NEWS: MARKETWATCH MARKETPULSE
Setup News Ticker
   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
May 22, 2019

Victoria's Secret parent L Brands swings to surprise profit, stock rallies
Shares of L Brands Inc. rose more than 14% in the extended session Wednesday after the parent of Victoria's Secret and other brands reported a surprise first-quarter profit and raised its guidance for the year. L Brands said it earned $40 million, or 14 cents a share, compared with 17 cents a share in the year-ago period. Sales rose to $2.629 billion from $2.626 billion a year ago. Analysts polled by FactSet had expected per-share results to break even, in accordance with company's guidance, and sales of $2.6 billion. Comparable-store sales fell 5% at Victoria's Secret and increased 13% at Bath & Body Works, the company said. L Brands also raised its guidance for 2019 EPS to between $2.30 and $2.60, from a previous outlook of EPS between $2.20 and $2.60. Shares of L Brands ended the regular trading day down 5%.

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.



MarketWatch MarketPulse
May 22, 2019

Urban Outfitters shares slump as fashion misses cause uncertainty
Urban Outfitters Inc. stock slumped nearly 10% in Wednesday trading as analysts express concern that fashion misses will continue to weigh on results. "Our sales have started out the quarter below our first-quarter trend and internal expectations," said Francis Conforti, Urban Outfitters' chief financial officer, on the call, according to a FactSet transcript. Chief Executive Richard Hayne said issues for May-to-date were due, in part, to product miscalculations. "I believe all brand teams currently have excellent clarity on what the customer is looking for and should be able to execute on that knowledge," he said. "If this assumption is correct, total retail segment comps should improve as the quarter progresses." But for Wells Fargo, that wasn't enough. "The results are clearly disappointing, but what is even more worrisome is the fact that Urban Outfitters was hopeful for mid-single digit 2019 comps just six months ago, and now after a slow start to 1Q they are hopeful for inflection in 2Q (where trends appear to actually be worsening). It creates very limited visibility for investors," analysts led by Ike Boruchow wrote. Wells Fargo rates Urban Outfitters shares market perform with a $28 price target, down $2. Instinet analysts also cut their price target to $28 from $32, but maintained their neutral stock rating. Urban Outfitters' portfolio includes the namesake brand, Anthropologie and Free People. The company just announced a clothing rental service, Nuuly. Urban Outfitters stock has taken a 26.7% tumble while the S&P 500 index has gained 14% for the period.

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.



MarketWatch MarketPulse
May 22, 2019

NetApp stock dives after earnings miss, weak forecast
NetApp Inc. shares dropped more than 5% in late trading Wednesday after the data-storage company reported weaker than expected earnings and revenue and projected declining quarterly sales and profit. In a fiscal fourth-quarter earnings report, NetApp reported income of $396 million, or $1.59 a share, on sales of $1.59 billion, down from $1.64 billion the year before. After adjusting for stock-based compensation, restructuring charges and other effects, the company reported earnings of $1.22 a share. Analysts on average expected adjusted earnings of $1.26 a share on sales of $1.64 billion, according to FactSet. NetApp said it expects first-quarter adjusted earnings of 78 cents to 86 cents a share on sales of $1.32 billion to $1.47 billion, which suggests a decline from adjusted earnings of $1.04 a share on sales of $1.47 billion in the previous fiscal first quarter. Analysts on average were projecting adjusted earnings of $1.05 a share on sales of $1.49 billion, according to FactSet. NetApp did increase its dividend 20% for the first quarter. NetApp shares closed 4.1% lower at $67.10 Wednesday, then declined lower than $64 in after-hours action immediately following the release of the report.

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.



MarketWatch MarketPulse
May 22, 2019

Dow ends with triple-digit loss as weak retailer earnings offset Fed minutes
U.S. stocks ended lower at the closing bell on Wednesday after a raft of weaker-than-expected earnings from retailers overshadowed the Federal Reserve's minutes where it reiterated the central bank's patient stance. The S&P 500 fell 0.3% to finish around 2,856. The Dow Jones Industrial Average retreated 101 points, or 0.4%, to end near 25,776. The Nasdaq Composite was down 0.4% to finish around 7,751. Shares of Lowe's Cos. and Nordstrom Inc. fell 9% and 12%, respectively, after both delivered worse-than-expected first-quarter earnings. The Fed's minutes from its most recent meeting showed officials were comfortable with the central bank's accommodative policies, though they were split on the outlook for interest rates. Trade tensions continued to linger in investors' horizons even as China's ambassador to the U.S. said late Tuesday Beijing was open to renewing trade negotiations.

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.



MarketWatch MarketPulse
May 22, 2019

Dallas Fed's Kaplan: 'Agnostic' whether next interest rate move will be 'up or down'
Dallas Fed President Robert Kaplan said Wednesday that he is solidly in the "patient" camp on interest rates and had no position on whether the next interest rate policy move will be to ease or tighten. Asked on the Fox Business Network if the next move by the Fed would be a rate cut, Kaplan replied: "We're basically, I think, at the right policy setting. I'm sort of agnostic at this point between about moving rates up or down." Kaplan said he would need to see something "compelling" that would cause him to end this patient stance. Financial stability concerns was one reason not to cut rates now, he said. "I'm hesitant while we're at or past full employment and the economy is running at solid rates... that adding further accommodation to the economy could create excesses and imbalances that could be painful to deal with in the years ahead," Kaplan said. While he is not a voter, Kaplan is influential given that he is a member of a small subcommittee of Fed officials that focuses on communication strategy.

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.



MarketWatch MarketPulse
May 22, 2019

British pound sinks as U.K. House of Commons leader quits -- underlining May's Brexit challenge
Andrea Leadsom, the leader of the U.K.'s House of Commons, has quit on Wednesday, amid disagreements with U.K. Prime Minister Theresa May's Brexit plan, according to reports. The defection comes as the premier has struggled to garner support for a fourth vote on her Brexit deal sometime in June, which also offers members of Parliament the option of voting on a second Brexit referendum. Leadsom is considered one candidate who could replace May. The embattled premier has already stated that she will step down sooner than later, amid an inability to get a Brexit bill passed in Parliament. The Guardian on Tuesday reported that Leadsom wouldn't accept a new Brexit plan that leaves open the possibility of a customs union --a thorny issue for Brexiters. The British pound has been under pressure against its rivals all week. Most recently, a dollar bought $1.2669, compared with $1.2706 late Tuesday. Sterling had fallen to around a four-month low amid unverified rumors of May's imminent resignations. The pound has been weakening amid the Brexit indecision because investors have been worried that recent developments could lead to a disorderly, or "hard," Brexit, an outcome that could roil domestic and international financial markets. In a tweet using a handle believed to be affiliated with Leadsom, the House of Commons leader said: "I cannot fulfill my duty as Leader of the House of tomorrow, to announce a bill with new elements that I fundamentally oppose." The Guardian reported that May has thus far resisted pressure to step down as prime minister immediately.

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.



MarketWatch MarketPulse
May 22, 2019

Micron's stock falls after CFRA calls it a 'strong sell'
Shares of Micron Technology Inc. slumped 2.6% in afternoon trade Wednesday, after CFRA analyst Angelo Zino turned decidedly bearish on the memory chip maker, citing concerns over DRAM prices and the U.S. ban on doing business with China's Huawei Technologies. Zino cut his rating to strong sell from hold, and slashed his price target to $32, which is 7.8% below current levels, from $46. He believes Wall Street consensus earnings estimates need to see "significant downward revisions," as DRAM prices appear unlikely to stabilize in the near term given "excessive" customer inventories, and given that Huawei is a relatively large customer of Micron. "While we applaud [Micron's] ability to improve its balance sheet in recent years, we are growing more concerned about the magnitude of a potential cyclical recovery given the aforementioned issues," Zino wrote in a note to clients. The stock has shed 18.5% over the past three months, while the PHLX Semiconductor Index has slipped 1.2% and the S&P 500 has gained 2.4%.

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.



MarketWatch MarketPulse
May 22, 2019

U.S. oil prices finish with a loss of nearly 3% as U.S. crude stocks rise
Oil futures dropped Wednesday, with U.S. prices settling at their lowest in a week and half, after the Energy Information Administration reported an unexpected weekly climb in U.S. crude inventories, the second weekly rise in a row. "A surprise buildup of 4.7 million barrels of crude and 3.7 million barrels of gasoline pushed prices down," said Alfonso Esparza, senior market analyst at Oanda. "Middle East tensions and the ongoing [OPEC-led] crude output cut deal have kept prices in a higher range, but higher U.S. production keeps putting downward pressure on prices." July WTI oil fell by $1.71, or 2.7%, to settle at $61.42 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since May 13 and biggest one-day dollar and percentage loss in nearly three weeks, FactSet data show.

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.



MarketWatch MarketPulse
May 22, 2019

Gold ends modestly higher, edges up further in electronic trade after Fed minutes
Gold prices posted a modest gain on Wednesday, recouping a portion of the loss from a day earlier as U.S. benchmark stock indexes moved lower. Prices then moved a few cents higher in electronic trading after minutes from the Federal Open Market Committee's April 30 to May 1 meeting showed that voting members seemed comfortable with their patient stance on interest rates. In electronic trading, gold for June delivery was at $1,274.50 an ounce shortly after the meeting minutes. The contract had climbed by $1, or nearly 0.2%, to settle at $1,274.20 an ounce on Comex, ahead of the news.

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.



MarketWatch MarketPulse
May 22, 2019

Fed minutes: Voters say patient stance can last 'for some time'
The voting members of the Federal Open Market Committee seemed comfortable with their patient stance on interest rate, agreeing it could last for "some time," according to minutes of their April 30- May 1 meeting released Wednesday. Even if global economic and financial conditions improve, a wait-and-see approach was warranted, the officials said. Officials were split on the outlook for interest rates. A few officials said there might be a need for higher rates if the economy evolves as they thought. But others thought higher productivity might mean there was more economic slack than the low unemployment rate might suggest. Several others expressed worry about the risk of low inflation readings leading to lower expectations of future inflation, but did not call for a rate cut. Many said that the recent low inflation readings were transitory. In addition to interest-rate policy, there was a lengthy discussion, but no decision, about what types of Treasurys the central bank should hold once its balance sheet stops shrinking.

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.



MarketWatch MarketPulse
May 22, 2019

Trump says he canceled infrastructure talks with Democrats over investigations
President Donald Trump on Wednesday said he told House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer that he can't proceed with a discussion about infrastructure spending while under investigation. Trump and the Democratic leaders were scheduled to discuss building on a preliminary agreement for $2 trillion of infrastructure spending. At an unscheduled Rose Garden press conference, Trump decried the probe by Special Counsel Robert Mueller and said he had the most transparent administration in history. Earlier, Pelosi said Trump engaged in a cover up.

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.



MarketWatch MarketPulse
May 22, 2019

Ambarella's stock tumbles after reports U.S. may ban business with China's HIKvision
Shares of Ambarella Inc. plunged 13.1% in active morning trade Wednesday, putting them on track to suffer the biggest one-day drop since September 2017, following reports that the U.S. was considering adding China-based Hougzhou HIK Vision Digital Technology Co. Ltd. to a blacklist. Trading volume swelled to 2.4 million shares, already nearly 5-times the full-day average. Morgan Stanley analyst Joseph Moore estimates that the video processing chips seller's exposure to HIKVision is in the "high teens" percentage of total revenue. "While Ambarella is officially incorporated in the Cayman Islands, we would expect them to be impacted by such a restriction if it were to be implemented," Moore wrote in a note to clients. He reiterated his overweight rating and $52 stock price target. Ambarella shares have gained 9.9% year to date, while the S&P 500 has advanced 14%.

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.



