Tag: stock market

Shares of troubled department store chain Sears Holdings Corp. jumped 13% in early trade Thursday, after the company said its third-quarter loss narrowed from a year ago, but not everyone was impressed.
“Sears has meaningful upcoming maturities in fiscal 2018 which must be met as its unencumbered asset base continues to decline and its business turnaround remains elusive despite its achievement of $1.25 billion in cost savings,” said Moody’s vice president and senior analyst, Christina Boni. Sears has $303 million of 6.625% notes that mature in October of 2018, according to its last regulatory filing. The notes were trading at 80.50 cents on the dollar Thursday to yield 34.543%, according to MarketAxess. Shares have fallen 50% in 2017, while the S&P 500 has gained about 18%.

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The White House is developing a plan to push out Secretary of State Rex Tillerson after just a year on the job, replacing him with CIA director Mike Pompeo, according to the New York Times. Pompeo has a good relationship with President Trump, who has soured on the former head of Exxon Mobil. Tillerson earlier this year reportedly referred to the president as a “moron” and the two men have disagreed on key issues, such as treatment of Iran and North Korea. Pompeo himself would be replaced at CIA by Arkansas Sen. Tom Cotton. The Times said Cotton has agreed to make the move under a broader shakeup on Trump’s foreign-policy team that could take place near the end of the year.

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CostCo Wholesale Corp. shares rose 2.7% Thursday, after the company “turned in a month for the ages” with its November sales, according to Retail Metrics analyst Ken Perkins. CostCo said same-store sales rose 10.8% in November, while net sales climbed 13% to $11.26 billion from $9.95 billion in the same period a year ago. E-commerce sales rose 39% in the month. “This was the Issaquah, Washington-based club’s biggest monthly comp in over 6 years dating back to September 2011 when it posted a 12% gain,” said Perkins. Growth was spread across most categories, with hardline comps up in the low teens, mid-teens gains in appliances, tablets and computers, and strength in auto, tires, sporting goods and office. Shares have gained 14% in 2017, while the S&P 500 has gained 17%.

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The Dow Jones Industrial Average traded above 24,000 for the first time, while the S&P 500 set a fresh all-time high. All three main indexes were on track to end November with solid gains. On a total return basis, this is the 13th straight month of gains. The S&P 500 opened 9 points, or 0.3%, higher at 2,635. The Dow Jones Industrial Average added 107 points, or 0.5%, to 24,0049. The tech-heavy Nasdaq Composite index advanced 27 points, or 0.4%, to 6,851, recouping some of the sharp losses from the previous session. Among the best performers on Wall Street, Kroger Co. jumped 11% after better-than-expected earnings.

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Fitbit Inc. and China-based Xiaomi Inc. led the pack in terms of wearables shipments for the latest quarter, according to research firm IDC, knocking Apple Inc. down to third place from second. Both Fitbit and Xiaomi shipped 3.6 million devices in the quarter, IDC said, while overall shipments rose 7.3%, to 26.3 million units. Fitbit released its first full-fledged smartwatch, the Ionic, earlier this fall, and hopes the device will reinvigorate its fortunes as consumers gravitate away from simple fitness tracking bands. Fitbit’s shares have lost two thirds of their value since the company’s 2015 IPO, and its shipments for the third quarter declined 33% relative to a year earlier, according to IDC. The firm wrote that Apple’s shipments of 2.7 million devices reflect the fact that the company launched its new cellular-enabled Apple Watch 3 late in the quarter. “The introduction of a cellular-connected version should spur interest from would-be purchasers going forward,” IDC said in a release. Fitbit shares have fallen 8% so far this year through Wednesday, while Apple’s stock is up 46%. The S&P 500 has gained 17% and the Dow Jones Industrial Average has climbed 21%.

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TravelCenters of America LLC said Chief Executive Thomas O’Brien has resigned, effective Dec. 31, after nearly 11 years in the role. The travel centers operator appointed current Chief Financial Officer Andrew Rebholz as its new CEO. Rebholz has been CFO since November 2007. Chief Accounting Officer William Myers will be the new CFO. Separately, Executive Vice President Barry Richards will be chief operating officer. The stock, which was still inactive in premarket trade, has rallied 46% over the past three months, but was still down 33% year to date. In comparison, the S&P 500 has gained 17% so far this year.

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Shares of Twitter Inc. bounced 1.2% in premarket trade Thursday, after the price target was raised at MKM Partners, which cited the social media company’s turnaround potential. Analyst Rob Sanderson lifted his fair value estimate for the stock to $21.50, which was just 3.4% above Wednesday’s closing price, from $18.00, while keeping his rating at neutral. Sanderson said the valuation he assigned the stock is “generous,” given the “importance and uniqueness” of the Twitter network and assuming management will continue to execute a difficult turnaround. “We continue to find [Twitter] a challenging stock as the company shows signs of a turnaround, but valuation is already reflective of a return to mid-teens growth or higher,” Sanderson wrote in a note to clients. The stock had slumped 4.8% on Wednesday, and had shed 7.3% since it closed at a 13 1/2-month high on Friday. The stock has rallied 27.6% year to date through Wednesday, while the SPDR Technology Select Sector ETF has run up 30.9% and the S&P 500 has gained 17.3%.

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Shares of supermarket chain Kroger Co. jumped more than 10% in premarket trade Thursday, after better-than-expected third-quarter earnings. The company said it had net income of $397 million, or 44 cents a share, in the quarter, up from $391 million, or 41 cents a share, in the year-earlier period. Sales rose to $27.749 billion from $26.557 billion, while same-store sales rose 1.1%. The FactSet consensus was for EPS of 40 cents, sales of $27.484 billion and same-store sales growth of 0.9%. Chief Executive Rodney McMullen said the company had its best ever Black Friday, led by record sales at Fred Meyer. The company is still expecting full-year EPS of $1.74 to $1.79 and adjusted EPS of $2.00 to $2.05. The FactSet consensus is for 2017 EPS of $1.97. Shares have fallen 29% in 2017, while the S&P 500 has gained 17%.

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Shares of Victoria’s Secret parent L Brands Inc. slipped 2% in premarket trade Thursday, after the company said same-store sales fell 1% in November. Total sales rose 2% to $1.267 billion in the month, the company said. The exit from swimwear and apparel shaved about 1 percentage point of both metrics. Shares have fallen 20% in 2017, while the S&P 500 has gained 17%.

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Netflix Inc.’s 12-month price target was increased to $245 from $230 at MKM Partners on Thursday. MKM analyst Rob Sanderson raised his subscriber outlook for Netflix for 2018, saying the company has yet to reach its peak year for total subscriber additions. “We continue to view Netflix as the large cap with the most potential for market cap appreciation over the next three to four years,” Sanderson wrote in a note to investors. Sanderson said he expects Netflix to add 20.6 million subscribers next year, which is roughly in line with FactSet consensus of 20.9 million, but would be down from 2017 consensus of 22.0 million subscriber additions. This year was expected to be the streaming service’s peak for subscriber additions, but Sanderson said it’s more likely to come in 2019 or 2020. “We think Netflix has a large first mover advantage, expecting to spend $7 billion to $8 billion next year, far more than any other programmer,” Sanderson wrote. “A larger budget means more content and a better value proposition, which in turn means more subscribers.” Shares of Netflix were up 1% in premarket trade, and have gained 52% in the year to date. By comparison, the S&P 500 index is up more than 17% and the Dow Jones Industrial Average is up more than 21%.

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