Tag: stock market

Alcoa Corp. shares dropped in the extended session Wednesday after the aluminum producer’s quarterly results fell short of Wall Street estimates. Alcoa shares dropped 5.4% to $53.89 after hours. The company reported a fourth-quarter loss of $196 million, or $1.06 a share, compared with a loss of $125 million, or 68 cents a share, in the year-ago period. Adjusted earnings were $1.04 a share. Revenue rose to $3.17 billion from $2.54 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $1.23 a share on revenue of $3.28 billion.

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From:: Stock Market News

The Dow Jones Industrial Average Wednesday booked its best single-session rise in about seven weeks on the back of a sharp rise in shares of Boeing Co. The Dow rose more than 320 points at at 26,115, which marked a fresh intraday high. Boeing’s share rally , up 4.7%, or around $15.85, contributed about 110 points to that rally to the close. A $1 move in any one of the price-weighted Dow’s 30 components equates to a 6.83-point swing. Moves in Boeing’s stock have been the the most influential for the blue-chip average over the past several months. Meanwhile, the S&P 500 index ended up 0.9%, driving past a round-number at 2,800, while the Nasdaq Composite Index rallied sharply higher, to finish up 1% at 7,298. The run-up for equities followed an upbeat report from the Federal Reserve’s Beige book, an anecdotal account of business conditions in the central bank’s key business districts. The report suggested that stubbornly low wage growth may be on the rise. Wednesday’s move for stocks also comes after the market experienced a reversal on Tuesday on fears of a government shutdown and weakness in the energy market.

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U.S. stocks closed higher on Wednesday, with major indexes ending at records and the Dow closing above 26,000 for the first time as equities jumped in a broad advance. The Dow Jones Industrial Average rose 324 points, or 1.3%, to 26,117. The S&P 500 advanced 26 points, or 0.9%, to 2,803. The Nasdaq Composite Index closed up by 75 points, or 1%, to 7,298. All three closed at records. The day’s gains were broad, with all 11 of the S&P 500’s primary sectors ending higher, although technology shares were the biggest gainers of the day, up 1.5%. Positive sentiment was supported after the Beige Book from the Federal Reserve portrayed an economy that is steadily growing, although opinion on the latest tax reform was mixed. Among the day’s most active movers, both Bank of America and Goldman Sachs fell after reporting their quarterly results. Bank of America lost 0.2% while Goldman lost 1.9%. On the upside, International Business Machines Corp. rose 2.8% after Barclays upgraded the stock to overweight from underweight.

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General Electric Co.’s stock tumbled 4.8% in afternoon trade Wednesday, putting it on track for the lowest close in over six years, as investors continued to express concerns over the billions in surprise losses in GE’s legacy insurance business. After rallying as much as 9.6% in 2018 through last Thursday, then gave everything back, and then some after the insurance loss news. J.P. Morgan analyst Stephen Tusa reiterated his underweight rating on the stock, and price target of $16, which is about 7.8% below current levels, saying the charge GE disclosed Tuesday was “materially larger than expected, and the implications of dealing with it are dilutive to earnings, [free cash flow] and utlimately value.” The stock was trading around $17.34, below the 2017 low close of $17.36 on the last day of that year, and on track for the lowest close since Dec. 20, 2011. The stock has now plunged 25.2% over the past three months and 44.5% the past 12 months, while the Dow Jones Industrial Average has gained 9.6% the past three months and 23.7% the past year.

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President Donald Trump said Wednesday he is considering a “fine” as part of a probe into China’s alleged theft of intellectual property. The U.S. has begun a trade investigation into the issue and Trump said action would come soon. “We have a very big intellectual property potential fine going, which is going to come out soon,” Trump told Reuters in an interview. He didn’t specify what he meant by a fine, however.

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From:: Stock Market News

The Dow Jones Industrial Average Wednesday afternoon was on track for its best single-session rise in about seven weeks on the back of a sharp rise in shares of Boeing Co. The Dow was rising more than 320 points at at 26,113, which would mark a fresh intraday high. Boeing’s share rally , up 3.5%, or around $12, was contributing about 80 points to that burst higher. A $1 move in any one of the price-weighted Dow’s 30 components equates to a 6.83-point swing. Moves in Boeing’s stock have been the the most influential for the blue-chip average over the past several months. Meanwhile, the S&P 500 index was up more than 1%, driving past a round-number at 2,800, while the Nasdaq Composite Index also was rallying sharply higher, up 1.2% at 7,300. The run-up for equities followed an upbeat report from the Federal Reserve’s Beige book, an anecdotal account of business conditions in the central bank’s key business districts. The report suggested that stubbornly low wage growth may be on the rise. Wednesday’s move for stocks also comes after the market experienced a reversal on fears of a government shutdown and weakness in the energy market.

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.

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Shari Redstone, the president of National Amusements, which owns a controlling interest in Viacom Inc. and CBS Corp. , is pushing for new directors on the CBS board, according to a report in The Wall Street Journal, as she tries to convince the two companies to merge. Shares of Viacom were up nearly 3% during intraday trade on Wednesday, while CBS shares dipped more than 1%. The report says Redstone approached CBS Chief Executive Leslie Moonves to reengage in talks to merge with Viacom. Moonves has not been keen on merging the two companies, which split in 2005. Media reports last weekend suggested that the two were not actively engaged in merger talks. Shares of Viacom are down nearly 17% in the last 12 months and shares of CBS are down close to 6%. By comparison, the S&P 500 index is up almost 24% and the Dow Jones Industrial Average is up 30%.

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Oil prices settled higher Wednesday to recoup some of their losses from a day earlier. Analysts polled by S&P Global Platts expect the Energy Information Administration on Thursday to report a decline of 425,000 barrels in last week’s U.S. crude supplies. That would mark a ninth straight weekly fall. February West Texas Intermediate crude rose 24 cents, or 0.4%, to settle at $63.97 a barrel on the New York Mercantile Exchange, after falling 0.9% Tuesday.

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From:: Stock Market News

Shari Redstone, the president of National Amusements, which owns a controlling interest in Viacom Inc. and CBS Corp. , is pushing for new directors on both of the companies’s boards, according to a report in The Wall Street Journal, as she tries to convince the two companies to merge. Shares of Viacom were up nearly 3% during intraday trade on Wednesday, while CBS shares dipped more than 1%. The report says Redstone approached CBS Chief Executive Leslie Moonves to reengage in talks to merge with Viacom. Moonves has not been keen on merging the two companies, which split in 2005. Media reports last weekend suggested that the two were not actively engaged in merger talks. Shares of Viacom are down nearly 17% in the last 12 months and shares of CBS are down close to 6%. By comparison, the S&P 500 index is up almost 24% and the Dow Jones Industrial Average is up 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.

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From:: Stock Market News

Gold prices gave up earlier lows on Wednesday to end higher for a fifth session, then eased back in electronic trading from their settlement shortly after the release of the U.S. Federal Reserve’s Beige Book. The report, which offers a snapshot of domestic economic activity, said the pace of growth continues to be “modest to moderate.” The report comes ahead of the Fed’s next monetary policy meeting, during which the central bank is expected to keep short-term interest rates steady. February gold was at $1,338.30 an ounce in electronic trading. Prices had gained $2.10, or 0.2%, to settle at $1,339.20 an ounce for the session, their highest since Sept. 8, 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.

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From:: Stock Market News