Tag: stock market

Lattice Semiconductor Corp. late Monday said its Chief Executive Officer Darin Billerbeck is retiring, effective March 16. The board has named Chief Operating Officer Glen Hawk as interim CEO while it searches for a permanent successor. Lattice has retained executive search firm Egon Zehnder to handle the process. Lattice has struggled to rebound since a proposed acquisition by a fund tied to Chinese government money was blocked by U.S. regulators. Shares of Lattice closed up 0.5% to $6.48 and were unchanged after hours.

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Stitch Fix Inc. shares dropped in the extended session Monday after the company missed earnings expectations. Stitch Fix shares dropped nearly 4% in the extended session after rising almost 7% during regular trading. The company reported fiscal second-quarter net income of $3.6 million, or 2 cents a share, compared with net income of $233,000, in the year-ago period. Revenue increased to $295.9 million from $237.8 million in the year-ago period. Analysts surveyed by FactSet had estimated 6 cents a share on revenue of $291 million. Stitch Fix said it is expecting fiscal third-quarter sales of $300 million to $310 million and full year revenue of $1.19 billion to $1.22 billion. For the fiscal third quarter, analysts model earnings of 5 cents a share on sales of $301 million; Wall Street expects full year sales of $1.2 billion. Since the company’s trading debut in November, Stitch Fix stock has gained 63%, as the S&P 500 index rose 8%.

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U.S. stocks retained modest losses in late-afternoon trade on Monday, with the Dow down about 100 points, amid reports suggesting that CNBC contributor Larry Kudlow was the leading contender to replace Gary Cohn, who resigned as chief economic advisor to President Donald Trump and his director of the National Economic Council last week. Most recently, the Dow Jones Industrial Average was off about 100 points, or 0.4%, at 25,226, the S&P 500 index was flat at 2,787. The Nasdaq Composite Index , meanwhile, was up 0.5%, trading in record territory at 7,599, as the technology-laden index was before the report on Kudlow. According to CNBC’s Jim Cramer, Kudlow is the leading contender to head NEC and “would take the job if offered it.” A separate report from The Wall Street Journal said Kudlow would interview for the NEC role as soon as this week. Cohn who is expected leave the White House in coming weeks is viewed as departing due to a dispute over tariffs on steel and aluminum imports that he disagreed with. Critics of tariffs have made the case that such duties could spark retaliatory responses from countries, which in turn could hurt the U.S.’s economic expansion. To be sure, Kudlow is’t the only contender for the Cohn post, recent reports also pointed to the Christopher Liddell as under strong consideration. Peter Navarro, the architect of Trump’s tariff program, also is a contender, according to WSJ.

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The Dow Jones Industrial Average traded firmly lower Monday afternoon, on the back of a selloff in shares of industrial giants Boeing Co., and Caterpillar Inc., as the market assessed the impact of tariffs on steel and aluminum imports on some of the U.S.’s largest companies. Boeing’s share selloff, down 2.9%, or $10.32, and a decline in Caterpillar off 2.7%, or $4.32, combined to exact a roughly 100-point toll on the blue-chip benchmark. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the benchmark. Meanwhile, shares of Goldman Sachs Group Inc. provided a modest lift for the average, coming as the investment bank reported that its former-CFO Harvey Schwartz, viewed as a potential chief executive at the bank, was set to leave the bank in late April. That news comes amid reports that CEO Lloyd Blankfein may soon be ready to retire from the firm after 12 years at its helm. Most recently, the price-weighted Dow was down 181 points, or 0.7%, at 25,158, while the S&P 500 index was 6 points, or 0.2%, lower at 2,780. The Nasdaq Composite Index was up 0.3% at 7,581, on track to close at a second record in a row.

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Oil prices settled with a loss on Monday, giving back part of the sharp gains seen in the previous session as recent data showed a rise in weekly U.S. output, as well as expectations for a further increase in domestic production next month. In a monthly report issued Monday, the Energy Information Administration forecast a monthly rise of 131,000 barrels a day in April U.S. oil production. April West Texas Intermediate crude fell 68 cents, or 1.1%, to settle at $61.36 a barrel on the New York Mercantile Exchange.

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Micron Technology Inc. shares surged Monday after one analyst nearly doubled his price target on the stock. Micron shares rallied nearly 12% to $60.87 at last check. Instinet analyst Romit Shah, who raised his rating on Micron to buy from reduce back in June 2016, raised his price target to $100 from $55. “We see DRAM pricing resuming an upward trend in Q2, a first-time dividend and share buyback announcement in May, continued margin expansion in NAND and increased M&A discussion as important catalysts,” Shah said. Of the 31 analysts who cover Micron, 27 have buy ratings, three have hold ratings, and one has a sell rating, according to FactSet data. Following Shah’s target hike, analysts had an average price target of $61.89 on the stock.

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Democrat Conor Lamb leads Republican Rick Saccone in a new poll of Pennsylvania voters a day ahead of a closely watched special House election. The Monmouth University poll found Lamb has a 51%-45% lead over Saccone if turnout yields a Democratic surge, similar to other special elections over the past year. President Donald Trump has stumped for Saccone in the race, which analysts say will reflect on the president and could help predict the midterm elections.

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U.K. Prime Minister Theresa May said on Monday it was “was highly likely Russia was responsible” for poisoning former spy Sergei Skripal and his daughter in Salisbury eight days ago. Speaking at the House of Commons, May said it has been concluded that the two were were poisoned by “military-grade nerve agent of a type developed by Russia,” indicating that either Moscow was responsible for the attack or the country has lost control of its chemical weapons. The prime minister has now given Russia until the end of tomorrow to provide an explanation.

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Apple Inc. said Monday it has reached a deal to buy Texture, which is Next Issue Media LLC’s digital magazine subscription service, for an undisclosed amount. Apple’s stock rallied 1.0% in midday trade, putting it on track for a second-straight record close. For $9.99 a month, the Texture app gives subscribers access to over 200 magazines, including “People,” Newsweek” and “Sports Illustrated” and many others. “We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers,” said Eddy Cue, senior vice president of internet software and services at Apple. “We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.” Apple’s stock has gained 5.9% over the past three months and climbed 31% over the past 12 months, while the Dow Jones Industrial Average has gained 21% over the past year.

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U.S. stocks retained modest losses Monday afternoon, with the Dow down about 100 points, amid a report suggesting that CNBC contributor Larry Kudlow was the leading contender to replace Gary Cohn, who resigned as chief economic advisor to President Donald Trump and his director of the National Economic Council last week. Most recently, the Dow Jones Industrial Average was off about 100 points, or 0.4%, at 25,245, the S&P 500 index was flat at 2,786. The Nasdaq Composite Index meanwhile, was up 0.5%, trading in record territory at 7,596, as the technology-laden index was before the report on Kudlow. According to CNBC’s Jim Cramer, Kudlow is the leading contender to head NEC and “would take the job if offered it.” The report emphasizes that Trump hasn’t formally offered the job. Cohn who is expected leave the White House in coming weeks is viewed as departing due to a dispute over tariffs on steel and aluminum imports that he disagreed with. Critics of tariffs have made the case that such duties could spark retaliatory responses from countries that could hurt the U.S.’s economic expansion. To be sure, Kudlow is’t the only contender for the Cohn post, recent reports also pointed to the Christopher Liddell as strong consideration.

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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