Tag: stock market

Shares of Deckers Outdoor Corp. jumped 6.6% in late trade Wednesday, after Marcato Capital Management said it had purchased 1.9 million shares in the company, equal to a 6% stake. The hedge fund made the disclosure in a filing with the Securities and Exchange Commission. Deckers sells footwear, clothing and accessories for casual wear and outdoor activities. Shares have gained 0.2% in the last 12 months, underperforming the S&P 500 , which has gained 24%.

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The New Zealand dollar weakened against its U.S. rival on Wednesday after the country’s central bank left its benchmark interest rate unchanged. The Reserve Bank of New Zealand left its benchmark cash rate unchanged at 1.75%. In a statement, the central bank added that it expects interest rates to remain low for a “considerable time.” The kiwi was down 0.3% at 72.70 U.S. cents, compared with 72.95 U.S. cents late Tuesday in New York. Typically, lower interest rates, or the expectation that rates will fall or remain low, cause a currency to weaken because it diminishes the return on assets denominated in that currency. The central bank cut the benchmark rate by a quarter of a percentage point in November. The central bank was widely expected to keep interest rates on hold, according to currency strategists at Brown Brothers Harriman.

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Oil prices settled with a gain Wednesday for the first time in three sessions, with a sharp climb in gasoline prices leading energy futures higher. Data from the Energy Information Administration revealed a 13.8 million-barrel weekly jump in U.S. crude supplies-the second-largest on record-but also showed an unexpected decline in gasoline inventories. March West Texas Intermediate crude rose 17 cents, or 0.3%, to settle at $52.34 a barrel on the New York Mercantile Exchange. March gasoline rose 6.5 cents, or 4.4%, to finish at $1.553 a gallon.

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White House press secretary Sean Spicer said Wednesday that President Donald Trump had every right to tweet at retailer Nordstrom . The company has dropped his daughter Ivanka’s clothing line. Spicer said the tweet was not about promoting a family business but defending his daughter against an attack.

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Netflix Inc.’s supernatural drama and newest internet watercooler sensation “The OA” is getting a second season. Variety reported on Wednesday the streaming giant has greenlit Season 2 of the series, eight weeks after its first installment. Netflix quietly dropped the eight-episode series on its platform on Dec. 16. Written and produced by Hollywood duo Brit Marling and Zal Batmanglij and executive produced by Brad Pitt’s Plan B Entertainment, “The OA” followed the story of a young blind woman you returns to her hometown after being missing for seven years, and with her eyesight restored. The show takes viewers through her traumatic and supernatural story while questioning faith and truth. There are no details on what the second season might be about. Netflix announced Wednesday Season 5 of its acclaimed series “Orange is the New Black” will premiere June 9. Shares of Netflix are up more than 73% in the trailing 12-month period, while the S&P 500 Index is up nearly 24%.

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Gold futures rose for a fifth straight session Wednesday to score their highest finish in almost 13 weeks. Uncertainty over President Donald Trump’s political agenda helped fuel safe-haven demand for the precious metal. April gold rose $3.40, or 0.3%, to settle at $1,239.50 an ounce. That was the highest finish for a most-active contract since Nov. 10, according to FactSet data.

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The National Retail Federation forecasts a 3.7% to 4.2% rise in retail industry sales in 2017, excluding autos, gas and restaurants, the organization said Wednesday. E-commerce and other non-store sales, which is included in that percentage, will increase 8% to 12%. “[T]his year is unlike any other – while consumers have strength they haven’t had in the past, they will remain hesitant to spend until they have more certainty about policy changes on taxes, trade and other big issues being debated in Congress,” said NRF Chief Executive Matthew Shay in a statement. “Lawmakers should take note and stand firm against any policies, rules or regulations that would increase the cost of everyday goods for American consumers.” The SPDR S&P Retail ETF is up 1.8% for the past three months, and up 9.8% for the past year.

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CHICAGO (MarketWatch) — Chris Kennedy, son of the late Sen. Robert F. Kennedy and a nephew of President John F. Kennedy, is set to announce as soon as Wednesday his intention to run for governor of Illinois, according to a report by political columnist Michael Sneed of the Chicago Sun-Times. Chris Kennedy, 53, is a former president of Merchandise Mart Properties in Chicago and with his wife Sheila, a native of Illinois, founded a Chicago-based nonprofit food company called Top Box Foods. He’s on the board of directors of the politically engaged mutual-fund firm Ariel. He has mulled bids several times in the past and not pulled the trigger. Kennedy is viewed as likely to face several fellow Democrats for the right to face off against Republican Gov. Bruce Rauner in 2018.

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The U.S. Energy Information Administration on Wednesday reported a fifth straight weekly increase in crude-oil supplies that was much more than the market expected. Inventories climbed by 13.8 million barrels in domestic crude-oil supplies for the week ended Feb. 3. The American Petroleum Institute late Tuesday reported 14.2 million-barrel jump, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.5 million barrels. Gasoline supplies fell by 900,000 barrels, while distillate stockpiles were unchanged last week, according to the EIA. March crude fell 52 cents, or 1.1%, at $51.61 a barrel on the New York Mercantile Exchange. It was trading at $51.80 before the supply data.

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The latest weekly survey of U.S. advisors by Investors Intelligence, a provider of research and technical analysis, showed that the number of bulls rose to 62.7% last week, the highest level since December 2004. Investor Intelligence considers a number above 55% a danger zone, as it is a strong, contrarian warning of a potential market top. Advisors have been extremely bullish on U.S. stocks for the past 11 straight weeks as the S&P 500 rose 7% over the past three months and is trading near all-time highs. Nearly a year ago, when stocks posted a sharp January-February decline, the bullish count fell as low as 24.7%. In the latest survey, the percentage of bearish advisors fell to 16.7% as they reacted to the recent market strength. That is the fewest bears since August 2015. In a report, Investor Intelligence said that advisor sentiment is a leading indicator and that excessive optimism most often peaks prior to the indexes.

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