Tag: stock market

Skechers USA Inc. said Tuesday that it has once again enlisted actor Rob Lowe for a marketing campaign after a 15-year hiatus. Lowe first worked with the brand in 2001 to introduce the company’s dress casual collection. Lowe’s new campaign will promote men’s footwear and launch in spring 2017. Other current men’s campaigns feature sports figures like Joe Montana and Sugar Ray Leonard. Skechers shares are up 0.3% in Tuesday trading, but down 17.2% for the past year. The S&P 500 index is up 22.9% for the last 12 months.

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From:: Stock Market News

U.S. stock-market indexes scaled all-time highs after opening with modest gains Tuesday. Investors welcomed earnings reports from retailers such as Wal-Mart Stores, Inc. Home Depot Inc and Macy’s Inc . The S&P 500 opened up 5 points, or 0.2%, at 2,356. The Nasdaq Composite began the session up 9 points, or 0.2% at 5,848. The heaviest-weighted component on Nasdaq Apple Inc. also hit record after opening higher. The Dow Jones Industrial Average advanced 53 points or 0.2%, to 20,675 at the open.

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Shares of Apple Inc. tacked on 0.6% in premarket trade Tuesday, putting it on track to open at a record high, after an upbeat research note from Morgan Stanley, which cited optimism over China sales. Analyst Katy Huberty reiterated her overweight rating but raised her stock price target to $154, which is 13% above Friday’s closing price, from $150. Huberty said she believes concerns that Apple has lost its edge in China, following a 24% decline in China revenue over the past year, are misplaced. “Our analysis of upgraders and switchers suggests China could contribute outsized growth in [fiscal year] 2018,” Huberty wrote in a research note. She expects Apple’s new higher-priced iPhone this year will have new smartwatch-like displays that allows for a curved form factor and longer battery life, wireless charging technology, 3D sensors and more advanced artificial-intelligence capabilities, and China users tend to be “especially sensitive to new technology and form factor changes.” The stock was changing hands at $136.50 ahead of the open, which is above the all-time intraday high of $136.27 reached on Feb. 15. The stock has run up 41% over the past 12 months, while the Nasdaq 100 has climbed 28% and the Dow Jones Industrial Average has rallied 26%.

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Williams Cos. said Tuesday it will boost its quarterly dividend by 50% to 30 cents a share from 20 cents a share. The oil and gas infrastructure company’s new dividend will be payable March 27 to shareholders of record on March 10. Based on Friday’s stock closing price of $28.20, the new annual dividend rate of $1.20 a share implies a dividend yield of 4.26%, compared with the SPDR Energy Select Sector ETF payout yield of 2.36% and the aggregate S&P 500 dividend yield of 2.04%, according to FactSet. Williams’ stock, which was still inactive in premarket trade, has soared 82% over the past 12 months, while the energy sector ETF has rallied 27% and the S&P 500 has climbed 23%.

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Restaurant Brands International Inc. said Tuesday it has agreed to acquire Popeyes Louisiana Kitchen Inc. for $1.8 billion in cash. Under the terms of the agreement, Restaurant Brands, operator of Burger King and Tim Hortons, will pay $79 per Popeyes’ share, equal to a 27% premium over Popeyes’ 30-trading day volume weighted average price as of Feb. 10, the last trading day before media talk of a potential sale. The deal is expected to close by early April. Popeyes shares were halted premarket. Restaurant Brands was up 2.2%, but have gained 65% in the last 12 months, while the S&P 500 has gained 22%.

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Macy’s Inc. shares rose 3.4% in Tuesday premarket trading after the department store retailer announced fourth-quarter earnings that beat expectations. Net income was $475 million, or $1.54 per share, down from $544 million, or $1.73 per share last year. Adjusted EPS was $2.02, beating the FactSet consensus of $1.95. Sales were $8.52 billion, down from $8.87 billion last year, and below the $8.62 billion FactSet consensus. Same-store sales on an owned-plus-licensed basis fell 2.1% compared with a FactSet consensus of a 2.5% decline. The company completed the $250 million sale of the Union Square Men’s building in San Francisco. And the previously announced Chief Executive Officer transition to Jeff Gennette, the current president, from Terry Lundgren will take place on March 23, 2017. Macy’s sees a fiscal 2017 same-store sales decline between 2% and 3% on an owned-plus-licensed basis. The FactSet consensus is a 2.2% decline. Sales are expected to fall between 3.2% and 4.3% for the year, owing to 66 store closures. And adjusted EPS excluding the anticipated gain from the Union Square sale and anticipated settlement charges are expected to be $2.90 to $3.15. The FactSet consensus is $3.17. Macy’s shares are down 19.7% for the past year while the S&P 500 index is up 22.6% for the same period.

