Tag: Stock market

Shares of top Chinese ADRs as well as U.S. casino companies with operations in Macau climbed on Monday on signs of easing COVID restrictions. Alibaba and JD.com shares jumped 5% in premarket trade, while Wynn Resorts gained 4%. Earlier, the Hang Sen…

Facing weaker demand in China, Tesla Inc. plans to reduce production at its Shanghai plant by possibly 20% in December, Bloomberg reported on Monday, citing sources. The cuts could kick in this week after the company reviewed the performance of the do…

Spencer Platt/Getty ImagesOne of the bond market’s most reliable indicators of impending U.S. recessions is pointed in a pretty pessimistic direction right now, but contains at least one optimistic message: The Federal Reserve will remain committed to …

Exxon Mobil Corp. said late Friday that Larry W. Kellner and John D. Harris II have joined its board, which expanded to 13 directors. Kellner is the former chief executive of Continental Airlines, which merged with United Airlines in 2010, and current…

Major U.S. stock indexes ended a choppy session mixed Friday, while still posting weekly gains, after monthly jobs data showed the Federal Reserve’s rapid pace of interest rate hikes has yet to tame the roaring labor market. The Dow Jones Industrial Av…

Shares of Smartsheet Inc. headed toward their best one-day gain on record Friday after the software-as-a-service company reported better-than-expected quarterly results and guidance Thursday afternoon. The stock rose as much as $38.51, 18.5% higher th…

Oil futures finished with a loss on Friday, but ended higher for the week. The rebound in crude-oil prices recently is due to “some optimism that even though China is battling rising COVID rates, authorities will be much more flexible in how they imple…

Gold futures declined on Friday, but held onto a more than 3% gain for the week. Gold prices dipped Friday after a “shockingly hot [U.S.] nonfarm payroll report brought back the dollar to life,” said Edward Moya, senior market analyst at OANDA. Financi…

Amazon.com Inc. executive Jeff Blackburn, who played a key role in the e-commerce giant’s push into entertainment, is leaving the company, the Wall Street Journal reported Friday, citing a memo sent to staff by Chief Executive Andy Jassy, that it obtai…

Shares of Boeing Co. surged 3.5% toward a more than seven-month high in midday trading, reversing an earlier loss of as much as 1.7%, after The Wall Street Journal reported that United Airlines Holdings Inc. close to ordering “dozens” of Boeing 787 D…

Fisker Inc. stock is poised to end the week in the black, up 3% on Friday following losses of more than 5% in the prior session after short-seller Fuzzy Panda said the electric-vehicle maker had a “history of lies,” essentially alleging that Fisker’s …

The ICE U.S. Dollar Index jumped 0.4% on Friday after a hotter-than-expected November jobs report fueled expectations that the Federal Reserve will need to lift rates even higher than many people expect next year. The index had finished below its 200-…

More than 62% of new COVID-19 cases in the U.S. are the result of the BQ.1 and BQ.1.1. variants, according to the latest data from the Centers for Disease Control and Prevention. BA.5, which had been the dominant strain of the virus in the U.S. for mon…

November’s hotter-than-expected nonfarm payrolls report, which showed the U.S. producing 263,000 new jobs, indicates “that there is more work” for the Federal Reserve to do and that labor-market imbalances “may be increasing rather than decreasing,” ac…

U.S. stock indexes opened lower on Friday after the November jobs report shows a sign of continued strength in the labor market, raising concerns that the Federal Reserve’s policy will remain tighter for longer. The U.S. created a robust 263,000 new jo…

Shares of Ford Motor Co. shed 1.6% in morning trading Friday, after the automaker reported a 7.8% decline in November sales to 146,364 vehicles. Truck sales fell 1.2% to 81,210 and sport-utility vehicle (SUV) sales sank 15.0% to 61,889, while electric…

The Dow Jones Industrial Average’s selloff after the stronger-than-expected government jobs data was unanimous, as all 30 components fell in premarket trading. The declines were led by the index’s technology components. Shares of Salesforce Inc. slid…

Wedbush on Friday launched coverage of Green Thumb Industries Inc. , Cresco Labs Inc. , Curaleaf Holdings Inc. and Trulieve Cannabis Corp. with outperform ratings. Analyst Gerald Pascarelli said of the four cannabis companies Green Thumb Industries ra…

Shares of Cracker Barrel Old Country Store Inc. tumbled 11.5% in premarket trading Friday, after the home-style restaurant chain with retail stores inside missed fiscal first-quarter profit expectations, as cost inflation surpassed menu price increase…