MarketWatch MarketPulse
May 22, 2019

EIA data reveal a second straight weekly climb in U.S. crude supplies
The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 4.7 million barrels for the week ended May 17. Analysts polled by S&P Global Platts expected a fall of 2 million barrels, on average. Data from the American Petroleum Institute on Tuesday had shown an increase of 2.4 million barrels, according to sources. The EIA data also revealed that gasoline inventories climbed by 3.7 million barrels, while distillate stockpiles edged up by 800,000 barrels last week. The S&P Global Platts survey had shown expectations for a supply climb of 1 million barrels for gasoline and a decline of 1 million barrels for distillate stockpiles. July West Texas Intermediate crude fell by 80 cents, or 1.3%, to $62.33 a barrel on the New York Mercantile Exchange. It was trading at $62.50 before the supply data.

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.



MarketWatch MarketPulse
May 22, 2019

Plant-based meal kit company Purple Carrot to be acquired by Japanese organic delivery service
Purple Carrot, a U.S. plant-based meal kit company, said it will be acquired by Tokyo-based Oisix ra daichi Inc. in a deal valued at $30 million. Deal terms include an upfront payment of $12.8 million and an earn-out potential for $17.2 million through 2021. Purple Carrot is among the slew of meal-kit companies that have launched in recent years including Blue Apron Inc. and HelloFresh SE . Osisix was founded in June 2000 and generated about $580 million in revenue for the year ending March 2019, up 160% from the previous year. Purple Carrot launched in October 2014. The Invesco Dynamic Food & Beverage ETF has gained nearly 13% for the year to date, while the S&P 500 index is up 14% for the period.

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.



MarketWatch MarketPulse
May 22, 2019

Dow slips at the open as stock market awaits Fed minutes
U.S. stock benchmarks opened lower Wednesday morning as markets awaited the release of Federal Reserve minutes that could shed light on the central bank's outlook for interest rates amid Sino-America trade tensions. The Dow Jones Industrial Average fell 55 points, or 0.2%, at 25,820, the S&P 500 index retreated 0.2% at 2,858, while the Nasdaq Composite Index slipped 0.2% at 7,768. Minutes from the rate-setting Federal Open Market Committee's April 30-May 1 meeting will be released at 2 p.m. Eastern Time, and come amid increasing expectations that the central bank will cut rates before year-end. In corporate news, shares of home-improvement retailer Lowe's Co. were under pressure, down 7.4%, after its earnings disappointed, while shares of Target Corp. soared more than 9% after its quarterly results. Both quarterly updates were released before the start of regular trade. And Qualcomm Inc. shares tumbled, after a federal judge ruled late Tuesday that the chip maker violated antitrust laws.

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.



MarketWatch MarketPulse
May 22, 2019

Nascar to buy International Speedway in deal valued at $2 billion, at a 7% premium to original per-share bid
International Speedway Corp. announced Wednesday a deal to be acquired by Nascar Holdings Inc. in a deal valued at $2.0 billion. Under terms of the deal, Nascar will pay $45 in cash for each International Speedway share outstanding, which represents a 2.0% premium to the Class A shares' Tuesday closing price of $44.10, and 7.1% above Nascar's original bid in November of $42 a share. The deal is expected to close in 2019. International Speedway's stock, which is halted for news until 9:50 a.m. Eastern, has gained 0.6% year to date, while the S&P 500 has advanced 14%.

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.



MarketWatch MarketPulse
May 22, 2019

Avon confirms acquisition talks with Brazilian beauty company, shares soar
Avon Products Inc. confirmed that it's in "advanced discussions" with Brazilian beauty company Natura Cosmeticos S.A. about Avon's acquisition in an all-cash transaction. "There can be no assurance any transaction will result from these discussions," the statement said. The Wall Street Journal reported on the talks, writing that the boards of both companies have approved the deal. Avon stock soared more than 15% in Wednesday premarket trading on the report. Shares of the beauty company have jumped more than 110% for the year to date, closing Tuesday at $3.20. The S&P 500 index has gained 14.3% for 2019 so far.

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.



MarketWatch MarketPulse
May 22, 2019

Qualcomm to appeal judge's ruling in favor of FTC litigation, stock tumbles on heavy volume
Qualcomm Inc. said Wednesday that it "strongly disagrees" with the ruling of a federal judge in favor of the Federal Trade Commission's (FTC) suit alleging the mobile chips maker illegally suppressed competition. Qualcomm said it will "immediately seek a stay" of the U.S. District Court Judge Lucy Koh's judgment and an "expedited appeal" to the U.S. Court of Appeals for the 9th Circuit. Qualcomm's stock tumbled 11% on premarket leading volume of 6.4 million shares. "We strongly disagree with the judge's conclusions, her interpretation of the facts and her application of the law," said Qualcomm General Counsel Don Rosenberg. The stock has soared 46.4% over the past three months through Tuesday, boosted by the announcement last month that the company and Apple Inc. have dropped all lawsuits against each other. In comparison, the PHLX Semiconductor Index has edged up 0.7% the past three months and the S&P 500 has tacked on 2.6%.

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.



MarketWatch MarketPulse
May 22, 2019

Green Dot enters $100 million accelerated stock buyback program with Bank of America
Green Dot Corp. said Wednesday it has entered a $100 million accelerated share buyback program with Bank of America Merrill Lynch . The bank, which targets low-income customers with a range of retail banking services, said it will receive an initial delivery of about 1.7 million shares. The final number will be based on its volume-weighted average stock price during the transaction, which is expected to be completed in 2019. Shares were up 2% in premarket trade, but have fallen 40% in 2019, while the S&P 500 has gained 14%.

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.



MarketWatch MarketPulse
May 22, 2019

Apple's EPS at risk of 29% hit if its products are banned in China, Goldman says
Apple Inc.'s per-share earnings are at risk of shrinking by about 29%, or $3.35, if its products are banned in China in retaliation for measures taken by the U.S. government against Huawei, Goldman Sachs said Wednesday. "This represents 100% of estimated Apple earnings exposure to Mainland China and Hong Kong combined with some offset assumed for Sales & Marketing cost savings," analysts led by Rod Hall wrote in a note to clients. Based on the company's own disclosures, Apple's sales into Mainland China made up about 96% of total Greater China sales in 2013 and 2014; the company stopped making disclosures after 2015, but Gartner data suggests about 39 million iPhone shipments in Greater China in 2019, 83% of which went to Mainland China, 13% to Hong Kong and less than 5% to Taiwan. There is also risk for the company in its supply chain, most of which is based in mainland China, including the final assembly of the iPhone at Foxconn facilities. "We are not assuming restrictions on iPhone production in Mainland China at this point. Should China restrict iPhone production in any way we do not believe the company would be able to shift much iPhone volume outside of China on short notice, though actions that would push Apple production outside of China could have negative implications for the China tech ecosystem as well as for local employment," said the note. Goldman rates the stock as neutral and cut its price target to $178 from $184. Shares were down 1.4% premarket, but have gained 18% in 2019, while the Dow Jones Industrial Average , which counts Apple as a member, has gained 11% and the S&P 500 has gained 14%.

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.



MarketWatch MarketPulse
May 22, 2019

Chase tap-to-pay card by Visa can soon be used to ride New York City subways and buses
J.P. Morgan Chase & Co. and Visa Inc. said Wednesday that Chase customers can soon use their Visa contactless cards to ride subways and buses in New York City. The use of the tap-to-pay cards will start May 31 for the 4, 5 and 6 subway lines between the Grand Central-42nd Street station in Manhattan to Brooklyn's Atlantic Ave.-Barclays Center station, and on all Staten Island buses. "Over time," all subway lines and buses will accept the contactless cards, the companies said. "Contactless payments have shaped the way consumers pay all over the world, saving valuable time and delivering a fast, easy and secure way to pay," said Dan Sanford, Visa's global head of contactless payments. J.P. Morgan Chase's stock slipped 0.4% in premarket trade and Visa shares edged up 0.2%, while futures for the Dow Jones Industrial Average declined 95 points, or 0.4%.

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.



MarketWatch MarketPulse
May 22, 2019

Affimed to end cancer program and focus on innate immunity portfolio, shares slide about 10%
Clinical stage biotech Affimed N.V. said Wednesday it is terminating its phase I program for AFM11 to focus on its innate immunity portfolio. The company had put two clinical trials of the cancer treatment on hold back in October after one patient died and two others experienced life-threatening events in the high-dose group. The trials were testing the drug in patients with types of non-Hodgkin lymphoma and acute lymphoblastic leukemia. Heidelberg, Germany-based Affimed said it will start a study of AFM13 this year and enter the clinic with AFM24. ""We strongly believe our innate cell engagers could enhance current immuno-oncology approaches and address unmet patient needs in treating hematologic and solid tumor malignancies," Chief Executive Dr. Adi Hoess said in a statement. "We have determined that the optimal use of our resources at this time is to advance our innate cell engagers, focusing their development on indications with high unmet need and the potential for a rapid path to regulatory approval." The company's Chief Scientific Officer Dr. Martin Treder is stepping down to pursue new opportunities, but will remain as a consultant to the company. Affimed has received a milestone payment from Genentech, owned by Roche Group, triggered by the achievement of a milestone that was part of a research deal with Genentech to develop natural killer (NK) cell engager-based immunotherapeutics based on Affimed's ROCK(R) platform to treat multiple cancers. The company said it believes its 108.8 million euros of cash on hand is enough to fund its activities into 2021. Shares fell 9.6% premarket, but have gained 6.88.6% in 2019, while the S&P 500 has gained 14.3%.

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.



MarketWatch MarketPulse
May 22, 2019

Analog Devices' stock slips after profit and revenue beat expectations, but guidance was downbeat
Shares of Analog Devices Inc. slipped 0.5% in premarket trade Wednesday, after the chip maker reported fiscal second-quarter earnings and revenue that beat expectations, but provided downbeat third-quarter outlook as a result of the U.S.'s export restrictions on a "large communications company." Net income for the quarter to May 4 fell to $367.9 million, or 98 cents a share, from $400.3 million, or $1.06 a share, in the year-ago period. Excluding non-recurring items, adjusted earning per share fell to $1.36 from $1.50, but was above the FactSet consensus of $1.31. Revenue slipped 2% to $1.53 billion, topping the FactSet consensus of $1.51 billion, as better-than-expected industrial, automotive and communications revenue offset a miss in consumer revenue. For the third quarter, Analog expects adjusted EPS of $1.22, plus or minus 7 cents, compared with the FactSet consensus of $1.38, and expects revenue of $1.45 billion, plus or minus $50 million, versus expectations of $1.55 billion. "The world around us remains volatile and uncertain, but when I take a step back and look past the geopolitical noise, I am confident that the macrotrends propelling our markets forward are creating unprecedented demand for the technologies we provide," said Chief Executive Vincent Roche. Analog's stock has rallied 16.4% year to date through Tuesday, while the PHLX Semiconductor Index has climbed 19.0% and the S&P 500 has advanced 14.3%.

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.



