• Quotes
  • Shortcuts
The Executive's Internet
Thurs, Mar 4th
icon
GoogleAmazonWikipedia


spacerspacer

 

 NEWS: MARKETWATCH MARKETPULSE
Setup News Ticker
   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Mar 04, 2021

Dow logs first close below 50-day moving average in over a month after Thursday's interest rate-fueled selloff
The Dow Jones Industrial Average and the S&P 500 on Thursday marked their first finishes below their short-term moving averages in weeks after a market rout apparently precipitated by rising fears that the Federal Reserve may be losing control of inflation and may be forced to jack up borrowing costs faster than they would prefer to cool an overheated economy recovering from the COVID-19 pandemic lockdowns. The Dow closed down 1.1% at around 30,924 to mark its third straight decline, falling below its 50-day moving average at 30,944.98 for the first time since Feb. 1, while the S&P 500 index closed Thursday's trade 1.3% lower for its third consecutive drop, finishing at 3,769, concluding the session below its 50-day MA at 3,818.61 for the first time since Jan. 29.

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
Mar 04, 2021

Nasdaq Composite narrowly avoids first correction in 6 months as Powell stirs up stock-market rout and Treasury-yield surge
A sluggish day in stocks on Thursday took a turn decidely lower following comments from Federal Reserve Chairman Jerome Powell said that he was monitoring a steady climb in yields but failed to provide any guidance on what the central bank might do if yields continued to climb precipitously. Speaking at a webinar hosted by the Wall Street Journal on Thursday after noon, Powell described the Fed's current policy stance as appropriate, perhaps disappointing some investors hoping for more decisive comments on possible adjustments to the central bank's asset purchases. The remarks are credited with triggering a selloff in bonds and stocks, that abated somewhat later in the session, that brought the Nasdaq Composite Index on the brink of falling by 10% from its recent closing high put in on Feb. 12, meeting the commonly used definition for a correction. The Nasdaq ended the session off 2.1% at 12,723, and is now down 9.73% from that record close. Meanwhile, the 10-year Treasury note jumped by about 7 points to around 1.54%. Rising rates have caused friction in equity trading because it forces investors to reassess the relative value of highflying technology and tech-related plays that have enjoyed a bump during the pandemic, compared against other sectors that might perform better headed into an economic recovery. The S&P 500 index closed the session off 1.3% to 3,768, while the Dow Jones Industrial Average finished the day off 1.1% at 30,923. Both finished below their 50-day moving averages for the first time in about four or five weeks, Jan. 29 for the S&P 500 and Feb. 1 for the Dow. At the height of Thursday's selling the Dow was down over 720 points, wiping out its year-to-date gains. The Dow remains up 1% for 2021, the Dow is clinging to a 0.3% year-to-date gain, while the Nasdaq Composite is down 1.3% so far this year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for m

MarketWatch MarketPulse
Mar 04, 2021

NIH to study three experimental COVID-19 treatments
The National Institutes of Health said Thursday that it is putting three more investigational COVID-19 treatments into Phase 2/3 clinical trials. The experimental therapies are: an inhalable beta interferon developed by Synairgen's ; AstraZeneca's monoclonal antibody combination, which will be tested as an infusion and also as an injection; and Sagent Pharmaceuticals Inc.'s oral serine protease inhibitor. Sagent is privately held. The NIH said it is trying to identify and study therapies aimed at treating people who develop mild or moderate forms of COVID-19. So far during the pandemic, there are few therapies available that effectively treat patients with COVID-19. Only one, Gilead Sciences Inc.'s Veklury, has received full approval from the Food and Drug Administration, though several other companies, including Eli Lilly & Co. and Regeneron Pharmaceuticals Inc. have received emergency authorization for their antibody treatments. Over the past year, Synairgen's stock has soared 763.1%, while U.S.-listed shares of AstraZeneca are up 0.4%. The broader S&P 500 is up 27.2%.

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
Mar 04, 2021

U.S. oil futures end at highest since 2019 as OPEC agrees to keep production cuts in place
Oil futures ended higher on Thursday, with U.S. prices at their highest since April 2019, FactSet data show. The Organization of the Petroleum Exporting Countries and its allies decided to keep its production cuts in place through April at its meeting Thursday. Saudi Arabia also agreed to keep its own unilateral output cut of 1 million barrels per day to the end of April, but Russia and Kazakhstan are allowed to modestly lift production, with OPEC citing seasonal needs. "Clearly, OPEC has decided to take a cautious approach on the demand recovery," said Ann-Louise Hittle, vice president of macro oils at Wood Mackenzie. "However, waiting for a solid sign of strong stock draws means prices will have already increased from the present level by the time that sign emerges." April West Texas Intermediate crude rose $2.55, or 4.2%, to settle at $63.83 a barrel.

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
Mar 04, 2021

Buzzy stock-market ETFs backed by Portnoy and Wood get crushed Thursday afternoon as the Nasdaq nears correction
Cathie Wood's flagship ARK Invest ETF and a VanEck Vectors Social Sentiment backed by Wall Street bro Dave Portnoy are down by at least 4%. The VanEck Vectors Social Sentiment ETF was down 4.3% in Thursday afternoon trade, in its debut. Meanwhile, Wood's ARK Innovation deepened its slide into correction on Thursday, off 6.6%. Both ETFs focus on drawing interest from many of the growthy tech stocks which are in the market's crosshairs as bond yields rise, including electric-vehicle maker Tesla Inc. . On Thursday, bonds took a leg higher after Federal Reserve Chairman Jerome Powell said he was watching the rise in rates but offered no concrete steps the central bank was taking to tamp down rate moves. The 10-year Treasury yield jumped by 7 basis points in afternoon action, hitting around 1.54% and accelerating a sell-off in stocks that are viewed as pricey and that don't offer a coupon. The tech-heavy Nasdaq Composite Index was down nearly 10% from its Feb. 12 peak, meeting the commonly used definition for a correction. The Dow Jones Industrial Average was down more than 400 points, or 1.3%, and nursing a 0.8% year-to-date gain. The S&P 500 index was down 1.6% and holding on to a 2021 gain of less than 0.1%. The Nasdaq Composite was negative for the year, 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
Mar 04, 2021

Wall Street's 'fear index' surges to highest level in about 5 weeks as Treasury-yield spike sparks stock-market selloff
A closely watched gauge of expected stock-market volatility jumped Thursday to around its highest level since the end of January as a tech-led selloff dragged major benchmarks sharply lower. The CBOE Volatility Index is known by its ticker symbol "VIX", rose 5.07 points to 31.44, a gain of nearly 18%. A close at that level would represent the highest level for the so-called fear index since Jan. 29, according to Dow Jones Market Data. The VIX is an options-based measure of expected volatility over the coming 30 days for the S&P 500 . The VIX, which typically jumps during big stock-market selloffs, also tends to fall back during long, gradual rallies, and has remained stubbornly elevated above its long-term average of 19.50 as stocks pushed back into record territory in recent weeks. But a rise in yields and comments from Federal Reserve Chairman Jerome Powell on Thursday breathed new life into the yield rise and prompted a reassessment of stock values compared against rising fixed-income yields. The Dow Jones Industrial Average was under pressure and the technology-laden Nasdaq Composite Index was on the verge of tumbling into correction, defined as a decline of at least 10% from a recent peak.

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
Mar 04, 2021

Goldman Sachs raises 10-year Treasury yield target to 1.90%
Goldman Sachs on Thursday raised its Treasury yield target, forecasting the 10-year note rate to hit 1.90% by the end of the year amid a quickening bond-market selloff. The benchmark maturity is up 6.6 basis points to 1.536%. "The already material repricing in global yields will, in our view, extend after some consolidation, driven by a strong acceleration in the global recovery over the coming quarters," said Goldman Sachs strategists led by Praveen Korapaty. The rise in yields over the past few weeks has led banks across Wall Street to repeatedly lift their year-end Treasury yield targets. The combination of fiscal relief and vaccine rollouts have fanned inflation fears, and raised doubts among investors over whether Federal Reserve can stick to its accommodative policy stance for as long as it has signaled.

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
Mar 04, 2021

U.S. stock market close to wiping out 2021 gains as Thursday selloff gathers steam after Powell comments
The three main U.S. equity benchmarks Thursday afternoon erased, or were close to erasing, their year-to-date gains as a rate-driven sell-off picked up momentum, following comments from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average was down nearly 700 points, or 2.2%, lower pushing the index to a decline of 0.1% for 2021, the S&P 500 index was off 2.5% on the session, erasing its gains for the year and pushing the broad-market benchmark to a decline of 0.8% for 2021. The Nasdaq Composite Index , which was in the firing line of the decline by dint of the many technology and tech-related companies that make up the index, was teetering on the brink of the first correction, down 10% from a recent peak, since Sept. 9. At last check, the Nasdaq was down 11% from its recent low. The Nasdaq was off 3.3% on Thursday and down 2.5% for the year to date. Powell said the central bank's current policy stance is appropriate and suggested that moves in inflation are transitory, disappointing investors who had hoped him to say more about how the Fed would react to tamp down a rise in long-term bond yields, speaking at a webinar hosted by the Wall Street Journal.

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
Mar 04, 2021

Gold futures fall, but hold above the $1,700 mark
Gold futures dropped Thursday, as the 10-year Treasury bond yield climbed past 1.5%, pushing prices for the precious metal to their lowest settlement since June. During a Wall Street Journal webinar Thursday, Federal Reserve Chairman Jerome Powell said he would be concerned about a disorderly move in the bond market, but suggested that hadn't yet had a material impact on financial conditions. The rise in bond yields has pressured prices for gold, which offers no yield. April gold fell $15.10, or 0.9%, to settle at $1,700.70 an ounce after touching a low at $1,693.90.

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
Mar 04, 2021

Energy ETFs surge as oil tops $64 a barrel
Exchange-traded funds tied to energy outperformed Thursday, as one of the only sectors to trade higher on a down day across financial markets. The Energy Select Sector SPDR Fund gained 1.8% in the early afternoon, as did the Vanguard Energy ETF . The iShares U.S. Oil & Gas Exploration & Production ETF jumped 2.2%. The oil price jumped nearly 5%, topping $64 a barrel, after the the Organization of the Petroleum Exporting Countries and its allies committed to continuing current production cuts through April, according to reports. The Sector SPDR energy fund is up more than 33% in the year to date even as most stock benchmarks have seen their gains wiped out in the past few weeks.

