Tag: stock market

U.S. stocks fell sharply shortly after the opening bell as a second-straight day of big losses in oil and global equity markets weighed on sentiment. The S&P 500 opened 16 points, or 0.9%, lower at 1,922. The Dow Jones Industrial Average fell 190 points, or 1.1%, to 16,260. Meanwhile, the Nasdaq Composite began the day down 32 points, or 0.7%, at 4,589.

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.

…read more

From:: Stock Market News

Tesla Motors Inc.’s stock slumped 1.6% in premarket trade Tuesday, in the wake of a downbeat research note from Pacific Crest Securities. Analyst Brad Erikson reiterated his sector weight rating, but said he has become more cautious on the electric-car maker’s stock following channel checks. He increased his loss-per-share estimate for 2015 to $1.10 from $1.09, and slashed his 2016 earnings-per-share estimate to 27 cents from 76 cents. “Consistent with our October checks, our latest checks with U.S. sales centers indicate that Model X orders are still lagging expectations,” Erikson wrote in a note to clients. “While getting the X to showrooms would help, we don’t expect that to happen until later this spring due to production challenges.” He said he doesn’t believe the Model S promotional offer of 20% off the old lease cost has driven a significant increase to sales. “We can’t overstate the importance of the March 29 Model 3 unveiling, but we remain suspicious of underlying demand and would continue to avoid [Tesla’s stock],” Erikson wrote. The stock has tumbled 18% year to date, while the S&P 500 has slipped 5.1%.

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.

…read more

From:: Stock Market News

Royal Caribbean Cruises Ltd. shares are down 6.5% in premarket trading after the cruise company offers guidance below Street estimates. The company had net income of $206.8 million, or 94 cents per share, for the fourth quarter of 2015, up from $70 million, or 32 cents per share, for the same period last year. The FactSet consensus was 92 cents. Revenue for the quarter totaled $1.9 billion versus $1.82 billion last year. The FactSet consensus was $1.95 billion. Royal Caribbean expects first quarter 2016 adjusted earnings to be 30 cents per share, below the 46 cents per share forecast by FactSet. The company said first quarter earnings will be impacted by costs associated with its expansion in China, perparatory costs for its new Ovation of the Seas and Harmony of the Seas ships, and new marketing campaigns. “As a result, costs are more concentrated than usual in the first quarter,” the earnings release said. Royal Caribbean shares are down 14.1% for the past three months while the S&P 500 is down 7.8% for that period.

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.

…read more

From:: Stock Market News

Exxon Mobil Corp. reported on Tuesday fourth-quarter earnings that fell to $2.78 billion, or 67 cents a share, from $8.84 billion, or $1.56 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of 63 cents. Revenue dropped to $59.81 billion from $87.28 billion. The FactSet sales consensus was $50.8 billion. Oil-equivalent production increased to 4.25 million barrels per day from 4.05 million barrels per day. “While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” said Chief Executive Rex Tillerson. The stock, which slipped 0.7% in premarket trade, has lost 11% over the past three months, while the Dow Jones Industrial Average ahs slipped 7.7%.

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.

…read more

From:: Stock Market News

Allscripts Healthcare Solutions Inc. named Melinda Whittington as chief financial officer early Tuesday, effective March 1. She replaces current CFO, Rick Poulton, whose promotion to president was announced last year. Whittington, who has 25 years of experience in accounting and finance, was previously senior vice president, corporate controller and chief accounting officer of The Kraft Heinz Company.

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.