MarketWatch MarketPulse
May 22, 2019

VF Corp. shares slide as spin-off of Kontoor Brands jeans business is completed
VF Corp. shares slid nearly 7% in Wednesday premarket trading after the company reported fiscal fourth-quarter earnings and gave full-year outlook amid the spin-off of the jeans business into the new Kontoor Brands. VF Corp. brands include Vans, The North Face and Timberland. Net income totaled $128.8 million, or 32 cents per share, down from $252.8 million, or 63 cents per share, last year. Adjusted EPS was 60 cents, ahead of the 58-cents FactSet consensus. Revenue totaled $3.21 billion, down from $3.05 billion last year and in line with the FactSet estimate. The company announced on April 30 that would spin off its jeans business, comprised of the Lee and Wrangler brands. VF Corp. stockholders of record as of May 10 will receive one share of the new Kontoor Brands stock for every seven shares of VF Corp. common stock, with distributed scheduled to be completed after the close of business Wednesday. Kontoor Brands has received approval to list under the ticker "KTB." Fiscal 2020 outlook reflects "management's best estimates" of the impact of this separation. In addition, VF Corp's adjusted amounts takes into account the sale of the Nautica brand, the acquisition of Williamson-Dickie, Icebreaker and Altra brands, and expenses and losses related to the divestitures of the Reef brand and Van Moer business. For fiscal 2020, VF Corp. expects revenue in the range of $11.7 billion to $11.8 billion and adjusted EPS in the range of $3.30 and $3.35. FactSet guidance is for sales of $14.5 billion and EPS of $4.23, which may not take the separation into account. VF Corp. stock has gained 29.1% for the year to date while the S&P 500 index has gained 14.3% for the period.

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.



MarketWatch MarketPulse
May 22, 2019

Advance Auto Parts stock gains after profit and revenue beat expectations
Shares of Advance Auto Parts Inc. gained 0.7% in premarket trade Wednesday, after the auto parts retailer reported fiscal first-quarter earnings and revenue that beat forecasts. Net income for the quarter to April 20 rose to $142.5 million, or $1.98 a share, from $136.7 million, or $1.84 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $2.46, above the FactSet consensus of $2.37. Net sales rose 2.7% to $2.95 billion, just above the FactSet consensus of $2.94 billion, as same-store sales increased 2.7%. Free cash flow increased 19.9% to $143.2 million. The company expects 2019 net sales of $9.65 billion to $9.80 billion, compared with the FactSet consensus of $9.78 billion, and expects same-store sales growth of 1.0% to 2.5%. The stock has tacked on 2.4% year to date through Tuesday, while the S&P 500 has climbed 14.3%.

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.



MarketWatch MarketPulse
May 22, 2019

Canopy Growth acquires London-based skincare company This Works for 43 million pounds in cash
Canopy Growth Corp. , the world's biggest cannabis company by market capitalization, said Wednesday it's acquiring London-based skincare company This Works for 43 million pounds ($54 million) in cash. This Works offers a range of skincare and sleep products, including deep sleep pillow spray, morning expert hyaluronic serum and skin deep dry leg oil. The deal "is a key aspect of a multi-faceted hemp and CBD strategy as Canopy Growth continues to build upon its vertically-integrated production and marketing platform, that currently includes thousands of acres of hemp production across several continents, hundreds of millions of dollars of capital investment into hemp-derived CBD production and processing, rapid expansion across the European Union and other key regions, and the introduction of new CBD-infused products and brands to the global beauty, wellness, and sleep solution space," Canopy said in a statement. This Works Chief Executive Anna Persaud will remain at the helm of the business once the deal has closed. Canopy is armed with a more than $4 billion balance sheet courtesy of an investment from Corona beer maker Constellation Brands Inc. last year. Canopy shares were up 0.7% premarket, and have gained 67% in 2019, while the S&P 500 has gained 14%.

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.



MarketWatch MarketPulse
May 22, 2019

Hexo names consumer goods exec Donald Courtney COO
Canadian cannabis company Hexo Corp. said Wednesday it has named Donald Courtney as chief operating officer. Courtney has worked at food and beverage companies, including Mars Inc. and Pesi Bottling Group and has experience in technology from stints at Christie Digital and LG Electronics. He was most recently COO for MedReLeaf. Shares of Quebec-based Hexo were not active premarket, but have gained about 104% in 2019 to date, while the S&P 500 has gained 14%.

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.



MarketWatch MarketPulse
May 22, 2019

Eli Lilly's Insulin Lispro Injection available at half the list price of Humalog
Eli Lilly & Co. said its lower-priced Insulin Lispro Injection is now available for order in pharmacies, per vial or in a package of five KwikPens. The drug giant said Lispro Injection's list price is 50% lower than its identical branded Humalog U-100. Lispro Injection has a list price of $137.35 per vial and $265.20 for a package of five KwikPens. "Because most insurance plans provide affordable copays for chronic medicines that are much lower than list price, people should ask their pharmacist whether Insulin Lispro Injection or Humalog is the lower-cost option for them," Lilly said in a statement. The stock, which was still inactive in premarket trade, has edged up 0.7% year to date, while the SPDR Health Care Select Sector ETF has gained 3.1% and the S&P 500 has rallied 14.3%.

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.



MarketWatch MarketPulse
May 22, 2019

Target's stock soars after profit, revenue and same-store sales rise above expectations
Shares of Target Corp. shot up 7.7% in premarket trade Wednesday, after the discount retail giant reported a fiscal first-quarter profit, revenue and same-store sales that rose above expectations. Net earnings for the quarter to May 4 rose to $795 million, or $1.53 a share, from $718 million, or $1.33 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose 15.9% to $1.53, above the FactSet consensus of $1.43. Total revenue grew 5.0% to $17.63 billion, beating the FactSet consensus of $17.46 billion, as same-store sales growth of 4.8% topped expectations of a 4.1% increase. Comparable digital channel sales rose 42%, and contributed 2.1 percentage points to overall same-store sales. The company expects second-quarter adjusted EPS of $1.52 to $1.72, surrounding the FactSet consensus of $1.59, and affirmed its full-year EPS guidance of $5.75 to $6.05. The stock has gained 8.9% year to date through Tuesday, while the SPDR S&P Retail ETF has tacked on 5.1% and the S&P 500 has advanced 14.3%.

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.



MarketWatch MarketPulse
May 22, 2019

Lowe's stock tumbles after profit missed expectations, full-year guidance slashed
Shares of Lowe's Companies tumbled 10% in premarket trade Wednesday, after the home improvement retailer missed fiscal first-quarter profit expectations and slashed its full-year outlook. Net income for the quarter to May 3 rose to $1.05 billion, or $1.31 a share, from $988 million, or $1.19 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.22, below the FactSet consensus of $1.33. Net sales rose to $17.74 billion from $17.36 billion, above the FactSet consensus of $17.64 billion, and same-store sales growth of 3.5% beat expectations of a 3.0% increase. Gross margin fell to 31.46% of sales from 33.11%. For fiscal 2019, the company cut its adjusted EPS guidance range to $5.45 to $5.65 from $6.00 to $6.10, but affirmed its net sales and same-store sales outlooks. Chief Executive Marvin Ellison said that while the same-store sales performance showed that the consumer is healthy, "the unanticipated impact of the convergence of cost pressure, significant transition in our merchandising organization, and ineffective legacy pricing tools and processes led to gross margin contraction in the quarter which impacted earnings." The stock has rallied 20.3% year to date through Tuesday, while the SPDR S&P Retail ETF has gained 5.1% and the Dow Jones Industrial Average has advanced 10.9%.

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.



MarketWatch MarketPulse
May 22, 2019

Hikvision falls on reports it could be added to U.S. blacklist on Chinese tech
Shares of China video-surveillance firm Hangzhou HIK Vision Digital Technology Co. fell nearly 6% in Shanghai on Wednesday after reports the U.S. was considering adding the company to a blacklist. Citing sources,The New York Times said U.S. officials may look to punish the Chinese company for its role in the monitoring and detention of a largely Muslim ethnic minority in the country's northwest region of Xinjiang. If the ban goes through, the Commerce Department would force American companies to get approval to sell components to Hikvision. Bloomberg reported that U.S. officials were looking to add as many as five Chinese video surveillance firms to a blacklist. Trade tensions got small relief Monday by reports that the Trump administration will offer 90-day exemptions for some U.S. companies doing business with Huawei Technologies.

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.



MarketWatch MarketPulse
May 21, 2019

Elon Musk exercises Tesla options for 175,000 fresh shares
Tesla Inc. Chief Executive Elon Musk exercised options on 175,000 shares in the automobile company, adding to his stake at prices less than one-third the going rate. Musk's options on more than 5 million Tesla shares matured years ago, and he previously exercised more than 500,000 options at a lower price. According to a filing with the Securities and Exchange Commission, Musk exercised the fresh shares Monday at a price of $31.17, paying the cost of exercising the options -- nearly $5.5 million -- as well as the taxes without selling other shares. Musk still has access to about 4.6 million vested options, according to the SEC filing, and they expire in a little more than three years. Before Monday's option exercise, Musk owned 19.5% of Tesla stock, according to FactSet. Tesla stock closed Tuesday at $205.08, after declining about 29% in the past 12 months.

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.



MarketWatch MarketPulse
May 21, 2019

Oil prices down as API data reportedly show an unexpected weekly climb in U.S. crude supply
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.4 million barrels for the week ended May 17, according to sources. The API also reportedly showed a stockpile increase of 350,000 barrels in gasoline, but distillate supplies fell by 237,000 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories declined by 2 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. It also forecast a supply climb of 1 million barrels for gasoline and a decline of 1 million barrels for distillates. July West Texas Intermediate crude was at $62.99 a barrel in electronic trading, down from the contract's $63.13 settlement on the New York Mercantile Exchange.

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.



MarketWatch MarketPulse
May 21, 2019

Express names Timothy Baxter its new CEO
Express Inc. said Tuesday its board of directors has appointed Timothy Baxter the company's chief executive officer, effective June 17. Baxter succeeds Matthew Moellering, who has served as interim president and CEO since January. Moellering will remain with Express as executive vice president and chief operating officer. Shares of Express rose 1.5% in the extended session, after ending the regular trading day up 2.4%.

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.



MarketWatch MarketPulse
May 21, 2019

Urban Outfitters stock wobbles after earnings beat
Urban Outfitters Inc. shares were volatile in the extended session Tuesday after the retailer topped Wall Street estimates for the quarter. Urban Outfitters shares, which had been up as much as 5% after hours, were last down 1% following a 0.2% rise to close the regular session at $27.00. The company reported first-quarter net income of $32.6 million, or 31 cents a share, compared with $41.3 million, or 38 cents a share, in the year-ago period. Revenue rose to $864.4 million from $855.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $854.7 million. Urban Outfitters also announced a subscription rental service for woman's clothes called Nuuly. Subscribers will pay $88 for a six-item box per month drawing from Urban Outfitters and third-party brands.

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.



MarketWatch MarketPulse
May 21, 2019

Pure Storage stock plummets more than 15% after earnings miss
Pure Storage Inc. shares tumbled more than 15% in after-hours trading Tuesday, after the flash-storage specialist came up short in a quarterly earnings report and reduced its annual guidance. Pure Storage reported fiscal first-quarter losses of $100.3 million, or 41 cents a share, on sales of $326.7 million, up from $255.9 million a year ago. After adjusting for stock-based compensation and other effects, Pure Storage reported losses of 11 cents a share. Analysts on average expected adjusted losses of 8 cents a share on sales of $333 million, according to FactSet. Pure Storage said that it now expects annual sales of $1.7 billion to $1.77 billion, with a non-GAAP operating margin of 1.5% to 5.5%; previously, the company had projected full-year sales of $1.74 billion to $1.81 billion with an adjusted margin of 3% to 7%. After closing with a 3% gain at $20.60, Pure Storage shares dove lower than $17.50 in immediate late trading following the report.

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.



MarketWatch MarketPulse
May 21, 2019

Nordstrom stock tanks after retailer posts Q1 sales miss
Shares of Nordstrom Inc. fell more than 9% in the extended session Tuesday after the retailer reported first-quarter sales below expectations and said it had "executional misses" with customers. Nordstrom said it earned $37 million, or 23 cents a share, in the quarter, compared with $87 million, or 51 cents a share, in the year-ago period. Revenue fell to $3.4 billion from $3.6 billion a year ago. Analysts polled by FactSet had expected earnings of 42 cents a share on sales of $3.6 billion. Nordstrom "began taking steps to drive improvement, which include: resolving executional issues associated with the launch of its enhanced loyalty program; further investing in its digital marketing; and re-balancing its merchandise assortment to better align with customer expectations," it said in a statement. Nordstrom stock ended the regular session up 1%.

