Tag: stock market

Stocks closed slightly higher Tuesday as investors exercised caution ahead of a meeting between President Donald Trump and Chinese counterpart Xi Jinping and Friday’s jobs report. The Dow Jones Industrial Average closed up 39.03 points, or 0.2%, at 20,689.24, led by gains in shares of Caterpillar Inc. and Boeing Co. . The S&P 500 index [s; spx] finished up 1.32 points, or less than 0.1%, at 2,360.16, with the energy and materials sectors leading gainers. The Nasdaq Composite Index rose 3.93 points, or less than 0.1%, to close at 5,898.61.

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Payless Shoesource, the affordable family footwear retailer, announced Tuesday that it has filed for Chapter 11 bankruptcy in order to restructure its North American entities, as well as its Hong Kong-based logistics and supply chain entities. As part of the restructuring, the company will close nearly 400 stores in the U.S. and Puerto Rico, plans to reduce its debt by 50% and will invest in areas including online expansion, product and inventory efforts, and global growth. The company has entered agreements with certain existing lenders to gain access to up to $385 million of debtor-in-possession financing. New term loan financing totaling $80 million will aid the company as it emerges from bankruptcy. Payless has about 4,400 stores in more than 30 countries, the company said. The SPDR S&P Retail ETF is down 9.5% for the past year while the S&P 500 index is up 14.2% for the period.

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Oil futures ended higher Tuesday, buoyed by expectations for a decline in weekly U.S. crude inventories. West Texas Intermediate crude for May delivery on the New York Mercantile Exchange rose 79 cents, or 1.6%, to close at $51.03 a barrel. The American Petroleum Institute, an industry group, is expected to release weekly inventory data later Tuesday, while more closely watched figures from the Energy Information Administration are due Wednesday morning.

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Shares of Amazon.com Inc. were up 1.4% in afternoon trade Tuesday, putting them on track to reach the longest stretch of record closes in 1 1/2 years. The stock was headed for a seventh straight gain, which would be the longest win streak since the seven-day streak ending last Aug. 12. The stock was also set to close at a record high for a fifth straight session, the longest such stretch since the five-session stretch ending Oct. 29, 2015. During the current record streak, the shares have rallied 5.7%, the best five-day performance since the stock climbed 6.3% over the five sessions ending Jan. 9, 2017. Helping fuel Tuesday’s gain, a BMO Capital Markets analyst upped his share-price target to $1,200, which implied potential for a further 33% rally from current levels, citing the e-commerce giant’s burgeoning advertising business. Amazon’s stock has soared 21% in 2017, while the S&P 500 has gained 5.4%.

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Gold prices settled higher for a third straight session Tuesday at levels not seen since late February ahead of a meeting between President Donald Trump and Chinese President Xi Jinping. Gold for June delivery settled up $4.40, or 0.4%, at $1,258.40 an ounce, it highest settlement since Feb. 27. Silver for May delivery settled up 11.1 cents, or 0.6%, at $18.32 an ounce, its highest settlement since Mar. 1. The U.S. Dollar Index last traded up 0.1% at 100.63.

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TG Therapeutics Inc. shares rose 2.0% in afternoon trade Tuesday after the company presented preclinical data on its anti-PD-L1 monoclonal antibody, part of a class of immunotherapy drugs that try to use the patient’s immune system to fight cancer. The group of drugs is considered essential to any drugmaker developing an immuno-oncology portfolio. The antibody, CK-301, was found to block binding of PD-L1 to PD-1, which prevents the immune response, and its activity was similar to other anti-PD-L1s and worked similarly to Pfizer’s avelumab, according to TG Therapeutics’ presentation at the American Association for Cancer Research’s annual meeting on Tuesday. CK-301 should begin a phase 1 clinical trial in humans this year, the company said. TG Therapeutics shares have surged 129.9% over the last three months, compared with a 3.8% rise in the S&P 500 .

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The Trump’s administration is exploring the creation of two controversial new taxes – a value-added tax and a carbon tax, The Washington Post reported, citing an administration official and one other person briefed on the process. The taxes are being discussed as revenue raisers for a broader tax reform plan, the report said.

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The Dow Jones Industrial Average’s Tuesday afternoon advance was being spearheaded by a trio of its 30 components, contributing about 32 points to the blue-chip gauge. Caterpillar Inc. . which was trading 2.2% higher after a bullish note from Goldman Sachs, added about 15 points to the Dow , while shares of United Technologies Corp. , climbed 0.9%, tacking on about 10 points. Meanwhile, Boeing Co.’s shares , up 0.9%, contributed about 7 points. Earlier in the session, the Dow was under pressure, along with the S&P 500 index and the Nasdaq Composite Index , which is threatening to log its longest period of losses, three days, since the three-day skid ended Dec. 30, according to FactSet data. The lackluster moves for equities highlight a pullback from the euphoria that followed President Donald Trump’s November election victory. Stock valuations considered lofty and doubts about the president’s ability to put into law his pro-growth campaign agenda sooner than later have been cited as the source of the recent retreat.

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L Brands Inc.’s stock tumbled to a four-year low Tuesday, after Citigroup downgraded the apparel retailer on concerns over a glut of stores at a difficult time for the retail industry. Analyst Paul Lejuez said he cut his rating to neutral, because he was figuratively “losing sleep” about rating the stock a buy. He slashed his stock price target to $49, which is about 9% below current levels, from $70. “Sometimes it just comes down to one simple thing. And in this case, it’s too many stores–compounded by negative traffic trends that only seem to be getting worse,” Lejuez wrote in a note to clients. He said the acceleration in store closings in and around malls, including those by Macy’s Inc. , J.C. Penney Co. Inc. and Sears Holdings Corp. , the “pressure points” created for retailers are clearance sales to pull traffic away from existing rivals and longer-term pressure on traffic in the malls. L Brands’ stock, which fell 3.1% to the lowest level seen since March 28, 2013 in midday trade, has tumbled 33% year to date, while the SPDR S&P Retail ETF has shed 5.8% and the S&P 500 has gained 5.4%.

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About 48,000 Kids Korner children’s fleece zipper-hooded sweatshirts and girls bomber jackets sold over the last couple months are being recalled, because of a choking and laceration hazard. The sweatshirts and jackets, made in China and imported by Fred Meyer Inc. in Oregon, were sold at Fred Meyer, Kroger Co. , Smith’s and Fry’s Marketplace stores from February through March, for between $7 and $10, according to the U.S. Consumer Product Safety Commission. “The zipper pull can detach from the sweatshirt, posing choking and laceration hazards to children,” the CPSC’s recall notice stated. The sweatshirts were sold in 18 prints and colors in sizes ranging from 9 months to your size 7, and the bomber jackets had a front zipper, two front pockets and knit ribbing around the wrists and waist.

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