Tag: stock market

Prices for West Texas Intermediate oil slipped below the $30-a-barrel mark late Monday, after settling with a loss of nearly 6%. “Talk that the [Organization of the Petroleum Exporting Countries] will wait for non-OPEC assistance in raising prices is discouraging traders,” said Michael Lynch, president of Strategic Energy & Economic Research. Abdullah el-Badri, OPEC’s secretary general, said at a conference in London that the cartel is ready to work with rivals to come up with a compromise following the crash in oil prices since the middle of 2014, according to The Telegraph. His comments were similar to remarks he has made in the past. March WTI oil traded at $29.74 a barrel in electronic trading, down from an earlier settlement at $30.34.

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

Rambus Inc. shares rallied in the extended session Monday after the semiconductor and IP products company’s quarterly results and outlook topped Wall Street estimates. Rambus shares jumped 11% to $12.48. The company reported adjusted fourth-quarter earnings of 18 cents a share on revenue of $76.8 million. Analysts surveyed by FactSet had forecast 8 cents a share on revenue of $74 million. Rambus estimated full-year 2016 revenue of $310 million and $325 million, while analysts expect $294 million. Rambus also said it acquired U.K. based Smart Card Software Ltd. for 64.7 million British pounds in cash, or about $92.2 million.

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

Goldman Sach Group Inc.’s stock tumbled 3.7% in active trade Monday, to close at the lowest level since July 2013, amid broad weakness in the financial sector and the overall stock market. The stock’s price decline of $5.74 accounted for about 39 points, or 19%, of the Dow Jones Industrial Average’s 208-point drop. The SPDR Financial ETF shed 2% on Monday. Goldman’s stock has now lost 3.6% since Goldman reported fourth-quarter results ahead of the Jan. 20 open. The shares have lost 16% just this month, amid a 13% decline in the financial ETF and an 8.8% selloff in the Dow.

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 accelerated declines in the last trading hour to finish the day sharply lower on Monday. A renewed rout in oil prices hit energy and materials shares, with the sectors losing 4.5% and 3.3% respectively. Financials also sold off on Monday, falling 2.3%. The S&P 500 closed 29.83 points, or 1.6%, lower at 1,877.07. The Dow Jones Industrial Average fell 208.29 points, or 1.3%, to 15,885.22. Meanwhile, the Nasdaq Composite ended the day down 72.69 points, or 1.6%, at 4,518.49.

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

BlackRock Inc. has boosted its stake in Apple Inc. to about 315.4 million shares, or 5.7% of the technology giant’s shares outstanding, according to a regulatory filing. That’s up from the stake of about 217.1 million shares, or 3.9%, the investment company owned as of the end of the third quarter, according to filing data tracked by FactSet. Apple’s stock fell 0.9% in afternoon trade Monday, erasing an earlier intraday gain of as much as 0.1%. It has tumbled 19% over the past three months, while the Dow Jones Industrial Average has shed 8.8%. BlackRock’s stock, which fell 2.1% on Monday, has slid 14% in 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

Shares of International Paper Co. and Packaging Corp. of America slumped Monday, after Citigroup downgraded them to neutral, after trade publication Pulp & Paper Week cut January prices for kraftliner and corrugated medium, two kinds of containerboard. “While the medium price erosion is not surprising, we were surprised by the kraftliner price cut given commentary on “stronger than expected” December box shipments, high op rates (95.6% in 2015), and recent supply discipline by major producers,” Citigroup analysts wrote in a note. Analysts lowered their 2016 to 2018 estimates for the two companies, as well as for rival WestRock Co. . IP shares fell 9.8% in afternoon trade, and Packaging Corp. was down 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

Under Armour has partnered with actor and professional wrestler Dwayne “The Rock” Johnson to create footwear, apparel and accessories based on his film projects. The first items will be a backpack and duffle bag, which will be available on the Under Armour website. The Rock will also create original content for Under Armour based on his fitness regimen, lifestyle and charitable work. Johnson will promote the company’s Connected Fitness platform, including the new Under Armour Health Box and Record application. And he will promote the company’s UA Freedom charity, which supports members of the military, first responders and public safety workers. Under Armour shares are down 2.3% in Monday trading and 24.8% for the past three months. The S&P is down 8.6% 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

American Eagle Outfitters Inc. was downgraded to hold from buy at BB&T Capital Markets on analyst concern that the retailer won’t be able to regain momentum after a sales slowdown in December. “Eagle’s comps may have recovered somewhat in late December, but its Q4 slowdown could foreshadow other periods of softness in coming months,” analysts wrote in a Monday note. The bank sees difficult comparisons to come and believes the resurgence of the Abercrombie & Fitch Co. Hollister brand is a risk. With new American Eagle offerings, like the Denim-X line, already incorporated into the company’s merchandise, analysts believe there might not be enough opportunity for assortment innovation in 2016. American Eagle Outfitters shares are down 5.3% in Monday trading and down 1.5% over the past 12 months. The S&P is down 7.7% 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

American Express Co.’s stock rose 0.4% in morning trade Monday, after Oppenheimer upgraded the card issuer, saying the shares have “overshot to the downside” the challenging fundamentals the company faces. The stock plunged 12% on Friday to close at the lowest level since November 2012 after the company gave a disappointing profit outlook. Analyst Ben Chittenden raised his rating to perform, after being at underperform for the last nine months. Chittenden said he still sees headwinds for the company, as a changing competitive environment has put profitability under pressure. “Although these factors exist, we believe the current stock price reflects all of these headwinds at this time and are therefore staying on the sidelines for now,” Chittenden wrote in a note to clients. Basically, he’s not recommending investors buy the stock, just that the arguments for his underperform rating “have played out.” The stock has tumbled 26% over the past three months, while the Dow Jones Industrial Average has shed 9.2%.

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

Home Depot Inc.’s stock was little changed in morning trade Monday, bucking the weakness in the broad market, after the home improvement retailer was upgraded at Deutsche Bank, which cited an attractive valuation. Analyst Mike Baker raised his rating to buy, after being at hold since at least February 2013, while keeping his stock price target at $135. Baker said he remains positive on the home centers space, which continues to show strong comparable-store sales growth and has less online competition than most other retailers. Despite the recent stock weakness–Home Depot shares closed Friday 8.9% below their Nov. 27 record close of $134.74–the company continues to produce consistent earnings growth, market share and margin gains and strong free cash flow. “We further believe that recent market weakness has led to some compelling opportunities to buy quality names at lower valuations, The Home Depot being a perfect example,” Baker wrote in a note to clients. The stock has lost 1.4% over the past three months, while the Dow Jones Industrial Average has shed 9.2%.

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