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.



MarketWatch MarketPulse
May 21, 2019

Stocks stage comeback as Dow ends nearly 200 points higher
U.S. stocks ended solidly higher Tuesday after equity investors were buoyed by Washington's decision to grant a temporary reprieve on restrictions to China telecom giant Huawei Technologies Co.. The S&P 500 climbed 0.9% to finish near 2,864. The Dow Jones Industrial Average advanced 198 points, or 0.8%, to end around 25,877. The Nasdaq Composite climbed 1.1% to finish around 7,786. Equities rebounded from Monday's selloff in technology and chip-maker stocks after U.S. officials said they would give a 90-day exception to an export blacklist against Huawei, which has been in the cross sights of Washington. However, Huawei founder Ren Zhengfei said his company would outmuscle its rivals in 5G in a few years, and that the company was ready for the export ban. In company news, shares of J.C. Penney Co. Inc. fell 7.4% after the department store chain missed analysts' expectations for first-quarter earnings.

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.



MarketWatch MarketPulse
May 21, 2019

McConnell says debt limit, two-year spending deal possible by day's end
An agreement on raising the U.S. debt ceiling and a two-year spending deal is possible by later Tuesday, Senate Majority Leader Mitch McConnell said. "Our hope is to make a deal before the day is over," the Kentucky Republican said at a Capitol Hill news conference. In early May the Treasury Department said that extraordinary measures to keep the U.S. below the debt ceiling would run out "sometime in the second half of the year."

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.



MarketWatch MarketPulse
May 21, 2019

Apple expands keyboard fix to latest models
Apple Inc. on Tuesday expanded a service program to address keyboard issues to include its newest line of MacBooks, suggesting the tech giant has yet to work out design bugs for its so-called butterfly keyboards. Back in June, Apple said it would replace damaged keys or entire keyboards for free on MacBooks with defective butterfly keys going back to 2015. The keyboards use a "butterfly mechanism," or V-shaped underpinnings rather than an X-shaped scissor connection for the keys, to allow for a thinner keyboard. On Tuesday, Apple expanded the program to include its latest 2019 model MacBooks, and said it was changing a material used in its butterfly keyboards. The change coincided with Apple's latest MacBook Pro release. Apple shares were up 2.5% at $187.69 last check, while the S&P 500 index was up 0.9%.

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.



MarketWatch MarketPulse
May 21, 2019

Stein Mart shares soar 45% after plan to install Amazon Lockers announced
Stein Mart Inc. stock soared 45% in Tuesday trading after the off-price retailer announced that it will install Amazon.com Inc.'s Hub Lockers in nearly 200 stores in 28 states. Amazon Lockers are found in various locations nationwide, including Whole Foods Market. Amazon has also partnered with Kohl's Corp. for the Amazon Returns program, which is rolling out this summer. Stein Mart stock is up 28% for the year to date while the S&P 500 index is up 14.2% for the period.

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.



MarketWatch MarketPulse
May 21, 2019

British pound briefly pops momentarily as U.K.'s May offers option of second Brexit referendum
The British pound on Tuesday momentarily strengthened against its main currency rivals, notably the euro and the U.S. dollar, as U.K. Prime Minister Theresa May made a final bid to pro-European Union members of parliament to support her deal to exit from Europe's trade bloc, which included the chance of a second referendum. May's Brexit deal has already been rejected three times by U.K. lawmakers, with the premier's latest effort being widely viewed as a last-ditch effort to get her Brexit deal passed, with the promise of a second referendum on Brexit, holding the potential to sway those lawmakers committed to remaining an EU member. May's comments, made at the end of a summit of EU leaders in Brussels, initially, took the British pound sharply higher against the the U.S. dollar and the euro , with a dollar buying $1.2754, up 0.2%, but it had been up $1.2813 at Tuesday's peak. The shared currency, meanwhile, was buying £0.8754, down 0.2%, but it had been as low as £0.8725, according to FactSet data.

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.



MarketWatch MarketPulse
May 21, 2019

Jason Wu to launch exclusive women's capsule collection for Kohl's
Kohl's Corp. said Tuesday that fashion designer Jason Wu will create an exclusive holiday capsule collection, JW Jason Wu, for the retail chain. The line will include jumpsuits, dresses and jackets. Kohl's has teamed with names like Vera Wang and Lauren Conrad for collections to line its shelves. Kohl's stock is down 12% after it reported earnings that missed expectations. Shares have sunk 16.6% for the year to date while the S&P 500 index is up 14% for the period.

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.



MarketWatch MarketPulse
May 21, 2019

Tesla's stock falls toward worst 3-month stretch since going public 9 years ago
Tesla Inc.'s stock slumped 1.6% in morning trade, but remained on track to suffer its worst three-month stretch since the electric car maker went public in June 2010. The stock has lost 15.4% so far in May, after shedding 14.7% in April and 12.5% in March, for a total loss during that period of 36.9%. The previous biggest loss over a 3-month period was 32.4% in the three months ended February 2011. Among Wall Street's concerns are demand for the lower-priced Model 3, questions over management credibility and recent communications about "hardcore" cost cutting. Tesla's stock has now shed 39.3% year to date, while the S&P 500 has gained 14.0%.

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.



MarketWatch MarketPulse
May 21, 2019

Qorvo's stock bounces sharply, despite profit and revenue guidance cut on Huawei ban
Shares of Qorvo Inc. bounced 8.7% in morning trade Tuesday, following a 16.5% plunge over the past three sessions, although the chip maker cut its profit and sales outlook in the wake of U.S. actions against China-based Huawei Technologies Co. Ltd. Qorvo lowered its earnings-per-share guidance to $1.15 at the midpoint of its range from $1.30 at the midpoint, compared with the FactSet consensus of $1.29. the revenue outlook was lowered to a range of $730 million to $750 million from $780 million to $800 million, compared with the FactSet consensus of $785 million. For the second quarter, Qorvo said it now assumes no sales to Huawei, and projects revenue to be "roughly flat" with the first quarter, while the current FactSet consensus of $826 million implies growth of 10% to 13% above the new first-quarter guidance. Qorvo's stock has rallied 9.7% year to date, while the PHLX Semiconductor Index has climbed 19.4% and the S&P 500 has gained 14.0%.

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.



MarketWatch MarketPulse
May 21, 2019

Stocks open higher as U.S. temporarily curbs Huawei restrictions
Stocks opened higher Tuesday, getting a lift after the Commerce Department said it would grant temporary exemptions to an export blacklist against Chinese telecom firm Huawei. The S&P 500 rose 15.36 points, or 0.5%, to 2,855.59, while the Dow Jones Industrial Average advanced 135.93 points, or 0.5%, to 25,815.83. The Nasdaq Composite was up 72.01 points at 7,774.38, up 0.9%.

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.



MarketWatch MarketPulse
May 21, 2019

Aurora Cannabis partners with UFC on advancing CBD research
Shares of Aurora Cannabis Inc. rallied 1.5% in premarket trade Tuesday, after the Canada-based cannabis company announced a "multi-year, multi-million dollar" exclusive partnership with UFC to advance research on the relationship between of hemp-derived cannabidiol (CBD) products and athlete wellness and recovery. The research will be conducted at the mixed martial arts organization's performance institute in Las Vegas, with clinical studies to focus on pain management, inflammation, injury/exercise recovery and mental well being. "This global partnership places focus squarely on the health and well-being of UFC's talented and highly trained athletes," said Aurora Chief Executive Terry Booth. "The Aurora-UFC research partnership creates a global platform to launch targeted educational and awareness campaigns, while creating numerous opportunities to accelerate our global CBD business." Aurora's stock has soared 71.2% year to date through Monday, while the ETFMG Alternative Harvest ETF has climbed 33.3% and the S&P 500 has gained 13.3%.

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.



MarketWatch MarketPulse
May 21, 2019

Tesla's stock sinks again after Baird slashes price target
Shares of Tesla Inc. sank 2.9% toward a fifth-straight decline in premarket trade Tuesday, putting them on track for a third-straight month of double-digit percentage declines, as Wall Street analysts continued to issue downbeat research reports. Baird analyst Ben Kallo slashed his price target by 15%, to $340 from $400, as demand concerns, credibility questions and communications about "hard core" cost cutting have created a negative narrative. Kallo kept his rating at outperform, however, as he believes the electric car maker will introduce innovative products, increase profitability and generate free cash flow over time. He said he would downgrade the stock if it continues to fall, as that could prove a self-fulfilling prophecy. "We think [Tesla] stock is a prime example of reflexivity, whereby stock price declines can impact business fundamentals, including recruiting and retaining talent, financing growth, and possibly even consumer demand," Kallo wrote in a note to clients. Of the 32 analysts surveyed by FactSet, no less than 11 have cut their price targets this month. Tesla's stock has lost 14.0% this month, after shedding 14.7% in April and 12.5% in March. In comparison, the S&P 500 has slipped 3.6% this month after gaining 3.9% last month and rising 1.8% in March.

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.



MarketWatch MarketPulse
May 21, 2019

Canopy Growth names Constellation Brands exec Mike Lee acting CFO, effective June 1
Canopy Growth Corp. , the biggest cannabis company by market cap, said Tuesday it has appointed Mike Lee as interim chief financial officer effective June 1. Lee was previously senior vice president and CFO for Constellation Brands Inc.'s $3 billion wine and spirits business. Lee will become permanent CFO once Health Canada completes a security clearance that is required for all officers of the company. Constellation Brands invested $4 billion in Canopy last year, arming the Smiths Falls, Ontario-based company with a war chest to expand its business. Tim Saunders, the former CFO, will remain at the company in an advisory role. U.S.-listed shares of Canopy rose 1.5% premarket, and have gained 42.6% in the last 12 months, while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulse
May 21, 2019

TJX shares rise after earnings beat, guidance raised
Shares of off-price retailer TJX Cos. rose as much as 2% in Tuesday premarket trading after it reported first-quarter earnings that beat expectations and raised its outlook. Net income of $700.2 million, or 57 cents per share, was down from $716.4 million, or 56 cents per share, last year, but beat the 55-cent FactSet EPS consensus. Revenue totaled $9.28 billion, up from $8.69 billion last year and ahead of the $9.22 billion FactSet guidance. Same-store sales rose 5%, led by TJX International (up 8%) and Marmaxx (up 6%). The FactSet expectation was for 3.6% growth. "With our above-plan first quarter results, we are raising our full-year earnings per share outlook," said Chief Executive Ernie Herrman in a statement. For the second quarter, TJX expects EPS of 61 cents to 62 cents and same-store sales growth of 2% to 3%. FactSet expects EPS of 62 cents and same-store sales growth of 2.7%. For the year, TJX now expects EPS in the range of $2.56 to $2.61, up 5% to 7% from last year. Prior guidance was for an increase in the range of 4% to 7%. TJX stock has rallied 18.4% for the year to date while the S&P 500 index has gained 13.3% for the period.

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.