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
Mar 04, 2021

10-year Treasury yield jumps above 1.50% Thursday afternoon after Powell refers to inflation's rise as transitory
U.S. Treasury yields Thursday after Federal Reserve Chairman Jerome Powell said he was monitoring the rise in bond yields and that he would be concerned if financial conditions did tighten. "I would be concerned by disorderly conditions in markets or persistent tightening in financial conditions that threatens the achievement of our goals," Powell said during a webinar hosted by The Wall Street Journal. The 10-year Treasury note yield climbed 7.1 basis points to 1.541%. Bond prices fall as yields rise. Many investors had said that if Powell didn't offer more explicit pushback on higher government bond rates, it could fuel Treasury market weakness. Powell stressed again that the Fed would be "patient" with higher inflation expected this year, saying it was likely to be a "one time" effect and not price gains that continue year-after-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
Mar 04, 2021

10-year Treasury yield extends surge above 1.50% after Powell remarks
U.S. Treasury yields climbed Thursday after Federal Reserve Chairman Jerome Powell said he was monitoring the rise in bond yields and that he would be concerned if financial conditions did tighten. The 10-year Treasury note yield climbed 7.1 basis points to 1.541%. Bond prices move inversely to yields. Investors had suggested if Powell did not offer more explicit pushback on higher government bond rates, it could fuel Treasury market weakness.

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
Mar 04, 2021

GE's stock rallies after Morgan Stanley analyst raises price target, supplanting UBS analyst as 2nd-most bullish
Shares of General Electric Co. hiked up 1.5% in midday trading Thursday, after Morgan Stanley analyst Josh Pokrzywinski reiterated his overweight rating on the industrial conglomerate while boosting his stock price target by 31% to $17. That would make Pokrzywinski the second-most-bullish analyst, of the 21 analysts surveyed by FactSet, to supplant UBS's Markus Mittermaier who had moved into that place on Wednesday. Pokrzywinski's raised target comes ahead of "2021 GE Investor Outlook" event scheduled for March 10. Pokrzywinski said the event will be a "catalyst" for GE's stock, as it "sets up a multi-year path to above-consensus [free cash flow], with "solid growth" in the core businesses down the road. GE's stock, which is on track for the highest close since May 25, 2018, has climbed 25.4% over the past three months, while the SPDR Industrial Select Sector ETF has gained 3.3% and the S&P 500 has tacked on 2.7%.

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
Mar 04, 2021

Bumble stock jumps after first analyst starts coverage, with a 'positive' rating
Shares of Bumble Inc. surged 2.6% in midday trading Thursday, a day after closing at the lowest price since going public, as the dating-app operator received its first endorsement from a Wall Street analyst. Susquehanna's Shyam Patil became the first to initiate coverage of Bumble, has he started with a positive rating and stock price target of $78, which is about 24% above current levels, saying the company has a "solid niche" in the large and growing online dating market. "Although Tinder is the clear leader, Bumble does appear to be differentiated in that it is female-centric -- only females can send the first message -- which should allow it to be a complement/alternative to market leader Tinder," Patil wrote in a note to clients. Match Group Inc. is the parent of Tinder. "We believe that most users who pay for dating apps pay for multiple services, not just one, so [Bumble] can continue improving monetization and attracting new paying users even if they also pay for Tinder or other dating services." Susquehanna was not listed as one of the underwriters of Bumble's IPO. Since the Feb. 11 close, when Bumble went public, the stock has lost 9.5%, but was still 48.0% above the IPO price. Over the same time, Match shares have shed 14.4%, while the Renaissance IPO ETF has dropped 16.2% and the S&P 500 has slipped 2.3%.

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
Mar 04, 2021

OPEC officially reaches a decision to extend production cuts into April
The Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC , said ministers have approved a "continuation of the production levels of March for the month of April." Russia and Kazakhstan, however, will be allowed to boost production by 130,000 and 20,000 barrels per day, respectively, "due to continued seasonal consumption patterns." Saudi Arabia also extended its voluntary output cut of one million barrels per day, which was due to expire at the end of March, through the month of April. April West Texas Intermediate crude rose $3.37, or 5.5%, to $64.65 a barrel and May Brent crude climbed $3.47, or 5.4%, to $67.54 a barrel.

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
Mar 04, 2021

Arts and crafts retailer Joann to offer 10.9 million shares in planned IPO, priced at $15 to $17 each
Arts and crafts retailer Joann Inc. set terms for its initial public offering on Thursday, with plans to offer 10.9 million shares priced at $15 to $17 each. The company has applied to list on Nasdaq, under the ticker symbol 'JOAN.' There are 11 banks underwriting the deal, led by BofA Securities and Credit Suisse. Proceeds of the deal will be used to pay down borrowings under a second lien facility and if possible, to pay down borrowing on an ABL facility. "JOANN is the nation's category leader in Sewing and one of the fastest growing players in the arts and crafts category," the company says in its filing documents. The company had net income of $174 million, or $4.88 a share, in the thirty-nine weeks through Oct. 31, after a loss of $188.5 million, or $5.40 a share, in the year-earlier period. Sales climbed to $1.922 billion from $1.546 million. The company intends to pay a 40 cents a share quarterly dividend to its shareholders.

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
Mar 04, 2021

Fiverr cancels plan for public share offering after stock selloff, and stock falls further
Shares of Fiverr International Ltd. dropped 4.4% in midday trading Thursday, reversing an earlier intraday gain of as much as 4.2%, even as the provider of platforms for those seeking freelance work withdrew its planned public stock offering. Fiverr said the reason for the change of mind, was that it decided "given Wednesday's market conditions it is not in the best interest of the company and its shareholders to raise equity capital." Fiverr's stock had tumbled 13.0% to $242.99 on Wednesday, after the company said late Tuesday that it has launched a public offering of $700 million worth of shares. That selloff had moved the stock into a bear market, as it closed 24.8% below its Feb. 12 record close of $323.10. The stock has still run up more than sevenfold (up 605.6%) over the past 12 months, while the S&P 500 has gained 22.2%.

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
Mar 04, 2021

Moderna, IBM explore blockchain tech, AI to support 'smarter' management of COVID-19 vaccines
Moderna Inc. and International Business Machines Corp. announced Thursday plans to work together to find technologies to support "smarter COVID-19 vaccine management." The technologies the companies will explore include artificial intelligence, blockchain and hybrid cloud, the companies said. "Moderna is committed to working with a coalition of partners to increase education and awareness of the importance of vaccination to help defeat COVID-19," said Michael Mullette, a managing director of North America commercial operations at Moderna. "We look forward to working with IBM to apply digital innovations to build connections between organizations, governments, and individuals to instill confidence in COVID-19 vaccines." Moderna's stock rose 1.6% in midday trading and IBM shares fell 0.7%, while the Dow Jones Industrial Average gained 118 points, or 0.4%. Moderna currently has one of three COVID-19 vaccines granted emergency use authorization by the Food and Drug Administration, the others being from Pfizer Inc. and BioNTech SE and Johnson & Johnson .

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
Mar 04, 2021

Oil futures up nearly 5% on talk that OPEC is poised to extend production cuts
Oil futures rallied Thursday, buoyed by speculation that the Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC , will keep their production quotas in place and that Saudi Arabia will extend its unilateral output cut of one million barrels a day through April. The group is discussing a rollover of production for all members, except Russia and Kazakhstan, which will be allowed to boost output by 130,000 and 20,000 barrels per day, respectively, Amena Bakr, deputy bureau chief and chief OPEC correspondent at Energy Intelligence, tweeted, citing comments from delegates. Bloomberg reported that OPEC has reached a decision to keep production unchanged, but other reports say the meeting is still ongoing. April West Texas Intermediate crude rose $2.85, or 4.7%, to $64.13 a barrel and May Brent crude climbed $3.04, or 4.7%, to $67.11 a barrel.

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
Mar 04, 2021

EIA reports a smaller-than-expected weekly fall in U.S. natural-gas supplies
The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas declined by 98 billion cubic feet for the week ended Feb. 26. On average, the data were expected to show a fall of 137 billion cubic feet for the week, according analysts polled by S&P Global Platts. Total stocks now stand at 1.845 trillion cubic feet, down 277 billion cubic feet from a year ago and 178 billion cubic feet below the five-year average, the government said. Following the data, April natural gas extended its early decline, trading down by 10 cents, or 3.5%, at $2.716 per million British thermal units. It traded at $2.759 shortly before the 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
Mar 04, 2021

U.S. factory orders increase 2.6% in January
U.S. factory orders rose 2.6% in January as manufacturers continued to lead the way for the U.S. economic recovery Economists polled by Dow Jones and The Wall Street Journal had forecast a 2.3% gain. Orders for durable goods made to last at least three years climbed an unrevised 3.4% last month. Orders for nondurable goods such as clothing and groceries rose a slower 1.9%.

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
Mar 04, 2021

Portnoy-backed ETF opens trading with small loss
The VanEck Vectors Social Sentiment ETF which caused a buzz when social-media finance dude Dave Portnoy released a video press conference touting the fund ahead of its scheduled announcement, started trading Thursday with a small loss. The ETF includes many growthy tech stocks which are in the crosshairs as bond yields rise. Two of the top holdings, Apple Inc. and Tesla Inc. were down sharply Thursday morning. In early trade, the ETF had lost 1.1%.

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
Mar 04, 2021

Stocks open little-changed as bond yields hold steady
U.S. stocks opened Thursday's session with a mixture of small gains and losses as the benchmark U.S. government bond yield was little changed near its highest point of 2021. The Dow Jones Industrial Average gained 36 points, 0.1%, to open near 31,306, while the S&P 500 ticked 2 points lower to about 3,818. The tech-concentrated Nasdaq Composite index dropped 44 points, 0.3%, and traded near 12,954 . Yields have spiked over the past few weeks as investors anticipate an inflationary environment driven by the reopening of the economy and more government spending. The pace of the bond sell-off has taken stock investors by surprise. Federal Reserve Chairman Jerome Powell will make a public appearance Thursday, an opportunity for investors to gauge his views on the recent rise in yields.

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
Mar 04, 2021

Sprouts sets new $300 million stock buyback program, after repurchasing no shares last year
Shares of Sprouts Farmers Market Inc. rose 1.2% in premarket trading Thursday, after the fresh produce grocer authorized a new $300 million stock repurchase program. The program represents about 11.1% of the company's market capitalization at Wednesday's close. "Our new share repurchase program reflects our commitment to strong cash flow generation and driving shareholder return, while at the same time deploying capital to drive growth over the long term," said Chief Financial Officer Denise Paulonis. The company did not repurchase any shares in 2020, after spending about $176 million on buybacks in 2019. The stock has rallied 36.7% over the past 12 months, while the S&P 500 has gained 22.0%.

