Tag: stock market

Callaway Golf Co.’s stock tumbled 9.1% in active afternoon trade Friday, after the gold equipment seller’s disappointing fourth-quarter results. Volume of 2.9 million shares in recent trade was more than triple the full-day average. The company said late Thursday it swung to a profit of $1.28 a share from a loss of 33 cents a share, because of the reversal of a deferred tax valuation allowance. Excluding that, the adjusted loss of 18 cents a share missed the FactSet consensus for a loss of 17 cents a share. Revenue rose to $164 million from $153 million, but missed the Fact Set consensus of $171 million. Woods sales of $29.5 million missed the FactSet consensus of $37 million, irons sales of $39 million were below expectations of $48 million and golf balls sales of $31.2 million was just shy of the FactSet consensus of $31.9 million, while putters sales of $14.0 million beat expectations of $13.6 million. Callaway’s stock has run up 18.5% over the past 12 months, while the S&P 500 has climbed 20.1%.

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Data from Baker Hughes Friday revealed that thenumber of active U.S. rigs drilling for oil rose by 17 to 583 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 17 to 729, according to Baker Hughes. March West Texas Intermediate crude was up 23 cents, or 0.4%, at $53.77 a barrel on the New York Mercantile Exchange from Thursday’s settlement, little changed from where it was trading at before the data.

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Oil futures on Friday continued to trade modestly higher after the U.S. Treasury announced that it has imposed new sanctions on Iran, one of the world’s top 10 oil producers, following its ballistic missile test launch. It has sanctioned more than two dozen businesses and individuals for their alleged role in support the missile-testing program, according to The Wall Street Journal. Details on the sanctions weren’t immediately clear. “These actions are not likely to cause significant problems unless Iran’s response is more harassment to ships in the Persian Gulf,” said James Williams, energy economist at WTRG Economics. March West Texas Intermediate crude traded at $53.76 a barrel, up 22 cents, or 0.4%. April Brent added 27 cents, or 0.5%, to $56.83.

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President Donald Trump said Friday he was “very happy” about the January jobs report, which showed 227,000 new positions created during the month. He said the report showed a “great spirit” in the U.S. and he predicted it would “continue big league.” Read more about the January data here.

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The Treasury Department announced sanctions Friday against companies and individuals involved in aiding Iran’s ballistic missile program. President Donald Trump had warned that Iran was “on notice” after the Sunday test. The sanctions prohibit Americans from engaging in transactions with the individuals and businesses.

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Shares of Macy’s Inc. surged 5.8% in morning trade Friday after The Wall Street Journal reported that the department store chain was in buyout talks. Saks Fifth Avenue and Lord & Taylor parent Hudson’s Bay has made a takeover approach to Macy’s, The WSJ report said, citing sources. The report said the talks were still in early stages and may not lead to a deal. Macy’s stock has tumbled 22% over the past 12 months, while Hudson’s Bay shares have fallen 40% and the S&P 500 has gained 20%.

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Goldman Sachs on Friday was contributing the lion’s share of the Dow Jones Industrial Average’s rally in early trade. Goldman Sachs Group’s shares were climbing 3.2%, to add about 50 points to the Dow , representing the biggest contributor to the price-weighted blue-chip gauge, which was up about 135 points, or 0.7%, higher at 20,021. Goldman’s rally comes as President Donald Trump’s administration begins a rethink of the way big American financial firms are regulated, with a focus on repealing many of the Dodd-Frank bank reform rules implemented in the wake of the 2008-09 financial crisis. Critics say the rule hampers banks’ ability to be competitive in international markets. A pledge to roll back regulations had been among the centerpieces of Trump’s presidential campaign platform. Gary Cohn, director of the White House National Economic Council and former president of Goldman, told The Wall Street Journal Thursday that the administration would review some of the main mechanisms that have shaped how financial firms have been governed. Goldman’s gain comes amid a broad rally for the banking sector and comes even as yields of benchmark 10-year Treasury bonds declined in the wake of a jobs report that showed that wage growth, a negative for bonds, is rising only modestly. Tepid inflation can be supportive for bonds because rising inflation erodes their fixed payments. But lower rates can undercut a bank’s business model. Investors are betting that deregulation will be a bigger driver for bank’s future profits. Other banks contributing to the Dow’s climb include J.P. Morgan Chase & Co. , up about 2.4% to add about 14 points to the benchmark and Visa Inc. , whose 4.4% rise was adding about 25 points to the Dow. The S&P 500 index was up 11 points, or 0.5%, at 2,292, led by a 1.5% gain in the financials sector.

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U.S. stocks opened higher Friday after the January jobs report came in better than expected. The wage component of the report was softer, showing average hourly earnings slowed last month. However, the stock market interpreted it a sign that the Fed will not rush to raise rates. The S&P 500 opened up 9 points, or 0.4%, at 2,290. The Nasdaq Composite began the session up 15 points, or 0.3% higher at 5,651. The Dow Jones Industrial Average added 113 points or 0.6%, to 20,000 at the open.

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Dollar General Corp. said Friday it intends to create 10,000 new jobs in 2017, as part of its plan to open 1,000 new stores and two new distribution centers. The new jobs would increase its workforce by about 9% to over 130,000 employees, and would be the largest one-year increase in the discount retailer’s 78-year history. “These new jobs reflect the organization’s commitment to seize growth opportunities and further deliver Dollar General’s value proposition of everyday low prices on quality merchandise to customers in 1,000 new locations in 2017,” said Chief Executive Todd Vasos. The stock, which is still inactive in premarket trade, has lost 2.1% over the past 12 months, while the SPDR S&P Retail ETF has gained 6.4% and the S&P 500 has run up 19.3%.

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Braeburn Pharmaceuticals won’t continue with an initial public offering, the company and its only shareholder, Apple Tree Partners, said, though they may consider an IPO in the future. The company, which makes medications for central nervous system diseases and whose initial IPO filing said it expected to raise up to $150 million, said it decided “the current market environment does not represent an appropriate financing opportunity.” Braeburn said it will work in the near-term to launch its opioid addiction implant Probuphine, which was approved by the Food and Drug Administration in May 2016, and to apply for approval of its injectable opioid treatment CAM2038. Clinical trial results for schizophrenia and chronic pain drugs are expected in the coming quarters, Braeburn said.

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