Tag: stock market

The New Zealand dollar extended gains against its U.S. rival on Wednesday, after the Reserve Bank of New Zealand left left its official cash rate unchanged at 1.75%, as expected. The central bank also stated that it that its policies will continue to be accommodative. A weaker New Zealand dollar, also known as the kiwi, will help lift the country’s subdued inflation figure, the central bank said. Consumer price inflation stood at 1.9% in September, close to the RBNZ’s target, although underlying inflation was weaker. The kiwi dollar last bought $0.6950, up from $0.6901 late Tuesday in New York. The Australian dollar fell against its neighbor, buying 1.1055 NZ dollars, down 0.2% from Tuesday.

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From:: Stock Market News

KBS Fashion Group Ltd., a tiny company that manufactures and sells casual menswear and is headquartered in China, on Wednesday saw its shares surging almost 400%. The reason for the rally couldn’t be determined, but KBS , founded by Anna Polemis on Jan. 26, 2012, has gained a whopping 470% so far this month. In other words, its market value at the start of the month, at $4.1 million, has sextupled to about $24 million in most recent trade, according to FactSet data. KBS’s stock trades on the Nasdaq Inc. . Year to date, the retailer’s shares are only up about 180% , with KBS Fashion’s gyrations reminiscent of the volatility typically observed in assets like bitcoin , which is up more than 600% so far in 2017. By comparison, the Dow Jones Industrial Average is up about 19%, the S&P 500 index has gained about 16%, while the Nasdaq Composite Index has returned about 26% thus far in 2017.

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A creditor asked the International Swaps and Derivatives Association’s Determinations Committee if a $1.1 billion principal payment for a bond issued by PDVSA, its state-owned oil company, came up short. The payment was due on Nov. 3, but the issuer has a three-day grace period before a creditor can ask the ISDA to intervene. If the derivatives trade body rules the PDVSA had defaulted on its bonds, this would open the door to the triggering of credit-default swaps, which act like insurance against debt nonpayment. Venezuelan President Nicolas Maduro had promised the country would make the $1.1 billion payment before restructuring all of its debts. Estimates of the nation’s debt burden range from $100 billion to $150 billion.

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From:: Stock Market News

A creditor asked the International Swaps and Derivatives Association’s Determinations Committee if a $1.1 billion principal payment for a bond issued by PDVSA, its state-owned oil company, came up short. The payment was due on Nov. 3, but the issuer has a three-day grace period before a creditor can ask the ISDA to intervene. If the derivatives trade body rules the PDVSA had defaulted on its bonds, this would open the door to the triggering of credit-default swaps, which act like insurance against debt nonpayment. Venezuelan President Nicolas Maduro had promised the country would make the $1.1 billion payment before restructuring all of its debts. Estimates of the nation’s debt burden range from $100 billion to $150 billion.

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The Justice Department has told AT&T Inc. that the company needs to sell CNN, Time Warner’s cable news network, in order for its proposed $84.5 billion acquisition of Time Warner Inc. to be approved, according to a report in the Financial Times, which cited people with knowledge of the negotiations. Shares of Time Warner were down more than 5% on Wednesday. According to the report, selling CNN is just one of the demands being made, but the deal’s approval relies on that. CNN has been the target of much of President Donald Trump’s “fake news” bashing in the first year of his term. According to the FT, AT&T is not really interested in selling the news network, and the company is prepared to take the Trump administration to court. Shares of Time Warner have declined more than 7% in the year to date, and AT&T shares are down nearly 22%. By comparison, the S&P 500 index is up close to 16% and the Dow Jones Industrial Average is up more than 19%.

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Gold prices settled Wednesday at their highest in nearly three weeks, buoyed by a pullback in the U.S. dollar index from multimonth highs. Palladium futures, meanwhile, topped $1,000 an ounce to settle at their highest since early 2001, after four failed attempts this month to break that level. Strong demand and a shortage of palladium have supported prices for the metal. December gold rose $7.90, or 0.6%, to settle at $1,283.70 an ounce. December palladium jumped $21.70, or 2.2%, to end at $1,015.80 an ounce.

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Zynga shares shot up 10% to $4.05 in early afternoon trading Wednesday. If Zynga stock hangs on to the gains and closes above $4, it will be the first time since 2014. The San Francisco-based company has beat analyst estimates for 11 straight quarters, according to FactSet. Investors propelled shares above $4 after the company announced third-quarter earnings after the bell Tuesday. Executives reported net income of $18.1 million on sales of $224.6 million. The company also announced that it was acquiring Peak Games, a developer that specializes in mobile card games. Zynga shares have gained 57% this year, with the S&P 500 index rising 15%.

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Capital One Financial Corp. shares fell 1% in afternoon trade Wednesday, after reports that the credit card and consumer-banking services company was exiting the mortgage-loan business, cutting about 1,000 jobs. The Dallas Business Journal reported late Tuesday that Capital One was planning to lay off 950 employees from its campus in Plano, Texas in the coming months, citing a spokesperson that said the company wasn’t in a position to be both competitive and profitable. Reuters reported Wednesday the company will cut about 1,100 jobs, citing a challenging interest-rate environment. The company didn’t immediately respond to a request for comment. The stock has gained 2.3% year to date, while the SPDR Financial Select Sector ETF has rallied 13% and the S&P 500 has gained 16%.

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Container Store Group Inc. shares have skyrocketed 28% in Thursday trading after the company reported fiscal second-quarter earnings beat expectations and the company raised its outlook. The company reported a net loss of $875,000, or 2 cents per share, compared with income of $3.54 million, or 7 cents per share, for the same period last year. Adjusted EPS was 12 cents, doubling the 6-cents FactSet consensus. Revenue totaled $218.4 million, up from $205.1 million and ahead of the $217.0 million FactSet estimate. Same-store sales rose 1.9% for the quarter, beating the FactSet consensus for 0.3% growth. The company also raised its outlook for fiscal 2017, now forecasting sales of $845.0 million to $865.0 million, EPS of 11-to-22 cents, and adjusted EPS of 30-to-41 cents. The previous outlook was for sales of $830.0 million to $850.0 million, EPS of 13-to-23 cents, and adjusted EPS of 27-to-40 cents. The FactSet estimate is for sales of $854.6 million, and EPS of 36 cents. Same-store sales are expected to be between a 1% decline and a 1% increase, up from the prior outlook for a decrease in the low-single-digit range. The FactSet consensus is for a 0.4% increase. Container Store sharse are up 8% for the last three months, but down 22.8% for the year so far. The S&P 500 index is up 15.8% for 2017 to date.

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Oil prices took a sudden turn higher Wednesday, after falling in the immediate wake of a U.S. government report, which showed a surprise weekly rise in crude stockpiles and a climb in total domestic crude production. But the report also revealed bigger-than-expected declines in supplies of gasoline and distillate stockpiles. “The product stock draws are bullish despite the crude build,” said Troy Vincent, oil analyst at ClipperData. He also pointed out new reports of a fire that broke out on Shell’s Enchilada oil platform, prompting its shutdown early Wednesday. A climb in December gasoline of 2.1 cents, or 1.2%, to $1.837 a gallon led oil prices higher. December West Texas Intermediate crude added 62 cents, or 1.1%, to trade at $57.81 a barrel on the New York Mercantile Exchange.

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From:: Stock Market News