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
Mar 04, 2021

Michaels beats profit and sales expectations, a day after announcing buyout deal
Michaels Companies Inc. reported Thursday fiscal fourth-quarter profit and sales that rose above expectations, a day after the arts-and-crafts retailer announced a deal to be acquired by Apollo Global Management Inc. in a deal valued at $3.3 billion. Net income for the quarter to Jan. 30 rose to $255.1 million, or $1.72 a share, from $181.7 million, or $1.24 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $1.69 from $1.29, to beat the FactSet consensus of $1.47. Net sales grew 11.3% to $1.92 billion, above the FactSet consensus of $1.84 billion, as same-store sales growth of 12.9% beat expectations of a 9.2% rise. Michaels had said on Wednesday that in light of the merger agreement, it wouldn't host a post-earnings conference call. The stock, which slipped 0.1% in premarket trading after soaring 22.2% on Wednesday, has rocketed 456.8% over the past 12 months, while the S&P 500 has gained 22.0%.

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
Mar 04, 2021

Health insurers aim to help speed up COVID-19 vaccinations for 2 million at-risk seniors
The Biden administration on Wednesday announced a program aimed at vaccinating an estimated 2 million at-risk people in the U.S. who are 65 years old or older. As part of the Vaccine Community Connectors program, health insurers such as the Blue Cross Blue Shield Association will help to identify people who qualify for the initiative, educate these individuals about the "safety, efficacy, and value" of COVID-19 vaccines, help them schedule appointments to get the vaccine, and then arrange transportation, according to a statement put out by the BCBS and America's Health Insurance Plans, the trade group for most of the large health insurers in the U.S. "Their goal again is to get 2 million of the most vulnerable seniors vaccinated as soon as possible," Andy Slavitt, a White House senior advisor for the nation's COVID-19 response, said Wednesday during a press briefing.

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
Mar 04, 2021

Amgen to buy Five Prime Therapeutics in a deal valued at $1.9 billion to boost cancer treatment portfolio
Amgen Inc. announced Thursday an agreement to buy biotechnology company Five Prime Therapeutics Inc. in a cash deal valued at $1.9 billion. Five Prime shares were halted for news until 9 a.m. ET, while Amgen shares slipped 0.2%. Under terms of the deal, Amgen will pay $38.00 in cash for each Five Prime share outstanding, a 78.7% premium to Wednesday's stock closing price of $21.26. The deal is expected to close in the second quarter of 2021. Five Prime's lead asset is bemarituzumab, a "Phase 3 ready" treatment for gastric cancer. "The acquisition of Five Prime offers a compelling opportunity for Amgen to strengthen our oncology portfolio with a promising late-stage, first-in-class global asset to treat gastric cancer," said Amgen Chief Executive Robert Bradway. Separately, Amgen affirmed its 2021 guidance ranges for adjusted earnings per share of $16.00 to $17.00 and for revenue of $25.8 billion to $26.6 million, which compare with the FactSet EPS consensus of $16.80 and revenue consensus of $26.5 billion. Shares of Amgen have gained 4.1% and Five Prime have soared 453.7% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has advanced 23.9% and the Dow Jones Industrial Average has gained 15.4%.

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
Mar 04, 2021

Kroger shares rise after earnings beat
Kroger Co. reported a fourth-quarter net loss of $77.0 million, or 10 cents per share, after net income of $327.0 million, or 40 cents per share, last year. Adjusted EPS of 81 cents was ahead of the FactSet consensus of 69 cents. Sales of $30.74 billion were up from $28.89 billion and also ahead of the FactSet consensus for $30.83 billion. Digital sales more than doubled, up 118%. Identical sales excluding fuel were up 10.6%, also ahead of the FactSet consensus for 10.2% growth. Kroger is guiding for 2021 adjusted EPS of $2.75 to $2.95. The FactSet consensus is for EPS of $2.69. Kroger stock rose 1% in Thursday premarket trading, and was up 7.4% over the past year. The benchmark S&P 500 index is up 22% 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
Mar 04, 2021

NIH tells Vir that experimental COVID-19 therapy may not benefit patients
Shares of Vir Biotechnology Inc. tumbled 5.4% in premarket trading on Thursday, the day after the company said the experimental COVID-19 treatment that it's developing with GlaxoSmithKline may not benefit patients. U.S.-listed shares of GSK were up 0.6% in trading before the market opened on Thursday. The investigational monoclonal antibody therapy was being tested in hospitalized COVID-19 patients in a Phase 3 clinical trial conducted by the National Institutes of Health until an independent safety board recommended that the trial investigators close the study to enrollment at this time, Vir said. "While we are disappointed with the recommendation ... we are encouraged by the safety profile of VIR-7831 and by the possibility of a benefit on top of remdesivir and corticosteroids in this advanced cohort of patients," Vir CEO George Scangos said in a news release. (Remdesivir, which is also called Veklury, was developed by Gilead Sciences Inc. and is the only COVID-19 treatment to have a full Food and Drug Administration approval.) Vir's stock is down 6.9% over the past 12 months, while the broader S&P 500 has gained 27.2%.

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
Mar 04, 2021

Workhorse met with USPS reps after missing out on delivery truck contract, will keep pursuing options
Workhorse Group Inc. said Thursday that it met with U.S. Postal Service representatives on March 3, to discuss why the electric vehicle maker missed out on a Next Generation Delivery Vehicle contract, which was awarded to Oshkosh Corp. Workhorse said it can't disclose details of the discussion at this time, but said it plans to share information when permitted. The stock slumped 3.4% in premarket trading. Missing out on the USPS contract had sent Workhorse's stock plunging 47.5% on Feb. 23 to $16.46, and the stock has lost another 9.4% since to close Wednesday at $14.92, the lowest close since June 29, 2020. "Yesterday's meeting with the USPS marked the first step in what we expect may be a prolonged process to explore our options and possibly pursue further action related to our NGDV bid," said Chief Executive Duane Hughes. "We will continue to follow the proper due course procedures as defined by the USPS and will also look to other options available to us." He said legal and corporate advisory firms were retained to identify and pursue its options. Workhorse's stock has lost 32.4% over the past three months through Wednesday, while Oshkosh shares have rallied 28.6% and the S&P 500 has gained 3.3%.

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
Mar 04, 2021

Cinemark launches private offering of $405 million of five-year bonds
Cinemark Holdings Inc. sid Thursday it has launched a private offering of $405 million of five-year bonds. Proceeds will be used along with cash in hand to fund a tender offer for any and all of Cinemark USA's 5.125% senior notes, to redeem bonds that remain outstanding after the tender offer and to pay related fees. Shares were up 0.7% premarket, but have fallen 0.3% in the last 12 months through Wednesday, while the S&P) 500 has gained 22%.

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
Mar 04, 2021

Biogen to build gene therapy manufacturing center in North Carolina
Shares of Biogen Inc. were down 0.2% in premarket trading on Thursday after the company said it plans to build a gene therapy manufacturing site at its campus in Research Triangle Park region in North Carolina. Biogen expects to offer 90 new jobs at the new facility, which was a total investment of $200 million for the drug maker. Biogen's stock is down 18.8% over the past year, while the broader S&P 500 is up 27.2%.

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
Mar 04, 2021

Canadian premium cannabis company Rubicon Organics initiated as 'strong buy' by Raymond James
Raymond James initiated coverage of Canadian cannabis company Rubicon Organics Inc. with a strong buy rating on Thursday, and said the stock is its "very best micro cap cannabis idea." Analyst Rahul Sarugaser assigned the stock a C$6 price target, that's almost double its current level. Rubicon focuses exclusively on super-premium cannabis and is one of only six licensed producers to offer certified organic cannabis products in Canada, the analyst wrote in a note to clients. "Similar to premium liquor brands affiliated with rarity and prestige-Johnny Walker Blue Label is a favorite example-ROMJ is building distinguished premium brands built on a portfolio of intensely high-quality cannabis products designed to generate the sector's highest gross margins: 50%," said the analyst. Rubicon has its roots in Whistler Medical Marijuana Corp., Canada's first organic-certified LP, which was sold to Aurora Cannabis Corp. . Whistler was co-founded by Rubicon's current Chief Executive Jesse McConnell. "ROMJ's expanding team comprises a full complement of seasoned CPG industry executives, leveraging experience from iconic companies and brands such as Coca-Cola, Pepsi, Diageo, L'Oreal, and Nestle," said the note. Raymond James is expecting the company to capture 25% of the premium/craft cannabis market, equal to about 20% of the total market, based on comparable industries such as beer and liquor. That suggests revenue of $26.5 million in 2021 to $52.5 million in 2022. The U.S.-listed stock was not active premarket, but has gained 69% in the last 12 months, while the Cannabis ETF has gained 98% and the S&P) 500 has gained 22%.

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
Mar 04, 2021

U.S. retail sales increased 4.6% in February, per Mastercard data
U.S. retail sales climbed 4.6% in February, according to data from Mastercard's SpendingPulse tool, after adjusting for the fact that 2020 was a leap year. Without seasonal adjustments, the total retail sales increase would have been 1%. Grocery spending rose 12.4% on a year-over-year basis for the month of February, while jewelry spending increased 5.9%. Though overall apparel sales dropped 5.3%, e-commerce sales of apparel were up 47.3%, with nearly three quarters of all apparel purchases made online during February versus less than half a year earlier. Restaurant spending fell 13.5% from a year before, but Mastercard's press release cited "improvement over the past two months." The data indicated some benefit to consumer sending from the latest round of stimulus payments in early February, "though the impacts have waned."

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
Mar 04, 2021

Wipro to acquire Capco for $1.45 billion
Wipro Ltd. an India-based global IT, consulting and business process services company, said Thursday it has reached an agreement to acquire Capco, a London-based technology and management consulting firm in a deal valued at $1.45 billion. The deal will make Wipro one of the biggest providers to the financial services industry, the company said in a statement. It is expected to close in the June 30 quarter. No further financial terms were disclosed. Wipro shares were up 1.4% premarket, and have gained 82% in the last 12 months, while the S&P 500 has gained 22%.

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
Mar 04, 2021

DraftKings stock surges after deal to be UFC's official sportsbook, daily fantasy partner
Shares of DraftKings Inc. rallied 4.0% in premarket trading Thursday, after the digital sports gaming company announced a deal in which it will be the UFC's official sportsbook and daily fantasy partner. DraftKings said it will now be able to offer in-game promotions, odds integrations and UFC branding, and will have the right to use official marks and logos of the mixed martial arts organization. DraftKings will also provide free-to-play UFC games, as well as proposition bets and other sportsbook opportunities. "While DraftKings and UFC have previously collaborated on specific events, we are proud to become official partners and explore even more impactful integrations that prioritize the fan experience," said DraftKings Chief Executive Jason Robins. The stock has soared 33.5% over the past three months through Wednesday, while the S&P 500 has edged up 3.3%.

