Tag: stock market

HCA Holding Inc. shares rose in the extended session Friday after the hospital operator said it expected to exceed its adjusted earnings outlook for the year. HCA shares advanced 2.7% to $66. The company said it expects adjusted earnings before interest, taxes, depreciation and amortization of about $7.9 billion for 2015. Previously, HCA had forecast $7.8 billion. Analysts surveyed by FactSet had estimated adjusted EBITDA of $7.76 billion.

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Biotech stocks were battered this week with the iShares Nasdaq Biotechnology ETF tumbling 1.8% on Friday for a weekly decline of 11%, its worst one-week performance since the end of September. Even with the Dow Jones Industrial Average and the S&P 500 both posting steep losses, biotech shares underperformed the broader market significantly. The sector, which had been one of the best performers during the bull market, has come under pressure after peaking in July, particularly after Hillary Clinton criticized drug companies on how they price specialty drugs.

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U.S. stocks closed sharply lower on Friday, ending the week with the biggest declines since Aug 31, 2015. That also marks the worst opening week of the year in history. The S&P 500 closed 21.08 points, or 1.1%, lower at 1,922.02 and booked a 6% weekly loss. The Dow Jones Industrial Average dropped 167.65 points, or 1%, to 16,346.45 and reported a 6.2% weekly decline. Meanwhile, the Nasdaq Composite ended the day down 45.80 points, or 1%, at 4,643.63 and was down 7.3% over the week.

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Weight Watchers International Inc. shares slid 24% in late trade Friday, as they continued to come back from a peak hit last week as ads featuring new investor Oprah Winfrey began to air. Shares of the weight loss company rose to as high as $28.05 on Dec. 31, before beginning their descent this week back to below $15 a share. The stock had rallied in October when Oprah announced her decision to buy a 10% stake in the company. That news was viewed as positive for the company, which was being hurt by competition from fitness trackers.

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Major retailers across the sector are down in Friday trading after analyst downgrades, disappointing holiday season same-store sales and quarterly forecasts that are causing concern. American Eagle Outfitters, Inc. has plummeted 16% after it said it could miss fourth-quarter guidance. The company, which reports earnings on March 2, said same-store sales are up 4% for the quarter so far, below the FactSet consensus of 4.9%. Gap Inc. shares are down 15.2% in trading after the company reported negative same-store sales across its three brands – Gap Global, Old Navy, and Banana Republic. Nordstrom Inc. is down 4.5% after a week in which its stock was downgraded by anumber of analysts. And Macy’s Inc. is down 2.9% after it said that holiday same-store sales were down 4.7%, though there had been some positive reaction to the company’s announced cost-cutting measures. Also down today are Kohl’s Corp. (6.4%), Coach Inc. (2.6%), Tiffany & Co. (3.1%), Target Corp. (2.8%), and Kate Spade & Co. (2.2%).

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The federal government ran a budget deficit of $11 billion in December, the Congressional Budget Office estimated on Friday. The government would have run a surplus of $34 billion in December, if not for the shifts in timing of certain payments from January into December, the CBO said. For the fiscal year to date, the deficit has widened by $36 billion to $212 billion. For the first three months of the fiscal year, receipts are up by 4% and spending has risen 7%. The government’s budget year runs from October through September.

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One seat in the first lady’s guest box at the State of the Union speech will be left open to honor the victims of gun violence, President Barack Obama said Friday. Obama has recently announced a series of steps to curb gun violence. He is scheduled to give his final State of the Union address at 9 p.m. on Tuesday.

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Oil futures fell on Friday for a fifth straight session, tallying a weekly loss as weak economic data from China and a recent drop in its stock market dulled prospects for energy demand. February crude settled at $33.16 a barrel, down 11 cents, or 0.3%, on the New York Mercantile Exchange. WTI prices settled at their lowest level for a most-active contract since February 2004, according to FactSet data. For the week, prices lost 10.5%.

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Gold futures settled lower on Friday, giving up a portion of their gains for the week as a climb in Chinese equities helped dull some of the metal’s safe-haven appeal. February gold settled at $1,097.90 an ounce on Comex, down $9.90, or 0.9%, for the session. The metal had posted gains over the past 5 trading sessions in a row, as concerns surrounding China’s economy and a plunge in its stock market helped to make gold more attractive to investors. For the week, prices climbed by 3.6%.

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WASHINGTON (MarketWatch) — The Securities and Exchange Commission on Friday said it’s barred Steven A. Cohen from supervising funds that manage outside money until 2018, over allegations he failed to supervise a former portfolio manager who engaged in insider trading while employed at his firm. Cohen didn’t admit or deny the SEC findings, and in any case, he now manages his own money for what’s called Point72 Asset Management. The SEC said Cohen should have looked into whether former portfolio manager Mathew Martoma was engaged in insider trading. SAC Capital paid $1.2 billion in 2013 to resolve criminal charges brought by the U.S. Attorney’s Office for the Southern District of New York.

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