Tag: stock market

Treasury yields rose sharply during Federal Reserve Chairman Jerome Powell’s testimony after he said the economic outlook had strengthened since December. The 10-year note yield shot up 5.1 basis points to 2.910%, according to Tradeweb data. The 2-year yield climbed 4.4 basis points to 2.274%. The 30-year rate rose 2.6 basis points to 3.180%. Analysts have construed his comments as hawkish and may be be pricing in a higher chance of the central bank implementing four rate hikes from a consensus of three hikes this year.

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From:: Stock Market News

Apple Inc. shares are on track for a record close Tuesday for the first time since hitting their Jan. 18 high. The stock is up 0.7% in Tuesday trading. “With Apple shares hitting all-time highs today and having a significant snap back from the dark lows we witnessed post December results/March guidance, we believe the Street is now starting to fully appreciate the massive iPhone upgrade opportunity on the horizon for FY18 with three new smart phones slated for release,” GBH Insights analyst Daniel Ives wrote Tuesday. He refers to the idea that Apple will debut a large-screen OLED iPhone, an enhanced version of the iPhone X, and a more affordable version of the iPhone X during its next smartphone launch, as has been reported by Bloomberg. Amazon.com Inc. shares returned to record levels on Feb. 15, while Microsoft Corp shares did yesterday. Alphabet Inc. stock is about 4% below its record high while Facebook Inc. stock is about 5% below its high. Apple shares are up 32% over the past 12 months, while the Dow Jones Industrial Average is up 23%.

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Fitbit Inc. shares are down 12% in midday trading and on track to close at a record low after the company reported weaker-than-expected results late Monday, but Oppenheimer analyst Andrew Uerkwitz reiterated his optimism. Though sales of the new Ionic smartwatch fell short of the company’s own expectations, Uerkwitz saw some positive signs in Fitbit’s earnings report. The company reported 9% growth in active users during the year and said that 37% of activations came from repeat customers. “With reactivations, cash being essentially flat, and recent digital health acquisitions, we remain ever the optimists,” Uerkwitz wrote. He has an outperform rating on shares and an $8 target price. Fitbit shares have fallen 14% over the last 12 months, as of Monday’s close, while the S&P 500 Index is up 17%.

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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President Donald Trump will name Brad Parscale, who ran digital operations for Trump’s 2016 campaign, campaign manager for his 2020 presidential run, according to the Drudge Report. The Drudge story said Trump will announce he’s running for a second term, but does not say when an announcement will come. The White House has previously said Trump will “absolutely” seek re-election in 2020.

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Splunk Inc. said Tuesday that it would acquire security firm Phantom Cyber Corporation for about $350 million in cash and stock. “Phantom’s employees and technology significantly expand and strengthen Splunk’s vision for the security nerve center and for business revolution through IT,” Splunk CEO Doug Merritt said in a release. Phantom specializes in Security Orchestration, Automation, and Response (SOAR), and Splunk says that the combination of its technology and Phantom’s will help reduce staffing and speed up incident response time. The company said the equity part of the deal will result in “less than one percent total dilution” for its shareholders. Mizuho analyst Abhey Lamba wrote Tuesday that the deal “aligns with product strategy.” Splunk shares are down 1% in Tuesday morning trading but up 50% over the past 12 months, while the S&P 500 has gained 17%.

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Retail stocks are rallying across the sector in early Tuesday trading after Macy’s Inc. and Dillard’s Inc. reported earnings that beat expectations. Macy’s and Dillard’s are leading the charge, up nearly 12% and more than 15% respectively. J.C. Penney Co. Inc. is getting a boost as well, up 11.3%. Kohl’s Corp. is up 2.5%, and American Eagle Outfitters Inc. is up 2.7%. Nordstrom Inc. shares have also risen, up nearly 2%. The SPDR S&P Retail ETF is up 12.1% for the last three months, outpacing the S&P 500 index is up 7% for the period.

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Shares of Mallinckrodt PLC soared 24% in early trade Tuesday, enough to make them the biggest gainer on the NYSE, after the specialty drug maker beat profit and revenue expectations. The company swung to net income of $1.61 billion, or $17.41 a share, from a loss of $153.2 million, or $1.45 a share, in the same period a year ago, helped by a $1.5 billion benefit from the recent tax legislation. Excluding non-recurring items, adjusted earnings per share came to $2.01, beating the FactSet consensus of $1.68. Revenue fell to $792.3 million from $829.9 million, but was above the FactSet consensus of $768.4 million. Specialty generics sales fell 8.0% to $195.8 million, while specialty brands sales rose 3.5% to $582.2 million. For 2018, the company expects adjusted EPS of $6.00 to $6.50, below expectations of $7.14, but expects revenue to rise 3% to 6%, while the FactSet consensus of $3.19 billion implies a 0.9% decline. The stock, which closed at a record low earlier this month, has tumbled 63% over the past 12 months, while the SPDR S&P Pharmaceuticals ETF has gained 1.9% and the S&P 500 has climbed 24%.

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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From:: Stock Market News

Fitbit Inc. fell 12% into record-low territory after reporting weaker-than-expected results late Monday, but Oppenheimer analyst Andrew Uerkwitz reiterated his optimism. Though sales of the new Ionic smartwatch fell short of the company’s own expectations, Uerkwitz saw some positive signs in Fitbit’s earnings report. The company reported 9% growth in active users during the year and said that 37% of activations came from repeat customers. “With reactivations, cash being essentially flat, and recent digital health acquisitions, we remain ever the optimists,” Uerkwitz wrote. He has an outperform rating on shares and an $8 target price. Fitbit shares have fallen 14% over the last 12 months, as of Monday’s close, while the S&P 500 Index is up 17%.

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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From:: Stock Market News

Stocks were flat to slightly higher at the opening bell on Tuesday after Federal Reserve Chairman Jerome Powell released his written remarks ahead of Congressional testimony this morning. The S&P 500 was up by 2 points at 2,781. The Dow Jones Industrial Average advanced 14 points to 25,723. The Nasdaq Composite Index was down by 2 points to 7,420. Powell said he wanted to strike a balance between preventing the economy from overheating while adjusting monetary policy to hit the 2% inflation target.

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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Market research firm IDC said Tuesday that global smartphone shipments declined 0.5% in 2017, but it predicts that shipments will return to growth in 2018 and beyond. Shipments in China dropped 5%, while U.S. shipments were near flat. Apple Inc. iPhone shipments grew 0.2% in 2017 after posting a decline the prior year, according to IDC data, and the company is making up for that slow growth through higher selling prices for its devices. IDC sees iPhone volumes growing at a 2.4% annual rate through 2022. Average selling prices for phones running Alphabet Inc.’s Android software grew for the first time since 2010, IDC added, mainly because the cheapest players moved toward “mid-tier pricing.” Alphabet shares are up 35% over the past 12 months, while Apple shares have gained 31%. The S&P 500 Index is up 17% in that time, while the Dow Jones Industrial Average rose 23%.

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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From:: Stock Market News