Tag: stock market

Neiman Marcus Group Inc. requested to withdraw its initial public offering Friday, saying the IPO is “not in its best interests” at this time. The company filed to go public in August 2015. The company did not elaborate further on the reason, but other traditional retailers such as Macy’s and Sears have been suffering as consumers move online. The prospectus has not yet been declared effective by the Securities and Exchange Commission and no securities have been sold in connection with the offering. It requested that all fees already paid to the SEC related to the filing be “credited for future use.”

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Gold futures settled lower on Friday, as strength in the U.S. dollar and equities dulled investment demand for the precious metal. Prices, however, gained about 1.8% for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve. February gold fell $7.90, or 0.7%, for the session to settle at $1,173.40 an ounce.

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Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil climbed by 4 to 529 rigs this week. That marks the tenth weekly climb in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose 7 to 665, according to Baker Hughes. February West Texas Intermediate crude was up 25 cents, or 0.5%, at $54.01 a barrel on the New York Mercantile Exchange, little changed from the level it traded at before the data.

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Richmond Fed President Jeffrey Lacker said interest rates may need to rise “more briskly than markets anticipate” with unemployment at or near sustainable employment and inflation “very close” to the 2% target. Lacker, considered a hawkish member, said he expects 2% GDP growth in 2017, reflecting some probability of a fiscal boost, before growth slows to 1.75% in 2018 and beyond. Lacker isn’t a voting Federal Open Market Committee member this year.

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SeaWorld Entertainment Inc. announced Friday that Tilikum, one of the park’s well-known Orca whales, died this morning. SeaWorld said the official cause of death is yet to be determined but that the whale had a bacterial lung infection. The whale was estimated to be 36 years old and came to SeaWorld from Sealand of the Pacific in Canada 25 years ago. Tilikum was featured in the documentary “Blackfish” and is the whale that was involved in the death of a trainer at Orlando’s SeaWorld. Shares of SeaWorld were down 0.4% Friday compared to the S&P 500 , which was up less than 1%.

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Bitcoin prices fell on Friday after the People’s Bank of China warned local digital-currency exchanges that they must ensure that all trading complies with local laws and regulations. The statement, issued early Friday, sparked a selloff that carried the price to $900 a coin , down from a more than three-year high of $1,100 reached earlier in the week. Over the past two days, bitcoin has lost nearly 20% of its value, though it remains up more than 100% from its January 2015 low. Bitcoin watchers cite several factors, including a weakening Chinese yuan and rising geopolitical uncertainty in the West, as the reasons behind the digital currency’s 2016 surge. “The Chinese authorities have given a slap on the wrist to the bitcoin industry,” said Charles Hayter, chief executive officer and founder of CryptoCompare, which provides data and analytics about the cryptocurrency market.

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U.S. stocks wavered between modest gains and losses after Friday’s open following an upbeat report on U.S. jobs growth in December. The Dow Jones Industrial Average was flat at 19,903. The S&P 500 index shed two points, or 0.1%, to 2,268. The Nasdaq Composite Index rose four points, or 0.1%, to 5,491. Shares of Amgen Inc. jumped at the open after a federal judge ruled that two of the firm’s rivals must pull a competing cholesterol drug off the market. Shares of Ruby Tuesday Inc. plunged after the restaurant chain reported a wider-than-expected second-quarter loss.

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Wal-Mart Stores Inc. said it has named John Furner as chief executive of its Sam’s Club unit, replacing Rosalind Brewer, who, is retiring effective Feb. 1. Furner is currently chief merchandising officer at Sam’s Club and has worked at the company since joining it as an hourly store assistant in 1993, the company said in a filing with the Securities and Exchange Commission. Wal-Mart shares were slightly lower premarket, but are up about 9% in the last 12 months, while the Dow Jones Industrial Average has gained 18%.

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Netflix Inc. is expanding its presence in Hollywood, signing a lease to occupy another office building in La La Land. Hudson Pacific Properties Inc. said on Friday Netflix has signed to fully occupy a 91,953 square feet, five-story building called CUE. The building is part of an entertainment production complex Hudson Pacific is building at Sunset Bronson Studios. Netflix has already leased a 14-story, 323,000 square feet space called ICON on the complex. Netflix has leased more than 500,000 square feet of space in Hollywood from Hudson Pacific, according to a news release. Netflix has been maneuvering into film and TV production and over the last year has been planting its roots in Hollywood. Shares of Netflix are up 12% in the last 12 months, while the S&P 500 Index is up 14%. Hudson Pacific shares have gained 30% in the trailing 12 month period.

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Cleveland Fed President Loretta Mester said Friday she would like to see the central bank raise interest rates more than the three quarter-percentage-point moves favored by the majority of her colleagues. In an interview with Fox Business, Mester said she would like to see a steeper path of rate hikes because she expects “a little bit more inflation” than many of her colleagues. Mester said that three hikes this year was a good benchmark forecast at the moment. The Cleveland Fed president said she expects inflation to reach the central bank’s goal of 2% within the next two years, sooner than many of her central bank colleagues project. In the interview, Mester said the December jobs report was “decent” and “in line with an economy on a good track.” The Labor Department reported the economy added 156,000 new jobs in December and the unemployment rate ticked up to 4.7%. Mester is not a voting member of the Fed’s policy committee this year.

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