Tag: stock market

Analog Devices Inc. shares were halted in the extended session Thursday after the maker of integrated circuits cut its revenue outlook. Shares of Analog Devices had fallen 3.9% to $48.51 after hours before they were halted. Shares are expected to resume trading at 5 p.m. Eastern. The company said it expects fiscal first-quarter revenue of $745 million to $765 million, compared with its previous forecast of $805 million to $855 million. Analysts surveyed by FactSet had estimated revenue of $829.9 million. The company said the cut was due to weaker-than-forecast demand in its portable consumer business unit that is expected to continue into the fiscal second quarter.

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 Sachs Group Inc. said Thursday it will pay a $2.385 billion civil penalty, make $875 million in cash payments, and provide $1.8 billion in consumer relief in relation to its mortgage securities dealings before the Great Recession. The agreement will result in fourth-quarter earnings being cut by $1.5 billion, the investment bank said. The consumer relief will be in the form of principal forgiveness for “underwater” homeowners and distressed borrowers, financing for construction, rehabilitation for affordable housing, and others. The agreement resolves “actual and potential” civil claims by the U.S. Department of Justice, the New York and Illinois attorneys general, the National Credit Union Administration, and the Federal Home Loan Banks of Chicago and Seattle, the bank said. It relates to Goldman’s securitization, underwriting, and sale of mortgage-backed securities from 2005 to 2007. Shares of Goldman Sachs were flat late trading Thursday after ending the regular session up 1.5%.

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

Intel Corp. shares slipped in the extended session Thursday as gross margins declined even as the chip maker topped Wall Street estimates for the quarter. Intel shares slipped 3% to $31.75 on heavy volume. Intel said its gross margin for the fourth quarter declined to 64.3% from 65.4% in the year-ago quarter. The company forecast a gross margin of 58% for the first quarter, and an adjusted one of 62%. Intel reported fourth-quarter earnings of 74 cents a share on revenue of $14.9 billion. Analysts surveyed by FactSet had forecast earnings of 63 cents a share on revenue of $14.81 billion. Intel forecast adjusted first-quarter revenue of $14.1 billion, give or take $500 million. Analysts had estimated $13.91 billion.

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 ended Thursday’s session with solid gains, recouping most of the losses from the previous session, which were the biggest in three months. A rise in crude-oil prices pushed energy companies sharply higher, with energy shares leading the S&P 500 gains, up 4.46%. The S&P 500 closed 31.55 points, or 1.67%, higher at 1,921. The Dow Jones Industrial Average added 227.23 points, or 1.41%, to 16,378. Meanwhile, the Nasdaq Composite ended the day up 88.94 points, or 1.97%, at 4,615.

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

Options traders are preparing for a relatively big move in Intel Corp.’s stock , after the chip maker reports fourth-quarter results after Thursday’s closing bell. An options strategy known as a “straddle,” which involves the simultaneous buying of bullish and bearish options with strike prices at current levels, is implying a 4.4% move in either direction on Friday following the results, according to FactSet. That means those who buy the at-the-money straddle, which is purely a volatility play, doesn’t start making money unless the stock moves more than 4.4% in either direction Friday. That compares with the post-earnings one-day move of 2.9% on average–the median is 2.55%–over the past 22 quarters. The stock was up 2.4% in late-afternoon trade. It has slipped 0.3% over the past three months, while the Dow Jones Industrial Average has lost 3.1%.

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

Oil stocks were broadly higher Thursday, as a surge in crude oil prices helped fuel a bounce of multiyear lows. The SPDR Energy ETF shot up 4.2%, with 36 of its 40 equity components trading higher, after closing Wednesday at the lowest level since Sept. 7, 2010. Among the ETF’s most actively-traded components, shares of Exxon Mobil Corp. ran up 5%, of Chevron Corp. rallied 5%, of Kinder Morgan Inc. climbed 5.6%, of Williams Cos. soared 25%, of Marathon Oil Corp. surged 6% and of Chesapeake Energy Corp. rose 2.8%. Among the few losers, Consol Energy Inc.’s stock shed 6.4%. Helping spark the bounce, February crude oil futures surged 2.3%.

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

WASHINGTON (MarketWatch) — Goldman Sachs was fined $15 million by the Securities and Exchange Commission for violating securities lending practices. According to the SEC, Goldman Sachs employees routinely processed requests by customers to locate stock for short selling by hitting the F3 button on their keyboard, which would trigger a “fill from autolocate” function based on the amount of start-of-day inventory at major institutions. The SEC pointed out the automated system had already deemed this inventory to be depleted based on local requests processed earlier in the day. “In doing so, the Goldman Sachs employees did not check alternative sources of inventory or perform an adequate review of the securities to be located,” the SEC said. Goldman Sachs didn’t admit or deny the finding.

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 Department of Transportation plans to craft guidelines for states to regulate autonomous driving before President Barack Obama leaves office. A release Thursday from the federal agency said that it plans to craft model legislation within six months. “For policymakers at all levels, the
governing principal should be that technologies with proven, data-supported
benefits that would make roads safer should be encouraged,” the release stated. Many states are in the process of crafting rules for autonomous driving, as companies such as Alphabet Inc. , Tesla Motors Inc. and traditional automakers develop technology that could lead to driverless cars.

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

WASHINGTON (MarketWatch) — State Street is paying $12 million to settle charges from the Securities and Exchange Commission that it conducted a pay-to-play scheme through its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds. The SEC alleges that Vincent DeBaggis, who headed State Street’s public funds group, entered into an agreement with Ohio’s then deputy treasurer to make illicit cash payments and political contributions. DeBaggis agreed to settle the SEC’s charges by paying $174,202.81 in disgorgement and prejudgment interest and a $100,000 penalty, the SEC said. State Street and DeBaggis didn’t admit or deny the finding. The SEC also is suing Robert Crowe, a law firm partner who worked as a fundraiser and lobbyist for State Street. Ohio’s then-deputy treasurer, Amer Ahmad, and Mohamed Noure Alo, who allegedly funneled money to Ahmad from State Street, have been criminally convicted for other misconduct and are currently in federal prison, the SEC 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

Twitter Inc.’s stock is on track for yet another record closing low on Thursday, as it ignored broad market and technology-sector rally to head toward a ninth straight loss. That would match the longest losing stretch in the social-media service’s shares since they went public on Nov. 7, 2013; it lost a total of 10% during a nine-session losing streak ending May 23, 2014. The stock, which has yet to post a gain in 2016 and has hit record lows every day since Jan. 5, has lost 21% during the current losing streak. It was down 2.1% in midday trade — it was down as much as 7.5% at its intraday low — and worth just a quarter of what it was at its Dec. 26, 2013, record close of $73.31. Meanwhile, the S&P 500 was up 1% on Thursday, and SPDR Technology ETF climbed 1.2%. J.P. Morgan analyst Doug Anmuth reiterated his overweight rating on Twitter, and his stock price target of $46, which is more than double the current price. “We believe Twitter is fundamentally changing the way people communicate and consume information, and the company is in the early stages of monetization, with considerable runway ahead,” Anmuth wrote in a note to clients.

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