Pareteum shares more than double on blockchain settlements offering

Shares of Pareteum Corp. more than doubled Tuesday after the mobile cloud platform company said it would offer blockchain technology to its billing and settlement services. Pareteum shares surged 120% to close at $2.80 Tuesday, following a trading halt during the regular session. The company said Pareteum customers will now be able to accept and process cryptocurrencies like bitcoin and ether, which runs on the Etherium network, the company said.

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Stock market shakes off surging oil, retail rally to finish lower as Apple’s stock weighs

The Dow Jones Industrial Average ended lower on Tuesday as a decline in Apple Inc., helped to drag the benchmark, and the broader market, lower a day after the Christmas holiday. The Dow closed off less 0.1% lower at 24,746, the S&P 500 index ended down 0.1% at 2,680, while the Nasdaq Composite Index finished off 0.3% at 6,936, as Apple’s stock decline spilled over into the technology sector. Apple’s shares provided the biggest downside impetus, finishing down 2.5% and cutting some 30 points from the price-weighted Dow on the back of a report of tepid iPhone X demand. Meanwhile, crude-oil prices in the U.S. ended up 2.6%, at $59.97 a barrel, briefly touching $60 and marking its highest settlement sine late June 2015. That surge in crude supported the energy sector , which posted the best daily return of the S&P 500’s 11 sectors, up 0.8%. Separately, retail shares, including Kohl’s Corp. and Macy’s Inc. enjoyed sharp holiday gains on reports of better-than-expected Christmas sales. Still, the rally in oil and retailers wasn’t enough to push the main equity benchmarks to a positive finish for the session.

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U.S. oil settles at highest level since June of 2015

Oil prices finished around a 21/2-year high Tuesday, with futures supported by pipeline disruptions in the North Sea and Libya. West Texas Intermediate crude for February delivery , the U.S. benchmark, closed up $1.50, or 2.6%, at $59.97, marking the highest settlement for crude since late June 2015, according to FactSet data. The contract briefly touched a psychologically significant level intraday at $60 a barrel. An ongoing outage of the Forties Pipeline System in the North Sea and expectations of supply losses after a blast in Libya helped to punch prices higher. However, market participants cautioned that moves are a reflection of seasonally light volumes following Christmas, and as investors observe other holidays before the end of the year.

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Gold settles around 4-week high as dollar softens

Gold futures booked their highest close on Tuesday in about four weeks as a weaker dollar helped to drive the yellow metal higher. A softening dollar can make gold more attractive to buyers using weaker currencies. February gold settled $8.70, or about 0.7%, higher at $1,287.50 an ounce, marking the highest settlement since Nov. 28th, according to FactSet data. Dollar weakness, as measured by the ICE U.S. Dollar Index , which gauges the buck against a basket of six rival currencies, helped to support gold trading.

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3-month Treasury auction sees poor appetite on debt-ceiling worries

An auction for the 3-month Treasury bill drew weak demand as investors avoided buying debt at risk of default if Congress fails to hike the federal government’s debt ceiling. The bills mature on March 29, close to the date when economists expect the government to run up against its borrowing cap. The auction “tailed” three basis points to stop at 1.445%, the widest tail for an auction of this maturity since Nov. 2008 and a sign of diminished appetite. The “tail” is the gap between the highest yield the Treasury sold in the auction and the highest yield expected when the auction began – the “when issued” level.

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Stitch Fix stock jumps to new all-time high

Shares of Stitch Fix Inc. jumped 10.3% in Tuesday morning trading, to reach a new all-time intraday high. Tuesday’s rally more than makes up for share price losses incurred last week after the company reported its first quarterly earnings as a public company. The online clothing retailer went public in mid-November, and shares are up 82% from their IPO price of $15. The S&P 500 is up 4% since Stitch Fix’s IPO.

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Micron, Universal Display stocks fall after reports of weak demand for Apple’s iPhone X

Shares of numerous Apple Inc. suppliers are falling in Tuesday morning trading, following reports of weak demand for the iPhone X. Micron Technology Inc. shares dropped 4%, while shares of Cirrus Logic Inc. Broadcom Ltd.’s are both down 2.2%. Firms whose equipment enables the iPhone X’s 3D-sensing technology also saw their shares fall, with Lumentum Holdings Inc.’s stock down 4.3% and Finisar Corp.’s down 2.3%. Shares of Universal Display Corp. dropped 4.9% in morning trading. Apple’s stock is down 2.2% Tuesday but up 47% so far this year. The Dow Jones Industrial Average is up 25% in 2017.

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GE’s stock heads for longest win streak in 3 months

Shares of General Electric Co. edged up 0.3% in morning trade, putting them on track for a third-straight gain. That would be the longest win streak since the four-day stretch ending Sept. 25. The stock has gained 0.6% since it closed at a six-year low of $17.45 on Dec. 20. The stock was still down 44.5% year to date and 30.0% over the past three months, the worst performer among components of the Dow Jones Industrial Average over those time period. The Dow has gained 25.3% this year and 11.2% the past three months.

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‘Star Wars: The Last Jedi’ rules box office again as total U.S. take climbs to $400 million

“Star Wars: The Last Jedi” ruled the box office roost for a second-straight weekend, as the $103 million it took in brought its U.S. gross to about $400 million, according to Box Office Pro. The film, distributed by Walt Disney Co. , has now grossed over $745 million since its Dec. 15 release, already enough to make it the 10th-highest grossing film of the year, but the film’s domestic take still puts it 30% behind its predecessor, “Star Wars: The Force Awakens,” which was released in 2015, according to Box Office Pro data. For the holiday weekend, Sony Corp.’s “Jumanji: Welcome to the Jungle” came in second with a $42.5 million box office, while “Pitch Perfect 3,” distributed by Comcast Corp.’s Universal was third and at $35.0 million. Disney’s stock edged up 0.2% in morning trade Tuesday. It has rallied 10.4% over the past three months, while the Dow Jones Industrial Average has climbed 11.1%.

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Amazon says Echo Dot, Fire TV Stick were holiday best-sellers

Amazon.com Inc. said Tuesday that it had a strong holiday season, with Prime membership levels rising and two Amazon products topping the company’s best-selling charts. In one week during the holiday period, more than four million people either began trial memberships of Amazon Prime or started paid memberships, according to a release. Amazon’s Echo Dot speaker and Fire TV Stick with Alexa remote were the site’s best-sellers, Amazon added. The company tends not to give specifics about device sales but said that customers bought “twice as many” Fire TV Sticks this holiday season relative to last year’s. Amazon shares are down 0.4% in Tuesday morning trading but up 56% so far in 2017. The S&P 500 is up 20% this year.

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