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
Mar 04, 2021

UPDATE: Burlington Stores profit and sales beat estimates, stock jumps 4.6% premarket
Discount retailer Burlington Stores Inc. said Thursday it had net income of $155.9 million, or $2.33 a share, in the fourth quarter, down from $206.3 million, or $3.08 a share, in the year-earlier period. Adjusted per-share earnings came to $2.44, ahead of the $2.12 FactSet consensus. Revenue rose to $2.283 billion from $2.209 billion, also ahead of the FactSet consensus of $2.057 billion. Same-store sales were flat. "We saw comparable store sales improve sequentially as the quarter progressed, starting with a double digit decline in November, improving to flat in December, and then accelerating to double digit growth in January," Chief Executive Michael O'Sullivan said in a statement. The company is planning to expand its store count potential to 2,000 stores from 1,000 stores, he said, based on its Burlington 2.0 smaller store format. Burlington ended the quarter to $1.857 billion in liquidity. The company is not offering guidance due to the continued uncertainty created by the pandemic. Shares jumped 4.6% premarket, but have gained 15% in the last 12 months, while the S&P 500 has gained 22%.

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
Mar 04, 2021

Dow to freeze benefit accruals of U.S. pension plan, make $1 billion contribution to improve funded status
Dow Inc. disclosed Thursday that it plans to make a $1 billion voluntary contribution to its U.S. pension plan by the end of this month, as it looks to improve the funded status of its retirement programs. The materials science and chemicals company also said it was freezing pension benefit accruals, effective Dec. 31, 2023, which will reduce benefit obligations by $350 million to $375 million. As a result of the voluntary contribution, the annual benefit cost component of the U.S. pension plan is expected to decrease by $140 million to $160 million this year. "The U.S. Plans will be amended to freeze the pensionable compensation and credited service amounts used to calculate pension benefits for active employees who are active participants on the Effective Date," Dow stated. "As a result, as of the Effective Date and subject to any bargaining obligations required by law, active employees who participate in the U.S. Plans will not accrue additional benefits for future service and compensation under the U.S. Plans and will begin to receive automatic contributions to the Savings Plans equivalent to 4 percent of their eligible compensation, starting on January 1, 2024." Dow's stock, which was still inactive in premarket trading, has rallied 48.5% over the past 12 months, while the Dow Jones Industrial Average has advanced 15.4%.

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
Mar 04, 2021

Novartis agrees to help make CureVac COVID-19 vaccine
Novartis AG and CureVac NV said Thursday they have reached an agreement for Novartis to help CureVac manufacture its COVID-19 vaccine, which is currently under review by the European Medicines Agency. Novartis expects to make up to 50 million doses of the vaccine by the end of 2021, and up to a further 200 million doses in 2022, at its manufacturing site in Kundl, Austria. CureVac has already reached agreements with other partners to develop, produce and commercialize its vaccine, including with Bayer AG and GlaxoSmithKline . CureVac shares were up 4% premarket and have gained 3% in the year through Wednesday, while the S&P 500 has also gained 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
Mar 04, 2021

Kate Spade's creative director steps down after reorganization
Kate Spade said Thursday that Nicola Glass, the brand's creative director, has stepped down from that role, effective April 1. The departure comes with news of a reorganization of the creative team, which includes two new roles: senior vice president of brand concept & strategy and head of product design. Kate Spade has started a search for a new creative director who will be responsible for jewelry, handbags, shoes and more. Kate Spade is part of the Tapestry Inc. lineup that also includes Coach and Stuart Weitzman. Tapestry stock has soared 41.6% over the last three months and nearly 71% over the past year. The benchmark S&P 500 index is up 22% for the last 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
Mar 04, 2021

Ciena tops profit, revenue expectations but stock drops toward 3-month low
Ciena Corp. reported Thursday fiscal first-quarter profit and revenue that beat expectations, with networking revenue falling less than forecast, while the company did not provide financial guidance. The optical networking company's stock 2.9% toward a three-month low in premarket trading. Net income fell to $55.3 million, or 35 cents a share, from $62.3 million, or 40 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share was flat at 52 cents, but beat the FactSet consensus of 45 cents. Revenue declined 9.1% to $757.1 million, topping the FactSet consensus of $749.6 million, as networking revenue fell 12.5% to $576.6 million to beat expectations of $570.5 million. Gross margin improved to 47.3% from 44.5%. The stock, which is on track to open at the lowest level since mid-December, has gained 7.6% over the past three months through Wednesday, while the S&P 500 has tacked on 3.3%.

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
Mar 04, 2021

BJ's Wholesale tops profit, revenue expectations, but stock falls to extend losing streak
BJ's Wholesale Club Holdings Inc. reported Thursday fiscal fourth-quarter profit, revenue and same-store sales that topped expectations as the COVID-19 pandemic provided a boost, while not providing a financial outlook given uncertainties related to the pandemic, and the stock fell 1.4% in premarket trading to extend recent losses. Net income for the quarter to Jan. 30 rose to $95.9 million, or 69 cents a share, from $41.8 million, or 30 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to 70 cents from 40 cents, above the FactSet consensus of 67 cents. Total revenue rose 13.7% to $3.95 billion, just topping the FactSet consensus of $3.93 billion, as same-store sales growth of 15.9% just beat expectations of a 15.8% rise. Digitally enabled sales grew 168%. "While the unique circumstances brought on by the pandemic provided tailwinds, our industry-leading results and significant market share gains demonstrate the strength of our execution in these challenging times," said Chief Executive Lee Delaney. The stock, which has tumbled 9.2% amid a 5-day losing streak through Wednesday, has declined 0.2% over the past three months while the S&P 500 has gained 3.3%.

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
Mar 04, 2021

Coronavirus tally: Global cases of COVID-19 top 115 million and U.S. death toll above 518,000
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 115 million on Thursday, according to data aggregated by Johns Hopkins University, while the death toll rose above 2.56 million. The U.S. has the highest case tally in the world at 28.7 million and the highest death toll at 518,458. The U.S. added 66,714 new cases on Wednesday, according to a New York Times tracker, and at least 2,369 people died. The U.S. has averaged 64,409 cases a day in the past week, down 17% from two weeks ago. President Joe Biden joined a chorus of critics of Texas Gov. Greg Abbott's decision to reopen the state for business and end a face mask mandate, describing it as "Neanderthal thinking" and a "big mistake." Brazil has the second highest death toll at 259,271 and is third by cases at 10.7 million. India is second worldwide in cases with 11.2 million, and fourth in deaths at 157,435. Mexico has the third highest death toll at 188,044 and 13th highest case tally at 2.1 million. The U.K. has 4.2 million cases and 124,017 deaths, the highest in Europe and fifth highest in the world.

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
Mar 04, 2021

Walmart-held Flipkart weighs U.S. listing: report
Flipkart, the online Indian retailer mostly owned by Walmart , is considering a U.S. listing by merging with a special purpose acquisition company, Bloomberg News reported, citing people familiar with the matter. The report said Flipkart would seek a valuation of at least $35 billion. Walmart in 2018 bought a 77% stake in Flipkart for $16 billion.

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
Mar 03, 2021

Vroom falls more than 12% after wider quarterly loss
Shares of Vroom Inc. fell more than 12% in the extended session Wednesday after the online used-car retailer reported a wider-than-expected adjusted fourth-quarter loss. Vroom said it lost $60.7 million, or 46 cents a share, in the quarter, compared with a loss of $42.7 million in the year-ago quarter. Adjusted for one-time items, Vroom lost 44 cents a share. Revenue rose 14.1% to $405.8 million, Vroom said. Analysts polled by FactSet expected Vroom to report an adjusted loss of 37 cents on sales of $401.2 million in the quarter. For the full-year 2021, Vroom guided for a net loss per share between 61 cents and 68 cents. Shares of Vroom, which had its IPO in June, ended the regular trading day down 8.3%.

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
Mar 03, 2021

Splunk shares rise 6% on better-than-expected Q4 sales
Shares of Splunk Inc. were initially up 6% in extended trading Wednesday after the software company announced fiscal fourth-quarter results that exceeded estimates. Splunk reported a net loss of $139.5 million, or 86 cents a share, compared with a net loss of $22.7 million, or 15 cents a share, in the year-ago quarter. Revenue declined 6% to $745 million from $791.2 million a year ago. Analysts surveyed by FactSet had expected a loss of $1.07 a share on revenue of $678 million. Splunk's stock has declined 8% the last 12 months. The broader S&P 500 index has improved 22% in the 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
Mar 03, 2021

Resurgence in Treasury yields hammers tech stocks, drives Nasdaq below 13,000 to mark worst 2-day skid in 6 months
U.S. stock benchmarks on Wednesday closed lower and technology and tech-related shares got whacked as a continued rise in bond yields forced a rotational shift out of highflying tech and into areas of the market that might benefit from a regime of rising interest rates, like banks and energy . A report from the Federal Reserve's Beige Book, a survey of business conditions in the central bank's 12 regional districts, also showed only a modest uptick in economic activity to start the year, despite headway on COVID the vaccination front. The Dow Jones Industrial Average finished down by about 0.4% at 31,270, while the S&P 500 index closed off 1.3% at 3,820. The tech-laden Nasdaq Composite Index, took the brunt of the selling, off 2.7%, at 12,997 to mark the index's worst two-day skid since September, according to Dow Jones Market Data. Meanwhile, the initial public offering of health-care data company Oscar Health Inc. , finished down nearly 11% in its public debut. And the 10-year Treasury note was around 1.47%.

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
Mar 03, 2021

Facebook says it will resume political ads March 4
Facebook Inc. is resuming political, electoral, and social issue advertising Thursday after a temporary ban following the November 2020 U.S. presidential election. "Unlike other platforms, we require authorization and transparency not just for political and electoral ads, but also for social issue ads, and our systems do not distinguish between these categories," Facebook said in a post Wednesday. "We've heard a lot of feedback about this and learned more about political and electoral ads during this election cycle. As a result, we plan to use the coming months to take a closer look at how these ads work on our service to see where further changes may be merited."

