Tag: stock market

Heavy-equipment maker Caterpillar Inc. said Tuesday it will relocate a number of senior executives and support staff to the Chicago area later this year as it works to establish its global headquarters in that city. The company stressed that it will still maintain a “significant” presence in the Peoria, Illinois area, where it will continue to have the bulk of its global employees. “Since 2012, about two-thirds of Caterpillar’s sales and revenues have come from outside the United States,” Chief Executive Jim Umpleby said in a statement. “Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently.” The company will no longer build a complex in Peoria, as previously announced, as it struggles with a third year of declining sales. Some executives will relocate to Chicago in 2017. Shares fell 1.2% in early trade, but are up 53% in the last 12 months, while the S&P 500 has gained 17%.

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WASHINGTON (MarketWatch) — President Donald Trump on Tuesday said drug prices are “astronomical” as he said he will soon name a nominee to head the Food and Drug Administration. “We’re going to be ending foreign freeloading,” he said ahead of a meeting with the industry, saying that foreign countries should pay their fair share for research-and-development costs.

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U.S. stocks opened lower on Tuesday as investors continued to grapple with political uncertainty stemming from the newly inaugurated President Donald Trump’s administration. Late Monday, Trump fired the acting attorney general, who declined to defend an executive order calling for a travel ban. The order, which was met with massive controversy, also spurred selling on Monday. Investors also watched the latest batch of corporate earnings, including from Exxon Mobil Corp. and Pfizer Inc. . The Dow Jones Industrial Average fell 72 points, or 0.4%, to 19,899. The S&P 500 lost 5 points to 2,276, a drop of 0.2%. The Nasdaq Composite index sank 17 points, or 0.3%, to 5,595.

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Signet Jewelers Ltd. announced tuesday an organizational shake up that included the retirement of its chief operations officer and the creation of new executive roles, in an effort to focus enhancing digital capabilities and improving customer service. COO Ed Hrabak will retire after 30 years with the company, as will Tryna Kochanek, executive vice president of North American store operations, also after 30 years with Signet. The company is also creating a new president and chief customer officer role, as well as a new chief retail insights and strategy officer role. Signet will also add a digital expert to its board of directors. “We continue to align our organization and priorities with our Vision 2020 strategy and the changing retail environment, characterized by evolving shopping habits and increasing customer expectations for an outstanding digital experience,” said Chief Executive Mark Light. The stock, which was still inactive in premarket trade, has tumbled 32% over the past year, while the S&P 500 has gained 18%.

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The multi-hyphenate former host of the “The Oprah Winfrey Show,” Oprah Winfrey is adding another title to her resume, joining CBS Corp.’s “60 Minutes” as a special contributor. Winfrey will make her first appearance on the Sunday-night news broadcast this fall, according to a news release. Since walking away from “The Oprah Winfrey Show” in 2011, Winfrey has continued to run Harpo Productions Inc., responsible for successful day-time shows such as “Dr. Phil” and “Rachael Ray.” Winfrey founded OWN network in partnership with Discovery Communications Inc. , “O” Magazine with Hearst Corp. and has been one of the world’s most active philanthropists. In 2015 Oprah joined the Weight Watchers International Inc. board of directors. “There is only one Oprah Winfrey,” said “60 Minutes” Executive Producer Jeff Fager in a statement. “Her body of work is extraordinary. I am thrilled that she will be bringing her unique and powerful voice to our broadcast.” CBS shares are up more than 35% in the last 12 months, while the S&P 500 Index is up 17%.

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HCA Holdings Inc. shares surged 4.6% in pre-market trade Tuesday after the company reported a fourth-quarter earnings beat and an upbeat 2017 outlook. Earnings for the latest quarter rose to $920 million, or $2.39 per share, from $582 million, or $1.40 per share in the year-earlier period. Adjusted earning-per-share were $1.89, above the FactSet consensus of $1.78. Revenue rose to $10.64 billion from $10.25 billion, compared with the FactSet consensus of $10.66 billion. For 2017, the company expects earnings of $7.20 to $7.60 per share, above the FactSet consensus of $7.15, and revenue of $43 billion to $44 billion, compared with the FactSet consensus of $43.13 billion. HCA Holdings shares have surged 3.6% over the last three months, compared with a 7.3% rise in the S&P 500 .

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Shares of DryShips Inc. soared 32% in active premarket trade Tuesday, after the troubled drybulk shipping company disclosed an equity investment by Kalani Investments Ltd. Volume topped 1.4 million shares about 45 minutes ahead of the open, compared with the full-day average of 6.8 million shares. In a filing with the Securities and Exchange Commission late Monday, Greece-based DryShips said it sold 31.8 million shares of its common stock to Kalani between Dec. 23, 2016 and Jan. 30, for $200 million, or about $6.30 a share. The stock had plunged 93% during that period, from $34 on Dec. 23 to $2.46 on Monday, for an average closing price of $17.20. Meanwhile, the S&P 500 has gained 0.8% over the same time.

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Mastercard Inc. shares fell more than 2% in premarket trade on Tuesday. The credit and debit card company reported fourth-quarter profit just above Wall Street expectations, while revenue came up a bit short. Net Income for the quarter was $933 million, or 86 cents per share, compared with $890 million, or 79 cents, during the same quarter a year ago. FactSet’s per-share consensus was for 85 cents. Mastercard revenue hit $2.76 billion in the quarter, compared with $2.52 billion last year and FactSet’s revenue consensus of $2.78 billion. Mastercard said its gross dollar volume increased 9% to $1.20 trillion in the quarter, FactSet’s consensus on dollar volume was for $1.27 trillion. Shares of Mastercard are up nearly 23% in the trailing 12-month period, while the S&P 500 Index is up 17% in the same time frame.

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Shares of Exxon Mobil were down less than 1% in premarket trade Tuesday after the company missed fourth-quarter earnings expectations. The company reported net income of $1.68 billion, or 41 cents per share, down from $2.8 billion, or 67 cents per share in the year-earlier period. The FactSet consensus was for earnings per share of 70 cents. Exxon Mobil reported revenue of $61.1 billion, up from $59.8 billion in the year-earlier period, but below the FactSet consensus of $61.4 billion. The company recorded an upstream asset impairment charge of $2 billion, related to dry gas operations in the Rocky Mountain region, which the company said impacted fourth-quarter and full year earnings, as well as a downturn in commodity prices. Shares of Exxon have fallen 6% in the past month, compared to the S&P 500’s gain of 2%.

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United Parcel Service Inc.’s stock slumped 3.4% in premarket trade Tuesday, after the package-delivery giant missed fourth-quarter profit and sales expectations and provided a downbeat outlook. The company swung to a net loss of $239 million, or 27 cents a share, in the quarter to Dec. 31, from a profit of $1.33 billion, or $1.48 a share, in the same period a year ago. Excluding non-recurring items, including a $1.90-per-share mark-to-market pension charge, adjusted earnings per share came to $1.63, below the FactSet consensus of $1.69. Revenue rose 5.5% to $16.93 billion, but missed the FactSet consensus of $17.00 billion, with U.S. domestic package revenue rising 6.3% to $10.91 billion and international package revenue growing 5.0% to $3.34 billion. For 2017, UPS expects adjusted EPS of $5.80 to $6.10, below the FactSet consensus of $6.15. “The investments in ORION and automation provided benefits during the quarter,” said CFO Richard Peretz. “However, bottom-line results were challenged by a shift in product mix and the continued softness in industrial production.” The stock has run up 26% over the past 12 months through Monday, while the S&P 500 has gained 18%.

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