Tag: stock market

The New York Times Co.’s largest single investor, Mexican billionaire Carlos Slim, is reportedly selling more than half of his stake in the newspaper to U.S. hedge fund investors. According to Bloomberg, which initially reported the deal, Slim’s stake will be cut to 8% from 17%. The report also points to a deal earlier this month where Slim sold $250 million of mandatory exchangeable trust securities in a private offering giving the buyers a 9% stake in the New York Times. The securities would mature and convert into Class A shares in three years time. Back in July, Slim sold about $10 million worth of New York Times shares. Shares of the New York Times have climbed more than 50% since 2015, when Slim increased his stake in the company. Shares are up more than 39% in the year to date, while the S&P 500 index is up nearly 20% and the Dow Jones Industrial Average is up more than 25% during the same time frame.

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Target Corp. has partnered with outdoor-clothing company Askov Finlayson to launch a capsule collection timed to coincide with Super Bowl LII. Askov Finlayson is a Minneapolis-based company, which is where the next Super Bowl is taking place. The limited-edition collection will be available in 38 Minnesota stores and online from Jan. 14 through Feb. 24, while supplies last. The line will include clothing and accessories for men, women, children and babies as well as items like a candle and snow tube. Merchandise is priced between $5 and $40, with most items priced below $30, according to the retailer. Target shares are down 17% for the past year while the S&P 500 index is up nearly 19% for the period.

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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Spark Therapeutics Inc. shares rose 3% in heavy morning trade Tuesday after the company’s gene therapy Luxturna was approved by the Food and Drug Administration for a rare type of inherited vision loss. Just one administration of the therapy could treat the disease, making it a major scientific breakthrough. The approval had been widely expected after an FDA committee recommended it in October, and was heralded by FDA Commissioner Scott Gottlieb as “another first in the field of gene therapy.” The next, major question for the therapy is price, with some analysts projecting the cost could come close to $1 million. Gene therapies, the first of which was approved this past summer, are expected to challenge existing U.S. payment structures with their price tags, which are extremely high and cover a one-time treatment. Luxturna was approved for individuals with confirmed biallelic RPE65 mutation-associated retinal dystrophy, which is part of a group of eye disorders caused by gene mutations, can cause complete blindness in some cases and affects about 1,000 to 2,000 people in the U.S. Spark shares have plummeted 41.5% over the last three months, compared with a 7.2% rise in the S&P 500 and a 10.8% rise in the Dow Jones Industrial Average .

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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Retail bankruptcies hit a six-year high in 2017, totaling 50 in 2017 as of Dec. 14, according to S&P Global Market Intelligence data. That’s higher than 47 for all of 2016 and the highest since 59 total in 2011. Among the companies that filed for bankruptcy protection in 2017 were Toys R Us Inc., True Religion Apparel Inc., Payless Inc. and BCBG Max Azria Global Holdings LLC. Mall-based chain Charming Charlie Holdings Inc. was the most recent to file for bankruptcy on Dec. 11. Other mall-based bankruptcies include teen retailer Wet Seal LLC and The Gymboree Corp. The most vulnerable public U.S. companies in order from one to five, according to S&P Global, are: Sun Pacific Holding Corp., Sears Holdings Corp. , Razer Inc. , Vince Holding Corp. , and The Bon-Ton Stores Inc. . “The probability of default among these companies ranged from 44.38% and 5.36% with a corresponding implied credit score of ‘cc’ to ‘b,'” S&P Global wrote. Victoria’s Secret parent L Brands Inc. fell off the most vulnerable list in December. The SPDR S&P Retail ETF is up 2.8% for the year so far, but down 1.8% for the last 12 months. The S&P 500 index is up 20% for 2017 to date.

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Shares of Square Inc. fell 0.8% in Tuesday morning trading after analysts at Morgan Stanley reiterated their equal-weight rating but raised their price target from $26 to $40. The analysts, led by James Faucette, model Square’s revenue growing by 36% annually through 2020, above consensus figures. Faucette sees room for upside if Square has better-than-expected success moving upmarket, to larger sellers, but he notes that there are also a number of potential downsides. These include the possibility of volatility in the credit markets, which could hurt Square Capital, the company’s lending business, as well as the potential for larger players to adopt more competitive pricing, which could limit further share gains for Square. “A narrowing gap between the base case and bull case limits further upside and keeps risk/reward balanced,” he wrote. Shares have gained 175% so far this year, compared with a 20% rise for the S&P 500 Index .

