Tag: stock market

IAC/InterActiveCorp was upgraded to buy from hold at Stifel on the belief that the company is entering another period of share repurchases. The bank has a price target of $52. Analysts said in a Friday note that the greatest returns at the company were between 2009 and 2012 when the company repurchased almost half of its outstanding shares. IAC is also looking at acquisition opportunities. Since the offer for Angie’s List was rejected and the stock price turned down after, analysts say buybacks are a priority. IAC shares are inactive in premarket trading, but down 37.2% for the past 12 months. The S&P 500 is down 12.4% for the past year.

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Boeing Co.’s stock slipped 0.4% in premarket trade Friday, after the aerospace giant was downgraded at J.P. Morgan in the wake of reports of an accounting probe. Analyst Seth Seifman cut his rating to neutral, after being at overweight for at least the last 3 1/2 years, and slashed his stock price target to $120 from $142. He said he believes the chief risk of a probe into program accounting on the 787 and 747 aircraft, is potential for impaired 787 cash flow expectations. While Seifman believes that outcome is unlikely, “787 cash is central to our investment case and not, therefore, an area where we want to take an incremental risk,” Seifman wrote in a note to clients. He said the probe also saps investor confidence, which has already been running low. Boeing’s stock had tumbled $7.91, or 6.8%, on Thursday–the 2nd-biggest price decline since the company want public in 1972–after Bloomberg reported, citing unnamed sources, that the SEC was investigating whether Boeing properly accounted for the costs and expected sales of its 787 and 747 aircraft. Boeing declined Thursday to comment on the report. The stock has plunged 25% year to date, while the Dow Jones Industrial Average has lost 10%.

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Interpublic Group of Companies said Friday it raised its quarterly dividend by 25% to 15 cents a share, from 12 cents a share. The new dividend will be payable March 15 to shareholders of record on March 1. The advertising company announced a new $300 million share repurchase program, with no expiration date. “These actions build on a sustained capital return program that IPG initiated in 2011,” said Chief Executive Michael Roth. “Since that time, we have returned a total of $2.5 billion to shareholders through a combination of dividends and share repurchase, and reduced our outstanding shares eligible for dilution by over 25%.” The stock, which was still inactive in premarket trade, has dropped 11% over the past three months, matching the decline in the S&P 500.

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The Greek economy slipped back into recession in the fourth quarter of last year, capping a tumultuous year that almost saw the country leave the eurozone. Greece’s gross domestic product shrank 0.6% in the last quarter of 2015, building on a 1.4% contraction in the third quarter. This comes as the country narrowly escaped recession in the second quarter, as the economy grew 0.2%. “It’s hard to imagine how the sense of deja-vu could be any stronger. The confirmation that Greece has slumped back into recession came as rioters stalked the streets of Athens to protest against government austerity,” said David Lamb, head of dealing at FEXCO, in a note. Clashes broke out in the Greek capital earlier on Friday, as thousands of farmers protested against tax increases and pension reforms. The yield on 10-year Greek government bonds rose 32 basis points to 11.42%.

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Gold prices slipped Friday, with the safe-haven metal out of favor as so-called risk assets rallied. Gold for April delivery was down $8.20, or 0.7%, to $1,239.70 an ounce, trailing a jump in European equities and advances for U.S. stock futures. On Thursday as global equities melted down, gold futures surged by $53.20, or 4.5%, marking their largest one-day dollar and percentage gain since Sept. 19, 2013. Stocks had been hit after U.S. Federal Reserve Chairwoman Janet Yellen on Wednesday acknowledged that volatility in international financial markets and the global economy could impact the outlook for the U.S. For the week, gold prices were on track for a 7.1% rise.

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The Bank of Japan may call an emergency policy meeting to consider additional monetary easing if the market turmoil persists, an adviser to Prime Minister Shinzo Abe has told The Wall Street Journal. The central bank is currently scheduled to meet on Mar. 14. Etsuro Honda, a former finance ministry bureaucrat, said in comments published Friday that it is now out of the question for the government to go ahead with its plan to increase sales tax next year, and instead “it should be made a priority to stimulate demand through both fiscal and monetary policies.” Honda emphasized that he has no advance knowledge of the BOJ’s intentions.

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After a week that has seen the yen soar against rivals, specifically the dollar, the country’s finance minister on Friday sent a warning to investors. “We have seen quite rough movements in the exchange rate recently. We will continue to watch the foreign- exchange market with a sense of tension, and we will act appropriately if that becomes necessary,” Finance Minister Taro Aso said in a press conference on Friday, according to a report in The Wall Street Journal. The dollar last traded at ¥111.92, from ¥112.27 late Thursday in New York. During Asian trading on Thursday, the dollar hit a fresh 15-month low of ¥110.98. The Nikkei 225 index closed down 4.8% to 14,952.61 on Friday. Other Japanese officials were also commenting on Friday. An advisor to Prime Minister Shinzo Abe, Etsuro Honda, said the Bank of Japan may call an emergency meeting if financial markets upheaval continues.

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Homebuilder CalAtlantic Group Inc. said Thursday its board of directors authorized a $200 million share buyback program, replacing a previous $100 million authorization from October 2014. Shares of CalAtlantic were flat in late Thursday trading after ending the regular session down 3.4%.

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Energen Corp. said Thursday it will discontinue its cash dividend in response to “a significant decline in the market prices of oil, natural gas, and natural gas liquids.” Oil futures settled at a 2003 low on Thursday, dogged by a glut in supplies and lackluster global demand. Shares of Energen were flat in late trading Thursday after ending the regular session down 5.8%.

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Select Comfort Corp. shares dropped in the extended session after the maker of Sleep Number beds reported a wider-than-expected loss for the quarter and forecast earnings below Wall Street estimates. Select Comfort shares fell 20% to $16.50. The company reported a loss of 42 cents a share on revenue of $214.7 million. Analysts surveyed by FactSet had estimated a loss of 5 cents a share on revenue of $289.2 million. For the year, Select Comfort forecast earnings of $1.25 to $1.45 a share. Analysts had estimated $1.57 a share.

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