Breaking Stock Market and Financial News

Trump launches petition against NFL players' anthem protests

Top Reuters News - Fri, 10/20/2017 - 09:27
WASHINGTON (Reuters) - U.S. President Donald Trump has stepped up the pressure on the National Football League over protests by its players during the national anthem by launching a petition and asking his supporters to show their patriotism by backing it.

Skechers upgraded on continued growth potential around the world

MarketWatch Market Pulse - Fri, 10/20/2017 - 09:25

Skechers USA Inc. was upgraded to outperform from neutral at Wedbush based on the company's continued growth potential both in U.S. wholesale channels and internationally. Wedbush raised its price target to $35 from $25. Skechers shares are up 29.3% in Friday premarket trading after earnings far exceeded estimates. "While we felt there was opportunity developing in the story looking to FY18, key drivers inflected sooner than we expected, particularly around international growth and gross margin, which were the largest contributors to the upside and our revised estimates," the note said. Analysts think low-to-mid-single-digit growth is possible in the first half of 2018 with gains from Amazon.com Inc. , Macy's Inc. , kid's and men's categories and sports sandals. Skechers shares are down 15.1% for the past three months, but up 4.8% for the past year. The S&P 500 index is up 19.7% for the last 12 months.

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Trump tax cuts gain momentum as Rand Paul goes 'all in'

Top Reuters News - Fri, 10/20/2017 - 09:06
WASHINGTON (Reuters) - U.S. Republican senator Rand Paul on Friday appeared to back the Trump administration's sweeping tax cut plan, saying he was "all in" for massive tax cuts even as the Senate passed a key budget measure without his support one day earlier.

Bank stocks tracker jumps toward 10-year high after budget bill passes

MarketWatch Market Pulse - Fri, 10/20/2017 - 08:43

Bank stocks got a bit lift Friday, as the passage of the budget bill by the Senate helped push up Treasury yields. The bill's passage is seen as paving the way for President Trump's proposed tax cuts, could lift longer-term interest rates by boosting economic growth and increasing the deficit, which would increase Treasury supply. The SPDR Financial Select Sector ETF rallied 1.0% in premarket trade, putting it on track to open at the highest price seen during regular session hours since Nov. 1, 2007. Among the ETF's most-heavily weighted components, shares of J.P. Morgan Chase & Co. climbed 1.2%, Bank of America Corp. surged 1.8%, Citigroup Inc. rallied 1.3%, Goldman Sachs Group Inc. gained 1.3% and Wells Fargo & Co. tacked on 1.0%. Higher long-term yields can help goose bank profits, as it would increase the interest rate spread between longer-term assets, like loans, and shorter-term liabilities to fund those assets.

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Huntington Bancshares boosts dividend by 38%

MarketWatch Market Pulse - Fri, 10/20/2017 - 08:07

Huntington Bancshares Inc. said Friday it will raise its quarterly dividend by 38% to 11 cents a share, from 8 cents a share. The Ohio-based bank's new dividend will be payable Jan. 2, 2018 to shareholders of record on Dec. 18. Based on Thursday's stock closing price of $13.98, the new annual dividend rate implies a dividend yield of 3.15%, compared with the implied yield for the SPDR S&P Regional Banking ETF of 1.39% and for the S&P 500 of 1.95%. The bank's stock, which was still inactive in premarket trade, has gained 5.8% year to date through Thursday, while the regional bank ETF has edged up 1.8% and the S&P 500 has climbed 14.4%.

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UPDATE: Skechers stock zooms 26% premarket after earnings blow past estimates

MarketWatch Market Pulse - Fri, 10/20/2017 - 08:01

Shares of athletic shoe maker Skechers USA Inc. zoomed more than 26% in premarket trade Friday, after the company blew past earnings estimates for the third quarter. Susquehanna analysts raised their stock price target to $38 from $34 on the news, and said international sales are driving "exceptional growth" while the U.S. business is healthy. "SKX's results are evidence that SKX is not the one trick pony it once was," analysts led by Sam Poser wrote in a note. Skechers' international wholesale business grew by 25.7% and China growth was about 50%. "SKX believes China is a $1B business in two to three years and could be as large, or larger, than the U.S. - a realistic notion considering success thus far, brand strength in China, and investments, which include breaking ground on a new DC in 3Q18/4Q18," said Poser. Shares were down 2.2% in 2017 through Thursday, while the S&P 500 has gained 14%.