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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Target Corp. has partnered with outdoor-clothing company Askov Finlayson to launch a capsule collection timed to coincide with Super Bowl LII. Askov Finlayson is a Minneapolis-based company, which is where the next Super Bowl is taking place. The limited-edition collection will be available in 38 Minnesota stores and online from Jan. 14 through Feb. 24, while supplies last. The line will include clothing and accessories for men, women, children and babies as well as items like a candle and snow tube. Merchandise is priced between $5 and $40, with most items priced below $30, according to the retailer. Target shares are down 17% for the past year while the S&P 500 index is up nearly 19% for the period.

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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The Securities and Exchange Commission has temporarily suspended trading in shares of Crypto Co. , citing concerns over “the accuracy and adequacy of information.” The concerns center on, among other things, the compensation paid for promotion of the company and statements in SEC filings about the plans of insiders to sell their common shares. “Questions have also arisen concerning potentially manipulative transactions in the company’s stock in November 2017,” the SEC said in a statement. The suspension took effect at 9:30 a.m. ET and extends until 11:59 p.m. on Jan. 3. The stock, which trades on OTC Markets Group Inc.’s OTC Link marketplace, formerly known as Pink Sheets, closed Monday at $575, up from $20 at the end of November. During November, the stock rose 67% and traded within a closing range of $20 to $40. The stock was trading at about a penny as recently as Aug. 14. Bitcoin futures fell 4.3% in morning trade, while the S&P 500 slipped 0.1%.

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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Starbucks Corp. has opened the company’s first new store in Puerto Rico since Hurricane Maria struck the island in September. The new café, the 25th on the island, is at the Metropolitan University campus of Ana G. Méndez University system in Cupey. “As we open our doors at UMET, and slowly begin to reopen all other stores across the island, we remain fully committed to our growth plans in the market as we work to create local jobs, serve our customers, and support the region’s coffee producers,” said Michael Conway, executive vice president for Starbucks Licensed Stores in the Americas. Starbucks shares are up 4.4% for the year so far while the S&P 500 index is up 20.1% for the period.

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U.S. stocks mostly opened higher on Tuesday, as optimism continued to grow that a tax bill in Washington would be passed this week. The Dow Jones Industrial Average rose 54 points, or 0.2%, to 24,842. The blue-chip average ended at a record on Monday – its 70th of the year – and continues to trade near its intraday peak. The S&P 500 rose 3 points to 2,693, a gain of 0.1%. The Nasdaq Composite Index fell 4 points to 6,991, a decline of less than 0.1%. Investors continued to watch the latest policy updates out of Washington. The House of Representatives is expected to vote on the final version on Tuesday, while the Senate vote is expected to follow either on Tuesday or Wednesday. That should be enough time for the bill to land on President Donald Trump’s desk for the final signature before Christmas, which is the Republicans’ self-imposed deadline. In company news, Darden Restaurants Inc. rose 3.6% after it reported results that topped expectations.

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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Shares of Carnival Corp. rallied 1.3% in premarket trade Tuesday, after the cruise ship operator beat fiscal fourth-quarter profit and sales expectations. Net income for the quarter to Nov. 30 declined to $546 million, or 76 cents a share, from $609 million, or 83 cents a share, in the same period a year ago. The company said voyage disruptions as a result of hurricanes reduced EPS by about 11 cents. Excluding non-recurring items, adjusted EPS came to 63 cents, above the FactSet consensus of 51 cents. Revenue rose to $4.26 billion from $3.94 billion, beating the FactSet consensus of $4.15 billion, as passenger ticket and onboard and other revenue rose above expectations. Looking ahead, Carnival said it expects first-quarter adjusted EPS of 37 cents to 41 cents, which is below the FactSet consensus of 46 cents, and 2018 adjusted EPS of $4.00 to $4.30, compared with expectations of $4.28. The stock has run up 28% year to date through Monday, 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.

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