Tag: stock market

Amazon.com Inc.’s stock surged 1.4% in midday trade, to push the e-commerce giant’s market-capitalization past Google-parent Alphabet Inc.’s in intraday trade, which would make Amazon the second largest U.S. company. Amazon’s market-cap was $758.26 billion, while Alphabet’s stock fell 1.3% to knock the internet-search giant’s market cap down to $755.35 billion. Apple Inc. is still by far the biggest U.S. company, with the stock up 0.1% to lift its market cap to $890.44 billion. Amazon’s stock has soared 34% year to date, while Alphabet shares have gained 3.3% and the S&P 500 has tacked on 1.4%.

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Shares of MuleSoft Inc. jumped 20% after Reuters reported that Salesforce.com Inc. was in advanced talks to buy the software company. The report, which cites people familiar with the matter, said that a deal could be announced this week at the earliest, though they said that nothing had been formally agreed upon yet. Salesforce shares are up 0.9% in Tuesday trading. MuleSoft went public a year ago, and shares had nearly doubled from their IPO price of $17 prior to the Reuters report. MuleSoft received venture funding from Salesforce. MuleSoft shares are now up 67% in the past 12 months, while Salesforce’s stock is up 52% and the S&P 500 is up 14%.

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Chipotle Mexican Grill Inc. said Tuesday that it has named Chris Brandt chief marketing officer, effective April 2. Brandt succeeds Mark Crumpacker, who announced his resignation last week. Brandt joins from Bloomin’ Brands Inc. where he was chief brand officer across Outback Steakhouse, Carraba’s, Bonefish Grill and Fleming’s. He also previously worked for Taco Bell parent Yum Brands Inc. leading that brand’s marketing and food innovation. Chipotle shares are up 1.3% in Tuesday trading, and up 11% for the year so far. The S&P 500 index is up 1.6% for 2018 to date.

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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About 18,000 riding lawn mowers sold at Briggs & Stratton Corp. dealers are being recalled Tuesday, because of a potential hazard with the reverse-mow option switch, according to the U.S. Consumer Product Safety Commission (CPSC). Briggs & Stratton’s stock slipped 0.4% in midday trade. The products recalled are made in the U.S. and sold nationwide under the brands Snapper, Simplicity and Massey Ferguson from August 2016 through January 2018 for between $1,500 and $13,000. About 300 of the recalled riding mowers were sold in Canada. The CPSC said that while there have been no reports of injuries, the reverse-mow option switch can malfunction, allowing the riding mowers to “unintentionally move when being driven in a reverse direction,” which poses a risk of injury to bystanders. Briggs & Stratton shares have shed 12.8% over the past three months, while the S&P 500 has gained 1.5%.

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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Proteostasis Therapeutics Inc. shares tanked nearly 18% in extremely heavy Tuesday morning trade after Kerrisdale Capital put out a short report on the company. “Stock has run up on unimportant breakthrough-therapy designation, but the underlying clinical data is terrible. The drug is a dud,” Kerrisdale Capital said in a statement. Proteostasis shares surged last week on an orphan drug designation from the Food and Drug Administration for its cystic fibrosis drug and a smaller-than-expected fourth-quarter loss. Company shares have risen 7.9% over the last three months, compared with a 1.3% rise in the S&P 500 .

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 Dow Jones Industrial Average regained its footing in positive territory for the year in early trade on Tuesday, as the stock market attempted to recover from a technology-fueled selloff on Monday. The Dow was up about 150 points at its higg, or 0.6%, powered by gains in the usual suspects: Boeing Co. , 3M Co. , and Caterpillar Inc. –among the blue-chip gauge’s most influential components. A rally in those shares helped the stock gauge climb 0.2% so far this year, after falling firmly in the red after the previous session’s downturn. On Monday, the broader market was rattled by concerns over how Facebook Inc. [s:FB] managed user information, which resulted in the social network’s shares suffering the worst one-day decline in about four years. Elsewhere, the S&P 500 index was up 0.3% at 2,721, while the tech-centric Nasdaq Composite Index advanced by 0.4% at 7,369. The S&P 500 was holding onto a year-to-date return of 1.8%, while the Nasdaq was up 6.8% for the first three months of 2018.

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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Travel website Orbitz.com, a subsidiary of Expedia Inc. , said it identified, and remediated, a data security incident in which personal user information was accessed. Expedia’s stock slumped 1.1% in morning trade. Orbitz said it determined on March 1 that a breach had occurred, between Oct. 1, 2017 and Dec. 22, 2017, on a legacy booking platform. The company said the information accessed was submitted for purchases made between Jan. 1, 2016 and June 22, 2016, and likely included full names, payment card information, date of birth, phone numbers, email addresses, billing addresses and gender. There company said social security numbers of U.S. customers were not accessed. The number of payment cards affected is about 880,000. “We took immediate steps to investigate the incident and enhance security and monitoring of the affected platform,” Orbitz said in a statement. The company said the current Orbitz.com site “was not in any way involved” in the incident. Expedia’s stock has shed 8.3% over the past three months, while the S&P 500 has gained 1.6%.

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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U.S. equity markets opened slightly higher on Tuesday, rebounding from sharp losses from the previous session, as investors focused on the two-day FOMC policy meeting. The Federal Reserve is expected to raise interest rates by a quarter percentage point. The Dow Jones Industrial Average gained 100 points, or 0.4%, to 24,717. The S&P 500 index rose 7 points, or 0.3% to 2,720, while the Nasdaq Composite advanced 11 points, or 0.2% to 7,357. Facebook Inc. shares slumped 2.5% as global regulators turned up the heat on the social network company.

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There was a shooting at a Maryland high school, according to the St. Mary’s County Sheriff’s Office. The shooting was at Great Mills High School, about 70 miles south of Washington D.C., and is “contained” according to published reports, but it’s not clear how many victims there were. Special agents from the Bureau of Alcohol, Tobacco and Firearms were en route, the agency tweeted.

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Shares of CSRA Inc. rose 0.9% in premarket trade Tuesday, after General Dynamics Corp. raised its per-share bid to buy the information technology company, in the wake of a rival bid from CACI International Inc. . General Dynamics said it will now pay $41.75 a share in cash, up from its original bid announced on Feb. 12 of $40.75 a share in cash. That increases the value of the deal to $9.7 billion, including the assumption of $2.8 billion in debt, from $9.6 billion. Over the weekend, CSRA confirmed that it received an unsolicited $44-a-share buyout bid, but in cash and stock. CSRA’s board of directors has determined that CACI’s bid “could not reasonably be expected to lead to a company superior proposal,” and recommends its shareholders tender their shares to General Dynamics’ tender offer. CSRA’s stock has rallied 40.0% over the past 12 months, while General Dynamics shares have climbed 16.6%, CACI shares have rallied 16.1% and the S&P 500 has gained 14.3%.

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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