Tag: stock market

Fitbit has acquired “specific assets” from Vector Watch, a European wearables company, a Fitbit spokesperson told MarketWatch Tuesday. The acquisition does not include the watch company’s hardware products. With the acquisition, Fitbit said it would be starting a development center in Bucharest, Romania. The acquisition announcement follows Fitbit’s acquisition of Pebble’s assets, but not its hardware, in December. Shares of Fitbit were down 5% Tuesday. In the past three months, shares of Fitbit have fallen 47%, compared to the S&P 500’s gain of 5%.

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From:: Stock Market News

The Port Authority of New York and New Jersey is paying a $400,000 fine to the Securities and Exchange Commission and admitting allegations it didn’t tell investors about risks from New Jersey roadway projects. The SEC’s order finds that the Port Authority offered and sold $2.3 billion worth of bonds to investors despite internal discussions about whether certain projects outlined in offering documents, including the Pulaski Skyway, ventured outside its mandate and potentially weren’t legal to pursue. The SEC said the Port Authority has become the first municipal issues to admit wrongdoing in an SEC enforcement action.

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Airline stocks soared Tuesday, sparking a sharp rally in the Dow Jones Transportation Average , after upbeat December operations updates helped push the shares of Southwest Airlines Co. and Alaska Air Group Inc. into record territory. The NYSE Arca Airline Index jumped 2.4%, and the Dow transports rallied 1.2%, with the top six gainers being airline stocks. In comparison, the Dow Jones Industrial Average was up 45 points, or 0.2%. Alaska Air shares ran up 5.3%, after the carrier said overall December load factor increased 50 basis points (0.5 percentage points) to 83.1%, as a 140 basis point increase in Alaska Airlines’ load factor offset a 140 basis point decline in Virgin America’s load factor. Southwest’s stock climbed 2.9% after boosting Tuesday its outlook for fourth-quarter revenue per available seat miles (RASM) to a decline of 3% to 4% from a decline of 4% to 5% a month ago. Among other airline stocks, United Continental Holdings Inc.’s rose 3.4%, JetBlue Airways Corp.’s gained 3%, Delta Air Lines Inc.’s surged 3% and American Airlines Group Inc.’s advanced 1.8%.

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The London Stock Exchange’s boss Xavier Rolet has warned that hundreds of thousands of British jobs are at risk if euro clearing functions are moved abroad and if there is continued uncertainty over the final shape of Brexit. Speaking in testimony to a U.K. parliamentary committee on Tuesday, Rolet described the impact of clearing changes as “potentially systemic,” given the huge number of transactions that would need to be migrated, Financial News reported. See the full report for more comments from top executives on the Brexit challenges facing the U.K. finance industry.

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Sen. Jeff Sessions, President-elect Donald Trump’s nominee to be attorney general, said Tuesday he would recuse himself from investigations related to Hillary Clinton if he is confirmed. Congressional Republicans have said they will continue to investigate Clinton’s use of a private server. Sessions, an Alabama Republican, supported Trump during the campaign and was critical of Clinton. During the campaign, Trump suggested Clinton should be jailed over her use of the server. But he said after he won he didn’t want to continue with an investigation.

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Shares of Goldman Sachs Group Inc. slumped $2.58, or 1.1% in morning trade Tuesday, enough to push the Dow Jones Industrial Average into negative territory, after analyst Keith Horowitz at rival bank Citigroup Inc. turned bearish on Goldman, on the belief that investors may be too optimistic about revenue growth potential. The price decline was shaving 18 points off the Dow, which was down just 7 points. Horowitz downgraded Goldman to sell from neutral, saying the current stock valuation implies revenue growth of 18% off the 2016 base, while the FactSet revenue consensus for 2017 implies 7.6% growth. “While we expect [Goldman] to see improved trading revenues going forward, the path is relatively uncertain and the bar is relatively high,” Horowitz wrote in a note to clients. Meanwhile, Horowitz raised his stock price target to $225, which is 6.4% below current levels, from $200. The stock has rocketed 32% since the election, on optimism over President-elect Donald Trump’s policy promises to slash regulation and boost fiscal stimulus, which would boost longer-term Treasury yields. In comparison, the SPDR Financial Select Sector ETF has climbed 17% since the election while the Dow has gained 8.4%.

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Shares of Illumina Inc. soared 16% in active morning trade Tuesday, putting them on track for the biggest one-day percentage gain in five years, after the DNA sequencing company provided late Monday an upbeat sales outlook and revealed upgraded sequencing platform. Volume neared 2 million shares in the first half hour since the open, already exceeding the full-day average of about 1.4 million shares. The company said at J.P. Morgan’s healthcare conference that it expects fourth-quarter sales of $619 million, according to a transcript provided by FactSet, which was above the FactSet consensus of $612.8 million. The company expects 2017 revenue growth of 10% to 12%, while the FactSet consensus implies growth of 10%. Separately, Illumina introduced its NovaSeq next-generation gene sequencing architecture, which J.P. Morgan analyst Tycho Peterson said holds the potential “to spark a major upgrade cycle.” The stock has lost 0.9% over the past 12 months, while the SPDR Health Care Select Sector ETF has gained 4.8% and the S&P 500 has climbed 18%.

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From:: Stock Market News

U.S. stocks opened flat on Tuesday, as investors held off on making big bets a day ahead of President-elect Donald Trump’s first news conference in months. Recent market gains were fueled by Trump’s election, as investors anticipate that the policies he is expected to pursue will accelerate economic growth. However, the rally has shown signs of stalling of late, and the press conference will be scrutinized for any indication as to Trump’s legislative priorities, as well as other issues. Separately, a modest rise in the price of crude oil could support energy shares. The Dow Jones Industrial Average fell 28 points, or 0.1%, to 19,855. The S&P 500 rose less than 1 point to 2,270, basically unchanged on the day. The Nasdaq Composite Index rose 7 points to 5,539, a rise of 0.1%.

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DineEquity Inc. said Tuesday that its IHOP and Applebee’s brands are expanding internationally. IHOP will open 10 locations in Thailand by 2021 through a franchise agreement with King of Pancakes Co. Ltd., an affiliate of King Food Group Company Limited. And 20 IHOP locations will open across India by 2025 through a franchise agreement with Kwals Catering Private Ltd., a subsidiary of Kwality Group. Applebee’s will open six locations in Bahrain and Oman by 2023 through a development agreement with Mohammed Fakhro, a restaurant operator and franchisee. And five new Applebee’s locations will open in Panama by 2021 through an agreement with current franchisee Collins Restaurant Group. DineEquity has opened 80 new international restaurants since 2014 with plans to double the company’s international presence by 2021. DineEquity shares are unchanged in premarket trading and down 9.6% for the last 12 months. The S&P 500 index is up 18.1% for the past year.

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Lions Gate Entertainment Corp. said on Tuesday it’s investing in eSports franchise Immortals, reflecting a growing interest in the potential of eSports. Lions Gate joins a consortium of investors that includes Michael Milken and previous investor Steve Kaplan, co-owner of the NBA’s Memphis Grizzlies and Premier League’s Swansea City. The Immortals is a professional eSports team that competes worldwide in a market that is projected to grow to over $1 billion by the end of next year, according to a news release. “We’re delighted to be an early mover in a market that has the potential to transform the face of sports entertainment,” said Peter Levin, Lions Gate president of interactive ventures and games, in a statement. Last year, the world championships for the game League of Legends were played at a sold-out Staples Center in Los Angeles. Lions Gate stock is up 3% in last month since reclassifying shares.

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