Tag: stock market

Semtech Corp. shares dropped more than 11% in late trading Wednesday, after the chip maker beat on third-quarter earnings but projected a downturn for profit and sales in the final quarter of the year. Semtech reported net income of $13.3 million, or 20 cents a share, on revenue of $150.3 million, up from $137.2 million the year before. After adjustments for stock-based compensation and other effects, Synopsys claimed earnings of 54 cents a share on adjusted revenue of $156.6 million. Analysts on average expected adjusted earnings of 50 cents a share on revenue of $155.7 million, according to FactSet. The company’s forecast for the fourth quarter did not beat analysts’ expectations, however, with Chief Executive Mohan Maheswaran citing “a more seasonal pattern” for the fourth quarter. Synopsys projected adjusted earnings of 40 to 42 cents a share on adjusted revenue of $138 million to $142 million. Analysts on average projected adjusted earnings of 47 cents a share on sales of $153 million, according to FactSet. Shares dropped to around $32.50 in late trading, after closing with a 5.7% decline at $36.55 amid a selloff for tech stocks.

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Shares of Beijing-based green building materials maker ReTo Eco-Solutions Inc. rallied 143% in their trading debut Wednesday, rising almost $7 above their issue price of $5 a share. The company sold 2.8 million shares to raise about $14 million with plans to use the proceeds to buy raw materials, fund R&D, make acquisitions and finance a new plant, among other uses. Shares are trading on Nasdaq, under the ticker symbol ‘RETO.” ViewTrade Securities Inc. was sole bookrunner on the deal. The S&P 500 was down 0.1%.

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Shares of Beijing-based green building materials maker ReTo Eco-Solutions Inc. rallied 78% in their trading debut Wednesday, rising almost $4 above their issue price of $5 a share. The company sold 2.8 million shares to raise about $14 million with plans to use the proceeds to buy raw materials, fund R&D, make acquisitions and finance a new plant, among other uses. Shares are trading on Nasdaq, under the ticker symbol ‘RETO.” ViewTrade Securities Inc. was sole bookrunner on the deal. The S&P 500 was down 0.1%.

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A 17-piece Converse capsule collection, Urban Utility, available on December 5 will include the Chuck ’70 Hiker, a Chuck Taylor All Star shoe “reconstructed” with Gore-Tex. According to its website, Gore-Tex is waterproof, wind-proof and breathable. Converse is a Nike Inc. brand. The collection is the result of a collaboration between Slam Jam, an Italian streetwear company, and the artist Cali Thornhill Dewitt. “The capsule is inspired by a generation that rallies around community and freedom of expression, and for whom functionality means nothing if it’s creatively limiting,” said a Converse release. The collection will also include a jacket made out of Gore-Tex fabric, tees and hoodies. Nike shares are up 19.4% for the past year, just above the S&P 500 index , which is up 19% for the period.

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Twitter evaluates whether to allow “controversial content” on a “case-by-case basis,” a spokeswoman told MarketWatch in response to a question about President Donald Trump’s retweeting videos posted by a far-right British leader. The spokeswoman pointed to a Twitter policy that states, in part, “there may be the rare occasion when we allow controversial content or behavior which may otherwise violate our Rules to remain on our service because we believe there is a legitimate public interest in its availability.” Early Wednesday, Trump retweeted three anti-Muslim videos posted by Jayda Fransen, deputy head of the group Britain First. The spokeswoman also said the company is reviewing its verification policies.

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The Congressional Budget Office on Wednesday said a bill to stabilize Obamacare would not do much to counter the negative impact of repealing the individual mandate to buy health insurance. The Senate tax bill has such a repeal provision. The CBO previously estimated repealing the mandate would result in up to 13 million fewer people with insurance and a 10% increase in average nongroup market premiums in a decade. “If legislation were enacted that incorporated both the provisions of the Bipartisan Health Care Stabilization Act and a repeal of the individual mandate, the agencies expect that the interactions among the provisions would be small; the effects on premiums and the number of people with health insurance coverage would be similar to those referenced above,” CBO Director Keith Hall wrote Sen. Patty Murray, the Washington Democrat who is co-sponsor of the bipartisan stabilization bill.

