Tag: stock market

U.S. stocks dropped sharply at the open for the third session in a row, following global equities lower. Japan’s stock market fell more than 5% while European equities were down more than 2%. The S&P 500 opened 17 points, or 1%, lower at 1,835. The Dow Jones Industrial Average was down 135 points, or 0.9%, at 15,885 shortly after the open. Meanwhile, the Nasdaq Composite began the day down 60 points, or 1.3%, at 4,226.

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PayPal Holdings Inc. appointed Sri Shivananda as the company’s new chief technology officer, the company said Tuesday. Shivanda will begin April 1 and will take over from James Barrese, who the company said will “step down to take time off” but help facilitate the transition.
Shivananda, who will also be the company’s new senior vice president, previously worked at eBay on the Global Platform and Infrastructure team and later as a vice president of global platform and infrastructure at PayPal. Shivananda will focus on PayPal’s platform and infrastructure, while the payments and identity team will move under the company’s product and engineering sector. Shares of PayPal were down 1.3% in pre-market trade Tuesday.

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Shares of Yelp Inc. fell 5% in premarket trade Tuesday after the company’s weaker-than-expected financial outlook and CFO resignation prompted a handful of price target cuts on its stock. RBC Capital cut its 12-month target to $33 from $42, while J.P. Morgan cut its target to $30 from $43. B. Riley upgraded the stock to neutral from sell, but reiterated a bearish target of $15. B. Riley’s target is the lowest among a poll of 24 analysts surveyed by FactSet, implying 7% downside to Monday’s closing price. The average target on the stock is $24.54, while the average rating is the equivalent to buy. Shares of Amazon are down 36% over the last three months, versus an 11% decline for the S&P 500. They have fallen 62% over the last year, vastly underperforming the index’s 10% decline.

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The first Saks Off 5th will open in New York City on March 3, and it will feature the first-ever Gilt in-store shop, the company said in a Tuesday release. Saks Off Fifth, an off-price retailer, is part of Hudson’s Bay Co. , which also owns Saks Fifth Avenue, Lord & Taylor and other retailers. Hudson’s Bay Co. purchased e-commerce retailer Gilt Groupe Inc. for $250 million in Jan. 2016. The new Saks Off Fifth location will be in Midtown Manhattan. A second Saks Off Fifth will open in downtown Manhattan in Fall 2017. Shares of Hudson’s Bay Co. are down 30.8% for the past 12 months while the S&P 500 is down 9.4% for the same period.

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Tesla Motors Inc.’s stock dropped 4.7% in premarket trade, after Analyst Brian Johnson at Barclays cut his price target to $165 from $180, saying, “expectations on fundamentals need to come in check.” Johnson reiterated his underweight rating on the electric car maker, citing concerns that a slow ramp of the Model X vehicle could lead to disappointing outlooks on deliveries on gross margin when Tesla reports fourth-quarter results on Wednesday, but said he wouldn’t rule out a near-term rebound in the stock price. He said the recent increase in bearish sentiment in the stock, coupled with the unveiling of the Model 3 vehicle in March, could reinvigorate interest in the beaten down stock. Short interest, or bearish bets, on Tesla’s stock has increased more than 20% over the last six months to an 11-month high. The stock, which is on track to open at the lowest level since January 2014, has plunged 38% so far this year through Monday, while the S&P 500 has lost 9.3%.

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.

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From:: Stock Market News

Tesla Motors Inc.’s stock dropped 4.7% in premarket trade, after Analyst Brian Johnson at Barclays cut his price target to $165 from $180, saying, “expectations on fundamentals need to come in check.” Johnson reiterated his underweight rating on the electric car maker, citing concerns that a slow ramp of the Model X vehicle could lead to disappointing outlooks on deliveries on gross margin when Tesla reports fourth-quarter results on Wednesday, but said he wouldn’t rule out a near-term rebound in the stock price. He said the recent increase in bearish sentiment in the stock, coupled with the unveiling of the Model 3 vehicle in March, could reinvigorate interest in the beaten down stock. Short interest, or bearish bets, on Tesla’s stock has increased more than 20% over the last six months to an 11-month high. The stock, which is on track to open at the lowest level since January 2014, has plunged 38% so far this year through Monday, while the S&P 500 has lost 9.3%.

