder of his ex-wife Nicole Brown Simpson and her friend Ron Goldman in 1995. In a separate civil case brought by the families of Brown and Goldman in 1997, Simpson was found liable in their deaths and ordered to pay $25 million in punitive damages.

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.

…read more

From:: Stock Market News

WASHINGTON (MarketWatch) – President Barack Obama will speak to reporters this afternoon following a meeting of his economic team, the White House announced Friday. Obama will speak after a report which showed the U.S. added 242,000 new jobs in February.

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.

…read more

From:: Stock Market News

WASHINGTON (MarketWatch) – President Barack Obama will speak to reporters this afternoon following a meeting of his economic team, the White House announced Friday. Obama will speak after a report which showed the U.S. added 242,000 new jobs in February.

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.

…read more

From:: Stock Market News

U.S. stocks opened slightly higher, on track for a fourth straight session of gains, after a much stronger-than-expected monthly jobs report underscored that the labor market remains robust. The Labor Department said that the U.S. generated 242,000 new jobs in February, beating economists’ expectations of 198,000 new jobs. But the report also showed a drop in hourly wages and in the number of hours worked. Continued strength in the labor market could keep the Federal Reserve on track to raise interest rates further this year, after December ushered in the first hike in nearly a decade. The S&P 500 gained 3 points, or 0.2%, to 1,996. The Dow Jones Industrial Average opened 20 points, or 0.1%, higher at 16,965. Meanwhile, the Nasdaq Composite began the day up 9 points, or 0.2%, to 4,716.

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.

…read more

From:: Stock Market News

Under Armour Inc. affirmed Friday its 2016 revenue outlook, as the athletic gear maker attempted to dispel concerns about the impact of the bankruptcy of The Sports Authority, which is one of its customers, earlier this week. Under Armour said it still expects full-year revenue of $4.95 billion, compared with the FactSet consensus of $4.99 billion. Under Armour said it did not believe that the exposure to its receivables from The Sports Authority “is materially impacted by these developments,” the company said in a statement. The company plans to offset impact of the bankruptcy through continued sales to The Sports Authority and sales through other customers. Since The Sports Authority declared bankruptcy before the March 2 opening bell, Under Armour’s stock had declined 2.2% while the S&P 500 had gained 0.8%. The stock was still inactive ahead of Friday’s open.

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.

…read more

From:: Stock Market News

The dollar strengthened against its main rivals Friday after data from the Labor Department showed the U.S. economy created more jobs in February than economists had expected. The dollar jumped to 114.10 yen after the data, up from 113.81 yen shortly before. The euro fell to $1.0927, from $1.0970 before. The pound fell to $1.4129, from $1.4145. The U.S. economy added 242,000 jobs in February according to the data, exceeding expectations for a gain of 198,000. Last month’s initial reading of 151,000 new jobs was also revised higher to 172,000. But the report did include one notable blemish: Average hourly wages, a key measure of inflation, declined by 0.1%. Economists had expected wages to rise by 0.2%.

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.

…read more

From:: Stock Market News

Treasury yields climbed Friday to their highest level in a month after the Labor Department said that the U.S. generated 242,000 new jobs in February, beating economists’ expectations of 198,000 new jobs. Continued strength in the labor market could keep the Federal Reserve on track to raise interest rates further this year, after December ushered in the first hike in nearly a decade. Yet despite the big gain in new jobs, average hourly wages fell by 0.1%. The yield on the 10-year Treasury note, the Treasury market’s benchmark, gained 5.5 basis points to 1.885%, its highest level since Feb. 1, according to Tradeweb. The 2-year yield gained 3.3 basis points to 0.878%, its highest level since mid January. The 30-year yield rose 4.3 basis points to 2.701%. Treasury yields rise when prices fall. One basis point is equal to one hundredth of a percentage point.

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.

…read more

From:: Stock Market News

WASHINGTON (MarketWatch) – The U.S. generated 242,000 new jobs in February, snapping back after a modest slowdown in hiring in the first month of 2016. Economists polled by MarketWatch had expected an increase of 198,000 nonfarm jobs. The unemployment rate was unchanged at 4.9%. Employment gains for January and December, meanwhile, were revised up by a combined 30,000, the Labor Department said Friday. The government said 172,000 new jobs were created in January instead of 151,000. December’s gain was raised to 271,000 from 262,000. Yet despite the big gain in new jobs, average hourly wages fell 3 cents, or 0.1%, to $25.35. Hourly pay rose a mild 2.2% from February 2015 to February 2016. And the amount of time people worked each week dropped 0.2 hours to 34.4 hours, the lowest level in two years. The labor-force participation rate moved up to 62.9%, the highest level since May, as more than half a million people joined the labor force.

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.

…read more

From:: Stock Market News