Tag: stock market

Grocery chain Trader Joe’s said over the weekend that it was voluntarily recalling unsweetened apple sauce products, because of potential glass pieces in the jars. The products recall include Trader Joe’s First Crush Unsweetened Gravenstein Apple Sauce and Trader Joe’s Organic Unsweetened Apple Sauce sold in all stores. The recall also includes Trader Joe’s All Natural Unsweetened Apple Sauce sold only in Alabama, Arizona, California, Colorado, Idaho, Louisiana, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah and Washington. The company said all potentially affected products have been removed from the shelves. The company did not comment on whether there were reports of injuries.

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From:: Stock Market News

Shares of Under Armour Inc. dropped 1.3% in midday trade Monday, after Instinet turned bearish on the athletic apparel and accessories company, citing concerns that the company no longer warrants a high-growth valuation. Analyst Simeon Siegel cut his rating to reduce from neutral, and slashed his stock price target to $16, which was 26% below current prices, from $27. He wrote in a note to clients that Under Armour “appears to have matured past its high-growth phase, while still enjoying its high-growth multiple.” He said that while he believes the company has an “exciting path” ahead in terms of sales growth, even in an overly optimistic scenario the stock is “fairly valued at best,” and could be hurt by anything short of perfections. Under Armour’s price-to-earnings ratio of 47.97, according to FactSet, was still nearly double rival Nike Inc.’s P/E ratio of 25.40. Under Armour’s stock has plunged 30% over the past three months, while Nike’s stock has soared 12% and the S&P 500 has gained 6.9%.

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Global shipments of personal computing devices, such as PCs, desktops and tablets are expected to decline further over the next five years, according to new estimates from industry tracker IDC. An estimated 418.2 million units are expected to be shipped in 2021, compared with 435 million in 2016, according to IDC. That represents a five-year compound annual growth rate of -0.8%. The bearish forecast follows several years of declines in PCs and traditional tablets. Last year, tablet shipments alone were down 15.6%, while PC shipments fell 5.7%. This comes as consumer device manufacturers, such as Apple Inc. and Alphabet Inc. , continue to put a greater focus on developing software services. Shares of Apple gained 0.1% to $136.85 on Monday, while Alphabet’s traded flat around $847.77. The S&P 500 was down around 80 points.

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From:: Stock Market News

Shares of Apple inched 0.3% higher after Mizuho Securities increased its 12-month price target on the stock to $150 from $135. The brokerage, which has a buy rating on the stock, said checks with suppliers prompted a more than 10 million-unit increase in their 2017 production estimates. They’re now calling for 225 million units to be manufactured this year, compared with an estimate of 213 million units previously. That implies an 11% year-over-year increase. Mizuho said it believes the 10th anniversary iPhone due in September, which is expected to feature some more notable upgrades compared with recent predecessors, could sit well with the company’s large installed base of outdated phones and lead to a strong upgrade cycle. The average rating on Apple stock is the equivalent to buy, while the average price target is $142.65. Shares of Apple traded around $137.07 in late-morning trade. They’ve increased 22.6% in the past there months and 41.5% in the past year, outperforming the Dow Jones Industrial Average, a 30-member index of which Apple is a member. The Dow is up 8.7% in the past three months and 25% in the past year.

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Shares of Urban Outfitters Inc. fell 0.9% in morning trade Monday, after MKM Partners turned bearish on the apparel and accessories retailer because of concerns over sales and margin declines at its Anthropologie stores. Analyst Roxanne Meyer cut her rating to sell, after being at neutral since September 2015. She slashed her stock price target to $20, which is 25% below current levels, from $25. “Our negative thesis is primarily based on our view that sales and margins will deteriorate meaningfully in 2017 at Anthropologie, though we also see risk at Urban Outfitters as it laps reductions in markdowns and as key brands widen distribution,” Meyer wrote in a note to clients. “We believe Anthropologie is too edgy, lacks diversity (i.e., over-exposed to bare and cold-shoulder looks) and generally has prices that are too high.” Urban Outfitter’s stock has tumbled 21% over the past three months, while the SPDR S&P Retail ETF has lost 6.1% and the S&P 500 has climbed 7%.

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WASHINGTON (MarketWatch) — The first budget of the Trump administration will seek $54 billion in extra spending on defense, to be offset by equivalent decreases elsewhere. Spending on so-called mandatory programs will not be impacted in this budget, according to media reports based on a briefing from the Office of Management and Budget. “We’re going to do more with less,” President Trump said separately.

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Airline stocks were knocked lower in morning trade Monday, after Warren Buffett said on CNBC earlier that his Berkshire Hathaway Inc. was unlikely to add much to its airline investments. The NYSE Arca Airline Index shed 0.4%. Among airlines Buffett had made significant investments in, shares of Delta Air Lines Inc. slid 1%, American Airlines Group Inc.’s stock dropped 0.9%, United Continental Holdings Inc. shares fell 0.7% and Southwest Airlines Co.’s stock lost 0.4%. Buffett also said, according to a WSJ report, that he didn’t want to own more than 10% of any airline stock. Berkshire was the largest shareholder in Delta, with 8.0% of the shares outstanding, and was also the the largest investor in United Continental with 9.1% of the shares. Berkshire owned 8.8% of American’s shares to be the second-largest shareholder, and was also the second-largest owner of Southwest’s stock at 7.0%. The airline index has gained 3.1% over the past three months, while the S&P 500 has tacked on 6.9%.

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Shares of Shutterstock Inc. sank 13% in active morning trade Monday, enough to make them the biggest losers listed on the New York Stock Exchange, after the provider of licensed photographs missed profit and sales expectations and provided a downbeat outlook. Trading volume topped 450,000 shares within the first 15 minutes after the open, compared with the full-day average of about 265,000. The company reported earnings of $9.9 million, or 27 cents a share, compared with $6.9 million, or 19 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 42 cents, below the FactSet consensus of 45 cents. Revenue rose to $130.2 million from $116.0 million, but missed the FactSet consensus of $135.3 million. For 2017, the company said it expects revenue of $545 million to $560 million, below the FactSet consensus of $578.2 million. Separately, Shutterstock said Chief Financial Officer Steven Berns will also take on the responsibility of chief operating officer, effective March 1. The stock has now lost 9% over the past three months, while the S&P 500 has gained 6.7%.

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U.S. stocks opened marginally lower on Monday, with the Dow Jones Industrial Average set to take a breather after recording an impressive string of record gains. The blue-chip index slid 25 points, or 0.1%, to 20,800. The S&P 500 index declined two points, or 0.1%, to 2,365. The Nasdaq Composite Index shed 11 points, or 0.2%, to 5,833. Shares of Sotheby’s rose after the auction house posted earnings and profits that beat estimates. Shares of La Jolla Pharmaceutical Co. soared after the company announced positive results from a phase 3 drug trial. The Dow posted its 11th straight record close on Friday

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Shares of Pieris Pharmaceuticals Inc. soared 16% in premarket trade Monday, after the drug maker announced an exclusive license deal with Japan’s ASKA Pharmaceutical Co. Ltd. for the development and commercial rights to Pieris’s anemia treatment. Under terms of the agreement, Pieris will receive an immediate upfront payment of $2.75 million from ASKA, and will be eligible for up more than $80 million. Pieris’s stock has run up 27% over the past three months through Friday, while the SPDR S&P Pharmaceuticals ETF has gained 3.9% and the S&P 500 has tacked on 7%.

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From:: Stock Market News