Tag: stock market

The Dow Jones Industrial Average, and the broader stock market, traded in record territory on Monday as President Donald Trump addressed a mass shooting in Las Vegas that left scores dead and injured. Trump described the shooting, which killed at least 58 and left more than 400 casualties, as an “act of pure evil” in a speech delivered at 10:50 a.m. Eastern. The Dow is trading up 0.5% at 22,515, the S&P 500 index climbed 0.3% at 2,526, while the Nasdaq Composite Index was up 0.2% at 6,506. The Dow and S&P 500 were hovering at all-time highs as investors focused on upbeat expectations for third-quarter corporate results. A gunman on the 32nd floor fired at a crowd at an open-air concert at the Mandalay Bay Casino late Sunday. Trump also said flags will be flow at half staff in Washington, D.C.

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Former Equifax CEO Richard Smith said he’s “deeply sorry” for a data breach at the company that affected more than 140 million Americans. In testimony prepared for a House Energy and Commerce subcommittee hearing on Tuesday, Smith said Equifax was hacked by a “yet unknown entity” and that hackers exploited a vulnerability in software the company was using. “The vulnerability remained in an Equifax web application much longer than it should have,” Smith said. The hearing on Tuesday is one of several scheduled this week regarding the breach.

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Roku Inc. shares slipped Monday from last week’s surge following the streaming-video device company’s initial public offering. Roku shares declined 9.8% to $23.95 on volume that was lighter from their first two days of trading. By midday, 10 million shares had traded hands, compared with full-session volume of 44.3 million on Friday and 39.3 million on Thursday. On Monday, Roku announced a line of five new streaming players available for pre-order, priced from $29.99 to $99.99, and available on Oct. 8. By Friday, Roku shares had nearly doubled from their IPO pricing of $14 a share on Thursday, after reaching a high of $29.80.

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The Dow Jones Industrial Average on Monday was trading in record territory, despite the drag produced by the world’s largest company by market value. Apple Inc.’s shares were down 0.9%, or $1.20, in afternoon trade, shaving about 10 points from the Dow , and serving as the worst performer among the blue-chip index’s 30 components. Apple’s share also were pressuring the Nasdaq Composite Index , which was dipping in and out of positive territory after showing firmer gains in early trade Monday. The S&P 500 index also was in the green but the tech sector, as measured by the popular exchange-traded Technology Select Sector SPDR ETF , was weighing on the broad-market benchmark. The S&P 500 was up 0.2% at 2,524, but the tech sector was down 0.1%. Market participants didn’t point to a clear reason behind Apple’s relative under-performance.

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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Micron Technology Inc.’s stock ran up to a 16-year high on heavy volume Monday, after KeyBanc Capital gave an upbeat outlook for memory chip pricing. The stock rose as much as 2.6% intraday to an intraday high of $40.37, which was the highest price seen since Aug. 28, 2001, before paring some gains to be up 0.9%. Trading volume hit 30 million shares just after noon ET, enough to make the stock the day’s most-actively traded on the major U.S. exchanges. KeyBanc analyst Weston Twigg said said he believes dynamic random-access memory (DRAM) contract pricing should continue to increase through the end of the year. “We view this trend as relatively positive for Micron,” as DRAM accounts for around two-thirds of Micron’s revenue. The stock has now shot up 16% since the company reported better-than-expected fiscal fourth-quarter profits and sales. It has soared 33% over the past three months, while the PHLX Semiconductor Index has climbed 13% and the S&P 500 has gained 4.2%.

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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The Dow Jones Industrial Average, and the broader stock market, traded in record territory on Monday as President Donald Trump addressed a mass shooting in Las Vegas that left scores dead and injured. Trump described the shooting, which killed at least 50 and left more than 400 casualties, as an “act of pure evil” in a speech delivered at 10:50 a.m. Eastern. The Dow is trading up 0.3% at 22,469, the S&P 500 index climbed 0.2% at 2,524, while the Nasdaq Composite Index advanced 0.3% at 6,517. All three benchmarks were hovering at all-time highs as investors focused on upbeat expectations for third-quarter corporate results. A gunman on the 32nd floor fired at a crowd at an open-air concert at the Mandalay Bay Casino late Sunday. Trump also said flags will be flow at half staff in Washington, D.C.

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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Tesla Inc. stock fell more than 1% Monday morning, ahead of the expected release of the electric car maker’s quarterly delivery numbers. Tesla reports how many cars it delivered in a quarter within three days of the end of the period, which concluded at the end of September. This quarter’s number will include the first Model 3 deliveries, after the company launched its important sedan aimed at the mass market in the quarter. Analysts on average expect about 26,000 third-quarter deliveries, with about 1,300 Model 3 units included, after Tesla disappointed with its second-quarter total and said that 3,500 cars were in transit and would count for third-quarter results. Tesla shares fell as much as 1.9% early in Monday’s session before recapturing some of the losses, continuing a rough period for the stock, which has fallen 6.3% in the past three months as the S&P 500 has gained 4%. Tesla is still up 58.5% for the 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.

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President Donald Trump called the mass shooting in Las Vegas an act of “pure evil” and said he will visit the city on Wednesday to meet with victims’ families and first responders. In brief remarks from the White House, Trump said he had ordered flags to be flown at half-staff at all public buildings and grounds as a mark of respect for the victims. Trump said he prayed for the day when “evil is banished and the innocent are safe from hatred and from fear.”

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Another survey of by a Wall Street broker, this one by RBC Capital, suggests Apple Inc. earnings could get a boost next year from higher selling prices (ASPs) given data suggesting “strong demand” for higher-priced iPhones. Analyst Amit Daryanani said a survey of over 4,000 individuals suggests the iPhone X is the most popular phone, more than the lower-priced iPhone 8 series, and that demand is strongest for the more-costly higher tier memory iPhone. Daryanani said wireless charging is the most attractive feature of the new iPhones, which could mean a “tailwind” from the sale of wireless charging accessories. And some data suggests the possibility of a increased switching from Alphabet Inc.’s Android phones. Daryanani affirmed his outperform rating and stock price target of $180, while raising his 2018 EPS estimate to $10.36 from $10.32. “We think ASPs could surprise investors on the upside due to strong demand for iPhone X and $50 ASP increase broadly this year vs. last generation

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Bluebird Bio Inc. shares declined 6.1% in moderate Monday morning trade after the company was downgraded to underweight at Morgan Stanley with a $105 price target. Bluebird Bio shares were valued at $129.50 as of Monday morning. “BLUE has risen 40% on CAR-T excitement since Gilead’s acquisition of KITE on 8/28,” said Morgan Stanley analyst Matthew Harrison, “but we remain concerned about sickle cell data” expected in December. Harrison said he does not believe the data will show enough improvement in hemoglobin production for investors to be confident in sickle cell gene therapy. “We believe consensus underappreciates the risks into ASH data and therefore believe the risk/reward is skewed in favor of the bear case,” Harrison said. “Finally, with CRISPR Therapeutics moving their sickle cell program into the clinic in 2018 and Editas making progress, both with processes that are likely to include much less variability than gene therapy, we believe there is an unproven, but real underappreciated competitive risk.” Bluebird Bio shares have surged 23% over the last three months, compared with a 4% rise in the S&P 500 .

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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