Tag: stock market

The Canadian dollar strengthened on Wednesday after the Bank of Canada left interest rates unchanged but raised its growth forecast for 2017. The U.S. dollar weakened to C$1.3273 after the announcement, as the central bank was seen distancing itself from its dovish policy stance. By comparison, the U.S. currency traded at C$1.3327 late Tuesday in New York. Canada has seen economic growth accelerate over the past six months, thanks in part to a recovery in crude-oil prices. But the BOC has written off improvements in growth and the labor-market, saying they’re likely due to temporary factors. Furthermore, the considerable uncertainty surrounding the fiscal-policy priorities of U.S. President Donald Trump has given the bank reason to be cautious, the central bank said in a statement. Policy makers fear that growth will suffer if Trump’s protectionist rhetoric becomes official government policy. The U.S. is Canada’s largest trading partner. Canadian government bond yields declined after the decision, with the 10-year off 5 basis points at 1.548%. Meanwhile, the S&P Toronto Stock Exchange Composite Index moved slightly lower.

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From:: Stock Market News

United Continental Holdings Inc.’s stock edged up 0.6% in morning trade Wednesday, but pared earlier gains of as much as 1.4%, as it once again failed to sustain gains above a key technical level. The widely-watched 50-day moving average, which many chart watchers see as a dividing line between short-term uptrends and downtrends, currently extends to $71.64. The air carrier’s stock briefly traded above the 50-day MA when it reached an intraday high of $71.73, before pulling back below it, in the wake of incident over the weekend in which a passenger was dragged off a United plane. On Monday, the stock rose to an intraday high of $72.10, which was above the 50-day MA at the time of $71.65, before closing below it at $71.52. The last time the stock closed above the 50-day MA was March 3, 2017. The stock remains well above its 200-day moving average, seen by many as the long-term trend tracker, which currently extends to $61.30. Meanwhile, the NYSE Arca Airline Index rose 0.6% to 112.24, putting it on track to close above the 50-day MA (109.52) for a sixth-straight session. The S&P 500 was down 0.1% at 2,350.67, just below the 50-day MA at 2,351.04. The S&P 500 hasn’t closed below its 50-day MA since election day.

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The U.S. stock market opened slightly lower on Thursday as investors refrained from buying risky assets such as global equities amid a tense geopolitical backdrop. The S&P 500 opened 5 points, or 0.2%, lower at 2,348. Shares of Delta Air Lines Inc. jumped more than 2% in early trade after the company said unit revenue will return to the black this quarter. The Nasdaq Composite fell 8 points, or 0.1%, to 5,859 at the open. The Dow Jones Industrial Average began the session down 25 points, or 0.1%, at 20,625.

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Netshoes Limited , a sports and lifestyle online retailer, priced its initial public offering at $18 a share Wednesday to raise $148.5 million. Netshoes sold 8.25 million shares and has granted underwriters a 30-day option to buy an additional 1.24 million shares. The stock is expected to start trading Wednesday on the New York Stock Exchange under the symbol “NETS.” Goldman, Sachs & Co., J.P. Morgan Securities, Bano Bradeso BBI, Allen & Company LLC and Jefferies LLC were joint book-running managers on the offering.

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Shares of Blackberry Ltd. were on track to open at a 15-month high Wednesday, after a favorable court ruling in its dispute with Qualcomm Inc. sent them soaring. The mobile communications company’s stock ran up 16.6% to $8.98 in premarket trade, as it heads toward the highest price seen during regular trading hours since Jan. 5, 2016. The stock is also on track for the biggest one-day percentage gain since it climbed 29.7% on Jan. 14, 2015. Qualcomm said that while it disagreed with the $814.9 million arbitration award granted to BlackBerry, the ruling was binding and not appealable. BlackBerry’s stock had surged 12% year to date through Tuesday, while Qualcomm’s had tumbled 15% and the S&P 500 had gained 5.1%.