MarketWatch MarketPulse
May 21, 2019

Uber started at neutral with price target below IPO price at Susquehanna; stock edges up
Shares of Uber Technologies Inc. tacked on 0.8% in premarket trade Tuesday, after Susquehanna analyst Shyam Patil said the ride-hailing service was a "once in a generation" company, but said slowing growth created uncertainty around the future trajectory. Patil started coverage of Uber with a neutral rating and a stock price target of $42, which is 6.7% below the initial public offering price of $45. "Given the large growth opportunity for Uber, it's concerning to see growth decelerate meaningfully over the past several quarters," Patil wrote in a note to clients. "Law of large numbers have certainly impacted growth (as well as aggressive incentives and marketing for adjusted revenue growth), but we're still surprised by the recent trends given the sheer size of the addressable market." He said the current valuation appears to capture much of the near- to intermediate-term upside potential. The stock, which went public on May 10, has yet to trade above its $45 IPO price. It has lost 0.8% this week, while shares of rival Lyft Inc. have gained 1.6% and the S&P 500 has slipped 0.7%.

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.



MarketWatch MarketPulse
May 21, 2019

UPDATE: PPG to continue with current strategy after two independent reviews of its business, shares fall
Pittsburgh-based PPG Industries Inc. shares dipped 2% in premarket trade Tuesday, after the paints company said it has completed two independent reviews of its business portfolio with the decision to continue with its current strategy. The reviews were conducted separately by Goldman Sachs and Morgan Stanley. A separate review by a consulting firm of the company's U.S. and Canada architectural coatings business has ended with recommendations for commercial network optimizations, cost cutting, the use of new sales tools and digital technologies. "We are executing these initiatives with the goals of achieving full recovery of our profitability next quarter and positioning the business for continued success," PPG Chief Executive Michael McGarry said in a statement. The company is planning a new cost savings program with the aim of full year run rate saves of about $125 million. It expects to book a second-quarter charge of $185 million to $200 million. Shares have gained 2.6% in the last 12 months, while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulse
May 21, 2019

Monro misses profit, same-store sales expectations; boosts dividend
Monro Inc. reported Tuesday fiscal fourth-quarter sales that missed expectations, amid a surprise decline in same-store sales, while also announcing a dividend increase and expanded collaboration with Amazon.com Inc. to provide tire installation services. The autocare and tire services said net income for the quarter to March 30 fell to $16.8 million, or 50 cents a share, including a 1-cent-per-share cost related to increased acquisitions activity, from $6.8 million, or 52 cents a share, in the same period a year ago. The FactSet EPS consensus was 51 cents. Sales rose 0.6% to $287.2 million, but was below the FactSet consensus of $292.0 million. Same-store sales fell 5.7% on a reported basis, and rose 0.5% when adjusting for less selling day, while the FactSet consensus was for 2.3% growth. Separately, the company said it was raising its quarterly dividend to 22 cents a share from 20 cents a share, with the new dividend payable June 17 to shareholders of record on June 3. Regarding its collaboration with Amazon, Monro said it was more than doubling the number of service locations to over 800 stores. The stock, which was still inactive in premarket trade, has rallied 41.7% over the past 12 months while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulse
May 21, 2019

PPG to continue with current strategy after two independent reviews of its business
Pittsburgh-based PPG Industries Inc. shares dipped in premarket trade Tuesday, after the paints company said it has completed two independent reviews of its business portfolio with the decision to continue with its current strategy. The reviews were conducted separately by Goldman Sachs and Morgan Stanley. A separate review by a consulting firm of the company's U.S. and Canada architectural coatings business has ended with recommendations for commercial network optimizations, cost cutting, the use of new sales tools and digital technologies. "We are executing these initiatives with the goals of achieving full recovery of our profitability next quarter and positioning the business for continued success," PPG Chief Executive Michael McGarry said in a statement. The company is planning a new cost savings program with the aim of full year run rate saves of about $125 million. It expects to book a second-quarter charge of $185 million to $200 million. Shares have gained 2.6% in the last 12 months, while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulse
May 21, 2019

UPDATE: Mallinckrodt stock slides 10% premarket after it files suit over Medicaid patient access to Acthar gel
Mallinckrodt Plc shares fell 10% in premarket trade Tuesday after the drug company said it has filed suit against the U.S. Department of Health and Human Services (HHS) and Centers for Medicare and Medicaid Services (CMS) to protect Medicaid patient access to its Acthar gel, a treatment a range of illnesses including MS and lupus. The suit "seeks to hold unlawful and set aside the Agency's recent unjustified decision to require that Mallinckrodt change the base date average manufacturer price (AMP) used to calculate Medicaid drug rebates for Acthar(R) Gel (repository corticotropin injection)," the company said in a statement. The CMS decision reverses without explanation a 2012 approval of the calculation of Medicaid rebates for the gel, said Mallinckrodt. "We are disappointed with the action taken by CMS. "With our repeated attempts to engage both HHS and CMS in productive discussions ultimately rebuffed, we find ourselves with no other choice than to vigorously defend our position, through the courts, that Medicaid patients should have access to this important therapy," said Mark Casey, general counsel at Mallinckrodt. The move would eliminate Medicaid sales of the gel and undermine the company's effort to build on its existing investment of more than $500 million to modernize the gel. It would also limit the company's ability to continue to invest in R&D for a pipeline that includes such diseases as ALS, Duchenne muscular dystrophy and others. The company said the issue could have an up to $600 million impact. Shares are down 18% in the last 12 months, while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulse
May 21, 2019

United Continental's stock set to gain after affirming full-year profit guidance
Shares of United Continental Holdings Inc. were indicated up about 0.8% in premaket trade Tuesday, after the air carrier affirmed its full-year profit outlook. The company disclosed in an 8-K filing with the Securities and Exchange Commission, that it still expects 2019 adjusted earnings per share between $10.00 to $12.00, surrounding the FactSet consensus of $11.10. The company said it still expects second-quarter adjusted pre-tax margin of between 11% to 13%. The stock has lost 2.4% year to date, while the NYSE Arca Airline Index has gained 8.0% and the Dow Jones Industrial Average has advanced 10.1%.

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.



MarketWatch MarketPulse
May 21, 2019

AutoZone shares climb premarket as earnings top estimates
AutoZone Inc. shares rose 1.1% in premarket trade Tuesday, after the car parts retailer topped earnings estimates for its fiscal third quarter. Memphis, Tenn.-based AutoZone said it had net income of $405.9 million, or $15.99 a share, in the quarter to May 4, up from $366.7 million, or $13.42 a share, in the year-earlier period. Sales rose to $2.8 billion from $2.7 billion, while same-store sales rose 3.9%. The FactSet consensus was for EPS of $15.10, sales of $2.8 billion and same-store sales growth of 3%. "Our industry fundamentals remain strong and the industry data available to us shows we are improving our market share position," Chief Executive Bill Rhodes said in a statement. "And, we continue to be excited about the initiatives we have underway to further enhance our inventory availability, to continue to accelerate our Commercial business and to meet our customers how, when and where they want to be met with our omni-channel efforts." Shares have gained 47% in the last 12 months, while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulse
May 21, 2019

J.C. Penney shares sink after wider-than-expected loss
J.C. Penney Co. Inc. shares sank 8.7% in Tuesday premarket trading after the department store retailer reported a first-quarter earnings miss. Net loss totaled $154 million, or 48 cents per share, after a loss of $78 million, or 25 cents per share, last year. The adjusted loss was 46 cents per share wider than the 39-cent loss forecast by FactSet. Revenue was $2.56 billion, down from $2.67 billion but ahead of the $2.48 billion FactSet consensus. Same-store sales fell 5.5%, which the company said was impacted by the exit of the appliance and furniture categories. FactSet forecast a 4.2% decline. J.C. Penney also announced a new chief customer officer, Shawn Gensch, effective June 3. He joins from Sprouts Farmers Market Inc. , where he served in that role. J.C. Penney stock is up 10.6% for the year to date while the S&P 500 index is up 13.3% for the period.

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.



MarketWatch MarketPulse
May 21, 2019

Kohl's stock sinks after profit and same-store sales miss, slashed profit outlook
Shares of Kohl's Corp. plunged 10% toward a 16-month low in premarket trade Tuesday, after the discount retailer reported fiscal first-quarter earnings and same-store sales that missed expectations and slashed its full-year profit outlook. Net income for the quarter to May 4 fell to $62 million, or 38 cents a share, from $75 million, or 45 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share declined to 61 cents from 64 cents, below the FactSet consensus of 68 cents. Total revenue fell 2.9% to $4.09 billion, topping the FactSet consensus of $3.95 billion, while same-store sales fell 3.4% to miss expectations of a 0.1% decline. The company cut its full-year adjusted EPS guidance range to $5.15 to $5.45 from $5.80 to $6.15. "The year has started off slower than we'd like, with our first quarter sales coming in below our expectation," said Chief Executive Michelle Gass. "We are actively addressing the opportunities that impacted our first quarter sales and we have strong initiatives that will enhance our sales performance in the second half." The stock, on track to open at the lowest level since January 2018, has lost 5.2% year to date through Monday, while the SPDR S&P Retail ETF has gained 3.7% and the S&P 500 has advanced 13.3%.

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.



MarketWatch MarketPulse
May 21, 2019

Helen of Troy to no longer divest its personal care business
Helen of Troy Corp. said Tuesday it was no longer pursuing a process to divest its personal care business, and has decided to continue to operate the business to help fuel investment in its leadership brands. "Given our strong cash flow and low debt leverage, discontinuing this process has no impact on our ability to make further acquisition or strategic share repurchases," the company said in a statement. Helen of Troy, which brands include Vicks, Braun and OXO, had previously announced the process on March 11. Separately, the company said it expects fiscal 2020 sales growth of 1.0% to 3.0%, while the FactSet consensus of $1.59 billion implies 1.9% growth. The stock, which was still inactive in premarket trade, has gained 5.0% year to date, while the S&P 500 has advanced 13%.

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.



MarketWatch MarketPulse
May 21, 2019

Merck to acquire Peloton Therapeutics for upfront payment of $1.05 billion in cash
Merck & Co. Inc. said Tuesday it has reached an agreement to acquire Peloton Therapeutics Inc. for an upfront payment of $1.05 billion in cash. Peloton, a clinical-stage biotech focused on cancer treatments, was expected to price an initial public offering on Wednesday. The biotech's business hinges instead on two drugs that are designed to block a transcription factor called hypoxia-inducible factor-2 alphaathat - among other things - regulates how the body responds to low oxygen levels. Under the terms of the deal, Peloton shareholders will be entitled to a further $1.15 billion in milestone payments based on the achievement of certain future regulatory and sales goals. "This acquisition exemplifies Merck's strategy to pursue novel therapeutic candidates based on exceptionally promising and innovative research," said Dr. Roger M. Perlmutter, president of Merck Research Laboratories. "Peloton scientists have applied their unique expertise in HIF-2a biology to develop PT2977, which has already shown intriguing activity in the treatment of renal cell carcinoma. We look forward to advancing this late-stage asset as part of our broad oncology R&D program." The deal is expected to close in the third quarter. Merck shares were not active premarket, bu have gained 34.7% in the last 12 months, while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulse
May 21, 2019

Circor's stock soars after Crane discloses proposed buyout in deal valued at $1.7 billion
Shares of Circor International Inc. rocketed 61% in premarket trade Tuesday, after industrial products maker Crane Co. said it proposed buying the technology products and sub-systems company in deal valued at $1.7 billion. Under terms of the proposal, Crane would pay $45 a share in cash for each Circor share outstanding, a 47% premium to Monday's closing price of $30.66. Crane said the proposal was made on April 30, and Circor rejected the bid on May 13. "While we had hoped to complete a transaction privately, the Board's rejection of our proposal without comment or discussion led to our decision to make our proposal known to Circor shareholders so they can express their views directly to the Circor Board," said Crane Chief Executive Max Mitchell. "We believe that this business, which has great brands and products, has been meaningfully undermanaged for years." Circor's stock has rallied 44% year to date, but was still down 41% over the past 12 months, while the S&P 500 has gained 3.9% the past year.

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.



