Tag: stock market

TiVo Corp. shares rallied in the extended session Tuesday after the digital video company won a federal patent ruling against Comcast Corp. . Shares of TiVo surged 6.8% to $18.85 after hours, while Comcast shares were up 0.1% at $36.45. Late Tuesday the U.S. International Trade Commission ruled that Comcast set-top boxes violated two patents of Rovi Corp., owned by TiVo. “Rovi is pleased the International Trade Commission issued its final ruling in our favor and found that two Rovi patents are valid and infringed by Comcast’s X1 products, and issued an exclusion order that bans Comcast from importing and selling X1 devices that infringe our valuable intellectual property,” TiVo said in an emailed statement.

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Uber Technologies Inc. was hit by a data breach that affected 57 million passengers and drivers in October 2016, and the company has fired its chief security officer and other employees after they kept the incident private, according to a Tuesday report. Names, email addresses and phone numbers of about 50 million passengers were potentially accessed in the breach, along with personal information on 7 million drivers. Uber paid $100,000 to attackers to delete the data and stay quiet, Bloomberg News reported, which the board discovered after starting an inquiry into the company’s security operations last month. Chief Security Officer Joe Sullivan resigned at the new CEO’s request and one of his deputies was dismissed as a result, Bloomberg reported. “None of this should have happened, and I will not make excuses for it,” Uber Chief Executive Dara Khosrowshahi told Bloomberg in a statement. “We are changing the way we do business.” Khosrowshahi’s deposed predecessor, Uber founder Travis Kalanick, reportedly found out about the hack and response in November 2016. Uber did not immediately respond to a request for confirmation and comment.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 6.4 million barrels for the week ended Nov. 17, according to sources. The API data also showed a rise of 869,000 barrels in gasoline stockpiles, while inventories of distillates fell by 1.7 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 2.1 million barrels for crude inventories. They also forecast a rise of 1 million barrels for gasoline and a draw of 1.8 million barrels for distillate supplies. January crude was at $57.10 a barrel in electronic trading, up from the settlement of $56.83 on the New York Mercantile Exchange.

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Shares of Guess Inc. fell 12% late Tuesday after the retailer reported third-quarter sales that missed Wall Street expectations. Guess said it lost $2.9 million, or 4 cents a share, versus earnings of $9.1 million, or 11 cents a share, in the year-ago period. Adjusted for one-time items, Guess earned $10.4 million, or 12 cents a share, compared with $9.6 million, or 11 cents a share a year ago. Sales rose 3.3% to $554 million, compared with $536 million a year ago. Analysts surveyed by FactSet had expected adjusted earnings of 12 cents a share on sales of $564 million. Retail revenue in the Americas fell 11%, offset by increases in Europe and Asia, the company said.

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Gamestop Inc. shares rose in the extended session Tuesday after the videogame retailer topped Wall Street estimates for the quarter. Gamestop shares rose 3.4% to $17.29 after hours. The company reported third-quarter net income of $59.4 million, or 59 cents a share, compared with $50.8 million, or 49 cents a share, in the year-ago period. Adjusted earnings were 54 cents a share. Revenue rose to $1.99 billion from $1.96 billion in the year-ago period. Analysts surveyed by FactSet had estimated 42 cents a share on revenue of $1.96 billion. For the year, Gamestop estimates earnings of $3.10 to $3.40 a share, while analysts expect earnings of $3.31 a share.

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President Donald Trump said Tuesday Alabama Senate candidate Roy Moore “totally denies” sexual misconduct allegations against him. Speaking to reporters before departing the White House, Trump said “40 years is a long time,” referring to the allegations — and that he didn’t believe voters should pick a Democrat. He also weighed in on the AT&T , Time Warner deal, saying it’s not good for the country.

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Guess Inc. said Tuesday that actress and singer Jennifer Lopez will be the star of the fashion brand’s spring 2018 jeans ad campaign. Other famous faces featured in past Guess campaigns include supermodel Claudia Schiffer, Anna Nicole Smith and Kate Upton. Guess shares are up 1.5% in Tuesday trading and up more than 49% for the year so far. The S&P 500 index is up 16.1% for 2017 to date.

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Despite the big, broad rally in the major stock market indexes, breadth readings for the NYSE suggest investors aren’t so worried about missing the boat to buy stocks. There are 1,960 stock gaining ground on the NYSE, compared with 925 declining stocks and 146 stock that are unchanged, according to FactSet, which means 64.7% of the stocks traded are rising. But volume of advancing stocks represents just 59.2% of the total volume. That has pushed the NYSE’s Arms Index up to 1.434. The Arms Index is a volume-weighted breadth measure, which tends to rise above the equilibrium 1.000 rating when the market falls, as the proportion of volume flowing into declining stocks tends to be higher than the volume flowing into advancing stocks. Basically, Tuesday’s Arms reading suggests investors are more worried about missing the opportunity to sell the stocks that are declining than they are about buying stocks that are rising. Meanwhile, the Dow Jones Industrial Average is rallying 165 points, or 0.7% and the S&P 500 is gaining 0.7%, both toward record closes.

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ViiV Healthcare, which is majority-owned by GlaxoSmithKline and has Pfizer Inc. and Shionogi as shareholders, said on Tuesday that the Food and Drug Administration has approved its two-drug HIV regimen. The therapy, Juluca, is the first such HIV drug composed of just two drugs — dolutegravir and rilpivirine, both of which have been previously approved — while other HIV regimens are typically composed of at least three drugs. This advancement could make the regimen more tolerable for the patient, according to Dr. Debra Birnkrant, director of the Division of Antiviral Products in the FDA’s Center for Drug Evaluation and Research. Juluca is approved for individuals with HIV-1 who have been stable on a regimen for at least half a year, have no history of treatment failure and no known resistance to Juluca’s individual components, ViiV said. GlaxoSmithKline shares declined 0.8% in Tuesday trade; shares have dropped nearly 10% over the last three months, compared with a 7% rise in the S&P 500 and a nearly 8% rise in the Dow Jones Industrial Average .

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Gold prices climbed Tuesday to recoup more than a third of what they lost a day earlier. Prices found some support on the back of weakness in the U.S. dollar, as investors awaited Wednesday’s release of the Federal Open Market Committee minutes from the November meeting for clues on the Federal Reserve’s stance on the path for interest-rate hikes. December gold climbed $6.40, or 0.5%, to settle at $1,281.70 an ounce after losing 1.6% on Monday.

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