Tag: stock market

Macy’s Inc. said Wednesday that it has extended the Ideology brand of activewear to men. The new ID Ideology collection is available at 250 Macy’s stores and online. It includes tees, training shorts and leggings. Items are priced between $25 and $70. Macy’s shares are up 1% in Wednesday trading, but down 23% for the past year. The S&P 500 index is up 22% for the last 12 months.

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Shares of Caterpillar Inc. rallied 1.4% in morning trade toward a 2-year high, after the maker of earth-moving equipment reported that the pace of decline in retail sales has slowed across industries. For the rolling three-month period through December, global total machines sales fell 10%, compared with a 17% decline through November. The decline in North America slowed to 14% from 19% through November, while the increase in Asia/Pacific sales improved to 19% from 11%. In resource industries, the global sales decline was 10%, compared with 24% through November, while the fall in construction industries sales was 12%, compared with 15% through November. The total decline in energy and transportation retail sales was 22%, but better than the 25% through November. The stock has soared 68% over the past 12 months, while the Dow Jones Industrial Average has climbed 26%.

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The Dow Jones Industrial Average on Wednesday kicked off trade above the psychologically significant threshold of 20,000, representing a milestone for the blue-chip gauge and highlighting a relatively speedy path higher for the Dow (42 days–marking the second fastest 1,000-point move in history) in the wake of Donald Trump’s election win in November. He took the oath of office Jan. 20. Trump has promised a raft of pro-business policies which have driven equity values higher and a batch of corporate results, for some investors, have added to the enthusiasm for U.S. equities. The Dow rose 113 points, or 0.6%, at 20,024, the S&P 500 gained 7 points, or 0.4%, to 2,288, while the Nasdaq Composite Index jumped 34 points, or 0.6%, to 5,634. Both the S&P 500 index and the Nasdaq ended at records Tuesday and are on track to finish at all-time highs, along with the Dow, if trading holds at current lofty levels. Although the pace of gains had tapered somewhat, since Trump’s Nov. 8 election the Dow is up nearly 9%, the S&P 500 index has gained 7% and the Nasdaq Composite Index has advanced about 8%. In corporate news, Dow component Boeing Inc. posted better-than-expecting earnings, while United Technologies Corp. reported lackluster fourth-quarter results. Meanwhile, the dollar was trading flat at 100.2800, as measured by the U.S. ICE Dollar Index and the benchmark 10-year Treasury yields extended their gains, adding 3.4 points at 2.50%.

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The Food and Drug Administration has approved a 2mg formulation of the opioid overdose treatment Narcan manufactured by Adapt Pharma, the company said early Wednesday. The privately-held company’s Narcan Nasal Spray already comes in a 4mg formulation, which has been available since Feb. 2016. The new 2mg dose is intended for patients expected to be at risk for serious opioid withdrawal who have a low chance of continued opioid exposure, the company said. The product is intended for emergency use, and patients who overdose still require emergency care afterward. Opioid overdose deaths have spiked over the last two decades in America.

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Meridian Bioscience Inc. shares dropped 8.8% in pre-market trade Wednesday after the company reported a first-quarter earnings and revenue miss, along with guidance cuts for the 2017 fiscal year and a reduction to its cash dividend. Chief Executive Officer John Kraeutler attributed the negative first-quarter earnings results to revenue declines in the company’s Americas diagnostic business — the company’s largest profit driver — across all major product categories, declines that occurred “in part due to customer buying patterns and general weakness overall.” The company expects stabilization measures implemented in late 2016 to return the unit to growth later this fiscal year, though the recovery “is proceeding more slowly than planned,” he said. Earnings for the latest quarter fell to $6.3 million, or 15 cents per share, from $8.9 million, or 21 cents per share in the same period a year ago. First-quarter revenue fell to $46.8 million, compared with $47.2 million in the year-earlier period, and below the FactSet consensus of $51.1 million. For 2017, the company has reduced its net revenue guidance to $193 million to $199 million and per share diluted earnings to between 64 cents per share and 69 cents per share, down from prior guidance of $205 million to $210 million and 81 cents per share to 85 cents per share, respectively. The company said it has reduced its fiscal 2017 annual indicated dividend rate from 80 cents per share to 50 cents per share, and its regular quarterly cash dividend will be about 13 cents per share for the first quarter “based on current business trends.” Meridian shares were valued at $16.45 as of Tuesday’s close. Shares have declined 3.0% over the last three months, compared with a 6.4% rise in the S&P 500 .