Kirkland’s Inc. stock pared early gains to trade down 1.6% premarket Friday, after the specialty retailer of home decor and furnishings . Nashville, Tenn.-based Kirkland’s swung to a loss of $7.3 million, or 58 cents a share, after income of $7.2 mil…

U.S. stock futures tumbled Friday after data from the Labor Department showed the U.S. economy added 263,000 jobs in November, far exceeding expectations and adding to the perception that the Federal Reserve isn’t doing enough to weaken the labor marke…

Private equity-led acquisitions of publicly traded companies have gotten a boost from low stock prices in a trend that’s expected to continue in 2023, analysts at Keefe, Bruyette & Woods said in a research note. These so-called take-private deals have …

Shares of shoe and accessories seller Genesco Inc. dropped 7.0% in premarket trading Friday, after the parent of store brands including Journeys and Johnston & Murphy reported fiscal third-quarter profit and sales that beat expectations but slashed it…

Jefferies banking analyst Ken Usdin said the U.S.’s largest banks including Bank of America Corp. , JPMorgan Chase & Co. , Goldman Sachs Group Inc. and Citigroup Inc. will retain more capital to build up their balance sheets instead of using it for d…

Shares of Rigel Pharmaceuticals Inc. soared 39.5% in premarket trading Friday, after the biotechnology company announced Food and Drug Administration approval of its Rezlidhia leukemia treatment. With trading volume of 5.2 million shares, the stock wa…

Chinese local governments are facing a new challenge in the battle against COVID: they are running out of cash needed to finance mass testing and enforce quarantine, CNN reported on Friday. The zero-COVID policy kept China out of recession in 2020, but…

Coinbase Global Inc. on Thursday claimed Apple Inc. forced it to remove NFT transfers from its Wallet app on iOS. In a tweet, Coinbase claims the iPhone maker “blocked our last app release until we disabled the feature” because Apple wanted the block…

Raymond James Financial Inc. said late Thursday its board of directors has declared a dividend of 42 cents a share, a 24% increase over the previous dividend. The dividend is payable Jan. 17 to shareholders of record on Jan. 3. Shares of Raymond James…

Shares of Veeva Systems Inc. dropped nearly 6% in the extended session Thursday after the cloud-computing company reported quarterly earnings above expectations but guided for a weaker-than-expected current quarter. Veeva earned $108.5 million, or 67 …

Shares of workplace-management software provider Asana Inc. fell after-hours on Thursday after the company forecast fourth-quarter sales that came in below analyst estimates, saying “macroeconomic cross currents continue to impact the business in the …

AMC Networks Inc. disclosed in a Thursday afternoon filing with the Securities and Exchange Commission that it expects to incur $350 million to $475 million in charges, before taxes, related to its restructuring plan. The company confirmed earlier in …

ChargePoint Holdings Inc. shares dropped nearly 2% in the extended session Thursday after the electric-vehicle charging company missed Wall Street expectations for its fiscal third quarter. ChargePoint lost $84.5 million, or 25 cents a share, in the q…

Walt Disney Co. and consulting firm McKinsey & Co. were planning to centralize control of major spending decisions in recent months, according to a Wall Street Journal report Thursday , citing people familiar with the matter. Discussions were under wa…

The S&P 500 was trading near the session’s low in the final hour of trade Wednesday as investors gave the recent rally in stocks a rethink and after Target reported a profit decline ahead of the holiday shopping season. Stocks declined in choppy trade…

The spread between 2- and 10-year Treasury yields shrank to as little as minus 67 basis points on Wednesday, and was headed for its deepest inversion in more than 40 years. The inversion was being driven by a steep drop in the 10-year yield which fel…

Oil futures declined on Wednesday, with U.S. prices settling at their lowest in roughly three weeks. “Prices remain in negative territory, with various geopolitical influences — from an oil tanker being hit by a bomb-carrying drone off the coast of Oma…

Gold futures finished with a modest loss on Wednesday, with prices shaking off early gains. The precious metal saw a “very brief spurt of safe-haven buying” on initial reports Tuesday of an apparent wayward missile landing in Poland, said Brien Lundin,…

Albertsons Companies Inc. said Wednesday that the Washington State Court has postponed the hearing on the grocery company’s proposed payment of a special dividend. The stock rose 0.5% in afternoon trading. The postponement means the temporary restrain…

Goldman Sachs Group is revising its expectations for interest rates next year, saying it now expects an additional 25-basis-point rate hike in May. That additional rate hike pushes the firm’s forecast for the peak fed funds rate, or highest level at w…

Shares of InMed Pharmaceuticals Inc. rocketed 50.9% on very heavy volume in midday trading Wednesday, after the company said it was awarded a grant from the Natural Sciences and Engineering Research Council of Canada (NSERC) to support research and de…

