Tag: stock market

An analyst late Friday warned that oil prices could be headed for more declines. The latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission revealed that speculators sold 86,582 West Texas Intermediate crude-oil futures and options contracts in the week ended March 14, but with the group still net long 315,077 contracts, selling ” has room to continue,” said Tim Evans, energy analyst at Citi Futures and OTC Clearing. WTI oil prices dropped 9.1% for the week ended March 10. The April contract settled at $48.78 a barrel on the New York Mercantile Exchange, up about 0.6% for this week.

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From:: Stock Market News

Expedia Inc. said late Friday that Chelsea Clinton has been elected to its board of directors, filling in a newly created position as the company expanded the board to 14 members from 13. Clinton also serves on the board of IAC/InterActive COrp. , which Expedia spun off in 2005; an affiliate of the Clinton Foundation; the School of American Ballet, and others. Clinton’s compensation will be “standard,” or the $45,000 a year plus stock grants valued at $250,000 that Expedia pays its board members according to its 2016 proxy statement for the shareholder meeting. Shares of Expedia were flat in after hours, having ended the regular session up 0.4%.

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Oil prices settled a few cents higher on Friday and scored a weekly gain of about 0.6% following losses in each of the last two weeks. Data Friday from Baker Hughes revealed a ninth straight weekly climb in the number of active U.S. oil rigs, implying the potential for further gains in crude production. Prices, however, managed to find some support on the back of weakness in the U.S. dollar and continued output reductions among other producers under the OPEC-led agreement. April West Texas Intermediate crude rose 3 cents, or less than 0.1%, to settle at $48.78 a barrel.

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A laptop with information on the Trump Tower layout and details of a probe into Hillary Clinton’s email server was reportedly stolen from a vehicle belonging to a Secret Service agent, according to ABC. The computer heist took place Thursday. Authorities have video evidence and are looking for a suspect. The laptop is encrypted and the hard drive could be remotely wiped clean if necessary, the ABC report says.

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Gold prices climbed Friday to settle about 2.4% higher for the week. Declines in the U.S. dollar in the wake of the Federal Reserve’s cautious stance to future interest-rate hikes gave the yellow metal a boost. April gold climbed by $3.10, or 0.3%, to settle at $1,230.20 an ounce.

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Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 14 to 631 rigs this week. The oil rig count has now climbed for nine straight weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, also jumped higher by 21 to 789, according to Baker Hughes. April West Texas Intermediate crude was down 3 cents, or less than 0.1%, at $48.72 a barrel on the New York Mercantile Exchange, little changed from their levels before the data.

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Valeant Pharmaceuticals International Inc.’s second-largest shareholder bought another $32.5 million worth of the drugmaker’s stock, just as hit it an 8-year low. The purchase came just as the previous largest shareholder, Bill Ackman’s hedge fund Pershing Square Capital Management, had disclosed that it sold off its 10% stake. Activist investor Jeffrey Ubben’s ValueAct Holdings LP disclosed late Thursday that it bought a total of 3 million Valeant shares on March 14 at a weighted average price of $10.82: 2.5 million shares were bought at $10.81 and 500,000 shares were purchased at $10.88, according to a filing with the Securities and Exchange Commission. The stock had traded in an intraday range of $10.50 to $11.04 that day, before closing at $10.89, which was the lowest close since May 13, 2009. The purchase increased ValueAct’s stake to 5.2%. The largest shareholder is now John Paulson’s Paulson & Co. Inc., with 5.7% of the shares outstanding, according to FactSet. Valeant’s stock edged up 0.5% in afternoon trade, paring earlier gains of as much as 3.6%. The stock has tumbled 22% year to date, while the S&P 500 has gained 6.4%.

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From:: Stock Market News

Valeant Pharmaceuticals International Inc.’s second-largest shareholder bought another $32.5 million worth of the drugmaker’s stock, just as hit it an 8-year low. The purchase came just as the previous largest shareholder, Bill Ackman’s hedge fund Pershing Square Capital Management, had disclosed that it sold off its 10% stake. Activist investor Jeffrey Ubben’s ValueAct Holdings LP disclosed late Thursday that it bought a total of 3 million Valeant shares on March 14 at a weighted average price of $10.82: 2.5 million shares were bought at $10.81 and 500,000 shares were purchased at $10.88, according to a filing with the Securities and Exchange Commission. The stock had traded in an intraday range of $10.50 to $11.04 that day, before closing at $10.89, which was the lowest close since May 13, 2009. The purchase increased ValueAct’s stake to 5.2%. The largest shareholder is now John Paulson’s Paulson & Co. Inc., with 5.7% of the shares outstanding, according to FactSet. Valeant’s stock edged up 0.5% in afternoon trade, paring earlier gains of as much as 3.6%. The stock has tumbled 22% year to date, while the S&P 500 has gained 6.4%.

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The majority doesn’t rule the Dow Jones Industrial Average , which is slipping 2 points in midday trade although 18 of 30 components are trading higher. Goldman Sachs Group Inc.’s stock is primarily to blame for the weakness in the Dow, which is a price-weighted index, rather than market-capitalization weighted like the S&P 500 . Goldman’s stock shed $3.82, or 1.5%, as a decline in Treasury yields weighed on the financial sector. That price decline is shaving about 26 points off the Dow’s price. Meanwhile, Boeing Co.’s stock , up $1.62, or 0.9%, is the Dow’s biggest price gainer, but is adding just 11 points to the Dow’s price.

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Shares of MuleSoft Inc. opened at $24.25 Friday, above its $17 issue price, in the software company’s debut on the New York Stock Exchange. MuleSoft sold 13 million shares to raise $221 million. At the opening price, the company had a public market capitalization of $3.05 billion, compared to a private market valuation of $1.5 billion. The company had set a price range of $14 to $16.

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