Tag: stock market

Oil prices settled higher Wednesday, getting a boost as gasoline prices rose on the back of a weekly drop in U.S. supplies of the fuel. The Energy Information Administration reported a bigger-than-expected 5 million-barrel climb in last week’s crude inventories, but also showed a hefty decline of 6.3 million barrels in gasoline stockpiles. April West Texas Intermediate crude rose 25 cents, or 0.4%, to settle at $60.96 a barrel on the New York Mercantile Exchange. April gasoline settled at $1.924 a gallon, up 3.8 cents, or 2%.

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From:: Stock Market News

Tesla Inc. is making “a surprisingly high ratio of flawed parts and vehicles”, contributing to delays with the production of Model 3 sedans and hurting morale, according to a CNBC report Wednesday that cited unnamed current and former Tesla employees. Tesla told CNBC it subjects every vehicle to hundreds of inspections and tests. Tesla shares lost more after the report was published, and were recently down 3% compared with losses under 1% for the S&P 500 index and the Dow Jones Industrial Average.

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Stitch Fix Inc. stock is down 6% to $21.85 in afternoon trading Wednesday after the company’s lock-up period expired, adding more than 37 million shares to the float. The additional shares represent about 35% of the total number of shares outstanding and are mostly held by executives and other early investors. Prior to the lock-up expiring there were 10 million shares available to trade in public markets. The e-commerce company’s lock-up agreement with its underwriters was set to expire in May, but the company met the conditions necessary to allow insiders to sell stock Wednesday, after the company reported its December-quarter results earlier this week. Stitch Fix stock is down 15% since the beginning of the year, as the S&P 500 index has gained 3.4%.

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The Dow Jones Industrial Average traded firmly lower on Wednesday afternoon, amid a broad downturn in U.S. equities led by sharp fall in industrial giant Boeing Co. amid worries of a potential trade war. Shares of the Dow component were cutting about 90 points from the blue-chip benchmark, with the industrial company’s stock down about 4% or $13.21. Most recently, the Dow was off 260 points, or 1%, at 24,747. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average. Shares of Boeing Co.’s decline puts them on course to suffer their first official correction in nearly two years, amid continued worries over the impact of President Donald Trump’s plan to impose tariffs on steel and aluminum, which some fear could spark retaliation from China. The stock has now shed 11.4% since the Feb. 27 record close of $364.64. Meanwhile, the S&P 500 index [: SPX] was down 0.6% at 2,747, while the Nasdaq Composite Index was down 0.5% at 7,476.

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The Securities and Exchange Commission filed charges on Wednesday against Theranos Inc., its founder and CEO Elizabeth Holmes, and the former company president Ramesh ”Sunny” Balwani for raising more than $700 million from investors through an elaborate, years-long fraud. The SEC alleged that Theranos, Holmes, and Balwani made numerous false and misleading statements in investor presentations, product demonstrations, and media articles by which they deceived investors into believing that its key product – a portable blood analyzer – could conduct comprehensive blood tests from finger drops of blood, revolutionizing the blood testing industry. The Silicon Valley-based private company Theranos and Holmes have already settled the charges against them. Holmes has agreed to pay a $500,000 penalty, be barred from serving as an officer or director of a public company for 10 years, return the remaining 18.9 million shares that she obtained during the fraud, and relinquish her voting control of Theranos. Theranos and Holmes neither admitted nor denied the allegations in the SEC’s complaint and the settlements are subject to court approval. The SEC’s litigation with Balwani is ongoing.

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Shares of Boeing Co. sank 4.6% in midday trade Wednesday, putting them on course to suffer their first official correction in nearly two years, amid continued worries over the impact of President Donald Trump’s plan to impose tariffs on steel and aluminum. The stock, which easily paced the 29 of 30 Dow Jones Industrial Average components that were declining, has now shed 11.4% since the Feb. 27 record close of $364.64. Many on Wall Street define a correction as a decline of at least 10% from a significant peak. The aerospace and defense contractor’s stock last entered correction territory in June 2016. On Wednesday, the price decline of $15.71 shaved about 108 points off the price of the Dow, which was down 313 points.The stock was still up 81% over the past 12 months, while the Dow has gained 19%.

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An afternoon downdraft for U.S. equities on Wednesday wiped out the Dow Jones Industrial Average’s 2018 gains. The Dow was most recently down 316 points, or 1.3%, enough to put it down 0.1% for the first three months of 2018, according to FactSet data. The slide in the Dow came as Boeing Co.’s shares , one of the most influential Dow component’s, were convulsing lower. Meanwhile, the S&P 500 index was off a more subdued 0.6% at 2,748, while the Nasdaq Composite Index was down 0.4%. The S&P 500 boasts a year-to-date gain of 2.8%, while the Nasdaq is on pace for a 2018 return of 8.3%.

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The Walt Disney Co. said Wednesday it is reorganizing into four business segments as part of a strategic overhaul aimed at boosting growth. The entertainment giant said the new structure comprises a new direct-to-consumer and international segment, a combined parks, experiences and consumer products segment, a media networks segment and a studio entertainment segment. The reorganization is effective immediately. “We are strategically positioning our businesses for the future, creating a more effective, global framework to serve consumers worldwide, increase growth, and maximize shareholder value,” Chief Executive Robert Iger said in a statement. The company has named Kevin Mayer, currently chief strategy officer, as head of the new direct-to-consumer and international business. That business will house the international media businesses, as well as the coming streaming service, the company’s stake in Hulu and its soon to-be-launched ESPN-plus streaming service. The company expects to transition to financial reporting under the new structure by the beginning of fiscal 2019. Shares were slightly lower Wednesday, and are down 8% in the last 12 months, while the Dow Jones Industrial Average has gained about 19% and the S&P 500 has gained about 16%.

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The Dow Jones Industrial Average traded firmly lower on Wednesday, amid a broad downturn in U.S. equities led by selling in financials and industrials. Most recently, the Dow was down 271 points, or 1%, at 24,751, led by a selloff in industrials giant and Dow component Boeing Co. , which was down 4%, or nearly $14, and shaving about 100 points from the blue-chip index. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average.

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Chipotle Mexican Grill Inc. said Wednesday that its chief marketing officer, Mark Crumpacker, will resign, effective Thursday. Crumpacker will receive cash severance totaling 26 weeks of his base salary and 12 months to exercise vested stock-only stock appreciation rights. Chipotle shares are down 1.8% in Wednesday trading, and down 20.4% for the past year. The S&P 500 index is up 16.6% for the last 12 months.

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