Tag: stock market

Shares of AMC Entertainment Holding Inc. were down more than 6% during intraday trade on Monday. Late on Friday the theater exhibitor said in a filing with the Securities and Exchange Commission that one of its board members Jack Gao, senior vice president of Wanda Cultural Industrial Group, resigned from the board. AMC said Gao’s resignation was tied to his resignation from all positions with affiliations to AMC’s parent company Dalian Wanda Group Co.. AMC said on Monday that the board had declared a regular dividend of 20 cents per share for the third quarter. AMC will report third-quarter earnings after the bell on Nov. 9. Shares of AMC have declined nearly 59% in the year to date, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up close to 19%.

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Influential Democratic lobbyist Tony Podesta is leaving his own firm amid reports that he’s under the investigation by the special counsel probing Russian influence on the U.S. 2016 election. Tony Podesta, founder of the Podesta Group, is the brother of John Podesta, who was chairman of Hillary Clinton’s 2016 election campaign. His firm did work for foreign clients in Ukraine and some of that work may now be under scrutiny, according to a report in Politico. The announcement of Podesta’s exit came the same day several former advisors of President Trump were indicted by special counsel Robert Mueller on charges of money laundering and making false statements to federal authorities.

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Shares of Macy’s Inc. tumbled 4.9% in afternoon trade Monday toward the lowest close since July 2010, after Citigroup downgraded the department store chain, citing mounting industry challenges and the “significant pressure” Macy’s has seen on sales and margins. Analyst Paul Lejuez cut his rating to sell, after downgrading it to neutral from buy in March. Lejuez slashed his stock price target to $16, which is 14% below current levels, from $21. He said Macy’s no longer makes much money as a retailer, and fellow department store operator J.C. Penney Co. Inc.’s recent profit warning acts as a reminder of how challenging the retail business is. “In what is likely to be another promotional holiday season, we don’t believe [Macy’s] has found the right tools to offset negative store traffic and margin pressures,” Lejuez wrote in a note to clients. “And with [management’s] focus on solidifying its balance sheet, we believe there is real risk that the dividend could be cut in the future in favor of paying down debt.” The current implied dividend yield of 8.07% is well above the implied payout of the SPDR S&P Retail ETF of 1.62% and of the S&P 500 of 1.94%. Macy’s stock has plunged 48% year to date, while the retail ETF has lost 11% and the S&P 500 has gained 15%.

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A federal court in Washington, D.C., is barring President Donald Trump from changing the government’s policy on the service of transgender people in the U.S. military, the Associated Press reported Monday. U.S. District Court Judge Colleen Kollar-Kotelly wrote Monday that transgender members of the military would likely win a lawsuit against Trump and his effort to change the policy and blocked the administration from reversing course, the AP reported. In August, Trump said he intended to scrap a 2016 policy that allowed transgender troops to serve openly, preferring to return to the pre-2016 policy under which troops could be discharged for being transgender.

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Shares of Sprint Corp. fell nearly 14% during intraday trade on Monday and T-Mobile US Inc. shares were down more than 5% after a report that Sprint owner Softbank Group plans to call off merger talks between the two U.S. mobile operators. A report from Nikkei Asian Review said the talks fell through as the two sides failed to agree on ownership of the would be combined entity. Softbank is expected to approach T-Mobile owner Deutsche Telekom as early as Tuesday to end negotiations, according to Nikkei. Shares of Sprint have declined nearly 25% in the year to date, but T-Mobile shares have risen more than 4%, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up close to 19%.

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YouTube TV, the live internet TV service from Alphabet Inc.-owned Google’s YouTube, is launching an app for TV devices. The offering, which has the reach of about 70% of U.S. households; according to a note from Jefferies analyst John Janedis, initially launched six months ago on smartphones, tablets and desktops. YouTube said that in the next few days the app will launch on Android TV devices, as well as Microsoft Corp.’s Xbox One devices. In the coming weeks, the app will be available on Apple Inc.’s Apple TV device and smart TVs, such as those from LG, Samsung and Sony. To date, the YouTube TV offering is available in the top 50 metro areas, covering two-thirds of the U.S. Shares of Alphabet are up nearly 30% in the year to date, while the S&P 500 index is up close to 15% and the Dow Jones Industrial Average is up more than 18%.

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Mexico’s peso fell to an intraday low Monday afternoon, following reports from the Wall Street Journal that Canada’s Minister of Foreign Affairs called the U.S. proposals for the renegotiation of the North American Free Trade Agreement “troubling.” Minister Chrystia Freeland voiced her concern about the U.S. approach to Nafta arbitration panels, which allow countries to settle tariff disputes outside of national courts. She also spoke on a proposed sunset clause, which would terminate Nafta altogether unless it was renewed every five years. One dollar bought 19.2321 Mexican pesos on Monday, compared with 19.1359 late Friday in New York. Against the Canadian dollar , the greenback bought C$1.2833 versus C$1.2800 late Friday.

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General Electric Co.’s stock shed 1.9% in active midday trade Monday, putting on track to close at a 5-year low, and suffer the second 6-session losing streak this month, in the wake of industrial conglomerate’s disappointing third-quarter results. The stock has now plunged 14.4% over the past six sessions, the worst six-session performance since it tumbled 14.7% during the six-day stretch ending June 22, 2009. The last 6-session loss streak ended Oct. 13, but the shares had lost just 6.4% during that stretch. The stock, which is headed toward the lowest close since Nov. 16, 2012, has been the worst performer among Dow Jones Industrial Average components this year, as it has dropped 35.5% while the Dow has gained 18.1%.

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The U.S. stock market took a leg lower Monday afternoon, after a report from Bloomberg indicated that the House of Representatives is considering phasing in proposed cuts to corporate taxes over a five-year period. According to Bloomberg citing being familiar, being discussed is a “gradual phase-in for the corporate tax-rate cut that President Donald Trump and Republican leaders want — a schedule that would have the rate reach 20 percent in 2022.” The Dow Jones Industrial Average was down about 90 points, or 0.4%, at 23,344, the S&P 500 index declined 10 points, or 0.4%, at 2,570, while the Nasdaq Composite Index was trading 0.2% lower at 6,685. At least part of a recent rally in stocks has been attributed to hope for pro-business policies becoming a reality soon, including tax cuts, deregulation and increases to spending. However, better-than-expected quarterly results, particularly among the biggest technology companies, and improved economic reports, also have fostered buying appetite for assets perceived as risky, like stocks, on Wall Street.

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Analysts at UBS on Monday lowered their earnings expectations for Tesla Inc. , saying a production miss on the Model 3 would hit the company’s margins and intensify a cash burn. The analysts expect a loss of $6.40 a share for 2017, from a loss of $5.30, and their 2018 estimate to a loss of $3.30, from a loss of $1.60. As Model 3 production ramps up “there will be a temporary working capital cash boost,” they said. “Moreover, competing EVs are coming, and a long delay could reduce (Tesla’s) market share opportunity.” The analysts predicted a third-quarter cash burn of $900 million. Tesla shares rose 0.4% and are up 51% so far this year, contrasting with gains of 15% for the S&P 500 index. The Silicon Valley car maker is scheduled to report third-quarter results after the bell Wednesday. Analysts surveyed by FactSet expect a quarterly loss of $2.28 on sales of $2.91 billion, which would reverse a gain of 71 cents a share on sales of $2.30 billion in the third quarter of 2016.

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