Tag: stock market

Shares of internet radio platform Pandora Media Inc. fell nearly 26% in morning trade on Friday, hitting an all-time low. Pandora reported earnings for the third quarter after the market closed on Thursday and missed on revenue. The company also reported losing 2.3 million active listeners. Pandora management provided downgrade guidance and a plan for the company moving forward during a company’s quarterly conference call. Analysts have said that management’s view on the business has been sobering, and that the company’s advertising technology driven turnaround will take time. Pandora shares were downgraded to neutral from overweight at J.P. Morgan. “We believe new management are appropriately focused on stabilizing monthly users and investing in ad tech to capture greater share of overall radio dollars,” wrote J.P. Morgan analyst Doug Anmuth. “But overall visibility remains limited and we do not see a near-term catalyst for the shares.” Pandora shares have declined more than 54% in the year to dated, while the S&P 500 index [S: SPX] is up more than 15% and the Dow Jones Industrial Average is up 19%.

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U.S. stock benchmarks opened modestly higher on Friday following a jobs report that was slightly cooler than Wall Street expected but solid enough to keep intact the Federal Reserve’s plan to lift interest rates in December. The Dow Jones Industrial Average climbed 0.1% at 23,539, the S&P 500 index rose 2 points, or 0.1% at 2,581. Meanwhile, the Nasdaq Composite Index advanced firmly higher, up 0.3% at 6,732, as the technology-heavy index scored a bump from better-than-expected corporate results from iPhone-maker Apple Inc. . The Cupertino, Calif., company is set to become the first company with a $900 billion valuation. The October payroll report showed 261,000 jobs added over the month, below the 325,000 that had been expected. However, the unemployment rate dipped to 4.1% from 4.2% and the September report was raised to show a gain, compared with the initial read of job losses. The October report suggests that there are still lingering effects from Hurricanes Harvey and Irma, which had muddled September’s labor-market results. The dollar and benchmark 10-year yields fell slightly after the jobs reading.

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The U.S. dollar lost ground against its main rivals early Friday after a reading for October employment showed that the U.S. economy added 261,000 jobs, compared with expectations for 325,000 jobs, according to average economists’ estimates polled by MarketWatch. The reading marks the second cooler-than-forecast reports following a pair of Hurricanes that devastated Houston, parts of Louisiana and slammed Florida’s coastline. Weakness in the greenback suggest that investors believe that the Federal Reserve may be given some reason to pause in lifting interest rates in December. However, the headline unemployment figure dropped to 4.1%, reaching its lowest level since 2000. The ICE U.S. Dollar Index dropped to a low of 94.418, before recovering to 94.578, down 0.1% from yesterday.

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Treasury yields dipped after a weaker-than-expected non-farm payrolls employment report. The U.S. economy added 261,000 jobs in October. Economists surveyed by MarketWatch had forecast a 325,000 increase in nonfarm jobs. Wage growth was muted. The 10-year benchmark bond yield fell to 2.329%, from 2.343% on late Thursday. The 2-year yield was unchanged at 1.608%, while the 30-year yield edged lower to 2.814%, versus 2.343%.

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U.S. stock-index futures held at modestly higher levels on Friday, after the October payroll report showed 261,000 jobs added in the month, below expectations. Futures for the Dow Jones Industrial Average rose 31 points, or 0.1%, to 23,469. Futures for the S&P 500 index added 1.80 point, or 0.1%, to 2,578.5, while those for the Nasdaq-100 index jumped 22.75 points, or 0.3%, to 6,258. Futures were little impacted by the data, which also showed the unemployment rate dip to 4.1% from 4.2%, hitting the lowest level since December 2000. The initially reported loss of 33,000 jobs in September was revised to an 18,000 gain. The increase in jobs in August was raised to 208,000 from 169,000.

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WASHINGTON (MarketWatch) – The U.S. economy added 261,000 jobs in October as employment rebounded from a miserly gain in the prior month due to hurricanes Harvey and Irma. Economists polled by MarketWatch had predicted a 325,000 increase in nonfarm jobs. The unemployment rate slipped to 4.1% from 4.2%, the lowest level since December 2000. Wages fell 1 cent to an average of $26.53 an hour, the government said Friday. Hourly pay increased 2.4% from October 2016 to October 2017, down from 2.8% in the prior month. The average workweek was flat at 34.4 hours. The initially reported loss of 33,000 jobs in September was revised to an 18,000 gain. The increase in jobs in August was raised to 208,000 from 169,000.

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The U.S. dollar soared against the Turkish lira early on Friday, pushed higher after Turkey’s consumer-price inflation for October came in higher than expected. The reading for inflation for the past month grew by 2.1%, compared with the FactSet consensus estimate of 1.7%, bringing CPI to 11.9% on the year, versus 11.3% expected. Turkey’s central bank warned of the potential for higher inflation in October and November due to a rise in commodity prices and exchange-rate fluctuations. The dollar jumped to an intraday high of 3.8660 lira in response, representing its highest level since January. The pair was last changing hands at 3.8496 lira, up 3.7972 lira late Thursday in New York.

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Bloomin’ Brands Inc. shares fell 1.7% in Friday premarket trading after the restaurant company reported third-quarter earnings that missed estimates and revised its full-year guidance lower. Bloomin’ Brands portfolio of restaurant chains includes Outback Steakhouse and Carrabba’s Italian Grill. Net income for the quarter totaled $4.3 million, or 5 cents per share, down from $20.7 million or 18 cents per share, for the same period last year. Adjusted EPS was 12 cents, below the 15-cents FactSet consensus. Revenue totaled $948.9 million, down from $1.0 billion last year and ahead of the $948.0 million FactSet estimate. U.S. same-restaurant sales fell 1%, compared with a FactSet consensus for a 2% drop. The company said Hurricanes Harvey and Irma hurt same-restaurant sales by 1% and EPS by 4 cents. Bloomin’ Brands now sees full-year 2017 EPS of $1.09 to $1.14 compared with previous guidance of $1.34 to $1.41, and adjusted EPS of $1.31 to $1.36 compared with prior guidance of $1.40 to $1.47. The FactSet consensus is $1.40. Bloomin’ Brands shares are up 2.1% for the last three months, but down 4.1% for the year so far. The S&P 500 index is up 15.2% for 2017 to date.

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Sotheby’s reported Friday a third-quarter net loss that narrowed to $23.5 million, or 45 cents a share, from $54.5 million, or 99 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted losses per share were 78 cents, wider than the FactSet per-share consensus for a loss of 68 cents. Total revenue rose 87% to $171.4 million, as agency commission and fees revenue increased 42% to $72.7 million, inventory sales more than tripled to $81.5 million and finance revenue grew 5% to $5.5 million. The FactSet revenue consensus was $111.2 million. “While the third quarter is seasonally quiet for us, things feel good for our business and the market overall,” said Chief Executive Tad Smith. “All eyes are now on New York and Geneva for the fourth quarter with our flagship sales of Impressionist, Modern and Contemporary Art and Jewelry.” The stock, which was still inactive in premarket trade, has climbed 28% year to date, while the S&P 500 has rallied 15%.

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Bitcoin on Friday recently traded 6% higher at $7,425, according to CoinDesk data. The cryptocurrency earlier rose as high as $7,450, representing a fresh all-time high. Bitcoin has been adding to its massive year-to-date gain this week thanks in part to exchange operator CME Group’s plans to offer a futures contract based on the digital currency, as well as thanks to a so-called hard fork that is slated to take place this month.

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