Tag: stock market

Gold futures settled with a loss on Tuesday, pulling back after gains over the past two trading sessions lifted prices to their highest level in nearly 10 weeks. Analysts were upbeat over the outlook for gold prices, however, amid uncertainty surrounding U.S. President Donald Trump’s policies on the economy and global trade. February gold fell $4.80, or 0.4%, to settle at $1,210.80 an ounce.

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The Securities and Exchange Commission said on Tuesday that Morgan Stanley Smith Barney and Citigroup Global Markets will pay more than $2.96 million each to settle charges that they made false and misleading statements to investors about a foreign exchange trading program product. Registered representatives at both firms sold a foreign exchange trading program known as “CitiFX Alpha” to Morgan Stanley customers from August 2010 to July 2011, according to the SEC. Citigroup held a 49% ownership interest in Morgan Stanley Smith Barney at the time. The SEC complaint says the sales personnel used the program’s past performance and risk metrics in investor presentations. They also failed to adequately disclose that investors could be required to borrow more than advertised to participate and that markups would be charged on each trade. Investors suffered significant losses as a result of the undisclosed leverage and hidden markups, says the SEC. Morgan Stanley and Citigroup did not admit or deny the findings but each agreed to pay a penalty of $2.25 million, to give back profits of $624 thousand and pay interest of $89 thousand.

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The World Bank forecasts an average crude price of $55 a barrel for 2017, according to a quarterly report issued Tuesday. The figure is unchanged from the October forecast, but shows an increase of 29% from the 2016 oil price, which was an average of Brent , West Texas Intermediate and Dubai crudes. “The market is expected to tighten in 2017, particularly in the second half of the year,” the report said. It sees prices rising to an average $60 a barrel in 2018, “assuming a balanced market and no additional OPEC supply restraint.” Gold prices , meanwhile, are expected to decline 8% this year to an average $1,150 an ounce on weak investment demand, according to the World Bank report.

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President Donald Trump said Tuesday he’ll reveal his nominee for Supreme Court sometime next week. Speaking at the White House, Trump said he has “a number of outstanding candidates” to fill the vacancy left by the late Justice Antonin Scalia. Trump floated several possibilities to replace Scalia even before defeating Hillary Clinton in November, and again after the election. Former President Barack Obama had nominated U.S. Circuit Judge Merrick Garland for the position, but his nomination expired on Jan. 3.

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Airbnb is near a deal to buy payment app Tilt, according to a report Tuesday from The Information, which cited two people familiar with the matter. The acquisition price would be between $10 million and $20 million, The Information said. Tilt’s app allows friends to split the cost of purchases.

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The SPDR Health Care Select Sector ETF is shedding 1% in morning trade, putting it on track for a sixth-straight loss, amid uncertainty over the fallout from President Donald Trump’s intent to repeal the Affordable Care Act. The sector ETF (XLV) has now lost 2.9% during its current losing streak, which would be the longest such streak since it the XLV fell 7-straight sessions through Sept. 28, 2015. The XLV has now gained just 1.2% since the election, paring gains of as much as 4.9% through Jan. 10. In comparison, the S&P 500 has climbed 6% since the election. Within the XLV, shares of Johnson & Johnson , the most heavily weighted component, slumped 2.1% after providing a downbeat profit outlook. Among shares of other sector heavyweights, Pfizer Inc.’s gave up 1.5%, Merck & Co. Inc.’s shed 1.6% and UnitedHealth Group Inc.’s gained 0.7%.

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Chipotle Mexican Grill Inc. said Tuesday that it has launched an online game in partnership with Avocados From Mexico called “‘Cado Crusher.” Avocados From Mexico is a subsidiary of the Mexican Hass Avocado Importers Association. Players have three rounds to smash and mix ingredients to make guacamole. In return, they receive a mobile offer good for a free order of chips and guacamole with the purchase of an entree at any Chipotle restaurant in the U.S. The game lasts through Feb. 7 while supplies last with all offers expiring on Feb. 28. Chipotle shares are up 0.7% in Tuesday trading, but down nearly 9% for the past year. The S&P 500 index is up almost 19% for the last 12 months.

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DineEquity Inc. shares fell 2.3% in Tuesday trading after it was downgraded to neutral from buy at Instinet on concerns about same-store sales trends at its two signature brands, Applebee’s and IHOP. The price target was cut to $77 from $95. Instinet analysts say the pace of same-store sales recovery at Applebee’s is slower than anticipated, and believes there are risks of restaurant closures. “It now appears likely that Applebee’s will report the worst fourth-quarter same-store sales of any of the 25 largest restaurant chains in the U.S., as measured by domestic systemwide sales,” Instinet wrote in a Tuesday note. Pancake chain IHOP is experiencing weakening same-store sales trends as well, according to Instinet. DineEquity shares are down 13.7% for the past year while the S&P 500 index is up 19% for the same period.

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U.S. stocks opened marginally higher on Tuesday after companies posted mixed quarterly earnings. The S&P 500 index gained three points, or 0.1%, to 2,268. The Dow Jones Industrial Average advanced nine points, or less than 0.1%, to 19,805. The Nasdaq Composite Index climbed 14 points, or 0.3%, to 5,567. Verizon Communications Inc. fell after the telecom’s quarterly profit missed forecasts. Post-it Notes and Scotch tape maker 3M Co. fell despite quarterly profit topping estimates. Health-care giant Johnson & Johnson fell after releasing a soft outlook for the year. Travelers Cos. Inc. rose after posting better-than-expected results.

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La La Land,” distributed by Lions Gate Entertainment Corp. led the way with 14 Oscar nominations Tuesday, when The Academy of Motion Picture Arts and Sciences announced the 2017 nominees. “La La Land’s nominations, which include best picture, director, actor and actress, tie the record number garnered by “Titanic,” which won 11 in 1998 and “All About Eve,” which grabbed six wins in 1950. “La La Land” earlier this year won the Golden Globe for best musical and comedy film and is expected to go head to head with “Moonlight,” which won the Globe for best drama picture. Shares of Lions Gate are up more than 4.5% in the year so far, while the S&P 500 Index is up more than 1%. The Oscars ceremony will air at 7 p.m. Eastern on Sunday, Feb 26 on ABC.

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