Tag: stock market

The U.S. central bank should continue to raise interest rates gradually because the current policy stance remains “very accommodating rather than neutral,” said Raphael Bostic, the president of the Atlanta Fed, on Tuesday. Just how gradual that pace should be will depend on the strength of incoming economic data and what it implies for the outlook, Bostic said in a speech to Auburn University’s branch in Montgomery, Ala. Bostic, who joined the Atlanta Fed in June, will be a voting member of the Fed’s interest-rate committee in 2018. Bostic said he is still holding to the view that recent weakness in inflation “reflects idiosyncratic noise” but said he would be watching the next few inflation reports for signs of a pickup.

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The White House is considering Mohamed El-Erian for the No. 2 job at the Federal Reserve, according to a report by the Wall Street Journal. El-Erian, the chief economic adviser at Allianz Global Advisers and is the former chief executive at PIMCO, is one of several candidates under consideration for the post, according to the report, which quotes a person familiar with the matter. The White House is also considering nominating Kansas banking regulator Michelle Bowman for another vacancy on the Fed board of governors.

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The Dow Jones Industrial Average slipped firmly lower on Tuesday, adding to a recent downtrend in equity benchmarks as investors await updates on tax reform. The Dow was down about 130 points, or 0.5%, at 23,297, hitting a low of 23,271, or down 168 points at its lows of the session. The S&P 500 index slipped 0.5% at 2,572, while the Nasdaq Composite Index retreated 0.4% at 6,729. All three benchmarks opened in negative territory and were negative for the month of November. According to FactSet data, the Dow was off 0.3% in November, the S&P 500 was down 0.2%, while the Nasdaq was looking at a 0.1% decline over that period. November has traditionally been a period for stock market buying as professional investors set up their portfolios for 2018.

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U.S. stocks traded lower at the open on Tuesday, as Wall Street looked to the latest developments in the Republican Party’s efforts to reform U.S. tax policy. Central bankers were also in focus, with Federal Reserve Chairwoman Janet Yellen joining her European and Japanese counterparts in a panel discussion that could offer clues into the path for interest rates. The Dow Jones Industrial Average fell 0.3%, or 66 points, to 23,374. The S&P 500 lost 8 points, or 0.3%, to 2,577. The Nasdaq Composite Index was down 22 points, or 0.3%, to 6,736. Among specific stocks, Home Depot Inc. fell 1% after reporting its third-quarter results, while Dick’s Sporting Goods Inc. sank 6.8% after giving a disappointing 2018 outlook.

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GameStop Corp. said Tuesday it has named Daniel DeMatteo as interim chief executive, replacing J. Paul Raines, who is seeking medical treatment after a reoccurrence of a previously disclosed illness. Raines had a cancerous tumor removed from his brain in 2014. DeMatteo, a co-founder of the company, has previously served as CEO and in other executive roles. Shares were flat premarket, but are down 36% in 2017, while the S&P 500 has gained 15%.

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From:: Stock Market News

GameStop Corp. said Tuesday it has named Daniel DeMatteo as interim chief executive, replacing J. Paul Raines, who is seeking medical treatment after a reoccurrence of a previously disclosed illness. Raines had a cancerous tumor removed from his brain in 2014. DeMatteo, a co-founder of the company, has previously served as CEO and in other executive roles. Shares were flat premarket, but are down 36% in 2017, while the S&P 500 has gained 15%.

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Gary Cohn, the director of the White House National Economic Council, said Tuesday he’s confident the House of Representatives will pass its tax-cut bill before members leave for a Thanksgiving break later this week. Speaking at a Wall Street Journal conference, Cohn also said he’s assuming the Senate Finance Committee will pass its version of a tax bill this week. Cohn stuck to a year-end target for passing a tax bill, saying “We have to get taxes done this year.” The administration’s next priority after tax reform is an infrastructure bill, Cohn said.

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If Hasbro Inc. acquired Mattel Inc. , not only would it combine the two biggest toy companies in the world, it would enhance the unified company’s negotiating power with retailers, according to Fitch Ratings. Wal-Mart Stores Inc. would continue to be the biggest customer with $2 billion in sales. At the end of fiscal 2016, Wal-Mart, Toys R Us and Target Corp. accounted for about 19%, 10% and 8% of combined sales respectively. “These retailers are constantly encouraging high levels of competition among suppliers, demanding innovative new products and exclusive products, leading to price reductions, and product delivery with shorter lead times,” wrote Fitch’s consumer companies analyst Ellen Itskovitz in a note. “Fitch expects a merged entity would have improved negotiating power and can weather the complex retail landscape more effectively.” Fitch also thinks the merger would bring together the strength in girls’ toys that Mattel has with the boys’ toys strength at Hasbro. Mattel shares are down 36% for the year so far, but up 20.7% for the week to date. Hasbro shares are up 24.5% for 2017 to date and up 5.9% for the week to date. The S&P 500 index is up 15.5% for 2017 so far.

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A sharp increase in Apple Inc.’s off-balance-sheet manufacturing and purchase commitments to a record $37.6 billion in fiscal 2017, up 31% from a year ago, potentially indicate a strong ramp for iPhone X, according to RBC Capital analyst Amit Daryanani. After an analysis of Apple’s audited annual report filed with the Securities and Exchange Commission, Daryanani said the 8% decline in warranty accruals was “logical” given the iPhone X delay; a slight decline in operating margins in the U.S. reflect carrier discounts on new phones; and the 31% rise in vendor nonreceivables reflect component purchases by Apple for manufacturing licensee partners and overall inventory on Apple’s balance sheet. Daryanani reiterated his outperform rating and $190 stock-price target, citing “multiple tailwinds” for EPS growth, including higher average selling prices for iPhone X, improved gross margins and potential tax reform. The stock slipped 0.1% in premarket trade, which puts it on track for a fourth straight decline since it closed at a record $176.24 on Nov. 8. The stock has climbed 8.8% over the past three months, while the tech-heavy Nasdaq 100 has rallied 6.9% and the Dow Jones Industrial Average has gained 6.6%.

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CVS Health Corp. said Tuesday that it has set a goal of adding 5,000 apprentices by 2022. The new apprentice target coincides with the expansion of the program to seven new states, including Arizona, Hawaii, Massachusetts and Pennsylvania. A total of 18 states participate. Registered apprenticeships provide training in pharmacy care, prescription benefit management and other fields. CVS Health launched its apprenticeship program in 2005 for pharmacy technicians. Through 2017, it has had more than 4,700 join. CVS shares are down 9.4% for the year to date while the S&P 500 index is up 15.5% for the period.

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