Tag: stock market

Shares of Qualcomm Inc. slid on Wednesday after the chip maker issued a weak second-quarter outlook amid ongoing legal and regulatory challenges. Qualcomm reported its first quarter earnings fell to $700 million, or 46 cents a share, from $1.5 billion, or 99 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.19 a share. Revenue rose 4% to $6 billion. Analysts surveyed by FactSet had forecast Qualcomm to report earnings of $1.18 a share on revenue of $5.12 billion. Apple Inc. earlier this month filed a suit against Qualcomm for allegedly leveraging its monopoly position to demand onerous royalty rates. The Federal Trade Commission last week also filed a complaint against the company for anticompetitive practices, including imposing unfair terms for the use of its patents. In the second quarter, Qualcomm projected adjusted EPS of $1.04 and revenue of $5.6 billion, below analysts’ forecast of $1.19 a share on revenue of $5.9 billion. Qualcomm shares fell 2.4% after hours.

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The dollar weakened against the Mexican peso on Wednesday after President Donald Trump introduced his plans for tightening security along the U.S.’s southern border. The dollar fell 1.6% to 21.14 pesos, compared with 21.51 pesos late Tuesday in New York. Trump signed two executive orders pertaining to immigration: one authorizing his promised border wall and another providing more resources to immigration authorities inside the U.S. In his remarks, Trump emphasized that a strong Mexican economy is good for the U.S., and that he would maintain a productive relationship with the U.S.’s southern neighbor. The Mexican currency is on track for its largest daily gain against the dollar since Nov. 15.

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With the Dow Jones Industrial Average’s first-ever peek above 20,000 in intraday trade Wednesday, Goldman Sachs Group Inc.’s stock has been the biggest contributor as the Dow achieved its latest 1,000-point milestone. The Dow is a price-weighted index, rather than market-value weighted like the S&P 500 , so the actual price changes of stocks influence the Dow rather than weighted-average percentage changes. Goldman’s stock has run up $25.55 since Nov. 22, which added about 175 points to the Dow’s price. The second-biggest contributor has been Boeing Co. shares , which have gained $18.33 to add about 126 points to the Dow. Next, the $15.06 gain in International Business Machines Corp.’s stock has contributed 103 points, while the $10.47 gain in Walt Disney Co.’s stock added 72 points. The biggest drag on the Dow since Nov. 22 has been Wal-Mart Stores Inc.’s stock , which fell $3.13 to shave off about 21 points from the Dow.

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Oil futures finished with a loss on Wednesday following a volatile trading session, pressured by data showing a third-straight weekly climb in U.S. crude inventories. Signs that major oil producers were sticking to their pledge to reduce crude output, however, kept price losses in check. March West Texas Intermediate crude fell 43 cents, or 0.8%, to settle at $52.75 a barrel.

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Gold futures fell Wednesday to settle at their lowest level in nearly two weeks as a rally in the U.S. stock market dulled investment demand for the precious metal. Major U.S. stock indexes traded in record territory, with the Dow Jones Industrial Average crossing the 20,000 level for the first time. February gold fell $13, or 1.1%, to settle at $1,197.80 an ounce. That was the lowest finish for a most-active contract since Jan. 13, according to FactSet data.

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White House spokesman Sean Spicer said Wednesday Mexico will pay for a border wall with the U.S. “one way or another.” President Donald Trump signed executive orders Wednesday afternoon directing construction of what Spicer called a “large physical barrier.”

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General Motors Co. is “serious” about capital discipline and is likely to “significantly” return cash to shareholders, analysts at Morgan Stanley said in a note Wednesday as they made GM stock their top pick among car-maker shares. They also raised their price target on the shares by 5% to $42 a share, which represents an 11% upside from Wednesday’s prices. The analysts raised their 2017 per-share earnings forecast to $6.32, from $6.09. The company estimates EPS between $6 and $6.50 for the year. Shares of GM have gained nearly 30% in the last 12 months, which compares with gains of 22% for the S&P 500 index in the same period.

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‘Star Wars,’ a Walt Disney Co. brand, was the top toy property of 2016, with sales of nearly $760 million, according to the latest data from The NPD Group. Sales in 2016 exceeded those in 2015, when it was also the top property, the organization said. U.S. toy sales grew 5% to $20.4 billion in 2016, according to the latest data from the NPD Group. Outdoor sports and toys, including summer seasonal toys, was the largest contributing category at $328 million. Games and puzzles was the fastest growing category, up 18% year-over-year in sales. Toy sales were up 28% the week before Christmas, “but it is likely this happened at the expense of other weeks in Q4,” according to NPD, which called the holiday season overall “mixed.” The toy industry was up 16% between 2016 and 2013, a compounded annual growth rate of 5%.

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Consumers will spend an average of $75, or $14.1 billion total, on Super Bowl LI-related activities, down from an average of $82, or $15.5 billion total, last year, according to the latest Super Bowl Spending Survey from the National Retail Federation. An estimated 188.5 million are expected to watch the game on Feb. 5. Of the 76% of those surveyed who said they would watch the game, 80% said they’ll buy food and beverages, 11% said they’d buy team apparel and accessories, and 8% said they’d by a new television to watch at home. The survey found that 45 million people will host a Super Bowl party. More than three-quarters (78%) of viewers said they watch the commercials for entertainment, and only 10% said the spots influence a purchase. The NRF surveyed 7,591 consumers for the study.

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Oil futures extended losses on Wednesday after the U.S. Energy Information Administration reported an increase of 2.8 million barrels in domestic crude-oil supplies for the week ended Jan. 20. The American Petroleum Institute late Tuesday reported a rise of 2.9 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 1.9 million barrels. Gasoline supplies jumped by 6.8 million barrels, while distillate stockpiles were “virtually unchanged” last week, according to the EIA. March crude fell 41 cents, or 0.8%, at $52.77 a barrel on the New York Mercantile Exchange.

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