Tag: stock market

One of Goldman Sachs Group Inc.’s longest-tenured CEOs is set to depart, according to a Wall Street Journal report. The paper said Goldman head Lloyd Blankfein is set to step down as early as the end of 2018, capping a roughly 12-year run at the helm of the world’s most prominent investment bank. The report indicated that Goldman would aim to replace Blankfein with either of the bank’s two co-presidents, Harvey Schwartz (a former CFO of the company) or David Solomon. The 63-year-old Blankfein could also retire in the bank’s 150th anniversary year of 2019. Either way, the bank appears to be laying the groundwork for succession after Blankfein helped guide the bank out of the 2007-08 financial crisis. Shares of Goldman were up 1.5%, along with the rest of the market, amid the news. For the year, Goldman’s shares were up 6.2%, compared with the S&P 500 index , which is up 3.6% so far in 2018. The Dow Jones Industrial Average , of which Goldman is a component, was up 1.3% at midday.

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Shares of Goldman Sachs Group Inc. were rallying on Friday, contributing to the Dow Jones Industrial Average after The Wall Street Journal reported that the bank’s CEO Lloyd Blankfein step down as CEO as early as this year. The Dow was up about 314 points, or 1.3%, at 25,208, with Goldman’s rally contributing more than 30 points to the price-weighted Dow’s gains. Goldman’s shares by virtue of its $200-price tag, presently at $270, is one of the biggest drivers of the blue-chip benchmark. Even before the report, Goldman’s shares were higher, bouncing after the Friday jobs report suggested that the U.S. economy remains healthy but not enough to force the Federal Reserve to act aggressively to tamp down rising prices or inflation. Meanwhile, the S&P 500 index was up 1.2%, led by the finacials sector and the Nasdaq composite Index was trading at a new intraday record, washing away all of its decline from its recent 10% pullback, as the broader stock market was recovering.

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Facebook Inc. has secured exclusive streaming rights for 25 regular-season afternoon Major League Baseball games, the MLB announced Friday. The package represents the league’s first digital-only national broadcasts. Games will be available on Facebook Watch and will begin with the April 4 contest between the Philadelphia Phillies and New York Mets. “Community and conversation are central to both baseball and Facebook, and MLB Network’s innovative broadcasts will bring these interactive and social elements of the game to life to fans around the world in new ways on our platform,” Facebook’s head of sports partnerships Dan Reed said in a release. Facebook didn’t disclose financial terms of the arrangement. Also on Friday, Warner Music Group and Facebook announced a new licensing agreement. Facebook shares are up 1.6% in Friday trading and 34% over the past 12 months, while the S&P 500 is up 17% in that time.

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Treasury Secretary Steven Mnuchin said President Donald Trump may consider exempting other countries from steel and aluminum tariffs in addition to Canada and Mexico. Mnuchin was commenting in a CNBC interview on the tariffs Trump unveiled Thursday, which are 25% on imported steel and 10% on aluminum. Mnuchin also said the government would issue guidelines for product exemptions.

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The Nasdaq Composite Index on Friday retook an all-time high in intraday trade for the first time in about six weeks, highlighting a relatively speedy recover for the technology-laden index following its downturn in early February. The Nasdaq Composite Index touched a level at 7,511.73, according to FactSet data, representing its first intraday record since Jan. 26 when it closed at at record 7,505.77. The U.S. stock market broadly suffered a sharp downturn that saw the Nasdaq, the Dow Jones Industrial Average and the S&P 500 index slip at least 10% from their recent peaks in late January, registering what most define as a correction. However, stocks have mostly recovered from that nadir, even as Wall Street wrestles with turmoil in the White House over the implementation of tariffs, which some critics fear could spark a global trade war. Friday’s leg higher, however, was aided by a better-than-expected jobs report, with 313,000 jobs created in February and muted signs that wage pressures were building in the system. Fears of rapidly rising inflation or wages cropping up in the January labor-market report sparked the selloff in equities last month.

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Shares of Acacia Communications Inc. are down 4.1% in Friday trading after analysts at Morgan Stanley downgraded the stock to underweight from equal weight. The analysts, led by Meta Marshall, worry about the company’s data communications exposure. “While [data communications] demand remains strong, headwinds include push for lighter weight equipment and architectural alternatives, meaning profit pool for systems vendors likely to only grow modestly if at all,” Marshall wrote. She also initiated coverage of several other optical names, including overweight-rated II-VI Inc. , which she likes for its “exposure to industrial, telecom, and 3D sensing.” Marshall began coverage of Oclaro Inc. and Finisar Corp. with equal weight ratings. Finisar shares are down 9.9% after reporting a weak outlook Thursday afternoon and down 48% over the past 12 months, while the S&P 500 is up 17%.

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Shares of AutoWeb Inc. plummeted 38% toward a near 5-year low in morning trade Friday, enough to pace the Nasdaq-listed decliners, after the provider of marketing services to the automotive industry reported disappointing fourth-quarter results and said its chief executive officer and chief financial officer were leaving the company. B. Riley analyst Sameet Sinha followed by downgrading the stock to neutral from buy and by slashing the price target to $4.90 from $12.00, as the company said high media prices prevented traffic acquisition, which led to a revenue miss and gross margin pressure. Management departures and the lack of guidance leaves visibility low, Sinha said. The company reported late Thursday adjusted earnings per share and revenue that missed expectation, according to FactSet. The stock has tumbled 68% over the past 12 months, while the S&P 500 has gained 17%.

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Shares of Qualcomm Inc. are up 0.8% in Friday morning trading after the company announced that Paul Jacobs would be stepping down as executive chairman. The company said in a release that Jacobs “will continue to serve on the Qualcomm Board, but will no longer serve in an executive management capacity.” Qualcomm said it would be discontinuing the executive chairman position and replacing it with an independent chairman role. Jeffrey Henderson, a Qualcomm board member, will be the board’s non-executive chairman. Broadcom Ltd. is seeking seats on Qualcomm’s board as part of its hostile takeover bid. Though the vote has been delayed until April while the government looks into security issues surrounding the deal, Bloomberg reported earlier this week that early vote counts suggest Broadcomm is on pace to win all six seats that it fielded nominees for. Jacobs and Qualcomm CEO Steve Mollenkopf were at risk of losing their seats, the Bloomberg story added. Qualcomm shares are up 7.7% over the past 12 months, while the S&P 500 is up 17% and the Philadelphia Semiconductor Index is up 45%.

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U.S. equity markets opened higher on Friday and were headed for weekly gains, as investors welcomed a strong February jobs report. The U.S. economy added 313,000 jobs last month, while prior figures were revised higher. The details of the report showing wage growth was only moderate were perceived as good news, as it would suggest inflation will remain contained. The Dow Jones Industrial Average gained 150 points, or 0.6%, to 25,044. The S&P 500 index rose 15 points, or 0.6% to 2,754, while the Nasdaq Composite gained 52 points, or 0.7% to 7,479. Among the best performers on the S&P 500, Wynn Resorts which rallied nearly 5%.

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The Federal Reserve announced Friday it will not object to the capital plan resubmitted by Capital One Financial Corp. The revised plan came after the Fed found deficiencies with the credit-card focused lender during last year’s stress tests. In June, the Fed required Capital One to resubmit its plan to address deficiencies in its capital planning processes. These included weaknesses in the way the firm shared key capital planning information with its board of directors and senior managers, identified risks and forecast losses and balances under stressful scenarios.

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