Tag: stock market

President Donald Trump’s national security adviser Lt. Gen. H.R. McMaster will resign and be replaced by John Bolton, the New York Times first reported late Thursday. Sources told the Times that McMaster will retire from the military and that his departure is amicable. Trump later confirmed the news in a tweet, saying Bolton will take over on April 9. Bolton is known for his hard-line views on Iran and North Korea, and previously served as United States ambassador to the United Nations under President George W. Bush.

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

Nike Inc. said late Thursday it acquired consumer data analytics company Zodiac Inc. for an undisclosed sum. The athletic-wear maker said the acquisition helps it to accelerate its “Consumer Direct Offense” strategy to serve customers faster and more personally at scale. On its website, Zodiac said it uses “proven data models, customer analytics, and behavioral analysis to predict the future behaviors of individuals, rather than simply assuming past trends and averages will continue across the board.” Nike shares rallied after fiscal third-quarter sales beat Wall Street expectations.

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

Dropbox Inc. priced its initial public offering at $21 a share late Thursday, above its expected range, according to The Wall Street Journal. Earlier this week, Dropbox wrote in a Securities and Exchange Commission filing that it raised its expected range to $18 to $20 a share, from the $16 to $18 a share it had previously expected. Dropbox logged $112 in net losses on revenue of $1.1 billion in 2017, compared to losses of $210 million on sales of $845 million in 2016. Dropbox will start trading Friday on the Nasdaq under the ticker DBX.

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

Micron Technology Inc. said Thursday afternoon that a production facility was experiencing issues that are likely to affect its memory output this quarter, as the memory-chip company faces heavy demand for its products. Micron Chief Executive Sanjay Mehrotra said in an earnings conference call Thursday afternoon that nitrogen supply needed to build dynamic random access memory, or DRAM, chips at one of its facilities had been disrupted as of Tuesday, and it could pull down DRAM production by 2% to 3% this quarter. “Our teams are working around-the-clock to recover from the situation and expect to return to full production within the next week,” Mehrotra said. Micron’s forecast still beat expectations despite accounting for the issue. Micron stock was one of the strongest performers of 2017 on the S&P 500 index largely thanks to heavy demand for memory chips pushing prices higher. Shares were jagged after the company released earnings Thursday afternoon, with a sharp fall rebounding to slight positives before turning slightly negative again after the disclosure.

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

Pest control company Terminix, a ServiceMaster Global Holdings Inc. brand, seeks to fill 700 open positions at its National Hiring Day event on March 24. Positions will range from sales to customer service to management. ServiceMaster shares are down 2.7% for the last three months, but up 25.6% for the last year. The S&P 500 index is up 12.6% for the past 12 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

Shares of Nike Inc. rose more than 2% late Thursday after the company swung to a surprise loss in the fiscal third quarter thanks to the U.S. tax overhaul, but its sales beat Wall Street expectations. Nike said it lost $921 million, or 57 cents a share, in the quarter, versus earnings of $1.1 billion, or 68 cents a share, in the year-ago quarter. Revenue increased 7% to $9 billion, compared with $8.4 billion a year ago. Analysts polled by FactSet had expected earnings of 53 cents a share on sales of $8.8 billion. The tax overhaul resulted in one-time provisional charges that reduced earnings per share by $1.25, Nike said.

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

The Dow Jones Industrial Average dropped more than 700 points in Thursdau afternoon trade as losses accelerated with less than a half-hour left of trade, pushing the blue-chip gauge beneath a psychologically significant level at 24,000. The Dow was recently off around 720 points at its nadir, or 2.9%, at 23,939. The S&P 500 index was off 2.5% at 2,644, while the Nasdaq Composite Index shed 168 points, or 2.3%, at 7,175.

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

The largest exchange-traded fund to track the financial sector slumped on Thursday, dropping to a six-week low. The Financial Select Sector SPDR ETF fell 3.2% to $27.81, its lowest level since Feb. 9. It was also on track for its biggest one-day decline since that date. Separately, the SPDR S&P Bank ETF fell 3.2%, as did the SPDR S&P Regional Banking ETF . Losses in the sector were widespread. Among the most notable losers, Morgan Stanley fell 4%, as did Bank of America Corp. while Goldman Sachs Group Inc. was down 3.1%. Regions Financial lost 4.5%. The Dow Jones Industrial Average lost 2.6% while the S&P 500 was down 2.2% and the Nasdaq Composite Index was off 2.1%. The day’s losses came on renewed concerns about trade policy after President Donald Trump instructed the office of the U.S. Trade Representative to draw up a list of tariffs on Chinese products totaling up to $60 billion. The tariffs are expected to target sensitive technologies that the U.S. considers vital to the U.S. economy in the years ahead. Other factors also weighing on equities were the latest policy update from the Federal Reserve, which painted a mixed picture out the outlook for interest rates, and reports of the resignation of President Trump’s lead attorney.

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

The Dow Jones Industrial Average was seeing losses gathering steam in Thursday afternoon trade, putting the blue-chip gauge on the verge of registering its steepest single-session decline since Feb.8. Back then in early February, the Dow fell 1,033 points, or 4.2%, as inflation fears perked up. Thursday’s downtrend, which was broad based, came as investors fretted about the effect of a potential trade war between China and the U.S., and as the market digested the latest policy update from the Federal Reserve. Recent reports of the resignation of President Donald Trump’s lead attorney, handling the Russia probe, also appeared to rattle investor confidence. More broadly, the S&P 500 index was off 2.2% at 2,652, while the Nasdaq Composite Index was off 2.1% at 7,194.

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

The largest exchange-traded fund to track the metals and mining sector tumbled on Thursday, as concerns mounted over the Trump administration’s trade policies. The SPDR S&P Metals & Mining ETF sank 5% and was on track for its biggest one-day percentage drop since September 2016. Among its biggest components, U.S. Steel Corp. fell 9.9% while AK Steel Holding was down 8%. Nucor Corp. was down 5.6%. Alcoa Inc. tumbled 6%. The VanEck Vectors Steel ETF was down 6%. Trade issues referred to the forefront of the market after President Donald Trump instructed the office of the U.S. Trade Representative to draw up a list of tariffs on Chinese products totaling up to $60 billion. The tariffs are expected to target sensitive technologies that the U.S. considers vital to the U.S. economy in the years ahead. The administration had previously called for tariffs on steel and aluminum.

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