Tag: stock market

The British Broadcasting Corporation said on Wednesday it has plans to go after online content giants Netflix Inc. and Amazon.com Inc. , according to global news organization the AFP. The BBC wants to make its streaming service iPlayer the top online TV service in Britain by 2020, said BBC Director-General Tony Hall in a message to staff. “We need to reinvent iPlayer,” he said. “Our goal, even in the face of rapid growth by our competitors, is for iPlayer to be the No. 1 online TV service in the UK.” The iPlayer service is popular among viewers looking to catch up on BBC content, but taking on the likes of Amazon and Netflix is a major feat. The two companies have dug deeper roots in the country as they continue their world-wide push. iPlayer would remain limited to Britain, AFP reported.

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Treasury yields declined on Wednesday as details about President-elect Donald Trump’s fiscal policy proposals weren’t forthcoming at the President-elect’s first news conference since the election. Instead, Trump addressed recent allegations that his campaign staff had been in contact with the Russian government, and that Russia’s spy agencies had compromising information on the president-elect. A Trump lawyer also focused on how Trump would handle several conflicts of interest related to his business holdings. The yield on the 10-year Treasury note [s:TMUBMUSD10Y] fell two basis points to 3.658%, while the two-year yield [s:TMUBMUSD02Y] fell 1.4 basis point to 1.179%. The 30-year yield [s:TMUBMUSD30Y] fell two basis points to 2.948%.

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The CBOE Market Volatility Index steadily climbed on Wednesday, rising more than 5%, as President-elect Donald Trump held his first press conference since July. The Vix, the so-called fear gauge, added 0.60 point, or 5.2%, to 12.09 while the S&P 500 and the Nasdaq fell. The Dow Jones Industrial Average , meanwhile, weaved in and out of negative territory. Trump fielded questions on his dealings with Russia and his business holdings as the conference got underway.

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U.S. stock benchmarks saw early gains turn into modest losses Wednesday as President-elect Donald Trump’s highly anticipated news conference got under way. Health-care stocks were among the worst hit, falling 1.3%, with the iShares Nasdaq Biotechnology ETF down 3%. The S&P 500 slipped 4 points, or 0.2%, to 2,264. The Nasdaq Composite declined 18 points, or 0.3% to 5,533. The Dow Jones Industrial Average pared gains to be flat at 19,853.

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The Mexican peso tumbled to a fresh all-time low on Wednesday after President-elect Donald Trump said he hopes General Motors Co. will follow Ford Motor Co.’s [d: f] example and keep more jobs in the U.S. Trump’s remarks came several minutes into his first news conference since his Nov. 8 electoral victory. Trump recently criticized GM for selling Mexican-built cars in the U.S. Last week, Ford said it would scrap plans for building a new factory in Mexico, and instead expand an existing factory in Michigan. One dollar bought 22 pesos in recent trade, up 1% from 21.78 pesos late Tuesday in New York. Mexican stocks fell following Trump’s comments, with the iShares MSCI Mexico Capped ETF down 1.3% at $41.41 a share. The peso has fallen sharply since the election on the belief that Trump will seek to negotiate a more stringent trading relationship with Mexico.

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Exchange-traded funds that track the biotechnology sector fell sharply on Wednesday, after President-elect Donald Trump said that more bidding was needed on drug prices, implying legislation that could erode the sector’s profitability. “They’re getting away with murder,” Trump said of drug companies at a news conference. The iShares Nasdaq Biotechnology ETF fell 2.4% on the day while the SPDR S&P Biotech ETF lost 3.2% and the VanEck Vectors Biotech ETF lost 2.5%. More broadly, the Health Care Select Sector SPDR ETF fell 1.3% on the day.

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Shares of Citigroup Inc. shed 0.5% in morning trade Wednesday, after UBS did an about-face on the banking giant, flipping to bearish from bullish, amid concerns over how new protectionist policies may affect Citigroup’s global franchise. Analyst Saul Martinez gave the stock a rare sell rating, after it was at buy for nearly three years. He cut the stock price target to $58, which is 3.2% below current levels, from $64. Only 15% of companies covered by Citigroup have sell ratings. “Citigroup’s global franchise is generally a good thing, but it also leaves the company less levered to lower corporate tax rates and higher interest rates in the U.S., and more exposed to risks associated with the President-elect’s protectionist policy stances,” Martinez wrote in a note to clients. He said an underperforming Mexican franchise and Asia consumer businesses in slower growth markets also dampen his view. The stock has soared 20% since the election, while the SPDR Financial Select Sector ETF has climbed 18% and the S&P 500 has gained 6%.

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Target Corp. said Wednesday that it is launching a new kids line of apparel and accessories called Art Class. The brand will feature limited-edition capsule collections and other merchandise for both girls and boys. The first limited-edition line, The Class of 2017, was designed through a partnership with 10 children and includes 100 items like graphic tees and cut-off shorts. Art Class comes months after the launch of Target’s other children’s lines, Cat & Jack and Pillowfort. The retailer attributed back-to-school season strength to its kids business. Target shares are up 0.1% in Wednesday trading, but are down 1.3% for the last year. The S&P 500 index is up 18.1% for the past 12 months.

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Oil futures pared earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude-oil supplies rose much more than expected. Crude stockpiles climbed by 4.1 million barrels for the week ended Jan. 6. The American Petroleum Institute late Tuesday reported a rise of 1.5 million barrels, according to sources, while analysts polled by S&P Global Platts forecast a climb of 1.75 million barrels. Gasoline supplies rose by 5 million barrels and distillate stockpiles jumped up by 8.4 million barrels, according to the EIA. February crude was up 11 cents, or 0.2%, at $50.93 a barrel on the New York Mercantile Exchange, compared with $51.35 before the data.

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Estee Lauder Cos. was downgraded Wednesday to neutral from buy at UBS on concerns that the beauty company’s growth prospects are at risk. Estee Lauder’s price target was cut to $84 from $93. UBS analysts believe Estee Lauer’s fiscal year 2017 currency-neutral growth guidance for a 6% to 7% sales increase is in danger after news of weakness at retailers like Macy’s Inc. . And lower prices in China could hinder price benefits for the second half of 2017. UBS Evidence Lab analysis also shows Estee Lauder brands are holding share, but not necessarily gaining it. Estee Lauder brands include Aveda, Clinique and Mac. “Given these concerns (plus negative FX and likely near-term dilution from Estee Lauder’s Too Faced acquisition that closed in late-December), we fear Estee Lauder may miss its fiscal-year 2017 top-line growth guidance…,” analysts wrote. Estee Lauder shares are down 0.3% in Wednesday trading, and down more than 7% for the last year. The S&P 500 index is up 18.1% for the past 12 months.

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