Tag: stock market

American International Group Inc. has made an effort to grant the wishes of its activist shareholders, but Sanford C. Bernstein analyst Josh Stirling said he believes the strategic moves the insurer announced Tuesday “much less dramatic” than what the shareholders were looking for. Earlier Tuesday, AIG said it would sell its broker-dealer network, spin off part of its mortgage-insurance unit and return billions of dollars to shareholders,amid pressure from shareholders to shrink the company to boost profitability. “However, while we applaud the company’s making progress on these items, this strategic pivot appears less substantial than we’d have hoped–and see the company as having missed a more major opportunity,” Stirling wrote in a note to clients. The stock climbed 1.7% in morning trade, but was still down 9.2% so far this year, while the S&P 500 has lost 7.2%.

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

U.S. stocks opened slightly higher on Tuesday tracking a rebound in oil prices. The S&P 500 opened 8 points, or 0.5%, higher at 1,885. The Dow Jones Industrial Average gained 83 points, or 0.5%, to 15,969. Meanwhile, the Nasdaq Composite began the day up 20 points, or 0.5%, at 4,540.

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

GoPro Inc. is teaming up with Twitter-owned Periscope to allow users to broadcast feeds from their GoPro Hero 4 through the live-video app on iPhones. To broadcast, users should connect to the GoPro’s WiFi, open Periscope on the iPhone and hit the broadcast button, where the GoPro button will already be selected, Periscope said Tuesday. The user will be able to switch between GoPro and iPhone feeds while broadcasting. GoPro shares were up 2% in pre-market trade. Shares of GoPro have fallen 63% in the past three months, compared to the S&P 500’s drop of 9%.

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 CEO Jack Dorsey said Tuesday that Leslie Berland, formerly an executive at American Express, would join the company as its chief marketing officer. “Welcoming @leslieberland to Twitter! She will join as our CMO to help tell the stories of our iconic product!” Dorsey said in a tweet. Berland was previously executive vice president of global advertising, marketing and digital partnerships at American Express . Her appointment comes after four top executives at Twitter announced they were leaving. Shares of Twitter were up 1% 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

Mining and metals giant Freeport-McMoRan Inc. shares rose 5% in premarket trade Tuesday, after the company reported a smaller-than-expected loss for the fourth quarter. The company said it had a loss of $4.1 billion, or $3.47 a share, in the quarter, after a loss of $12.2 billion, or $11.31 a share, in the year-earlier period. Adjusted for charges that totaled $4.1 billion, the company had a loss per share of 2 cents, lower than the 8 cents loss consensus from FactSet. Revenue fell to $3.8 billion from $5.2 billion, matching the FactSet consensus. Chief Executive Richard Adkerson said the company’s top goal in 2016 is to restore its balance sheet, which has been hurt by the slump in commodity prices. “Our high-quality asset base provides opportunities for significant debt reduction while retaining a substantial business with attractive low-cost, long-lived reserves and resources that will enable our shareholders to benefit from improved conditions in the future,” he said in a statement. The company is planning a series of measures, including asset sales and joint ventures. It continues to review options for its oil & gas business and transactions involving mining assets. Shares have fallen 80% in the last 12 months, while the S&P 500 has lost about 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

Hess Corp. said its 2016 exploration and production capital and exploratory budget will be $2.4 billion, a 40% reduction from the $4 billion spend in 2015 and a 20% reduction from the guidance of $2.9 billion to $3.1 billion provided in October. The company is maintaining its October forecast of an average of between 330,000 and 350,000 barrels of oil per day in 2016, it said in a Tuesday release. Bakken net production is still forecast between 95,000 and 105,000 barrels of oil per day. Hess shares are up 0.6% in premarket trading, but down 52% for the past 12 months. The S&P 500 is down 8.8% for the past year.

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

Sprint Corp.’s stock soared 17% in premarket trade Tuesday, after the telecommunications company’s narrower-than-expected fiscal third-quarter loss and upbeat full-year outlook offset a slight revenue miss. For the quarter ended Dec. 31, the company lost $836 million, or 21 cents a share, after losing $2.38 billion, or 60 cents a share, in the same period a year ago. The FactSet consensus for per-share losses were 24 cents. Revenue fell to $8.11 billion from $8.97 billion, below the FactSet consensus of $8.25 billion. Sprint had net postpaid phone additions of 366,000, after net losses of 205,000 a year ago, while postpaid churn improved 68 basis points to 1.62%. The company raised its full fiscal-year outlook for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to a range of $7.7 billion to $8 billion from $6.8 billion to $7.1 billion. “Revenue has stabilized, costs are coming out faster than expected, postpaid phone net additions were the highest in three years, postpaid churn was the lowest-ever for a third quarter, and the network is performing at best-ever levels,” said Chief Executive Marcelo Claure. The stock has plunged 47% over the past three months through Monday, while the S&P 500 has lost 12%.

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

3M shares rose 1% in pre-market trade Tuesday after the company beat fourth-quarter earnings expectations. 3M reported net income of $1.04 billion, or $1.66 per share, down from $1.18 billion, or $1.81 a share, in the year-earlier period. The company reported adjusted earnings per share of $1.80, above the FactSet consensus of $1.63. 3M reported sales of $7.298 billion, below $7.72 billion in the year-earlier period, but beating the FactSet consensus of $7.21 billion. The company affirmed its 2016 outlook, saying it expects earnings in the range of $8.10 to $8.45 a share.

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

Lockheed Martin has agreed to a $5 billion deal that will separate and merge its Information Systems & Global Solutions segment with Leidos Holdings, Inc. , also a defense company, Lockheed announced Tuesday. Under the terms of the deal, Lockheed will receive a one-time cash payment of $1.8 billion and Lockheed Martin stockholders will receive 50.5% equity in Leidos, worth about $3.2 billion, all of which is still subject to regulatory approval.”This strategic transaction is an important milestone in the portfolio reshaping strategy we announced in July 2015 and allows us to focus on our core business in aerospace and defense,” said Marillyn Hewson, CEO of Lockheed Martin, in the press release. The transaction is expected to close in the third or fourth quarter of 2016 and is also subject to approval by Leidos stockholders. Shares of Lockheed Martin were down less than 1% in premarket trade Tuesday.

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

Johnson & Johnson reported Tuesday fourth-quarter earnings that rose to $3.22 billion, or $1.15 a share, from $2.52 billion, or 89 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.44, above the FactSet consensus of $1.42. Sales declined 2.4% to $17.81 billion, just shy of the FactSet consensus of $17.88 billion, with a 12% decline in international sales offsetting an 8% increase in the U.S. Sales in its consumer division declined 7.9% to $3.32 billion, missing the FactSet consensus of $3.5 billion. The drug and consumer products company said it expects 2016 sales of $70.8 billion to $71.5 billion, below the FactSet consensus of $71.94 billion. “As we enter 2016, our core business is very healthy, and the recent decisive actions we’ve taken in support of each of our businesses position us well to drive sustainable long-term growth, faster than the markets we compete in,” Chief Executive Alex Gorsky said. The stock, which was still inactive in premarket trade, has lost 3.5% over the past three months while the Dow Jones Industrial Average has lost 9.4%.

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