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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Nov 14, 2019

Nvidia's stock options traders prep for a smaller one-day post-earnings move than history might suggest
Shares of Nvidia Corp. fell 0.7% in midday trading, ahead of the graphics chip maker's third-quarter results, due out after the closing bell. Options traders are prepared for some volatility on Friday in reaction to the results, but a move that is less than what investors have grown to expect over the past several years. An options strategy known as a straddle, which is a pure volatility play that involves the simultaneous purchase of bullish call and bearish put options with at-the-money strike prices, expiring Friday, are priced to start making money if the stock moves 6.7% in either direction on Friday. The average move in the stock the day after earnings has been 8.9% over the past 20 quarters, and 7.2% the past 10 quarters, according to an analysis of data provided by FactSet. The stock has gained the day after 12 of the past 20 quarterly reports, by an average of 11.0%, while the average decline has been 5.7%. The median move the past 20 quarters has been 7.0%, and 5.3% the past 10 quarters. Nvidia's stock has run up 38% over the past three months, while the PHLX Semiconductor Index has soared climbed 19% and the S&P 500 has tacked on 8.6%.

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
Nov 14, 2019

EIA reports weekly increases in U.S. crude-oil and gasoline supplies
The Energy Information Administration on Thursday reported that U.S. crude supplies rose by 2.2 million barrels for the week ended Nov. 8. Data were released a day later than usual because of Monday's Veterans Day holiday. Crude supplies were forecast to increase by 1 million barrels, according to analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a decline of 541,000 barrels, according to sources. The EIA data also showed a supply increase of 1.9 million barrels for gasoline, but distillate stocks fell by 2.5 million barrels. The S&P Global Platts survey showed expectations for supply decreases of 1.7 million barrels for gasoline and 1.6 million barrels for distillates. Oil prices pared earlier gains, with December West Texas Intermediate crude up 13 cents, or 0.2%, to $57.25 a barrel on the New York Mercantile Exchange, down from $57.62 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
Nov 14, 2019

Chicken producer stocks surge after USTR confirms China lifts ban, sees $1 billion in exports a year
Shares of chicken producers surged toward fresh highs morning trading Thursday, after the Office of the U.S. Trade Representative confirmed that China has lifted its ban on buying U.S. poultry, which exports now expected to top $1 billion a year. Tyson Foods Inc.'s stock rose 3.6%, and reached an all-time intraday high of $94.11 earlier; Sanderson Farms Inc. shares shot up 3.5%, on track for the highest close in two years; and Pilgrim's Pride Corp.'s stock climbed 1.4%, and was also headed for a 2-year high. The USTR's announcement confirms reports that starting circulating in late-October that China had lifted the ban. "After being shut out of the market for years, U.S. poultry producers and exporters welcome the reopening of China's market to their products," said U.S. Secretary of Agriculture Sonny Perdue. "America's producers are the most productive in the world and it is critical they be able to sell their bounty to consumers in other parts of the globe."

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
Nov 14, 2019

USTR confirms China ends its ban on American poultry
Trump administration officials on Thursday confirmed China has ended a ban on American chicken, paving the way for the U.S. to export more than $1 billion in poultry and poultry parts to the Asian country. "China is an important export market for America's poultry farmers, and we estimate they will now be able to export more than $1 billion worth of poultry and poultry products each year to China," said United States Trade Rep. Robert Lighthizer in a statement . Chinese officials had said last month that there had been a deal to end the ban.