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Sealed Air's CFO to leave company

MarketWatch Market Pulse - Fri, 10/20/2017 - 08:01

Sealed Air Corp. said Friday Chief Financial Officer Carol Lowe will leave the packaging company on Oct. 31, after more than five years in the role. The company said Chief Accounting Officer William Stiehl will assume the role of acting CFO. Lowe joined the company as CFO in June 2012. Sealed Air's stock, which was still inactive in premarket trade, has lost 2.6% year to date, while the S&P 500 has gained 14.4%.

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Spain plans to force Catalonia into January elections: opposition

Top Reuters News - Fri, 10/20/2017 - 07:57
MADRID (Reuters) - The Spanish government has secured opposition support to dissolve Catalonia's parliament and hold new elections there in January in an effort to defuse the regional government's push for independence.

Trump pledges passage of tax cuts after Senate OKs budget

Top Reuters News - Fri, 10/20/2017 - 07:51
WASHINGTON (Reuters) - U.S. President Donald Trump on Friday signaled optimism for the passage of Republicans' sweeping tax cut plan, saying a key senator who rejected the party's budget blueprint a day earlier would back the proposed tax measure when it comes up for a vote.

No trade talks but May wins gesture, warm words at EU summit

Top Reuters News - Fri, 10/20/2017 - 07:45
BRUSSELS (Reuters) - EU leaders shunned Theresa May's summit plea to negotiate a post-Brexit trade deal on Friday but sweetened the pill for the fragile British prime minister with warm words and a gesture toward future talks.

PayPal shares jump 3.8% as analysts praise earnings but hold ratings after strong 2017 gains

MarketWatch Market Pulse - Fri, 10/20/2017 - 07:41

Shares of payment processor PayPal Holdings Inc. surged 3.8% in premarket trade Friday, after better-than-expected third-quarter earnings. Analysts weighing in mostly stuck with their ratings, but many raised stock price targets, including SunTrust Robinson Humphrey's Andrew Jeffrey, who raised his to $75 from $60 while maintaining a hold rating. "PayPal has done an impressive job driving new account growth and user engagement," he wrote in a note. "However, we remain cautious regarding its long-term value proposition, particularly in light of the shares' valuation; the market probably isn't considering these risks today." Stifel analyst Scott Devitt also lauded execution and the growth in new accounts, but stuck with his hold rating on the stock. "With shares already trading at a healthy premium to the card networks, we believe the current valuation reflects the outsized growth opportunity," he wrote in a note. "As such, we remain on the sidelines although our target price increases to $70 (from $61)." PayPal shares have gained 70% in 2017, outperforming the S&P 500's 14.4%.

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GE's stock tumbles toward biggest post-earnings fall in over 8 years

MarketWatch Market Pulse - Fri, 10/20/2017 - 07:40

Shares of General Electric Co. have extended their slide following a rare profit miss, and were now down 6.0% in very active premarket trade, putting them in danger of their worst one-day post-earnings performance in over eight years. Volume topped 1.4 million shares two hours before the open, making the stock the most actively traded in the premarket. This would mark the eighth-straight quarter that GE's stock has fallen the day it reported results. But the last time the stock dropped this much was July 17, 2009, when it fell 6.1% after Q2 2009 results. GE's stock is on track to open at the lowest price seen during regular session hours since Aug. 24, 2015, but also puts it in danger of its lowest close since April 25, 2013. If there's a silver lining for investors, GE's low price means the big selloff is having a minimal effect on the Dow Jones Industrial Average . The stock's price decline of $1.41 was only shaving about 10 points off the Dow's price, while Dow futures were up 87 points.

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Celgene downgraded to neutral at Baird for 'increasing risks to long-term goals'

MarketWatch Market Pulse - Fri, 10/20/2017 - 07:29

Celgene Corp. was downgraded to neutral at Baird Equity Research on Friday after the drugmaker abandoned three Crohn's disease drug trials late Thursday. Baird analyst Brian Skorney also lowered the company's price target by 16% to $136. Celgene shares, which closed at $135.96 on Thursday, dropped 5.9% in premarket trade Friday. Skorney said the downgrade was based on removing Celgene's GED-0301 from his model and on lower "prospects for long-term growth, as pressure to succeed in [inflammation and immunology] is now almost exclusively on ozanimod," which Celgene is developing for relapsing multiple sclerosis, ulcerative colitis and Crohn's disease. Celgene said late Thursday that is it still waiting to review full data from a mid-stage trial of GED-0301 in ulcerative colitis, but "we believe the drug's target, SMAD7, has more mechanistic rationale in Crohn's, not UC," Skorney said, adding, that the "high-profile GED-0301 failure has potential to call into question the pipeline." Celgene shares have dipped 0.3% over the last three months, compared with a 3.6% rise in the S&P 500 .