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Micron Technology Inc.’s stock tumbled 7.3%, as it headed for a third-straight loss since closing at a 17-year high on Friday, amid some near-term concerns over memory chip pricing. KeyBanc Capital analyst Weston Twigg reiterated his sector weight rating on Micron ahead Thursday’s release of November monthly contract data pricing for dynamic random-access memory (DRAM) and NAND memory chips. “Despite good long-term memory trends, we see neutral to negative dynamics in the near- to midterm for NAND, and neutral dynamics for DRAM,” Twigg wrote in a note to clients. The stock has shed 10.5% this week, which puts it on track to record just its third pullback since its current bull market began in May 2016. Many on Wall Street view a decline of 10% or more from a significant peak as an official pullback, while declines of at least 20% are bear markets. Micron’s other pullbacks were the 15.4% drop from June 26, 2017 to Aug. 10, and the 16.5% decline from June 23, 2016 to July 6, 2016. From the May 13, 2016 bear market bottom of $9.56, the stock had rocketed more than five-fold to Friday’s record close of $49.68. Over the past three months, Micron’s stock was still up 41%, while the PHLX Semiconductor Index has climbed 17% and the S&P 500 has gained 7.4%.

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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From:: Stock Market News

The Congressional Budget Office on Wednesday said a bill to stabilize Obamacare would not do much to counter the negative impact of repealing the individual mandate to buy health insurance. The Senate tax bill has such a repeal provision. The CBO previously estimated repealing the mandate would result in up to 13 million fewer people with insurance and a 10% increase in average nongroup market premiums in a decade. “If legislation were enacted that incorporated both the provisions of the Bipartisan Health Care Stabilization Act and a repeal of the individual mandate, the agencies expect that the interactions among the provisions would be small; the effects on premiums and the number of people with health insurance coverage would be similar to those referenced above,” CBO Director Keith Hall wrote Sen. Patty Murray, the Oregon Democrat who is co-sponsor of the bipartisan stabilization bill.

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The Dow Jones Transportation Average surged back above the 10,000 level Wednesday, as it approached its Oct. 12 record close, with all 20 components trading higher, led by airline stocks. The Dow transports shot up 260 points, or 2.7%, after running up 159 points, or 1.7% on Tuesday. The two-day gain of 4.4% would be the biggest since it climbed 4.5% in the two days ending June 29. The biggest gainer was JetBlue Airways Corp.’s stock , which hiked up 5.7% to a 3 1/2-month high, followed by shares of Southwest Airlines Co. , which rallied 5.6%. The Dow transports were just 0.2% away from the 10,038.13 record close. Meanwhile, the Dow Jones Industrial Average was up 53 points, on track for a record close.

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Viacom Inc. said on Wednesday that it has appointed executive Jose Tolosa to a newly created role as chief transformation officer. Tolosa will report directly to Viacom Chief Executive Bob Bakish in the role, which puts him in charge of a team that will be responsible for guiding Viacom’s agenda to transform its business, as well as developing and executing initiatives that support and accelerate the company’s strategic priorities. Viacom has struggled in recent years, only recently emerging from internal turmoil that resulted in the ousting of former CEO Philippe Dauman. The company has suffered viewership declines at its networks and poor performance at the box office. Tolosa was previously Viacom’s chief operating officer for international media networks. “At Viacom International Media Networks he played an instrumental role in evolving our international media business, including the launch of our highly successful Play Plex mobile apps and their ongoing expansion to the U.S.,” Bakish said in a statement. “As chief transformation officer, Jose will build on this strong track record by ensuring we are aligning our operations to meet our goals and best position Viacom for the future.” Shares of Viacom’s publicly-owned class B shares are down more than 20% in the year to date, while the S&P 500 index is up 17% and the Dow Jones Industrial Average is up nearly 21%.

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