…read more

From:: Stock Market News

United Parcel Service Inc.’s stock ran up 2.9% in premarket trade Tuesday, after the package-delivery giant reported a fourth-quarter profit that beat expectations, although revenue came in a bit shy. Earnings rose to $1.33 billion, or $1.48 a share, from $453 million, or 49 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at $1.57, above the FactSet consensus of $1.42. Revenue rose to $16.05 billion from $15.9 billion, below the FactSet consensus of $16.2 billion, with domestic package revenue rising slightly above expectations and international package revenue falling more than forecast. For 2016, the company expects EPS in the range of $5.70 to $5.90, compared with the FactSet consensus of $5.72. “Our business generated strong results in 2015,” said Chief Financial Officer Richard Peretz. “While we face uncertain macro-economic conditions, we are continuing to invest for profitable growth.” The stock had lost 10% over the past three months through Monday, while the S&P 500 has slipped 7.8%.

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.

…read more

From:: Stock Market News

Mattel Inc. stock is up 6.5% in premarket trading after Stifel upgraded it to buy from hold based on the toy company’s better-than-expected holiday results for its core brands, especially Barbie and Fisher-Price. Mattel reported fourth quarter 2015 earnings Monday night. The bank set a price target of $33 in a note published Tuesday. Mattel shares closed at $26.76 on Monday. Same-store sales for Mattel’s core brands grew 2%, the first positive result since the fourth quarter of 2011. Stifel analysts also believe upcoming DC Entertainment licenses and the retention of Pixar licenses, including “Cars 3” in 2017, will be a boon for the company. Mattel management expects “Cars 3” licenses to generate $350 million in incremental sales. Mattel shares are up 7.2% for the past three months while the S&P is down 7.8% for the period.

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.

…read more

From:: Stock Market News

Sirius XM Holdings Inc. said Tuesday it had net income of $135 million, or 3 cents per share during its fiscal fourth quarter. That’s compared with net income of $143 million, or 3 cents a share in the year-prior period. The FactSet consensus for earnings was 3 cents per share. Revenue for the quarter hit $1.2 billion, up from $1.1 billion the previous year and in-line with the FactSet consensus of $1.2 billion. Sirius added 2.3 million net new subscribers over the course of 2015, the company’s largest growth since 2007, according to a news release. The company spent $369 million to buy back 92 million shares and in January bought back an additional 52 million shares, spending $200 million. Looking to 2016, Sirius is expecting subscriber growth to slow to 1.4 million for the full year and for revenue to be $4.9 billion, in-line with FactSet’s consensus of $4.9 billion and up from $4.6 billion for 2015. The FactSet 2016 consensus for revenue is . Sirius shares were down 0.3% in pre-market trade.

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.

…read more

From:: Stock Market News

Twitter shares fell 3% Tuesday morning after Stifel analysts downgraded the stock to sell from hold. The analysts said they had previously had the sell rating based on potential product changes that could boost the stock, but now they have failed to see that change materialize. Shares of Twitter have fallen 39% in the past three months compared with the S&P 500’s drop of 8%. The analysts cite concerns including a slowing monthly active user growth, Facebook’s dominance over advertising revenue and time spent per user and Twitter’s over-monetization of a smaller audience compared to Facebook. “Twitter is a product that has never fully developed into a sustainable public company due to either poor strategy, poor execution or that it was never destined to be one,” the analysts wrote. The analysts set a price target of $14.

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.

…read more

From:: Stock Market News

Tempur Sealy International said five current members of its 12-person board of directors have chosen not to stand for re-election. The bedding company, which is in the process of refreshing its board, said in a Tuesday release that these directors would retire after the company’s annual stockholders meeting on May 5. On the recommendation of the board’s nominating and corporate governance committee, the company will shrink its board to seven directors for re-election at the annual meeting, saving about $1 million annually. One of the retiring directors, Lawrence Rogers, will be brought on as a consultant and board member for two of Tempur Sealy’s joint ventures. The company is also moving its stockholder meetings to the company’s headquarters of Lexington, KY from Boston. Finally, Richard Neu has been apppointed to the company’s audit and compensation committees, effective immediately, and will serve as lead director of the board, effective upon completion of the annual meeting. Tempur Sealy shares are inactive in premarket trading, but down 22% over the past three months. The S&P 500 is down 7.8% for the past three months.

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.

…read more

From:: Stock Market News