Tag: stock market

Molina Healthcare Inc. late Tuesday named Joseph Zubretsky its president and chief executive, effective Nov. 6. Zubretsky most recently served as CEO for The Hanover Insurance Group, and will succeed interim CEO Joseph W. White. White will remain with the company as its chief financial officer. Shares of Molina fell 1.8% after ending the regular session down 2.3%.

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Barracuda Networks Inc. shares fell in the extended session Tuesday even after the enterprise cloud-computing company matched Wall Street estimates for earnings and topped those for revenue and billings. Barracuda shares fell 6.1% to $24.18 after hours. By the close, shares had been up 20% for the year. The company reported fiscal second-quarter net income of $1.6 million, or 3 cents a share, compared to $2.4 million, or 5 cents a share, in the year-ago period. Adjusted earnings were 17 cents a share. Revenue rose to $94.3 million from $87.9 million in the year-ago period. Analysts surveyed by FactSet had estimated 17 cents a share on revenue of $93.3 million. Gross billings rose to $108.5 million, compared with $100.3 million in the year ago period. Analysts expected billings of $105.9 million.

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Micron Technology Inc. shares dipped nearly 3% in late trading Tuesday after the memory-chip company said it would sell about $1 billion in fresh stock as the company trades at its highest prices since the dot-com boom. Micron said underwriters had access to about $150 million in additional shares it could offer at the public offering price, which has yet to be determined. Micron will use the proceeds from the offering to pay down debt, with $476 million earmarked for notes set to mature in 2023. Micron closed at $41.98 and reached $42 in intraday trading Tuesday, its highest prices since 2001, but shares fell lower than $41 in late trading after the announcement. The company has profited from a spike in the price of memory chips, which has increased the cost of some tech gadgets for consumers, and said in its most recent earnings report that it expects demand to continue to be high. Micron stock is up 91% so far in 2017, as the S&P 500 index has gained 13.7%.

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Oil prices rallied Tuesday to finish at their highest level in more than week. Talk of progress toward a more balanced market from OPEC, Saudi Arabia’s pledge to cut exports and a hurricane-induced slowdown in U.S. production fed the first back-to-back session climb for U.S. prices since late September. November WTI crude rose $1.34, or 2.7%, to settle at $50.92 a barrel on the New York Mercantile Exchange-the highest since Sept. 29.

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MADRID (MarketWatch) — Catalan President Carles Puigdemont, in a highly anticipated address before the regional parliament in Barcelona, said he was “accepting the mandate” of the chaotic Oct. 1 referendum on Catalonia’s secession from Spain but would suspend the prospect of declaring independence in favor of dialogue with the central government in Madrid. In his nationally televised speech, Puigdemont said those who had pushed for independence were “neither criminals nor crazy people.” The people of Catalonia, or Catalunya in the local language, “have nothing against Spain or Spanish people,” Puigdemont said.

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The euro extended its rally on Tuesday, touching an intraday high of $1.1826, after Catalan leader Carles Puigdemont called for mediation with Madrid in a speech in Parliament. Puigdemont also said he assumed the mandate to form a republic for the Catalan people, who had voted in an independence referendum on Oct. 1. The Catalan leaders speech was seen as less disruptive to the integrity of the European Union and the common currency, which has been rattled by the regions calls for independence and the heavy-handed response by Spanish leaders recently, which closed down polling stations during the early October referendum for independence in Catalan.

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Gold prices climbed Tuesday to their highest settlement in two weeks, as a decline in the U.S. dollar lifted the precious metal’s appeal to foreign investors. Prices, however, remained below the key resistance level of $1,300, analysts said. It hasn’t settled above that mark since Sept. 26, according to FactSet data. December gold rose by $8.80, or 0.7%, to settle at $1,293.80 an ounce.

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Amazon.com Inc. is in talks with Phrame, a smart-license-plate maker, to allow orders to be delivered to the trunk of a customer’s car, according to a CNBC report. Phrame offers a product that will hold a car owner’s keys in a secure box around a license plate. Using a smartphone to open the box, users can gain access to the keys. Amazon tested in-truck delivery in Germany in 2015. Amazon is also developing a “smart doorbell device” to allow delivery drivers access to a customer’s home for package drop-off, CNBC says. Wal-Mart Stores Inc. announced late last month that it’s testing a system to deliver items directly into people’s homes. And Wal-Mart has recently purchased Parcel, a delivery service for the New York City area. Amazon shares are up more than 32% for the year so far while the S&P 500 index is up nearly 14% and the Dow Jones Industrial Average is up 15.2% for the period.

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President Donald Trump said Tuesday he doesn’t believe a feud with Republican Sen. Bob Corker hurts chances of getting tax reform through Congress. “I don’t think so,” Trump replied when asked about his spat with the Tennessee lawmaker. Corker, who is seen as a key vote on a tax overhaul, said in an interview with the New York Times last weekend that Trump is risking “World War III” by threatening other countries. Trump mocked Corker on Twitter Tuesday morning, saying the Times set him up by recording their conversation. A Times reporter said Corker’s staff had made sure the interview was taped.

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Gap Inc. said Tuesday that it is launching a subscription box service for its BabyGap brand of items. Every three months, the company will deliver six items for $70. Parents have 21 days to try each piece, and they can keep what they like and send back what they don’t. The service offers free shipping and returns. Clothing is available in sizes 0 to 2T and will automatically update with each box. Size 3T will soon be added. Gap shares are up 27.5% for the year so far, outpacing the SPDR S&P Retail ETF , which is down 6.8%, and the S&P 500 index , which is up 13.7% for the period.

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