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
Nov 14, 2019

EIA reports a slightly smaller-than-expected weekly increase in U.S. natural-gas supplies
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 3 billion cubic feet for the week ended Nov. 8. Analysts expected a build of 7 billion cubic feet, on average, by analysts polled by S&P Global Platts. Total stocks now stand at 3.732 trillion cubic feet, up 491 billion cubic feet from a year ago and 2 billion cubic feet above the five-year average, the government said. December natural gas traded at $2.651 per million British thermal units, up 5.1 cents, or 2%, from Wednesday's settlement. It was trading at $2.669 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
Nov 14, 2019

Dillard's stock skyrockets 17% after unexpected earnings beat, driving J.C. Penney stock up
Dillard's Inc. stock soared 17% in Thursday trading after it reported a surprise profit, and lifted other department store stocks with it. J.C. Penney Co. Inc. shares jumped 5%, Macy's Inc. shares climbed nearly 3%, and Nordstrom Inc. stock was up almost 2% on Thursday. Many department stores haven't reported their latest quarterly earnings, heading into a holiday season with both bullish forecasts for sales but concerns about the shortened shopping period. Dillard's stock has gained 32% for the year to date, the SPDR S&P Retail ETF is up 9.1% and the S&P 500 index has gained 23.4% 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
Nov 14, 2019

Wrangler launches outdoor apparel brand ATG by Wrangler
Denim brand Wrangler announced the launch of a line of outdoor clothing, All Terrain Gear (ATG) by Wrangler, on Thursday, expanding its outdoor apparel line. The collection includes pants and shirts that are quick-drying, water repellent, have mesh venting and recycled materials. Each piece was created using 3D virtual design. Items are priced in a range from $19.99 for shirts to $109.99 for outerwear. Wrangler is part of the Kontoor Brands Inc. portfolio of brands, which was spun off from VF Corp. . Kontoor stock is up 18.3% for the past three months while the S&P 500 index has gained 9% during 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
Nov 14, 2019

U.S. Post Office losses more than double to $8.8 billion for the year, while revenue rises
The U.S. Postal Service reported Thursday a fiscal 2019 net loss that more than doubled $8.81 billion, from $3.91 billion a year ago. The USPS said about $3.4 billion of the increased losses were a result of discount rate changes on actuarial calculations affecting workers' compensation expense. The "controllable" loss, which excludes items outside of management control, such as workers compensation expenses and discount rate changes, increased to $3.42 billion from $1.95 billion. Revenue rose 0.7% to $71.14 billion, even though volume declined 2.6% to 142.57 billion pieces, as price increases and growth in the shipping and packages business offset weakness in the first-class and marketing mail businesses. Operating expenses increased by $5.4 billion, or 7.3%, to $79.9 billion, including a $3.5 billion jump in workers compensation expense, a $994 million increase in contractual wage increases and a $320 million rise in retirement benefits expenses. "We continue to adjust to declining mail volume and remain focused on leveraging our unique and unrivaled network to gain new customers and grow profitable revenue in the increasingly competitive package business," said Postmaster General Megan Brennan. "However, revenue growth in our package business will never be enough to offset imbalances in the Postal Service's business model, which must be addressed through legislative and regulatory reforms in order to secure a sustainable future."

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
Nov 14, 2019

Sally Beauty downgraded on concerns about store traffic
Sally Beauty Holdings Inc. was downgraded to underperform from neutral at D.A. Davidson on concerns about the retailer's struggle for store traffic amid the consumer shift to e-commerce. Analysts, however, raised the price target to $15 from $12.50. Analysts also worry that same-store sales could disappoint now that they've entered positive territory. Last Thursday, Sally Beauty reported fiscal fourth-quarter net income of $69.0 million, or 58 cents per share, up from $55.2 million, or 46 cents per share, last year. Adjusted EPS of 58 cents beat the FactSet consensus for 53 cents. Sales of $965.9 million was nearly flat with last year but ahead of the FactSet outlook for $955.0 million. Same-store sales growth of 1.1% beat the FactSet consensus for flat same-store sales. Sally Beauty stock is down 1.9% in Thursday trading, but is up 12.4% for the year to date. The S&P 500 index has gained 23.4% for 2019 so far.

