Tag: stock market

U.S. stocks were marginally higher shortly after the opening bell Wednesday as investors remained on the sidelines ahead of a much-anticipated news conference from President-elect Donald Trump. The S&P 500 was flat at 2,268, hovering near its all-time closing high set last week. The Nasdaq Composite edged further into record territory, trading a points higher at 5,553. The Dow Jones Industrial Average added 23 points or 0.1%, to 19,876.

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Shares of American Airlines Groups Inc. rallied 1.1% in premarket trade Wednesday, after the air carrier raised its outlook for a key industry financial metric, citing improving yields. The company now expects total revenue per available seat mile (TRASM) to be flat to up 2% from a year ago, compared with a previous forecast of a decline of 1% to a rise of 1%. The FactSet TRASM consensus implies a 1.1% decline. For the month of December, the company said load factor fell to 80.6% from 81.6%, with traffic declining 0.8% and capacity increasing 0.5%. The stock has run up 27% over the past three months, while the NYSE Arca Airline Index has climbed 23% and the S&P 500 has gained 6.2%.

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The J.M. Smucker Co. said Wednesday it is raising the prices of packaged coffee products sold in the U.S. These include the Dunkin’ Donuts, Folgers and Cafe Bustelo brands, the company said in a statement. The moves comes at a time when coffee futures prices have been rising sharply, with the contract for March delivery gaining 8% in the year to date and 30% in the last 12 month, hurt by drought conditions in major coffee-producing countries. The iPath Bloomberg Coffee Subindex has gained 18.6% in the last 12 months, while the iPath Pure Beta Coffee ETN has gained 17.8%. J.M. Smucker shares were not yet active in premarket trade but are up about 7% in the last 12 months, while the S&P 500 has gained 18%.

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Israel-based Kornit Digital Ltd. said Wednesday it has granted Amazon.com Inc. warrants to buy up to 2.9 million Kornit shares over a five-year period at $13.03 a share, which is 6.6% below Tuesday’s closing price of $13.95. Kornit has about 31 million shares outstanding, according to FactSet. The digital textile printing company said the grant comes after Kornit was selected to deliver “a large number” of on-demand textile production systems to Amazon to support the Merch by Amazon program. “We are excited to have been selected as a garment printing solution provider for Amazon, and look forward to the business potential this relationship represents,” said Kornit Chief Executive Gabi Seligsohn. The stock, which is still inactive in premarket trade, has soared 39% over the past three months, while Amazon shares have slipped 4.2% and the S&P 500 has gained 6.2%.

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Walgreen Boots Alliance Inc. and FedEx Corp. are cooperating in a deal that will offer FedEx pickup and dropoff at Walgreens locations across the U.S. The service will start in the next few months, according to FedEx. “Walgreens, with its strong focus on customer care, is the perfect retailer to help us continue to meet the growing demand for convenient, secure dropoff and pickup options, and our research has shown that customers rank pharmacies as a preferred location for accessing their e-commerce shipments,” FedEx chief marketing officer Raj Subramaniam said in a statement. The companies will begin with a small-scale rollout this spring, and aim to have the service available at nearly 8,000 Walgreens outlets by the fall of 2018. Neither stock was active premarket. FedEx shares have gained 42% in the last 12 months, while the S&P 500 has gained 18%.

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Ethan Allen Interiors Inc. said Wednesday it expects fiscal second-quarter adjusted earnings per share of 38 cents to 39 cents, well below the FactSet consensus of 59 cents, amid a challenging retail environment. The furniture retailer expects total sales of $194.7 million, which is down from $207.5 million from a year ago, and below the FactSet consensus of $213.7 million. Delivered sales fell 6.2%, while written retail orders declined 3.6%. “Our plans are to start substantially increasing our marketing in both digital and traditional mediums starting from our current third quarter with continued increases as we move forward,” said Chief Executive Farooq Kathwari. The stock, which was still inactive in premarket trade, has soared 36% over the past 12 months, while the SPDR S&P Retail ETF has tacked on 7.8% and the S&P 500 has gained 18%.

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Performance Food Group Co. said Wednesday it has priced a secondary offering of 10 million shares at $22.85 a pop. The offering is being underwritten by certain shareholders, including affiliates of The Blackstone Group L.P. and is expected to close on Jan. 13, the company said in a statement. Shares fell 5.4% in premarket trade, but are up about 16% in the last 12 months, while the S&P 500 has gained about 18%.

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Shares of Signet Jewelers are indicated down over 4% in premarket trade Wednesday, after the jewelry retailer cut its fiscal fourth-quarter profit and same-store sales outlook after disappointing holiday-period results. The company now expects adjusted earnings per share for the quarter through January of $4.00 to $4.05, compared with a previous outlook of $4.00 to $4.20. Same-store sales are now expected to decline 4.8% to 4.3%, compared with the previous forecast for a decline of 4.0% to 2.0%. Same-store sales for the nine-weeks ended Dec. 31 fell 4.6%, compared with a 5.1% rise in the same period a year ago. “Signet’s disappointing holiday results were driven principally by underperformance in its Sterling division e-commerce business,” said Chief Executive Mark Light. “Sterling’s challenges in its e-commerce platform were due to recent enhancements that did not perform as expected when exposed to high holiday volume.” The stock has tumbled 31% over the past 12 months through Tuesday, while the SPDR S&P Retail ETF has gained 7.8% and the S&P 500 has climbed 18%.

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Tesla Motors Inc. said Tuesday that it has hired Apple Inc. software veteran Chris Lattner to lead its software efforts in autonomous driving. Lattner was named vice president of Autopilot software, Tesla announced, after working at Apple for 11 years. While at Apple, Lattner helped lead the development of Apple’s Swift programming language for app development. “We are very excited that Chris is joining Tesla to lead our Autopilot engineering team and accelerate the future of autonomous driving,” Tesla said in its blog post. Tesla is using Nvidia Corp. hardware in its attempts to develop autonomous cars, after a falling out with Mobileye NV , but attempting to develop its own software.

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Merck & Co. shares advanced in the extended session Tuesday after the drug maker said the Food and Drug Administration will grant a priority review for one of its lung cancer treatments. Merck shares rose 2.2% to $61.25 after hours, following a 1.9% decline in the regular session. Merck said the FDA accepted its marketing application for Keytruda as a first-line treatment lung cancer along with chemotherapy, with an expected decision date on the application by May 10.

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