Tag: stock market

Shares of Harmonic Inc. skidded in Monday’s extended session after the video services company posted quarterly results that fell short of Wall Street’s expectations. Harmonic reported its first-quarter loss narrowed fractionally to $24.3 million, or 30 cents a share, from a loss of $25.2 million, or 33 cents a share, a year earlier. On an adjusted basis, the company would have lost 14 cents a share. Revenue edged up to $82.9 million from $81.8 million a year ago. Analysts surveyed by FactSet had forecast a loss of 5 cents a share on revenue of $93.1 million. Harmonic projected a loss of 4 cents a share to break even, on an adjusted basis, in the second quarter, below analysts’ estimates. Shares sank 12% after hours.

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The Nasdaq rallied on Monday to a new record on the back of strong gains in large-cap tech shares even as the broader market finished out the session mixed. Big gains in Amazon.com Inc. , Apple Inc. and Netflix Inc. underpinned the Nasdaq’s rise in a day devoid of big earnings or economic data. Nasdaq Composite Index gained 44 points, 0.7%, to end at 6,091. The S&P 500 climbed 4 points, or 0.2%, to close at 2,388 and the Dow Jones Industrial Average slid 26 points, or 0.1%, to finish at 20,914.

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WASHINGTON (MarketWatch) – The U.S. government expects to borrow $26 billion in the April-June quarter, an estimate that is $24 billion higher than previously projected in January, the Treasury Department said Monday. The latest estimate includes an assumption of an end-of-June cash balance of $200 billion. During the July-September quarter, Treasury expects to borrow $98 billion in net marketable debt assuming a cash balance of $115 billion. During the January-March quarter, Treasury borrowed $40 billion in net marketable debt and ended with a cash balance of $92 billion.

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Oil prices fell Monday to finish at their lowest level in almost five weeks. “With the future of OPEC policy unclear, the trend of rising U.S. production remains the single biggest headwind for oil prices in the medium term,” said Tyler Richey, co-editor of the Sevens Report. June WTI crude fell 49 cents, or 1%, to settle at $48.84 a barrel on the New York Mercantile Exchange. That was the lowest for a most-active contract since March 28, according to FactSet data.

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Gold prices settled sharply lower Monday, at their lowest level in three weeks. “When headlines began to cross about a 4.3% Q2 reading in the Atlanta Fed’s ‘GDPNow’ model forecast, there was a sharp drop in both Treasurys and gold futures,” said Tyler Richey, co-editor of the Sevens Report. “If the economy were to grow at that pace in Q2, that would have hawkish policy implications that are bearish for both Treasurys and gold,” he said. June gold fell $12.80, or 1%, to settle at $1,255.50 an ounce, the lowest for a most-active contract since April 10, according to FactSet data.

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Shares of Ocwen Financial Corp. rocketed 41% in afternoon trade Friday, after the troubled financial services company announced a new proposed deal with New Residential Corp. that includes an upfront payment of $425 million to Ocwen and an equity stake. The stock was the biggest percentage gainer on the New York Stock Exchange. Volume spiked to over 22 million shares, or more than triple the full-day average. Ocwen said the new deal would convert New Residential’s existing rights to mortgage service rights (MSRs) to fully-owned MSRs. In addition, New Residential would also make an equity investment in Ocwen and become a 4.9% owner. On April 20, the stock had lost more than half its value after North Carolina ruled the firm couldn’t acquire new service rights. Despite Monday’s rally, the stock has still tumbled 40% year to date, while the SPDR Financial Select Sector ETF has gained 2.0% and the S&P 500 has advanced 6.8%.

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WASHINGTON (MarketWatch) – President Donald Trump said he’s open to raising the federal tax on gasoline if the money raised is directed “toward the highways,” he said in an interview with Bloomberg. Republicans in Congress have generally resisted a higher gas tax, but funding for highways has been hurt in part by the use of more energy efficient vehicles. Car owners don’t need to buy as much gas to fill up. “Everything is a starting point,” Trump said about his proposal to cut taxes and reshape the U.S. tax code.

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Eli Lilly & Co. has received civil investigative demands related to its insulin prices from the attorney generals in Washington State and New Mexico, according to a 10-Q financial filing. The Washington State AG’s office demand has to do with insulin prices as well as “our relationships with pharmacy benefit managers,” industry middlemen that negotiate drug prices, while the demand from the New Mexico AG’s office asked about insulin pricing, according to the 10-Q. Eli Lilly is cooperating with both investigations, it said. Insulin prices have skyrocketed over the last several years, making it challenging for diabetics to afford the medication. Eli Lilly, a major insulin manufacturer, has benefited from the industry-wide trend. Eli Lilly shares slumped 0.1% at $81.98 in midday trade on Monday. Shares have risen 5.6% over the last three months, compared with a 4.9% rise in the S&P 500 .

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The Atlanta Fed tracker of gross domestic product points to a strong rebound for the second quarter after the slowest quarter in three years. The GDPNow model forecasts 4.3% growth. That would be the strongest growth since the 5% gain in the third quarter of 2014. The U.S. grew just 0.7% in the first quarter, the Commerce Department said last week.

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McDonald’s Corp. said Monday that it is launching three new Signature Crafted Recipes sandwiches with a limited-time offer. The three sandwiches are the Pico Guacamole, made with pico de gallo and buttermilk ranch sauce; Sweet BBQ Bacon, made with grilled onions and thick-cut Applewood smoked bacon; and the Maple Bacon Dijon, also made with thick-cut Applewood smoked bacon and sweet maple seasoning. From May 4 to May 8, anyone purchasing one of these sandwiches will get a free medium fry and soft drink. Also to celebrate the sandwiches, McDonald’s will be giving away free “Frorks” on May 5 at select restaurants. A “Frork” is a silicone fork-shaped utensil that uses French fries to sop up any toppings that fall out of the signature sandwiches. The company released its first infomercial promoting the utensil on April 30. McDonald’s shares are up 15.6% for the year so far while the Dow Jones Industrial Average is up 6.6% for the period.

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