Tag: stock market

U.S. stocks finished lower on Friday, but still managed to notch their first weekly gain in three weeks and largest in two months, as President Donald Trump said he’d soon release his long-anticipated tax-reform plan. Stocks moved off their session lows after Trump’s announcement, with the S&P 500 index shedding 7.13 points, or 0.3%, to 2,348.70, while the Dow Jones Industrial Average fell 30.95 points, or 0.2%, to 20,547.76. The Nasdaq Composite Index was off 6.26 points, or 0.1%, to 5,910.52. Strong corporate earnings helped support stocks, offsetting anxieties surrounding Sunday’s first-round vote in the French presidential election. Schlumberger Ltd. shares skidded after the oilfield-services company’s quarterly revenue missed Wall Street expectations. Shares of Mattel Inc. also slumped after the company’s earnings disappointed. In other markets, oil prices fell 2.4%, capping off a weekly drop of roughly 7%.

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Oil prices ended sharply lower on Friday, settling below $50 a barrel for the first time this month and losing more than 7% for the week. Signs of further gains in U.S. crude output, including data from Baker Hughes showing a 14th straight weekly rise in active U.S. oil rigs, helped to cast some doubt that other major oil producers will stick to their pledge to curb production. June WTI crude dropped $1.09, or 2.2%, to settle at $49.62 a barrel on the New York Mercantile Exchange. Prices for the June contract lost 7.4% or the week.

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President Donald Trump plans to release a tax-reform package next week that will give businesses and individuals a “massive tax cut,” he told the Associated Press in an interview on Friday. Trump didn’t give details but said the tax cuts will be “bigger I believe than any tax cut ever.”

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Treasury Secretary Steven Mnuchin said Friday Exxon Mobil Corp. and other U.S. companies will not receive waivers from U.S. sanctions prohibiting oil drilling in Russia. Exxon had applied to the Treasury to resume its joint venture with PAO Rosneft, The Wall Street Journal reported earlier this week.

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Gold prices climbed on Friday, erasing a weekly loss to post a modest gain of less than 0.1% for the week. Prices got a boost from uncertainty ahead of France’s presidential election, as well as from weakness in the U.S. stock market. June gold rose $5.30, or 0.4%, to settle at $1,289.10 an ounce. It settled at $1,288.50 at the end of last week’s trading.

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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 5 to 688 rigs this week. That marks a fourteenth weekly climb in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also climbed by 10 to 857, according to Baker Hughes. June West Texas Intermediate crude fell $1.40, or 2.8%, at $49.34 a barrel on the New York Mercantile Exchange for the session, but it was trading close to that level before the data.

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Oil prices fell sharply Friday, steepening earlier losses to dip below $50 a barrel for the first time this month. U.S. equities turned broadly lower “on France election uncertainty and oil, being in a weak technical position, followed along,” said Phil Flynn, senior market analyst at Price Futures Group. Buyers are also cautious ahead of Baker Hughes data due later in the session on the U.S. oil-rig count, he said. June WTI crude dropped $1.13, or 2.3%, to $49.59 a barrel on the New York Mercantile Exchange. The contract hasn’t settled below $50 since late March, FactSet data show.

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iHeartMedia Inc. , the operator of radio and television stations, is planning to include language in its next quarterly report warning investors that it may not survive another year, according to a regulatory filing. The company, which owns iHeartRadio and outdoor advertising company Clear Channel Outdoor Holdings , said it continues to expect cash flow to be negative and is uncertain as to whether it will be able to refinance or extend the maturities of some of its borrowings. The company has almost $350 million of debt coming due this year, part of a massive $20 billion debt load it took on as part of a $24 billion leveraged buyout of then Clear Channel Communications Inc. by private equity firms Bain Capital and Thomas H. Lee Partners in 2008.
“Management anticipates that our financial statements to be issued for the three months ended March 31, 2017 will include disclosure indicating there will be substantial doubt as to our ability to continue as a going concern for a period of 12 months following the date the first quarter 2017 financial statements are issued,” the company said in its filing with the Securities and Exchange Commission. iHeartMedia shares reversed early gains to trade down 3% on Friday, while Clear Channel Outdoors shares were down 2%.

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From:: Stock Market News

iHeartMedia Inc. , the operator of radio and television stations, is planning to include language in its next quarterly report warning investors that it may not survive another year, according to a regulatory filing. The company, which owns iHeartRadio and outdoor advertising company Clear Channel Outdoor Holdings , said it continues to expect cash flow to be negative and is uncertain as to whether it will be able to refinance or extend the maturities of some of its borrowings. The company has almost $350 million of debt coming due this year, part of a massive $20 billion debt load it took on as part of a $24 billion leveraged buyout of then Clear Channel Communications Inc. by private equity firms Bain Capital and Thomas H. Lee Partners in 2008.
“Management anticipates that our financial statements to be issued for the three months ended March 31, 2017 will include disclosure indicating there will be substantial doubt as to our ability to continue as a going concern for a period of 12 months following the date the first quarter 2017 financial statements are issued,” the company said in its filing with the Securities and Exchange Commission. iHeartMedia shares were trading up 3% on Friday, while Clear Channel Outdoors shares were down 2%.

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Shares of Visa Inc. surged to another record high in morning trade Friday, in the wake of the credit card company’s fiscal second-quarter results. The stock ran up as much as 1.8% to an all-time intraday high of $92.80, before paring gains to be up 0.6% at $91.73. The stock had also closed at a record on Thursday, before reporting after the bell earnings and revenue that rose above expectations. No less than 17 of the 37 analysts surveyed by FactSet raised their stock price targets Friday, lifting the average to $101.81, or 11% above current levels. That helped lift rival MasterCard Inc.’s stock to record highs on Friday. Visa shares have now run up 18% year to date, while the Dow Jones Industrial Average has gained 4.1%.

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