Tag: stock market

Intercontinental Exchange Inc.’s NYSE Arca Equities is investigating a technical issue that has halted trading in equities. Live orders will be canceled and more information will be forthcoming, the company said. In the last NYSE Arca technical issue in February, a system disruption resulted in customer-order rejects in 95 symbols, and trading in all symbols was suspended in order to restart trading. The all-electronic NYSE Arca trades more than 8,000 securities, according to its website.

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Oil prices fell on Monday to settle at their lowest level in almost a week. Data last week showing a climb in active U.S. oil rigs raised concerns over rising U.S. production, while the removal of anti-protectionist language in the Group of 20 policy statement fed uncertainty over global growth. April West Texas Intermediate crude lost 56 cents, or 1.2%, to settle at $48.22 a barrel–the lowest finish since March 14, according to FactSet data.

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Lord & Taylor, one of the retail chains under the Hudson’s Bay Co. umbrella, is launching a bridal shop-in-shop concept through a partnership with Brideside this spring. The new concept will be unveiled at Lord & Taylor stores at the Garden State Plaza in New Jersey and Tyson’s Corner Center in Virginia. Brideside launched in 2014 as an online shop for bridesmaids dresses. It offers 12 designer labels and more than 300 styles, according to the release. These two Lord & Taylor shops mark the first partnership with a major retailer for the company, and the first brick-and-mortar locations outside of the company’s Chicago showroom. Hudson’s Bay shares are down 3.1% in Monday trading, and 43.1% for the past year. The S&P 500 index is up 15.8% for the last 12 months.

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Gold futures tallied a third straight session climb on Monday to finish at their highest level since March 1. Recent weakness in the U.S. dollar, as well as uncertainty following the Trump administration’s refusal to pledge against protectionism, helped support investment demand for the precious metal. April gold rose $3.80, or 0.3%, to settle at $1,234 an ounce.

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Greece and its eurozone creditors have yet to reach agreement on reforms Athens must implement before receiving another round of loans under its existing bailout program, the head of the Eurogroup of eurozone finance ministers said Monday, according to news reports. “The outcome of today’s meeting is that we have agreed talks will continue and will intensify in coming days in Brussels, Dutch finance minister and Eurogroup President Jeroen Dijsselbloem told reporters after a meeting in Brussels, Reuters reported. Dijsselbloem said there was no guarantee negotiations would be completed by the next regular meeting of eurozone finance ministers on April 7.

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Esperion Therapeutics Inc. shares surged 52.0% in morning trade Monday after the company said the Food and Drug Administration gave it positive feedback on a cholesterol-lowering drug, saying that the late-stage program is enough to support approval. The company plans to apply for approval by the first half of 2019, with results from the phase 3 trial expected by the second quarter of 2018. The drug is intended for patients with elevated low density lipoprotein cholesterol, specifically as a supplementary treatment to statin therapy in patients with high cardiovascular disease risk, according to Esperion’s proposed product label. The area is one that drugmakers have been targeting lately, with disappointing results, as seen with the pricey PCSK9 inhibitors made by Amgen and Regeneron . Esperion’s Monday statement about the FDA’s feedback “surprised” RBC Capital Markets analyst Michael Yee, who rates the company sector perform and raised its price target from $30 to $45 (shares were trading at $35 as of Monday morning). “Indeed, the caveat and risk is FDA can say anything but ultimately a decision is based on the totality of risk/benefit after all the Phase III data including safety is in hand and the regulatory environment at that time,” he said. “Nonetheless, this is a fundamental big positive and a big de-risking event.” Shares will likely continue to rise after Monday’s announcement because it answers investors’ biggest question and thus could attract a new pharmaceutical partner, since drugmakers “need billion-dollar potential drugs,” Yee said. However, risks continue, he noted, including the possibility of the FDA changing its mind, the lack of outcomes data – which became a problem for PCSK9 inhibitors – and the possibility of the drug having safety risks. Plus, Yee noted, Esperion is a single-product company. Esperion shares have risen 160.4% over the last three months, compared with a 4.7% rise in the S&P 500 .

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Caterpillar Inc.’s stock rallied 1.6% in morning trade Monday, enough to pace the gainers in the Dow Jones Industrial Average , after the company reported encouraging February retail machine sales data. The maker of earth-moving equipment reported total February retail sales of machines for the rolling three-month period declined 1% from the same period a year ago, the smallest rate of decline since December 2012, with retail sales of machines for the construction industry turning positive for the first time since June 2014. The last time total retails sales were positive was the three months ending November 2012. The stock was also the biggest price gainer within the Dow, with its $1.45 gain adding about 10 points to the Dow’s price, which was up 38 points in morning trade. Caterpillar shares have now tacked on 1.8% year to date, while the Dow has climbed 6%.

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U.S. stocks on Monday pivoted narrowly higher in late-morning trade, aided by buying in technology and consumer-staples shares, which offset firm declines in the energy sector. The Dow Jones Industrial Average was up about 30 points, or 0.2%, at 20,945. Share gains in Apple Inc. , Walt Disney Co. and Caterpillar Inc. was contributing more than 20 points to the blue-chip gauge. The S&P 500 index was trading flat, and bouncing in and out of negative territory at around 2,378, with the consumer-staples sector, up 0.1%, and tech shares, climbing 0.3%, muting a 0.7% decline in energy , which was dragged lower by crude oil declines . Meanwhile, the Nasdaq Composite Index was up 0.2% at 5,911, and had set an all-time intraday trading high of 5,915.12 earlier in the session. Wall Street traders were closely watching a House Intelligence Committee hearing, including Federal Bureau of Investigation Director James Comey, centered on Russia’s involvement with the election of President Donald Trump.

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Sonic Corp. was downgraded to hold from buy at Canaccord Genuity on increased competition from “non-traditional venues” and soft sales in recent months. Sonic’s price target was cut to $24 from $30. Shares are down 2.4% in early trading. Sonic is facing growing food and drink competition from retail channels like convenience stores. This is a long-term headwind for Sonic, Canaccord wrote in a Monday note. Same-store sales have faced challenges across the restaurant industry over recent months, and Canaccord analysts think promotions will continue, creating a sales hurdle. And Canaccord worries that Sonic hasn’t got new products on the way, instead relying on previously introduced snack items. Sonic shares are down 27.4% for the past year while the S&P 500 index is up nearly 16% for the period.

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

Sonic Corp. was downgraded to hold from buy at Canaccord Genuity on increased competition from “non-traditional venues” and soft sales in recent months. Sonic’s price target was cut to $24 from $30. Shares are down 2.4% in early trading. Sonic is facing growing food and drink competition from retail channels like convenience stores. This is a long-term headwind for Sonic, Canaccord wrote in a Monday note. Same-store sales have faced challenges across the restaurant industry over recent months, and Canaccord analysts think promotions will continue, creating a sales hurdle. And Canaccord worries that Sonic hasn’t got new products on the way, instead relying on previously introduced snack items. Sonic shares are down 27.4% for the past year while the S&P 500 index is up nearly 16% for the period.

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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