Tag: stock market

Shares of Helios & Matheson Analytics Inc. rocketed another 31% on heavy volume to a 12-year high, but pared earlier gains of as much as 39% after noted short-seller Andrew Left took aim at the data firm, which has a majority stake in movie-theater subscription service MoviePass. Helios & Matheson’s stock has nearly tripled in four sessions, and run up about 14-fold in the past month, to boost its market capitalization to $352.1 million from $24.9 million. On Tuesday, CNA Financial wrote there was “no denying” the success of the plan surrounding MoviePass, which was put in place by the company. On Wednesday, Left’s Citron Research tweeted “retail investors are warned,” that the stock would trade back to $20, which is 45% below current levels: “You might like product but $1+bill it isn’t. Giving away $1 for .90 no biz,” the tweet said. The Russel 2000 index of small-cap stocks has gained 6.7% over the past month, and the Dow Jones Industrial Average has tacked on 3.6%.

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Gourmet food purveyor Harry & David will open 20 pop-up stores around the country this holiday season, adding to the 46 year-round stores the brand operates. The stores have started to open and will close shortly after the holiday season ends. Harry & David is part of 1-800-Flowers.com Inc. which announced in September that it would be hiring 8,000 seasonal workers, nearly quadruple the company’s workforce. The company’s other brands include Cheryl’s Cookies and The Popcorn Factory. Shares of 1-800-Flowers are down 7.2% for the year so far, but up 8.4% for the past 12 months. The S&P 500 index is up 19.4% for the last year.

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Credit Suisse raised its stock price target on Google parent Alphabet Inc. Wednesday to $1,350 from $1,100 as it raised earnings estimates. That makes it the highest price target of analysts polled by FactSet, topping the previous high of $1,250, which was assigned by Wells Fargo. “Our conversations with advertisers suggest minimal search budget growth deceleration coupled with potentially accelerating spend on YouTube due to multiple factors,” analysts led by Stephen Wu wrote in a note. For search, those include continued growth in mobile traffic, higher CPCs (cost per click) trends due to greater use of location-based targeting for retailers, and the benefits from expanded text ads, especially those used by overseas advertisers. YouTube is already seeing some of the advertisers who pulled out last year return, said the note. Shares were slightly higher in early trade, but have gained 24% in 2017, while the S&P 500 has gained 14%.

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Shares of Kroger Co. climbed 5.6% in morning trade Wednesday, after the grocery store chain said it was exploring a potential sale of its convenience store business, and it affirmed its 2017 profit and sales guidance. The announcements come as the company hosts its annual investor day, where it will announce plans to “redefine the food and grocery customer experience in America,” called Restock Kroger. The company said it has 784 convenience stores across 18 states, operating under names including KwikShop and QuickStop, and employing 11,000 people. The business had revenue of $1.4 billion in 2016, and sold 1.2 billion gallons of fuel. Kroger said Restock Kroger will look to accelerate its digital and e-commerce efforts, and will continue to invest in growing its most popular brands and in keeping prices low. Kroger said it still expects same-store sales growth of 0.5% to 1.0% in 2017, and expects sales to be “stronger” in 2018. The stock has plunged 37% year to date, while the S&P 500 has gained 14%.

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Accessories and lifestyle company Coach Inc. said Wednesday that it’s changing its name to Tapestry Inc. and its ticker to “TPR,” effective October 31. The move comes three years after the company laid out its plan to build beyond the Coach brand. Coach Inc. now includes Stuart Weitzman, acquired in 2015, and Kate Spade & Co. “In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values,” said Chief Executive Victor Luis in a statement. Coach shares are up 13% for the year so far. The SPDR S&P Retail ETF is down 7% for 2017 to date and the S&P 500 index is up 14% for the period.

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Shares of MannKind Corp. tumbled 8.4% in premarket trade Wednesday, after the inhaled therapeutics products maker announced overnight an offering of common stock, as the company takes advantage of a tripling in price over the past seven sessions. The company said it has entered into agreements with certain institutional investors regarding the sale of a total of 10.17 million shares at a price of $6.00 a share, to raise $61 million. That price is 11% below Tuesday’s closing price of $6.71, but is 176% above the Sept. 29 close of $2.17. “With this offering, we have made substantial progress in our efforts to recapitalize the company,” said Chief Executive Michael Castagna. The stock has rocketed nearly six-fold over the past three months and more than doubled year to date, while the S&P 500 has gained 14% so far this year.

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European banks still hold “a very high” €988 billion ($1.17 trillion) in nonperforming loans on their balance sheets, according to new estimates from the International Monetary Fund released Wednesday. Peter Dattels, deputy director of the IMF’s monetary and capital markets department, said recent developments have been encouraging and the total of bad loans should decline to €900 billion by the end of the year. Italian banks should be able to sell €65 billion in nonperforming loans this year and sales by Spanish banks should account for an additional €30 billion reduction, he said. The stronger recovery in Italy and Spain has also reduced the flow of new bad loans, he said. In Portugal, the level of nonperforming loans remains very high, falling to 15.5% of total loans in the second quarter after peaking at around 18% last year, Dattels said. The IMF said that without a more concerted effort to reduce nonperforming loans, financial stability concerns could reemerge in the euro area.

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Colgate-Palmolive Co.’s stock climbed 1.0% in premarket trade Wednesday, after the consumer products company was upgraded at SunTrust Robinson Humphrey, which said growth, margins and emerging markets were hitting an “inflection point.” Analyst William Chappell, Jr. raised his rating to buy from hold, and his stock price target to $85, which is 10% above the June 5 record close of $77.23, from $65. Chappell said he believes the challenges that have led to three-straight quarters of weak and low-quality results are an “anomaly,” given the company’s long-term track record, strong brand portfolio and global opportunity. “As we enter 4Q17, the company will begin to cycle through these issues and, in our view, embark on a path back to its target organic growth rates,” Chappell wrote in a note to clients. “Separately, we believe investors are beginning to focus on a re-acceleration in emerging market growth and favorable FX for the first time in years.” The stock has gained 11.4% year to date through Tuesday, while the SPDR Consumer Staples Select Sector ETF has tacked on 4.7% and the S&P 500 has advanced 13.9%.

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Amazon.com Inc. said Wednesday that it is launching a monthly payment option for college students priced at $5.49 per month after a six-month trial and with no annual commitment. Prime Student is available to college students enrolled in four- or two-year U.S. colleges. A full-year Prime Student membership is $49. In further effort to serve college students, Amazon has added two new Chicago pickup locations, bringing the total nationwide to 29. These locations are staffed, and also provide shoppers with packing and shipping services. Prime members can also take advantage of same-day pickup. These staffed pickup stations are located in larger cities and smaller college towns including Berkeley, CA, Akron, OH and Stony Brook, NY. Amazon shares are up 0.3% in premarket trading, and up 31.7% for the year so far. The S&P 500 index is up 14% for 2017 to date and the Dow Jones Industrial Average is up 15.5% for the period.

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Shares of Goodyear Tire & Rubber Co. rallied 2% in premarket trade Wednesday, after the tire maker announced a 40% increase in its quarterly dividend. The new dividend of 14 cents a share, up from 10 cents a share, will be payable Dec. 1 to shareholders of record on Nov. 1. Based on Tuesday’s closing price of $33.02, the new annual dividend rate would imply a dividend yield of 1.70%, compared with the implied yield for rival Cooper Tire & Rubber Co. of 1.15% for the S&P 500 of 1.95%. Goodyear’s stock has shed 8.0% over the past three months, while the S&P 500 has gained 5.2%.

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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