Tag: stock market

Nvidia Corp. shares rose slightly in late trading Thursday after RBC Capital Markets analyst Mitch Steves boosted his price target on the stock. Steves moved his price target to $250 from $240 and maintained an outperform rating on the stock in a note delivered shortly after the end of Thursday’s trading, explaining that the chip maker’s recent earnings beat dramatically increased his best-case scenario for the stock. “Overall, after a single quarter of out-performance the 2020 upside case increases by 10%,” Steves wrote. The RBC analyst had already raised his price target to $240 from $230 in the wake of Nvidia’s third-quarter earnings report, along with a host of other analysts who helped push Nvidia stock to record levels. Nvidia shares gained about 0.5% in late trading after closing with a 0.8% gain at $211.61; the stock is up more than 98% so far this year, as the S&P 500 index has gained 15.5%.

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.

…read more

From:: Stock Market News

Comcast Corp. has approached 21st Century Fox Inc. to express an interest on a deal, according to a report on The Wall Street Journal citing people familiar with the situation. It was unclear whether Comcast would be interested in all or part of Fox, the report said. Verizon Communications also is exploring buying parts of Fox, according to the report. Earlier this month, Walt Disney Co. and Fox discussed a potential deal, but talks fell through. Shares of Fox rose more than 6% on the news, while Comcast stock rose 0.9%.

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.

…read more

From:: Stock Market News

Applied Materials Inc. shares rose in the extended session Thursday, following an initial dip, after the chip-materials company’s quarterly results and outlook topped Wall Street estimates. Applied Materials shares, which slipped about 2% at first, later rose 2% to $59 after hours, following a 3.7% gain during the regular session. At the close, shares were up 79% for the year. The company reported fiscal fourth-quarter net income of $982 million, or 91 cents a share, compared with $610 million, or 56 cents a share, in the year-ago period. Adjusted earnings were 93 cents a share. Revenue rose to $3.97 billion from $3.3 billion in the year-ago period. Analysts surveyed by FactSet had estimated 91 cents a share on revenue of $3.94 billion. For the fiscal first quarter, Applied Materials estimates earnings of 94 cents to $1.02 a share on revenue of $4 billion to $4.2 billion. Analysts expect earnings of 91 cents a share on revenue of $3.97 billion for the first quarter.

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.

…read more

From:: Stock Market News

Apple Inc. is losing its first-ever vice president of diversity and inclusion at the end of the year the company confirmed late Thursday. Denise Young Smith has held the position since May, and will leave at the end of 2017. She has worked at Apple for 20 years, and previous positions include head of retail, and worldwide head of human resources. “We deeply believe that diversity drives innovation,” Apple said in a statement. “We’re thrilled to welcome an accomplished leader like Christie Smith to help us continue the progress we’ve made toward a more diverse workplace.” Verizon-owned tech blog TechCrunch reported the news earlier Thursday. Apple stock is up 48% this year, with the S&P 500 index up 15%. The Dow Jones Industrial Average , of which Apple is a component, is up 19% this year.

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.

…read more

From:: Stock Market News

The International Swaps and Derivatives Association ruled Thursday that Venezuela, as well as state oil company Petróleos de Venezuela SA, defaulted on their debts. ISDA’s determination committee will reconvene on Nov. 20 to make a decision on how credit-default swaps, which can be used to protect against nonpayment, will be settled, according to a report from the Financial Times. “This is an evolving story,” said Phil Flynn, senior market analyst at Price Futures Group. “The default is clear and there is a real risk that this will lead to a dramatic drop in [Venezuelan] oil production that is well below 2 million barrels a day right now,” he said. “This should make it more difficult for refiners to get caught up on distillate supply that is well below normal in the U.S. and Mexico. Not great news at all and [this] will be another reason to not be bearish on crude.” December West Texas Intermediate crude was at $55.26 a barrel in electronic trading, above the $55.14 Thursday settlement on the New York Mercantile Exchange.

