Tag: stock market

Jack in the Box Inc. late Wednesday reported its first-quarter earnings fell to $33.2 million from $35.8 million a year ago although on a per-share basis, profit rose to 92 cents a share from 91 cents. Excluding items, the fastfood chain would have earned 94 cents a share. Revenue edged up to $470.8 million from $468.6 million. Analysts polled by FactSet had expected earnings of $1.03 a share and revenue of $475 million. Systemwide same-store sales at its Jack in the Box locations grew 1.4% compared with 4.4% in the same period a year earlier while Qdoba Mexican Grill reported systemwide same-store sales slowed to 1.8% versus a 14% jump. The company forecast same-stores sales to fall 3% to flat growth at Jack in the Box company restaurants while same-store sales are expected in a range of flat to 3% growth at Qdoba company restaurants in the second quarter. Jack in the Box shares were halted pending release of its quarterly earnings after closing up 2.7% in the regular session.

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Oil futures ended sharply higher Wednesday, rallying despite a mixed message from Iran’s oil minister over a proposed production freeze by major producers. West Texas Intermediate crude for March delivery jumped $1.62, or 5.6%, to end at $30.66 a barrel. Iran’s oil minister didn’t commit to a production freeze after a meeting with some Organization of the Petroleum Exporting Countries counterparts, but praised a proposed freeze tentatively agreed upon a day earlier by Saudi Arabia and Russia.

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ABC Entertainment President Paul Lee resigned on Wednesday, according to initial reports from The New York Times. Lee, who brought the network hit shows such as “How to Get Away With Murder,” reportedly lost a power struggle with ABC Television Group Chairman Ben Sherwood. The Wall Street Journal reported the two had a tense relationship. Ratings at the Walt Disney Co.-owned network have dropped this season. Channing Dungey, who oversaw the networks drama programming, will succeed Lee. Dungey was instrumental in the success of shows such as “Scandal” and “Quantico,” and is the first African-American to head prime-time programming at a broadcast network, according to the Journal.

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Treasury yields continued to rise toward session highs Wednesday afternoon after briefly retreating following minutes from the Federal Reserve’s January meeting that were taken as slightly tilted on the dovish side. The minutes showed that the majority of Fed officials showed concern about stock market weakness and thought the central bank should hold off on a further rise in interest rates. Yields on all Treasury maturities lost about a basis point after the release, but remained higher on the day, amid a rally in risk assets, mainly stocks and oil, that led investors to sell government debt, pushing prices lower and yields higher. The yield on the 10-year Treasury note, the Treasury market’s benchmark, was up 6.5 basis points at 1.842%, while the yield on the 30-year Treasury was up 6.4 basis points to 2.705%. The 2-year Treasury yield was up 3.6 basis points to 0.758%. Treasury yields rise when prices fall and vice versa.

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Gold futures ended modestly higher Wednesday ahead of the release of minutes of the Federal Reserve’s January meeting, which may offer further clues to the central bank’s game plan for monetary policy. April gold was $3.20, or 0.3%, higher to settle at $1,211.40 an ounce. The minutes are expected to be released at 2 p.m. Eastern Time, about half an hour after metals trading on Comex close, but are likely to signal a slowing pace for future interest-rate raises–a boon to precious metals like gold that don’t offer a yield. The yellow metal’s climb occurred even as U.S. stocks were on track for a third day of advances Wednesday afternoon.

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President Barack Obama will meet Wednesday afternoon with former National Security Adviser Tom Donilon and former IBM Chief Executive Sam Palmisano on cybersecurity, the White House announced. Donilon and Palmisano are being appointed the chairman and vice chairman, respectively, of the Commission on Enhancing National Cybersecurity. The meeting comes as the federal goverment is ordering Apple Inc. to help the Justice Department unlock a phone used by a suspect in the San Bernardino, Calif. attack.

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Standard & Poor’s Ratings Services on Wednesday said it cut Saudi Arabia’s long-term sovereign credit rating to A-minus from A-plus to reflect the “marked and lasting” impact of the rout in oil prices. The ratings firm said it has cut its assumptions about oil prices for 2016 to 2019 by about $20 a barrel, with Brent expected to average $40 a barrel in 2016 and gradually rising to $50 a barrel by 2018. S&P said the government’s debt burden could exceed 7% of gross domestic product between 2016 and 2019. The ratings firm said its outlook for the country’s rating is stable, reflecting expectations that Saudi authorities “will take steps to prevent any further deterioration in the government’s fiscal position beyond our current expectations.”

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Standard & Poor’s Ratings Services on Wednesday said it cut Saudi Arabia’s long-term sovereign credit rating to A-minus from A-plus to reflect the “marked and lasting” impact of the rout in oil prices. The ratings firm said it has cut its assumptions about oil prices for 2016 to 2019 by about $20 a barrel, with Brent expected to average $40 a barrel in 2016 and gradually rising to $50 a barrel by 2018. S&P said the government’s debt burden could exceed 7% of gross domestic product between 2016 and 2019. The ratings firm said its outlook for the country’s rating is stable, reflecting expectations that Saudi authorities “will take steps to prevent any further deterioration in the government’s fiscal position beyond our current expectations.”

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Iran’s oil minister on Wednesday said the country will support action aimed at allowing oil prices to recover, but also said other producers understand the Tehran’s situation, the ministry’s official Shana news agency reported, according to news reports. The minister, Bijan Zanganeh, was earlier quoted as saying that Iran would resist any efforts to curb its own production because it would be “illogical” to do so just as sanctions that have limited crude exports are lifted. Zanganeh was meeting Wednesday with officials from fellow Organization of the Petroleum Exporting Countries members Iraq, Venezuela and Qatar to discuss a proposal tentatively agreed upon by Saudi Arabia and non-OPEC producer Russia to freeze production at January levels. Oil futures extended gains after the comments. March crude for delivery on the New York Mercantile Exchange was up $1.53, or 5.3%, at $30.57 a barrel.

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U.S. stocks opened higher Wednesday, on track for a third session of gains ahead of the release of Federal Reserve minutes that could fuel hopes of a pause to rate hikes. Rising oil prices along with firmer inflation numbers from wholesalers helped boost investor sentiment. The S&P 500 rose 9 points, or 0.5%, to 1,905. The Dow Jones Industrial Average gained 73 points, or 0.4% to 16,268. The Nasdaq Composite rose 35 points, or 0.8%, to 4,471.

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