MarketWatch MarketPulse
May 21, 2019

Home Depot shares edge higher after better-than-expected profit, revenue
Shares of Home Depot on Tuesday traded slightly higher in premarket trade after the home-improvement retailer reporter fiscal first-quarter earnings that were better than expected in profit and revenue. Net income for the quarter were $2.5 billion, or $2.27 a share, from $2.4 billion, or $2.08 a diluted share, in the same period a year ago. The FactSet consensus for earnings per share was $2.18. Revenue rose 5.7% to $26.381 billion, slightly above FactSet consensus for revenue of $26.378 billion, as U.S. same-store sales rose 3%, compared with expectations for a rise of 4.2%. The company reaffirmed its earnings outlook for fiscal 2019, with sales expected to grow 3.3% and sales comparable to a 52-week period to be up 5% (Last year was a 53-week calendar period, the company said). The retailer is slated to have a call to discuss results at 9 a.m. Eastern Time. Shares of Home Depot were up 0.3% premarket on Tuesday. The company's shares have gained 11.1% so far in 2019, compared with a gain of 10.1% for the Dow Jones Industrial Average , where it is a component, over the same period. The S&P 500 index has climbed 13.3% in the year to date.

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.



MarketWatch MarketPulse
May 20, 2019

McGahn 'obligated' to follow Trump's instructions not to testify, lawyer says
Former White House counsel Don McGahn is "obligated" to follow President Donald Trump's instructions not to testify before a House panel, his lawyer said in a statement late Monday. "Mr. McGahn remains obligated to maintain the status quo and respect the president's instruction," attorney William Burck said. "In the event an accommodation is agreed between the committee and the White House, Mr. McGahn will of course comply with that accommodation." The House Judiciary Committee has subpoenaed McGahn to testify in a hearing scheduled for Tuesday regarding special counsel Robert Mueller's investigation. House Democrats have suggested they may hold McGahn in contempt if he fails to appear.

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.



MarketWatch MarketPulse
May 20, 2019

Legg Mason reaches deal with activist hedge fund Trian
Legg Mason Inc. said late Monday it has appointed Nelson Peltz and Ed Garden of activist hedge fund Trian Fund Management to the company's board, effective immediately, increasing the size of the board to 12 from 10. Peltz is Trian's chief executive officer and founding partner, and Garden is Trian's chief investment officer and also a founding partner. Trian Partners owns about 4.5% of Legg Mason's stock. Trian will also get to nominate a third independent director who, pending board approval, will be included as a director nominee on the slate of nominees recommended by the board at the annual meeting. The board will appoint or nominate at least two other independent candidates, the company said. The three new independent directors will replace three incumbent directors, two of whom have reached the company's retirement-age guidelines, it said.The Wall Street Journal on Friday reported that Legg Mason was nearing a settlement with Trian to avoid a proxy fight, with Trian pressuring for cost cuts and other measures.

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.



MarketWatch MarketPulse
May 20, 2019

Slack registers 117 million shares for direct offering, changes planned ticker
Slack Technologies Inc. said late Monday it registered nearly 117 million shares of stock in its direct offering and changed its proposed ticker symbol. In a filing with the Securities and Exchange Commission, the messaging app company provided the number of shares to be registered, a detail missing from its previous S-1 filing in late April.. Instead of an initial public offering, the company is going the direct offering route, where rather than the company raising money, existing shareholders sell shares to the public. Slack also said it changed its proposed NYSE-ticker symbol to "WORK" from "SK."

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.



MarketWatch MarketPulse
May 20, 2019

Merck shares slip as Keytruda fails another clinical trial
Merck & Co. shares slipped in the extended session Monday after the drug maker said its cancer treatment Keytruda failed to meet clinical endpoints in another late-stage study. Merck shares declined 0.7% after hours, following a 0.2% rise to close the regular session at $78.88. In a Phase 3 clinical study, Merck said Keytruda "did not meet its pre-specified primary endpoint of superior overall survival" compared with chemotherapy in a subset of breast cancer patients. In late April, Merck said Keytruda did not show significant improvement over chemotherapy in gastric cancer patients. For the year, Merck shares are up 3.2%, compared with a 13.3% rise in the S&P 500 index .

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.



MarketWatch MarketPulse
May 20, 2019

Ann Taylor parent Ascena to close Dressbarn
Ascena Retail Group Inc. said late Monday it will wind down operations of its Dressbarn brand, closing down about 650 stores. Plans for the store closings will be disclosed later on, the company said. The decision to close Dressbarn has "no impact" on the operations of any of Ascena's other brands, which include Ann Taylor and Lane Bryant, and "will strengthen the company's overall financial performance," Ascena said. "Dressbarn's wind down is another significant step taken to advance Ascena's ongoing transformation. This move is in line with the company's commitment to comprehensively assess and optimize its portfolio by focusing resources on its most profitable brands to position the business for long-term growth and enhance shareholder value," the company said in a statement. Ascena shares rose 2.6% in the extended session after ending the regular trading day down 9.5%.

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.



MarketWatch MarketPulse
May 20, 2019

Carvana launches debt, equity offer
Carvana Co. said late Monday it launched an offering of shares and debt for general corporate purposes. The used-car buying online company is looking to sell 3.5 million shares plus rights for the underwriters to buy additional shares. Wells Fargo Securities and Citigroup are among the underwriters. Carvana is also offering $250 million of additional 8.875% senior notes due 2023 in a private offering, the company said. Shares of Carvana fell more than 4% in the extended session after ending the regular session down 1.4%.

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.



MarketWatch MarketPulse
May 20, 2019

Marvell to buy Avera IC business from Global Foundries for $650 million
Marvell Technology Group Ltd. said late Monday that it plans to buy Avera Semiconductor from Santa Clara, Calif.-based Global Foundries for $650 million in cash. Avera is the application-specific integrated circuit business of Global Foundries. "With their highly experienced design team and Marvell's leading technology platform, we will be better positioned to capitalize on our expanding opportunity in wired and wireless infrastructure, starting immediately in the fast growing 5G base station market," said Marvell Chief Executive Matt Murphy in a statement. Marvell, which expects to close the transaction by the end of January, said Global Foundries will also be eligible for an additional $90 million in cash "if certain business conditions are satisfied within the next 15 months." Marvell shares rose 1.9% after hours, following a 3.9% drop to close the regular session at $21.74.

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.



MarketWatch MarketPulse
May 20, 2019

Stocks close close down for second straight session as trade concerns persist
U.S. stocks closed lower Monday, with technology shares leading major benchmarks to their second straight losing session. The S&P 500 fell roughly 0.7% to end at 2,840, while the Dow Jones Industrial index shed 0.3% to about 25,679. The Nasdaq Composite index retreated 1.5% to approximately 7,702. Concerns over U.S.-China trade relations deepened after U.S. technology companies began complying with new export restrictions instituted last week by the Trump administration against China's Huawei Technologies Inc. Chip makers, including Qualcomm Corp. and Intel Inc. , were dragged lower as they reportedly froze supplies of components to Huawei. Meanwhile, media reports over the weekend suggested that the U.S. and China are at an impasse in trade negotiations, with the timing of the next meeting between leaders of the world' largest economies still undecided. In corporate news, shares of Sprint Corp. rose 18.5% after FCC Chairman Amit after Federal Communications Chairman Ajit Pai issued a statement Monday endorsing its planned merger with T-Mobile US Inc. , though a report Monday afternoon suggested the Justice Department may take a more skeptical stance to the takeover.

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.



MarketWatch MarketPulse
May 20, 2019

Stocks close lower for second straight session as trade concerns persist
U.S. stocks closed lower Monday, with technology shares leading major benchmarks to their second straight losing session. The S&P 500 fell roughly 0.7% to end at 2,840, while the Dow Jones Industrial index shed 0.3% to about 25,679. The Nasdaq Composite index retreated 1.5% to approximately 7,702. Concerns over U.S.-China trade relations deepened after U.S. technology companies began complying with new export restrictions instituted last week by the Trump administration against China's Huawei Technologies Inc. Chip makers, including Qualcomm Corp. and Intel Inc. , were dragged lower as they reportedly froze supplies of components to Huawei. Meanwhile, media reports over the weekend suggested that the U.S. and China are at an impasse in trade negotiations, with the timing of the next meeting between leaders of the world' largest economies still undecided. In corporate news, shares of Sprint Corp. rose 18.5% after FCC Chairman Amit after Federal Communications Chairman Ajit Pai issued a statement Monday endorsing its planned merger with T-Mobile US Inc. , though a report Monday afternoon suggested the Justice Department may take a more skeptical stance to the takeover.

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.



MarketWatch MarketPulse
May 20, 2019

White House blocks McGahn from testifying to Congress
President Donald Trump has directed ex-White House Counsel Don McGahn not to testify before a House Judiciary Committee hearing, the White House said Monday. In a letter to Judiciary Committee Chairman Jerrold Nadler, current White House Counsel Pat Cipollone said McGahn is "absolutely immune from compelled congressional testimony" related to his service as a former Trump adviser. Nadler had subpoenaed McGahn and is seeking information related to Special Counsel Robert Mueller's investigation.

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.



MarketWatch MarketPulse
May 20, 2019

Biocept's stock soars on heavy volume after commercial launch of liquid biopsy test for lung cancer
Shares of Biocept Inc. soared 86% on very heavy volume Monday, after the provider of liquid biopsy tests announced the commercial launch of Target Selector NGS Lung Panel, the liquid biopsy panel developed for lung cancer. Trading volume spiked to 60.9 million shares, compared with the full-day average of about 733,000 shares. "The Target Selector™ NGS Lung Panel will be marketed to physicians and researchers, and can be used to detect and monitor actionable biomarkers associated with lung cancer," the company said in a statement. The stock was still down 73% over the past 12 months, while the S&P 500 has gained 4.5%.

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.



MarketWatch MarketPulse
May 20, 2019

Sprint's stock pulls back after Bloomberg report DOJ was leaning toward not approving T-Mobile U.S. merger
Shares of Sprint Corp. took an afternoon dip Monday, but was still 16%, after Bloomberg reported that the Department of Justice is leaning against approving T-Mobile U.S. Inc.'s buyout of the telecommunications company. The stock had rocketed as much as 27.8% in intraday trade Monday, after the Federal Communications Commission Chairman Ajit Pai said he planned to recommend the merger, after the latest commitments made by the companies. The Bloomberg report, which cited one person familiar with the DOJ review, said the reason the DOJ was leaning against approving the merger was because the remedies proposed by the companies don't go far enough to resolve antitrust concerns. Meanwhile, T-Mobile U.S.'s stock was up 2.5%, after being up as much as 7.4% earlier. The SPDR Communications Services Select Sector ETF was down 1.7% and the S&P 500 fell 0.8%.

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.



MarketWatch MarketPulse
May 20, 2019

Disney reiterated as outperform at Imperial ahead of analyst day on new Star Wars theme park
Imperial Capital reiterated its outperform rating on Walt Disney Co. stock on Monday, ahead of the entertainment giant's next investor day scheduled for Wednesday that will introduce analysts to the new Star Wars Galaxy Edge theme park. Analyst David Miller maintained his stock price target of $147, or 9% above its current trading level, and said he expects the park due to open at the end of the month in Anaheim, Calif. to enjoy extremely high volumes, which are already built into his park estimates for the third and fourth fiscal quarters, as well as for fiscal 2020.The Anaheim park is smaller in scale than the one Disney is building in Orlando, Fla, but it means the company will have the benefit of two big park events on both coasts in one calendar year. Outside of the park news, Disney is facing higher losses at Hulu, in which it now owns a 70% stake, with a new put/call arrangement with Comcast Corp. for the remaining shares. Miller shaved 4 cents off his fiscal 2020 GAAP EPS estimate to reflect the bigger stake. Disney has a path to profitability for the streaming service, which has 25 million subscribers. Disney shares were down 1.2% Monday, but have gained 22% in 2019 to date, while the S&P 500 has gained 13% and the Dow Jones Industrial Average , which counts Disney as a member, has gained 10%.

