Tag: stock market

The S&P 500 index was on pace to decline for a fourth straight session, which would mark its longest such stumble in 2018. The broad-market index was being weighed by selling in the energy and materials sectors, the weakest groups of the index’s 11, even as U.S. crude-oil futures settled higher for a second session in row. If the S&P 500 falls a fourth session it would mark its longest string of losses since the four-session slide ended Dec. 6, 2017, according to Factset data. Meanwhile, the Dow Jones Industrial Average [: DJIA] was on track to close out Thursday in the green, up 150 points at 24,905, which would snap its three-session skid. The Nasdaq Composite Index , meanwhile, was set to finish lower, down 0.2% at 7,481, which would mark its third fall in succession. The stock market pared firmer gains in midday trade Thursday following a report that Special counsel Robert Mueller subpoenaed the Trump Organization to turn over documents, including some related to Russia, the New York Times reported Thursday, citing two people briefed on the matter.

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Shares of security company ADT Inc. slid 11% Thursday, after the company posted a surprise adjusted loss for the fourth quarter. ADT said it had net income of $638 million, or 99 cents a share, for the quarter, after a loss of $85 million, or 13 cents a share, in the year-earlier period. The number included a $690 million tax benefit from the December tax revamp. Excluding special items, however, the company had a loss of 6 cents a share, while the FactSet consensus was for EPS of 10 cents. The news overshadowed a small revenue beat. ADT returned to the public markets in January, pricing its IPO at $14 a share. The stock has languished, however, since then, and was last quoted at $9.03, down 23% in the last month, while the S&P 500 has gained 0.7%.

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White House press secretary Sarah Sanders said the administration is “looking into” Housing and Urban Development Secretary Ben Carson’s reported selecting of a $31,000 set for a HUD dining room. Carson has said the order was canceled after questions were raised about the price. Recently disclosed emails cast doubt on assertions by Carson and his spokesman that Carson had little or no involvement in buying the set.

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Walmart Inc. shares turned sharply lower before recouping some losses on Thursday, after reports that a former executive has filed a suit with a federal court in California, alleging that the retail giant engaged in unlawful conduct with respect to its e-commerce business. The executive, Tri Huynh, a former director of business development, said Walmart issued misleading results from that business and that he was fired when he complained, Bloomberg reported, citing court documents. The conduct happened as the company raced to catch up with rival Amazon.com Inc. , he said. Huynh claims that Walmart mislabeled products so that third-party vendors were paid lower commissions and failed to process customer returns, said Bloomberg. Walmart has aggressively invested in it its e-commerce business for the past year. The company was not immediately available to comment to Bloomberg. MarketWatch has also asked for comment. Shares were down 0.5%, after falling about 2% at their lowest level.

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Spotify Technology SA said Thursday it expects to begin trading its shares on the New York Stock Exchange on April 3. The music-streaming company also said it plans on sharing guidance on March 26. Spotify’s investor day is underway in New York City, and the company is live-streaming the event. Investor days are usually held behind doors for a select number of analysts and investors. Spotify has said it will opt for a direct listing, and won’t conduct a roadshow.

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Shares of Adaptimmune Therapeutics Plc surged 26% Thursday, after the company reported positive early results for a cancer treatment. Adaptimmune is a developer of T-cell therapy to treat cancer and reported three partial responses and one stable disease in the first four patients to be dosed with its with NY-ESO SPEAR T-cells in a second solid tumor: myxoid/ round cell liposarcoma (MRCLS). The patients tolerated the treatment well and GlaxoSmithKline plc has exercised its option to license and commercialize the therapy. “We are encouraged by the initial responses seen in the first patients with MRCLS treated with NY-ESO SPEAR T-cells, as it validates the potential of our platform to treat a broad range of tumors, including those that are known to be unresponsive to current immunotherapies,” said Rafael Amado, Adaptimmune’s Chief Medical Officer, in a statement. MRCLS is a soft tissue sarcoma that usually arises in the extremities before spreading to the bones, abdomen, pelvis and other soft tissues. About 2,000 patients in the U.S. and Europe are diagnosed each year with a peak occurrence in patients aged 30 to 50 years old. In a separate earnings report, the company said it has enough funding to last through early 2020. The company reported a loss per share for the fourth quarter of 5 cents, wider than the 4 cents reported a year ago, and better than the 26 cents loss consensus of FactSet analysts. Shares have gained 143% in the last 12 months, while the S&P 500 has gained 15%.