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



MarketWatch MarketPulse
Nov 14, 2019

American Outdoor's stock surges after Smith & Wesson spinoff plan, Sturm Ruger shares edge higher
Shares of American Outdoor Brands Corp. shot up 7.4% toward a 3-month high in morning trading Thursday, after the company said it planned to spin off its Smith & Wesson gun-maker business into an independent publicly traded company. Rival gun maker Sturm Ruger & Co.'s stock rose 0.5% and shares of ammunition maker Vista Outdoor Inc. slipped 0.8%. American Outdoor expects the spinoff to be completed in the second half of 2020. Prior to completion of the spinoff, American Outdoor said it plans to call its senior notes, repay its existing bank term loan and consolidate those credit facilities into the lower interest rate revolving line of credit. American Outdoor, which will be the outdoor products and accessories business, expects to be "well capitalized" following the spinoff with zero debt.

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
Nov 14, 2019

Shake Shack launches nationwide delivery service with GrubHub
Shake Shack Inc. said Thursday that is now offering delivery nationwide through a partnership with GrubHub Inc. . Shake Shack said it would offer the service through GrubHub back in August, but warned of "volatility" as it transitioned away from other third-party delivery services like Postmates. To launch the nationwide availability with GrubHub, Shake Shack is offering the service free of charge through Nov. 17. And next month in Houston, Shake Shack and GrubHub will host an invite-only music and culinary event. Shake Shack stock has gained 36.2% for the year to date. GrubHub is down nearly 52%. And the S&P 500 index is up 23.4% for 2019 so far.

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



MarketWatch MarketPulse
Nov 14, 2019

Tribune Publishing to start paying a dividend, with an implied yield of over 10%
Tribune Publishing Co. said Thursday it will begin paying an quarterly cash dividend next month, and for the "foreseeable future." The newspaper publisher's stock fell 0.4% in morning trading. The company will start with a dividend of 25 cents a share, to be payable Dec. 10 to shareholders of record on Nov. 25. Based on current stock prices, the annual dividend rate implies a dividend yield of 10.47%, compared with the implied yield for the S&P 500 of 1.92%, according to FactSet. The company said all future dividends will be subject to the determination of the board of directors. Tribune's stock, which closed at a 3 1/2-year low of $7.13 on Aug. 14, has run up 33.9% over the past three months while the S&P 500 has gained 8.9%.

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
Nov 14, 2019

Stocks lower on China pessimism, earnings misses
U.S. stocks opened lower as investors increasingly discount a U.S.-China trade deal and after two major indexes hit fresh highs. The Dow Jones Industrial Average opened 25 points, 0.1%, lower, while the S&P 500 fell 3 points, or 0.1%. The Nasdaq was down about 22 points, 0.3%. Shares of Cisco Systems Inc. , a Dow component, were down about 6% in pre-market trading after offering guidance that missed Wall Street expectations.

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
Nov 14, 2019

Qiagen's stock extends surge after J.P. Morgan swings to bullish from bearish
Shares of Qiagen N.V. surged 3.3% in premarket trading Thursday, after J.P. Morgan analyst Tycho Peterson swung to bullish from bearish on the Netherlands-based molecular testing company, citing expectations that company's turnaround will continue. The upgrade comes a day after the stock surged 9.9% after a Bloomberg report that Massachusetts-based analysis and diagnostics company Thermo Fisher Scientific Inc. was considering a buyout of Qiagen, which had a market capitalization of $8.03 billion as of Wednesday's close. J.P. Morgan's Peterson upgraded Qiagen to overweight from underweight and boosted his price target to $40 from $25. "Barring a near-term takeout..., we see potential for new management to reset the bar and pursue abundant opportunities for portfolio rationalization and cost reduction, and therefore we think the worst is in the rearview for [Qiagen]," Peterson wrote in a note to clients. The stock has run up 40% since closing at a 3-year low on Oct. 8 through Wednesday, while the S&P 500 has gained 6.9% over the same time.