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.

…read more

From:: Stock Market News

Comcast Corp. has approached 21st Century Fox Inc. to express an interest on a deal, according to a report on The Wall Street Journal citing people familiar with the situation. It was unclear whether Comcast would be interested in all or part of Fox, the report said. Earlier this month, Walt Disney Co. and Fox discussed a potential deal, but talks fell through. Shares of Fox rose more than 6% on the news, while Comcast stock rose 0.9%.

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.

…read more

From:: Stock Market News

Caesars Entertainment Corp. said late Thursday that it is buying Centaur Holdings LLC for $1.7 billion in cash. Caesars stock is up less than 1% to $12.85 in late trading. The acquisition will add two Indiana-based Hoosier Park Racing and Casino and Indiana Grand Racing and Casino to the company’s Total Rewards network, Caesars said in a statement. Executives expect the transaction to close in the first half of 2018. “We believe the acquisition of Centaur is the best use of capital to support our growth plans and the long-term value of Caesars Entertainment,” Chief Executive Mark Frissora said in a statement. “Our network expansion plan is off to a great start with this strategic transaction and we continue to have a strong financial position with solid cash flows to pursue other expansion opportunities with attractive returns.” Caesars stock has gained 50% this year, with the S&P 500 index rising 15%.

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.

…read more

From:: Stock Market News

PayPal Inc. stock hit a record intraday high of $77.94 Thursday, and closed up 5.8% after news that executives raised its fourth-quarter forecasts and that it would sell its $5.8 billion credit portfolio to Synchrony Financial . PayPal issued a fourth-quarter revenue forecast of earnings of between 52 cents and 59 cents a share on revenue of between $3.64 billion and $3.7 billion. Previously, executives had forecast earnings of between 37 cents and 39 cents a share on sales of $3.57 billion to $3.63 billion. PayPal was formerly a unit of eBay Inc. and executives spun the company out after investor pressure. It started trading as a separate entity in July 2015 at $34.69. PayPal stock is up 94% this year, with the S&P 500 index up 15%.

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.

…read more

From:: Stock Market News

Shares of Williams Sonoma Inc. fell 9% after the retailer missed per-share earnings by a penny and announced a deal to buy a 3D imaging and augmented-reality company. Williams Sonoma said it earned $71.3 million, or 84 cents a share, in the quarter, compared with $69.3 million, or 78 cents a share, in the year-ago period. The EPS included the impact of about 2 cents a share in lost sales after hurricanes Harvey and Maria. Revenue rose 4.3% to $1.30 billion, compared with $1.25 billion a year ago. Sales reflect an estimated $7 million impact of lost sales after the hurricanes, the company said. Analysts polled by FactSet had expected earnings of 83 cents a share on sales of $1.29 billion. In a separate statement, the San Francisco-based company said it had agreed to buy Outward Inc., a 3D imaging and augmented-reality platform for home furnishings and decor based in San Jose, Calif. Terms of the deal were not disclosed.

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.

…read more

From:: Stock Market News

Gap Inc. shares jumped as much as 8% in late trading Thursday after the retailer reported an earnings beat and increased its guidance for the full year ahead of the important holiday-shopping season. The retail company–which owns and operates the Gap, Banana Republic and Old Navy chains–reported profit of $228 million, or 58 cents a share, down from 60 cents a share a year ago. Total revenue for the third quarter was $3.84 billion, up from $3.8 billion in the same quarter last year. Analysts on average expected Gap to report earnings of 54 cents a share on sales of $3.76 billion, according to FactSet. Gap said it now expects full-year earnings of $2.18 a share to $2.22 a share, after previously guiding for earnings of $2.02 a share to $2.10 a share. Shares neared $30 a share in immediate after-hours trading following the report’s release, after closing with a 2.2% increase at $27.48.

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.

…read more

From:: Stock Market News