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
Mar 03, 2021

Ralph Lauren launches first subscription rental program, The Lauren Look
Ralph Lauren Corp. announced the launch of The Lauren Look, the luxury label's first subscription rental program, in North America. Starting at $125 per month, a membership will give shoppers access to dresses, pants, tops and more from the Lauren collection. Members have the option to purchase what's sent at a "membership rate" or return unwanted items. "The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing," said Patrice Louvet, chief executive of Ralph Lauren, in a statement. Once items have reached the rental threshold, they'll be donated to a nonprofit organization, Delivering Good, one more way to extend the life cycle of items and reduce clothing waste. "The decision highlights Ralph Lauren's willingness to take a calculated risk to transform & adapt to a more dynamic apparel marketplace," wrote Wells Fargo in a note. "Further, the service provides another way to engage with existing consumers while also helping to acquire a new & younger consumer, who are more apt to use an apparel rental service platform." Wells Fargo expects the apparel rental market to grow to $2.08 billion in 2025 from $1.26 billion in 2019. Wells Fargo rates Ralph Lauren shares overweight with a $132 price target. Ralph Lauren stock was up 1.7% in Wednesday trading, and has gained 16.2% over the last year. The S&P 500 index is up 27.8% over the last 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
Mar 03, 2021

Avis Budget stock rises toward 6-year high after BofA bumps up price target by 40%
Shares of Avis Budget Group Inc. hiked 2.5% higher in afternoon trading Wednesday, putting them on track to close at exactly a 6-year high, after BofA Securities analyst Aileen Smith boosted her price target by 40%, saying there's "still good mileage left in this rental." Smith reiterated her buy rating on the rental car company while lifting her price target to $70, which is 15.5% above current levels, from $50. Among the tenets of her buy thesis, which continue to play out: 1) "opportune investment time" following the post-COVID market trough in 2020 and apparent inflection in 2021, with improving demand and supply trends; 2) a company turnaround/transformation effort is underway, including a COVID response and long-term business evolution; and 3) status as the "consistently stronger and performing" public U.S. rental car company. Fellow public rival Hertz Global Holdings Inc. said on Tuesday that it filed a plan of reorganization, and expects to emerge from bankruptcy by early- to mid-summer. The stock, which headed toward the highest close since March 3, 2015, has run up 58.9% over the past three months, and rocketed 103.3% over the past 12 months. The S&P 500 has advanced 27.8% over 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
Mar 03, 2021

Oil futures settle higher on talk of a potential rollover of OPEC output curbs
Oil futures settled higher on Wednesday, buoyed by some speculation that the Organization of the Petroleum Exporting Countries and its allies may decide to extend production curbs at a meeting on Thursday. The group, known as OPEC , may also move to increase production levels following a recent climb in oil prices back to their highest levels in a year. An OPEC committee meeting Wednesday did not offer any recommendations on April output levels, according to S&P Global Platts. Traders also digested data from the Energy Information Administration that showed a whopping 21.6 million barrel weekly rise in U.S. crude supplies, along with hefty declines in gasoline and distillate inventories. April West Texas Intermediate crude rose $1.53, or 2.6%, to settle at $61.28 a barrel.

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
Mar 03, 2021

Bed Bath & Beyond to launch six private-label brands in the first six months of the fiscal year
Bed Bath & Beyond Inc. said Wednesday that it will launch six private-label brands in the first six months of the home goods retailer's fiscal year. In total, the company plans to launch at least eight private labels for the year. Bed Bath & Beyond is scheduled to report fiscal fourth-quarter earnings on April 14. The first of these brands is expected to launch ahead of the back-to-college and holiday seasons. The company expects private-label sales penetration to grow to 30% in three years from 10% currently, and owned brands would improve gross margins. Bed Bath & Beyond stock was up 4% in Wednesday trading, and has soared 191% over the last year. The benchmark S&P 500 index is up 27.7% for the last 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
Mar 03, 2021

Biden blasts Texas, Mississippi over lifting COVID restrictions as 'Neanderthal thinking'
President Joe Biden on Wednesday blasted states like Texas that are planning to lift COVID restrictions, saying such a move is a "big mistake." Texas Gov. Greg Abbott said Tuesday that he was lifting the state's face mask mandate and would allow businesses to fully reopen on March 10. Mississippi Gov. Tate Reeves announced similar moves. Biden at the White House said "masks make a difference" and said "the last thing we need is Neanderthal thinking."

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
Mar 03, 2021

New York Gov. Andrew Cuomo apologizes for acting in a way 'that made people feel uncomfortable'
Gov. Andrew Cuomo, under fire amid sexual harassment allegations, apologized during his COVID-19 press conference on Wednesday, saying: "I now understand that I acted in a way that made people feel uncomfortable. It was unintentional and I truly and deeply apologize for it. I feel awful about it and, frankly, I am embarrassed by it." He rejected calls for his resignation. "I'm not going to resign. I'm going to do the job the people of the state elected me to do," he said. -- Pete Catapano

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
Mar 03, 2021

General Dynamics raises dividend by 8.2%, to push the yield even further above its peer group
Shares of General Dynamics Corp. rose 0.9% in afternoon trading Wednesday, after the aerospace and defense company raised its dividend by 8.2%, to push the yield even further above its industrial peer group. The new quarterly dividend, which was raised to $1.19 a share from $1.10, will be payable May 7 to shareholders of record on April 9. Based on current stock prices, the new annual dividend rate implies a dividend yield of $2.81%, compared with the yield for the SPDR Industrial Select Sector ETF of 1.46% and the implied yield for the S&P 500 of 1.50%, according to FactSet. General Dynamics said it has now raised its annual dividend for 24 straight years. The stock has edged up 5.1% over the past 12 months, while the industrial ETF has rallied 27.1% and the S&P 500 has climbed 28.4%.

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
Mar 03, 2021

Gold futures fall back to a nearly 9-month low
Gold futures declined Wednesday, as gains in Treasury bond yields prompted prices to mark their lowest settlement in nearly nine months. The $1,700 level has been "defended by gold bulls," but if 10-year Treasury yields break above 1.50%, gold could test the $1,685 level, said Edward Moya, senior market analyst at Oanda. April gold fell $17.80, or 1%, to settle at $1,715.80 an ounce, the lowest for a most-active contract since June 8, FactSet data show. Prices traded as low as $1,699.40 during the session.

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
Mar 03, 2021

Oscar Health stock stumbles out of the gate
Shares of Oscar Health Inc. didn't pick a great day to go public, as the stock opened 7.7% above the initial public offering price despite better-than-expected pre-open investor demand. The digital health-insurance company offered 37 million shares in the upsized IPO, which priced at $39 each, above the recently raised expected range of between $36 and $38 a share. The pricing valued the company at about $7.69 billion. The stock's first trade was at $36.00 at 12:15 p.m. Eastern for 2.5 million shares. The stock has since pared some losses to trade down 6.7% at $36.17, while trading in a range of $35.00 to $36.77. Oscar Health went public on a day that the Renaissance IPO ETF was shedding 3.3% while the S&P 500 fell 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
Mar 03, 2021

Nancy Pelosi, other top Democrats back Shalanda Young for Biden's budget chief
Top House Democrats on Wednesday said in a statement that they "take great pride in recommending Shalanda Young as Director of the Office of Management and Budget." The statement from Speaker Nancy Pelosi, Majority Leader Steny Hoyer and Majority Whip Jim Clyburn comes after President Joe Biden's first choice to head OMB, Neera Tanden, bowed out late Tuesday. Young is Biden's nominee for OMB deputy director.

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
Mar 03, 2021

Beyond Meat, Peet's Coffee, Eat Just team up on plant-based sandwich
Beyond Meat Inc. , Peet's Coffee, and Eat Just Inc. on Wednesday said they are teaming to bring the Everything Plant-Based Sandwich to Peet's 2021 spring menu. "As consumers continue to demand more plant-based options we have expanded beyond alternative dairy, setting our sights on a plant-based breakfast sandwich that is not only better for the planet, but also every bite as delicious as your typical animal-based breakfast sandwich," Lori Fulmer, senior food R&D Manager of Peet's, said in a statement. Of late, Beyond Meat has been busy signing deals with chains such as McDonald's Corp. , Taco Bell, KFC, and Pizza Hut.

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
Mar 03, 2021

Kroger will continue to require masks in Texas and Mississippi stores
Kroger Co. said Wednesday that it will continue to require shoppers to wear masks at its stores in Texas and Mississippi. Texas Gov. Greg Abbott announced Tuesday that he is lifting the mask mandate, effective March 10, despite calls from scientists and other politicians that people should still wear a face covering to guard against the spread of COVID-19. Coronavirus has killed more than 42,000 Texans. Mississippi Gov. Tate Reeves also made an announcement lifting the mask mandate on Tuesday. "The Kroger Family of Companies' most urgent priority throughout the COVID-19 pandemic has been to provide a safe environment for our associates and customers while meeting our societal obligation to provide open stores, e-commerce solutions and an efficiently operating supply chain so that our communities have access to fresh food," a Kroger spokesperson said in a statement. Kroger chains include the namesake grocer, Ralphs and King Soopers. "To ensure the continued safety of our customers and associates, The Kroger Family of Companies will continue to require everyone in our stores across the country to wear masks until all our frontline grocery associates can receive the COVID-19 vaccine. We also continue to advocate to federal, state and local officials to prioritize frontline grocery workers for the vaccine rollout plan, and we will offer a $100 one-time payment to associates who receive the recommended doses of the COVID-19 vaccine." Kroger is also encouraging social distancing and its contactless and low-touch transaction options. Kroger stock has gained 11.3% over the last year while the S&P 500 index is up 28.3% 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
Mar 03, 2021

Biden agrees to stricter income limits for getting $1,400 stimulus checks
President Joe Biden has agreed to curtail which Americans will get stimulus checks in the latest COVID-19 aid package, according to multiple published reports, with the president making a deal with moderate Democratic lawmakers who expressed concerns about money going to people who aren't in dire need. Individuals making $80,000 a year now won't get the direct payments from the federal government, while the cutoff for joint filers will be $160,000, the reports said.

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
Mar 03, 2021

EIA reports a more than 21 million-barrel weekly rise in U.S. crude supplies
The Energy Information Administration reported Wednesday that U.S. crude inventories jumped up by 21.6 million barrels for the week ended Feb. 26. On average, analysts forecast a climb of 1.3 million barrels, according to a survey by S&P Global Platts. The American Petroleum Institute on Tuesday reported a nearly 7.4 million-barrel climb, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub rose by 500,000 barrels for the week. However, petroleum-product stocks dropped as frigid temperatures in mid-February led to a slowdown in Texas refinery activity. The EIA reported that gasoline supply was down 13.6 million barrels, while distillate stockpiles were down 9.7 million barrels for the week. The S&P Global Platts survey had forecast supply declines of 2.9 million barrels for gasoline and 3.9 million barrels for distillate inventories. April West Texas Intermediate crude held onto the bulk of their gains, trading up $1.08, or 1.8%, at $60.83 a barrel on the New York Mercantile Exchange. Prices were at $60.70 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
Mar 03, 2021

Rocket Cos. stock tumbles, after more than doubling over the past 3 days
Shares of Rocket Companies Inc. tumbled 23.9% in morning trading, to pull back after more than doubling over the past three sessions. The stock had soared a one-day record 71.2% on Tuesday on record volume of 376.6 million shares, and ran up 109.0% amid a three-day win streak, after the real estate services company reported better-than-expected fourth-quarter results and announced a special dividend of $1.11 a share. The company is presenting Wednesday at the Morgan Stanley Technology, Media and Telecom Conference. S3 Partners said Tuesday that the stock's recent rally and short-selling activity, in which short interest increased during the rally, was "reminiscent of another recent highflying 'meme' stock -- GameStop Inc." . Rocket's stock has advanced 55.9% over the past three months through Tuesday, while the S&P 500 has gained 5.0%.

