Tag: stock market

Shares of Cerner Corp. ran up 5.3% in afternoon trade Wednesday, to top the S&P 500’s gainers list, after CNBC reported that health care information technology company will be partnering with Amazon.com Inc.’s cloud business. The partnership is expected to be announced at Amazon Web Services’ “re:Invent 2017” conference in Las Vegas next week, the CNBC report said, citing sources familiar with the matter. The partnership would help Amazon with a foothold to enter the health care industry. Amazon’s stock jumped 1.3% toward a record close. Year to date, Amazon shares have soared 54.0%, while Cerner’s stock has rallied 48.2%, the SPDR Health Care Select Sector ETF has gained 18.3% and the S&P 500 has advanced 16.0%.

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Nutanix Inc. shares rallied Wednesday after another analyst initiated coverage of the stock with a buy rating, citing the enterprise-computing company’s disruptive offerings that stand to benefit from secular changes in how businesses are buying data center services. Nutanix shares surged 7.7% to $32.53 on volume of more than 3.7 million shares midday, compared with a 52-week average daily volume of 2.8 million shares. Shares, which are up 22% this year, are on track for their highest close since mid-February. In comparison, the Nasdaq Composite Index is up nearly 28% for the year. Needham analyst Jack Andrews started coverage with a $45 price target, citing the company’s scalable data center services, history of strong revenue growth, and the gravitation of businesses toward cloud computing. Andrews said that investors perceive Nutanix as a commodity hardware company rather than a data-center operating systems company. “In our view, significant longer term upside exists if investors begin to revalue NTNX as a pure-play software company, which we believe is likely given the true value proposition of its product portfolio and vision,” Andrews said in a research note. Earlier in the month, shares rallied after Raymond James raised their rating on the stock. Nutanix is scheduled to report quarterly earnings Nov. 30. With the addition of Needham, 19 analysts cover Nutanix, and of those, 14 have buy or overweight ratings and five have hold ratings, with an average price target of $32.25, according to FactSet. The next highest price target is $40 from Wells Fargo Securities analyst Aaron Rakers.

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The U.S. Energy Information Administration reported Wednesday that domestic supplies of natural gas fell by 46 billion cubic feet for the week ended Nov. 17. The data were released a day early because of Thursday’s Thanksgiving holiday. Analysts surveyed by S&P Global Platts forecast a decrease of 54 billion. Total stocks now stand at 3.726 trillion cubic feet, down 319 billion cubic feet from a year ago, and 121 billion cubic feet below the five-year average, the government said. December natural gas fell 5 cents, or 1.7%, to $2.967 per million British thermal units, little changed from $2.972 before the data.

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General Electric Co.’s stock rallied 1.9% in morning trade Wednesday, enough to pace the Dow Jones Industrial Average’s gainers, as it bounced sharply off the previous session’s six-year closing low. GE disclosed Tuesday that board member Francisco D’Souza, who is the chief executive of Cognizant Technology Solutions Corp. , bought 55,000 GE shares at $17.94, valued at $986,700, on Monday, when the stock traded within intraday range of $17.83 to $18.13. That increased D’Souza’s stake to 91,500 shares, filings show. D’Souza’s purchase comes just a few days after Chief Executive John Flannery bought 60,000 shares at $18.27, for a value of $1,096,200. GE’s stock has tumbled 26.1% over the past three months and 42.5% year to date, while the Dow has climbed 19.3% this year.

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Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 1.9 million barrels for the week ended Nov. 17. That was just under the forecast for a decline of 2.1 million barrels from analysts surveyed by S&P Global Platts. The American Petroleum Institute on Tuesday had reported a drop of 6.4 million barrels, according to sources. Gasoline stockpiles were unchanged for the week, while distillate stockpiles edged up by 300,000 barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 1 million barrels for gasoline and a decline of 1.8 million barrels for distillates. January crude rose 74 cents, or 1.3%, from Tuesday to $57.57 a barrel on the New York Mercantile Exchange. It traded at $57.69 before the supply data.

