Tag: stock market

Oil futures fell Monday to settle below $30 a barrel, pressured by ongoing fears about the global oversupply of crude and a lack of action among major producers to cut output. March West Texas Intermediate crude finished at $29.69 a barrel on the New York Mercantile Exchange, down $1.20, or 3.9%. That was the lowest finish since Jan. 21.

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Gold futures jumped 3.5% on Monday to settle at their highest level since June as sharp losses in the U.S. stock market helped to lift the metal’s investment appeal. April gold rose $40.20 to settle at $1,197.90 an ounce on Comex, after tapping an intraday high of $1,201.40. The settlement was the highest since June 19, 2015, when prices settled above $1,201.90.

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Shares of GoPro Inc. soared as much as 16% on Monday, bucking a huge market selloff. The rally is extended from news late Friday that the company struck a patent licensing agreement with Microsoft Corp. . The two were very secretive about the details of the partnership, saying only that the deal includes “certain file storage and other system technologies.” The rest of it has been deemed confidential. Shares of GoPro are still down 55% over the last three months and 76% on the year. They traded around $11.44 in early-afternoon trade. Shares of Microsoft fell 2.1% to $49.07 in afternoon trade. The Dow Jones Industrial Average was down 300 points.

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Chesapeake Energy Corp. sought to reassure investors Monday with a short statement clarifying that it is not planning to pursue bankruptcy. The statement came as the stock was halted down 50.7% at $1.51. The company said Kirkland & Ellis LLP is advising it on ways to strengthen its balance sheet, but added that the firm has acted as counsel since 2010 and is not a new hire. “Chesapeake currently has no plans to pursue bankruptcy and is aggressively seeking to maximize value for all shareholders,” said the statement. The second-largest producer of natural gas and 12th largest producer of oil and natural gas liquids in the U.S. has been battered by the falling oil price. Its shares have fallen 92% in the last 12 months, while the S&P 500 is down 10.5%.

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From:: Stock Market News

U.S. stocks opened sharply lower on Monday, led by losses in technology and consumer discretionary sectors. The Nasdaq Composite began the day with sharp losses, down 82 points, or 1.9%, at 4,530. Meanwhile, weaker oil prices put pressure on energy companies. The S&P 500 opened 22 points, or 1.2%, lower at 1,857. The Dow Jones Industrial Average was down 185 points, or 1.2%, at 16,014 at the open.

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Cisco Systems Inc. was upgraded to neutral from sell at Macquarie Research on Monday ahead of the company’s quarterly earnings results on Thursday. While the bank said it still has long-term fundamental concerns about the industry and the impact to Cisco’s routing and datacenter switching business, it said it’s “hard to see significant further downside from a financial perspective,” given the recent sell-off in Cisco’s shares, and believes the company has an adequate free cash flow cushion to maintain and grow its dividend. Macquarie maintained a $26 12-month price target on the stock. Shares of Cisco fell 2.3% to $22.37 in premarket trade. They have declined 20% over the last three months, versus a 10% decline for the Dow Jones Industrial Average.

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Home Depot Canada said it will hire 6,000 associates for its busy spring season, up from 5,500 last year. The home improvement retailer is looking for full-time, part-time and seasonal workers for its 182 stores, it said in a Monday release. Home Depot said last week that it planned to hire more than 80,000 U.S. workers for spring, the same number as last year. Home Depot shares are down 1.4% in premarket trading, and down 12% for the year so far. The S&P 500 is down 8% for the year so far.

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Brixmor Property Group announced the resignation of its CEO, CFO and two other executives on Monday following an unfavorable audit committee review of the company’s non-GAAP reporting measure. In a statement, Brixmor said the review led the board to conclude that specific accounting and financial reporting personnel were “smoothing income items, both up and down,” to show consistent quarterly same property net operating income growth, an industry non-GAAP financial measure. Brixmor said it doesn’t believe the amounts involved were material to financial results, and does not believe it will be required to restate historical financial results. However, the company has named Daniel Hurwitz as interim CEO, effective immediately. Shares of Brixmor were inactive in premarket trade. They have risen 6% over the last three months, versus a 10% decline for the S&P 500.

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From:: Stock Market News

Brixmor Property Group announced the resignation of its CEO, CFO and two other executives on Monday following an unfavorable audit committee review of the company’s non-GAAP reporting measure. In a statement, Brixmor said the review led the board to conclude that specific accounting and financial reporting personnel were “smoothing income items, both up and down,” to show consistent quarterly same property net operating income growth, an industry non-GAAP financial measure. Brixmor said it doesn’t believe the amounts involved were material to financial results, and does not believe it will be required to restate historical financial results. However, the company has named Daniel Hurwitz as interim CEO, effective immediately. Shares of Brixmor were inactive in premarket trade. They have risen 6% over the last three months, versus a 10% decline for the S&P 500.

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Apollo Education Group will be taken private as it is acquired by a group of investors for $1.1 billion. The investors will pay $9.50 in cash per share, which is 30% above the company’s 30-day volume weighted average stock price for the period ending Feb. 5, 2016. Tony Miller, chief executive of The Vistria Group, one of the investors, will become chairman of the board for the Apollo Education Group once the transaction is completed. The other investors included Apollo Global Management, LLC and Najafi Companies.

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From:: Stock Market News