Tag: stock market

Ulta Beauty Inc. was downgraded to neutral from overweight at Piper Jaffray after findings from the firm’s latest Teen Survey showed declines in spending on color cosmetics and skincare, as well as a trough in fragrance spending. The company’s price target was slashed to $210 from $260. Ulta shares are down 1.7% in Wednesday trading. “[O]verall beauty wallet contracted low-double digits,” analysts wrote in a Wednesday note. “While specialty is the primary share gainer within cosmetics, we did see broader signs of strength from Sephora–now the No. 1 preferred beauty format across upper and average-income females–unseating Ulta in average-income survey.” Other popular names from the Teen Survey include Amazon.com Inc. , Adidas AG and Apple Inc. In addition to the survey results, Piper Jaffray analysts cite growing competition from Amazon, Sephora, as well as other up-and-comers in the beauty space, and moderating same-store sales for its downgrade. Ulta shares are down 23.2% for the last three months while the S&P 500 index is up 4.2% for the period.

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NFL Commissioner Roger Goodell said Wednesday that the league’s position remains that players should stand on the sideline during the pregame playing of the U.S.’s national anthem but will not revise its manual to require standing. In a televised New York news conference after a meeting with league owners, the commissioner suggested players directly involved in the protest of allegedly racially biased policing tactics and other forms of systemic racism now number less than 10. Goodell said the NFL is aware of fan and sponsor concerns over the protests, which typically have taken the form of kneeling in silence as the “Star-Spangled Banner” is played, but that players have intended no disrespect to the U.S. flag. He said it was not discussed at the league meeting whether individual teams could or should discipline protesting players. Asked whether he was concerned about polls showing those identifying as Republicans were turning against pro football, Goodell said the league did not intend to enter the political fray.

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Nielsen Holdings shares were up 4.4% during intraday trade on Wednesday after the data and analytics company said it is adding a service for its media clients that will give TV networks deeper insights into viewership on streaming platform Netflix Inc. . With Nielsen’s new ratings service networks will know how many people watch their shows on Netflix and how many people are watching their rivals’ shows. The industry has been clamoring for such insight into Netflix viewing, which the streamer notoriously keeps close to the vest. Eight networks, including Disney/ABC TV Group , NBCUniversal and Warner Bros. [s:TWX] have already signed up for the service. According to media reports, however, Netflix says the data Nielsen is reporting is not accurate and doesn’t include streaming overseas, or on mobile devices. Shares of Nielsen are down less than 1% in the year to date, while the Dow Jones Industrial Average is up more than 16% and the S&P 500 index is up close to 15%.

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Shares of Chipotle Mexican Grill Inc. fell 2.5% Wednesday, as analysts took a cautious view of the stock ahead of third-quarter earnings due next week. Wedbush analysts said they are expecting same-restaurant sales growth to fall below consensus of 2.2%, based on early October checks. “While we noted a benefit from the recent introduction of queso, we estimate the trend line was only up in the low-single digit range, and believe prior to the introduction was likely running in negative territory,” they wrote in a note. “Should transaction trends remain pressured, we believe management may elect to forego the price increase we currently incorporate in our model in Q4.” Bank of America downgraded the stock to underperform from neutral, according to Barron’s. Chipotle shares are down 15% in 2017, while the S&P 500 has gained 14.5% and the Dow Jones Industrial Average has gained 17%.

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Shares of Chipotle Mexican Grill Inc. fell 2.5% Wednesday, as analysts took a cautious view of the stock ahead of third-quarter earnings due next week. Wedbush analysts said they are expecting same-restaurant sales growth to fall below consensus of 2.2%, based on early October checks. “While we noted a benefit from the recent introduction of queso, we estimate the trend line was only up in the low-single digit range, and believe prior to the introduction was likely running in negative territory,” they wrote in a note. “Should transaction trends remain pressured, we believe management may elect to forego the price increase we currently incorporate in our model in Q4.” Bank of America downgraded the stock to underperform from neutral, according to Barron’s. Chipotle shares are down 15% in 2017, while the S&P 500 has gained 14.5% and the Dow Jones Industrial Average has gained 17%.