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Procter & Gamble's stock falls after results

MarketWatch Market Pulse - Fri, 10/20/2017 - 07:13

Shares of Procter & Gamble Co. fell 1.2% in premarket trade Friday, after the consumer products company reported fiscal first-quarter profit that rose above expectations but revenue that came up a bit shy. Net income for the quarter to Sept. 30 increased to $2.85 billion, or $1.06 a share, from $2.71 billion, or 96 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.09, above the FactSet consensus of $1.08. Revenue grew 1% to $16.65 billion, just below the FactSet consensus of $16.69 billion. Of the company's largest business segments, revenue from fabric & home care and beauty beat expectations, while baby, feminine & family care missed. The company affirmed its full-year guidance for organic sales growth of 2% to 3% and for core EPS growth of 5% to 7%. The stock has gained 8.9% year to date through Thursday, while the SPDR Consumer Staple Select Sector ETF has tacked on 4.5% and the Dow Jones Industrial Average has climbed 17.2%.

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Honeywell shares rise 1.3% after Q3 profit match, revenue beat

MarketWatch Market Pulse - Fri, 10/20/2017 - 07:04

Honeywell International Inc. shares surged 1.3% in premarket trade Friday after the company reported a third-quarter profit match and revenue beat. Earnings for the latest quarter rose to $1.35 billion, or $1.75 per share, from $1.24 billion, or $1.60 per share in the year-earlier period. The FactSet EPS consensus was $1.75. Revenue rose to $10.12 billion from $9.81 billion, above the FactSet consensus of $10.01 billion. The latest results included growth in the company's aerospace business and its warehouse automation business, Honeywell said. The company also reaffirmed its 2017 EPS guidance of $7.05 to $7.10; it previously raised the low end of the range by five cents earlier this month. Honeywell shares have surged 6.4% over the last three months, compared with a 3.6% rise in the S&P 500 .

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First Data to acquire BluePay for $760 million in cash

MarketWatch Market Pulse - Fri, 10/20/2017 - 06:56

First Data Corp. said Friday it has reached a deal to acquire BluePay Holdings Inc. from its owners, including TA Associates and BluePay managers, for $760 million in cash. BluePay is a provider of tech-enabled payment processing with about $19 billion of annual volume and more than 77,000 merchants in the U.S. and Canada. First Data is expecting the deal to close in the fourth quarter and to boost earnings in its first full year after closing. First Data shares were not yet active in premarket trade, but have gained 30% in 2017, while the S&P 500 has gained 14%.

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Low pay, no bonus: U.S. retailers struggle with hiring

Top Reuters News - Fri, 10/20/2017 - 06:52
(Reuters) - U.S. retailers are finding it increasingly difficult to hire employees for stores and for middle and higher management as low pay and a feeling of uncertainty clouds the industry following a spate of bankruptcies and store closures.

GE's stock falls after first profit miss in 2 1/2 years

MarketWatch Market Pulse - Fri, 10/20/2017 - 06:51

Shares of General Electric Co. dropped 3.7% in premarket trade Friday, after the industrial conglomerate reported third-quarter profit that missed expectations, the first such miss in 2 1/2 years. Net income slipped to $1.80 billion, or 21 cents a share, from $1.99 billion, or 22 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 29 cents, missing the FactSet consensus of 49 cents. GE hasn't missed EPS expectations since the first quarter of 2015. Revenue increased 14% to $33.47 billion from $29.27 billion, beating the FactSet consensus of $32.51 billion. Revenue from GE's power, oil & gas, aviation, healthcare and transportation business topped expectations, while renewable energy revenue fell short. "This was a very challenging quarter," said Chief Executive John Flannery, in his first quarterly report in charge. "While a majority of our businesses had solid earnings performance, this was offset by a decline in Power performance in a difficult market." The stock has tumbled 25.4% year to date through Thursday, while the Dow Jones Industrial Average has gained 17.2%.

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Fate of New Hampshire Indonesians goes before U.S. judge in Boston

Top Reuters News - Fri, 10/20/2017 - 06:10
BOSTON (Reuters) - The case of 47 Indonesian Christians, who fled violence in that country two decades ago and now live illegally in New Hampshire, heads to Boston federal court on Friday, where a judge will weigh whether she can intervene in an immigration matter.

Obamacare whiplash leaves states, insurers with dueling price plans

Top Reuters News - Fri, 10/20/2017 - 06:03
NEW YORK (Reuters) - President Donald Trump's reversals in the past week on maintaining Obamacare subsidies to insurers are sowing new confusion over what kind of health insurance will be available to consumers, and at what price, when enrollment for 2018 begins in two weeks.

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