Tag: stock market

J.C. Penney Co. Inc. shares surged 3.7% Tuesday, after the company announced a new partnership with sports equipment and apparel maker Nike Inc. . The troubled department store chain said it has added in-store Nike shops to more than 600 of its stores. The company has dedicated 500 square feet of space to Nike in the men’s department of its stores, anchored by a a Nike swoosh sign and what it called “motivating” graphics of athletes. “Fitness enthusiasts will find everything they need to maximize their workouts including Dri-FIT base layer pants, mesh shorts, jogger pants, moisture wicking compression tees, performance socks and breathable hoodies,” J.C. Penney said in a statement. Nike shares rose 1.7%, while the S&P 500 was down 0.2%.

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Shares of Brinker International Inc. slumped 1.1% in morning trade Tuesday, after the operator of Chili’s Grill & Bar and Maggiano’s Little Italy restaurant chains was downgraded at Morgan Stanley, which cited concerns over decelerating industry trends. Analyst John Glass cut his rating to underweight from equal weight and lowered his price target to $47, which is just 0.8% above current levels, from $51. “While market expectations for sales have been reduced and shares have already faded from their postelection highs…we see risk to the consensus estimates in [fiscal 2017] as broader industry trends continue to weaken…and [Brinker’s] core Chili’s business has seen its sales trail the industry average over the last seven quarters (though the gap narrowed in the most recent quarter),” Glass wrote in a note to clients. Brinker’s stock has run up as much as 12% after the election to a 15-month high on Nov. 23, but has since tumbled 15%. He also downgraded Blooming Brands Inc. , which operates Outback Steakhouse and Carrabba’s Italian Grill, to underweight from equal weight. Meanwhile, Glass upgraded Texas Roadhouse Inc. to equal weight from underweight. Brinker’s stock has lost 1.5% over the past 12 months, while Bloomin’ shares have gained 2.6%, Texas Roadhouse’s stock has soared 31% and the S&P 500 has climbed 21%.

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General Motors Corp. said Tuesday it will invest an additional $1 billion in U.S. manufacturing operations and create 7,000 jobs for American workers. The company said it will begin work on insourcing axle production for full-size pickup trucks, including work that was previously done in Mexico. That will create 450 jobs in Michigan. “The U.S. is our home market and we are committed to growth that is good for our employees, dealers, and suppliers and supports our continued effort to drive shareholder value,” Chief Executive Mary Barra said in a statement. The car maker said it has created 25,000 jobs in the U.S. in the last four years, about 19,000 in engineering, IT and professional services, and 6,000 hourly manufacturing jobs. Shares were slightly higher in early trade, and are up 26% in the last 12 months, while the S&P 500 has gained 20%.

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U.S. stocks opened lower on Tuesday, pressured after President-elect Donald Trump told The Wall Street Journal that the dollar was “too strong,” raising new questions about the types of economic policies he might pursue when he takes office later this week. Investors also digested comments from British Prime Minister Theresa May, who spoke about the country’s upcoming exit from the European Union. On the upside, both Morgan Stanley and UnitedHealth Group reported strong quarterly results. The Dow Jones Industrial Average fell 48 points, or 0.2%, to 19,836. The S&P 500 lost 7 points, or 0.3%, to 2,268. The Nasdaq Composite Index slid 19 points to 5,555, a loss of 0.3%.

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Revlon Inc. announced an organizational restructuring Tuesday to focus on four distinct brands, including its namesake Revlon cosmetics brand, the hair coloring and cosmetics brand Elizabeth Arden, which it purchased for $870 million last September, as well as two others focused on fragrances and portfolio brands. The company said the move will streamline and simplify the business, giving it the opportunity to more easily meet its long-term growth targets in the global beauty industry. Shares of Revlon were inactive in premarket trade, but they’ve underperformed both in the last three months and the past year. They’ve declined 9% in the past three months, compared with a 7% increase for the S&P 500 , and are up 15% from three months ago, compared with an increase of 21% for the index.

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Exxon Mobil Corp. announced Tuesday to more than double its Permian Basin resource to six billion barrels of oil equivalent through the acquisition of companies owned by the Bass family. As part of the deal, Exxon Mobil will make an upfront payment of $5.6 billion worth of shares, and a series of contingent cash payments of up to $1 billion, starting in 2020. “This acquisition strengthens ExxonMobil’s significant presence in the dominant U.S. growth area for onshore oil production,” said Exxon Mobil Chief Executive Darren Woods. Exxon Mobil’s stock was unchanged at $86.35 in premarket trade. It has eased 0.2% over the past three months, while the SPDR Energy Select Sector ETF has gained 7.1% and the Dow Jones Industrial Average has climbed 9.9%.

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Shares of NRG Energy Inc. surged 6.2% toward a six-month high in premarket trade Tuesday, after activist investor Elliott Associates disclosed in a filing that it has taken a 6.9% stake in the energy production and distribution company. Elliott also disclosed that it entered into an agreement with Bluescape Resources to form an investor group owning 9.4% of NRG’s shares outstanding. Elliott said in an SEC filing that it believes NRG’s stock was “deeply undervalued,” and that there are “numerous opportunities to significantly increase shareholder value,” including operational and financial improvements and strategic initiatives. Elliott is also considering nominating one or more people to NRG’s board. NRG’s stock has rallied 44% over the past 12 months, while the S&P 500 has gained 21%.

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Globus Maritime Ltd.’s stock plunged 24% in premarket trade Tuesday, after the dry bulk shipper said its previously-announced private placement will not occur as planned. The company said late Friday that deal had required multiple parties to close transactions simultaneously, but one party had not agreed to complete the transaction. The company first announced the private placement and the conversion of certain outstanding loans on Nov. 28, then said on Dec. 20 that the closing of the private placement would be delayed until Jan. 13. The stock has more than tripled over the past three months, while the S&P 500 has gained 7%.

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Shares of Christopher & Banks Corp. tumbled 17% in premarket trade Tuesday after the company announced the departure of CEO LuAnn Via and said sales disappointed during the key holiday shopping period. The women’s retailer anticipates fiscal fourth-quarter sales in the range of $85 million to $86 million, compared with $94.6 million in the year-earlier period. Analysts on average had been calling for sales of $95.2 million, according to FactSet. Christopher & Banks blamed the weaker-than-expected sales on lower traffic, “ongoing headwinds in women’s apparel,” and the weather, with the worst demand occurring in the two weeks leading up to Christmas. The company also announced that industry veteran and former Wet Seal CEO Joel Waller has been appointed as interim chief in the wake of Via’s departure. Shares of Christopher & Banks had been up more than 50% in the past three months as of Friday’s close.

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Mattel Inc. said Tuesday morning that Margo Georgiadis would be its new chief executive officer, effective Feb. 8. Georgiadis, who will also join the company’s board of directors, has been President, Americas at Google since 2011, and has also been chief operating officer of Groupon Inc. and an executive vice president of Discover Financial Services. Current Mattel CEO Christopher Sinclair, who has served since early 2015 and helped re-energize the company’s sales and culture, will be executive chairman of the board, the company said. Sinclair told the Wall Street Journal in November that he’d only name the next CEO “when we’ve got confidence that we’ve got a stable enterprise.” Mattel shares have dropped 2.2% over the last three months, compared with a 7.0% rise in the S&P 500 /

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