Tag: stock market

Shares of U.S. Steel Corp. plunged 25% in morning trade Wednesday, putting them on course to suffer the biggest one-day selloff since they went public in April 1991, after the steelmaker reported a surprise quarterly loss. The previous biggest one-day drop was 18% on Oct. 15, 2008. The stock, which was by far the biggest percentage decliner listed on the NYSE, was trading at the lowest level seen since Nov. 8, 2016. At one point, the stock had nearly doubled after the election, to a 2 1/2-year high close of $41.26 on Feb. 21, before all the post-election gains were erased. Volume topped the full-day average of 19.0 million shares within 15 minutes after the open. The company reported late Tuesday an adjusted loss per share of 83 cents, compared with the FactSet consensus for a profit of 35 cents a share. Revenue of $2.73 billion also missed expectations of $2.95 billion. The stock has now shed 29% year to date, while the S&P 500 has gained 6.7%.

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U.S. stocks opened cautiously higher on Wednesday, but enough to help the Nasdaq touch a new all-time high, as investors awaited an announcement from President Donald Trump’s administration on a “massive” tax plan. The Dow Jones Industrial Average was up 16 points, or less than 0.1%, at 21,014 and the S&P 500 index traded up a point at 2,389. Meanwhile, the Nasdaq Composite Index , touched a new intraday trading high of 6,037.22, and was most recently trading flat at 6,025. In corporate news, shares of Twitter Inc. soared more than 9% after the social media company beat first-quarter earnings expectations. Trump has vowed to slash the corporate tax rate from 35% to 15%, and a plan is set to be announced at 1:30 p.m. Eastern.

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Treasury Secretary Steven Mnuchin confirmed on Wednesday that the White House tax plan will include a 15% corporate tax rate. That is down from the current 35%. Mnuchin also indicated the administration has shelved the so-called border adjustment tax for now, saying it doesn’t work “in its current form.” He said there will be more details on the plan later Wednesday, and that it would be the biggest tax cut in history.

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Consumer Reports has lowered safety ratings on Tesla Inc.’s Model S and Model X because the electric car marker has not enabled them with an automatic emergency braking safety feature it said would come as standard. Telsa has said it is working through problems with software, “but that has left owners without the promised feature, some for as long as six months,” the publication said Wednesday. Previous versions of both models came with AEB as standard, but models made between late October 2016 and now do not. Tesla told the publication it expects the software update to come as soon as Thursday. Consumer Reports adds points to its ratings of vehicles that offer AEB as a standard feature, valuing the technology for its ability to prevent crashes. Tesla shares were slightly lower premarket, but have gained a stunning 48% in 2017, while the S&P 500 has gained 6.6%.

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McDonald’s Corp. said Wednesday that it has partnered with Nintendo Co. Ltd. to bring eight toys based on Super Mario characters to Happy Meals from April 26 to May 22. The toys include Mario, Luigi and Princess Peach, and each will have a special function. There will also be a sweepstakes for a chance to win one in 100 Nintendo Switch Prize Packs, including a Nintendo Switch system and a Mario Kart 8 Deluxe game, which launches April 28. McDonald’s shares are down 0.2% in premarket trading, but up 9.8% for the year so far. Nintendo shares are up 12.6% for the year to date, and the Dow Jones Industrial Average is up 6.7% for the period.

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From:: Stock Market News

McDonald’s Corp. said Wednesday that it has partnered with Nintendo Co. Ltd. to bring eight toys based on Super Mario characters to Happy Meals from April 26 to May 22. The toys include Mario, Luigi and Princess Peach, and each will have a special function. There will also be a sweepstakes for a chance to win one in 100 Nintendo Switch Prize Packs, including a Nintendo Switch system and a Mario Kart 8 Deluxe game, which launches April 28. McDonald’s shares are down 0.2% in premarket trading, but up 9.8% for the year so far. Nintendo shares are up 12.6% for the year to date, and the Dow Jones Industrial Average is up 6.7% for the period.

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 Boeing Co. shares fell 1.1% in premarket trade Wednesday, after the company’s first-quarter revenue came in below expectations. The aerospace company said it had net income of $1.45 billion, or $2.34 a share, in the first quarter, up from $1.22 billion, or $1.83 a share, in the year-earlier period. Adjusted per-share earnings came to $2.01, ahead of the FactSet consensus of $1.91. Revenue fell to $20.9 billion from $22.6 billion, just below the FactSet consensus of $21.3 billion. “We remain on track to achieve our full-year revenue, earnings and cash flow targets as our teams deliver on our large and diverse order backlog,” Chief Executive Dennis Muilenburg said in a statement. The company raised its full-year EPS outlook to a range of $10.35 to $10.55 from a prior range of $10.25 to $10.45. It raised its adjusted full-year outlook to $9.20 to $9.40 from a prior range of $9.10 to $9.30. Revenue is expected to range from $90.5 billion to $92.5 billion. Shares have gained 19% in 2017, while the Dow Jones Industrial Average has gained 6%.

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Chipotle Mexican Grill Inc. disclosed Wednesday that it recently detected “unauthorized activity” on the payment-processing network that supports its restaurants. Although the fast-casual Mexican food restaurant operator said it has reported the issue to the authorities and payment card processors. The company believes the issue has been contained, and additional security measures have been taken, but the investigation into the matter is continuing. The probe is focused on card transactions at its restaurants from March 24, 2017 to April 18, 2017. The company said it is still unable to estimate the costs related to the issue, but expects costs associated with the probe will be covered by insurance. The disclosure follows Chipotle’s first-quarter results released late Tuesday, in which profit, revenue and same-store sales all beat expectations. The stock, which rallied 2.5% in premarket trade, has soared 25% year to date through Tuesday, while the S&P 500 has gained 6.7%.

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Shares of United Technologies Corp. rose 0.8% in premarket trade Wednesday, after the diversified industrial company reported first-quarter profit and sales that beat expectations. Net earnings increased to $1.39 billion, or $1.73 a share, from $1.18 billion, or $1.42 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.48, above the FactSet consensus of $1.39. Revenue rose 3% to $13.82 billion from $13.36 billion, beating the FactSet consensus of $13.49 billion, as sales from its Otis, Pratt & Whitney and climate, controls and security businesses all topped forecasts. The company affirmed its 2017 outlook for adjusted EPS of $6.30 to $6.60, which surrounds the FactSet consensus of $6.54, and sales guidance of $57.5 billion to $59 billion. The stock has rallied 6.6% year to date through Tuesday, while the Dow Jones Industrial Average has gained 6.2%.

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PepsiCo. on Wednesday posted quarterly sales and earnings that outstripped Wall Street’s forecasts. The food and beverage heavyweight said first-quarter net income was $1.32 billion, or 91 cents a share, compared with $931 million, or 64 cents a share, a year ago. Core earnings of 94 cents a share were above the FactSet estimate of 92 cents a share. PepsiCo.’s sales for the period came in at $12.05 billion, up from $11.86 billion in the year-ago period. Analysts expected $11.98 billion in sales.

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