Tag: stock market

Dylann Roof was sentenced to death Tuesday in the mass shooting at a Charleston, South Carolina, church that left nine black worshippers dead in June 2015. The jury deliberated only three hours before reaching the unanimous verdict; he had previously been found guilty of the murders in December. During the trial, Roof, a 22-year-old white supremacist, expressed no remorse for the slayings. Roof defended himself during the sentencing phase of the trial, telling jurors he did so to prevent his lawyers from arguing he suffered from psychological problems. “I am not sorry. I have not shed a tear for the innocent people I killed,” he wrote in a jailhouse journal.

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The American Petroleum Institute late Tuesday reported a rise in U.S. crude supplies that was slightly below some market expectations, along with a hefty, unexpected jump in distillate inventories, according to sources. Data revealed a rise of 1.5 million barrels in U.S. crude supplies for the week ended Jan. 6. Analysts polled by S&P Global Platts forecast a climb of 1.75 million barrels. Sources also said gasoline supplies rose by roughly 1.7 million barrels and distillates jumped by a more-than-expected 5.5 million barrels. “A big build in distillate may be because of weather impacting exports last week,” said Price Futures Group’s Phil Flynn. Supply data from the Energy Information Administration will be released Wednesday morning. February crude was at $50.82 a barrel in electronic trading, unchanged from the contract’s settlement on the New York Mercantile Exchange.

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Parsley Energy Inc. shares fell in the extended session Tuesday after the independent oil and natural gas company announced a secondary offering of its shares. Parsley shares fell 4.3% to $35.09 after hours. The company said it plans to offer 20 million shares, with an additional 3 million optional shares to underwriters. Morgan Stanley and BMO Capital Markets are the joint lead bookrunners for the offering. Parsley already has nearly 180 million shares outstanding.

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Ford Motor Co. shares gained slightly in late trading Tuesday after the carmaker announced a special dividend and gave updates on its forecasts. Ahead of a presentation at the Deutsche Bank Global Auto Industry Conference, Ford revealed that it will pay a special dividend of 5 cents a share in the first quarter, along with its regular dividend of 15 cents a share, which is the same as last year’s regular payment. Ford maintained guidance for “somewhat lower” pre-tax profit in 2017 than 2016, due to investments in technology, but said it expected profitability to improve in 2018. Ford said it still expects $10.2 billion in pre-tax profit for 2016, with an adjusted effective tax rate in the low 30% range. Ford stock, which closed with a 1.7% gain at $12.85, rose to $12.93 in late trading.

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Oil futures fell sharply for a second straight session Tuesday, with prices logging their lowest settlement in over a month, pressured by growing concerns over the potential for rising global crude output despite the recent pact among major producers to cut production. February West Texas Intermediate crude fell $1.14, or 2.2%, to settle at $50.82 a barrel–the lowest finish since Dec. 7, according to FactSet data.

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German car maker Volkswagen AG confirmed that it has agreed to pay $4.3 billion in penalties to the U.S. Justice Department and Customs to settle charges that it used special software to cheat on diesel emissions tests, The Wall Street Journal reported on Tuesday. The company said its supervisory board must now approve a final deal, which is expected to come later Tuesday or Wednesday. Frankfurt-listed shares closed little changed, but have gained 18% in the last 12 months.

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Gold futures pared much of their earlier gains on Tuesday as the U.S. dollar strengthened, but uncertainty surrounding the Federal Reserve’s pace of interest-rate hikes and President-elect Donald Trump’s press conference helped lift the metal to a six-week settlement high. February gold tacked on 60 cents, or less than 0.1%, to settle at $1,185.50 an ounce.

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From:: Stock Market News

Gold futures pared much of their earlier gains on Tuesday as the U.S. dollar strengthened, but uncertainty surrounding the Federal Reserve’s pace of interest-rate hikes and President-elect Donald Trump’s press conference helped lift the metal to a six-week settlement high. February gold tacked on 60 cents, or less than 0.1%, to settle at $1,185.50 an ounce.

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General Motors Co. said Tuesday it expects adjusted per-share earnings of $6.00 to $6.50 for 2017. The current FactSet consensus is for 2017 EPS of $5.71. The company said it further expects to maintain or improve its EBIT-adjusted margin on higher revenues. EBIT is earnings before interest and taxes. The company’s board has approved an additional share buyback program of up to $5 billion, bringing the total authorization to $14 billion. The company is adding $1 billion to its cost savings target, which now totals $6.5 billion. The 2017 outlook is based on expectations for strong growth in North America and China, growth at GM Financial, cost savings, improvement in South America and continued strong car launches. Shares jumped 5.6% on the news, pushing 12-month gains to 29%, while the S&P 500 has gained about 18%.

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The U.S. Energy Information Administration on Tuesday raised its price and production forecasts for West Texas Intermediate and Brent crude oil for this year and offered its first projections for 2018. In its monthly energy outlook report, the government agency forecast WTI prices at $52.50 a barrel for this year, up from $50.66 in the December forecast. For 2018, it forecast $55.18. Brent crude is seen at $53.50 this year and $56.18 next year. The EIA also raised its estimate on U.S. crude production to 9 million barrels a day for this year, compared with the previous forecast for 8.78 million. For 2018, it forecast output of 9.3 million barrels a day. February WTI crude traded at $51.47 a barrel, down 49 cents, or 0.9%. March Brent crude shed 63 cents, or 1.2%, to $54.31 a barrel.

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