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The Dow Jones Industrial Average Wednesday afternoon was climbing past the psychologically significant level of 23,000, propelled by a rally in shares of International Business Machines Corp. The rally was putting the blue-chip gauge in position to book its first close above 23,000 in history and its best one-day climb since Sept. 11, when it rose 259 points, or 1.2%, according to FactSet data. The Dow was up 157 points, or 0.7%, at 23,155, most recently. Wednesday’s gain, which also saw the S&P 500 index and the Nasdaq Composite Index to intraday all-time highs, was supported by a healthy round of early earnings from U.S. corporations, and hope of market-boosting tax cuts. Meanwhile, IBM’s stock was enjoying its best daily gain since 2009 after the tech giant posted better-than-expected quarterly results late Tuesday.

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Shares of several large generic drugmakers fell in Wednesday midday trade. Mylan NV shares dropped 2.7%, Teva Pharmaceutical Industries Ltd. shares dropped 2.1% , Taro Pharmaceutical Industries Ltd. shares fell 2.2% and Perrigo Co. Plc shares fell 0.6%. Generic drugs prices have been under pressure this year, and although it appears to be stabilizing of late, “we recognize that a new wave of pricing pressure could emerge again later this year,” said Jefferies analyst Brian Tanquilut. This past summer, Teva’s earnings report sparked a wider and extended sell off in industry shares. Teva is scheduled to report third-quarter earnings on Nov 2. The VanEck Vectors Generic Drugs ETF was not active in Wednesday trade. Shares have risen 3.2% over the last three months, compared with a 4% rise in the S&P 500 .

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Shares of HP Inc. rose to their highest level since Feb. of 2011 early Wednesday, after RBC raised earnings estimates and its stock price target to incorporate new company guidance. “We think HPQ’s FY18 guide is inherently conservative and could enable sustained beats/raises over the next few quarters,” analysts led by Amit Daryanani wrote in a note. RBC raised its stock price target to $26 from $22, and lifted its fiscal 2018 EPS estimate to $1.81 from $1.74 and its revenue estimate to $52.0 billion from $50.8 billion. The company said it expects a flat year for printing and a down year for PCs, where it will mainly focus on adjacent markets and share gains. “Commodity markets should remain challenging but likely peak in FQ4 (October); that headwind should be offset by cost-reduction initiatives,” said the note. Shares were last trading up 0.9% and have gained about 45% in 2017, while the S&P 500 has gained 14%.

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The Dow Jones Industrial Average on Wednesday was looking at its second-best daily gain in October, with shares of International Business Machines Corp. powering more than half its late-morning rally. Shares of IBM were rally 9% or $13.59. That translates to a more than 90-point lift to the price-weighted Dow after the tech giant posted better-than-expected quarterly results. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing. The daily surge for the Armonk, N.Y.-based tech giant, if it holds, would be the best since Jan. 21, 2009, according to FactSet. However, the stock is still down about 3.6% so far this year. IBM’s gain was powering the Dow above 23,000, with the blue-chip gauge up 135 points, or 0.6%, at 23,132, on track for its best daily gain since Oct. 2. The other main benchmarks’ moves were more muted. The S&P 500 index was little changed at 2,561, while the Nasdaq Composite Index also was trading flat at 6,625.

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Shares of Beijing-based micro lender Qudian Inc. soared in their public debut Wednesday, enough to make them the biggest percentage gainer on the NYSE. Qudian said earlier that its IPO of 37.5 million American depositary shares priced at $24 per ADS, above the expected range of $19 to $20. The first trade of $34.35, at 10:52 a.m. ET, was 43% above the IPO price. Since then, it has traded as high as $35.45 and as low as $31.75. It was recently up 37% at $32.85. Qudian has gone public at a time that the Dow Jones Industrial Average was surging 135 points toward a record high.

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