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
Mar 03, 2021

Gauge of bond-market inflation expectations hits highest since 2008
A gauge of future price pressures from holders of Treasury inflation-protected securities are trading at their highest levels in over a decade. The 5-year breakeven rate, which reflects estimates of consumer prices over the next 5 years, stood at 2.50% on Wednesday. The rise in inflation expectations followed climbing bond yields on Wednesday, with the 10-year Treasury note rate up 6.9 basis points to 1.484%. Bond prices move inversely to yields. Investors have been betting that the combination of an accommodative Federal Reserve, trillions in fiscal relief and the reopening of the U.S. economy will lead to a sustained rise in price levels.

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
Mar 03, 2021

Stocks tilt higher after employment report points to tepid recovery
U.S. stocks traded slightly higher at the start of Wednesday's session after a weaker-than-expected private-sector employment report suggested the economic rebound may be making less headway than hoped. The S&P 500 rose 0.1% to 3,873. The Dow Jones Industrial Average advanced 58 points, or 0.2%, to 31,450. The Nasdaq Composite gained 0.1% to 13,366. ADP's private-payroll data for February showed the addition of 117,000 jobs, below the forecast of 225,000 jobs. Shares of Las Vegas Sands Corp. rallied 2% after the casino operator announced agreements to sell its Las Vegas property and operations for $6.25 billion.

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
Mar 03, 2021

Michaels to be taken private in $3.3 billion deal
Arts-and-crafts retailer Michaels Cos. Inc. announced Wednesday that it has entered into an agreement with Apollo Global Management Inc. , taking the company private. The deal has an equity value of $3.3 billion and a transaction value of $5 billion. Apollo will acquire all outstanding shares of Michaels stock for $22 per share, a 47% premium to the closing stock price on February 26. Michaels shares soared 9.5% in premarket trading, and have skyrocketed 366% over the past year. The S&P 500 index is up nearly 29% over the last 12 months. The deal is expected to close during the first half of Michaels' fiscal year. Michaels will announce fourth-quarter earnings on March 4 before the opening bell, but in light of the agreement, the company will not host an earnings conference call.

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
Mar 03, 2021

CarMax to pay bonuses to more than 80% of its employee for efforts during 'challenging year'
CarMax Inc. said Wednesday it will pay bonuses of up to $500 to 22,000 employees, or more than 80% of its workforce, to recognize their efforts "in the midst of a challenging year." The used car retailer's stock slipped 0.1% in premarket trading. The company said full-time employees will receive $500 bonuses and eligible part-time employees will receive $250 bonuses. Eligible employees hired after March 1, 2020 will receive prorated bonuses, while remaining employees are eligible for other bonus plans. "No one could have forecasted the challenges that we all faced this year," said Chief Executive Bill Nash. "Our associates have worked tirelessly to take care of each other and our customers, and this reward is in appreciation of their efforts." The stock has rallied 25.7% over the past three months through Tuesday, while the S&P 500 has gained 5.6%.

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
Mar 03, 2021

NIH halts study evaluating convalescent plasma in people with mild or moderate forms of COVID-19
The U.S. government stopped a clinical trial evaluating convalescent plasma as a treatment for people with mild to moderate forms of COVID-19, saying the experimental treatment likely has no benefit to these patients. An independent safety monitoring board said that using convalescent plasma will not harm patients but it likely has no benefit, according to a news release put out Tuesday by the National Institutes of Health. Convalescent plasma is blood plasma gathered from people who have recovered from COVID-19; that plasma, which carries COVID-19 antibodies, is then given to people who are currently sick to help them recover from the disease. In this particular trial, the plasma was given to patients with at least one comorbidity who came to emergency rooms with mild or moderate symptoms of COVID-19. The NIH said that more than 100,000 people in the U.S. have been treated with convalescent plasma during the pandemic.

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
Mar 03, 2021

Zynga acquires Echtra Games with plans for more cross-platform gaming
Zynga Inc. announced Wednesday morning that that it has acquired Echtra Games, which will help the company develop a role-playing game (RPG) that can be played across platforms. "This acquisition will be instrumental in growing our iconic licenses and brands from mobile to PCs and consoles, while helping to further expand Zynga's total addressable market," Zynga Chief Executive Frank Gibeau said in a release. The leadership team of Echtra Games has past experience developing games like "Diablo" and "The Sims 4," Zynga said in its release. Terms of the acquisition weren't disclosed. Zynga shares are up 1.4% in premarket trading Wednesday. The stock has gained 37% over the past three months as the S&P 500 has risen 5.6%.

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
Mar 03, 2021

Coty to produce more sustainable fragrances
Coty Inc. said Wednesday that it has signed a letter of intent to partner with LanzaTech, a producer of sustainable ingredients, to produce eco-friendly fragrances. LanzaTech will provide sustainable ethanol, produced from industrial emissions. Coty aims to use the ingredient in the majority of its fragrances by 2023. Ethanol is key to fragrance production. Coty fragrance brands include Marc Jacobs, Chloe, Davidoff and Joop. Coty stock has rallied more than 13% for the year to date, but is down 10.3% for the past year. The S&P 500 index has gained nearly 29% for the las 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
Mar 03, 2021

Rocket Cos. stock pulls back after more than doubling over the past 3 days
Shares of Rocket Companies Inc. dropped 8.1% in premarket trading, to pull back after more than doubling over the past three sessions. The stock had soared a one-day record 71.2% on Tuesday on record volume of 376.6 million shares, and ran up 109.0% amid a three-day win streak, after the real estate services company reported better-than-expected fourth-quarter results and announced a special dividend of $1.11 a share. The company is presenting later Wednesday at the Morgan Stanley Technology, Media and Telecom Conference. S3 Partners said Tuesday that the stock's recent rally and short-selling activity, in which short interest increased during the rally, was "reminiscent of another recent highflying 'meme' stock -- GameStop Inc." . Rocket's stock has advanced 104.8% over the past three months through Tuesday, while the S&P 500 has gained 5.6%.

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
Mar 03, 2021

Ocugen stock soars after partner Bharat Biotech COVID-19 vaccine candidate shows 81% efficacy
Shares of Ocugen Inc. soared 31.0% in premarket trading Wednesday, after the biopharmaceutical company said its co-development partner Bharat Biotech released an interim analysis of its Phase 3 trial of its COVID-19 vaccine candidate, COVAXIN, which demonstrated efficacy of 81%. Bharat's Phase 3 trial in India enrolled 25,800 participants aged 18 to 91, and the first interim analysis is based on 43 cases. A review of the safety database showed severe, serious and medically attended adverse events occurred at low levels and balanced between vaccine and placebo groups. "These results, which in part suggest significant immunogenicity against the rapidly emerging UK variant, represent an additional step towards outlining the regulatory pathway for EUA and approval in the United States," said Ocugen Chief Executive Shankar Musunuri. "COVAXIN, a whole virion based vaccine candidate, is designed to fill a significant unmet need in our national arsenal of vaccines against COVID-19." Ocugen's stock has skyrocketed 3,071.5% over the past three months, while the iShares Nasdaq Biotechnology ETF has tacked on 6.8% and the S&P 500 has gained 5.6%.

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
Mar 03, 2021

Lowe's closing stores on Easter Sunday
Lowe's Cos. said Wednesday that it will close its stores on Easter Sunday, April 4, in the U.S. and Canada. This is the second year that Lowe's has shut its doors for the holiday. "As we did last year, we'll work to ensure associates have the opportunity to make up scheduled hours to avoid any loss in pay resulting from this well-deserved day away from work," said Marvin Ellison, Lowe's chief executive in a statement. Lowe's has 300,000 associates and is currently hiring 50,000 seasonal and full-time workers. Lowe's stock has rallied 50.2% over the past year, outpacing the benchmark S&P 500 index , which is up nearly 29% 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
Mar 03, 2021

Jack Daniel's parent Brown-Forman beats earnings estimates for fiscal Q3
Brown-Forman Corp. said Wednesday it had net income of $219 million, or 45 cents a share, in its fiscal third quarter to Jan. 31, down from $231 million, or 48 cents a share, in the year-earlier period. Sales rose to $911 million from $899 million a year ago. The FactSet consensus was for EPS of 43 cents and sales of $902 million. The company said the Jack Daniels family of brands saw sales fall 2% in the year to date, while premium bourbons sales rose 18%. The tequila portfolio's sales rose 2%. "Underlying net sales in Travel Retail continued to be significantly impacted by the continuation of COVID-19 related travel bans and restrictions," the company said in a statement. Brown-Forman is not offering guidance, given the uncertainty created by the pandemic. Shares were not active premarket, but have gained 13% in the last 12 months, while the S&P 500 has gained 29%.

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
Mar 03, 2021

DISH, DraftKings stocks rally after app integration agreement
DISH Network Corp. and DraftKings Inc. announced Wednesday an agreement in which DraftKings' fantasy experiences and sportsbook will be provided directly to DISH customers. Shares of DISH surged 7.3% in premarket trading and DraftKings rose 2.7%. As part of the agreement, DraftKings' app will be integrated on the DISH TV Hopper platform. "We're thrilled to work with DraftKings to amplify the sports-fan experience, and extend the DraftKings footprint across our unique suite of services, including SLING TV and Boost Mobile, with potential applications across our 5G wireless buildout in the future," DISH TV Group President Brian Neylon. DISH shares have dropped 11.0% over the past three months, while DraftKings stock has rallied 37.0% and the S&P 500 has advanced 5.6%.