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



MarketWatch MarketPulse
Nov 14, 2019

Apple stock falls after Maxim joins the bear camp
Shares of Apple Inc. are down 0.7% in premarket trading Thursday after Maxim Group analyst Nehal Chokshi downgraded the stock to sell from hold. He expects that the company's March-quarter revenue will come in 14% below consensus estimates and that fiscal 2020 revenue will end up 6% below consensus figures. "We expect operating profit to decline year over year due to our below consensus iPhone view, despite ongoing growth in services and wearables," he wrote. Chokshi also projects a deceleration in Apple's wearables, home, and accessories category in fiscal 2021 due to what could be tougher competition from a combined Alphabet Inc. and Fitbit Inc. . He set a $190 price target on the shares, which have gained 68% so far this year to reach a recent $264.47. The Dow Jones Industrial Average is up 19% so far in 2019.

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
Nov 14, 2019

Exicures shares up on Allergan partnership
Shares of Exicure are up 26% in premarket trading on the news that the biotechnology company entered into an agreement with Allergan to develop treatments for hair loss disorders. Exicure will receive an upfront payment of $25 million. In addition, it can receive milestone payments up to $97.5 million per R&D program and up to $265 million per commercial program. Allergan's portfolio has long been known for top-selling beauty brands like the medical fillers Botox and Juvéderm. Its $63 billion acquisition by AbbVie is expected to close early next year. Exicure stock is down 30.51% year-to-date, while the S&P 500 has risen 23%.

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
Nov 14, 2019

Canopy paid more in stock-based compensation in Q2 than it generated in revenue: MKM
Canopy Growth Corp. paid more in share-based compensation in its fiscal second quarter than it generated in revenue, MKM analyst Bill Kirk wrote Thursday. "Separately, General & Administrative costs (C$87.9mn) were also greater than period revenue," Kirk wrote in a note to clients following the Canadian cannabis company's earnings. "This disappointing quarter, and with Canopy production levels still far greater than sell-through, becomes an industry issue that does not resolve quickly." Other items the analyst noted from the report; Canopy posted a wider-than-expected loss for the quarter and sales of C$76.6 million that were lower than the C$90.5 million generated in the first quarter. The company had a C$32.7 million adjustment to revenue that was related to returns and pricing adjustments mostly due to oils and softgels. "We do not consider this type of adjustment to be one-time, as it reflects returns and new pricing architecture and package assortment going forward," Kirk wrote. "We have long been concerned about Canopy's production levels relative to sell-through and the quality/age of inventory. We believe the returns and pricing adjustments, as well as a C$15.9mn inventory charge in the period, demonstrate this issue." The analyst rate the stock as neutral. Canopy's U.S.-listed shares were down 7% premarket and have fallen 31% in 2019, while the ETFMG Alternative Harvest ETF has fallen 28% and the S&P 500 has gained 23%.

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
Nov 14, 2019

Dillard's shares jump after the retailer reports an unexpected profit
Dillard's Inc. stock jumped 7.7% in Thursday premarket trading after the department store retailer reported a third-quarter profit rather than the loss that the Street was expecting. Net income totaled $5.5 million, or 22 cents per share, down from $7.4 million, or 27 cents per share last year. Revenue totaled $1.42 billion, down from $1.46 billion last year. The FactSet consensus was for a loss of 29 cents and sales of $1.41 billion. Same-store sales were flat for the quarter compared with a 2% decline FactSet forecast. Dillard's says it will close its 100,000 square foot location at the Fiesta Mall Clearance Center in Mesa, Ariz. in January 2020, and open a new location at the Columbia Mall in Columbia, Mo. Dillard's stock has gained 12.4% for the year to date but is down 8.1% for the past year. The S&P 500 index is up 14.5% 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
Nov 14, 2019

OPEC trims forecast for U.S. oil production growth in 2020
The Organization of the Petroleum Exporting Countries on Thursday trimmed its forecast for crude production by the U.S. in 2020. The cartel, in its monthly report, said it expects non-OPEC production to grow by 2.17 million barrels a day next year, down 34,000 barrels a day from its October estimate. The fall largely reflected expectations for U.S. production to growth by 1.5 million barrels a day, down 33,000 barrels a day from the previous outlook. OPEC left its forecast for 2019 and 2020 global oil-demand growth unchanged at 980,000 barrels a day and 1.08 million barrels a day, respectively. OPEC, citing secondary sources, also said that crude oil production by members rose by 943,000 barrels a day in October to average 29.65 million barrels a day.

