Tag: stock market

The Russell 2000 index , which gauges the performance of small-capitalization stocks, is off 1.3% intraday to 1,032 and is now 20% below its all-time high, set on June 23, 2015 — a move which represents the traditional definition for an asset falling into bear-market territory. The last bull market lasted 935 trading days, the longest since the bull market from October 2002 through July 2007, during which the index more than doubled, according to FactSet data.

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 Dow Jones Transportation Average is shedding 0.9% in midday trade Monday, underperforming the broader market by a wide margin, as it heads for the lowest close since October 2013. The index is on track for a fourth-straight loss, which would be the longest losing streak since the six-session streak ending Aug. 25, and the seventh in the last eight sessions. It has tumbled 25% since its Dec. 29, 2014 record close of 9,217.44, meaning it is in the midst of its first bear market since the Great Recession. In contrast, its sister index, the Dow Jones Industrial Average , was down 8 points, or 0.1%, and was 11% below its May 19, 2015 record close of 18,312.39. Among the Dow transports’ biggest losers on Monday, shares of Norfolk Southern Corp. shed 2.7%, of C.H. Robinson Worldwide Inc. slid 2.4% and FedEx Corp. slumped 1.9%.

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

WASHINGTON (MarketWatch) – There is nothing “fundamentally wrong” with the broad U.S. economy despite the “bearish” global stock environment, said Atlanta Fed President Dennis Lockhart, on Monday. In a speech in Atlanta, Lockhart said the global selloff in stocks begs the question of whether there are serious imbalances that make the broad economy vulnerable to foreign shocks. “I don’t see that kind of connection in current circumstances,” Lockhart said. The Atlanta Fed president said while fourth-quarter GDP growth “could look rather weak” and “disappointing,” he expects moderate growth and labor market improvement this year that will justify more interest-rate increases. Lockhart, who is not a voting member of the Fed policy committee, did not specify his view of the pace of tightening, saying there is “no map” and “no predetermined schedule of increases.”

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

KaloBios Pharmaceuticals Inc. said it named Dr. Cameron Durrant as its chairman of the board, after electing him to the board on Jan. 7. Durrant, a former physician, is known as a pharmaceutical company builder and turnaround specialist. He has previously served as chairman, chief executive and chief financial officer for private and public specialty pharma and biotech companies. The company also said Ronald Barliant was elected to its board on Jan. 7, while Michael Harrison has resigned from its board. The stock has remained halted for trading since Dec. 17, when majority owner Martin Shkreli was arrested on fraud charges. KaloBios filed for bankruptcy on Dec. 30.

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 Etsy fell 9% Monday, the day that a lockup agreement for about 21.9 million shares expired. Those shares were owned by executive officers, directors and “certain stockholders,” according to an SEC filing. The next lockup expiration is on April 10, 2016. Shares of Etsy have fallen 44% in the past three months, compared to the S&P’s loss of 5%. Etsy shares have fallen 74% since the company’s first day of trading on April 17, 2015.

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

General Motors Co. [s:] shares were upgraded to outperform from neutral at Credit Suisse based on the bank’s belief that strong free cash flow will continue for longer than expected. The bank raised the price target on the stock to $38 from $37. Analysts believe the company is positioned to outdo its peers when When the global auto cycle experiences a downturn. Credit Suisse said in a note published Monday the management team is making the company more efficient, which will keep fixed costs in check and drove more than 100 basis points in margin expansion in 2015. One basis point is equal to 0.01%. GM shares are up 1.3% in morning trading, but down 16% for the past 12 months. The S&P is down 6% 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

U.S. stocks opened higher on Monday, rebounding from heavy losses last week that marked the worst opening week of the calendar year in history for both the S&P 500 and the Dow. On Monday, stocks shrugged off a 5% plunge in Shanghai Composite and weakness in oil prices. The S&P 500 opened 11 points, or 0.5%, higher at 1,932. The Dow Jones Industrial Average added 100 points, or 0.6%, to 16,447. Meanwhile, the Nasdaq Composite began the day up 33 points, or 0.7%, at 4,677.

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 Apparel said Monday that it has received unanimous approval from its creditors for its reorganization plan. American Apparel filed for Chapter 11 bankruptcy in Oct. 2015. The plan includes a $40 million capital commitment from a third-party lender or comittee of lead lenders. American Apparel said there will be an amended reorganization plan that will include an increase to the litigation trust to $500,000 and an agreement with the holders of the company’s senior secured notes to waive their rights to a cash distribution. American Apparel will file the amended plan in the next few days with an approval hearing scheduled for Jan. 20 at 10 a.m. The effectiveness of the amended plan will be based on a $40 million commitment of exit capital in addition to the aforementioned $40 million from lenders, the release said. An investor group comprised of Hagen Capital Group and Silver Creek Capital Partners announced a separate $300 million acquistion offer on Monday.

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 Inc.’s stock tumbled 4.8% in premarket trade Monday after the athletic apparel maker was downgraded at Morgan Stanley, which cited concerns over declining market share and falling average selling prices (ASPs). Analyst Jay Sole cut his rating to underweight, after being at equal weight the last two years. He slashed his stock price target to $62, which was 17% below Friday’s closing price of $75, from $103. “Recent SportScan data shows [Under Armour] is losing market share for the first time in three years in apparel and, more surprisingly, ASPs are falling at an accelerating pace,” Sole wrote in a note to clients. “Though warm weather surely explains some of this, we think [Under Armour] may be reaching maturity in U.S. apparel faster than previously thought.” The stock, which is still up 11% over the past year, has tumbled 27% over the past three months, while the S&P 500 has lost 4.6%. The stock’s premarket selloff puts it on course to open at the lowest level since February 2015.

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

Hanesbrands Inc. has been upgraded to buy from neutral at Nomura. Analysts raised their price target to $35 from $30. Acquisitions they’ve made in the past few years have set them on a path for growth, according to analysts. The company has made three acquisitions in the past three years, two of which, DBApparel and Knights Apparel, have international growth prospects, the bank said in a note published Monday. Before any new acquisitions, analysts said there are about 25 cents per share in “yet-to-be-realized” synergies. Nomura estimates that Hanesbrands pays an interest rate of about 4%, including $1 billion in 6.375% notes, but could refinance that in order to drive savings between 3 cents per share and 5 cents per share. Hanesbrands shares are up 2% in premarket trading and 4% for the past 12 months. The S&P is down 6% 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