Tag: stock market

Alliance Data Systems Corp. said late Tuesday its board approved the buyback of up to $500 million shares of company stock. The new program replaces the old one which expired at the end of 2016, the company said. Buybacks under the plan will be financed with free cash flow up until the end of the year. Shares of Alliance Data were flat at $233.01 after hours.

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Shares of Tesla Motors fell 2.4% after hours Tuesday after the car marker released its fourth-quarter vehicle numbers, including new records for its Model S and Model X cars orders but also short-term production challenges. Tesla said it produced 24,882 vehicles in the fourth quarter, for a total of 83,922 vehicles in 2016, up 64% from the previous year. Because of production challenges with its autopilot function at the end of October through early December, Tesla said it missed counting 2,750 vehicles as delivered in the fourth quarter. Tesla said it did end up recovering and hitting its production goals. It reported an all-time record of net orders for Model S and Model X cars in the fourth quarter, with orders up 52% higher than the previous year. About 6,450 vehicles were en route to customers at the end of the quarter, which will be counted as deliveries for the first quarter of 2017.

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Commodity Futures Trading Commission chairman Timothy Massad is resigning, effective Jan 20, 2017, according to a press release from the commodities and futures industry regulator. Massad was appointed by President Obama and sworn in as chairman in June 2014. He will remain at the regulator for a few more weeks in order to allow for a proper transition to the new administration.

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U.S. stocks closed up Tuesday below their highs for the first trading session of 2017 as oil prices dropped. The Dow Jones Industrial Average rose 119.16 points, or 0.6%, to finish at 19,881.76, led higher by shares of Nike Inc. and Verizon Communications Inc. . The S&P 500 index closed up 19.00 points, or 0.9%, at 2,257.83, with the telecom and health care sectors the strongest performers. The Nasdaq Composite index finished up 45.97 points, or 0.9%, at 5,429.08. February oil futures settled down 2.6% at $52.33 a barrel.

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Taco Bell announced a series of 2017 commitments on Tuesday that include theelimination of extra-large soda cups, removal of all antibiotics that are important to human medicine from its chicken, and expanding the use of cage-free egg ingredients across its core menu by Jan. 1, 2018. The brand, which is part of the Yum Brands Inc. portfolio, also made a number of longer-term commitments, including creating 100,000 U.S. jobs by 2022 and an additional 10% salt reduction across its menu. The company has already reduced sodium by 15% on average since 2008. Yum Brands shares are down 0.4% in Tuesday trading, but up 20% for the past year. The S&P 500 index is up 10.1% for the last 12 months.

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Whirlpool Corp. said Tuesday that it has partnered with Amazon.com Inc. on a line of voice-controlled appliances, launching in early 2017. The smart appliances will be Alexa-enabled, allowing users to do things like set and adjust the cooking mode on smart ovens, and ask their smart refrigerator for temperatures and settings. The deal builds on an existing relationship between the brands, which includes automatic reordering of laundry and kitchen products through Amazon’s Dash Replenishment offering. That service will be made available to more appliance models, Whirlpool said. The new Alexa-enabled appliances will be showcased at the Consumer Electronics Show, taking place from Jan. 5 to Jan. 8. Whirlpool shares are up 0.5% in Tuesday trading, and up 24.3% for the past year. Amazon shares are nearly flat in Tuesday trading, and up nearly 11% for the last 12 months. The S&P 500 index is up 10.1% for the last year.

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Natural-gas futures dropped Tuesday, with forecasts for warmer weather dragging prices down by nearly 11% to mark their largest one-day percentage decline since February 2014, according to FactSet data. February natural gas lost 39.7 cents, or 10.7%, to end at $3.327 per million British thermal units. Oil futures, meanwhile, settled at their lowest level in about two weeks as traders waited to see if major oil producers will stick to their pledge to cut output, which kicked in at the start of the year. February West Texas Intermediate crude fell $1.39, or 2.6%, to settle at $52.33 a barrel.

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Bill and Hillary Clinton reportedly will be in attendance at the presidential inauguration on Jan. 20 of Donald Trump, according to New York magazine, as will former President George W. Bush and former first lady Laura Bush, according to the New York Post. Till Tuesday, it was unknown whether former President Clinton and his wife, the former secretary of state, planned to be on hand as Hillary Clinton’s opponent in the Nov. 8 presidential election was inaugurated, nor had the Bushes committed to be in attendance. President Jimmy Carter was previously known to be planning to attend. For health reasons, President George H.W. Bush is not expected to make the trip to Washington.

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Gold futures climbed Tuesday to finish at their highest level since mid-December, finding support on the back of “a lot of capital reallocation” at the start of the year, according to Tyler Richey, co-editor of The 7:00’s Report. Strength in the U.S. dollar and stock market, as well as upbeat economic data, had fueled declines in earlier trading. February gold tacked on $10.30, or 0.9%, to settle at $1,162 an ounce.

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Intel Corp. said Tuesday it is acquiring a 15% stake in German digital mapping company HERE from current indirect shareholders, Audi AG and Daimler AG . The chip maker said the two companies will collaborate on the research and development needed to support real-time updates of high-definition maps that can be used in self-driving vehicles. “Additionally, the two companies plan to jointly explore strategic opportunities that result from enriching edge-computing devices with location data,” Intel said in a statement. Current technology allows a user to determine a car’s location to within meters, but the next generation is expected to work within centimeters. HERE is a private company set up by Audi, BMW AG and Daimler. The deal is expected to close in the first quarter. Intel will nominate Doug Davis to the HERE supervisory board. Davis is general manager of Intel’s automated driving group. Shares were up 0.3% in afternoon trade, while the S&P 500 was up 0.4%.

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