Tag: stock market

Snap Inc. shares rallied 5.9% in Tuesday trading after analysts at Barclays upgraded the stock to overweight from equal weight. The firm is upbeat on Snap’s decision to redesign its app and sort content in an algorithmic way, rather than in chronological order. The analysts noted that Twitter and Instagram “benefited greatly” from similar shifts. Barclays also expects the company to start meeting Wall Street’s revenue expectations and post accelerating growth. “In short, we think the worst is behind Snap and the company is likely to get back on track in 2018,” the analysts wrote. Snap shares have lost 15.5% of their value since the company’s March IPO. The S&P 500 is up 11% in that time.

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U.S. stocks turned slightly higher after a mixed open on Tuesday, with the Dow on track to set another closing record. The Dow Jones Industrial Average advanced 32 points, or 0.1%, to 24322. The S&P 500 was up 2 points, or less than 0.1%, to 2641. The Nasdaq Composite Index rose 6 points, or 0.1%, to 6781, attempting to rebound from previous day’s selloff.

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Starbucks Corp. has opened its second Roastery location in Shanghai, a 30,000-square-foot location that features the longest coffee bar of any Starbucks at 88 feet long, a 3D printed tea bar, and an augmented reality (AR) experience that can be accessed through customer mobile devices. The AR experience is available on a custom-designed Roastery digital web-app platform or on Alibaba’s Taobao app. Customers can also purchase Shanghai Roastery and Reserve merchandise for home delivery and register for coffee-tasting events at the Shanghai location at Tmall. The Shanghai location also features a Teavana Bar. Starbucks has more than 600 stores in China and is the company’s fastest growing market with a new store opening every 15 hours. Starbucks shares are nearly flat in premarket trading and up nearly 6% for the year to date. The S&P 500 index is up nearly 18% for the period and the Dow Jones Industrial Average is up 23% for 2017 to date.

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Revance Therapeutics Inc. shares surged nearly 33% in premarket trade on Tuesday after the company reported positive results for its wrinkle-relaxing injection in two late-stage clinical trials. If approved, the product, DaxibotulinumtoxinA for Injection (RT002), would be the first of its kind to last six months. Products currently on the market, including Allergan’s market-leading Botox, last three to four months. In two trials, the product showed highly statistically significant improvement relative to the placebo in reducing frown lines or wrinkles between eyebrows. Revance’s product is also being tested in a long-term safety trial, with results expected in the second half of next year; if the trial is successfully completed, Revance expects to file for approval in the first half of 2019 and, if it’s approved, launch the product in the U.S. in 2020. Botox has been a wildly profitable product for Allergan, since patients largely pay out-of-pocket for it, and analysts have noted that new rivals could pose a long-term risk for the company. Revance shares have surged nearly 6% over the last three months to $26.00, compared with a 7.4% rise in the S&P 500 and a 11.7% rise in the Dow Jones Industrial Average .

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Dish Network Corp. said on Tuesday that Chief Executive Charlie Ergen will step down in order to focus more on the company’s new wireless business. Dish’s former Chief Operating Officer, Erik Carlson, will replace Ergen as CEO. However, Carlson will still report to Ergen, who will remain the company’s chairman. Carlson has been at Dish since 1995. Dish also said that it’s restructuring its operational and staff leadership framework in order to more effectively support Dish TV, Sling TV and its wireless business. Along with Carlson’s new role, Dish named Wal-Mart Stores Inc. veteran David Scott to the role of chief Human Resources Officer. Shares of Dish have declined nearly 11% in the year to date, while the S&P 500 index is up close to 18% and the Dow Jones Industrial Average is up 23%.

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Lands’ End Inc. shares spiked 10.2% in Tuesday premarket trading after the retailer reported third-quarter earnings and revenue that beat expectations. Net income totaled $162,000, or a penny per share, compared with a loss of $7.2 million, or 23 cents per share, for the same period last year. Revenue was $325.5 million for the quarter, up from $311.5 million last year. The FactSet consensus was for a loss of 4 cents per share and sales of $320.0 million. Direct segment sales increased 6.7% year-over-year to $290.3 million, while retail segment sales fell 10.8% to $35.1 million, due primarily to fewer Lands’ End Shops at Sears . Same-store sales fell 1.3% for the quarter. Lands’ End shares are down 27% for the past year while the S&P 500 index is up 19.7% for the period.

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Piper Jaffray Cos. said Tuesday Chairman and Chief Executive Andrew Duff will retire from his CEO role, a position he’s held since 2000. The investment bank and asset management company said it named Chad Abraham as CEO, effective Jan. 1. Duff will remain as chairman. Abraham is currently the global co-head of investment banking and capital markets. The company also named current Chief Financial Officer Deb Schoneman as president, effective Jan. 1. The stock is currently halted for news. It has soared 45% over the past three months, to be up 7.7% year to date, while the SPDR Financial Select Sector ETF has climbed 20% so far this year and the S&P 500 has gained 18%.

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Williams-Sonoma Inc. [s:wsm] said Tuesday that it has launched four e-commerce sites in Canada for the namesake Williams Sonoma brand, West Elm, Pottery Barn and Pottery Barn Kids. The sites will feature products sold in Canadian stores and items that haven’t yet launched in the Canadian market. The company said it generates more than half of its revenue online. Williams-Sonoma has 24 bricks-and-mortar locations in Canada. The company’s stock is unchanged in premarket trading, but up more than 12% for the year so far. The S&P 500 index is up 17.9% for 2017 to date.

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Apple Inc. shares edged up 0.1% in premarket trading Tuesday following a report from Kantar Worldpanel ComTech on smartphone market share. Kantar said that Apple’s share of smartphone sales fell in several major markets, including the United States, Japan, and Great Britain, for the three months ending in October, relative to a year earlier. Apple’s performance was likely hurt by the fact that its flagship iPhone X wasn’t available until November, whereas the iPhone 7 went on sale in September of last year, the firm said. Apple’s share rose 0.5% in China, according to Kantar, as the major smartphone manufacturers there crowded out some of the smaller local players. Huawei Technologies Co., Xiaomi Inc., Apple, Vivo, and Oppo Electronics Corp. together made up 91% of sales for the period, up from 79% a year earlier, the report noted. Apple shares have gained 47% so far this year, compared with a 23% gain for the Dow Jones Industrial Average .

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American International Group Inc. said Tuesday it has named Tom Bolt as chief underwriting officer for general insurance, effective January. Bolt, who will join AIG from Berkshire Hathaway Specialty Insurance where he was CEO of the U.K. and Southern Europe, will report to AIG CEO Peter Zaffino and will join the general insurance executive leadership team. He will be responsible for “developing a global framework for underwriting standards, authority and structure that is aligned with AIG’s overall risk appetite,” the company said in a statement. Shares were not yet active premarket, but have fallen 9% in 2017, while the S&P 500 has gained 18%.

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