Tag: stock market

The price target for United Continental Holdings Inc. , parent of United Airlines, was raised to $87 from $84 at Raymond James Wednesday, as the analysts say backlash from the incident with a passenger will likely have just a “small” impact on the company’s bookings. The company beat first-quarter earnings expectations on Monday and issued guidance for passenger revenue per available seat mile above the analysts’ estimates. “We do not believe the guide is in jeopardy due to the public/media response to last week’s troubling event,” wrote Savanthi Syth, the lead analyst on the report, referring to an incident in which a passenger was dragged off a United Airlines flight. United does have cultural issues to address that have been holding back the company, Syth writes, but he believes that the company’s new executive team as well as reviews that are underway “should go a long way to addressing it.” The analysts maintained an outperform rating on the stock. Shares of United were up 1% in premarket trade. United shares have fallen 2% week-to-date, while the S&P 500 has gained 0.6%.

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LVMH Moet Hennessy Louis Vuitton SE was upgraded to outperform from market perform at Cowen & Co. on Wednesday based on its ability to fend off Amazon.com Inc. through qualities like craftsmanship and consumer trust. The price target was raised to €245 from €192. The luxury business is seen as more resilient to the Amazon threat. And LVMH is well-positioned in that sector based on the warm reception to its latest product launches, share gains in watches and jewelry, the prospects for its Sephora beauty business, and the healthy consumer appetite for luxury goods in Asia and the U.S. LVMH shares are up nearly 34% for the past year while the S&P 500 index is up 11.5% for the period.

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Shares of IBM Corp. fell more than 5% premarket Wednesday as investors digested weaker-than-expected quarterly sales, and analysts unleashed a wave of bearish notes. RBC Capital Markets lowered its 12-month price target on IBM’s stock to $180 from $185 and reiterated a sector perform rating, saying sales growth may be limited in the near term. Investors may be waiting for more tangible signs of earnings growth before getting bullish on the company, which has been transitioning to a cloud services company, RBC said. Analysts at Stifel took a longer approach, reiterating a buy rating and $192 price target. They said the post-earnings selloff may present an “opportunistic entry point.” The average rating on the stock is the equivalent to neutral, while the average price target is $170.05, according to a FactSet survey of roughly 30 analysts. Shares of IBM traded around $160.96 in premarket trade. They’ve gained 2% in the past three months and 18% in the past year. The Dow Jones Industrial Average , a 30-member index that includes IBM, has increased 4% in the past three months and 14% in the past year. The broader S&P 500 is up 3.5% in three months and 11.5% in the past year.

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Shares of industrial company Cemtrex Inc. jumped 5.6% in premarket trade Wednesday, after the company said it’s paying its first ever cash dividend of $1 a share. The Farmingdale, New York-based company said it made the decision to broaden its investor base and tap those mutual funds that only invest in dividend-paying stocks. The payout of $1 a share will be made today to shareholders of record as of March 31. “We have sufficient cash flow and confidence in the future to give us comfort that we can afford to fund both a dividend and our ongoing acquisition program,” Chief Executive Saagar Govil said in a statement. Cemtrex shares have fallen 56% in 2017, while the S&P 500 has gained 4.6%.

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Shares of Libbey Inc. plunged 10% in premarket trade Wednesday, putting them on track to open at a 5 1/2-year low, after the glass tableware maker warned investors that it expected to swing to a loss in the first quarter. The company said it expects a net loss in the range of $6 million to $8 million, compared with a profit of about $700,000 a year ago. The FactSet consensus was for a profit of 4 cents a share. The company said that in addition to the expected pressures on profit from furnace rebuilds and some technology investments, the company suffered unfavorable price and product mix as it fought to protect market share and cope with “intense global price competition.” The stock had tumbled 28% year to date through Tuesday, while the S&P 500 had gained 4.6%.

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Interational Business Machines Corp.’s stock is acting as a sea anchor for the Dow Jones Industrial Average , which would be indicated much higher if not for the stock’s tumble in premarket trade. IBM shares were shedding or $7.74, 4.6%, to $162.31 ahead of the open, after the technology giant reported late Tuesday first-quarter revenue that missed expectations. That would would shave about 53 points off the Dow’s price. Dow futures were up 26 points. IBM’s stock was on track to open at the lowest level since Dec. 7.

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BlackRock Inc. reported Wednesday first-quarter net income that rose to $862 million, or $5.23 a share, from $657 million, or $3.92 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share of $5.23 beat the FactSet consensus of $4.89. Revenue increased 8% to $2.82 billion, but was just shy of the FactSet consensus of $2.86 billion. Retail long-term net inflows were $4.6 billion, as $5.0 billion in international inflows offset $400 million in outflows from the U.S. Institutional active long-term net outflows of $1.0 billion included equity outflows of $4.7 billion and fixed income outflows of $1.3 billion, while multi-asset net inflows were $3.8 billion and alternatives net inflows were $1.2 billion. IShares ETF long-term net inflows were $64.5 billion, led by equity net inflows of $44.6 billion. “Both retail and institutional investors continued to utilize BlackRock’s iShares® ETFs as the building blocks for their portfolios and in combinations to drive active returns,” said Chief Executive Laurence Fink. The stock, which was still inactive in premarket trade, has ticked up 0.8% year to date, while the S&P 500 has gained 4.6%.

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Former New England Patriots star Aaron Hernandez took his own life in prison early Wednesday morning, according to a statement from the Department of Correction in Massachusetts, where Hernandez was serving a life sentence for a murder conviction. Hernandez, housed in a single cell in a general population unit, hanged himself with a bed sheet after blocking his cell door, the statement said. He was pronounced dead at a local hospital. The former NFL player’s suicide comes just five days after he was acquitted of murdering two men in Boston in 2012. However, he was still serving a life without parole sentence for murdering Odin Lloyd in 2013.

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Former President George H.W. Bush has been hospitalized in Houston for four days with a recurrence of pneumonia he had earlier in the year, a family spokesman said in a statement late Tuesday. The statement said doctors diagnosed a mild case of pneumonia that has been treated and resolved. Bush, who served as president from 1989 to 1993, had spent 16 days in the hospital for treatment of pneumonia in January. The 92-year-old father of former president George W. Bush has a variation of Parkinson’s disease and uses a motorized scooter or a wheelchair for mobility.

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British lawmakers later Wednesday are largely expected to vote in favor of Prime Minister Theresa May’s plan for a general election on June 8. The Labour and Liberal Democrat parties — rivals to May’s Conservative Party — have welcomed the early election, media reports have noted. The vote in parliament is anticipated at around lunchtime in London. May on Tuesday said she’d seek an early election to get a strong majority that would eliminate divisions in parliament ahead of the crucial Brexit negotiations with the European Union.

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