Tag: stock market

Shares of Thor Industries Inc. jumped 7% late Monday after the maker of Airstream, Dutchmen, and other RV subsidiaries reported fiscal first-quarter 2018 earnings and sales above Wall Street expectations. Thor said it earned $128.4 million, or $2.43 a share, in the quarter, compared with $78.7 million, or $1.50 a share, in the year-ago period. Sales rose 31% to $2.23 billion, compared with $1.71 billion a year ago. Analysts polled by FactSet had expected earnings of $1.84 a share on sales of $1.99 billion.

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Alphabet Inc. Class A stock closed at a record high Monday, up 1.5% to $1,072.01. Shares were flat after hours. Google stock also set an intraday record Monday with shares touching $1,072.18. Of the 43 analysts that cover Alphabet, 37 have a buy or overweight rating and six have a hold, according to FactSet. The average price target is $1,175.65 and the company has beaten analyst models for the past six quarters in a row, according to FactSet. Google Class A stock is up 35% this year, with the S&P 500 index up 16%.

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Stocks struggled to gain ground Monday, as a slump by energy shares offset gains for retailers. The Dow Jones Industrial Average bucked the negative backdrop, eking out a gain of around 23 points, or 0.1%, to close near 23,581–just shy of the record close of 23,590.83. The S&P 500 ended less than 0.1% lower near 2,601, while the Nasdaq Composite finished 0.2% lower near 6,879. (An earlier version of the market bulletin incorrectly said the Dow closed at a record. It has been corrected.)

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Comcast Corp.-owned TV network NBC confirmed on Monday that late-night host Seth Meyers will serve as MC of the 75th annual Golden Globe award ceremony on Jan. 7. The Hollywood Foreign Press Association said last week that the NBC host of “Late Night with Seth Meyers” would take the reigns from Jimmy Fallon, who hosted the awards show last year. The Golden Globes, which serve as a kickoff to Hollywood’s awards season, will air on NBC at 8 p.m. Eastern on Sunday Jan. 7. The Golden Globe nominations will be announced Monday, Dec. 11.

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U.S. oil prices settled lower Monday, as traders awaited the outcome of the much-anticipated meeting of major oil producers in Vienna Thursday. But prices finished off the session’s worst levels, finding some support after a report that oil workers in Brazil are set to strike later this week. Oil labor union workers approved a strike starting Wednesday, Phil Flynn, senior market analyst at Price Futures Group said, citing a report from Bloomberg. The strike “may not even happen” but the news still helped oil trade off the day’s “correction low,” said Flynn. January West Texas Intermediate crude declined by 84 cents, or 1.4%, to settle at $58.11 a barrel on the New York Mercantile Exchange after a low at $57.55.

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Apple Inc. may not sell as many iPhones as UBS had previously expected after analysts received the results of a semi-annual survey, according to a Monday note to clients. UBS analyst Steven Milunovich wrote that fiscal 2018 is likely not a “supercycle” and unit growth will be 10% compared with the year earlier versus the 12% he previously expected. “Buying intentions are flattish from a year ago,” Milunovich wrote. Apple stock is down less than 1% to $174.16 in late afternoon trading. Milunovich rates Apple stock a buy with a $190 price target. “If the survey is correct regarding more muted near-term unit growth, the Apple narrative could shift toward monetizing the large iPhone base, Milunovich wrote. “Management has said it views the iPhone as an annuity given a growing installed base and high retention rate.” He also noted that most iPhone customers don’t purchase additional Apple services. Apple stock has gained 50% this year, with the S&P 500 index gaining 16%. The Dow Jones Industrial Average , of which Apple is a component, has gained 19% this year.

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Bonds issued by Time Inc. rallied Monday, after Meredith Corp. which publishes “Better Homes & Gardens,” proposed a deal over the weekend to buy Time in an acquisition valued at $2.8 billion. CreditSights analysts upgraded the bonds to market perform from underperform, but said they would struggle to go to an outright outperform recommendation, given the strong run-up in the bonds since the deal was first mooted. “We continue to see limited opportunity for further price appreciation and would be cautious adding exposure at these levels,” analyst Karen Klapper wrote in commentary. Time’s most active bonds, the 7.500% notes that mature in October of 2025 were last quoted at 111.162 cents on the dollar to yield 4.484%, or at a yield spread of 306 basis points over comparable Treasurys, according to MarketAxess. That was up about 3 points from Friday. Shares were last up 9%, while the S&P 500 was flat.

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Montana Republican Sen. Steve Daines is a “no” on the GOP tax bill, his aides have told Fox Business News, but the senator is optimistic about changes to it. Republicans can afford to lose only two votes on the legislation, which may come up for a vote as early as Thursday. Senate Republicans have reportedly discussed an increase in the deduction for pass-through businesses to win support from Daines and fellow Republican Sen. Ron Johnson of Wisconsin.

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Gold prices settled higher Monday to reclaim most of what they lost last week as investors look to potential developments this week on U.S. tax changes and interest-rate policy. December gold climbed $7.10, or 0.6%, to settle at $1,294.40 an ounce, after posting a weekly decline of 0.7%. February gold , which is also actively traded, tacked on $7.10, or 0.6%, to finish at $1,298.90, after tapping highs above $1,300.

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Three Chinese citizens were charged with hacking the computer networks of Moody’s Analytics , Siemens and Trimble in an effort to steal trade secrets, the U.S. Justice Department said Monday. The three, Wu Yingzhuo, Dong Hao and Xia Lei, were indicted for actions that allegedly took place between 2011 and 2017. “The Justice Department and the FBI have demonstrated that hackers around the world who are seeking to steal our companies’ most sensitive and valuable information can and will be exposed and held accountable,” said acting Assistant Attorney General Dana Boente. Typically, the hackers would use emails that could give them access to private networks if the recipients opened the messages. The goal was to steal confidential business information, the indictment alleged.

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