Tag: stock market

U.S. stocks closed sharply lower on Wednesday, with the S&P 500 and Dow industrials finishing at to their lowest levels since Sep 29, 2015. Consumer discretionary and health-care stocks led the broad selloff. The S&P 500 closed 48.40 points, or 2.5%, lower at 1,890.28. The Dow Jones Industrial Average dropped 364.81 points, or 2.2%, to 16,151.41. Meanwhile, the Nasdaq Composite ended the day down 159.85 points, or 3.4%, at 4,526.06.

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Twitter Inc.’s stock tumbled 5% in afternoon trade Wednesday, toward yet another record closing low, to stretch its losing streak to eight sessions. The social-media service’s stock, which has yet to post a daily gain in 2016, has plunged 19% so far this year, while the S&P 500 has slipped 7.2%. This would mark the longest losing streak for Twitter shares since they fell for nine-straight sessions through May 23, 2014. The stock has closed at record lows the past six sessions. It was on track to close 28% below its initial public offering price of $26, and 75% below its record close of $73.31 on Dec. 26, 2013. The stock went public on Nov. 7, 2013. Deutsche Bank analyst Ross Sandler reiterated his buy rating on Twitter, saying he believes the valuation now reflects the “well-documented concerns” over user growth. He believes a stable “loyal base” of about 150 million daily active users can be leveraged to bring experiences to new users. “This is in stark contrast to the ‘everything is imploding’ bear case, and at some point should stabilize the shares,” Sandler wrote in a note to clients.

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Al Jazeera Media Network said Wednesday it is shutting down its Al Jazeera America operations by April 30 after just two-and-a-half years on the air. “While Al Jazeera America built a loyal audience across the US and increasingly was recognized as an important new voice in television news, the economic landscape of the media environment has driven its strategic decision to wind down its operations and conclude its service,” the company said in a statement. The Doha, Qatar-based Al Jazeera said it is planning to expand its existing international digital services with the aim of making it available across more platforms in the U.S. It said it will provide more details of those plans in the coming months. Al Jazeera was launched in 1996 with the aim of becoming the first independent news channel in the Arab world providing news and commentary.

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WASHINGTON (MarketWatch) – The Federal Reserve’s business contacts reported a mixed picture, with the manufacturing, agricultural and energy sectors continuing to struggle while consumers and housing remain fairly solid. The Fed’s Beige Book, released Wednesday, found modest growth in 9 of its 12 districts. Conditions were described as “essentially flat” in New York and Kansas City, while Boston reported conditions as “upbeat.” The latest beige book covers activity from late November through Jan. 4. The report comes two weeks ahead of the Fed’s next policy committee meeting, where officials are widely expected to stand pat.

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General Electric Co. confirmed reports that it will move its corporate headquarters to Boston from Fairfield, Conn., a process that could take more than two years. Employees will first move to a temporary location in Boston starting this summer, the company said in a statement, with the full move expected to be completed in several steps by 2018 to the Seaport District of the city. GE said it expects “no material financial impact” related to the move, as the company is working with Massachusetts and the city of Boston on a package of incentives that will offset moving costs. The company said it will sell its offices in Fairfield and at 30 Rockefeller Plaza in New York City to further offset costs. The Wall Street Journal had reported earlier, citing a person described as familiar with the matter, that GE was planning the move, following a Connecticut budget deal last summer that raised corporate taxes. GE’s stock was little changed in afternoon trade. It has climbed 20% over the past 12 months, while the Dow Jones Industrial Average has lost 7.1%.

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Oil prices turned slightly lower on Wednesday after the U.S. Energy Information Administration reported that supplies of gasoline and distillates jumped last week, even as crude stockpiles also edged higher. Crude inventories climbed by 200,000 barrels for the week ended Jan. 8. The American Petroleum Institute on Tuesday reported a 3.9 million-barrel decline, according to sources. Analysts polled by Platts expected supplies to be up 2 million barrels. Gasoline supplies increased by 8.4 million barrels, while distillate stockpiles added 6.1 million barrels last week, according to the EIA. February crude traded at $30.12 a barrel on the New York Mercantile Exchange, down 32 cents, or 1.1%. Prices traded at $30.87 before the data.

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Apple Inc.’s stock rose 0.4% in morning trade Wednesday, putting it on an early track to post a fourth-straight gain. That would be the longest win streak for the stock since the five-session stretch of gains ending Sept. 16, 2015. Late Tuesday, both IDC and Gartner reported that Apple was the only major personal computer maker to show year-over-year PC sales growth during an overall dreary holiday shopping season for the industry. Apple shares have gained 4.1% during its current win streak, but are still down 10% over the past three months, while the Dow Jones Industrial Average has slipped 3.1%.

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KaloBios Pharmaceuticals Inc.’s stock plunged 92% in morning trade Wednesday, as its delisting from the Nasdaq exchange has allowed it to resume trade for the first time in a month. The bankrupt drug maker’s stock, which is now trading over-the-counter, was halted on Dec. 17 after majority owner Martin Shkreli was arrested on fraud charges. The stock last changed hands at $2, which was 3.4% below where it closed on Nov. 18 at $2.07, before the company announced that Shkreli had taken control of the company. The stock then soared to a closing high of $39.50 on Nov. 23 before pulling back.

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U.S. stocks opened higher on Wednesday, extending gains to a third straight day as higher oil prices lifted sentiment. The main indexes were on track to claw back some of the losses during the brutal first week of the year. The S&P 500 opened 7 points, or 0.4%, higher at 1,947. The Dow Jones Industrial Average added 60 points, or 0.4%, to 16,573. Meanwhile, the Nasdaq Composite began the day up 18 points, or 0.4%, at 4,703.

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Goldcorp Inc.’s stock slumped 1.2% in premarket trade Wednesday, after the gold miner was downgraded at Credit Suisse, which cited potential headwinds from a CEO transition and concerns over the production outlook. Analyst Anita Soni cut her rating to neutral, after being at outperform since September 2014. She lowered her stock price target to $14, which is 22% above Tuesday’s closing price of $11.44, from $15.50. Soni said the transition to a new chief executive could create uncertainty about the strategy and the outlook for the company. The company said last month that CEO Chuck Jeannes will retire in April, and will be succeeded by David Garofalo, who is currently the CEO of HudBay Minerals Inc. . Soni said some production delays and grade declines could weigh on free cash flow this year. The stock has tumbled 30% over the past six months, while the Market Vectors Gold Miners ETF has shed 19% and the S&P 500 has lost 7.7%.

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