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
Nov 14, 2019

Walmart shares rise after earnings beat, guidance raised
Walmart Inc. shares rose 3.6% in Thursday premarket trading after the retail giant reported third-quarter earnings that beat expectations and raised its guidance. Net income totaled $3.23 billion, or $1.15 per share, up from $1.71 billion, or 58 cents per share, last year. Adjusted EPS of $1.16 beat the FactSet consensus for $1.09 per share. Revenue of $127.99 billion, was up from $124.89 billion but missed the FactSet consensus for $128.60 billion. Walmart U.S. e-commerce sales rose 41% including "strong growth in online grocery," the company said. U.S. same-store sales were up 3.2%, beating the 2.9% growth FactSet forecast. Total same-store sales rose 2.8%, below the 3% FactSet expectation. For fiscal year 2020, Walmart now expects adjusted EPS to increase slightly, including Flipkart, and to increase in the high single-digit percentage range excluding it. The FactSet outlook is for EPS of $4.95, implying a 0.8% increase. Previously, Walmart expected a slight decrease to slight increase in EPS, including Flipkart, and an increase by the mid-to-high single digit range excluding Flipkart. Walmart stock has rallied 30% for the year to date outpacing the Dow Jones Industrial Average, which is up 19.1% for the period.

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



MarketWatch MarketPulse
Nov 14, 2019

Green Organic Dutchman secures financing for up to C$103 million
Canadian cannabis company The Green Organic Dutchman Holdings Ltd. said Thursday it has signed agreements that give it up to C$103 million ($77.6 million) in financing. The news comes after the Toronto-based company said in October it would cut costs and adopt a plan to reduce its financing needs as it grapples with a smaller-than-expected Canadian market. The company been working to find alternative financing to raise the funds needed to complete construction of some of its facilities, after the financing on offer was prohibitively expensive. Green Organic Dutchman now says it has a financing package composed of a sale-leaseback of its Ancaster Energy Centre; a construction mortgage loan term sheet; and a convertible equity term sheet. The 10-year sale-leaseback arrangement has given the company proceeds of C$23 million. The mortgage loan term sheet is for C$40 million and is secured by the Ancaster facility along with Valleyfield. The convertible term sheet is for $30 million U.S. dollars and has a 5% coupon. The company will use the funds to complete construction of the processing facility at Ancaster and to complete construction of six zones in its Valleyfield hybrid greenhouse. U.S.-listed shares were not yet active premarket, but have fallen 61% in 2019, while the ETFMG Alternative Harvest ETF has fallen 28% and the S&P 500 has gained 23%.

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
Nov 14, 2019

Viacom's stock jumps after profit, revenue fall less than expected
Shares of Viacom Inc. rallied 3.6% in premarket trading Thursday, after the media network and filmed entertainment company reported fiscal fourth-quarter profit and revenue that beat expectations. Net income for the quarter to Sept. 30 fell to $307 million, or 76 cents a share, from $394 million, or 98 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share declined to 79 cents from 99 cents but was above the FactSet consensus of 76 cents. Revenue slipped 1.5% to $3.43 billion but topped the FactSet consensus of $3.42 billion, as media networks revenue of $2.61 billion beat expectations of $2.58 billion but filmed entertainment revenue of $851 million missed expectations of $865 million. Viacom is in the process of merging with CBS Corp. , with the combined company to be named ViacomCBS. Viacom's stock has tumbled 17.5% over the past three months, while the SPDR Communication Services Select Sector ETF has gained 6.9% and the S&P 500 has advanced 8.9%.

