Tag: stock market

Shares of heavy equipment maker Caterpillar Inc. rose 1.4% in premarket trade Tuesday, after Goldman Sachs added the stock to its Conviction Buy list and set a stock price target that’s 30% above current trading levels. “We see an attractive combination of (1) structurally higher mid-cycle EPS, (2) exposure to underinvested machinery markets in the early stages of recovery, (3) management strategy transition towards improving returns on capital (vs. market share in the last cycle), and (4) a ~20% underweight average mutual fund position,” analysts led by Jerry Revich said in a note. Goldman set a stock price target of $120. Shares are down 0.5% in the year so far, while the Dow Jones Industrial Average has gained 5.4% and the S&P 500 has gained 5%.

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Taco Bell, the Yum Brands Inc. fast-food Mexican chain, will be giving away free Doritos Locos Tacos this Saturday to celebrate the brand’s 55th anniversary. However, the deal will only be available at a Laguna Beach location, one of the oldest in the chain. The Doritos Locos Tacos giveaway will be from 10am to noon, and from noon to 3pm, the restaurant will sell tacos for 19 cents, with a 10-taco limit. Yum Brands shares are inactive in Tuesday premarket trading, but are up nearly 8% for the past year. The S&P 500 index is up 14.2% for the last 12 months.

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Pacific Crest analyst Andy Hargreaves recommended investors continue to own Apple Inc.’s stock , but his new stock price target suggests only limited upside from current levels. Hargreaves reiterated his overweight rating on the stock, as evidence of strong component orders prompted him to raised his iPhone unit sales estimates. He raised his price target to $150, which is just 4.4% above Monday’s closing price of $143.70, from $140, saying a strong upcoming iPhone cycle may not be enough to drive the stock (AAPL) much higher. “We see potential for further upside to our unit and gross profit dollar estimates in the coming iPhone cycle, but believe growth beyond that will slow substantially,” Hargreaves wrote in a note to clients. “Consequently, we believe tax reform and a subsequent increase to the dividend may be necessary to drive significant upside in AAPL.” The stock slipped 0.3% in premarket trade Tuesday, but is trading just 0.6% below the March 29 record close of $144.12. It has soared 24% year to date through Monday, while the Dow Jones Industrial Average has gained 4.5%.

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Shares of Nvidia Corp. dropped 3.1% in premarket trade Tuesday, after Pacific Crest turned bearish, citing concerns that the graphics chip maker may have already captured so much of the available market that growth could become a problem. Analyst Michael McConnell cut his rating to a rare underweight from sector weight. He doesn’t have a price target on the stock. McConnell said he is concerned about “signs of desktop [graphics processing unit] market saturation, lower margins from incremental Nintendo Switch revenue and a possible pause in the company’s datacenter business this summer.” An underweight rating at Pacific Crest means the stock is expected to underperform its peers over the next six to 12 months. Only 13 of the 702 companies covered by the firm (1.9%) are rated underweight. After more than tripling in 2016, the stock has tacked on just 1.5% year to date through Monday. In comparison, the PHLX Semiconductor Index has run up 11% so far this year and the S&P 500 has gained 5.4%.

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Watch maker Movado Group Inc. said Tuesday its president, Ricardo Quintero, is leaving the company. Quintero’s duties will be assigned to senior management and he will remain until April 30 to ensure a smooth transition, the company said in a statement. It reaffirmed the outlook for fiscal 2018 provided in March, when the company said it expects sales to range from $515 million to $530 million and operating income to range from $50 million to $55 million. The company said it expects net income of about $33 million to $36 million, or $1.40 to $1.55 a share. Shares were not yet active in premarket trade, but are down 16% in the year so far, while the S&P 500 has gained 5%.

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Kate Spade & Co. shares fell in the extended session Monday following a report the handbag and accessories maker needs more time to assess a buyout offer from Coach Inc. . Kate Spade shares fell 8% to $20.97 after hours, while shares of Coach advanced 1.8% to $41.36. Late Monday, Reuters reported Kate Spade needed a few more weeks negotiating after receiving a bid from Coach last week. Back in February, Kate Spade said it was exploring strategic alternatives. At Monday’s close, Kate Spade shares had gained nearly 16% since the announcement in February.

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Amazon.com Inc.’s 12-month price target was raised to $975 from $885 on a buy rating at CFRA Research on Monday. The brokerage cited investments Amazon has made in fulfillment, content, hardware devices and international expansion, which are expected to streamline the business over time and improve sales. CFRA lowered its fiscal 2017 and fiscal 2018 earnings per share estimates, however, saying those investments will have a near-term effect on earnings. The recommendation hinges on continued market share gains over traditional brick-and-mortar retailers and growth in both Prime membership and Amazon Web Services. Shares of Amazon closed up 0.6% to $891.51 on Monday. They’ve rallied more than 18% in the past three months and 49% in the past year, outperforming the S&P 500 , which is up 5% and 14% over those periods, respectively.

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Paratek Pharmaceuticals Inc. shares surged in the extended session Monday after the small biotech company reported a late-stage study of its bacterial pneumonia drug met its endpoints. Paratek shares jumped 30% to $24.10 after hours, following a brief trading halt. The company said its community-acquired bacterial pneumonia antibiotic omadacycline was not inferior to the antibiotic moxifloxacin. Paratek said it plans to file a marketing application with the Food and Drug Administration as early as the first quarter of 2018.

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Oil futures ended lower Monday, giving back some of the previous week’s gains, as Libyan oil production resumed over the weekend. West Texas Intermediate oil for May delivery at the New York Mercantile Exchange fell 36 cents, or 0.7%, to end at $50.24 a barrel. Libya boosted production backed to around 700,000 barrels a day as its largest oilfield came back on line a week after local militia had cut output by around a third.

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J. Crew’s creative director and president Jenna Lyons is stepping down from her post, according to The Wall Street Journal. Lyons, who has been with the company for 26 years and is second in command after Chief Executive Mickey Drexler, will stay on with the company as a consultant until her contract expires in December. Somsack Sikhounmuong, J. Crew’s head of women’s design, will become chief design officer, though Lyons will not be replaced. Sikhounmuong, who has been with the company since 2001, has also overseen J. Crew’s Madewell label. Lyons became a fashion icon and J. Crew, a trendsetting label, under her leadership. The brand has struggled with sliding sales of late, with revenue decreasing to $572.6 million in the fiscal fourth quarter from $604.5 million last year. Madewell’s revenue grew to $102.9 million from $92.5 million year-over-year. Moody’s downgraded J.Crew to Caa3 from Caa2 at the end of March due to concerns about its debt level and its ability to return to growth. The SPDR S&P Retail ETF is down nearly 10% for the last year while the S&P 500 index is up 13.4% for the same period.

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