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.



MarketWatch MarketPulse
May 20, 2019

Starbucks opening a store designed for the deaf and hearing impaired in China
Starbucks Corp. said Monday that it is opening a store designed for the deaf and hearing impaired in China, the first in that country but third of its kind. The store, which will be located near the Guangdong Disabled Association and Guangdong Deaf People Association, will offer jobs for the deaf community. Starbucks currently has more than 100 staff members with physical challenges in China. Starbucks' other two signing stores are in Malaysia, which opened in 2016, and Washington, D.C., which launched in 2018. Starbucks stock is up 19.5% for the year to date, outpacing the S&P 500 index , which is up 13.5% for the period.

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.



MarketWatch MarketPulse
May 20, 2019

NeoPhotonics stock soars after B. Riley upgade
Shares of optoelectronics company NeoPhotonics Corp. were up more than 10% in Monday trading after B. Riley analyst Dave Kang upgraded the stock to buy from neutral, arguing that the uncertainty over a U.S. ban on sales to Huawei Technologies Co. has been "de-risked." Shares dropped more than 30% last week after the ban was announced. "One of the reasons for our renewed bullishness is that we believe the Huawei ban could be another leverage point for President Trump, who is set to meet with China's President Xi at the G20 Summit in late June, and as such, we believe the ban could be fairly brief," Kang wrote. "Furthermore, we believe the Huawei ban will pressure NeoPhotonics management to weigh strategic options, including the potential sale of the company." The upgrade comes as fellow optoelectronics company Lumentum Holdings Inc. lowered its outlook as a result of the Huawei ban and as companies like Alphabet Inc.'s Google began to comply with the order. NeoPhotonics shares are still off 35% on the year, as the S&P 500 has risen 14%.

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.



MarketWatch MarketPulse
May 20, 2019

Dish stock downgraded at Pivotal as FCC chair blesses Sprint/T-Mobile deal
Pivotal Research analyst Jeff Wlodarczak downgraded Dish Networks Inc. shares to hold from buy on Monday, after the Federal Communications Commission chairman came out in favor of Sprint Corp. and T-Mobile US Inc.'s proposed merger. "The likely ultimate approval of the Sprint/T-Mobile deal likely significantly pushes back the timing for a potential Dish spectrum deal materially," Wlodarczak wrote. "Recall we previously argued that a Sprint/T-Mobile deal fail could have potentially driven a Verizon/T-Mobile bidding war for Dish spectrum and while Verizon still absolutely would appear to need Dish spectrum, they appear to be under little pressure to actually enter into a deal in the short/medium term." Wlodarczak also commented on Dish's plan to acquire the Broadcast Satellite Business from EchoStar Corp. for $810 million in stock as of the deal announcement prior to the start of trading. He said that while he doesn't "love" the deal, he sees it as "likely a prudent move" given an expected delay in Dish's ability to monetize its spectrum. Dish shares are off more than 11% in morning trading. They're still up 25% so far this year, as the S&P 500 has risen 13%.

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.



MarketWatch MarketPulse
May 20, 2019

Tom Daschle and Jim Crowley join advisory board of cannabis investor Northern Swan
Move over, John Boehner. The latest politicians to get involved with a cannabis company are Tom Daschle, former Democratic senator and majority leader, and Joe Crowley, a former Congressman from New York, are joining the advisory board of Northern Swan, a New York-based investment firm. Northern Swan has a stake in Colombian cannabis company Clever Leaves as well as Cansativa GmbH, a German cannabis distribution company. The company has raised about $100 million of financing for its cannabis initiatives to date. Daschle has argued for dropping the restrictions on cannabis that have held back research, while Crowley is a keen supporter of medical marijuana. Boehner, a former Republican speaker of the House of Representatives, joined the advisory board of Acreage Holdings last year.

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.



MarketWatch MarketPulse
May 20, 2019

Agco's stock falls after BofA Merrill turns bearish on concerns over farming equipment demand
Shares of Agco Corp. slumped 2.6% in morning trade Monday, after Bank of America Merrill Lynch analyst Ross Gilardi turned bearish on the agricultural equipment company, saying its "heavy" outperformance over Deere & Co. appears unsustainable given increased pressure on farm equipment demand. Gilardi cut his rating to underperform from neutral and slashed his stock price target to $64 from $75. Gilardi said Agco's stock outperformance has been based on Agco's relative lack of North America large agriculture exposure as the U.S.-China trade war drags on, continued strong performance of its European business and a heavy short position by investors in late 2018. Agco's stock is up 17.9% year to date, while Deere shares are down 10.5% and the S&P 500 is up 13.4%. "We expect Agco to relinquish some of this outperformance as the rest of 2019 outlook feels more uncertain to us with rising competition in Brazil and likely US production cuts in 2H19," Gilardi wrote in a note to clients. On Friday, Deere's stock tumbled 7.7% after the company reported earnings that missed expectations as the U.S.-China trade war caused farmers to become more cautious about making purchases.

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.



MarketWatch MarketPulse
May 20, 2019

Kohl's adding array of sports fan gear online in fall 2019
Kohl's Corp. said Monday that it has entered into a long-term exclusive partnership with licensed sports merchandise company Fanatics to bring hundreds of items online in fall 2019. Items will include major professional leagues like the NBA and NHL, as well as college sports. Fanatics will fulfill and ship orders. Kohl's is scheduled to report first-quarter earnings on Tuesday before the opening bell. Kohl's stock has slipped 3.1% over the past three months while the S&P 500 index has gained 2.%.

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.



MarketWatch MarketPulse
May 20, 2019

Dow falls more than 160 points to kick off Monday trade amid persistent tariff tensions
U.S. stocks fell Monday morning as souring U.S.-China trade relations weighed on sentiment throughout global markets. The Dow Jones Industrial Average retreated 0.6%, or 161 points, to 25,597, the S&P 500 index gave up 0.8% at 2,837. while the Nasdaq Composite Index saw the sharpest declines, down 1.6% at 7,691, as chip makers came under pressure. U.S. technology companies have begun to comply with the White House's ban on China's Huawei Technologies Inc., which weighed on the chip sector, with iShares PHLX Semiconductor ETF , seeing sharp declines at Monday's open. Meanwhile, shares of Ford Motor Co. were plunging after the automotive giant said it was planning to eliminate 7,000 salaried jobs around the world by the end of August as part of its Smart Redesign program, according to an email sent to employees that was published by Automotive News. That will cut its workforce by 10% and help it save about $600 million a year, said the email.

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.



MarketWatch MarketPulse
May 20, 2019

Tesla's stock tumbles toward multi-year low after Wedbush slashes price target, again
Shares of Tesla Inc. tumbled 5.8% toward a 2 1/2-year low in morning trade Monday, after analyst Dan Ives at Wedbush slashed his price target, citing "major concerns" about the trajectory of the electric car maker's growth prospects. Ives kept his rating at neutral but lowered his price target to $230 from $275, less than a month after downgrading Tesla to neutral from buy and cutting his price target to $275 from $365. Ives said he also has concerns over underlying demand for lower-priced Model 3 cars, which is "putting more heat in the kitchen" for Tesla to cut expenses at an accelerated rate with profitability targets in the second half of the year, "a Kilimanjaro-like" uphill climb. The stock, which has traded at the lowest price seen during regular-session hours since Dec. 16, 2016, has plunged 40% year to date through Friday, while the S&P 500 has gained 13.3%.

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.



MarketWatch MarketPulse
May 20, 2019

Philly Fed's Harker says he opposes setting interest-rate policy by rules
In a speech focused more on big-picture issues than short-term policy, Philadelphia Fed President Patrick Harker expressed his opposition to rules-based Fed policy. "Monetary policy isn't that precise. Despite some of the smartest thinkers and the best models, we can't assign a degree of certainty to any of the variables," Harker told a conference at Boston University, pointing out the Fed's uncertainty on precise levels of inflation, natural rate of unemployment and productivity. "The Taylor rule is an extraordinary contribution to the economics profession. But I wouldn't get on a train that's run by it." Harker is one of the humans that votes on interest-rate policy set by the Federal Open Market Committee this year.

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.



MarketWatch MarketPulse
May 20, 2019

Whole Foods to eliminate plastic straws in stores by July
Whole Foods Market said Monday that it will eliminate plastic straws from stores in the U.S., U.K. and Canada by July 2019. Paper straws will be available upon request. The grocer is also moving to smaller plastic bags in the produce section and replacing plastic containers that hold rotisserie chicken to bags that use 70% less plastic. In total, the company said these changes reduce the amount of annual plastic use by 800,000 pounds. Whole Foods is an Amazon.com Inc. business. Amazon shares are up 24.4% for the year to date while the S&P 500 index is up 14.1% for the period.

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.



MarketWatch MarketPulse
May 20, 2019

Ford to eliminate 7,000 jobs, or 10% of workforce, by end August
Ford Motor Co. is planning to eliminate 7,000 salaried jobs around the world by the end of August as part of its Smart Redesign program, according to an email sent to employees that was published by Automotive News. That will cut its workforce by 10% and help it save about $600 million a year, said the email. Notifications will be sent to North American workers on Tuesday, while restructuring work continues in Europe, China, South America and International Markets Group. The moves will reduce the company's management structure by close to 20%, said the email. "We also made significant progress in eliminating bureaucracy, speeding up decision making and driving empowerment as part of this redesign," it said. Ford shares rose 0.8% premarket, but are down 9.2% in the last 12 months, while the S&P 500 has gained 5.4%.

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.



MarketWatch MarketPulse
May 20, 2019

Sprint's stock soars on heavy volume after FCC Chairman Pai said he plans to recommend T-Mobile U.S. merger
Shares of Sprint Corp. rocketed 24% in very active premarket trade Monday, after Federal Commission Chairman Ajit Pai said based on commitments made by the telecommunications company and its proposed buyer, T-Mobile U.S. Inc. , he plans to recommend that the companies' merger be approved. Trading volume for Sprint's stock topped 14.1 million shares, making it by far the most actively traded ahead of the open. T-Mobile's stock rallied 4.3% ahead of the open, on volume of 1.3 million shares. Among the commitments Pai said the companies made was to deplay a 5G network that would cover 97% of the U.S.'s population in three years and 99% in six years, including 85% of rural America in three years and 90% in six years. In addition, the companies have "guaranteed" that 90% of Americans would have access to mobile broadband service at speeds of at least 100 Mbps and 99% would have access to speeds of at least 50 Mbps. "Two of the FCC's top priorities are closing the digital divide in rural America and advancing United States leadership in 5G, the next generation of wireless connectivity," Pai said. Pai's comments come about a month after The Wall Street Journal reported that the Department of Justice told the companies that their planned merger is unlikely to be approved as structured. Shares of Sprint have gained 6.2% year to date through Friday and T-Mobile have advanced 18.5%, while the S&P 500 has tacked on 14.15.

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.



MarketWatch MarketPulse
May 20, 2019

Outlook Therapeutics stock rockets on heavy volume again, set to triple in 3 days
Shares of Outlook Therapeutics Inc. rocketed on heavy volume in premarket trade Monday, putting them on track to nearly triple in three days, in the wake of the biotechnology company's upbeat update on a drug trial and bullish analyst report. The stock 27% ahead of the open on premarket leading volume of 4.2 million shares, after running up 37% on volume of 76.7 million shares on Friday and after soaring 68% on 51.7 million shares on Thursday. On Wednesday, the stock had closed at 91 cents. On Thursday, Oppenheimer analyst Leland Gershell started coverage of Outlook with an outperform rating and $12 stock price, and the company said two phase 3 studies remain on track with its plan to submit its monoclonal antibody therapeutic product for regulatory approval in 2020. The stock had still lost 78.1% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF has lost 6.6% and the S&P 500 has gained 4.4%.

