Tag: stock market

PPDAI, China’s biggest peer-to-peer lender, saw its shares jump 3.3% out of the gate on Friday after the company priced its initial public offering at $13, below its $16 to $19 price range. The company sold 17 million shares to raise $221 million. Shares are trading on the NYSE under the ticker symbol “PPDF.” The S&P 500 was last down 0.3%.

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The Dow Jones Industrial Average on Friday was being weighed by slumping shares of McDonald’s Corp., for a second straight session. The fast-food chain’s shares were, down 1.4%, or $2.35, cutting about 15 points from the price-weighted Dow . Shares of McDonald’s fell 1.8%, or $3.10, on Thursday, serving as the biggest drag on the Dow, which closed off more than 100 points on the day. Shares o Johnson & Johnson and Boeing Co. also were contributed to the price-weighted blue-chip index’s decline. A $1 swing in any one of the Dow’s components equates to a move of 6.89 points. The Dow was off 46 points, or 0.2%, at 23, 419, the S&P 500 index gave up 6 points, or 0.2%, at 2,578, while the Nasdaq Composite Index retreated 7 points, or 0.1%, at 6,742, in early trade.

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U.S. stocks opened modestly lower on Friday, with the main indexes on track to end the week with losses for the first time in nine weeks. The recent bout of selling on Wall Street comes as investors fret about a possible delay in much-anticipated corporate tax cuts. The S&P 500 opened 6 points, or 0.2%, lower at 2,580. The Dow Jones Industrial Average was down 17 points, or 0.1%, to 23,444. The tech-heavy Nasdaq Composite index fell 11 points, or 0.2%, to 6,739. Among the best performers on Wall Street, shares of NVIDIA Corp rallied after the company beat earnings estimates.

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Bandwidth Inc. priced its initial public offering at $20, the low end of its $20 to $22 price range, the cloud-based communications company said in a statement. The company sold 4 million shares to raise $80 million. Shares will start trading on Nasdaq later Friday under the ticker symbol “BAND”.

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Alibaba Group Holding Ltd. is awaiting Singles Day 2017, or 11/11 Global Shopping Festival, on Saturday, and the event is expected to generate sales of RMB155.0 billion to RMB162.0 billion (about $23.34 billion to $24.39 billion), according to SunTrust Robinson Humphrey. Singles Day is the biggest shopping day for Alibaba and e-commerce as a whole. Last year, Alibaba reported $17.8 billion in sales. There are 140,000 brands participating, 60,000 of which are international, SunTrust wrote in a Friday note. “We expect 29% to 35% year-over-year increase in gross merchandise volume growth for this event, as the company benefits from strong online consumer demand driven by aggressive Tmall promotions, a large increase in participating global brands, and contribution from the New Retail marketing effort,” wrote analysts led by Youssef Squali. There’s heightened competition from rival e-commerce site JD.com, which has partnerships with Tencent Holdings Ltd. and Baidu Inc. to drive traffic. JD.com has also brought its membership program together with Wal-Mart Stores Inc. for order fulfillment. SunTrust rates Alibaba shares buy with a $210 price target. A survey conducted by Fung Global Retail & Technology found that 65% of consumers plan to shop on JD.com. And 93% of Chinese online shoppers participated in Singles Day last year. Alibaba shares are up more than 96% for the past year while the S&P 500 index is up 19.3% for the period.

