Tag: stock market

Facebook Inc. CEO Mark Zuckerberg announced Wednesday that the company will hire 3,000 people globally to its community operations team to monitor posts that are flagged by the community as being inappropriate. The team will nearly double from 4,500 today. In a post on Facebook, Zuckerberg said it was responding to a number of incidents of people hurting themselves – and others – live on Facebook in videos. “We need to respond quickly,” he said. This follows a number of incidents on Facebook in recent months and the spread of fake news on the website. Earlier this month, a man in Cleveland shot a stranger and streamed it live on Facebook, prompting outcry and pledges from Facebook to do more to address the issue. Shares of Facebook fell 0.5% to $152 in morning trade. They’ve gained 16% in the past three months and nearly 30% in the past year, outperforming the S&P 500 , up 4% and 16%, respectively.

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TV streaming platform Hulu, jointly owned by Walt Disney Co. , 21st Century Fox Inc. , Comcast Corp. and Time Warner Inc. , said during its advertising Upfront on Wednesday it’s launching its live TV service and at the same time adding channels from Scripps Networks Interactive Inc. to the service. Hulu Chief Executive Mike Hopkins said during the company’s presentation in New York that the deal with Scripps gives Hulu live and on-demand access to the HGTV, Food Network and Travel Channel when Hulu’s live streaming service launches in beta on Wednesday. Scripps joins Fox, Disney, NBCUniversal, CBS, Turner Networks and A&E Networks in providing channels to Hulu’s live service. Live TV streaming platforms have increasingly become a focus in the landscape with companies competing to meet viewers where they are by giving them the content they want most — live TV has been the last bastion of broadcast and cable TV. Hulu’s live TV service, at $40 per month, joins offerings like Sling TV from Dish Network Corp. , DirecTV Now from AT&T Inc. and even Google Inc.’s YouTube TV.

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U.S. stocks fell in early trading on Wednesday, a day after Apple Inc. reported disappointing revenue and gave a sales forecast that was below expectations. The Dow Jones Industrial Average fell 44 points, or 0.2%, to 20,906. The S&P 500 lost 7 points to 2,384, a decline of 0.3%. The Nasdaq Composite Index slid 22 points to 6,073, a drop of 0.4%. The tech-heavy Nasdaq was particularly pressured by Apple , the largest U.S. company by market capitalization, which fell 1.5%. Trading is expected to be subdued as investors await a closely watched policy update from the Federal Reserve, which will be released at 2 p.m. Eastern. While the Fed is expected to keep rates on hold, investors will scrutinize the accompanying statement for clues about the pace of future rate increases.

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Shares of Akamai Technologies Inc. tumbled 13% in premarket trade Wednesday, after the content delivery service’s disappointing revenue outlook, amid continued weakness in its media business, prompted analyst downgrades. The stock was on track to open at a 6 1/2-month low. The company reported late Tuesday first-quarter earnings and revenue that beat expectations, but said on a conference call after the results that current-quarter revenue was expected to be $597 million to $609 million, which was below the FactSet consensus of $623 million at the end of April. Analyst Greg Miller at SunTrust Robinson Humphrey downgraded Akamai to hold from buy and slashed his stock price target to $54 from $82. “Accordingly, even with security outperforming, we believe headwinds and lack of visibility prevent us from continuing to recommend the stock,” Miller wrote in a note to clients. D.A. Davidson analyst Mark Kelleher cut his rating to neutral from buy, saying weak outlook contradicted his previous belief that its core media business was growing rapidly. He cut his stock price target to $57 from $76. The stock had lost 6.3% year to date through Tuesday, while the S&P 500 has gained 6.8%.

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General Mills Inc. said Wednesday that the board elected Jeff Hermening chief executive officer of the company, effective June 1. Hermening will also serve on the company’s board. He succeeds Jen Powell, who has been CEO since 2007. He will continue as chairman until his retirement, which is expected within the next year. Harmening has been with the company for 23 years, most recently serving as chief operating officer, a title he held since July 1, 2016. General Mills shares are up 0.3% in premarket trading, but down 9.5% for the year to date. The S&P 500 index is up 6.8% for 2017 so far.