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
Nov 14, 2019

Canopy Growth's stock falls after losses widen, revenue rises less than expected
The U.S.-listed shares of Canopy Growth Corp. dropped 2.5% in premarket trading Thursday, after the Canada-based cannabis company reported a wider-than-expected fiscal second-quarter loss and revenue that came up short of forecasts. The net loss for the quarter to Sept. 30 widened to C$374.6 million ($282.4 million), or C$1.08 a share, from C$330.6 million, or C$1.52 a share, in the year-ago period. The FactSet consensus for net losses per share was C41 cents. Net revenue more than tripled to C$76.6 million ($57.7 million) from C$23.3 million, but was well below the FactSet consensus of C$90.6 million. Kilograms harvested of 40,570 was up from 15,217 a year ago but down from 40,960 in the sequential first quarter. Recreational business-to-business dry cannabis sales was 7,497 kilograms and recreational business-to-consumer dry cannabis sales were 1,064 kilograms--there were no recreational sales a year ago--while medical dry cannabis sales fell to 998 kilograms from 1,698 kilograms. "The last two quarters have been challenging for the Canadian cannabis sector as provinces have reduced purchases to lower inventory levels, retail store openings have fallen short of expectations, and Cannabis 2.0 products are yet to come to market," said Chief Executive Mark Zekulin. He said he believes the challenges are "a short-term headwind in what is a brand new industry." The stock has tumbled 31.2% year to date through Wednesday, while the ETFMG Alternative Harvest ETF has dropped 27.8% and the S&P 500 has climbed 23.4%.

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
Nov 14, 2019

Danske Bank says it's been charged with misselling investment advisory services
Danske Bank said it's been preliminarily charged by the Danish State Prosecutor for Serious Economic and International Crime with misselling about 8.8 billion Danish kroner ($1.3 billion) of investment advisory services. A criminal complaint had been filed in August. Danske Bank said it found that customers who invested in a product during a certain period between 2017 and 2018 paid fees that were too high as a result of misguided management decision. "We agree that this is a serious matter and that we have not lived up to what our customers should rightfully expect of us. We are compensating all affected customers, just as we are taking the steps necessary to ensure that something like this will not happen again," said CEO Chris Vogelzang.

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
Nov 13, 2019

Smith & Wesson to split from corporate parent American Outdoor Brands Corp.
American Outdoor Brands Corp. announced Wednesday afternoon that it would split into two companies to separate its gun-manufacturing business and the rest of its products. AOBC plans to spin off its outdoor-products and -accessories business in a tax-free dividend to stockholders, and allow that business to retain the American Outdoor Brands Inc. name. The gun business will be renamed Smith & Wesson Brands Inc., the name associated with its firearms. "There have been significant changes in the political climate as well as the economic, investing, and insurance markets since we embarked upon what we believe have been our very successful diversification efforts," Chairman Barry Monheit said in the announcement. "We believe that separating into two independent public companies will allow each company to better align its strategic objectives with its capital allocation priorities." Chief Executive James Debney will remain at the helm of American Outdoor, while Mark Smith will become CEO of Smith & Wesson. Chief Financial Officer Jeffrey Buchanan will lead the coordination and execution of the separation, expected to be completed in the second half of 2020, and then retire. Deana McPherson will take over as CFO of Smith & Wesson, and H. Andrew Fulmer will be CFO of American Outdoor. The company will hold a conference call to discuss the plans Thursday morning at 8:30 a.m. Eastern time. AOBC also reaffirmed its financial guidance for the fiscal second quarter, which ended Oct. 31, and plans to announce results on Dec. 5. AOBC shares were halted just after markets closed, and gained more than 2% in extended trading after being released from the hold at 4:50 p.m. Eastern time.

