Tag: stock market

Economies across the globe continue to strengthen and the American consumer is resilient, J.P.Morgan Chase Inc. said in a release Thursday. The country’s biggest bank reported earnings that beat Wall Street estimates, although some of its business lines which serve institutional investors were weaker during the quarter. The bank’s CEO, Jamie Dimon, said in a statement that the quarter marked the first time that the bank “led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice.” The hurricanes that battered the U.S. had “impacted” many of the bank’s customers, Dimon said. J.P.Morgan’s consumer and business banking revenue was up 15% compared to a year ago in the quarter, and per-share earnings were 11% higher than the year-ago quarter. The stock was down about 0.9% in pre-market trading, but has gained 12.2% for the year to date, compared to a 15.7% gain for the Dow Jones Industrial Average .

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Nu Skin Enterprises Inc. raised its outlook Thursday for profit and sales, ahead of the beauty and wellness products company’s investor meeting. The company now expects third-quarter earnings per share of 74 cents to 76 cents, up from a previously provided guidance range of 71 cents to 76 cents. Revenue guidance was raised to $559 million to $563 million from $540 million to $560 million. The company said it will discuss its updated outlook, recent business trends and upcoming initiatives at its investor meeting beginning at 1:45 p.m. ET. The stock, which was inactive in premarket trade, has soared 31% year to date, while the S&P 500 had gained 14%.

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Bitcoin on Thursday recently traded 7% higher at $5,168, according to CoinDesk data. The cryptocurrency is hitting all-time highs on Thursday. It previously topped the $5,000 mark in early September.

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Elon Musk’s SpaceX on Wednesday successfully launched a reused Falcon 9 rocket for the third time this year. Overall, it was the private space company’s 15th rocket launch of 2017. The rocket blasted off from Kennedy Space Center in Florida around 7 p.m. Eastern, carrying a satellite that will be used by Echostar Corp. and Taiwan’s SES . The rocket’s first stage successfully landed moments later on a SpaceX drone ship in the Atlantic Ocean. On Monday, SpaceX launched a non-refurbished Falcon 9 rocket, which also successfully blasted off and landed.

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CarGurus Inc. said late Wednesday it was pricing shares of its initial public offering above its previously stated range. The company, which uses algorithms and data analytics to find users deals on new and used cars, said it would price 9.4 million shares at $16 apiece for trading under the ticker “CARG” on the Nasdaq on Thursday. The company had said in late September that shares would be priced in the $13 to $15 range. CarGurus is selling 2.5 million shares, while existing shareholders are selling 6.9 million. Underwriters have an option for 1.4 million additional shares to cover overallotments. Earlier in September, CarGurus filed for its IPO with the Securities and Exchange Commission.

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AT&T Inc. late Wednesday warned investors to expect lower third-quarter revenue and profit after several “devastating hurricanes, as well as earthquakes in Mexico, significantly impacted certain regions of our service area during the third quarter,” the company said in a filing. Damage to the company’s network and other property, costs to restore services, and revenue declines from waived charges will decrease third-quarter revenue nearly $90 million, and pre-tax earnings about $210 million, or 2 cents a share, AT&T said. “We expect further reductions in the fourth quarter as we continue to assess damage to our network and fully restore service,” it said. The company reiterated its full-year 2017 guidance of mid-single-digit adjusted earnings growth, adjusted consolidated operating margin expansion, capital expenditures in the $22 billion range, and free cash flow at the low end of the $18 billion range. The company also said it expects to report a net decline in total video subscribers, thanks to “heightened competition in traditional pay TV markets and over-the-top services, hurricanes and our stricter credit standards.” Shares of AT&T fell 0.2% after hours, and ended the regular session down 0.8%.

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Outgoing Federal Reserve Vice Chairman Stanley Fischer said Wednesday the central bank doesn’t see an unsustainable bubble building in asset prices. Responding to a question about lofty equity valuations during an interview on NPR’s All Things Considered, Fischer said “well, with low interest rates stock-market prices will tend to be higher than they would be if the interest rates were higher. But we don’t think we’re in a situation where we have an inflationary bubble or an unsustainable set of prices in the asset market.” He said the U.S. central bank is usually reluctant to comment on asset prices, saying “I shouldn’t go on.” The Fed vice chairman is set to retire at the end of this week even though his term is up in June. Fischer said he was leaving the central bank early for “personal reasons” but did not elaborate.

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Outgoing Federal Reserve Vice Chairman Stanley Fischer said Wednesday the central bank doesn’t see an unsustainable bubble building in asset prices. Responding to a question about lofty equity valuations during an interview on NPR’s All Things Considered, Fischer said “well, with low interest rates stock-market prices will tend to be higher than they would be if the interest rates were higher. But we don’t think we’re in a situation where we have an inflationary bubble or an unsustainable set of prices in the asset market.” He said the U.S. central bank is usually reluctant to comment on asset prices, saying “I shouldn’t go on.” The Fed vice chairman is set to retire at the end of this week even though his term is up in June. Fischer said he was leaving the central bank early for “personal reasons” but did not elaborate.

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The American Petroleum Institute reported Wednesday that U.S. crude supplies rose by 3.1 million barrels for the week ended Oct. 6, according to sources. The API data also showed that gasoline stockpiles declined by 1.6 million barrels, but inventories of distillates rose by 2 million barrels, sources said. Supply data from the Energy Information Administration will be released Thursday morning, a day later than usual because of the Columbus Day holiday. Analysts polled by S&P Global Platts expect the EIA to report a fall of 400,000 barrels in crude inventories, along with declines of 1.4 million barrels for gasoline and 1.64 million barrels for distillate supplies. November crude was at $51.03 a barrel in electronic trading, down from the settlement of $51.30 on the New York Mercantile Exchange.

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Ardelyx Inc. shares soared more than 60% in after-hours trading Wednesday, after the company reported positive results for a study of a proposed drug. Ardelyx said a second Phase 3 study of tenapanor, a drug targeting irritable bowel syndrome with constipation, reached its primary endpoint and all secondary endpoints, and was well-tolerated by patients. “These results are a game-changer for patients with IBS-C, their treating physicians and for Ardelyx as a company,” Ardelyx Chief Executive Mike Raab said in the announcement. The same drug previously failed in a study aimed at using it for kidney disease. Ardelyx shares topped $8.50 in late trading after closing at $5.40.

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