Tag: stock market

Shares of American Water Works Co. shot up to a record high in active trade Wednesday, after S&P Dow Jones Indices said it was adding the water services company to the S&P 500 Index . The stock climbed 4.1% in midday trade. Volume just before noon Eastern was 7 million shares, or more than five times the full-day average over the past 30 days, according to FactSet. The intraday high of $68.87 was the highest seen since the company went public in April 2008. The stock will replace Consol Energy Inc. in S&P’s benchmark index of large-capitalization companies, effective after the close of trading on Thursday. Consol is being pushed down to the S&P MidCap 400 , replacing Solera Holdings Inc. .

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The government of Saudi Arabia has asked banks to provide it with a loan of up to $10 billion, Reuters reported Wednesday, citing unnamed sources. An invitation sent to banks to discuss the loan didn’t specify size, but sources said it could be around $10 billion or more, the report said. The Saudi finance ministry and central bank didn’t respond to requests for comment after hours on Wednesday, Reuters reported. The alleged request from the world’s largest oil exporter comes as a rout in crude prices takes a toll on the finances of major producing nations.

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From:: Stock Market News

The government of Saudi Arabia has asked banks to provide it with a loan of up to $10 billion, Reuters reported Wednesday, citing unnamed sources. An invitation sent to banks to discuss the loan didn’t specify size, but sources said it could be around $10 billion or more, the report said. The Saudi finance ministry and central bank didn’t respond to requests for comment after hours on Wednesday, Reuters reported. The alleged request from the world’s largest oil exporter comes as a rout in crude prices takes a toll on the finances of major producing nations.

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Oil futures reversed course Wednesday to trade higher after the latest weekly data from the U.S. government. The report showed a hefty 10.4 million-barrel increase in crude supplies but also revealed that domestic output edged lower. Total U.S. crude output fell by 25,000 barrels to stand at 9.077 million barrels a day, the Energy Information Administration said. April West Texas Intermediate oil was up 48 cents, or 1.3%, to $34.88 a barrel on the New York Mercantile Exchange. It was trading around $34.30 ahead of the supply data and dropped to as low as $33.63 after them, before climbing back up again. Oil’s price move “looks like a classic case of sell-the-rumour, buy-the-news type of a reaction,” said Fawad Razaqzada, technical analyst at Forex.com and City Index. He said a supply build of this magnitude was already reported by the API last night and we are in a ‘risk on’ environment right now.

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Abercrombie & Fitch Co.’s stock pulled a sharp U-turn in active morning trade Wednesday, to trade down 1% after being up as much as 7.9% within minutes of the opening bell. The stock’s initial jump, to a 16-month high in intraday trade, came after apparel retailer reported better-than-expected fiscal fourth-quarter earnings, and the first year-over-year rise in same-store sales since the quarter ended April 2012. On the conference call with analysts following results, Chief Financial Officer Joanne Crevoiserat said temporary closures of Hollister stores for remodeling, as well as the negative effects of a strengthening dollar, is expected to have “a disproportionate adverse impact” on same-store sales for the fiscal second quarter, according to a transcript of the call provided by FactSet. Volume in the stock about one hour after the open was 6.4 million shares, or more than double the full-day average over the past 30 days, according to FactSet. The stock was still up 14% over the past three months, while the SPDR S&P Retail ETF has lost 2.1% and the S&P 500 has declined 5.2% over the same time.

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Oil futures lost more ground on Wednesday after the U.S. Energy Information Administration reported a 10.4 million-barrel climb in crude-oil supplies for the week ended Feb. 26. That was above the 9.9 million-barrel increase reported by the American Petroleum Institute, and more than four times higher than the rise of 2.5 million barrels expected by analysts polled by Platts. Gasoline supplies fell by 1.5 million barrels, while distillate stockpiles climbed by 2.9 million barrels last week, according to the EIA. April crude was at $33.90 a barrel on the New York Mercantile Exchange, down 50 cents, or 1.5%. Prices traded at $34.30 a barrel before the data.

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From:: Stock Market News

U.S. stocks opened lower on Wednesday, as a fresh drop in oil prices weighed on the main benchmarks after Tuesday’s strong rally. A report on private-sector hiring that was stronger than economists had expected did not give the market a substantial boost. The S&P 500 lost 4 points, or 0.2%, to 1,974. The Dow Jones Industrial Average fell 53 points, or 0.3%, to 16,812. Meanwhile, the Nasdaq Composite began the day down 8 points, or 0.2%, to 4,680.

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Delta Air Lines Inc.’s stock dropped 1.6% in premarket trade Wednesday, after the air carrier reported declines in a key performance metrics in February. Passenger revenue per available seat mile (PRASM) for the month fell 5.5% from the same period a year ago. Total system load factor declined to 79.7% from 80.3%, with declines in the U.S. offsetting increases in international. Load factor fell as capacity increased 6%, more than the 5.3% growth in traffic. The stock has gained 1.2% over the past three months through Tuesday, compared with the NYSE Arca Airline Index’s 7.7% decline and the S&P 500 Index’s 3.2% slip.

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McKesson Corp. , a healthcare services and information technology company, has agreed to acquire Rexall Health from Katz Group, a privately-held Canadian company, for $2.2 billion. McKesson will get about 470 retail pharmacies in the deal, with Rexall Health strengthening McKesson’s business in the Ontario and Western Canadian regions, according to a Wednesday release. The deal, which is expected to close in late 2016, will be “modestly accretive” to adjusted earnings in fiscal 2017, and drive “meaningful accretion” to adjusted earnings in fiscal 2018 on a constant currency basis. Going forward, Katz Group will focus on its three other lines of business: real estate, sports and entertainment and public and private investments, said the company’s founder Daryl Katz in a statement. McKesson shares are up 0.1% in premarket trading, but down 31.4% for the past year. The S&P 500 is down 6.6% for the past 12 months.

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From:: Stock Market News

McKesson Corp. , a healthcare services and information technology company, has agreed to acquire Rexall Health from Katz Group, a privately-held Canadian company, for $2.2 billion. McKesson will get about 470 retail pharmacies in the deal, with Rexall Health strengthening McKesson’s business in the Ontario and Western Canadian regions, according to a Wednesday release. The deal, which is expected to close in late 2016, will be “modestly accretive” to adjusted earnings in fiscal 2017, and drive “meaningful accretion” to adjusted earnings in fiscal 2018 on a constant currency basis. Going forward, Katz Group will focus on its three other lines of business: real estate, sports and entertainment and public and private investments, said the company’s founder Daryl Katz in a statement. McKesson shares are up 0.1% in premarket trading, but down 31.4% for the past year. The S&P 500 is down 6.6% for the past 12 months.

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From:: Stock Market News