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The New York Times Co. shares gained 3.5% in premarket trade on Wednesday after the media company reported improved first-quarter earnings that were better than Wall Street expected. Net income for the quarter came in at $13.18 million, or 8 cents per share, that’s after a loss of $8.27 million, or 5 cents during the same period a year ago. Adjusted earnings were 11 cents per share, above the FactSet consensus of 7 cents. Revenue for the quarter hit $398.80 million, compared with $379.52 million in the year-earlier period. FactSet had forecast revenue would hit $382.00 million. The New York Times saw circulation revenue increase 11.2%, while advertising revenue fell 6.9%. The company said revenue from print advertising was down 17.9% in the quarter while digital advertising revenue rose 18.9%. Digital advertising accounted for 38.2% of the company’s total advertising revenue. “These results show the current strength and future potential of our digital strategy not just to reach a large audience, but also to deliver substantial revenue,” said New York Times Chief Executive Mark Thompson in a statement. “Despite continued pressure on print advertising, we were able to grow overall revenues by 5% in the quarter.” The New York Times said it expects digital-only subscriptions to slow compared to previous quarters and it expects total advertising revenue to decrease in the low- to mid-single digits. Shares of the New York Times Co. have increased 7.5% in the year so far and 14.9% over the course of the last 12 months. By comparison, the S&P 500 index has gained 6.8% in the year to date and 15.9% in the prior 12 months.

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WASHINGTON (MarketWatch) – The Treasury Department said Wednesday it is conducting an “internal review” of the possibility of issuing ultralong bonds with maturities greater than 30-years. In a statement, the department said it was meeting with “a broad variety of market participants” to assess the costs and benefits of the bonds with 50-year and 100-year maturities. Following the review, Treasury said it will provide an update on the potential for ultra-long issuance, but did not provide a specific timetable. Treasury Secretary Steve Mnuchin said earlier this week that ultralong bonds “could absolutely make sense.”

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Shares of Groupon fell 10% in premarket trade Wednesday after the company reported a decline in sales that fell widely short of expectations. The company reported a loss of $24.4 million, or 4 cents a share, compared with a year-earlier loss of $49.1 million, or 8 cents a share. Excluding one-time items, Groupon reported non-GAAP earnings of a penny a share, ahead of the one-cent loss analysts on average surveyed by FactSet had been expecting. Revenue for the period fell 3% to $673.6 million from $698.4 million in the year-earlier period, widely missing the consensus view of $722 million. The company added 500,000 new customers in North America, bringing total active customers in North America to 31.6 million, and 48.3 million customers globally. The daily deals site reiterated its full-year gross profit guidance in the range of $1.3 billion and $1.35 billion. As of Tuesday’s close, shares of Groupon had been up 14% in the past three months and 18% in the past year. The S&P 500 is up 4% and 16%, respectively. This was Groupon’s first sales miss in five quarters.

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McDonald’s Corp. was upgraded to buy from neutral at Goldman Sachs on Wednesday based on confidence that same-store sales will improve. The price target was raised to $153 from $126. Goldman says positive consumer reviews for the “Experience of the Future” could drive sales and excitement to push same-store sales higher. There’s also a clearer timeline for when the upgrades will roll out. The “Experience of the Future” includes mobile ordering, self-ordering kiosks, and other features. The McDonald’s app will also facilitate personalized offers and improved customer reviews. Expanded delivery service could also potentially drive upside. The one remaining issue was the fast-food chain’s value offers, which were “confusing” and needed greater emphasis on price point. Goldman said McDonald’s is finding a solution, which includes more regional value. McDonald’s shares are up 0.6% in premarket trading, and up 16% for the year to date. The Dow Jones Industrial Average is up 6% for 2017 so far.

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Molson Coors Brewing Co. said Wednesday it had net income of $201.3 million, or 93 cents a share, in the first quarter, up from $162.7 million, or 80 cents a share, in the year-earlier period. Sales rose to $2.91 billion from $950.8 million. The FactSet consensus was for EPS of $1.29 and sales of $2.46 billion. Sales were boosted by the acquisition of MillerCoors which was completed late last year. Chief Executive Mark Hunter said 2017 will be a transition year for the company following that deal. “First quarter underlying earnings were lower than last year, primarily due to higher brand amortization expense and weaker January and February volumes in the U.S. this year– and because we were cycling strong earnings comparatives from last year,” he said in a statement. Shares fell 0.9% in premarket trade, and are down 2% in 2017, while the S&P 500 has gained 6.8%.

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