Tag: stock market

U.S. stocks opened slightly higher on Friday, with the Dow rebounding after six straight daily losses. The Dow Jones Industrial Average rose 0.2% to 20,696. The S&P 500 added 0.2% to 2,350. The Nasdaq Composite Index was up 0.4% to 5,840. Despite the rise on the day, major indexes were on track for their worst weekly performance since November. Investors continued to watch the situation in Washington, where a postponed vote on a key health-care bill is scheduled to take place. Market participants are watching the outcome largely for clues to the fate of other elements of President Donald Trump’s agenda, including corporate tax cuts. Health-care stocks could be volatile as details emerge on the likelihood of its passage; the sector opened with a gain of 0.1%. Among the day’s biggest movers, Micron Technology Inc. jumped 12% a day after giving a strong outlook.

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Analysts at Needham downgraded shares of Apple Inc. as the company comes within 6% of their target price. Lead analyst Laura Martin cut her rating to buy from strong buy on Friday, but said the stock remains her top pick. Martin sees Apple’s recurring revenue stream and average user churn as a boon, as well as the company’s pure play in mobile products and relatively inexpensive price compared to major content companies. “Despite the fact that Apple’s profit metrics are higher than world class content companies such as Disney and CBS, and its asset efficiency is higher than world class internet companies like Facebook and Expedia, Apple’s valuation is dramatically below these companies,” Martin wrote in a note to clients. Martin also raised estimates for 2018 and increased her price target to $165 from $150. Shares of Apple have increased 33% in the last 12 months, while the S&P 500 index has gained 15% and the Dow Jones Industrial Average is up 18% during the same time frame.

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Shares of Microsoft Corp. and International Business Machines Corp. traded down over 10% at one point in premarket trade Friday, but it wasn’t clear whether they were traded on the FINRA/NYSE Trade Reporting Facility (TRF) or the FINRA/Nasdaq TRF. According to FactSet’s time and sales data, 57 Microsoft shares went through at $56.9171 at 8:00:25 a.m. ET, below the previous trade of $64.90 at 8:00:01 a.m., and 12% below Thursday’s close of $64.87. The next trade at 8:21:37 a.m. was 40 shares at $64.95. For IBM, 22 shares changed hands at $154.785 at 8:00:25 a.m., down from $175.05 at 6:38:57 a.m., and down 11% from Thursday’s close at $174.82. The next trade was 100 shares at $174.70 at 8:33:09. Another Dow Jones Industrial Average component’s stock traded at a off-price level, as 75 shares of General Electric changed hands at $28.859 at 8:00:25, down 2.7% from Thursday’s close. That trade was surrounded by a trade at $29.64 at 7:59:51 a.m. and $29.65 at 8:20:12 a.m. FINRA did not immediately respond to a request for comment.

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Shares of Finish Line Inc. plunged 15% toward a 6 1/2-year low in premarket trade Friday, after the athletic shoe and apparel retailer reported a fiscal fourth-quarter profit that fell well short of expectations amid heavy discounting to clear inventory. For the quarter to Feb. 25, the company swung to a loss of $9.5 million, or 23 cents a share, from a profit of $4.0 million, or 9 cents a share, in the same period a year ago. Excluding non-recurring item, such as store impairment charge, adjusted earnings per share came to 50 cents, below the FactSet consensus of 70 cents. Revenue slipped to $557.5 million from $559.8 million, but was above the FactSet consensus of $548.1 million. Same-store sales declined 4.5%, compared with the FactSet consensus for a 4.2% drop. “As elements of our footwear offering did not resonate with our customers as we expected and the overall retail environment in February became increasingly difficult, we made the decision to get more aggressive on pricing to be competitive and clear slow moving product,” said Chief Executive Sam Sato. The stock has tumbled 15% year to date through Thursday, while the SPDR S&P Retail ETF has lost 6.5% and the S&P 500 has gained 4.8%.

