Tag: stock market

The U.S. oil benchmark eked out a small gain Monday as traders weighed disruptions in Iraqi oil production and optimism over output cuts by members of the Organization of the Petroleum Exporting Countries. West Texas Intermediate crude for December delivery on the New York Mercantile Exchange rose 6 cents to close at $51.90 a barrel.

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From:: Stock Market News

Shares of Nvidia Corp. ticked higher Monday after one analyst hiked his target price of the already high-flying stock by nearly 28%. Nvidia shares rose 0.8% to $198.45 in recent trading, and are up 86% for the year, compared with the S&P 500 index’s 15% rise. On Monday, Jefferies analyst Mark Lipacis, who has a buy rating on the stock, hiked his price target on Nvidia to $230 from $180 on the belief that the company’s Volta graphics processing unit will outperform competitors in the field of neural networks applications, and translate into upside surprises over the next 18 to 24 months. Earlier in the year, Lipacis said Intel Corp. stands to lose ground to Nvidia in data center applications in what he called a “tectonic shift.” With the price hike, the average price target for Nvidia is $175.88, according to targets from 38 analysts surveyed by FactSet. Nvidia reports earnings on Nov. 9.

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Shares of disk-drive maker Seagate Technlogy Plc surged 12% in early trade Monday, after the company handily beat earnings estimates for its fiscal first quarter. Seagate said it had net income of $181 million, or 62 cents a share, in the quarter, up from $167 million, or 55 cents a share, in the year-earlier period. Adjusted per-share earnings came to 96 cents, a full 10 cents ahead of the 86 cents FactSet consensus. Revenue edged down to $2.632 billion from $2.797 billion, but was ahead of the FactSet consensus of $2.540 billion. Shares are down 8% in 2017, while the S&P 500 has gained 15%.

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Equifax Inc.’s stock shed 0.9% in morning trade Monday, after the credit reporting company was downgraded at RBC Capital, which cited continued uncertainties surrounding the effects of the massive data breach unveiled last month. Analyst Gary Bisbee cut his rating to sector perform, after being at outperform since August 2015. “Following a health rally off the post-breach lows, we are downgrading Equifax to sector perform,” Bisbee wrote in a note to clients. “We expect the stock to be range-bound for several quarters as the breach impact plays out and until a number of uncertainties begin to clear up.” The stock had tumbled 35% in the week after the breach was unveiled to a two-year low of $92.98 on Sept. 15, then bounced as much as 22% to $113.54 on Oct. 10, before pulling back slightly. Among the “uncertainties” Bisbee notes are how much the underlying earnings power will be hurt by the breach, how much market share will be lost, how will the regulatory environment change and how long with the breach impact work through financials. The stock has shed 7.8% year to date, while the S&P 500 has gained 15%.

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CBS Corp. on Monday said it has renewed new hit show “Star Trek: Discovery” for a second season. “Star Trek: Discovery” is currently one of CBS All Access’ two original series streaming only on the service and not on traditional TV, as the media company positions itself to better compete in a changing media landscape. The other show is CBS’s “The Good Wife” spinoff, “The Good Fight.” “Star Trek: Discovery’s” launch broke records for CBS All Access subscriber additions in a single day, week and month. “In just six episodes, STAR TREK: DISCOVERY has driven subscriber growth, critical acclaim and huge global fan interest for the first premium version of this great franchise,” said Marc DeBevoise, CBS Interactive president. “Star Trek: Discovery,” airing in two chapters, has new episodes available on CBS All Access at 8:30 p.m. Eastern every Sunday. The final episode of chapter one airs Nov. 12, and the second chapter begins in January 2018. CBS did not say when season two would return. Shares of CBS have declined 8% in the year to date, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up 18% during the same time frame.

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CarMax Inc. said Monday that it will add more than 2,000 workers by year-end. CarMax emphasized that these will be full-time workers rather than seasonal hires just for the holidays. Most of the positions will be as sales consultants, technicians, detailers and inventory associates. There are also several customer service positions available in Atlanta for CarMax Auto Finance, and others in Richmond, Va in digital and technology. CarMax currently has 24,000 workers. CarMax shares are about flat in early Monday trading, and up more than 50% for the last year. The S&P 500 index is up 20.3% for the last 12 months.

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Exactech Inc. shares surged 31% in morning trade Monday on news that the company will be acquired by private equity investment firm TPG Capital in a deal valued at $625 million. TPG Capital will acquire outstanding shares of Exactech stock for $42 per share in cash, above Exactech’s $32 per share price as of Friday’s close. Certain management shareholders’ shares will be exchanged for new equity securities, Exactech said. When the transaction closes, which is expected in the first quarter of next year, Exactech — which makes orthopedic implant devices and surgical instruments — will be privately-held and based in Gainesville, Florida. Exactech shares have surged 37.6% to $41.98 over the last three months, compared with a 4.2% rise in the S&P 500 .

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From:: Stock Market News

U.S. stock indexes inched higher to hit records in early trade Monday, following through on a global rally following Japanese Prime Minister Shinzo Abe’s election victory over the weekend as investors waded through a deluge of corporate earnings.The S&P 500 , Dow Jones Industrial Average and Nasdaq Composite closed at records on Friday. In early trade Monday, the S&P 500 was up 0.1% at 2,577.49, while the Dow advanced 12 points, or less than 0.1%, to 23,340, and the Nasdaq rose 0.1% to 6,637.

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StubHub, the live events ticket retailer owned by eBay Inc. , said on Monday it has inked a deal with the National Football League designating the company as the league’s authorized ticket resale marketplace. The deal, starting with the 2018-2019 NFL season, means StubHub will be integrated with the main ticketing system of the league and all of its teams. This is the first time the NFL has allowed an independent marketplace to integrate with its ticketing system, and though the league is allowing other ticketing services to do the same, StubHub will be granted exclusive marketing rights and benefits, according to a news release. The company said it will also partner with the NFL to offer insight on consumer data. In addition to the NFL, StubHub has exclusive partnerships with more than 90 teams across Major League Baseball, the National Basketball Association, the National Hockey League and Major League Soccer. Shares of eBay are up nearly 27% in the year to date, while the S&P 500 index is up 15% and the Dow Jones Industrial Average is up 18%.

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XPO Logistics Inc. , a supply-chain solutions company with more than 90,000 employees, said Monday that it will hire more than 6,000 seasonal workers in the U.S. That’s up from 1,000 last year, due mostly to e-commerce growth. XPO says it currently manages logistics for more than $85 billion in goods around the world. XPO Logistics shares are inactive in premarket trading, and up 98% for the last year. The S&P 500 index is up 20.3% for the past 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News