Tag: stock market

Oil futures rose on Wednesday for a second straight session, with prices finding support from a modest weekly decline in U.S. crude production, despite a hefty 6.5 million-barrel weekly increase in crude supplies. The decline in U.S. production helped to ease concerns that the nation’s output will thwart efforts by other producers to rebalance the oil market. March West Texas Intermediate crude rose $1.07, or 2%, to settle at $53.88 a barrel.

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UK members of parliament voted 498 to 114 in favor of triggering Article 50 by the end of March, starting the process by which the country will exit the European Union. The U.K. electorate voted to leave the EU in a June referendum, but the result had to be ratified by parliament after a Supreme Court ruling.

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Michael Flynn, President Trump’s national-security adviser, said Wednesday that the U.S. is “officially putting Iran on notice” following what he said were recent actions including a “provocative ballistic-missile launch.” In a statement at the daily White House briefing, Flynn did not elaborate on what “on notice” means.

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Gold futures edged a bit higher in electronic trading from their Wednesday settlement level after theU.S. Federal Reserve held interest rates steady, as expected, but offered few clues on the central bank’s next move. April gold was at $1,209.80 an ounce in electronic trading. It had settled at $1,208.30 an ounce, down $3.10, or 0.3%, for the session.

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Shares of Mobileye NV fell 1.3% in midday trade Wednesday after the company was downgraded to equal weight from overweight at Morgan Stanley. The analysts cut their price target to $44 from $48. The downgrade came as the analysts see a big market for advanced driver assistance systems, but believe gaining share in that market requires lowering prices, which will pressure margins. They believe competition in autonomous vehicles is growing, which requires teaming up with other firms. Those partnerships may require more resources and research and development from Mobileye, they said, adding more costs. Mobileye is a “strong company,” they say, but it faces added costs ahead.
Shares of Mobileye have gained 13% in the past three months, compared to the S&P 500’s gain of 7.7%.

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Shares of Laureate Education Inc. , a for-profit college company, slumped 8% in the company’s debut on the Nasdaq Wednesday. The company priced its offering at $14 and sold 35 million shares to raise $490 million. The company gave its underwriters a 30-day option to buy up to 5.25 million additional shares at the IPO issue price. Shares were trading at $12.91 midday Wednesday. Credit Suisse, Morgan Stanley & Co and Barclays Capital were the lead underwriters on the offering.

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Apple Inc. is back in the lead in the smartphone market, surpassing Samsung in terms of holiday shipments, according to data from the International Data Corporation released Wednesday. Propelled by the success of the iPhone 7 and 7 Plus, Apple shipped 78.3 million units in the calendar fourth-quarter, up 4.7% from the year-earlier period. Samsung sold 77.5 million units in the fourth-quarter, down from 81.7 million units in the year-earlier period, and saw its worldwide marketshare dip below 20% for the first time in four years, according to the IDC. Samsung suffered from the recall of its Note 7 smartphone as well as pressure from other Chinese companies. Samsung still led Apple in marketshare for the full year of 2016. Apple and Samsung still commanded 18.3% and 18.1% market share respectively, but Huawei, a Chinese phone company, moved up to 10.6%. Oppo and Vivo also saw big percentage gains in shipment growth compared to the year-earlier period. “It is worth noting that despite the success of these brands within China, they will need to find growth beyond their home turf to eventually knock off either Samsung or Apple at the top,” said Anthony Scarsella, a research manager with IDC. Shares of Apple were up 5.6% Wednesday, while the S&P 500 was down 0.07%.

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Consumers will spend an average of $136.57 this year on Valentine’s Day gifts, experiences and other purchases, down from a record high of $146.84 last year, according to the National Retail Federation’s annual survey. Total spend will also decrease, to $18.2 billion from $19.7 billion, which was also a record. The organization found that the number of people who plan to celebrate the holiday has fallen 10 percentage points since 2007, to 54% this year. “Consumers will find that retailers recognize that their customers are looking for the best deals and will offer good bargains just as they did during the holiday season,” said NRF Chief Executive Matthew Shay in a statement. Retailers like Macy’s Inc. and Target Corp. have reported weak holiday sales, in part due to heavy discounting.

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Oil futures held onto most of their earlier gains on Wednesday afterthe U.S. Energy Information Administration reported an increase of 6.5 million barrels in domestic crude-oil supplies for the week ended Jan. 27. The American Petroleum Institute late Tuesday reported a rise of 5.8 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.2 million barrels. Gasoline supplies rose by 3.9 million barrels, while distillate stockpiles gained 1.6 million barrels last week, according to the EIA. March crude traded up 21 cents, or 0.4%, at $53.02 a barrel on the New York Mercantile Exchange.

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GoPro Inc. returned its Karma drone to market Wednesday, three months after the company issued a recall and pulled it from store shelves for battery issues. The $799 Karma was recalled in early November just two weeks after it was released amid complaints from customers that it would suddenly lose power during flight. It was meant to be one of GoPro’s bestselling holiday items. However, its delay, along with separate manufacturing issues that affected production of the Hero5, once against raised questions about GoPro’s ability to launch new products. In a statement, the company said it identified the Karma power issue as related to the latch mechanism that secured the drone’s battery. It redesigned the battery latch with the updated Karma drone to solve the problem. Shares of GoPro fell 1.7% Wednesday morning, pushing them down more than 15% in the past three months. The S&P 500 , by comparison, has risen 8% in the past there months. The company is due to report fourth-quarter earnings after the market closes on Thursday.

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