Tag: stock market

U.S. stock-index futures pointed to a moderately higher open on Friday, following the December jobs report, which came in below forecasts. Futures for the Dow Jones Industrial Average rose 91 points, or 0.3% to 25,144, while those for the S&P 500 index climbed 8.5 points, or 0.3%, to 2,732.50. Futures for the Nasdaq-100 index gained 28 points, or 0.4%, to 6,631.25. The gain in all three suggested the indexes would open near record levels. The U.S. created 148,000 jobs in December, the slowest pace in three months. Economists polled by MarketWatch had predicted a 198,000 increase in nonfarm jobs. The unemployment rate remained steady at 4.1% for the third straight month.

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) – The U.S. trade deficit rose 3.2% to $50.5 billion in November, the highest trade gap since January 2012. Economists surveyed by MarketWatch had predicted the deficit would widen to a seasonally adjusted $50 billion. Imports rose 2.5% to $250.7 billion, the Commerce Department said Friday. Exports rose 2.3% to $200.2 billion. Year-to-date, the deficit is up 11.6% from the same period in 2016. The trade gap with China widened to $35.4 billion in November, the highest since September 2015. The November import average price of oil rose to $50.10 in November, the highest since July 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

WASHINGTON (MarketWatch) – The U.S. created 148,000 jobs in December, the slowest pace in three months. Economists polled by MarketWatch had predicted a 198,000 increase in nonfarm jobs. The unemployment rate remained steady at 4.1% for the third straight month. Worker pay increased 2.5% from December 2016 to December 2017, up from 2.4% in the prior month. The average workweek was flat at 34.5 hours. October and November job gains were trimmed by a net 9,000 jobs due to revisions.

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

Entera Bio set terms for its planned initial public offering on Friday, saying in a regulatory filing it will offer 5 million shares priced at $10 to $12 each. The clinical-stage biopharmaceutical company, which focuses on the development of orally delivered large molecule therapeutics for use in orphan indications and other areas with significant unmet medical needs, will raise $55 million at the midpoint of its price range. It has applied to list on Nasdaq under the ticker symbol “ENTX”. Oppenheimer is sole underwriter on the deal, according to the company’s prospectus.

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

Constellation Brands Inc. said Friday it had net income of $491.1 million, or $2.44 a share, in its fiscal third quarter to Nov. 30, up from $405.9 million, or $1.98 a share, in the year-earlier period. On a comparable basis, the company had EPS of $2.00, beating the FactSet consensus of $1.89. The distributor of Corona beer and Robert Mondavi wine said sales fell to $1.799 billion from $1.811 billion, below the FactSet consensus of $1.867 billion. The company raised its 2018 EPS outlook to $8.50 to $8.60 and its comparable EPS outlook to $8.40 to $8.50. The FactSet consensus is for fiscal 2018 EPS of $8.43. The company said its board has approved a new $3 billion share buyback program. Shares fell 0.8% premarket, but have gained 54% in the last 12 months, while the S&P 500 has gained 20%.

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

Canada’s Canopy Growth Corp. said Friday in response to news that the U.S. Justice Department is removing protections for states that have legalized marijuana that is will only conduct business in jurisdictions where it is federally legal. “We want to make our position as clear as possible: While Canopy does not support continued cannabis prohibition, it is management’s view that confusion surrounding federal cannabis laws in the United States presents advantages for Canopy Growth, not risks,” Chief Executive Bruce Linton said in a statement. “We are confident in our position because we have exclusively focused on ethical, responsible and legal cannabis opportunities across the globe and not in the United States.” Canada is set to fully legalize marijuana this summer, a move that has helped Canadian businesses develop and flourish, at a time when U.S. companies are hampered by the continued classification of marijuana as a Schedule I drug, putting it on a par with heroin and cocaine.

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

Morgan Stanley said Friday it expects to take a $1.25 billion hit from the tax bill that President Donald Trump signed into law in December. The bank said in a regulatory filing that net income for the fourth quarter will include a tax provision of that amount, primarily stemming from the re-evaluation of certain net deferred tax assets using the lower tax rate. Goldman Sachs Group Inc. said in late December that it estimates the new tax legislation could reduce its fourth quarter earnings by about $5 billion, mainly due to the newly enacted repatriation tax for cash and assets held overseas. Morgan Stanley shares were not yet active premarket, but have gained 23% in the last 12 months, while the S&P 500 has gained 20%.

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 egg producer Cal-Maine Foods Inc. slid almost 5% in premarket trade Friday, after the company missed earnings estimates for its fiscal second quarter. The company said it had a net loss of $26.1 million, or 54 cents a share, in the quarter, after a loss of $23 million, or 48 cents a share, in the year-earlier quarter. The number included a charge of $52.8 million, or $1.09 a share, related to antitrust claims made by several large direct action purchasers. Excluding that charge, the company had EPS of 55 cents, below the FactSet consensus of 68 cents. Sales rose 42% to $361.2 million, also below the FactSet consensus of $364 million. Chief Executive Dolph Baker said the company denies liability in the antitrust case but decided to settle to remove the overhang of uncertainty and risk. “While the charge related to this settlement affected our financial results for the second quarter of fiscal 2018, we had a solid operating performance during the quarter,” he said, highlighting a strong egg market and improved pricing. Shares have fallen 0.2% in the last 12 months, while the S&P 500 has gained 20%.

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

Travis Kalanick, who co-founded Uber Technologies Inc. and was ousted as its chief executive last year, plans to sell about a third of his stake in the company, Bloomberg News reported Thursday night. The sale of 29% of his shares will earn him about $1.4 billion in a transaction with Japan’s SoftBank Group Corp. . Last month, SoftBank won a bid to buy about 15% of Uber at a price roughly 30% discounted from its last valuation of $68 billion. The deal is expected to be finalized later this month. In 2016, Kalanick boasted that he had “never sold a single Uber share.” Kalanick was forced out of the company he helped build in June following a shareholder revolt after a series of scandals tainted the ride-sharing giant.

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

Apple Inc. published information Thursday evening confirming that all devices running its mobile and personal-computer operating systems are affected by two massive vulnerabilities publicly disclosed Wednesday. “All Mac systems and iOS devices are affected, but there are no known exploits impacting customers at this time,” a post on Apple’s support forum said. Apple said that recent updates to its Mac, iOS and tvOS software would help to mitigate against Meltdown, and that it was working on an update to its Safari web browser that would help fight off Spectre. Intel Corp. admitted Wednesday that its chips, which are used in Mac computers, are affected by Meltdown; Spectre affects all modern CPUs, including mobile chips from Softbank Group Corp.’s ARM Holdings. Other software companies, like Microsoft Corp. are patching operating systems to ward off potential exploits that use the vulnerabilities as well.

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