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JetBlue said Tuesday it has promoted Steve Priest to chief financial officer and executive vice president, effective immediately. Priest had previously been JetBlue’s vice president, structural programs, and worked at British Airways for nearly 20 years prior to that. Priest, who led the company’s cost-cutting initiative that aims to save $250 to $200 million for the company by 2020, will be an advocate for cost-control measures in his new role, Chief Executive Officer Robin Hayes said. JetBlue shares have retreated 2.7% over the last three months, compared with a 7.0% rise in the S&P 500 .

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Verizon Communications Inc. and Yahoo! Inc. said on Tuesday they have reached a revised agreement that will see Verizon buy the internet company’s business in a deal valued at approximately $4.48 billion, cutting the initial cost by $350 million. “We have always believed this acquisition makes strategic sense,” said Marni Walden, Verizon’s president of Product Innovation and New Businesses, in a statement. “We look forward to moving ahead expeditiously so that we can quickly welcome Yahoo’s tremendous talent and assets into our expanding portfolio in the digital advertising space.” The revised deal comes after months of speculation as whether talks would break down amidst revelations of two data breaches at Yahoo. Under the amended terms of the deal, the data breaches, or losses from them will not be taken into account in determining whether a “business material adverse effect” has occurred or whether certain closing conditions have been satisfied, according to a news release. Walden said the two companies expect the deal to close in the second quarter. Verizon shares have declined 3% in the trailing 12-month period, while Yahoo shares have gained 50% and the S&P 500 Index is up more than 22%.

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B. Riley Financial Inc. announced Tuesday at deal to buy FBR & Co. in a cash and stock deal that values FBR at about $160.1 million. Under terms of the deal, FBR shareholders will receive 0.671 B. Riley shares and $8.50 in cash for each FBR share they own. Based on Friday’s closing stock prices, the deal values FBR shares at $20.28 each, a 21% premium. As part of the deal, FBR will deliver $33.5 million in cash to B. Riley at closing, which is expected to occur during the second quarter of 2017. Richard Hendrix, FBR’s current chairman and chief executive, will assume the role of CEO of the combined investment banking and brokerage businesses. The banks’ stocks, which are currently halted for news, are set to resume trade at 8:30 a.m. ET. B. Riley’s stock has soared 90% over the past 12 months, while FBR shares have tacked on 3.9% and the S&P 500 has climbed 23%.

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FXCM Group LLC said Tuesday it is changing its name to Global Brokerage as it unveiled its choice for interim CEO. The news comes after the Commodity Futures Trading Commission issued an order settling National Futures Association charges against FXCM Chief Executive Dror Niv and Managing Director William Adhout for “engaging in fraudulent activities” with respect to FXCM’s retail customers, by telling them they used a “No Dealing Desk” order execution model, meaning orders would be executed directly in the market without using a liquidity provider, or market maker. But in fact, FXCM used a “Dealing Desk” model, by routing orders through market maker Effex Capital LLC that was actually supported and controlled by FXCM, allegedly in exchange for kickbacks to FXCM on profitable trades. There were several other charges in the NFA’s complaint, but the gist was that FXCM, Adhout and Niv would be permanently barred from NFA membership, and FXCM could no longer operate in the U.S. FXCM agreed to pay a $7 million fine. On Tuesday, FXCM named Brendan Callan as interim CEO. Callan has been CEO of the company’s European operations since 2010. The company also named Jimmy Hallac, a managing director at Leucadia Inc., as chairman. Leucadia came to the rescue of FXCM when it was caught out by the Swiss decision to unpeg the Swiss franc from the dollar in January 2015 and holds a major stake in the company. FXCM shares were not yet active premarket, but have lost 74% in the last 12 months, while the S&P 500 has gained 22%.

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