Tag: stock market

The Dow Jones Industrial Average on Friday slipped below a closely watched midterm trend line as a selloff sparked by President Donald Trump’s threat to impose tariffs on aluminum and steel imports, as soon as next week, intensified. The Dow tumbled 300 points, or 1.3% in early Friday trade to 24,267, ], which would put it in position to slip beneath its 100-day moving average at 24,447.83, according to FactSet data. The Dow on Thursday closed down more than 420 points at 24,608, while the S&P 500 index and the Nasdaq Composite Index also tumbled sharply lower. The Dow last broke below its 100-day MA on Feb. 9, as stock benchmarks were reeling after slipping into correction territory, typically defined as a decline of at least 10% from its recent peak on Jan. 26. The blue-chip gauge is still well above its 200-day MA at 23,077.02. Market technicians watch moving averages in order to help gauge short-term and long-term momentum in an asset.

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 S&P 500 index on Friday turned negative for the year at the start of regular trade, as investors wrung their hands over trade protectionism. The S&P 500 was holding on to a slight 0.2% year-to-date gain as of Thursday’s close, but was down 0.5% for the year after the index opened off 0.6% at 2,663. For the week, the broad-market benchmark was on pace to decline 3.1%. The Dow Jones Industrial Average , meanwhile, fell below its 100-day moving average with a triple-digit decline at the start of Friday’s action. The Nasdaq Composite Index also sank firmly. President Donald Trump pledged Thursday to impose tariffs on steel and aluminum imports, prompting threats of retaliation across Asia, Europe and Canada and Mexico. The Nasdaq was on track to retain its gain for the year while the Dow turned negative for the year in Thursday’s rout.

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EBay Inc. shares rose 1.4% in Friday morning trading after Raymond James analyst Aaron Kessler upgraded the stock two notches, to strong buy from market perform. Kessler believes that growth in gross merchandise volume will continue to accelerate this year as the company makes enhancements to the buyer experience. He also thinks that the company’s Promoted Listings product will also start to yield results and “could be meaningfully accretive” to earnings in 2018. Promoted Listings shows some sponsored results above non-sponsored ones and had been used by 160,000 sellers during the fourth quarter, Kessler noted. “Promoted Listings could meaningfully drive incremental core Marketplace revenues,” he wrote. EBay shares are up 26% over the past 12 months, while the S&P 500 Index is up 12%.

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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From:: Stock Market News

The Dow Jones Industrial Average on Friday was set to open below a closely watched mid-term trend line as a selloff sparked by President Donald Trump’s threat to impose tariffs on aluminum and steel imports next week intensified. The Dow was set to drop by more than 200 points early Friday, given the downturn in Dow fuutures , which would put it in position to slip beneath its 100-day moving average at 24,447.83, according to FactSet data. The Dow on Thursday closed down more than 420 points at 24,608, while the S&P 500 index and the Nasdaq Composite Index also tumbled sharply lower. The Dow last broke below its 100-day MA on Feb. 9, as stock benchmarks were reeling after slipping into correction territory, typically defined as a decline of at least 10% from its recent peak on Jan. 26. The blue-chip gauge is still well above its 200-day MA at 23,077.02. Market technicians watch moving averages in order to help gauge short-term and long-term momentum in an asset.

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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Liberty Interactive Corp. is rebranding as Qurate Retail Group, effective after the company splits off GCI Liberty, which was acquired last year. Qurate will include eight retail brands: QVC, HSN, zulily, Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements. QVC acquired HSN in July 2017 in a deal valued at more than $2 billion. QVC Chief Executive Mike George will become chief executive of Qurate. Greg Maffei, who currently holds the position, will become chairman. Qurate will trade under the “QRTEA” and “QRTEB” tickers, which are expected to go into effect March 12. Liberty Interactive stock is up 1.8% in Friday premarket trading, and up 45% for the past year. The S&P 500 index is up 12.4% for the last 12 months.

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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Shares of all 30 components of the Dow Jones Industrial Average are falling in premarket trade Friday, as concerns over the prospect of a trade war continued to weigh on the broader market. Among the biggest decliners, shares of McDonald’s Corp. dropped 2.8%, Nike Inc. shed 2.0%, UnitedHealth Group Inc. lost 1.5% and Apple Inc. gave up 1.4%. Dow futures dropped 264 points, following the Dow’s 420-point plunge on Thursday.