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TransCanada Corp. said Friday it has received a Presidential Permit from the U.S. Department of State to construct the Keystone XL Pipeline. As a result, TransCanada said it will discontinue its bankruptcy claim and end its constitutional challenge. The company said it will continue to engage stakeholders throughout Nebraska, Montana and South Dakota to obtain permits and approvals so it can begin construction. “We greatly appreciate President Trump’s Administration for reviewing and approving this important initiative and we look forward to working with them as we continue to invest in and strengthen North America’s energy infrastructure,” said TransCanada Chief Executive Russ Girling. Earlier this month, U.S. Secretary of State Rex Tillerson had recused himself from dealings with the controversial Keystone pipeline, as Tillerson was CEO of Exxon Mobil Corp. , which would benefit from the pipeline being built. The project was rejected by former President Barack Obama in 2015. TransCanada’s U.S.-listed shares, which were still inactive in premarket trade, have gained 0.8% over the past three months, while the S&P 500 has advanced 3.6%.

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SeaWorld Entertainment Inc. said Friday it was selling a 21% equity stake held by affiliates of the Blackstone Group to a subsidiary of China’s Zhonghong Zhuoye Group Co. Ltd. for $23 a share. That represents a 33% premium to Thursday’s stock closing price of $17.31. As part of the deal, which is expected to close in the second quarter of 2017, SeaWorld will advise Zhonghong on the development and design of theme parks operated by Zhonghong. SeaWorld will expand its board to 11 members to add two Zhonghong executives. Once the deal is completed, Blackstone will no longer hold any equity interest in SeaWorld or have any board seats. Blackstone is currently SeaWorld’s largest shareholder with 19.5 million share, according to FactSet. At $23 a share, that stake would be valued at $448.5 million. “Zhonghong Group is making a significant, long-term investment in SeaWorld, reflecting their appreciation of the strength of our brand, our potential to grow the company and a shared commitment to protect wildlife and the environment,” said SeaWorld Chief Executive Joel Manby. The stock, which was still inactive in premarket trade, has slumped 8.6% year to date, while the S&P 500 has gained 4.8%.

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Dallas Federal Reserve President Robert Kaplan wants a “gradual and patient” approach to raising interest rates this year but said that doesn’t necessarily include a “pause” in the Fed’s rate-tightening policy. With its rate hike last week, Fed members signaled rough forecasts for two more rate hikes this year. San Francisco Fed President John Williams said Thursday that the Fed could approve up to a total of four hikes this year if economic improvement calls for such action. Kaplan didn’t offer a number of anticipated hikes and said he’d like the opportunity to “turn over more cards” to judge the economy but said progress toward the dual inflation and employment mandates allowed for more accommodation reversal. That reversal will eventually include letting the Fed’s $4.5 trillion balance sheet run off, but not until more action is taken to get the Fed funds target, the Fed’s main interest-rate tool, back up toward a “neutral” rate. Kaplan said the Fed puts that neutral rate at a median 2.75%.

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Tronc Inc. , the publisher of the Los Angeles Times and the Chicago Tribune, will buy back 3.75 million shares from Oaktree Capital Management LP at $15 a share. The media company also agreed to pay Oaktree additional funds if there is an ownership change within one year at above $15 a share, according to a regulatory filing Thursday. At the same time Oaktree is not allowed to buy additional shares nor take action to influence any potential decision by Tronc to buy or sell assets for two years. Tronc shares fell 1.2% after hours.

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Home Depot Inc. is under an Environmental Protection Agency investigation into the company’s compliance with lead safety work practices for certain jobs performed through Home Depot’s installation services business, Home Depot said Thursday in a filing. The company is cooperating with the EPA, it said. Shares of Home Depot fell 0.3% during the extended session after ending the regular trading day up 0.4%.

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A Congressional Budget Office analysis of an amended Republican health-care bill found it would reduce deficits by less than an earlier analysis. The new CBO report said the bill would cut deficits by $150 billion over 10 years, compared to a prior estimate of $337 billion. The new bill would still leave 24 million more people uninsured in 2026, CBO said.

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