Tag: stock market

Broadcom Ltd. shares wobbled in the extended session Wednesday after the chipmaker’s quarterly results topped Wall Street estimates. After an initial 1% gain, Broadcom shares slipped 1.1% to $261 after hours. The company reported fiscal fourth-quarter net income of $636 million, or $1.50 a share, compared with a loss of $632 million, or $1.59 a share, in the year-ago period. Adjusted earnings were $4.59 a share. Revenue rose to $4.84 billion from $4.14 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $4.52 a share on revenue of $4.83 billion. For the fiscal first quarter, Broadcom estimates revenue of $5.22 billion to $5.37 billion. Analysts expect revenue of $4.83 billion.

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A bounce by tech stocks Wednesday allowed the Nasdaq Composite index to snap a three-day losing streak, while a fractional loss for the S&P 500 left the benchmark down for a fourth consecutive session. The Nasdaq ended 0.2% higher, while the S&P 500 shed 0.3 point, or less than 0.1%, to close at 2,629.27, according to preliminary figures. The 4-day losing streak is the S&P’s longest since March. The Dow Jones Industrial Average fell around 40 points, or 0.2%, to close near 24,141. Energy shares were the weakest link, with the S&P 500 energy sector down 1.3% as oil prices retreated.

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The Central Bank of Brazil lowered its benchmark interest rate, the so-called Selic rate, by 50 basis points to 7%, in line with FactSet consensus estimates. The central bank cited economic indicators showing the gradual recovery of the economy, along with the positive global economic outlook as reasons. The Brazilian real rose ahead of the announcement and defended most of its gains. One dollar last bought 3.2354 real, up from 3.2414 real late Tuesday in New York.

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Oil futures ended lower on Wednesday, after a drop in domestic crude supplies was outweighed by an unexpectedly large rise in gasoline inventories. West Texas Intermediate crude for January delivery on the New York Mercantile Exchange fell $1.66, or 2.9%, to close at $55.96 a barrel. The U.S. Energy Information Administration on Wednesdy morning reported that domestic crude supplies fell 5.6 million barrels last week, exceeding a forecast for a decline of 4.1 million barrels from analysts surveyed by S&P Global Platts. But gasoline stockpiles rose 6.8 million barrels versus a forecast rise of 2.7 million barrels.

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Snap Inc. shares fell 1.1% in Wednesday afternoon trade after analysts at Evercore initiated coverage of the stock with an underperform rating. The firm’s price target of $7 is the lowest among Wall Street analysts covering the stock, according to FactSet. Evercore’s team, led by Anthony DiClemente, doubts that Snap will be able to grow its user base much. “Though the company introduced a major redesign last week, we struggle to see a clear path to broader appeal, as Snap has largely built its brand as distinctly for teens and 20-somethings,” DiClemente wrote. He believes that Facebook Inc.’s Instagram Stories makes Snapchat “redundant” for most people who aren’t already using the app. DiClemente added that while Snapchat’s engagement metrics look impressive, they could be skewed by a small base of very active users. Snap says users spend about 30 minutes in the app on average, but Evercore’s analysis suggests that “as few as 6% of Snapchat’s most active users account for nearly 40% of the total times the app is opened in a given day.” Snap shares have fallen 13% from their March IPO price of $17. The S&P 500 is up 11% since Snap went public.

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Shares of Lululemon Athletica Inc. rose 0.6% in midday trade Wednesday, ahead of the yoga-gear maker’s fiscal third-quarter results due out after the close, but analyst Camilo Lyon at Canaccord Genuity warned investors not to buy into the recent hype on Wall Street. The stock has run up 8.6% over the past three months, and closed at a 10-month high earlier this week, while the S&P 500 has gained 6.7%. Lyon said that although Lululemon is likely to beat profit expectations, investor expectations are running “high” and “uniformly positive,” which skews the risk-versus-reward profile to the downside. The FactSet consensus is for earnings per share of 52 cents and revenue of $610 million. In addition, Lyon continues to see mounting evidence that his denim-fashion shift thesis will take shape over the next four-to-six quarters, so he recommended using any strength in the stock “as a selling opportunity.” He reiterated his sell rating and $43 stock price target, which is about 36% below current levels.

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President Donald Trump said Wednesday a government shutdown “could happen,” a day before he prepares to meet with Democratic leaders. Federal government operations are funded through Friday, and would partially shut down if there’s no deal. Senate Minority Leader Charles Schumer and House Minority Leader Nancy Pelosi are scheduled to meet Trump at the White House Thursday to discuss funding the government and immigration. The Democrats “want to have illegal immigrants pouring into our country,” Trump charged.

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Shares of Veeva Systems Inc. fell 6% in Wednesday morning trade after the cloud-computing company reported strong results for its fiscal third quarter but delivered an initial outlook for its next fiscal year that was merely in line with expectations. Veeva, which posted earnings results Tuesday evening, said on its earnings conference call that it projected revenue of roughly $805 million and adjusted operating margins of 30% for the fiscal year ending in January 2019. The figures were approximately what analysts had been expecting. Analysts from William Blair and Needham dubbed the initial outlook “conservative.” The company reported revenue of $176 million for its fiscal third quarter, ahead of the FactSet consensus of $172 million. Earnings per share of $0.25, after adjusting for stock-based compensation and other expenses, beat expectations for $0.22. Veeva shares have gained 33% so far in 2017, compared with a 17% rise for the S&P 500 .

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Shares of steel companies rallied Wednesday, after the U.S. Commerce Department announced a preliminary ruling that certain steel products imported from the Socialist Republic of Vietnam made from substrate originating in China are subject to duties. U.S. Steel Corp.’s stock surged 7.3% in midday trade toward an eight-month high, while AK Steel Holding Corp. shares rose 5.9%. Elsewhere, shares of Nucor Corp. gained 1.6% and Steel Dynamics Inc. advanced 1.9%. As a result of the ruling late Tuesday, Customs and Border Protection will collect antidumping cash deposits on corrosion-resistant steel and cold-rolled steel produced in Vietnam using Chinese-origin substrate at rates of 199.43% and 265.79%, respectively. “The Commerce Department’s finding of circumvention represents a critical step to shutting down one of the many paths used to flood the U.S. with dumped and subsidized steel,” U.S. Steel said Wednesday in a statement. “This decision presents an encouraging sign for the steel industry and should put other countries and companies on notice that their cheating will no longer be tolerated.” U.S. Steel’s stock has lost 3.2% year to date, while the S&P 500 has gained 18%.

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Shares of Digital Power Corp. soared again on heavy volume Wednesday toward a 17-year high, boosted by the company’s announcement this week that its Coolisys Technologies subsidiary launched a line of power systems for use in the mining of crytpocurrencies. The stock shot up 19% to pace the gainers on the NYSE American exchange. Volume swelled to 22 million shares, already more than triple the full-day average, and enough to make the stock the day’s most actively traded on major U.S. exchanges. The stock has rocketed 139% since the Coolysis product announcement before Monday’s open. It has climbed more than five-fold after the company announced on Nov. 27 that it will provide a “progress report” on Coolysis’s cryptocurrency initiative, when it makes its presentation at the LD Micro Investor Conference in Los Angeles on Dec. 7. On Nov. 21, the company said it had received a warning letter from NYSE Regulation regarding Digital Power’s failure to provide the public with timely notification of certain material changes to its affairs. The stock was on track to close at the highest level since Oct. 23, 2000. It has now run up over six-fold year to date, while bitcoin has soared 1,219% and the S&P 500 has gained 17%.

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