Tag: stock market

The U.S. dollar rose against the euro on Monday after European Central Bank President Mario Draghi indicated that the region’s economy wasn’t yet strong enough to withdraw ECB stimulus despite signs of improvement. While Draghi said that the economy was improving, recent pick-ups in inflation were driven by energy prices rather than core inflation. The euro traded at $1.0728 from $1.0785 late Friday. At its low of the session, the euro fell to its weakest level against the dollar in a week. The U.S. dollar index rose 0.3% on the day.

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From:: Stock Market News

Power Solutions International Inc. was downgraded to hold from buy at Wunderlich Securities, citing the uncertainty surrounding the power systems company’s business prospects following the resignation of its independent accountant and chief financial officer. The stock had plummeted 62% on Friday to a record low, after Power Solutions disclosed in a filing that its independent accountant RSM US LLP had notified the company in its resignation letter that there were material weaknesses in internal controls over revenue recognition and overall control environment and that it could no longer reply on management representations. CFO Michael Lewis followed by agreeing to take a leave of absence and announcing his intent to resign effective March 4. The company said it started exploring strategic alternatives to improve its liquidity position and maximize shareholder value. Wunderlich analyst Liam Burke said that despite the long-term potential of Power Solutions’ alternative fuel products, he can’t remain bullish on the stock after the company’s disclosures. “Despite the benefit of cost reductions and contracts that could drive future revenue, the current financial uncertainty outweighs any future potential, in our opinion,” Burke wrote in a note to clients. The stock bounced 37% in morning trade, but was still down 67% over the past 12 months, while the S&P 500 has run up 22%.

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U.S. stocks opened lower on Monday as investors found few reasons to keep pushing shares higher with major indexes near records and geopolitical uncertainty weighing on sentiment. Equities rallied Friday on the back of stronger-than-expected jobs data and news that President Donald Trump would roll back financial regulations, which lifted bank stocks. However, the impact of those factors may already be priced into shares, making further momentum hard to come by. The financial sector dropped 0.6%. The Dow Jones Industrial Average fell 61 points, or 0.3%, to 20,010, with Travelers Companies Inc. among the biggest movers in early trading. The insurance company fell 0.7% and was the biggest Dow decliner. The S&P 500 fell 4 points to 2,293, a decline of 0.2%. The Nasdaq Composite Index slid 12 points to 5,655 for a drop of 0.2%.

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Shares of Hasbro Inc. rocketed 13% toward a record high in premarket trade Monday, after the toy seller’s fourth-quarter results beat expectations and the dividend was raised. The stock was on track to open above $93, above the record close of $87.94 on Nov. 25, 2016 and the all-time intraday high of $88.53 on April 19, 2016. Hasbro raised its quarterly dividend 12% to 57 cents a share from 51 cents a share, payable May 15 to shareholders of record on May 1. Based on Friday’s stock closing price of $82.63, the new annual dividend rate implies a dividend yield 2.76%, compared with the aggregate S&P 500 dividend yield of 2.06%, according to FactSet. Hasbro’s stock has tacked on 1.9% over the past three months through Friday, while the S&P 500 has gained 10%.

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Shares of Aratana Therapeutics Inc. tumbled 9.1% in premarket trade Monday, after the pet therapeutics company disclosed that the Center for Veterinary Medicine requested more information about its appetite stimulation drug. Aratana said the request is related to the company’s post-approval supplement request to transfer the manufacturing of Tentyce to a new vendor. The company said it now expects Entyce to be commercially available by late 2017. The stock has more than doubled over the past 12 months through Friday, while the S&P 500 has gained 22%.

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Food service company Sysco Corp. said Monday it had net income of $275 million, or 50 cents a share, in its fiscal second quarter, up from $272 million, or 48 cents a share, in the year- earlier period. Adjusted per-share earnings came to 58 cents. topping the 54 cents FactSet consensus. Sales climbed to $13.5 bllion from $12.2 billion, matching the FactSet consensus of $13.5 billion. U.S. sales came to $9.1 billion, down 0.5%, while international operations fame to $2.6 billion, up from $1.3 billion a year ago. Shares rose 1.3% in premarket trade, and are up 22% in the last 12 months, while the S&P 500 has gained 22.6%.

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Shares of Tiffany & Co. slumped 3.2% in premarket trade, after the high-end jewelry retailer said over the weekend that Chief Executive Frederic Cumenal stepped down, effective immediately, after 22 months in the role. Cumenal had joined Tiffany in March 2011 from LVMH Group, and was named CEO as of April 1, 2015. Tiffany’s stock has declined 6.6% through Friday with Cumenal as CEO, while online jewelry seller Blue Nile Inc. shares have soared 40.1% over the same time, Signet Jewelers Ltd. shares have plunged 44.7%, the SPDR S&P Retail ETF has tumbled 14.4% and the S&P 500 has climbed 11.5%.

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Icahn Enteprises LP , the investing arm of billionaire Carl Icahn, on Monday set the pricing for its previously announced rights offering. The company said each whole right will be priced at $53.71 and entitle the holder to one newly issued depositary unit of Icahn Enterprises. The company is intended to distribute the rights to record date unitholders on Feb. 9. Icahn Enteprrises stock was not yet active premarket, but has gained 16.9% in the last 12 months, while the S&P 500 has gained 22%.

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Shares of Tyson Foods soared 7% in premarket trade Monday after the company reported stronger-than-expected first-quarter earnings and sales and raised its annual outlook, citing strong beef and pork sales. The company reported net income of $593 million, or $1.59 a share, compared with $461 million, or $1.15, in the year-earlier period. Revenue for the three-month period increased to $9.18 billion compared with $9.15 billion in the year-earlier period. Analysts surveyed by FactSet had been calling for earnings of $1.27 on sales of $9.03 billion. The meat producer raised its full-year outlook to a range of $4.90 to $5.05 a share, compared with the consensus estimate of $4.89. As of Friday’s close, the company’s shares had been down 2.5% in the past three months, compared with a 10% increase for the S&P 500 .

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Following a Super Bowl ad on accepting diversity Sunday night, home-sharing company Airbnb pledged to provide short-term housing for 100,000 people in need over five years. Initially, Airbnb said it would focus on refugees, disaster survivors and relief workers. Additionally, Airbnb pledged $4 million over four years to the International Rescue Committee. Airbnb was one of several companies that spoke out against President Donald Trump’s immigration ban and the company said it would offer free housing to refugees who were not allowed into the country following the ban.

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