Tag: stock market

WOW Air said Monday that it will begin service between Chicago’s O’Hare International Airport and Iceland’s Keflavik Airport on July 13. Tickets are on sale beginning Monday for $99, with service between O’Hare and Keflavik to be offered on Mondays, Wednesdays, Thursdays and Saturdays. For $149, passengers can travel to 23 other cities, including London, Paris and Berlin. WOW already offers transatlantic service from a number of U.S. cities including New York, Pittsburgh, Boston and Washington, D.C., as well as western cities including San Francisco. The NYSE Arca Airline Index is up 25.2% for the past year, while the S&P 500 index is up 15% for the period.

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From:: Stock Market News

Oil prices settled lower Monday as meeting of major crude producers over the weekend failed to calm concerns over global supplies. The Organization of the Petroleum Exporting Countries told member nations to uphold their production cut agreements, but traders worry that the producers will find less incentive to cut as output from the U.S., which isn’t part of the pact, rises. May West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $47.73 a barrel-giving back nearly all of the nearly 0.6% gain it registered Friday.

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Cellect Biotechnology Ltd. ADR shares rose 71.3% in heavy volume after the company said on Monday that it had completed the first stem cell transplant procedure in an early/mid-stage clinical trial. The Israel-based biotech said the transplant had been conducted in a patient with blood cancer, as part of a clinical trial looking at how well Cellect’s technology works to prevent life-threatening rejection disease, which occurs in up to half of stem cell transplant procedures, according to Cellect. Trading volume as of Monday afternoon was nearly 47 times the company’s 30-day average volume. Cellect shares were valued at $10.73 as of Monday afternoon. Shares have risen 283.2% over the last three months, compared with a 3.0% rise in the S&P 500 .

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White House press secretary Sean Spicer said Monday that Treasury Secretary Steven Mnuchin has identified August as a target date for tax reform but added consensus is needed for a major policy overhaul. Spicer said various groups would want “a ton of input” and “part of this is going to be dependent on the degree to which we can come to consensus on a lot of big issues.” Trump has said he wants to focus on tax reform following the failure of the health-care bill last week.

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National Football League owners approved the Oakland Raiders’ move to Las Vegas from Oakland on Monday, the Raiders confirmed in a news release Monday. News reports said that 31 of the 32 NFL teams voted to allow the move, with the Miami Dolphins as the lone holdout. Nevada has approved $750 million in public money to build a new stadium in Las Vegas for the franchise, with another $650 million coming from Bank of America Corp. after initial backer Sheldon Adelson, chief executive and chairman of Las Vegas Sands Corp. , departed the project. Davis, the son of former Raiders owner Al Davis, thanked Adelson in the announcement and pleaded with fans in the Bay Area to support the Raiders as they play in Oakland the next two seasons while the Las Vegas stadium is built. “The Raiders were born in Oakland and Oakland will always be a part of our DNA,” Davis’s statement read. “We know that some fans will be disappointed and even angry, but we hope that they do not direct that frustration to the players coaches and staff.”

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Pacific Investment Management Co. is close to settling for $80 million a lawsuit brought by founder and former Chief Executive Officer Bill Gross, according to The Wall Street Journal. Gross abruptly left Pimco in September 2014 for Janus Capital Group Inc., where he now manages a global unconstrained bond fund. Gross filed the lawsuit a year after his departure amid media reports portraying him as erratic, domineering and difficult to work with. Gross founded Pimco in the late 1970s and has been credited with building it into one of the world’s most successful fixed-income investors. But an exodus of investor capital that followed his exit has since tarnished that reputation. In November, the Pimco Total Return Fund’s two-decade long reign as the largest actively managed U.S. bond fund by assets ended.

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Despite the stock market’s broad selloff, there is no sign of panic selling, according to a volume-weighted breadth measure known as the Arms Index. The measure, which helps gauge selling intensity, was showing a 0.982 reading on the NYSE, where a reading of 1.000 suggests the intensity of buyers and sellers are in perfect balance. The number of declining stocks on the NYSE represents about 67% of the total, while volume in declining stocks is also about 66% of total volume. As panic hits, the volume in declining stocks tends to rise relative to the number of declining stocks, which will lift the Arms Index. Many technicians see a rise above 2.000 to suggest panic selling, that may be worthy of capitulation. Meanwhile, the Dow Jones Industrial Average was down 121 points, putting it on track to suffer the longest losing streak–8 sessions–since the eight-day stretch ending Aug. 2, 2011. The S&P 500 was down 0.5%.

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Shares of YouTube and Google parent Alphabet Inc. fell 0.3% toward a six-week low in morning trade Monday, amid growing concerns over the potential negative impact of the growing number of customers pulling ads from the video streaming service. Instinet analyst Anthony DiClemente cut his stock price target to $925 from $950, saying the ad pulls could lower revenue by about $750 million, while the cost of developing a solution could weigh on profit margins. “Checks with ad buyers highlight that when concerns over brand safety arise, approach is to ‘pull spend, ask questions later,'” DiClemente wrote in a note to clients. J.P. Morgan analyst Doug Anmuth didn’t making any ratings changes, given that the financial impact of add pulls to be “modest,” but he did say that “the potential impact to Google has moved beyond just headline risk.” The ad pulls started with a few advertisers in the U.K., but has since expanded to large global companies, with AT&T Inc. saying last week that it was suspending all of its ad spend on Google’s YouTube after some of its ads ran alongside controversial videos, including those supporting terrorism. Google’s stock has gained 5.1% year to date, while the SPDR Technology Select Sector ETF has climbed 8.7% and the S&P 500 has tacked on 4%.

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From:: Stock Market News

The U.S. stock market fell sharply on Monday as investors’ confidence in Trump administration’s ability to implement fiscal policy changes was dented after a health-care bill was scrapped ahead of a House vote last week. Lower oil prices put pressure on energy companies. Meanwhile, financials continued their slide, with big banks among top decliners. Bank of America Corp. fell more than 3% at the open. The S&P 500 opened 18 points, or 0.8%, lower to 2,325. The Nasdaq Composite fell 50 points, or 0.9%, to 5,777. The Dow Jones Industrial Average skidded 145 points, or 0.7%, to 20,448.

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The European Central Bank should start getting ready to adjust its monetary policy, suggested Sabine Lautenschläger, a member of the ECB’s executive board, in a CNBC interview on Monday. “We should prepare for a change in the policy, and as soon as the [economic] data is stable, and we have a sustainable path towards our objective of price stability, then we are well prepared to do,” she said. The current loose policy is necessary, but inflation could continue to rise, according to Lautenschläger.

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From:: Stock Market News