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Qualcomm Inc. said Wednesday it does not agree with the $814.9 million arbitration award granted to BlackBerry Corp. in a contract dispute. However, “it is binding and not appealable,” the company said in a statement. The companies agreed to arbitrate a dispute last April on whether Qualcomm’s agreement to cap certain royalties applied to payments made by BlackBerry under a licence agreement between the two. Qualcomm shares fell 0.8% in premarket trade, while BlackBerry shares rose as much as 17%.

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Shares of United Continental Holdings Inc. climbed 1.1% in premarket trade Wednesday, putting them on course to post a gain despite the public-relations backlash after a passenger was dragged off the plane over the weekend. The stock was changing hands at $71.50 ahead of the open, and was on track to open with a 0.9% gain on the week. The stock was suffering a week-to-date decline of as much as 3.6% at Tuesday’s intraday low of $68.36, but then pared losses sharply after Chief Executive Oscar Munoz issued a more conciliatory apology in the afternoon. United’s stock rally comes as shares of Delta Air Lines Inc. jumped 3% in premarket trade after reporting first-quarter results, and of JetBlue Airways Corp. tacked on 0.1% after reporting March traffic data. United’s stock has lost 4.5% over the past three months through Tuesday, while the NYSE Arca Airline Index has slipped 0.9% and the S&P 500 has gained 3.7%.

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TiVo Corp. said on Wednesday it has signed a multi-year licensing deal with TV streaming platform Roku for intellectual property. The deal covers the TiVo and Rovi Corp. patent portfolio and the over-the-top assets from the Intellectual Ventures patent portfolio under its licensing partnership with TiVo signed in February. Roku also has the option to access TiVo’s entertainment metadata and other products to help power search and navigation. “This license agreement with Roku underscores the importance of TiVo’s comprehensive patent portfolios for the fast-growing streaming entertainment industry,” said Samir Armaly, executive vice president of intellectual property and licensing at Rovi and TiVo. Last year Rovi reached an agreement to buy TiVo in a deal valued at $1.1 billion. TiVo shares were inactive in premarket trade, but have gained more than 9% over the last 12 months, while the S&P 500 index is up 14% in the same period.

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BlackBerry Ltd. said Wednesday it has been awarded $814.9 million in a binding interim arbitration decision against Qualcomm Inc. . A final award, including interest and legal fees will be issued after a May 30 hearing, the Canadian mobile device maker said in a statement. The companies agreed to arbitrate a dispute last April on whether Qualcomm’s agreement to cap certain royalties applied to payments made by BlackBerry under a licence agreement between the two. The arbitration hearing was held in San Diego, Calif. from Feb. 27 to March 3. “BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners,” said John Chen, chief executive of BlackBerry. “We are pleased the arbitration panel ruled in our favor and look forward to collaborating with Qualcomm in security for ASICs and solutions for the automotive industry.” BlackBerry shares jumped 12% after resuming premarket trade following a halt for the news. Qualcomm shares fell 0.8%. BlackBerry shares have gained 12% in 2017 through Tuesday, while the S&P 500 has gained 5%.

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Tractor Supply Co. shares slid 4.7% in premarket trade Wednesday, after the company warned that first-quarter earnings will fall short of estimates. The Brentwood, Tn.-based rural retail chain said net sales rose 6.6% in the quarter to $1.56 billion, but same-store sales fell 2.2%. “The comparable store sales results included decreases in comparable transaction count and average ticket of 1.4% and 0.9%, respectively,” the company said in a statement. The decline was driven by lower sales of seasonal merchandise and deflation, with sales weakest in the Northern regions, where weather had the biggest impact. The company is now expecting first-quarter per-share earnings of 45 cents to 46 cents, below the FactSet consensus of 49 cents. “We believe seasonal merchandise sales will improve as we move further into the spring selling season,” said Chief Executive Greg Sandfort. Shares are down 7% in 2017, while the S&P 500 has gained 5%.

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