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



MarketWatch MarketPulse
Nov 13, 2019

API data show unexpected weekly decline in U.S. crude supply: sources
The American Petroleum Institute reported late Wednesday that U.S. crude supplies fell by 541,000 barrels for the week ended Nov. 8, according to sources. The API data, which were released a day later than usual because of Monday's Veterans Day holiday, also reportedly showed stockpile increases of 2.3 million barrels for gasoline and 887,000 barrels for distillates. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories up by 1 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 1.7 million barrels for gasoline and 1.6 million barrels for distillates. December West Texas Intermediate crude was at $57.45 a barrel in electronic trading, up from the contract's $57.12 settlement on the New York Mercantile Exchange.

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



MarketWatch MarketPulse
Nov 13, 2019

Smucker CFO Belgya to retire
J.M. Smucker Co. said late Wednesday Chief Financial Officer Mark Belgya will retire Sept. 1, 2020, with Tucker Marshall, the vice president of finance, succeeding him at the conclusion of Smucker's current fiscal year in May. Smucker also created a chief operating officer role and started to look for candidates for the position. Shares of Smucker were flat in the extended session after ending the regular trading day up 0.6%.

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
Nov 13, 2019

U.S. Steel pledges to reduce intensity of greenhouse-gas emissions by 20%
U.S. Steel Corp. said Wednesday it plans to reduce greenhouse-gas-emissions intensity across its global footprint by 20% by 2030. The reduction will be measured by the rate of carbon-dioxide equivalents emitted per ton of finished steel shipped, based on 2018 baseline levels. The steel sector is facing significant financial losses from future climate regulation, with the top 20 steel manufacturers at risk of a potential loss of 14% of their value by 2040, according to a report earlier this year from CDP, a sustainable-investing advocate. Existing steel-production techniques are already close to the limits of their efficiency, so meeting the goals of the Paris climate agreement, from which President Donald Trump is withdrawing the U.S., will require a radical change by the industry, the CDP alleges after analyzing the 20 top companies, worth a combined $259 billion. U.S. Steel shares fell about 2% in Wednesday trading; they're down 26.4% in 2019 to date. The S&P 500 is up 23% in 2019.

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
Nov 13, 2019

Trump says China trade deal moving 'rapidly' amid report of snag
President Donald Trump said Wednesday a U.S.-China trade agreement is "moving along rapidly," after a report that trade talks may have hit a snag over farm purchases. The Wall Street Journal reported Beijing is leery of putting a numerical commitment in the text of a potential agreement. The Dow Jones Industrial Average and S&P 500 closed at new records on Wednesday even amid the trade uncertainty. Trump spoke at a White House news conference with Turkey's president.

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
Nov 13, 2019

Sundial shares surge 15% after losses widen to C$97 million
Sundial Grows Inc. shares rose more than 15% in the extended session Wednesday after the company reported a third-quarter loss of C$97.5 million ($73.6 million) on net revenue of C$33.5 million. The cannabis company's net loss amounts to C$1.06 a share, versus a loss of C$0.18 a share in the year-ago period. Sundial did not report revenue a year ago. Sundial said its losses were "driven by" the termination of a royalty obligation and the acquisition of a business in the United Kingdom. Not enough analysts were polled by FactSet to form reliable consensus estimates. Sundial went public in August; the stock has dropped 65% in the past three months as the benchmark S&P 500 index rose 23%.

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Nov 13, 2019

HollyFrontier increases dividend by 6%
HollyFrontier Corp. said late Wednesday its board of directors has declared a regular quarterly dividend of 35 cents a share, an increase of 6% from 33 cents a share in the previous quarter. The dividend is payable on Dec. 11 to shareholders of record on Nov. 27. Shares were flat in the extended session after ending the regular trading Wednesday down 1.6%.