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.



MarketWatch MarketPulse
May 20, 2019

Atlanta Fed's Bostic says he's not sure the direction of the next interest-rate move
Atlanta Fed President Raphael Bostic on Monday said he wasn't sure what direction the next interest-rate move would be, because there are risks that go in both directions. Speaking to CNBC, Bostic said trade policy uncertainty is keeping businesses on the sidelines with investment. He expects "solid growth" of 2.25%-2.5% this year but less than the 3% recorded last year. "In general, my view is as long as we don't see inflation running away, that would be the sign that our policy is basically at a neutral level. We can sustain that for a long period of time, and we don't have to move." Bostic won't have a vote on the Federal Open Market Committee until 2021.

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.



MarketWatch MarketPulse
May 20, 2019

Arconic board approves additional share buyback program of up to $500 million
Arconic Inc. said Monday its board has approved an additional share buyback program of up to $500 million. The maker of aluminum parts for the aerospace and automotive sectors said the sum will be added to its existing program of $1 billion, of which just $100 million remains available through 2020. Shares were not active premarket, but have gained 21%% in the last 12 months, while the S&P 500 has gained 5.4%.

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.



MarketWatch MarketPulse
May 20, 2019

Lumentum lowers quarterly outlook after Huawei ban
Lumentum Holdings Inc. said Monday that it was lowering its quarterly outlook for the current period after the Department of Commerce banned U.S. companies from supplying components to Huawei Technologies Co., a Chinese telecommunications company. Lumentum now expects $375 million to $390 million in revenue for its fiscal fourth quarter and 65 cents to 77 cents in adjusted earnings per share. The company's prior outlook called for $405 million to $425 million in revenue and 85 cents to $1 in adjusted EPS. Lumentum said that sales to Huawei accounted for 18% of overall revenue in its most recent quarter and about 15% of revenue on a year-to-date basis. Shares are off 5% in premarket trading Monday, and they've gained 10% so far this year as the S&P 500 has risen 14%.

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.



MarketWatch MarketPulse
May 20, 2019

Blue Apron is pursuing plans for a reverse stock split
Meal-kit provider Blue Apron Holdings Inc. said Monday it is pursing plans for a reverse stock split. The company's board unanimously approved the move in an April meeting, and recommended for shareholder approval a proposal for a 1-for-5 to 1-for-15 split with the ratio and timing to be determined by the board. The proposal will be voted on at the company's annual shareholder meeting on June 13. The main goal of the split is to increase the price of the company's common stock and to improve liquidity. It will also allow the company regain compliance with NYSE listing rules, which it has breached after falling below $1 for a period of 30 consecutive trading days. The stock closed Friday at 75 cents. It was not yet active premarket, but has fallen 73% in the last 12 months, while the S&P 500 has gained 5.4%.

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.



MarketWatch MarketPulse
May 20, 2019

Biogen urges shareholders to reject 'below-market' mini-tender offer from TRC Capital
Biogen Inc. on Monday advised shareholders to reject a mini-tender offer from TRC Capital which it dismissed as below the market price of its stock. The mini-tender is for the purchase of up to 500,000 shares priced at $216.25. Biogen's stock closed May 10 at $226.23, the last business day before the offer was made, or 4.4% above the offer price, the biotech said in a statement. "Biogen does not endorse TRC Capital's unsolicited mini-tender offer and recommends that stockholders do not tender their shares in response to TRC Capital's offer because the offer is at a price below the current market price for Biogen's shares and subject to numerous conditions," the company said. It is not affiliated with TRC, its mini-tender offer or the offer documentation, it added. TRC has made other mini-tender offers, in which it seeks to acquire less than 5% of outstanding shares and avoid the disclosure requirements that a 5% holding brings. "As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers under U.S. securities laws," said the statement. Biogen shares were not active premarket, but have fallen 18.2% in the last 12 months, while the S&P 500 has gained 5.4%.

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.



MarketWatch MarketPulse
May 20, 2019

Tesla's stock sinks toward multi-year low after Wedbush slashed price target, again
Shares of Tesla Inc. tanked 3.6% toward a 2 1/2-year low in premarket trade Monday, after analyst Dan Ives at Wedbush slashed his price target, citing "major concerns" about the trajectory of the electric car maker's growth prospects. Ives kept his rating at neutral but lowered his price target to $230 from $275, less than a month after downgrading Tesla to neutral from buy and cutting his price target to $275 from $365. Ives said he also has concerns over underlying demand for lower-priced Model 3 cars, which is "putting more heat in the kitchen" for Tesla to cut expenses at an accelerated rate with profitability targets in the second half of the year, "a Kilimanjaro-like" uphill climb. The stock, on track to open at the lowest price seen during regular-session hours since Dec. 20, 2016, has plunged 36.6% year to date through Friday, while the S&P 500 has gained 14.1%.

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.



MarketWatch MarketPulse
May 20, 2019

International Game Technology's stock falls after profit misses expectations
Shares of International Game Technology PLC fell 0.6% in premarket trade Monday, after the gaming and lottery company reported first-quarter earnings that missed expectations and revenue that fell a bit shy. The company swung to a profit of $40.25 million, or 20 cents a share, from a loss of $103.15 million, or 51 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share fell to 12 cents from 15 cents. The FactSet EPS consensus was 21 cents. Revenue fell 5% to $1.145 billion, just below the FactSet consensus of $1.154 billion. Among IGT's business segments, North America gaming and interactive revenue fell 1% to $240 million, beating the FactSet consensus of $229.5 million; North America lottery revenue was flat at $296 million, above expectations of $296 million; international revenue slipped 1% to $172 million to miss expectations of $186.9 million; and Italy revenue declined 2% to $437 million to miss expectations of $454.1 million. The stock fell 3.8% year to date, while the S&P 500 has gained 14%.

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.



MarketWatch MarketPulse
May 20, 2019

Dish to buy EchoStar's BSS business in a deal valued at over $800 million
Dish Network Corp. announced Monday a deal to buy EchoStar Corp.'s broadcast satellite service (BSS) business in a stock deal valued at over $800 million. Under terms of the agreement, Dish will exchange 22.9 million of its shares, to be distributed to EchoStar shareholders, in exchange for nine direct broadcast satellites and certain key employees, and select real estate properties. Based on Friday's closing price of $35.33, the deal is valued at $809.06 million. ""In 2017, when DISH acquired the EchoStar assets that we needed to deliver the DISH TV and Sling TV customer experiences, key broadcast satellite operations and services remained with EchoStar," said Dish Chief Executive Erik Carlson. "This transaction brings those operations, including the BSS satellites, associated assets and key team members, in house and we expect those additions will create operational efficiencies and improve both free cash flow and EBITDA." Dish's stock, which was still inactive in premarket trade, has run up 41.5% year to date, while the S&P 500 has gained 14.1%.

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.



MarketWatch MarketPulse
May 19, 2019

Deutsche Bank dismissed employees' concerns about Trump transactions: report
Deutsche Bank AG executives rejected alerts from internal anti-money-laundering specialists who raised concerns about transactions involving entities controlled by President Donald Trump and his son-in-law, Jared Kushner, the New York Times reported Sunday, citing five current and former bank employees. The transactions in 2016 and 2017 set off automated alerts of possible illicit activity, the Times said, and Deutsche Bank compliance employees prepared suspicious activity reports that they believed should be sent on to the Treasury Department. Bank executives rejected the recommendations and the reports were never filed, the Times reported. It was unclear what transactions raised suspicions, but The Times noted that sometimes banks do not file suspicious activity reports if they find the concerns are unwarranted. Some Deutsche Bank employees told the Times the incident reflected a lax corporate attitude toward anti-money-laundering laws. Last month, Trump sued Deutsche Bank to prevent it from turning over financial documents to congressional investigators.

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.



MarketWatch MarketPulse
May 19, 2019

Google revokes Huawei's Android license: reports
Alphabet Inc.'s Google has revoked Huawei Technologies Inc.'s Android license, Reuters reported Sunday, in a move that could cripple the Chinese tech giant's smartphone business. The move was later confirmed by The Verge. Huawei will be restricted to using only the public, open-source version of Android, Reuters said. Effectively, it means that Huawei will be immediately cut off from receiving Android system updates, including security updates, and future versions of Huawei smartphones will not be able to use YouTube, Gmail and the Google Play store, among other features. Last week, the Trump administration moved to restrict U.S. technology sales to Huawei and certain other foreign-owned companies. The U.S. has long claimed that telecom equipment from Huawei poses a national security risk.

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.



MarketWatch MarketPulse
May 17, 2019

Mnuchin tells House chairman he won't comply with subpoena for Trump tax returns
Treasury Secretary Steven Mnuchin said Friday he won't comply with a subpoena requesting President Donald Trump's tax returns. In a letter to House Ways and Means Committee Chairman Richard Neal, Mnuchin said the panel's request "lacks a legitimate legislative purpose," and that the Treasury is not authorized to disclose Trump's returns. Mnuchin said earlier this week he expected the dispute to go to court. In a statement, Neal said he will consult with counsel on how to best the enforce the subpoenas. "The law, by its terms, does not allow for discretion as to whether to comply with a request for tax returns and return information," Neal replied.

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.



TRENDING TAGS
ChinaTrade war US-China tariffs Xi
Tradewar China Wall stocks Street
Dealbuy Best Brazil Natura all-stock
Huaweiban reprieve tech UK stocks
Stocktrade Market deal Tesla Target
TrumpDemocrats Pelosi infrastructure House Fox
FedMinutes inflation Federal Wall ahead
marketStock Trade bond EMERGING premarket
WarTrade China tech Will stocks
TechHuawei technology stocks China fintech

NEWS SOURCES
Top News (Business News)
Accounting Today
AdWeek News
Banking Business Review
Barron's This Week Magazine
Barron's Up and Down Wall Street Daily
Brad Ideas
Chicago Tribune Business News
CNBC Business
CNBC Economy
CNBC Finance
CNN/Money
CNN/Money Real Estate News
Dismal.com: Analysis
Dismal.com: Indicators
Enterprise Application News
Entrepreneur.com
Forbes Headlines
Forbes Social Media News
FT.com - China, Economy & Trade
FT.com - Financial Markets
FT.com - Hedge Funds
FT.com - Telecoms
FT.com - US
Google Business News
Google Market News
HBS Working Knowledge
Inc.com
INSEAD Knowledge
International Tax Review
Kiplinger
Knowledge@Wharton
L.S. Starrett News
MarketWatch
MarketWatch Breaking News
MarketWatch MarketPulse
McKinsey Quarterly
MSNBC.com: Business
Nielsen Trends
NonProfit Times
NPR Topics: Business
NYTimes Business
OpinionJournal.com
Private Equity Breaking News
Reuters Business
Reuters Company News
Reuters Money
SEC.gov Updates: News Digest
SHRM HR News
Tax Policy News
The Economist International News
The Motley Fool
USA Today Money
Wall Street Journal US Business
Wall Street Transcript
Washington Post Business
WSJ Asia
WSJ Europe
WSJ MoneyBeat
WSJ Opinion
WSJ US News
WSJ World Markets
Yahoo Business
  • CEOExpress
  • 1 Boston Place | Suite 2600
    Boston MA 02108
  • 617 482 1200
    617 299 8649 (fax)
  • Contact
  • As an Amazon Associate
    CEOExpress earns from
    qualifying purchases.

©1999-2019 CEOExpress Company LLC