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
Mar 03, 2021

Dollar Tree reports Q4 sales miss, adds $2 billion to share repurchase program
Dollar Tree Inc. stock fell 3.1% in Wednesday premarket trading after the discount retailer reported fourth-quarter sales that missed expectations. Net income totaled $502.8 million, or $2.13 per share, up from $123.0 million, or 52 cents per share, last year. Sales totaled $6.768 billion up from $6.315 billion last year. The FactSet consensus was for EPS of $2.12 and sales of $6.804 billion. Same-store sales rose 5%, below the FactSet consensus for for 5.5% growth. Family Dollar same-store sales were up 8.1% while the namesake chain saw same-store sales growth of 2.4%. For fiscal 2021, Dollar Tree plans to open 600 new stores, 400 Dollar Trees and 200 Family Dollars, and renovate 1,250 Family Dollar locations. Dollar Tree has increased its share repurchase plan by $2 billion. Dollar Tree stock has gaine 21% over the past year while the S&P 500 index is up nearly 29%.

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
Mar 03, 2021

ExxonMobil outlines plans to adapt to lower carbon future ahead of investor day
Exxon Mobil Corp. on Wednesday outlined its plans to adapt to a lower carbon future with details of capital spending and earnings expectations for the next four years. In a statement released ahead of an investor day, the energy giant said it plans to grow earnings and cash flow, sustain and increase its dividend, reduce debt and fund advantaged projects, while working on lower emissions technologies that comply with the goals of the Paris Accord on climate change. "Looking ahead, we're working to reduce our emissions and develop solutions, such as carbon capture and low-carbon hydrogen, needed to de-carbonize the highest emitting sectors of the economy -- a critical requirement for society to achieve its net zero ambition," Chief Executive Darren Woods said in the statement. The company plans capex of $16 billion to $19 billion in 2021, and $20 billion to $25 billion a year after that through 2025, investing in high-return, cash-boosting projects, said Woods. The company cut capex by more than 30% in 2020 to address reduced demand during the coronavirus pandemic and expects permanent structural savings of $6 billion a year by the end of 2023, compared with 2019. "Our investments are expected to generate returns of greater than 30 percent," said Woods. "And 90 percent of our upstream investments in resource additions, including in Guyana, Brazil and the U.S. Permian Basin, generate a 10 percent return at $35 per barrel or less. Downstream investments improve net cash margin by 30 percent and our Chemical investments grow high-value performance products by 60 percent." Exxon's new business, ExxonMobil Low Carbon Solutions, will focus on carbon capture and storage. The company's 2025 emission reduction plans aim to reduce greenhouse gas emissions by 30% for the upstream business and flaring and methane emissions are expected to be cut by 40% to 50%. Shares were up 1.3% premarket and have gained 9% in the last 12 months, while the Dow Jones Industrial Average has

MarketWatch MarketPulse
Mar 03, 2021

Roku stock rallies after KeyBanc turns bullish, sets $518 price target
Shares of Roku Inc. rallied 2.8% in premarket trading Wednesday, after KeyBanc Capital analyst Justin Patterson said its time to buy, saying the streaming platform for TV is redefining video monetization. Patterson raised his rating to overweight from sector weight, and established a stock price target at $518, which is 32.9% above Tuesday's closing price of $389.67. The upgrade comes on the heels of Roku's purchase of Nielsen Holdings PLC's Advanced Video Advertising business. "Previously, Roku was capturing over 3.5 hours/day of digital viewership (although not all of it was monetizable)," Patterson wrote in a note to clients. "With the acquisition of Nielsen's advertising assets, Roku can now monetize the other 2.5-3 hours/day on linear TV." He said that benefits both average revenue per user (ARPU) and the company's positioning with programmers. Roku's stock has rallied 34.8% over the past three months, and soared 258.8% over the past 12 months. The S&P 500 has gained 28.9% over 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
Mar 03, 2021

Twilio plans $1 billion bond deal in its latest capital raise
Twilio Inc. said Wednesday it is planning to issue $1 billion of unsecured, senior notes in the cloud communications platform's latest capital raise. The San Francisco-based company raised $1.54 billion in an equity offering in February. Proceeds of the bond deal will be used for general corporate purposes, including potential acquisitions, strategic investments, refinancing or repayment of debt, capex, working capital and share buybacks. JP Morgan, Morgan Stanley and BofA Securities are lead underwriters on the deal. Twilio shares were up 0.8% premarket and have gained 275% in the last 12 months, while the S&P 500 has gained 29%.

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
Mar 03, 2021

Wendy's earnings and revenue rise, but miss expectations
Wendy's Co. shares fell 2.4% in Wednesday premarket trading after the fast-food chain reported a fourth-quarter earnings and revenue miss. Net income totaled $38.7 million, or 17 cents per share, up from $26.5 million, or 11 cents per share, last year. Revenue of $474.3 million was up from $427.2 million last year. The FactSet consensus was for EPS of 18 cents and revenue of $477.0 million. Global same-restaurant sales grew 4.7%, below the FactSet consensus for 5.7% growth. And domestic same-restaurant sales were up 5.5%, also below the FactSet consensus for 6.1% growth. Wendy's says year-to-date U.S. same-restaurant sales through the week ending February 21 were up 6%, with a global increase of about 5%. For the year, Wendy's is guiding for global systemwide growth of 6% to 8%. The FactSet consensus is for $1.795 billion, suggesting growth of 3.4%. Wendy's stock has gained 11.2% over the past year while the S&P 500 index is up nearly 29% 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
Mar 03, 2021

Greenlane acquires specialty silicone smoking products maker Eyce in deal expected to immediately boost earnings
Cannabis accessories maker Greenlane Holdings Inc. said Wednesday it has acquired the specialty silicone smoking products Eyce brand and most of its assets in a deal it said would immediately boost earnings. Terms were not disclosed. "The Eyce acquisition represents the latest step in Greenlane's relentless focus to find and acquire the highest quality brands and platform extensions in the cannabis market to further drive our revenue growth and profitability and deliver value to our shareholders," Greenlane Chief Executive and co-Founder Aaron LoCascio said in a statement. "We have carefully built a robust pipeline of targets and we intend to add additional brands to our portfolio in the near term as we continue to execute on this growth plan." Greenlane shares were not active premarket, but have gained 190% in the last 12 months, while the Cannabis ETF has gained 118% and the S&P 500 has gained 29%.

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
Mar 03, 2021

Boston Scientific to spend $1.1 billion in cash to buy Lumentis LTD's surgical business
Boston Scientific Corp. announced Wednesday an agreement to buy the global surgical business of Lumenis LTD for $1.07 billion in cash from Baring Private Equity Asia. The medical technology company said Lumentis's surgical business includes laser systems, fibers and accessories used for urology and otolaryngology procedures, and is expected to have 2021 sales of about $200 million. "The MOSES laser technology, paired with our LithoVue(TM) Single-Use Digital Flexible Ureteroscope and comprehensive kidney stone management portfolio, will enable execution of our strategy for our stone franchise," said Meghan Scanlon, president of urology and pelvic health at Boston Scientific. The stock, which was still inactive in premarket trading, has rallied 14.6% over the past three months, while the S&P 500 has gained 5.6%.

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
Mar 03, 2021

Las Vegas Sands sells its Las Vegas property and operations for $6.25 billion to Apollo, VICI Properties
Shares of Las Vegas Sands Corp. rallied 3.0% in premarket trading Wednesday, after the casino operator announced agreements to sell its Las Vegas property and operations for $6.25 billion to Apollo Global Management and VICI Properties Inc. Apollo's stock was still inactive ahead of the open, while VICI shares fell 1.0%. Under terms of the deal, Apollo will buy the operating company of The Venetian, which includes the Venetian Resort and the Sands Expo and Convention Center, for $2.25 billion, and VICI will buy the land and real estate assets of The Venetian for $4.0 billion. Las Vegas Sands said Asia remains the "backbone" of the company, and its development opportunities in Macao and Singapore are at the center of the company's attention. "Our long-held strategy of reinvesting in our Asian operations and returning capital to our shareholders will be enhanced through this transaction," said Chief Operating Officer Patrick Dumont. "Additionally, as our industry continues to evolve, particularly as it relates to the digital marketplace, we are committed to exploring those possibilities. Over the past 12 months, Las Vegas Sands stock has rallied 16.2%, Apollo shares have climbed 16.6% and VICI shares have advanced 15.2%, while the S&P 500 has gained 28.9%.

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
Mar 03, 2021

Coronavirus tally: Global cases of COVID-19 top 114.8 million and U.S. death toll above 516,000
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 114.8 million on Wednesday, according to data aggregated by Johns Hopkins University, while the death toll rose above 2.55 million. The U.S. has the highest case tally in the world at 28.7 million and the highest death toll at 516,616. The U.S. added 57,789 new cases on Tuesday, according to a New York Times tracker, and at least 1,306 people died. The U.S. has averaged 65,468 cases a day in the past week, down 19% from two weeks ago. There was good news from President Joe Biden who said the U.S. expects to take delivery of enough coronavirus vaccine for all adults by the end of May - two months earlier than anticipated - and he pushed states to get at least one shot into the arms of teachers by the end of March to hasten school reopenings. Brazil has the second highest death toll at 257,361 and is third by cases at 10.6 million. India is second worldwide in cases with 11.1 million, and fourth in deaths at 157,346. Mexico has the third highest death toll at 187,187 and 13th highest case tally at 2.1 million. The U.K. has 4.2 million cases and 123,530 deaths, the highest in Europe and fifth highest in the world.

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
Mar 03, 2021

CMC Materials raises dividend by 4.5%, boosts stock buyback program
CMC Materials Inc. said Wednesday it will raise its quarterly dividend by 4.5%, to 46 cents a share from 44 cents, and has increased its stock repurchase program to $150 million. Shares of the supplier of materials used by semiconductor makers were still inactive in the premarket. The company said the new dividend will be payable on or about April 23 to shareholders of record on March 23. Based on Tuesday's stock closing price of $168.53, the new annual dividend rate implies a dividend yield of 1.09%, compared with the implied yield for the S&P 500 of 1.49%, according to FactSet. The stock has rallied 15.8% over the past three months, while the PHLX Semiconductor Index has advanced 13.1% and the S&P 500 has gained 5.6%.

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
Mar 03, 2021

FedEx to invest $2 billion to be carbon neutral by 2040
FedEx Corp. said Wednesday it will invest $2 billion in its commitment to be carbon neutral by 2040. As part of the plan, the package delivery giant said it entire fleet of pickup and delivery (PUD) fleet will be electric vehicles by 2040. The company said half of its FedEx Express PUD purchases will be EVs by 2025, rising to 100% by 2030. In addition, FedEx pledged $100 million to Yale University to establish the Yale Center for Natural Carbon Capture, will continue to invest in alternative fuels to reduce aircraft and vehicle emissions and will make efforts to make its more than 5,000 facilities more sustainable. "While we've made great strides in reducing our environmental impact, we have to do more," said FedEx Chief Sustainability Officer Mitch Jackson. "The long-term health of our industry is directly linked to the health of the planet, but this effort is about more than the bottom line - it's the right thing to do." FedEx's stock, which was still inactive in premarket trading, has dropped 11.3% over the past three months, while the Dow Jones Transportation Average has advanced 7.8% and the Dow Jones Industrial Average has gained 4.7%.