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Uber Technologies is negotiating a deal with Toyota Motor Co. about installing its self-driving systems in Toyotas minivans, according toa report in the Nikkei Asian Review on Thursday. Toyota executives met with Uber Chief Executive Dara Khosrowshahi this week, the report said. On Wednesday, Uber’s competitor Lyft Inc. announced a deal with auto-parts supplier Magna International Inc. to develop hardware and software for self-driving vehicles, and the companies plan on kits that can be installed in existing cars.

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The Dow Jones Industrial Average turned firmly higher late-morning on Thursday as the average as one of its most influential components turned positive. The Dow was up 270 points, or 1.1%, at 25,026, as Boeing’s shares [: BA] pared some of its worst levels, and was most recently up 0.7% or $2.26. A $1 move in anyone one of the Dow’s components equates to 6.89 swing in the equity gauge. The industrial giant had encountered struggles on the back of sharpened fears that recently introduced tariffs on steel and aluminum imports could spark a trade war, which in turn could whack multinationals like Boeing. Boeing’s shares have declined about 7% so far this week and are threatening to post the worst weekly loss in abut two years, according to FactSet data. Boeing is one of a few global companies that might face retaliatory responses from trade partners, notably China, market participants worry. Share climbs in Goldman Sachs Group Inc. and UnitedHealth Group Inc. were helping to buoy the Dow. Meanwhile, the S&P 500 index was up 0.4% at 2,760, while the Nasdaq Composite Index climbed 0.3% at 7,519.

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From:: Stock Market News

The Dow Jones Industrial Average turned firmly higher late-morning on Thursday as the average tried to shake off weakness in one of its most influential components. The Dow was up 200 points, or 0.8%, at 24,955, even as Boeing’s shares [: BA] were cutting about 20 points from the benchmark, down 0.8% or $2.50. A $1 move in anyone one of the Dow’s components equates to 6.89 swing in the equity gauge. The industrial giant has encountered struggles on the back of sharpened fears that recently introduced tariffs on steel and aluminum imports could spark a trade war, which in turn could whack multinationals like Boeing. Boeing’s shares have declined 7.6% so far this week and are threatening to post the worst weekly loss in abut two years, according to FactSet data. Boeing is one of number of companies that might face retaliatory responses from trade partners, notably China, market participants worry. Shares of the industrial giant were off its lows of the session, however. Share climbs in Goldman Sachs Group Inc. and UnitedHealth Group Inc. were helping to more than offset Boeing’s slump. Meanwhile, the S&P 500 index was up 0.3% at 2,757, while the Nasdaq Composite Index climbed 0.2% at 7,513.

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Department of Housing and Urban Development Secretary Ben Carson on Thursday announced new measures meant to protect HUD’s financial integrity and “correct lax internal processes and controls,” according to a HUD statement. Carson called the department’s current financial controls “outdated” and said the newly-appointed chief financial officer, Irving Dennis, would lean an internal task force to combat “waste, fraud and abuse.” Carson himself is under scrutiny for spending lavishly to upgrade office furniture even while accepting deep cuts to his department’s budget that will reduce aid to poor Americans. CNN reported Wednesday that Carson and his wife, Candy, had directed the furniture spending, contradicting his earlier statements that he had no knowledge of it happening. A watchdog group has already urged the HUD inspector general to investigate Carson for allowing family members to participate in formal agency events, after which they were awarded contracts by participants.

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