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.

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Amazon.com Inc. introduced a new service for game developers on Tuesday that will integrate with its cloud-based Amazon Web Services network and its video game streaming service Twitch. The 3D gaming platform, called Amazon Lumberyard, is a free engine that lets game developers build high-quality games, and store them on the AWS cloud to be shared with fans on Twitch. The company also announced GameLift on Tuesday, which allows operators of session-based multiplayer games, such as esports, to scale capacity up or down in real-time based on demand. GameLift costs $1.50 per 1,000 daily active users, plus the standard fee for AWS. The move comes as Amazon continues to expand the uses cases for AWS and grow its client base. AWS revenue jumped more than 69% to $2.4 billion year-over-year in Amazon’s most recent quarter, giving it a 7% share of total sales. Shares of Amazon fell 1.4% in premarket trade, putting them on track to open around $481.42. They’ve declined 25% over the last three months, underperforming a 10% decrease for the Dow Jones Industrial Average.

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Viacom Inc. said Tuesday net earnings fell to $449 million, or $1.13 per share during its fiscal first quarter, compared with $500 million or $1.20 per share during the same period a year ago. Adjusted earnings per share came in at $1.18, in-line with the FactSet consensus. Revenue for the quarter dropped to $3.15 billion in revenue, compared with $3.34 billion in the year-earlier period. Revenue came in below the FactSet consensus of $3.26 billion. Viacom Chief Executive, and newly named Executive Chairman Philippe Dauman said 2015 was challenging operationally as the company tried redesigning itself to adapt and compete in the shifting media landscape. Revenue for Viacom’s media networks fell 3%, while its film studio saw a 15% decline, which the company said was due to tough comparisons. Domestic advertising revenue saw a 4% drop and internationally, ad revenue fell 2% because of the effect of foreign exchange, the company said. Shares of Viacom were inactive in pre-market trade.

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The Coca-Cola Co. said Tuesday it had net income of $1.23 billion, or 28 cents a share, in the fourth quarter, up from $770 million, or 17 cents a share, in the year-earlier period. Adjusted per-share earnings came to 38 cents, excluding noncash charges releated to refranchising in North America and restructuring costs. Revenue fell to $10.0 billion from $10.9 billion. The FactSet consensus was for EPS of 37 cents and revenue of $9.9 billion. Chief Executive Muhtar Kent said the company is planning to accelerate the pace of a streamlining program with plans to refranchise 100% of its company-owned North American bottling territories by the end of 2017. It has also agreed to refranchise its Chinese bottling operations. “Expanding Coca-Cola bottlers in various regions will grow in terms of revenue, employment and reach as we transition company-owned operations to the franchise system,” he said. “The Coca-Cola Company will return to its focus as a higher margin, higher return and less capital intensive operation. With the accelerated refranchising plans announced today, we will move from a system where about 18% of our volume was produced by company-owned bottlers in 2015 to about 3%.” Shares were slightly lower premarket, but are up 3.4% in the last 12 months, while the Dow Jones Industrial Average is down 9.6%.

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.

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CVS Health Corp. reported Tuesday fourth-quarter earnings that rose to $1.5 billion, or $1.34 a share, from $1.32 billion, or $1.14 a share, in the same period a year ago. Excluding non-recurring items, such as one-time charges for transaction and legal costs, earnings per share came to $1.53, matching the FactSet consensus. Revenue increased to $41.15 billion from $37.06 billion, compared with the FactSet consensus of $41.1 billion, with pharmacy services revenue rising 11% to $26.5 billion and retail revenue climbing 13% to $19.9 billion. The drugstore chain affirmed its 2016 adjusted EPS outlook of $5.73 to $5.88, which surrounds the FactSet consensus of $5.82. “We grew our core business with the acquisition of Target’s pharmacies and clinics and expanded our reach with the acquisition of Omnicare, the leader in long-term care pharmacy,” said Chief Executive Larry Merlo. The stock, which slipped 0.7% in premarket trade, has lost 8.5% over the past three months, while the S&P 500 has declined 11%.

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.

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