Tag: stock market

Tropical Storm Ophelia has formed over the Atlantic and is expected to become a hurricane in a day or two, the National Hurricane Center said in an advisory. The storm was about 790 miles west southwest of the Azores and was moving southeast at 3 miles an hour. Ophelia currently poses no threat to land, but it would be ninth Atlantic hurricane of the season. The storm has maximum sustained winds of 50 miles an hour.

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 Eli Lilly & Co. sank 4.2% in premarket trade Tuesday, after disappointing drug trial results. The company said earlier that a phase 3 trial of its lung cancer treatment Verzenio failed to meet its primary endpoint of overall survival. The company said secondary endpoints of progression-free survival and overall response rate showed evidence of monotherapy activity. Lilly said it would submit the data for presentation at a medical meeting in 2018. “While the outcome is unfortunate for patients with KRAS-mutated, advanced lung cancer, we remain encouraged by the antitumor activity observed with abemaciclib in this form of lung cancer where few clinical advances have been achieved,” said Levi Garraway, senior vice president of global development and medical affairs. The stock has run up 18.4% year to date through Monday, while the SPDR S&P Pharmaceuticals ETF has gained 10.8% and the S&P 500 has rallied 13.7%.

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

J.C. Penney Co. Inc. said Tuesday that it has partnered with Tracee Ellis Ross, star of the show “Black-ish,” for a holiday capsule collection, available in stores and online starting November 12. The Tracee Ellis Ross for JCPenney collection will include women’s clothing, accessories, and home decor. Items are priced below $75. J.C. Penney recently announced a cookware and bakeware line with Ayesha Curry, chef, Food Network personality, and wife to NBA star Steph Curry. J.C. Penney shares are up 1.4% in premarket trading, and down 57.3% for the year so far. The S&P 500 index is up 13.7% for 2017 and the Dow Jones Industrial Average is up 15.2% for the period.

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 American Airlines Group Inc. surged 3.3% in premarket trade Tuesday, after the air carrier raised its third-quarter growth outlook for total revenue per available seat miles (TRASM) to a range of 0.5% to 1.5% from the previous guidance range of flat to up 1.0%. The company now expects pre-tax margin, excluding special items, of 9.0% to 11.0% from 8.5% to 10.5%. Capacity for the third quarter is expected to be 64.6 billion available seat miles, up from 63.5 billion ASM in the sequential second quarter, then fall to 58.9 billion ASM in the fourth quarter. The company said it spent $362 million to repurchase 7.7 million shares during the third quarter. The stock has lost 3.9% over the past three months through Monday, while the NYSE Arca Airline Index has shed 6.8% and the S&P 500 has gained 4.8%.

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

Old Mutual Global Investors is in talks to buy a stake in TransferWise, further cementing TransferWise’s long-term plans to go public, Sky News reported on Tuesday. The London-based asset manager is planning to invest tens of millions of pounds into the currency transfer firm in a deal that could value TransferWise at £1.2 billion, or $1.6 billion, according to the Sky report. Taavet Hinrikus, one of the founders of TransferWise, this summer raised the prospect of an initial public offering and the potential investment from OMGI signals such a plan is in the works, Sky News said.

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 Wal-Mart Stores Inc. rallied 2.1% in premarket trade Tuesday, after the discount retail giant announced a new $20 billion stock repurchase program and provided profit and sales guidance for the next fiscal year. Wal-Mart said the new buyback program replaces the existing program, and is expected to be utilized over a two-year period. The company affirmed its adjusted earnings-per-share outlook for the current fiscal 2018 of $4.30 to $4.40, and said it expects fiscal 2019 EPS growth of about 5%. The FactSet 2019 EPS consensus of $4.63 implies growth of 5.9% above the fiscal 2018 EPS consensus of $4.37. The company expects 2019 sales growth of 3%, while the FactSet consensus of $507.8 billion is 2.5% above the 2018 consensus of $495.6 billion. E-commerce sales growth at Walmart U.S. is expected to be about 40% in 2019. Wal-Mart expects to add 1,000 online grocery locations in Walmart U.S. stores in 2019. The effective tax rate is expected to be 32.5% next year. “We have good momentum in the business, we’re executing our strategy and moving with speed to win with the customer, who is more connected than ever and embracing tools that will save them both time and money,” said Chief Executive Doug McMillon. The stock has rallied 10% over the past three months, while the SPDR S&P Retail ETF has climbed 5.5% and the Dow Jones Industrial Average has advanced 6.3%.

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 Pfizer Inc. rallied 1.1% in premarket trade Tuesday, after the drug giant said it was reviewing alternatives for its consumer healthcare business. The company said the alternatives could include a potential sale of all or part of its business or a spinoff. The business is one of the world’s largest over-the-counter health car products businesses, with 2016 revenue of $3.4 billion. “Although there is a strong connection between Consumer Healthcare and elements of our core biopharmaceutical businesses, it is also distinct enough from our core business that there is potential for its value to be more fully realized outside the company,” said Pfizer Chief Executive Ian Read. The stock has climbed 11.3% year to date through Monday, while the SPDR Health Care Select Sector ETF has run up 19.5% and the Dow Jones Industrial Average has surged 15.2%.

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

American International Group Inc. late Monday estimated that its pretax catastrophe losses net of reinsurance will reach $2.9 billion to $3.1 billion in the third quarter. The total includes losses of $1.1 billion to $1.2 billion from Hurricane Harvey, $1 billion to $1.1 billion from Hurricane Irma, and $600 million to $700 million from Hurricane Maria. The insurer also expects about $150 million in additional catastrophe losses from Mexico earthquakes. AIG is scheduled to announce third-quarter results on Nov. 2. Analysts surveyed by FactSet are projecting the company to report earnings of 22 cents a share. AIG shares are flat in the extended session after closing down 0.8% to $61.78.

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 Los Angeles Times, owned by Tronc Inc. , said on Monday that it has named former Forbes executive Lewis D’Vorkin as the paper’s editor-in-chief. The Times also tapped Mickie Rosen as president. The hirings come after the paper shook up the leadership team, parting ways with former editor Davan Maharaj in August. In addition to being the chief product officer at Forbes, D’Vorkin has held roles at The Wall Street Journal, Newsweek and The New York Times. “Lewis is one of the most transformational editors and digital innovators in the media industry and is exceptionally qualified to lead the evolution of the Los Angeles Times newsroom,” said Chief Executive and Los Angeles Times publisher Ross Levinsohn. Rosen most recently served as a senior advisor to the Boston Consulting Group and has served as the senior vice president of global media and commerce at Yahoo!. Rosen has also held positions at 20th Century Fox Inc. , Fandango and Walt Disney Co. . Rosen and D’Vorkin’s appointments are effective immediately. Shares of Tronc have gained 105 in the year to date, while the S&P 500 index is up nearly 14% and the Dow Jones Industrial Average is up more than 15%.

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

Gold prices rose for a second session Monday as investors sought safe-haven assets as tensions between the U.S. and North Korea remain elevated with the two countries continuing to exchange verbal threats. A softer U.S. dollar also helped to fuel some demand for gold. December gold added $10.10, or 0.8%, to settle at $1,285 an ounce.

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