|
Wall Street's second biggest bull predicts a record stock market comeback is in the works.
|
|
 U.S. stocks opened with slight gains on Wednesday, as major indexes stabilized following a sharp decline in the previous session but as rising bond yields continued to be monitored as a possible risk. The Dow Jones Industrial Average rose 0.2% to 24,080. The S&P 500 was unchanged at 2,634. The Nasdaq Composite Index rose less than 0.1% to 7,012. Trading was in part driven by moves in the bond market, as the yield on the U.S. 10-year Treasury note climbed 3 basis points to 3.021%, passing the psychological 3% level. Rising bond yields are seen as a risk to stock prices, as they raise corporate borrowing costs. Corporate earnings were also in focus. Among the notable stocks, Boeing Co. 3.4% after its better-than-expected results, while Texas Instruments Inc. was up 3.3% after its own results topped analyst forecasts. Boeing's rally helped to lift the Dow.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
 (Reuters) - Dow Jones Industrial Average futures erased losses on Wednesday after Boeing reported strong results and forecast, but concerns about rising U.S. bond yields and corporate costs continued to weigh on U.S. stocks.
|
|
Shares of Twitter Inc. are now trading down 7% in Wednesday morning trading, after initially rising as much as 5% after the open. The stock was up as much as 14% in premarket trading following the company's first-quarter earnings report. Though the company delivered beats across the board, including on monthly-active-user growth, management warned that "sequential growth rates for total revenue for the remainder of 2018 will resemble the sequential growth rates for total revenue in 2016." According to Stifel analyst John Egbert, this implies "a deceleration to low double-digit y/y total revenue growth by 4Q." Twitter's management also cautioned that 'removing spamming and suspicious accounts from Twitter continues to be something that will impact MAU." Twitter shares are up 100% over the past 12 months, compared with a 9.5% gain for the S&P 500 .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Shares of Verizon Communications Inc. are up 0.7% in premarket trading Wednesday after the stock was upgraded to buy from hold at SunTrust Robinson Humphrey. "We believe fundamentals are stabilizing, as evidenced by 1Q18 results, and valuation is relatively attractive vs. peers and the broader market," wrote analyst Greg Miller. He said that Verizon is less exposed than AT&T Inc. to "declining legacy businesses" such as wireline and pay-TV. Miller also wrote that Verizon is following a "disciplined capex strategy," with plans to spend at similar levels to years past even as it works toward the rollout of 5G. "While we cannot rule out a large, potentially risky M&A event, we think VZ has demonstrated discipline in this regard and continues to be better positioned vs. AT&T, its largest peer, which faces greater headwinds from legacy businesses and M&A risk," wrote Miller, who has a $58 target price on the stock. Verizon shares are down 6.2% so far this year, compared with a 2.8% drop for the Dow Jones Industrial Average .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Business Day
Tokyo — Asian shares fell on Wednesday as a rise in US bond yields to 3% and warnings from bellwether US companies of higher costs drove fear that corporate earnings could soon peak. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0
|
|
European markets were lower Wednesday, as rising yields in the bond markets offset excitement surrounding corporate earnings.
|
|
 The yield on the benchmark 10-year Treasury note, a barometer for mortgage rates and other financial instruments, jumped to 3% Tuesday. Borrowing costs could rise across the board as a result. One group that stands to benefit from higher rates: Savers.
|
|
Shares of Twitter Inc. gained 6.2% in premarket trading Wednesday after the company reported better-than-expected earnings and revenue and delivered healthy monthly-active-user growth. Net income for the period totaled $61 million or 8 cents a share, versus a $62 million loss in the year-ago period or 9 cents per share. On an adjusted basis, the company reported net income of $123 million, up from $53 million a year earlier. Twitter delivered adjusted earnings per share of 16 cents, up from 11 cents a share a year earlier and ahead of the FactSet consensus projection that called for 12 cents. Revenue for the first quarter totaled $665 million, up from $548 in the year-ago quarter and ahead of analysts' estimate of $608 million. Twitter had 336 monthly active users in the March period, up 3% year over year. The March count marked an increase of 6 million monthly active users over the December count. Analysts expected growth of just 4 million. "We continue to make Twitter easier to use with the launch of Bookmarks and video timestamps, and we're making it easier to follow topics, interests, and events with new, curated timelines of Tweets around breaking news events across different parts of Twitter," the company said in its release. Twitter warned that it faced "increasingly difficult comparables in the second half of 2018" and said that it expects that "sequential growth rates for total revenue for the remainder of 2018 will resemble the sequential growth rates for total revenue in 2016." Shares were up 27% so far this year as of Tuesday's close, compared with a 1.5% loss for the S&P 500 over that time.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Reuters
TOKYO (Reuters) - Takeda Pharmaceutical Co Ltd's (4502.T) $64 billion bid for London-listed rare disease specialist Shire Plc (SHP.L) bolsters its credentials as Japan's most outward facing drugs firm, a mould-breaking image that has been more than a
|
|
The TCJA's lower business rates could spur a boom in merger and acquisition activity.
|
|
Private Label