Tag: stock market

A rise in cases of babies born with abnormally small heads and its potential association with the Zika virus is grounds for a global health emergency, according to the World Health Organization Monday. With 25 countries reporting cases of the mosquito-borne Zika virus, the WHO action comes because of a cluster of microencephaly cases beginning in French Polynesia and then most recently in Brazil, and strong association with the virus, said Bruce Aylward, WHO executive director of outbreaks and emergencies, in a press conference. “The question is, is this spreading will it spread further?” Aylward said.

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From:: Stock Market News

WASHINGTON (MarketWatch) — Loan standards to commercial and industrial firms and commercial real estate tightened in the fourth quarter, the Federal Reserve said Monday in its senior loan officer survey. That came in a quarter when commercial and industrial loan demand had weakened somewhat but commercial real estate demand picked up. The officers also said they expected the loan performance of commercial loans and those backed by multifamily residential properties to get worse this year. The survey also found a moderate easing of standards on some categories of residential mortgage loans as well as on auto loans, while banks reported having left standards on credit card loans basically unchanged. Delinquency and charge-off rates on subprime auto loans are expected to increase, the survey found.

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Gold futures on Monday settled at their highest level in about three months as losses for oil and the U.S. stock market fueled a flight to safety among investors. April gold rose $11.60, or 1%, to settle at $1,128 an ounce. Prices haven’t settled at a level that high since Nov. 2, according to FactSet data.

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The Centers for Disease Control said the two E.coli outbreaks at Chipotle Mexican Grill Inc. “appear to be over” in a release published Monday. The first, larger outbreak, which included 55 cases in 11 states, began in October with initial illnesses reported in Washington and Oregon. A second, smaller outbreak began with illnesses reported in November. Five people were infected in three states. The evidence collected during the investigation suggest a common item was the source of the outbreaks, though a specific food wasn’t identified. The data indicates that those who had fallen ill had eaten in Chipotle in the week before their sickness started. Since the outbreaks were reported, Chipotle has put new food safety measures in place. Chipotle shares are up 4.8% in Monday trading after falling 33.1% over the past year. The S&P 500 is down 3.4% for the past 12 months.

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Shares of Lumber Liquidators Inc. soared 10% in midday trade Monday, after the wood-flooring company was sentenced for importing illegal wood. The stock has now run up 22% since Jan. 19, when it closed at the lowest level seen since March 25, 2009, but was still down 77% over the past year. The company was sentenced to $13.2 million in fines and forfeitures for violations of the Lacey Act, which includes importing illegal wood and submitting false declarations, according to the Environmental Investigation Agency. The company was not immediately available for comment. When Lumber Liquidators pleaded guilty in October 2015 to environmental crimes, the Dept. of Justice said the company would pay $13.15 million as part of a plea deal. The penalties Lumber Liquidators will pay as part of Monday’s sentencing include $7.8 million in criminal fines, $1.23 million in community service payments, nearly $1 million in forfeited proceeds and $3.15 million related to a civil forfeiture, EIA said. “The real cost to the company will come from having to forego cheap, stolen wood in its supply chain while the Department of Justice looks over its shoulder,” said EIA Executive Director Alexander von Bismarck. The sentencing is not related to a “60 Minutes” report in early 2015, that alleged the company sold wood flooring from China with high-levels of a cancer-causing agent.

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Tiffany & Co. was downgraded to market perform from outperform at Cowen & Co. on concerns about global tourism. Cowen lowered the stock price target to $70 from $75. oliday sales in the Americas, which comprises 48% of the sales mix, were down 7% on weak foreign spending, Cowen wrote in a note published Monday, citing the company’s holiday sales report. Holiday sales in Asia-Pacific, 24% of the mix, were down 11%, with spending shifting out of Hong Kong and weakness in Singapore. And in Europe, which is 12% of the mix, holiday sales were down 4%, with tourism in major cities at risk. The report forecasts minimal growth in sales and earnings for 2016. Cowen analysts expect no same-store sales growth for the fiscal year. Still, Cowen believes the company will experience long-term global success. Signet Jewelers Ltd is Cowen’s choice in the sector because they target middle-income consumers and are gaining share in a fragmented market. Tiffany shares are down 1.6% in Monday trading and down 27.5% for the past year. Signet shares are up 1% in Monday trading and down 3.2% for the past year. The S&P is down 3.7% for the past 12 months.

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WASHINGTON (MarketWatch) — The U.S. Treasury does have the capability to prioritize principal and interest payments, the House Financial Services Committee said Monday, citing documents they subpoenaed which the Republicans say contradicts the testimony of Treasury Sec. Jack Lew and other White House officials. According to the committee, the New York Fed has run simulations since at least March 2011. During the debt-limit standoff of 2013, a New York Fed memo indicates the Treasury was making such a plan. “Treasury is adamant they will make P&I payments. Not considering possibility of missing debt payments,” the email says, according to the committee.

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Extreme Networks Inc.’s stock climbed 1.8% in early trade Monday, after the network infrastructure equipment seller was upgraded at Needham, which cited an attractive valuation. Analyst Alex Henderson raised his rating to buy, after being at hold since April 2015. He set a new stock price target at $3.75, which was 36% above Friday’s closing price of $2.76. Henderson wrote in a note to clients that he believes the stock is “too oversold,” as it plunged 30% in two days after the company reported on Thursday fiscal second-quarter results, which he described as “pretty good.” The stock had closed Friday at a five-month low after the selloff. “We believe Extreme is making the right decisions, demonstrating improvements in its go-to-market strategy, finishing significant investments in training and service capabilities, and is now poised to pivot top growth,” Henderson wrote.

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U.S. stocks began the week and the month on a sour note Monday with the Dow industrials giving up 123 points at the market open. The main indexes declined as oil prices marched lower and as China’s economy hit another bump. The S&P 500 opened 13 points, or 0.7%, lower at 1,927. The Dow Jones Industrial Average fell 123 points, or 0.7%, to 16,343. 54Meanwhile, the Nasdaq Composite began the day down 28 points, or 0.6%, at 4,586.

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Restoration Hardware Holdings Inc. was downgraded to market perform from overperform at Cowen & Co. based on concerns over slowed spending by high-end consumers. Cowen analysts say a decline in the S&P 500, which has lost 6.7% over the past three months, may be affecting the spending of its high-end customers. Cowen also sees risk in the uncertainty of the presidential election, the stronger U.S. dollar in light of Restoration Hardware’s big business in Miami, where 1/3 of its business goes to South America, and weakness in the Texas and Canada oil economies. “We acknowledge home-related spending on furniture, appliances, and mattresses has been one of the strongest areas of consumer spending, especially over holiday, but the increasing promotional pressure could signal the early innings of a slowdown,” analysts wrote. Cowen says Restoration Hardware was also very promotional in Dec. 2015, with extra days of 20% to 50% off all merchandise. Restoration Hardware shares are down 1.2% in premarket trading and down 40.2% for the past three months.

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