Tag: stock market

The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 11.2 million barrels for the week ended Jan. 5, according to sources. The API data showed a rise of 4.3 million barrels in gasoline stockpiles, while inventories of distillates climbed by 4.7 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3.5 million barrels for crude inventories. They also forecast a rise of 2.3 million barrels for gasoline and an increase of 2.1 million barrels for distillate supplies. February crude was at $63.26 a barrel in electronic trading, up from the settlement of $62.96 on the New York Mercantile Exchange.

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Shares of WD-40 Co. rose more than 5% late Tuesday after the company reported better-than-expected fiscal first-quarter earnings and sales. WD-40 said it earned $12.6 million, or 90 cents a share, in the quarter, compared with 82 cents a share in the year-ago period. WD-40 said its total net sales reached $97.6 million, up 9% from $89.2 million a year ago. Analysts polled by FactSet had expected earnings of 83 cents a share on sales of $93 million. WD-40 also increased its guidance for fiscal 2018, saying it expects sales growth between 4% and 6% and net sales between $396 million and $403 million for the year. It projected per-share earnings between $3.91 and $3.98. The analysts surveyed by FactSet expect per-share earnings of $3.85 on sales of $398 million for fiscal 2018. Shares ended the regular session down 0.9%.

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Steve Bannon is stepping down from his position as executive chairman of Breitbart News, the New York Times reported Tuesday. The Times says Bannon’s departure was forced by his onetime financial patron Rebekah Mercer. It follows criticism by President Donald Trump over comments attributed to Bannon in Michael Wolff’s book “Fire and Fury.”

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Steve Bannon is stepping down from his position as executive chairman of Breitbart News, the New York Times reported Tuesday. The Times says Bannon’s departure was forced by his onetime financial patron Rebekah Mercer. It follows criticism by President Donald Trump over comments attributed to Bannon in Michael Wolff’s book “Fire and Fury.”

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Lands’ End Inc. said Monday that it has a new store concept that will launch in Chicago this year with plans to open four-to-six other locations. Over the next five years, the company will open between 40 and 60 stores. Lands’ End has about 180 locations in Sears Holdings Corp. stores, according Jerome Squire Griffith, Lands’ End chief executive, in a FactSet transcript of his presentation at the ICR Conference. “As you know, the Sears store group is continuing to close stores and our numbers continue to go down,” he said. We will not be really relying on Sears in the future for growth for us.” Sears announced 100 store closures, including Kmart, last week. “[I]t’s our expectation that our Sears business at a point in time will go away and that we’ll be talking directly to the consumer through out own stores.” Besides stores, Lands’ End plans to extend its reach through a partnership with The Weather Channel. “The Weather Channel has a core consumer attribute that is exactly the same as Lands’ End with many more customers than what we have,” said Griffith. Finally, Lands’ End Outfitters, the company’s uniform arm which generates about two-thirds of its business, according to Griffith, has a new customer, Delta Air Lines Inc. , which is also the company’s biggest client. Lands’ End shares are up nearly 2% in Tuesday trading, and up 47.7% for the last three months. The S&P 500 index is up 8.4% for the past three months.

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Oil climbed Tuesday, with futures prices settling near $63 a barrel for their highest finish since December 2014. Expectations that the Energy Information Administration on Wednesday will report an eighth straight weekly decline in U.S. crude inventories and concerns that unrest and possible sanctions will hurt Iranian crude production contributed to the price gains. February West Texas Intermediate crude rose $1.23, or 2%, to settle at $62.96 a barrel on the New York Mercantile Exchange.

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Gold prices settled lower Tuesday, down a second session in a row as prices continued to pull back from a record streak of 11 straight gains. Strength in the U.S. dollar and stock market helped dull investment demand for the precious metal ahead of key U.S. inflation data this week that are expected to offer hints on this year’s pace of Federal Reserve interest-rate increases. February gold fell $6.70, or 0.5%, to settle at $1,313.70 an ounce.

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The Dow Jones Industrial Average Tuesday afternoon was trading in record territory, with shares of Boeing Co. contributing the lion’s share of the blue-chip average’s gains. Shares of Boeing were up $7.45, or 2.4%, equating to a more than 50-point gain for the price-weighted Dow . A $1 move in any one of the Dow’s 30 components translates to a 6.83-point swing in the average. The Dow was up 0.5% at 25,400. Boeing’s hefty moves comes after reports that the plane manufacturer is facing a big backlog of orders in 2017, suggesting its sales in the coming year could be stronger-than-expected. Boeing has been one of the biggest factors in the Dow’s recent historic rally to a round-number milestone above 25,000, adding more than 140 points to that benchmark. So far, it is among the biggest gainers in the first six days of 2018. Elsewhere, the S&P 500 index was up 0.3% at 2,765, while the Nasdaq Composite Index was showing a gain of 0.2% at 7,171.

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The U.S. Energy Information Administration on Tuesday raised its 2018 price forecasts on West Texas Intermediate and Brent crude oil prices and U.S. production. In its monthly energy outlook report, the government agency forecast WTI prices at $55.33 a barrel for this year, up 4.8% from the December forecast. For 2019, it forecast $57.43. The EIA also upped its 2018 view on Brent crude by 4.3% to $59.74 and offered a 2019 forecast of $61.43. It raised its 2018 U.S. crude output view by 2.6% to 10.27 million barrels a day. February WTI crude continued to trade higher, up 1.5% at $62.66 a barrel, poised for the highest finish in about three years. March Brent added 1.1% to $68.56.

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Discovery Communications is moving its headquarters from suburban Washington, D.C. to New York City, NBC Washington and other media outlets reported, citing a company email. “We have … made the difficult decision to reduce our footprint in Maryland over time, with the ultimate closure and sale of our One Discovery Place headquarters building in Silver Spring, expected in 2019,” said CEO David Zaslav in an email. The same email said Discovery will move its global headquarters to New York City.

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