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Shares of Salesforce.com Inc. fell 2% in morning trade Wednesday, as a downbeat fourth-quarter outlook offset a third-quarter profit and sales beat, but the customer relationship management company received a flood of price target increases by Wall Street analysts. Of the 46 analysts surveyed by FactSet, 27 raised their price targets, lifting the average target to $120.86 from $109.10 at the end of October. Canaccord Genuity’s Richard Davis, who raised his target to $130 from $120, went as far as saying, “we do not know how anyone can reasonably argue that Salesforce is not one of, if not the highest quality software companies on the planet.” Regarding Salesforce’s downbeat outlook, J.P. Morgan analyst Mark Murphy said that it “follows the recent pattern of under promising and over delivering.” Murphy kept his target at $120, and his rating at overweight, saying the companies beat of billings guidance was the biggest in a year and a half. Analyst Brent Bracelin at KeyBanc Capital boosted his target to $124 from $108, saying the company is trending toward a doubling in revenue to $20 billion by fiscal 2022. The stock has soared 55.8% year to date, and closed at a record high on Tuesday, while the iShares North American Tech-Software ETF has rallied 45.5% and the S&P 500 has climbed 16.0%.

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Shares of Deere & Co. shot up 3.4% toward a record high in morning trade Wednesday, and was the leading gainer among S&P 500 components, on the back of better-than-expected fiscal third-quarter results. Kudos to analyst Mircea Dobre at Baird, who raised his rating and stock price target on the farm and construction equipment maker on Tuesday, in anticipation of upbeat results. Deere’s stock was on track for a fifth-straight gain–it has rallied 8.8% during that stretch–and a fourth-straight record close. The gain has helped nudge up fellow agriculture and construction equipment maker Caterpillar Inc.’s stock up 0.2%, but it was still below its Nov. 7 record close of $138.81. Deere’s stock has run up 39.5% year to date, while Caterpillar shares have climbed 48.7% and the Dow Jones Industrial Average has rallied 19.4%.

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Stocks opened little changed Wednesday, a day after all three major indexes closed at records, as investors awaited minutes of the Federal Reserve’s November meeting and digested the latest round of economic data. Trade was expected to be thin ahead of the Thanksgiving Day holiday on Thursday and an abbreviated market session on Friday. The S&P 500 rose 0.1%, while the Dow Jones Industrial Average edged up 10.5 points. The Nasdaq Composite gained 0.2%. Shares of heavy equipment maker Deere & Co. rose 4% after profit and sales topped expectations.

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Netflix Inc. took to Twitter on Tuesday to publicly oppose the Federal Communications Commission’s proposed rule change that would reverse Obama-era “open internet” protections referred to as net neutrality, in favor of what the FCC says are “light-touch” regulation. In a response to its tweet, Netflix said “We’ve been supporting for years through [the Internet Association] and ‘Day to Save Net Neutrality’ with a banner on Netflix homepage for all users… This current draft order hasn’t been officially voted on, so we’re lodging our opposition publicly and loudly now.” FCC Chairman Ajit Pai has argued that putting an end to net neutrality rules will help foster innovation among internet service providers. The FCC will release its draft order on Wednesday, before voting on it on Dec. 14. Shares of Netflix are up close to 59% in the year to date, while the S&P 500 index is up more than 16% and the Dow Jones Industrial Average is up more than 19%.

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A U.S. Navy airplane flying to the USS Ronald Reagan aircraft carrier with 11 passengers and crew crashed into the Pacific Ocean on Wednesday, according to multiple published reports. Japan’s defense minister said eight of the people have been found, according to an AP report. The eight were transferred to the USS Ronald Reagan for medical evaluation and are in good condition, and search and rescue efforts for the other three personnel continue, the Navy said. The C-2A Greyhound plane, which was taking part in a joint U.S.-Japan naval exercise, went down in waters southeast of Japan’s Okinawa island and may have had engine trouble, a Reuters report said.

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