Tag: stock market

Oil production from seven major U.S. shale plays is forecast to climb by 80,000 barrels a day to 4.873 million barrels a day in March from February, according to a monthly report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays. It’s expected to rise by 70,000 barrels a day. Output from the Bakken, which covers parts of Montana and North Dakota as well as parts of Canada, however, is expected to fall by 18,000 barrels a day. Just minutes ahead of the day’s settlement, oil prices continued their declines. March West Texas Intermediate oil traded at $52.88 a barrel, down 98 cents, or 1.8%, on the New York Mercantile Exchange.

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Gold futures fell Monday, with prices marking their largest dollar and percentage decline since Jan. 25, according to FactSet data. Overall strength in the dollar and gains in the U.S. stock market reduced investor interest in the precious metal. April gold fell $10.10, or 0.8%, to settle at $1,225.80 an ounce.

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Tesla Inc. stock on Monday traded as high as $280.67, its highest intraday in nearly 19 months, as CEO Elon Musk spoke about a “merger” between intelligence and artificial intelligence to keep humans useful. The company shares traded as high as $286.65 on July 20, 2015, days after Musk unveiled three new options for Tesla’s Model S sedan, including the first iteration of Tesla’s “ludicrous mode,” which ramps up acceleration on Tesla vehicles. The stock corrected sharply the following day, down more than 5%. Tesla reached a record close of $286.04 on Sept. 4, 2014.

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From:: Stock Market News

Tesla Inc. stock on Monday traded as high as $280.67, its highest intraday in nearly 19 months, as CEO Elon Musk spoke about a “merger” between intelligence and artificial intelligence to keep humans useful. The company shares traded as high as $286.65 on July 20, 2015, days after Musk unveiled three new options for Tesla’s Model S sedan, including the first iteration of Tesla’s “ludicrous mode,” which ramps up acceleration on Tesla vehicles. The stock corrected sharply the following day, down more than 5%. Tesla reached a record close of $286.04 on Sept. 4, 2014.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Target Corp. issued Monday a nationwide recall of about 1,300 Threshold Aluminum Top/Steel X Base patio benches, citing risk of collapse and potential injury. Target said the benches were made in China and were sold individually and as part of a six-piece dining set, from January 2016 through July 2016, for $150 for the benches or $1,000 for the dining sets. The retailer said it received six reports of the benches collapsing, and one report of a knee injury. The stock slipped 0.3% in midday trade. It has lost 9.0% over the past three months, while shares of rival Wal-Mart Stores Inc. have slipped 4.6% and the S&P 500 has gained 7.5%.

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Shares of Verizon Communications Inc. slumped 0.8% in midday trade Monday, to pace the decliners in the Dow Jones Industrial Average , after the telecommunications giant succumbed to competitive pressure by re-introducing over the weekend an unlimited wireless data plan. Verizon had eliminated unlimited wireless data nearly five years ago, under the premise, as Jefferies analyst Mike McCormack describes, that unlimited data devalues the network and does not provide proper returns. McCormack said he believes Verizon’s shift was “dictated by market conditions,” particularly with T-Mobile U.S. Inc. going all-in with unlimited data, and with Sprint Corp. showing some success with its plans. Sprint’s stock shed 1.5% in midday trade and T-Mobile shares slid 3%. Over the past 12 months, Verizon’s stock has lost 3.1%, while Sprint’s has more than tripled, T-Mobile’s has run up 72% and the Dow has gained 28%.

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Apple Inc.’s stock surged 1.1% into record territory in morning trade Monday, after an upbeat note from Goldman Sachs pushed the stock toward a 22-month high. The stock was changing hands at $133.55 in recent trade, which is above the Feb. 23, 2015 record close of $133.00. The all-time intraday high of $134.54 was reached on April 28, 2015. The stock’s rally comes after Goldman Sachs raised its stock price target to $150 from $133, citing optimism over major features to be introduced in the new iPhones. The stock’s point gain of $1.44 was adding about 10 points to the Dow Jones Industrial Average , which was up 100 points. The stock has now run up 10% since reporting fiscal first-quarter results after the Jan. 31 close. It has soared 23% over the past three months, while the Dow has gained 8.1%.

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Shares of J.C. Penney Co. Inc. climbed 1.1% in morning trade Monday, after Morgan Stanley backed off from the bearish stance it had on the discount department store chain for the past several years. Analyst Kimberly Greenberger upgraded J.C. Penney to equal weight from underweight, saying the risk-vs.-reward scenario has become more balanced, given several potential catalysts that could boost the stock. Among those catalysts are the eroding financial position of rival Sears Holdings Corp. [: shld], accelerated store closures, continuing debt paydowns and an expected lowered guidance on the fourth-quarter call next week and the analysts meeting in March. The reason lowered guidance is good for the stock: “All in, the investment community should welcome a lowered bar vs. prior out-year financial targets that may limit future financial forecast misses and hence provide a potential positive catalyst for the stock,” Greenberger wrote in a note to clients. The stock has tumbled 21% over the past three months, while Sears’ stock has plunged 46%, the SPDR S&P Retail ETF has slipped 1.3% and the S&P 500 has gained 7.4%.

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Shares of Zosana Pharma Corp. rocketed 69% toward a 9-month high in very active morning trade Monday, after the company presented positive trial results of its migraine treatment. Volume spiked to 12.4 million shares, compared with the full-day average of about 268,000 shares. Zosana said a trial of its lead candidate, M207, which is a patch used to treatment migraine pain, achieved both co-primary endpoints of pain freedom and most-bothersome-symptom freedom in a phase 3 trial. The company said there were no serious adverse events in the trial. The stock has has lost 4% over the past 12 months, while iShares Nasdaq Biotechnology ETF has climbed 14% and the S&P 500 has run up 25%.

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From:: Stock Market News

U.S. stock-market indexes opened higher on Monday, setting intraday all-time highs shortly after market open. The S&P 500 opened up 6 points, or 0.2%, at 2,322. The Nasdaq Composite began the session up 18 points, or 0.3% higher at 5,752. The Dow Jones Industrial Average added 64 points or 0.3%, to 20,340 at the open.

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