Tag: stock market

Shares of Nvidia Corp. tumbled 8.9% in afternoon trade, toward the first close below a key trend-tracking line for the first time in a year, in the wake of analyst downgrades to bearish ratings. The stock was changing hands at $100.92, putting it on track for the lowest close since Dec. 16, 2016. It was also heading for the first close below its widely viewed 50-day moving average (MA), which is used by many to track the short-term trend, since Feb. 17, 2016. The 50-day MA currently extends to $107.07, according to FactSet. That would snap a 256-session streak of closes above the 50-day MA, the longest such stretch since the stock went public in January 1999. The last time it first closed below the 50-day MA, after at least 3 months above it, was Jan. 7, 2016. The stock fell another 17% over the next month before bottoming.

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CFRA on Thursday cut its rating on Tesla Inc. to sell from hold, saying that while they see “a clearer path towards Model 3 production, we still see execution and other risks to the timing of and achievement of targets,” analyst Efraim Levy said in a note. “We expect (Tesla) to go to market this year to raise capital,” he said. Levy raised his price target on the shares by $35 to $240, reflecting expectations of “rapid sales growth” for the mass-market sedan as the car’s launch approaches. Tesla reported mixed fourth-quarter results late Wednesday. Wall Street cheered Model 3 being on track for sales later this year, and braced for a likely capital raise in the near term.

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The Mexican peso strengthened against the dollar on Thursday after several top Trump administration officials stressed the importance of maintaining positive relations with the U.S.’s southern neighbor. The peso strengthened early in the day, part of a broad-based rally in emerging-market currencies, after U.S. Treasury Secretary Steven Mnuchin offered what some market strategists characterized as a lackluster defense of the U.S.’s strong dollar policy. The dollar was down 1.4% at 19.65 pesos in recent trade, compared with 19.94 pesos late Wednesday in New York. He also emphasized that relations between the two countries remain positive. The currency added to its gains later in the day after U.S. Secretary of State Rex Tillerson said his trip to Mexico was “forward-looking,” and that officials from the two countries were focused on their common interests. He also said that Mexican Secretary of Foreign Affairs Luis Videgaray also said the meeting was “a good step” toward cooperation. The currency is presently trading at levels not seen since Nov. 9, the day after the U.S. election. It rallied sharply earlier in the week after Mexico’s central bank introduced a new hedging facility. “[President Donald Trump] said a lot of inflammatory stuff during the campaign but in reality their relationship is going to have to be one of mutual cooperation and strong ties,” said Win Thin, global head of emerging-market currency strategy at Brown Brothers Harriman.

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Gold prices rose on Thursday to close at their highest level since November as the Fed minutes released Wednesday did not indicate any firm resolve on the part of the central bank to hike interest rates soon. The lack of clear signal from the Federal Reserve in monetary policy pressured the dollar which helped to boost appetite for dollar-denominated assets such as gold. April gold gained $18.10, or 1.5%, to settle at $1,251.40 an ounce.

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WASHINGTON (MarketWatch) – Dow Chemical CEO Andrew Liveris on Thursday said President Donald Trump was leading “the most pro-business administration since the founding fathers.” In comments after a meeting between manufacturers and the president, The Dow CEO said the “language of business” is being spoken at the White House. He said that manufacturing jobs will be brought back to the U.S. as a result of the tax policy and regulatory reforms under discussion.

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Shares of Home Depot Inc. edged up less than 0.1% in midday trade Thursday, but bucked the selloff in the broader retail sector, after Morgan Stanley moved to a bullish rating on the home improvement retailer. The SPDR S&P Retail ETF shed 1.2% in midday trade. Analyst Simeon Gutman upgraded Home Depot to overweight, after being at equal weight since June 2014. He boosted his stock price target to $165, which was 14% above current levels, from $150. Gutman said he has greater confidence in the growth of the home improvement industry, given research that suggests the housing recovery is till in the ‘middle innings’ and the belief that any negative impact from rising interest rates in the near term are being overestimated. He said Home Depot’s stock had performed well in previous rising-rate environments. And even in the most aggressive tightening periods, Gutman said it took about two years to hurt spending on home improvement. Home Depot’s stock has rallied 11% over the past three months, while the SPDR retail ETF has lost 6.9% and the Dow Jones Industrial Average has climbed 9%.

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The stocks of the manufacturing companies which were meeting with President Donald Trump Thursday were trading mostly lower. The drop comes amid reports that an infrastructure spending plan may be delayed until next year, and tax reform pushed back until at least the summer. United States Steel Corp. led the decliners, falling 6.7% in mid-morning trade. Caterpillar Inc. fell 2.4%, and Emerson Electric Co. fell 1.7%. Under Armour Inc. , Lockheed Martin Corp. and Corning Inc. were all down 0.7%. GE was down 0.5%, Whirlpool Corp. was down 0.4% and Dow Chemical Co. was down 0.3%. Goldman Sachs Group Inc. shares were trading down 0.7%. Goldman and Caterpillar combined were shaving about 30 points off the Dow Jones Industrial Average . Trump introduced Goldman’s ex-COO Gary Cohn, now National Economic Council director, to the group as “Gary from Goldman.” The only two stocks to gain were Johnson & Johnson and International Paper Co. , which were both up less than 1%.

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International Flavors & Fragrances Inc. shares rose 2.5% Thursday, after UBS upgraded the stock to buy from neutral and reiterated their view that the stock is a high quality laggard for 2017. The maker of fragrances used in foods as well as fabric care and household cleaning products has seen its price-earnings ratio fall to 21 times from 24 times before the November presidential election, when risk-off stocks were in favor, said UBS. That has meant it is now trading at a discount to peers versus a premium pre-election. “Underperformance reflects exaggerated risks on FX (80% of sales ex-U.S.), possible emerging market slowdown (50% of sales), & possible margin pressures from rising oil, vanilla & citrus,” UBS analysts wrote in a note. “We are upgrading to Buy as the current valuation provides upside as we believe investor concerns are overdone.” Shares have gained about 22% in the last 12 months, while the S&P 500 has gained about 23%.

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Oil futures remained higher Thursday after spiking to a session high following a smaller-than-expected rise in weekly U.S. crude inventories. West Texas Intermediate crude oil for April delivery on the New York Mercantile Exchange was up 97 cents, or 1.8%, at $54.56 a barrel after trading as high as $54.94 after the Energy Information Administration said U.S. crude supplies rose 600,000 barrels in the week ended Feb. 17. Analysts surveyed by The Wall Street Journal had forecast, on average, a 3.4 million barrel rise. Data from the American Petroleum Institute, an industry trade group, late Wednesday had shown an 884,000-barrel decline in inventories.

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Alan Colmes, a commentator who played the liberal sidekick to hard-right anchor Sean Hannity on Fox News, has died at the age of 66 after a brief illness, the Associated Press reported Thursday. Colmes is survived by his wife, Jocelyn Elise Crowley, said the AP. A New York City native, Colmes started his career in radio and stand-up comedy before joining Fox News in 1996. He spent 12 years as co-host of “Hannity & Colmes” and also wrote several books.

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