Stefani Reynolds/Agence France-Presse/Getty ImagesEfforts to reduce risks within the nearly $24 trillion U.S. Treasury market, the world’s deepest and most liquid securities market, are ironically creating angst among market players. The anxiety is cen…

Shares of Walmart Inc. rose 0.4% in midday trading Wednesday, adding to the previous session’s 6.5% jump on a big earnings beat, even though so-called rival retailer Target Corp.’s stock tumbled 12.7% after another hugely disappointing earnings repor…

The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 5.4 million barrels for the week ended Nov. 11. On average, analysts forecasted a decline of 400,000 barrels, according to a poll conducted by S&P Global Co…

House Financial Services Committee Chair Maxine Waters, a California Democrat, and the panel’s top Republican, Rep. Patrick McHenry of North Carolina, announced in a statement on Wednesday that they plan to hold a hearing in December focused on “the co…

New York Fed President John Williams, speaking at the 2022 U.S. Treasury Market Conference on Wednesday, said that a well-functioning Treasury market is critical for the U.S. economy and the world. He also said that price stability is a “must-have” fo…

Businesses increased inventories, or products waiting to be sold, by 0.4% in September in a sign the economy was still expanding at a steady pace. Economists polled by The Wall Street Journal had forecast a 0.5% increase. Rising inventories adds to gro…

Singapore sovereign wealth fund Temasek International is preparing to write off the value of its entire investment in bankrupt cryptocurrency company FTX, Bloomberg reported Wednesday, citing people familiar with the situation. Temasek invested between…

U.S. stocks opened lower as investors assess fresh retail sales data that came in slightly above expectations. The Dow Jones Industrial Average was down 0.2% soon after the opening bell, while the S&P 500 fell 0.4% and the Nasdaq Composite dropped 0…

Micron Technology Inc.’s stock fell 3% before opening bell Wednesday after the chip maker cut its 2023 supply forecast, citing market conditions. The company announced that it is reducing DRAM and NAND wafer starts by approximately 20% compared with t…

Chevron Phillips Chemical Co. LLC announced Wednesday that, along with QatarEnergy, it is proceeding with the construction of an integrated polymers facility in Orange, Texas that is expected to create more than 500 full-time jobs. The building of the …

Surf Air Mobility Inc. said Wednesday it plans to pursue a direct listing to go public and that it will no longer merger with special purpose acquisition company Tuscan Holdings Corp. II in a deal that was valued at $1.42 billion when it was announced…

TJX Cos. Inc. topped profit estimates for its fiscal third quarter, although sales were slightly light and same-store sales guidance was below consensus. The company posted net income of $1.063 billion, or 91 cents a share, for the quarter to Oct. 29,…

Wolfspeed Inc. , a maker of silicon carbide and gallium nitride technologies for use in power-switching devices, EVs, 5G and renewable energy among other applications, said Wednesday it is planning to offer $1.3 billion of convertible bonds that mature…

Raymond James analyst Bobby Griffin on Wednesday cut his rating on Home Depot Inc. to market perform from outperform after the home and construction goods retailer’s third-quarter earnings update. “Our change in opinion is not a reflection of Home Dep…

Shares of Peloton Interactive Inc. rallied 2.7% in premarket trading Wednesday, after the at-home fitness company announced an expanded collaboration with Amazon.com Inc. in the U.K. and Germany. The company said the Peloton Bike, Guide and certain a…

Discover Financial Services said Wednesday it will start buying back stock again under its existing $4.2 billion share repurchase program after suspending it in July. The company completed an investigation related to its student loan servicing practic…

Shares of Target Corp. tumbled 14.0% in premarket trading Wednesday, after the discount broadline retailer reported fiscal third-quarter profit that was well below expectations even as revenue beat, and provided a downbeat same-store sales outlook for…

Group 1 Automotive Inc. boosted its share buyback program on Wednesday and raised its quarterly cash dividend. The company added $161 million to the buyback program to increase it to $200 million. It raised its cash dividend to 39 cents a share from 3…

Chinese authorities locked down a major university in Beijing on Wednesday after finding one COVID-19 case in the latest sign of their commitment to a “zero-COVID” approach despite growing public discontent, the Associated Press reported.
Beijing repor…

Shares of Digital World Acquisition Corp. , the special-purpose acquisition company planning to take former President Donald Trump’s media-ventures company public, jumped 5% in premarket trade Wednesday, after Trump announced his run for the 2024 presi…

