Tag: stock market

Oil futures lost a few pennies on Tuesday as traders bet that upcoming U.S. government data will reveal a climb in domestic crude supplies for an eighth week in a row. April West Texas Intermediate crude fell 4 cents, or less than 0.1%, to settle at $54.01 a barrel. Prices based on the most active contracts rose roughly 2.3% for the month, but that was the smallest such gain since February of last year, according to FactSet data.

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Issues with a cloud storage service operated by Amazon.com Inc.’s Amazon Web Services division caused outages and curtailed functionality for websites and apps Tuesday. AWS’s S3 service, described by Amazon as “designed to deliver 99.999999999% durability,” was experiencing “high error rates” due to problems with servers located on the East Coast of the United States, the company said Tuesday. On the AWS status page, engineers posted at 10:33 Pacific time that “AWS services and customer applications depending on S3 will continue to experience high error rates as we are actively working to remediate the errors in Amazon S3.” Reported issues included downed websites, slow functionality and photos not appearing in cloud-based mobile applications and websites.

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Gold futures fell Tuesday, but prices tallied a second straight monthly gain. Uncertainty ahead of President Donald Trump’s address to Congress provided some support for the metal. April gold fell $4.90, or 0.4%, to settle at $1,253.90 an ounce. Prices, which settled Monday at a three-and-a-half month high, gained roughly 3.5% for the month.

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Shares of GameStop Corp. were down nearly 8% midday on Tuesday. The drop comes after Microsoft Corp. , which makes the Xbox gaming console introduced Xbox Game Pass, a Netflix-like service giving members unlimited access to more than 100 games for $9.99 a month. Microsoft’s new service, expected to launch this spring, threatens the cornerstone of GameStop’s business: buying and reselling video games. According to the company’s 10-K these pre-owned game sales accounted for 25% of the company’s gross profit in 2015. Shares of GameStop have fallen 20% in the last 12 months, while the S&P 500 index is up more than 21%.

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Signet Jewelers Ltd.’s [sig] Sterling Jewelers responded Tuesday to what it called “distorted and inaccurate” media reports regarding an arbitration claim brought against the company, which the company said had nothing to do with sexual harassment or sexual impropriety as reported. “It’s critical to understand that an arbitration claim was brought against Sterling in 2008 that alleged gender discrimination in pay and promotion,” the company said in a statement. “None of the 69,000 class members have brought legal claims in this arbitration for sexual harassment or sexual impropriety.” The Washington Post had reported late Monday that Sterling, which operates Kay Jewelers, Zales and Jared the Galleria of Jewelry stores, was being accused by hundreds of former employees of fostering an atmosphere of rampant sexual harassment and discrimination. Sterling said the allegations publicized by claimants’ counsel create a “distorted and inaccurate picture of our company,” as the involve a “very small number of individuals” in a workforce of more than 84,000 during the class action period. The stock tumbled 9.4% in midday trade to the lowest price seen since September 2013. It has plunged 28% over the past three months while the S&P 500 has gained 7.2%.

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Apple Inc. stock scored another price-target increase Tuesday as enthusiasm surrounding the iPhone 8 continues to grow. UBS increased its 12-month target on Apple shares to $151 from $138 and reiterated a buy rating. In a note to clients, UBS’s Steve Milunovich said he believed augmented reality, which could be a new feature unleashed in September with the next-generation iPhone, “could be a boost to Apple” long term. This comes after Apple CEO Tim Cook touted augmented reality in a recent interview with a U.K. newspaper, calling it a “huge” market that could potentially shake up the consumer device industry as much as the smartphone did. Also this week, Mizuho Securities increased its Apple stock target to $150 from $135. Shares of Apple gained 0.3% to $137.30 in late-morning trade. They’ve increased 23% in the past three months and nearly 42% in the past year, hitting all-time records this month. The Dow Jones Industrial Average , a 30-member index that includes Apple, is up 9% in the past three months and 25.2% in the past year.

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Roku Inc., a leader in streaming TV platforms, said on Tuesday it experienced record growth in 2016, resulting in $400 million in revenue. The company said 13.4 million active accounts streamed a record 1 billion hours of video and music on Roku devices in December and totaled 9 billion hours in all of 2016. Roku accounted for 48% of active streaming players in the U.S. in December, according to Nielsen.

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Shares of Charles Schwab Corp. slumped 4.2% in morning trade Tuesday, after it slashed commissions for standard online equity and exchange-traded funds trades by 29% to $4.95, to match recent cuts made by Fidelity. Commissions on options was cut to $4.95 plus 65 cents per contract. The cuts are effective March 3. Fidelity had just announced that it had cut commissions on online equity trades to $4.95, boasting that prices were below rivals TD Ameritrade Holding Corp. , Schwab and E-Trade Financial Corp. . TD Ameritrade’s stock tumbled 6.6% and E-Trade shares shed 5.5%. Schwab’s stock has now gained 4.3% over the past three months, while the S&P 500 has climbed 7.4%.

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U.S. stock-market indexes opened slightly lower Tuesday as investors remained cautious ahead of President Donald Trump’s address to a joint session of Congress. The main indexes were still hovering near record levels set on Monday. The S&P 500 was down 3 points, or 0.1%, at 2,367. The Nasdaq Composite began the session down 9 points, or 0.2% at 5,852. The Dow Jones Industrial Average was down 18 points or 0.1%, to 20,818 at the open.

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Revenue from mobile hardware, software and services sales is expected to reach $1.57 trillion in 2017, according to International Data Corporation. Mobile purchases are expected to see a compound annual growth rate of 2.1% over the 2015 to 2020 forecast period, and reach $1.67 trillion in 2020. “Mobility has moved from niche and novelty usage in business to a core end-user computing technology for enterprise workforces,” said Phil Hochmuth, program director for enterprise mobility at IDC, in a statement. “While devices and apps transform how workers do their jobs, mobile app platforms and services create entire new business models and customer interaction opportunities.” Banking, discrete manufacturing and professional services are expected to be the three commercial industries making the largest mobility investment in 2017 — $166.3 billion combined. And the telecommunications industry will provide the fastest spending growth over the 2015 to 2020 period, with a 4.2% compound annual growth rate.

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