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Shares of discount real estate brokerage Redfin tumbled nearly 9% Friday as the company reported solid growth, but reaffirmed strong headwinds in the housing market. Net income was $10.6 million in the third quarter, up from $5.7 million in the year-ago period, and revenue rose 35%. The company’s GAAP net loss per diluted share was 50 cents, compared with a net income per diluted share of 3 cents a share in the third quarter of 2016. Analysts polled by FactSet had expected GAAP per-share earnings of 12 cents a share. The company reported its market share had increased by 14 basis points to 0.71%, an acceleration in share growth, while web site traffic was up 38%. Still, the housing market remains extremely constrained by tight inventory, and the company expects to book a loss of between $6.0 and $3.9 million in the fourth quarter. Analysts surveyed by FactSet have a consensus per-share loss of 22 cents for the full year. “We continue to like the company’s long-term prospects and disruptive business model but view risk/reward as balanced in the near-term,” wrote Stifel analysts Friday morning. Shares are down 8.81% for the year to date, compared to a 15.5% gain for the S&P 500 and a 10.9% increase for Zillow Group , which is often considered the industry leader in real estate brokerages.

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Omeros Corp. shares rose 17% in premarket trade Friday after the company reported a third-quarter revenue beat and a narrower-than-expected profit loss. The company reported a loss of $7.48 million, or a loss of 16 cents per share, after a loss of $13.96 million, or a loss of 34 cents per share in the year-earlier period. The FactSet earnings-per-share consensus was a loss of 33 cents. Revenue rose to $21.66 million from $11.29 million, compared with the FactSet consensus of $17.8 million. The latest results included a 26% increase in revenue from its key product Omidria, which is used in certain eye surgeries, from the prior quarter and a 92% rise from the year-earlier period. Omeros shares have plummeted 40.2% over the last three months to $14.09, compared with a 6% surge in the S&P 500 and a 7.4% rise in the Dow Jones Industrial Average .

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Kohl’s Corp. shares were upgraded to outperform by analysts at Baird on Friday, due to the company’s off-mall footprint, improving product portfolio and strong loyalty program in the face of Amazon.com Inc.’s looming threat to the retail industry. Baird analyst Mark Altschwager wrote that Kohl’s looks well-positioned to hold its own over the pivotal holiday period. Cost savings, as well as inventory reduction initiatives provide good near-term visibility into free cash flow, Altschwager wrote. “Looking ahead, we believe a more pragmatic growth outlook from management, aggressive actions on the cost front, and momentum with traffic and omni-channel initiatives result in better risk/reward for shares,” Altschwager wrote in a note to analysts. Shares of Kohl’s have declined close to 17% in the year to date, while the S&P 500 index is up more than 15% and the Dow Jones Industrial Average is up nearly 19%.

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J.C. Penney Co. Inc. shares soared 7.3% in Friday premarket trading after the department store retailer reported third-quarter revenue and same-store sales that beat estimates. The company had a net loss of $128.0 million, or 41 cents per share, compared with a loss of $67.0 million, or 22 cents, for the same period last year. The adjusted loss was 33 cents, ahead of the 42-cent loss FactSet forecast. J.C. Penney attributed the loss to increased cost of goods sold, restructuring charges from store closures, and a charge associated with the company’s pension plan. Revenue was $2.81 billion, down from $2.86 billion last year but ahead of the $2.78 billion FactSet consensus. The company attributed the revenue decrease to 139 store closures. Same-store sales increased 1.7%, ahead of the 0.6% increase FactSet forecast. The company expects fiscal 2017 adjusted EPS of 2 cents to 8 cents and same-store sales to range from a 1% decline and flat. J.C. Penney shares are down 41.6% for the last three months and down 68.8% for the past year. The S&P 500 index is up 19.3% for the last 12 months.

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Finish Line. Inc. was downgraded to underperform from market perform at Cowen & Company based on “skyrocketing” promotions and the impact it is having on margins and the company’s relationships with brands. Cowen cut Finish Line’s price target to $7 from $10. Analysts led by John Kernan point out that Finish Line’s gross margin has declined 20 of the last 22 quarters year-over-year. “Aggressively undercutting Nike , Adidas and Under Armour on price is not sustainable as brands eliminate allocations to undifferentiated retailers and focus on digital and differentiated experiences,” Cowen wrote. Finish Line shares are down 52.4% for the past year while the S&P 500 index is up 19.3% for the period.

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