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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J.C. Penney Co. Inc. shares sank 10.2% in Friday premarket trading after the retailer reported a fourth-quarter sales miss. Net income was $254.0 million, or 81 cents per share, up from $192.0 million, or 61 cents per share, year-over-year. Adjusted EPS was 57 cents. Revenue totaled $4.03 billion, up from $3.96 billion last year. Same-store sales increased 2.6% for the period. The FactSet consensus was for EPS of 47 cents, revenue of $4.05 billion, and same-store sales growth of 2.7%. “In 2018, we will intensify our market share efforts in appliances, mattresses and furniture, while continuing to take steps to modernize our apparel assortment and omnichannel,” said Chief Executive Marvin Ellison in a release statement. The company expects 2018 same-store sales to be flat to up 2%, and adjusted EPS of 5 cents to 25 cents. The FactSet consensus is for same-store sales growth of 0.7% and EPS of 13 cents. J.C. Penney shares are up 16.7% for the last three months, but down 38.4% for the last12 months. The S&P 500 index is up 12.4% for the past year.

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Swedish appliance maker Electrolux AB will delay a $250 million investment to expand its plant in Springfield, Tennessee after President Donald Trump announced tariffs on steel and aluminum imports, Reuters reported on Friday. “We are putting it on hold. We believe that tariffs could cause a pretty significant increase in the price of steel on the U.S. market,” Electrolux spokesman Daniel Frykholm told the news agency. Trump said Thursday he will announce a 25% tariff on imported steel next week and a 10% tariff on imported aluminum. The news sent the Dow Jones Industrial Average down more than 500 points at its worst level, raising fears of a trade war. The news comes amid growing uncertainty about trade policy. U.S., Canadian and Mexican negotiators are working on reframing NAFTA, but Mexico’s president cancelled a state visit to Washington, D.C. this week. U.S.-listed shares of Electrolux were not yet trading premarket, but have gained 22% in the last 12 months, while the S&P 500 has gained 13%.

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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From:: Stock Market News

J.C. Penney Co. Inc. shares sank 10.2% in Friday premarket trading after the retailer reported a fourth-quarter sales miss. Net income was $254.0 million, or 81 cents per share, up from $192.0 million, or 61 cents per share, year-over-year. Adjusted EPS was 57 cents. Revenue totaled $4.03 billion, up from $3.96 billion last year. Same-store sales increased 2.6% for the period. The FactSet consensus was for EPS of 47 cents, revenue of $4.05 billion, and same-store sales growth of 2.7%. “In 2018, we will intensify our market share efforts in appliances, mattresses and furniture, while continuing to take steps to modernize our apparel assortment and omnichannel,” said Chief Executive Marvin Ellison in a release statement. The company expects 2018 same-store sales to be flat to up 2%, and adjusted EPS of 5 cents to 25 cents. The FactSet consensus is for same-store sales growth of 0.7% and EPS of 13 cents. J.C. Penney shares are up 16.7% for the last three months, but down 38.4% for the last12 months. The S&P 500 index is up 12.4% for the past 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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Mylan N.V. said Friday it is planning to launch two new low-cost HIV combination treatments in the U.S. The company said Symfi Lo and Cimduo won U.S. Food and Drug Administration approval in February. Symfi Lo will be introduced in the coming weeks and Cimduo will be launched in the second quarter. The company said it is aiming to address the high cost of HIV treatment, which accounts for more than $20 billion in annual spending and is the category with the highest spend for Medicaid. Mylan is the world’s biggest provider of HIV/AIDS therapies, treating more than 40% of the 20 million patients on treatment worldwide. Mylan came under heavy criticism in 2016 for raising the price of the anti-allergy treatment, EpiPen, sixfold. Chief Executive Officer Heather Bresch was forced to defend herself and the company against harsh congressional questioning by a House Oversight Committee. Shares were not yet active premarket, but have fallen 10% in the last 12 months, while the S&P 500 has gained 12%.

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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From:: Stock Market News