Tag: stock market

Oil prices pared their earlier declines Thursday after the U.S. Energy Information Administration reported that domestic crude supplies dropped 6.9 million barrels for the week ended Jan. 12. Analysts surveyed by S&P Global Platts had forecast a fall of 425,000 barrels, while the American Petroleum Institute on Wednesday reported a drop of 5.1 million barrels. Gasoline stockpiles climbed by 3.6 million barrels for the week, while distillate stockpiles declined by 3.9 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 2.7 million barrels for gasoline and a fall of 850,000 barrels for distillates. February crude was down 27 cents, or 0.4%, to $63.70 a barrel on the New York Mercantile Exchange, but that was up from $63.52 before the supply data.

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The acting director of the Consumer Financial Protection Bureau requested zero dollars in his second-quarter budget request, saying the agency has enough money for now. Mick Mullaney, who was recently appointed by President Trump, said the CFPB has a reserve fund of $177 million. The agency will only need $145 million to fund its operations during the second quarter. The prior CFPB director, Democrat Richard Cordray, had asked for $217 million in the prior quarter and $86.6 million two quarters ago. Most Republicans have long opposed the CFPB, created under President Obama, and Mulvaney appears to have reined in the agency’s investigations since he took over.

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The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 183 billion cubic feet for the week ended Jan. 12. Analysts surveyed by S&P Global Platts forecast a decrease of 189 billion, while the five-year average withdrawal is 203 billion. Total stocks now stand at 2.584 trillion cubic feet, down 368 billion cubic feet from a year ago, and 362 billion below the five-year average, the government said. February natural gas fell 9.7 cents, or 3%, to $3.134 per million British thermal units, down from $3.19 before the data.

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The Dow Jones Industrial Average was seeing a modest slide late-Thursday morning, led by a sharp decline in shares of Boeing Co. The retreat for plane maker Boeing’s stock was erasing about 50 points from the Dow Jones Industrial Average in early trade, a day after the blue-chip component provided a roughly 110-point lift to the average. A $1 move in any one of the Dow’s members equates to a 6.83-point swing in the benchmark. Boeing’s shares were most recently off $7.35, or 2.1%, at $343.71. Because the Dow is price-weighted, Boeing has become the most influential of the Dow’s components. The Dow was off 66 points, or 0.3%, at 26,049, while the S&P 500 index was off 5 points, or 0.2% at 2,797 and the Nasdaq Composite Index was down 0.1% at 7,288.

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Amazon.com Inc.’s stock slumped 0.8% in morning trade, on track for a third-straight loss, after the e-commerce giant announced the 20 finalists for its second headquarters. The stock has now shed 1.6% since Jan. 12, when it closed at a record $1,305.20 to cap a nine-session win streak. Separately, Instinet analyst Simeon Siegel reiterated Thursday the buy rating on Amazon and the $1,360 stock price target, but cut the 2017 earnings-per-share estimate to $3.68 from $4.16 while raising the 2018 EPS estimate to $7.81 to $7.34. The stock was still up 29% over the past three months, while the S&P 500 has gained 9.3%.

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Billionaire investor Carl Icahn on Thursday urged Xerox Corp. to revise or even terminate its Fuji Xerox joint venture in the wake of an accounting scandal, and offered his support to Darwin Deason, the company’s third-biggest shareholder. Deason said Wednesday that Xerox should disclose its agreement with Fuji and explore strategic alternatives regarding Fuji. “We are obviously in favor of renegotiating the joint venture agreement to make it more favorable for Xerox,” Icahn wrote in an open letter to shareholders. “This should have been done a long, long time ago. It is self-evident that the current management team is clearly incapable of doing so.” Icahn also criticized the “long-tenured directors at Xerox” who refuse to acknowledge that change is needed. In December, Jonathan Christodoro, a former Icahn employee, resigned from his role as member of the Xerox board after a disagreement about strategy. Xerox shares were down 0.8%, but have gained 15% in the last 12 months, while the S&P 500 has gained 23%.

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Stock indexes opened near break-even levels on Thursday amid growing concerns of a partial government shutdown at the end of the week. The Dow Jones Industrial Average was up 3 points to 26,119. The S&P 500 was down 2 points, or 0.1%, to 2,801. The Nasdaq Composite Index fell 6 points, or 0.1%, to 7,292. All three benchmark indexes rallied to end at record highs on Wednesday, with the Dow leading the way. Morgan Stanley rose 1% after its earnings beat estimates.

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Amazon.com Inc. announced Thursday a short-list of 20 metropolitan areas that it has chosen to move to the next phase of the selection process for the e-commerce giant’s second headquarters, or HQ2. Amazon said it narrowed the list from the 238 communities that submitted proposals. The areas that made the list, in alphabetical orders: Atlanta; Austin; Boston; Chicago; Columbus; Dallas; Denver; Indianapolis; Los Angeles; Miami; Montgomergy County, Maryland; Nashville; Newark, NJ; New York City; Northern Virginia; Philadelphia; Pittsburgh; Raleigh, NC; Toronto; and Washington, D.C. Amazon said it would invest over $5 billion in the city where it opens HQ2, and create 50,000 “high-paying jobs.” Amazon’s stock slipped less than 0.1% in premarket trade. It has rallied 30% over the past three months through Wednesday, while the S&P 500 has gained 9.4%.

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Shares of PayPal Holdings Inc. were little changed in premarket trading Wednesday after Jefferies analyst Ramsey El-Assal raised his price target on the stock to $95, a new Street high. He’s upbeat about broad consumer spending trends toward the end of last year, ahead of PayPal’s fourth-quarter earnings release. “Particularly robust eCommerce figures in October/November/December… mirror the structural shift from in-store to online spending,” El-Assal wrote, citing SpendTrend data. He also likes the company’s free-cash-flow positioning as a result of selling its loan portfolio to Synchrony Financial . ” We continue to view PayPal as a compelling long term opportunity given scarcity value among large-caps due to growth/profitability profile, global secular tailwinds, and an enviable cash flow/balance sheet position,” he wrote. The stock closed at a new record high on Tuesday. PayPal shares are up 99% over the past 12 months, while the S&P 500 Index is up 23% in that time.

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Nike Inc. has promoted Dirk-Jan “DJ” van Hameren to chief marketing officer, effective immediately. Van Hameren succeeds Greg Hoffman, who has been named vice president of global brand creative and marketing innovation, responsible for brand communications, brand design, and other areas. Van Hameren has worked with Nike for 25 years, and was most recently the vice president and general manager of Nike Sportswear. Nike shares are up 19.8% for the past year while the S&P 500 index is up 23.4% for the period.

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