Dell Technologies Inc. said Wednesday it agreed to pay $1 billion to settle a lawsuit against the company in Delaware Court of Chancery stemming from its December, 2018 transaction involving its Class V stock. “The plaintiffs generally alleged that th…

Lowe’s Inc. said Wednesday it had net income of $154 million, or 25 cents a share, in the third quarter, down from $1.896 billion, or $2.73 a share, in the year-earlier period. The net income figure includes a pretax noncash asset impairment charge of…

U.S. stocks closed higher on Tuesday but below their best levels of the session after more data suggested inflation may be slowing and mega-retailer Wal-Mart WMT o8ffered a rosier annual forecast. The S&P 500 SPX finished up 34.48 points, or 0.9%, to 3…

General Electric Co. GE on Tuesday said it is filing a registration statement for the planned spin-off of its healthcare unit, part of the industrial giant’s effort to split into three separate public companies. Larry Culp, in a statement, said the mov…

Shares of El Pollo Loco Holdings. [s: loco] jumped 15% after hours Tuesday after the Mexican-restaurant chain said its board had declared a special dividend of $1.50 per share and authorized a new stock buyback program of up to $20 million, saying it w…

APIn a sign of the darkening outlook for the global economy and financial markets, the continuing debate over whether the next major crisis is on the way is shifting into a conversation about just what type of crisis it will be. For Neil Shearing, grou…

U.S. stocks finished mostly lower on Wednesday with the S&P 500 logging its lowest end-of-date level since September, while the Nasdaq Composite logged its lowest such level since July. Only the Dow Jones Industrial Average managed to evade a loss for …

Bank of England Gov. Andrew Bailey late Tuesday said U.K. pension funds need to finish rebalancing positions by Friday when the central bank’s emergency bond-buying program is set to end, news reports said. U.S. stocks extended a decline after the rema…

Continued pressure on tech and tech-related shares killed an attempted bounce by the Nasdaq Composite a day after the index ended at its lowest in more than two years. The S&P 500 also turned lower, on track for a fifth straight losing session in the …

Oil futures declined on Tuesday, stretching their losses into a second straight session. Prices weakened with recession fears “running high,” said Phil Flynn, senior market analyst at The Price Futures Group. Worries about energy demand from China on t…

Shares of SunPower Corp. SPWR dropped 5.7% in afternoon trading Tuesday, after BofA Securities turned bearish, citing concerns over relative valuation and pricing pressures. Analyst Julien Dumoulin-Smith cut his rating to underperform from neutral and …

Shares of Laser Photonics Corp. LASE blasted 62.1% higher in very active afternoon trading Tuesday, after the laser cleaning announced an order from the U.S. Navy. The rally was enough to make the stock the second-biggest gainer trading on major U.S. e…

Leaders of the Group of Seven nations on Tuesday pledged to support Ukraine “for as long as it takes,” as the country was under a fresh round of strikes from Russia. “We will continue to provide
financial, humanitarian, military, diplomatic and legal s…

The Federal Reserve should be wary of wishful thinking about inflation that would lead the central bank to pause hiking interest rates or reverse course, Cleveland Fed President Loretta Mester said on Tuesday. “Given current economic conditions and the…

Shares of ride-sharing companies suffered a beating Tuesday, after the U.S. Labor Department said it would revisit rules that designate whether workers are classified as employees or independent contractors. Uber Technologies Inc.’s stock UBER dropped …

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) on Tuesday announced a $24.3 million settlement and $29.3 million settlement with Bittrex Inc., a company based in Bellevue, Wash.,…

Bank of New York Mellon Corp. BK on Tuesday announced the launch of its digital asset custody platform for institutional customers as part of its “commitment to support client demand for a trusted provider of both traditional and digital asset servicin…

Shares of Amgen Inc. AMGN leapt 5.2% in morning trading Tuesday, enough to pace the Dow Jones Industrial Average’s DJIA gainers, after Morgan Stanley turned bullish on the biotechnology company. Amgen’s stock price gain of $12.04 was adding about 79 po…

U.S. stocks opened lower on Tuesday, raising the possibility of a fifth day in the red as the Nasdaq and S&P 500 traded near their lowest intraday levels in more than two years. The S&P 500 SPX fell 17 points, or 0.5%, to 3,595. The Nasdaq Composite CO…

Bassett Furniture Industries Inc. BSET rallied 15% in early trades Tuesday after CSC Generation Holdings Inc. offered to buy the company for $21 a share. CSC Generation said it’s making the offer public because the company “has been unwilling to engage…

Shares of Albireo Pharma Inc. ALBO gained 10.4% in premarket trading on Tuesday after the company said it is seeking Food and Drug Administration approval to use its medication Bylvay as a treatment for Alagille syndrome, a rare inherited disorder that…

