Tag: stock market

U.S. stock indexes on Wednesday opened firmly lower, putting the Dow Jones Industrial Average on track to hit its lowest level since late October as a broad commodity downturn whacks investor sentiment. The Dow opened off 150 points, or 0.7%, at 23,258, putting it on pace to hit the lowest level since late Oct. 25, according to FactSet data. The S&P 500 index was off 0.8% at 2,558, while the Nasdaq Composite Index was off 1% at 6,669. The latest retreat in equity benchmarks has been attributed partly to a sharp slide in crude-oil futures, with West Texas Intermediate oil trading on the New York Mercantile exchange off 2.8% so far this week.

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

U.S. stock indexes on Wednesday opened firmly lower, putting the Dow Jones Industrial Average on track to hit its lowest level since late October as a broad commodity downturn whacks investor sentiment. The Dow opened off 150 points, or 0.7%, at 23,258, putting it on pace to hit the lowest level since late Oct. 25, according to FactSet data. The S&P 500 index was off 0.8% at 2,558, while the Nasdaq Composite Index was off 1% at 6,669. The latest retreat in equity benchmarks has been attributed partly to a sharp slide in crude-oil futures, with West Texas Intermediate oil trading on the New York Mercantile exchange off 2.8% so far this week.

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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Skechers USA Inc. said Wednesday it has hired John Vandemore to be its chief financial officer, effective within the next few weeks. Vandemore, who recently served as CFO of Mattel Inc. , will assume the role from David Weinberg, who assumed the CFO role in 2009 in addition to being chief operating officer since 2006. Vandemore will report to Weinberg. The footwear seller’s stock slipped 0.2% in morning trade. It has over run up 31% year to date, while the S&P 500 has gained 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.

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Amazon.com Inc. said Wednesday that the e-commerce giant and Whole Foods Market will offer lower prices on holiday and best-selling grocery items, including discounts on organic and antibiotic-free turkeys for Prime members. Amazon says the discounts are a preview of those Prime members can expect when the membership program becomes the official rewards program of Whole Foods. Organic turkeys, normally priced at $3.49 per pound, will be $2.99 per pound for Prime members. And antibiotic-free turkeys, normally $2.49 per pound, will be $1.99 per pound. Other items that will have their prices slashed include responsibly-farmed raw peeled shrimp, 365 Everyday Value canned pumpkin, organic broccoli, Fage yogurt and organic rice from Lundberg Family Farms. Amazon shares are down 0.7% in Wednesday premarket trading, but up 53% for the past year, outpacing the S&P 500 index , which is up 18.3% for the last 12 months.

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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The Empire State index fell 10.8 points to 19.4, moving back from a three-year higj but still pointing to a solid manufacturing environment in the New York area. Any reading above zero indicates improving conditions. The new-orders index rose to 20.4 and shipments fell to 18.4.

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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WASHINGTON (MarketWatch) – Consumer prices minus food and energy picked up a bit in October while retail sales rose modestly, according to government data released Wednesday. The overall CPI rose by a seasonally adjusted 0.1% in October, while core prices rose a slightly stronger 0.2%. Over the past 12 months, core consumer inflation has risen 1.8%, up from a 1.7% gain in September, That’s the highest rate since April. Retail sales rose 0.2% in October on modest across-the-board gains after a revised 1.9% surge in the prior month.

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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Shares of Acorda Therapeutics Inc. plummeted 38% toward a five-month low in premarket trade Wednesday, after the biopharmaceutical company said it halted new enrollment for studies of its Parkinson’s disease treatment tozadenant following some patient deaths. The company said of the 890 patients exposed to tozadenant in phase 3 and phase 2b studies, there have been seven cases of sepsis, five of which were fatal. None of 234 patients exposed to placebo developed sepsis. As a result, the company said it has increased the frequency of blood cell count monitoring in its phase 3 tozadenant program, as four of the sepsis cases were associated with agranulocytosis, or lowered white blood cell counts, with two of the patients having no white blood cells. Acorda said further discussion with the independent data safety monitoring board and the Food and Drug Administration were pending. Acorda’s stock had run up 33% over the past three months through Tuesday, while the iShares Nasdaq Biotechnology ETF had slipped 1.4% and the S&P 500 had gained 4.6%.

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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Sally Beauty Holdings Inc. shares slid 4.5% in Wednesday premarket trading after the company reported fourth-quarter earnings and revenue that missed expectations. Net income fell to $35.7 million, or 27 cents per share, from $52.6 million, or 36 cents per share, last year. Adjusted EPS was 45 cents, below the 47-cent FactSet consensus. Sales also fell, totaling $974.2 million from $976.4 million last year. The FactSet consensus was $990.0 million. Same-store sales decreased 1.4%, below the 0.8% growth FactSet forecast. The company said Hurricanes Harvey, Irma and Maria caused store closures from late August through the end of the fiscal year, hurting sales and same-store sales. But even after those weather-related challenges, Chief Executive Chris Brickman said “revenue fell short of our expectations.” Sally Beauty plans to restructure its international operations and will invest in e-commerce, which will allow two-day delivery to more than 90% of U.S. homes by the middle of fiscal 2018. The company completed the restructuring of its North American operations, incurring a charge of $22.7 million from staff cuts and facility closures. The company expects charges for the European restructuring of $12 million to $14 million. For fiscal 2018, Sally Beauty expects same-store sales to be about flat, below the FactSet consensus for 0.9% growth. Sally Beauty shares are down 37% for the past year while the S&P 500 index is up 18.3% for the period.

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SandRidge Energy Inc. said Wednesday it has reached an agreement to acquire Bonanza Creek Energy in a cash-and-stock deal valued at $746 million. SandRidge said it will pay $36 per Bonanza Creek share. The deal will add 67,000 contiguous net acres in the oil window of DJ Basin of Colorado. “SandRidge will benefit from the greatly increased scale and substantial cost and operational synergies as a result of the transaction,” Chief Executive James Bennett said in a statement. The deal is expected to boost cash flow starting in 2018. The deal is expected to close in the first quarter. Bonanza Creek shares surged 14% in premarket trade after resuming trading following a halt for the news. SandRidge shares fell 1.6%, and have fallen 22% in 2017, while Bonanza Creek has lost 73%. The S&P 500 has gained 15% in 2017.

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

SandRidge Energy Inc. said Wednesday it has reached an agreement to acquire Bonanza Creek Energy in a cash-and-stock deal valued at $746 million. SandRidge said it will pay $36 per Bonanza Creek share. The deal will add 67,000 contiguous net acres in the oil window of DJ Basin of Colorado. “SandRidge will benefit from the greatly increased scale and substantial cost and operational synergies as a result of the transaction,” Chief Executive James Bennett said in a statement. The deal is expected to boost cash flow starting in 2018. The deal is expected to close in the first quarter. Both stocks were halted in premarket trade for the news. SandRidge shares have fallen 22% in 2017, while Bonanza Creek has lost 73%. The S&P 500 has gained 15% in 2017.

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