Tag: stock market

Stocks closed fractionally higher Monday, but well off session highs as investors cautiously approached the beginning of earnings season. The Dow Jones Industrial Average closed up 1.92 points at 20,658.02, led by gains in shares of Caterpillar Inc. and Travelers Cos. , and hampered by shares of Merck & Co. and Boeing Co. . The S&P 500 index finished up 1.62 points at 2,357.16, with a 0.8% rise in the energy sector and a 0.7% gain in real-estate stocks. The Nasdaq Composite Index rose 3.11 points to close at 5,880.93.

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Oil futures settled higher Monday, with prices up a fifth consecutive session. Geopolitical tensions following last week’s U.S. airstrike on Syria and the recent shutdown of Libya’s largest oil field raised concerns over disruptions to global crude supplies. May West Texas Intermediate crude rose 84 cents, or 1.6%, to settle at $53.08 a barrel.

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The United States has joined Canada and Mexico, as anticipated, in launching a three-party bid to host soccer’s World Cup in 2026. The Guardian first reported last week that the bid was expected to materialize. In response to concerns that a U.S.-Mexico relationship complicated by the election of President Donald Trump would have a negative impact on the effort, the president of Chicago-based U.S. Soccer, Sunil Gulati, said, “We have the full support of the United States government in this project,” the Guardian reported Monday. The Guardian reported that the bid unveiled Monday calls for the U.S. to host 60 games, including all matches from the quarterfinals onward, with Mexico and Canada splitting the remaining 20 matches between them. The U.S. last hosted a men’s World Cup in 1994. Russia and Qatar are in line to host the 2018 and 2022 tournaments, while the most recent World Cup, in 2014, was played in Brazil.

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Activist investor Jana Partners LLC has built a stake of almost 9% in Whole Foods Market Inc. and is pressuring the organic grocer to accelerate turnaround efforts and even explore a sale, The Wall Street Journal reported on Monday, citing people familiar with the matter. Jana is asking the company to upgrade technology and operations to better compete, the paper reported. It is also pushing for a board shake-up and urging the company to find out what a bidder might be willing to pay. Whole Foods declined to comment. Shares surged 9%, putting them on track for the best one-day gain in about two and a half years.

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Amazon.com Inc. was upgraded to buy from hold at Needham on the strength of the company’s growth prospects both in the U.S. and abroad. Analysts say Amazon’s U.S. market share could expand 16% in the next five years. Amazon’s U.S. market share was 34% in 2016 based on gross merchandise volume. The U.S. contributes nearly 70% of the company’s e-commerce revenue. Year-over-year revenue grew 30% in fiscal 2016, double the 15% retail industry average, according to Needham. Prime membership is a key driver of the company’s growth, along with mobile penetration and third-party growth. Overseas, Needham thinks Amazon has successfully used its U.S. playbook to expand in the U.K., Japan and Germany. India is also seen as a long-term opportunity. And Amazon Web Services will continue to drive bottom-line growth, with operating income of $3.7 billion in 2016, Needham said. Amazon shares are up 1.2% in Monday trading, and up 52.4% for the past year. The S&P 500 index is up 15.1% for the last 12 months.

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Axovant Sciences Ltd. shares surged 28% in morning trade Monday after the biotech company said that David Hung is its new chief executive officer. Hung was the founder and CEO of the biotech Medivation, which was acquired by Pfizer last year for $14 billion. The Bermuda-based Axovant is frequently speculated about as an acquisition target. Axovant’s prior, founding CEO was Vivek Ramaswamy, who will stay on the company’s board of directors and will become full-time CEO of Axovant’s parent company, Roivant Sciences. The company also announced that Marion McCourt, Medivation’s former chief operating officer, would serve as Axovant president and chief operating officer. Axovant shares were valued at $19.41 as of Monday morning. Shares have surged 49.8% over the last three months, compared with a 4.0% rise in the S&P 500 .

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The Securities and Exchange Commission on Monday announced enforcement actions against 27 individuals and entities for undisclosed payments made in return for bullish articles. The SEC filed fraud charges against three public companies and seven stock promotion or communications firms as well as two company CEOs, six individuals at the firms, and nine writers. Of those charged, 17 have agreed to settlements that include disgorgement or penalties ranging from approximately $2,200 to nearly $3 million based on frequency and severity of their actions. The SEC’s litigation continues against 10 others.

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The latest “Taking Stock with Teens Survey” from Piper Jaffray shows that the top brand for clothing and shoes is Nike Inc. , Michael Kors Holdings Ltd. is number one for handbags, and Amazon.com Inc. is the top shopping website. Piper Jaffray, which released the results for the spring survey on Monday, polled 5,500 teens across 43 U.S. states. The average age of the respondents was 16 and average household income was $66,100. The survey found that overall teen spending is down 2.4% year-over-year, with parents contributing 63% to their spend, down from an average 68% last year. Food comprised 24% of teen budgets with clothing at 19%. Starbucks Corp. is the top restaurant for teens from average-income homes ($55,000 in household income), and the coffee chain ties with Chick-fil-A for the top spot for upper-income teens ($100,000 in household income). Other brands topping the list of preferences are Netflix Inc. for daily video consumption and Snap Inc. for social media platform. The SPDR S&P Retail ETF is up 1.2% in Monday trading, but down 4.7% for the year so far. The S&P 500 index is up 5.5% for the year to date.

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Chicken restaurant chain El Pollo Loco said Monday that it is lowering initial franchise fees and royalty fees in order to boost growth in new markets. The reduced fees apply to new and existing franchisees with multi-unit development agreements in new markets through March 31, 2018. The initial franchise fee has been cut to $30,000 for the first restaurant and $20,000 for each additional restaurant. The standard franchise fee is $40,000, and $30,000 for secondary units. The initial franchise fee for any restaurant opened in the calendar year ahead of the year in their development schedule will be cut by 50%. And any restaurants opened beyond the multi-development agreement will be eligible for a zero dollar initial franchise fee. Royalty fees have also been reduced for the first time in three years: 2% for the first year, 3% in the second year, and 4% in the third year. The standard royalty fee is 5%. El Pollo Loco shares are down 3.3% in Monday trading, and down 8% for the past year. The S&P 500 index [s:spx] is up 15.2% for the last 12 months.

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Tesla Inc. was briefly the No. 1 car maker in the U.S. by market capitalization earlier Monday, a milestone it hit around the open after the shares hit a fresh record intraday high for the stock and an upgrade from analysts at Piper Jaffray. Tesla’s market value shot up to close to $51.2 billion to General Motors Co. $51.10 billion. As Tesla gains moderated, however, GM’s market capitalization was recently at $51.3 billion to Tesla’s $50.8 billion. Tesla shares traded as high as $313.73 early Monday.

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