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Freeport-McMoRan Inc. shares fell more than 3% in premarket trade on Wednesday after the company reported fourth-quarter earnings that fell short Wall Street expectations. Net income for the quarter was $292 million, or 21 cents per share, after a loss of $4.1 billion, or $3.47 per share, in the year-earlier period. Adjusted earnings per share for the quarter were 25 cents, which was below FactSet’s 35 cents consensus. Revenue hit $4.37 billion, improved from last year’s $3.52 billion during the same quarter, but below the FactSet consensus of $4.44 billion. Shares of Freeport-McMoRan up nearly 332% in the trailing 12-month period, outperforming the S&P 500 Index , which is up more than 21%.

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Tribune Media Co. said its chief executive, Peter Liguori, will step after fiscal fourth-quarter results are reported in early March. The broadcasting company, which networks include WGN America, said it will work with Korn Ferry to find a new CEO. In the meantime, the company named Peter Kern, who is on the board of directors, as interim CEO. “Following the successful completion of several financial, strategic and creative initiatives, culminating in the pending sale of Gracenote, Tribune Media is well advanced in its transformation to a more focused broadcast and cable networks company,” Liguori said. “I believe that now is the ideal time for a new leader to steer today’s Tribune.” The stock, which was still inactive in premarket trade, has tumbled 13% over the past three months, while the S&P 500 has gained 6.4%.

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Kimbell Royalty Partners, LP, an owner of mineral and royalty interests, set a price range of $19 to $21 for its initial public offering Wednesday. The company plans to sell 5 million common units to raise a maximum of $105 million. It has granted underwriters the option to buy an additional 750,000 units. The company has been approved to list on the New York Stock Exchange under the symbol “KRP.” The lead underwriters on the offering are Raymond James, RBC Capital Markets and Stifel.

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The U.K. government will publish a White Paper outlining its Brexit strategy, British Prime Minister Theresa May said Wednesday. Several lawmakers from May’s Conservative Party as well as from the opposition Labour Party had called for the government to issue a White Paper – a government policy document on an upcoming Act of Parliament. May didn’t say when the White Paper will be published. The U.K. government, after losing a court ruling Tuesday, is sending a bill to parliament for authority to trigger Article 50 to kick off the process for the U.K. to exit the European Union. The pound rose above $1.26 for the first time since mid-December after May’s announcement.

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Shares of Boeing Co. climbed 1.3% in premarket trade Wednesday, after the aerospace and defense contractor beat profit and sales expectations, but provided a downbeat sales outlook. Earnings rose to $1.63 billion, or $2.59 a share, from $1.03 billion, or $1.51 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.47, above the FactSet consensus of $2.34. Revenue slipped 1% to $23.29 billion, but beat the FactSet consensus of $23.13 billion. Commercial aerospace sales rose 1% to $16.24 billion, just shy of the FactSet consensus of $16.53 billion, while military aircraft sales declined 18% to $2.62 billion but beat expectations of $2.61 billion. Network and space systems sales fell 8% to $1.80 billion, but was above the FactSet consensus of $1.76 billion. For 2017, Boeing expects adjusted EPS of $9.10 to $9.30, surrounding the FactSet consensus of $9.25, while revenue guidance of $90.5 billion to $92.5 billion was below expectations of $92.96 billion. The stock has soared 29% over the past 12 months, while the Dow Jones Industrial Average has rallied 25%.

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