Tag: stock market

Fastenal Co. shares fell 1.9% in premarket trade Wednesday, after the company highlighted higher employee costs and the impact of hurricanes on third-quarter earnings. The industrial and construction supplies maker said it had net income of $143.1 million, or 50 cents a share, in the third quarter, up from $126.9 million, or 44 cents a share, in the year-earlier period. Sales rose to $1.13 billion from $1.01 billion. The FactSet consensus was for EPS of 50 cents and sales of $1.12 billion. Employee-related costs rose 12.3% in the quarter, due to higher bonuses and commissions due to growth in sales and earnings, an increase in headcount, higher health care costs and the inclusion of workers from Mansco, or Manufacturers Supply Co., which the company acquired in March 2017. Gross profit was hurt by the effects of hurricanes. Shares are down 4.5% in 2017, while the S&P 500 has gained 14%.

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.

…read more

From:: Stock Market News

Discount airline JetBlue Airways Corp. said Wednesday that the string of hurricanes to hit the U.S. and Caribbean in September weighed on third-quarter earnings and will continue to have an impact in the fourth quarter. The carrier said September traffic fell 4.4% from the year-earlier period, as capacity fell 0.9%. The company’s load factor was 80.2%, down 3 points from a year ago. Third-quarter revenue per available seat mile is expected to increase by about 0.9%. “The third quarter presented unprecedented weather challenges for JetBlue, with two of the largest hurricanes in our history impacting our network,” Chief Executive Robin Hayes said in a statement. He said he was confident “that the adjustments we are making to our network will minimize any ongoing financial impact in 2018.” JetBlue is expecting hurricanes Irma and Maria to shave about $44 million off third-quarter revenue and reduce adjusted EPS by 6 cents to 7 cents. For the fourth quarter, the hit is estimated at about $70 million to $90 million of revenue and 10 cents to 13 cents of adjusted EPS. Shares rose 0.8% premarket, but are down 10% in 2017, while the S&P 500 has gained about 14%.

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.

…read more

From:: Stock Market News

Chicago Fed President Charles Evans on Wednesday said a December interest rate hike was not a done deal, according to a report by the Wall Street Journal. In a talk in Zurich, Evans said he saw scope for an “honest discussion” about whether it is the right time to raise interest rates. Evans said the key for the U.S. central bank was to deliver 2% inflation on average and not have it be a ceiling. Evans is a voting member of the central bank’s interest-rate setting committee this year.

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.

…read more

From:: Stock Market News

Delta Air Lines Inc. shares surged 2.5% premarket Wednesday, after the airline beat estimates for the third quarter. Delta said it had net income of $1.18 billion, or $1.64 a share, in the quarter, up from $1.26 billion, or $1.69 a share, in the year-earlier period. Adjusted per-share earnings came to $1.57, ahead of the FactSet consensus of $1.53. Revenue rose to $11.1 billion from $10.5 billion, also ahead of the FactSet consensus of $11.0 billion. Pre-tax earnings were hurt by operational disruption caused by Hurricane Irma, which hit the Caribbean, Florida and Georgia, including the company’s hub in Atlanta. “Three of four entities reported positive unit revenues, and we see continued opportunity in business yields,” President Glen Hauenstein said in a statement. “We expect fourth-quarter unit revenues to be up two to four percent with all entities in positive territory by year end.” Shares have gained 7% in 2017, while the S&P 500 has gained 14%.

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.

…read more

From:: Stock Market News

Shares of BlackRock Inc. rallied 2.1% in premarket trade, after the investment management company beat profit and revenue expectations, amid asset and base fee growth. Net income rose to $947 million, or $5.78 a share, from $875 million, or $5.26 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $5.92, beating the FactSet consensus of $5.57. Revenue rose 14% to $3.23 billion, above the FactSet consensus of $3.07 billion. Retail net inflows of $7.4 billion, included $4.6 billion for fixed income, $1.7 billion for equities and $1.0 billion for multi-asset investments. Net inflows into iShares ETF were $52.3 billion, while institutional active net inflows were $200 million. The stock has rallied 7.8% over the past three months, while the SPDR Financial Select Sector ETF has gained 6.3% and the S&P 500 has tacked on 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.

…read more

From:: Stock Market News

Spanish Prime Minister Mariano Rajoy on Wednesday said he has asked Catalan President Carles Puigdemont to confirm whether or not he has declared independence, according to media reports. Rajoy accused Puigdemont of creating deliberate confusion with his statement Tuesday, when the Catalan leader said he intends to declare independence in accordance with the Oct. 1 vote’s result but wants negotiations with the Spanish government first. Rajoy said the request for clarification is a step that is necessary before Madrid can make other moves. Such moves could include making use of Article 155 of Spain’s constitution, which allows Spain’s government to take over control of an autonomous region.

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.

…read more

From:: Stock Market News

Eurogroup chief Jeroen Dijsselbloem is leaving Dutch politics and will give up his Labour Party seat, he said in a letter posted online Wednesday. Dijsselbloem will step down on Oct. 25, after five years as finance minister and 17 years as a member of parliament, when a new government comes in. “The election results of March 15 ultimately determined the time of departure. The Labor Party, my party, needs further and needs nine guns. I have now come to the conclusion that in this role, at this stage, I do not have that firepower,” Dijsselbloem said in the letter. But he will continue as president of the Eurogroup, the group of eurozone finance ministers, until the end of his mandate in mid-January.

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.

…read more

From:: Stock Market News

The United States men’s soccer team will miss the World Cup for the first time since 1986 after a dismal, humiliating 2-1 loss to Trinidad & Tobago on Tuesday. All the U.S. team needed to do to clinch a berth was win or tie against the small Caribbean nation, which was in last place in its group. Instead, the U.S. kicked itself out of World Cup contention — literally, as an own-goal by Omar Gonzalez proved to be decisive. The U.S. still had a slim chance of advancing after the loss, but Panama and Honduras both won their qualifiers Tuesday, dropping the U.S. to fifth place in its group.

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.

…read more

From:: Stock Market News

Data-sharing service Dropbox Inc. will have a new office building all to itself after signing the largest lease in San Francisco history, the San Francisco Chronicle reported Tuesday. Dropbox will lease all 736,000 square feet in a new building under construction in the city’s Mission Bay neighborhood, the Chronicle reported. The new office space will be about four times bigger than Dropox’s current San Francisco headquarters, possibly signalling a sizable boost to its workforce, which currently has 1,500 employees. Dropbox has been valued at around $10 billion, and rumors of a massive IPO have been percolating for years. In June, Reuters reported Dropbox was seeking underwriters for an IPO planned for later this year. The company is expected to start moving into its new building in late 2018.

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.

…read more

From:: Stock Market News

President Donald Trump “likely obstructed justice” by firing FBI Director James Comey, and could face impeachment if special counsel Robert Mueller’s investigation comes to the same conclusion, an analysis by the Brookings Institution said Tuesday. The 108-page report said Trump may have had the legal authority to fire Comey, but not if his intent was to disrupt the ongoing investigation into Russian election meddling. “Our review of the facts and the law leads us to the view that the president likely obstructed justice,” the think tank’s report said. “Should that conclusion be borne out, we believe he will be held to account under one or another of the vehicles we have outlined, for no one is above the law in our system.” Still, impeachment proceedings would need support of congressional Republicans, which appears unlikely.

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.

…read more

From:: Stock Market News