Tag: stock market

The S&P 500 Index’s 2.1% drop in morning trade Wednesday has taken it 10.2% below its 200-day moving average, which currently extends to 2,052.49. That’s the farthest below the widely-watched long-term trend indicator the index has traded at since October 2011 correction, according to data provided by FactSet. During the mini-crash in August 2015, the S&P 500 fell to a low of 10.05% below its 200-day MA before recovering. While many might see the S&P 500’s current distance from its long-term trend as a sign that the stock market is technically oversold, there’s a saying among many technicians, that oversold doesn’t mean the selloff is over. On Oct. 3, 2011, the S&P 500 bottomed 14.08% below its 200-day MA. During the Great Recession, the S&P 500 had plunged as much as 39.6% below its 200-day MA on Nov. 20, 2008. At the depths of the dot-com crash, the S&P 500 has 22% below its 200-day on Sept. 21, 2001.

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

International Business Machine Corp.’s stock was by far the biggest drag on the Dow Jones Industrial Average , accounting for about 15% of the blue chip barometer’s 318-point tumble. IBM shares slumped $7.07, or 5.5%, in morning trade Wednesday, meaning it was shaving off about 48 points from the Dow’s price. IBM reported fourth-quarter revenue late Tuesday that missed expectations for the seventh-straight quarter, and 11th of the last 12. The next biggest drag was Chevron Corp. shares , which were losing $4.16, or 5.1%, as crude oil prices plunged to new lows, to take about 28 points off 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

McDonald’s Corp will report fourth-quarter same-store sales of 4.1%, the best performance in 15 quarters, according to a note published by Nomura on Wednesday. Analysts based their forecast on the results of Nomura’s McDonald’s Franchisee Survey, raising their same-store sales expectations 60 basis points. A basis point is equal to 0.01%. The FactSet same-store sales consensus for the fourth quarter is 3%. McDonald’s is the bank’s top large-cap restaurant pick for 2016. For this survey, 26 domestic franchisees with about 209 stores participated in Nomura channel checks. Among the reasons cited for expected fourth-quarter results, franchisees cited all-day breakfast and mild weather. Nomura rates McDonald’s stock a buy. McDonald’s shares are up 28.4% for the past 12 months while the S&P is down 8.5%.

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 sharply lower Wednesday as a renewed rout in oil prices and global equities triggered a selloff on Wall Street. The S&P 500 opened 21 points, or 1.1%, lower at 1,860. The Dow Jones Industrial Average dropped 186 points, or 1.1%, to 15,835. Meanwhile, the Nasdaq Composite began the day down 67 points, or 1.5%, at 4,411.

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

Bloomingdale’s, which is owned by Macy’s Inc. , will open the first store in Kuwait in 2017, according to a release. This is the luxury retailer’s second international location; a Dubai store opened in 2010. The new store is the result of a partnership with Al Tayer Group LLC, a United Arab Emirates-based company. The Kuwaiti store, which will begin construction in Feb. 2016, will total 93,000 square feet and will anchor the 360 Mall in Al Zahra. Macy’s and Bloomingdale’s stores are scheduled to open in Abu Dhabi in 2018, also through an Al Tayer partnership. Macy’s shares are down 1.9% in premarket trading and down 38.8% for the past 12 months. The S&P 500 is down 7% 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

Brinker International Inc. , owner of the Chili’s and Maggiano’s restaurant chains, said it had net income of $47.7 million, or 80 cents per share, in the second quarter of fiscal 2016, up from $41.3 million, or 64 cents per share, for the same period last year. Adjusted earnings were 78 cents per share versus the FactSet consensus of 75 cents. Second-quarter revenue totaled $788.6 million versus the FactSet consensus of $799 million. Chili’s company-owned same-store sales decreased 2.8% while franchised same-store sales increased 0.9%. Maggiano’s same-store sales dropped 1.8%. Brinker reaffirmed its fiscal 2016 earnings per share guidance, excluding special items, between $3.55 to $3.65. Brinker shares are up 0.6% in premarket trading, but down 20.6% for the past 12 months. The S&P 500 is down 7% for the same 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

Teekay Offshore Partners L.P. said Wednesday it was slashing its quarterly dividend by 80% to 11 cents a share from 56 cents a share. The new dividend will be payable Feb. 12 to shareholders of record on Feb. 5. The move was part of its previously-announced plan to temporarily cut its cash distribution. The marine transportation and oil production and storage company said it plans to use the cash it saves to create reserves to fund capital requirements on future growth projects and to reduce debt. Based on Tuesday’s closing price for Teekay’s stock of $3.17, the new dividend would imply an annual dividend yield of 13.88%, compared with 70.66% at the prior dividend. The stock, which was still inactive in premarket trade, has plunged 80% over the past three months, while the S&P 500 has slipped 7.4%.

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

U.S. stock futures traded sharply lower on Wednesday, tracking losses for Asia and a continued drop in oil prices. Dow Jones Industrial Average futures slid 261 points, or 1.6%, to 15,649, while S&P 500 futures dropped 30.4 points, or 1.6%, to 1,842. Losses were even worse for Nasdaq 100 futures , dropping 79.75 points, or 2%, to 4,064.25. Oil prices hit a fresh 12-year low under $28 a barrel. “Markets continue to plunge with the bears refusing to go into hibernation, spurred along by tumbling oil prices and the scent of volatility in the air,” said Farbod Mimeh, junior dealer at London Capital Group.

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

Symantec Corp. said late Tuesday it will get about $1 billion less cash from Carlyle Group LP for the sale of its Veritas data-storage and recovery business to the private-equity firm. In August, Symantec announced the $8 billion deal, which would have yielded $6.3 billion in after-tax proceeds. Now, under an amended deal valued at $7.4 billion, Symantec will get about $5.3 billion in cash after tax and $400 million equity in Veritas. Symantec said it and Carlyle amended the terms “after uncertainties developed regarding the transaction.” Symantec said it expects adjusted third-quarter earnings to be “above the midpoint of the guidance provided” back in November, when it had forecast adjusted third-quarter earnings of 22 cents to 25 cents a share. Analysts surveyed by FactSet had estimated 24 cents 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

Microchip Technology Inc. said Tuesday it has agreed to buy Atmel Corp. for about $3.56 billion in a cash and stock deal that ends a bidding war for Atmel. Atmel had been courted since September by Dialog Semiconductor, but Dialog last week said it wouldn’t increase its buyout offer. The deal with Microchip is expected to close in the second quarter. Shares of Microchip rose less than 1% in late trading Tuesday after ending the regular session up 2.9%; shares of Atmel declined 0.1% after ending the day up 0.8%.

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