Tag: stock market

WASHINGTON (MarketWatch) — Federal Reserve Gov. Lael Brainard on Wednesday said the central bank may need to stop lifting interest rates until it gets better clarity on the economy. “Recent developments reinforce the case for watchful waiting,” Brainard told The Wall Street Journal. Brainard, who gets a vote at every interest-rate-setting meeting, is known as one of the more dovish members of the Federal Open Market Committee.

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Buffalo Wild Wings Inc. shares declined in the extended session Wednesday after the buffalo-wing chain fell short of Wall Street estimates on its quarterly results and outlook. Buffalo Wild Wings shares fell 2.7% to $139 on heavy volume after hours. The company reported fourth-quarter earnings of $1.32 on revenue of $490.2 million. Analsyts surveyed by FactSet had forecast earnings of $1.48 a share on revenue of $507.9 million. The company forecast 2016 earnings of $5.95 to $6.20 a share, while analysts are expecting $6.48 a share.

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CBS Corp. late Wednesday announced Sumner Redstone, chairman of CBS, resigned on Tuesday and has been named chairman emeritus. The board has already approved President and Chief Executive Leslie Moonves as his successor. The position was originally offered to Redstone’s daughter, Shari, who turned down the job. Shares of CBS jumped more than 3% in after-hours trading.

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Former Pennsylvania Sen. Rick Santorum is dropping out of the race for president, CNN reported Wednesday. Santorum, a Republican, is expected to make the announcement on Wednesday night. His decision comes following an eleventh-place finish in the Iowa caucuses earlier this week. Santorum won Iowa in 2012.

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Chipotle Mexican Grill Inc. was upgraded to outperform from market perform at Wells Fargo based on the historical case studies showing that the majority of restaurants that have had food safety issues have recovered from them. Case study analysis of the last 25 years show that “same-store sales declines can be cut in half six months after the incident,” analysts wrote in a note published Wednesday. That recovery is usually coupled with increases in share price. On Feb. 8, Chipotle will launch a marketing campaign to start its comeback. “Our confidence in Chipotle’s ability to drive improved same-store sales trends in coming quarters rests squarely on Chipotle’s aggressive efforts to claw back lost sales,” the note said. Chipotle shares are down 6.5% in Wednesday trading and down 38.8% over the past 12 months. The S&P 500 is down 7.8% for the past year. Chipotle was also upgraded by Bank of America on Wednesday.

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Editas Medicine Inc. , a genome editing company, opened at $18 in its debut on the Nasdaq Thursday. Editas sold 5.9 million shares at an issue price of $16, to raise $94.4 million. Shares were trading at $16.57 after the stock started trading. The company initially set a price range between $16 and $18 a share. Morgan Stanley and J.P. Morgan acted as the lead underwriters.

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BeiGene, Ltd. , a drug company developing immuno-oncology drugs for cancer treatments, opened at $28.97 Thursday, above its initial public offering issue price of $24 and marked the first IPO of 2016. Shares were trading at $28.38. BeiGene sold 6.6 million shares at an issue price of $24, to raise about $158 million. The company initially set a price range between $22 and $24. Goldman, Sachs & Co., Morgan Stanley and Cowen and Company were the underwriters for the offering.

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The U.S. Energy Information Administration reported on Wednesday that crude inventories rose by 7.8 million barrels for the week ended Jan. 29. The American Petroleum Institute on Tuesday reported a 3.8 million-barrel increase, according to sources. Citi Futures forecast a rise of between 5 million and 6 million barrels. Gasoline supplies rose by 5.9 million barrels, while distillate stockpiles fell by 800,000 barrels last week, according to the EIA. March crude was at $29.83 a barrel on the New York Mercantile Exchange, down 5 cents. Prices traded at $30.33 before the data.

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Chipotle Mexican Grill Inc. was upgraded to neutral from underperform at Bank of America based on the results of the bank’s survey, which found consumer willingness to return to the embattled restaurant chain. Bank of America surveyed 1,000 people and found high awareness about the E. coli issues the company has faced (85% said they were aware) and the norovirus outbreak (62% said they were aware). The number of respondents who view Chipotle as a healthy food option fell to 32% from 44%. But of the more than 600 who were aware of the Chipotle brand, aware of either health issues and had eaten at a Chipotle in the last year, 32% said they continue to eat there as frequently as before, 12% said they’re going, but less often and 46% said they stopped but would go back. Only 11% said they stopped eating there and wouldn’t return. Bank of America analysts believe there are risks to Chipotle stock, including long-term brand damage, but believe there’s sales potential, based on informal channel checks. The CDC declared the E. coli outbreaks over on Monday. Chipotle shares are down 7% in Wednesday trading and down 39% for the past 12 months. The S&P is down 8% for the past year.

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U.S. stocks opened higher on Wednesday, taking their cue from a rebound in oil prices. The S&P 500 opened 9 points, or 0.5%, higher at 1,913. The Dow Jones Industrial Average gained 92 points, or 0.6%, to 16,245 at the open. Meanwhile, the Nasdaq Composite began the day up 28 points, or 0.6%, at 4,543.

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