Shares of Tanger Factory Outlet Centers Inc. SKT rose 0.6% in premarket trading Tuesday, after the operator of open-air outlet centers said it will raised its quarterly dividend by 10%, to 22cents a share from 20 cents a share. Shareholders of record o…

Joby Aviation Inc. JOBY shares rallied 16% in premarket trades Tuesday after the air taxi developer said it received a $60 million upfront equity investment from Delta Air Lines Inc. DAL to operate all-electric, vertical take-off and landing aircraft f…

Shares of Dice Therapeutics Inc. DICE soared 88.8% in premarket trading on Tuesday after the company shared promising Phase 1 data for its experimental psoriasis treatment. Dice said the investigational oral therapy was well-tolerated and showed a mean…

Brooklyn ImmunoTherapeutics Inc. BTX said Tuesday it’ll change its stock trading ticker to ERNA on Monday, Oct. 17, as part of a name change to Eterna Therapeutics Inc. The San Diego-based clinical stage biopharmaceutical company said the new name refl…

Commercial Metals Co. CMC said Tuesday it has increased its quarterly dividend by 14.3%, to 16 cents a share from 14 cents a share. The steel maker and recycler said the new dividend will be payable Nov. 10 to shareholders of record on Oct. 27. Based o…

Coinbase GIobal Inc. COIN shares rose 5% in premarket trades Tuesday after the digital currency brokerage firm said it inked a deal with Google, a unit of Alphabet Inc. GOOG, to use Google Cloud as its strategic cloud partner to build advanced exchange…

Blackbaud Inc. BLKB said Tuesday its board unanimously adopted a limited duration stockholder rights plan or a so-called poison pill, with an expiration date of Oct. 2, 2023. The company, which makes cloud software for the philanthropic community said …

Wedbush on Tuesday initiated overage of five non-alcoholic beverage companies including Keurig Dr Pepper KDP, The Coca-Cola Company KO, PepsiCo PEP, Monster Beverage Corp MNST, and Celsius Holdings CELH. Wedbush said Keurig Dr Pepper is its top pick, …

Shares of Blue Apron Holdings Inc. APRN surged 11.0% in premarket trading Tuesday, after the company said its meal kits were not available for purchase through Amazon.com Inc. AMZN in the U.S., without a subscription. Blue Apron is offering its regular…

Shares of American Airlines Group Inc. AAL jumped 3.3% in premarket trading Tuesday, after the air carrier raised its third-quarter total and unit revenue growth outlooks. The company said it now expects total revenue to be up approximately 13% from th…

7-Eleven Inc. SVNDY said Tuesday it’s introducing green apple Slurpee flavor for fall. It’s now available for a limited time at participating 7-Eleven, Speedway and Stripes stores. Shares of Seven & I Holdings, the parent of 7-Eleven, are down 15.4% in…

Subscription-based private aviation company Flexjet Inc. said Tuesday it will go public through a merger with special purpose acquisition company (SPAC) Horizon Acquisition Corp. II HZON in a deal that values Flexjet at $3.1 billion. After the deal clo…

Reliance Steel & Aluminum Co. RS on Tuesday names Karla R. Lewis as CEO after James D. Hoffman steps down on Dec. 31. Hoffman will remain on the company’s board will serve as senior adviser to the CEO until December, 2023 when he will retire. Lewis h…

Japan welcomed a flood of tourists on Tuesday as pandemic-related travel restrictions in place for more than two years were lifted, the AP reported. The good news in Japan comes as the seven-day average for new COVID cases fell to 38,855 on Monday, dow…

Shares of SeaSpine Holdings Corp. SPNE soared 21.1% in premarket trading Tuesday, after the medical technology company focused on spinal disorder treatments announced a merger agreement with Orthofix Medical Inc. OFIX that values SeaSpine at about $284…

General Motors Co. GM introduced Tuesday a new business unit called GM Energy, which will consist of Ultium Home, Ultium Commercial and Ultium Charge 360 to create an energy management ecosystem. GM Energy will offer to home, commercial and electric ve…

Credit Suisse’s rating was kept at sell and had its price target lowered to 4.7 francs from 5.8 francs by Goldman Sachs. Analysts led by Chris Hallam said that given its view that investment bank requires restructuring while capital generation is min…

U.S. stocks finished lower on Monday as all three major indexes fell for the fourth straight session and the Nasdaq Composite saw its lowest close in more than two years. The S&P 500 SPX closed 27.27 points, or 0.8%, lower at 3,612.39. The Dow Jones In…