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
Mar 03, 2021

Oscar Health IPO prices above range to raise $1.4 billion
Oscar Health said that it's priced its initial public offering at $39, raising $1.4 billion. The company twice raised the range of its pricing. Co-Founder Joshua Kushner, the brother of Jared Kushner, the son-in-law of former President Donald Trump, will have 75% control of the company through his Thrive Capital venture firm. Oscar Health gets most of its revenue from selling insurance plans in the marketplace set up by the Affordable Care Act.

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
Mar 02, 2021

fuboTV reports first $100 million quarter
Shares of fuboTV Inc. were down 3% in extended trading Tuesday after the live-sports streaming service reported spikes in quarterly revenue and subscribers. The company said fourth-quarter revenue nearly doubled, to $105.1 million, from a year ago as its number of subscribers improved 73% to 548,000. In a letter to shareholders, fuboTV said it expects sales of $101 million to $103 million in its current quarter, and subscribers of 520,000 to 530,000. FuboTV's stock is up an astounding 373% over the last 12 months. The broader S&P 500 index is up 29% over 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
Mar 02, 2021

Biden aims for all teachers to get at least one vaccine shot by end of month
President Joe Biden on Tuesday said he aims to "add one more tool to school reopening -- a vaccinated workforce," as he announced a goal of having every educator "receive at least one shot by the end of the month of March." Biden said his administration will help make this happen by "using our federal pharmacy program to prioritize the vaccination of pre-K through 12 educators and staff and childcare workers." He also said over 30 states have already taken the step of prioritizing educators for vaccination.

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
Mar 02, 2021

API reports a weekly climb of more than 7 million barrels in U.S. crude supplies, sources say
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by nearly 7.4 million barrels for the week ended Feb. 26, according to sources. The data also reportedly showed gasoline stockpiles fell by 9.9 million barrels, while distillate inventories also declined by about 9.1 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 732,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories up by 1.3 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory declines of 2.9 million barrels for gasoline and 3.9 million barrels for distillates. April West Texas Intermediate crude was at $59.57 barrel in electronic trading, compared with Tuesday's settlement at $59.75 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
Mar 02, 2021

Nordstrom tops quarterly views, promises better inventory management
Shares of Nordstrom Inc. fell more than 1% in the extended session Tuesday after the retailer beat analyst expectations for its fourth-quarter profit and sales but detailed inventory snags. Nordstrom said it earned $33 million, or 21 cents a share, in the quarter, compared with $193 million, or $1.23 a share, in the year-ago period. Revenue fell to $3.65 billion from $4.54 billion a year ago. Analysts polled by FactSet expected Nordstrom to earn 16 cents a share on sales of $3.58 billion. Heading into the holidays, Nordstrom experienced delays in inventory flow, which led to higher inventory levels at the end of the year, it said. "Heading into 2021, we're taking steps to improve our inventory position," Chief Executive Erik Nordstrom said in a statement. For the first quarter, Nordstrom guided for revenue to grow more than 25%, with online sales representing about 50% of sales. Shares of Nordstrom ended the regular trading day down 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
Mar 02, 2021

Biden says U.S. will have enough COVID vaccine supply for every adult by end of May
President Joe Biden on Tuesday announced that the U.S. will have enough COVID-19 vaccine supply for every adult in America by the end of May. His announcement came as he said the country's COVID vaccine supply will be boosted by Merck helping make Johnson & Johnson's vaccine.

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
Mar 02, 2021

Ross Stores stock falls 6% as retailer sees impact from virus winter 'upsurge'
Shares of Ross Stores Inc. fell more than 6% in the extended session Tuesday after the retailer said that an "upsurge" in COVID-19 cases around the holidays hit foot traffic in its stores, particularly as California, where Ross has a larger presence, had tighter rules regarding operations. Ross also said it planned a "more moderate" pace of store openings for 2021. Ross earned $238,000, or 67 cents a share, in the fourth quarter, compared with earnings of $456,000, or $1.28 a share, in the year-ago period. Sales fell to $4.25 billion, from $4.41 billion, and same-store sales were down 6%, "reflecting the negative impact from the upsurge of COVID-19 during the peak holiday selling season," the company said. Analysts polled by FactSet had expected Ross to report earnings of $1.02 a share on sales of $4.27 billion. "Fourth-quarter operating margin of 9.5% declined versus last year as an increase in merchandise margin was more than offset by the deleveraging effect on expenses from lower sales, and higher supply chain and COVID-related operating costs," Chief Executive Barbara Rentler said in a statement. Ross ended the regular trading day down 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
Mar 02, 2021

Stocks end lower as tech shares lead pullback
Stocks ended moderately lower Tuesday, giving back some of the gains scored the previous session as a rise in global bond yields relented. The Dow Jones Industrial Average fell 144 points, or 0.5%, to end near 31,391, according to preliminary figures, while the S&P 500 lost arund 32 points, or 0.8%, finishing near 3,870. The tech-heavy Nasdaq Composite dropped around 230 points, or 1.7%, to close near 13,359.

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
Mar 02, 2021

Rocket Companies stock skyrockets, S3 says rally and short selling is reminiscent of another 'meme' stock
Shares of Rocket Companies Inc. blasted 74.4% higher on very heavy volume in afternoon trading Tuesday, enough to pace all gainers on major U.S. exchanges, and put them on track for a record close. Trading volume was 306.4 million shares, compared with the full-day average of about 13.0 million shares over the past 30 days. The real estate services company, with brands including Rocket Mortgage and Rocket Homes, did not immediately respond to a request for comment. The stock is headed for the biggest one-day gain since it went public on Aug. 6, 2020, while volume nearly triple the previous record 111.6 million shares on Aug. 6. The stock has now skyrocketed 113.6% over the past three days, since the company reported better-than-expected fourth-quarter earnings and announced a special dividend of $1.11 a share. S3 Analytics said there has been a "large amount of short selling" into the stock's (RKT) recent rally, with short interest interest increasing to 47.9 million shares, or 45.8% of the public float. "RKT's stock price and short selling activity is reminiscent of another recent highflying 'meme' stock -- GameStop Inc. ," wrote Ihor Dusaniwsky, managing director of predictive analytics at S3 in a note to clients. The stock has now rallied 110.8% over the past three months, while the S&P 500 has tacked on 5.9%.

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
Mar 02, 2021

Raimondo confirmed as Commerce Secretary
Rhode Island Gov. Gina Raimondo won Senate confirmation for commerce secretary, 84-15, on Tuesday. Raimondo, 49, co-founded an early stage venture-capital firm, Point Judith Capital before running for public office.

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
Mar 02, 2021

Rocket Companies stock skyrockets, S3 says rally and short selling is reminiscent of other 'meme' stocks
Shares of Rocket Companies Inc. blasted 56.6% higher on very heavy volume in afternoon trading Tuesday, enough to pace all NYSE-listed gainers, and put them on track for a record close. Trading volume was 257.5 million shares, compared with the full-day average of about 13.0 million shares over the past 30 days. The stock is headed for the biggest one-day gain since it went public on Aug. 6, 2020, while volume has already more than doubled the previous record 111.6 million shares on Aug. 6. The stock has now skyrocketed 91.6% over the past three days. The real estate services company, with brands including Rocket Mortgage and Rocket Homes, did not immediately respond to a request for comment. S3 Analytics said there has been a "large amount of short selling" into the stock's (RKT) recent rally, with short interest interest increasing to 47.9 million shares, or 45.8% of the public float. "RKT's stock price and short selling activity is reminiscent of another recent highflying 'meme' stock -- GameStop Inc.," wrote Ihor Dusaniwsky, managing director of predictive analytics at S3 in a note to clients. The stock has now rallied 80.1% over the past three months, while the S&P 500 has tacked on 6.0%.

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
Mar 02, 2021

U.S. oil futures settle below $60 for first time in more than a week
Oil futures fell on Tuesday, with U.S. prices settling below the $60 mark for the first time since Feb. 19. Traders weighed prospects for crude production, with the Organization of the Petroleum Exporting Countries and its allies expected to make a decision on output levels by Thursday. At an OPEC technical meeting held Tuesday, S&P Global Platts reported that OPEC Secretary General Mohammad Barkindo said producers must emphasize "cautious optimism." The pandemic still poses downside risks to the economy, but "encouraging global economic developments and resilient demand in Asia are upside factors," Barkindo said. April West Texas Intermediate crude fell 89 cents, or 1.5%, to settle at $59.75 a barrel. That was the lowest front-month contract finish since Feb. 19, 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
Mar 02, 2021

Gold futures log first gain in 6 sessions
Gold futures finished higher on Tuesday, posting a gain for the first time in six sessions. "Gold's beatdown might be over" now that the global outlook might be showing some weak points, said Edward Moya, senior market analyst at Oanda. The global bond market selloff could very well resume, but "central banks are lining up to voice their concern over surging bond yields," he said. If the Federal Reserve "clearly signals they are in agreement with the other central banks, gold could easily get its groove back." April gold rose $10.60, or 0.6%, to settle at $1,733.60 an ounce. Prices settled Monday at their lowest since June 2020.

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
Mar 02, 2021

Commodities ETFs outperform as stocks retreat
Commodities exchange-traded funds rallied Tuesday as stocks slumped after their best one-day performance since June. The United States Copper Index Fund and the Invesco Optimum Yield Diversified Commodity Strategy No K1 Fund both gained 1.3% midday, while the United States Commodity Index Fund was up 1.2%. Continued investor interest in commodities signals a belief that the economic recovery is still underway, even if stocks are taking a breather. In the year to date, the copper ETF noted here is up 18.4%, and the Invesco diversified commodity fund has gained 14.4%, while the S&P 500 is up 3.5%.

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.



TRENDING TAGS
Stockmarket Today yields bond tech
PowellFed Dow Yields Treasury Market
stockstech yields Market bond Markets
Bondyields market Powell sell-off stocks
MarketStock Stocks Powell bond yields
Yieldsbond Stock Powell stocks Dow
OPECOil production Output prices cuts
COVID-19Vaccine Study Bill Coronavirus vaccines
FedPowell Federal Chair FedEx Chief
VaccineCOVID-19 Covid AstraZeneca coronavirus Johnson

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
  • Contact
  • As an Amazon Associate
    CEOExpress earns from
    qualifying purchases.

©1999-2021 CEOExpress Company LLC