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Nov 13, 2019

Disney stock shoots to record high after debut of streaming service
Walt Disney Co. shares jumped to record prices Wednesday, after the company announced that its new streaming service had more than 10 million subscribers in the wake of the service's Tuesday launch. Disney shares rose as much as 8.2% to an intraday record of $149.92 before closing with a 7.3% gain at $148.63, topping the record closing price of $146.39. The previous record was established on July 29 of this year, after Disney announced a new annual box-office record less than seven months into the year. The day's gain was the third-best on a percentage basis for Disney's stock in the past decade. Disney announced Wednesday that it had achieved 10 million subscribers to the Disney streaming service, which launched Tuesday. The company has been signing up subscribers for months in advance of the launch of Disney , which is seen as a rival to other streaming services like Netflix Inc. Disney's gains paced the Dow Jones Industrial Average , contributing about two-thirds of the blue-chip index's gain for the day.

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Nov 13, 2019

NetApp earnings turn around, shares head higher in late trading
NetApp Inc. reported an increase in earnings from a year ago Wednesday after a big drop in the previous quarter, exceeding expectations and sending shares higher in after-hours trading. NetApp reported fiscal second-quarter earnings of $243 million, or $1.03 a share, on sales of $1.37 billion, down from $1.52 billion a year ago. After adjusting for stock-based compensation and other effects, the company reported earnings of $1.09 a share, up from $1.06 a share in the same quarter last year. Analysts on average expected adjusted earnings of 94 cents a share on sales of $1.38 billion, according to FactSet. NetApp stock closed with a 0.7% decrease at $60.07, then gained slightly in immediate extended trading after the results were released. NetApp shares have declined roughly 24% in the past 12 months, as the S&P 500 index has gained 13.6%.

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Nov 13, 2019

Dow, S&P 500 notch record closes even as U.S.-China trade concerns dampen gains
U.S. stocks largely closed in positive territory Wednesday, though off session highs, after the Wall Street Journal reported that U.S.-China trade talks have stalled out on disagreements over China making firm commitments on agricultural purchases and U.S. reluctance to roll back already implemented tariffs in the hopes of maintaining an enforcement mechanism to hold China to the terms of a potential deal. The Dow Jones Industrial Average rose 92 points, or 0.3% to close at about 27,784, a new record, and the S&P 500 index added about two points to end the day at 3,094, also a record close. Meanwhile, the Nasdaq Composite index shed about 4 points, or 0.1% to close near 8,482. The apparent gap between U.S. and Chinese trade negotiators has delayed the completion of a phase-one trade deal that was announced on Oct. 11 by President Trump and Vice-Premier Liu He, though doubts to whether an actual deal will be signed grew after President Trump said during a speech Tuesday that he was willing to raise tariffs further if China doesn't agree to a deal that works for the U.S. Federal Reserve Chairman Jerome Powell testified before Congress' Joint Economic Committee Wednesday, where he signaled that interest rates would be on hold unless there was a material deterioration in the economy. In company news, shares of Nike Inc. rose 2% after it announced it would stop selling apparel directly on Amazon.com Inc.

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Nov 13, 2019

Disney stock shoots to record highs after debut of streaming service
Walt Disney Co. shares jumped to record prices Wednesday, after the company announced that its new streaming service had more than 10 million subscribers in the wake of the service's Tuesday launch. With about an hour to go in Wednesday's trading session, Disney shares were up as much as 8% at $149.65, topping the previous intraday record of $147.15, and appeared ready to break the record closing price of $146.39. Both of those previous records were established on July 29 of this year. Earlier in the day, Disney announced that it had achieved 10 million subscribers to the Disney streaming service, which launched Tuesday. The company has been signing up subscribers for months in advance of the launch of Disney , which is seen as a rival to other streaming services like Netflix Inc. If Disney's stock maintains a gain of more than 7.63%, this would become the second best trading session of the past decade for the media giant, following only a gain of 11.5% on April 12 of this year. Disney's gains were pacing the Dow Jones Industrial Average , contributing roughly two-thirds of the blue-chip index's gain for the day.

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Nov 13, 2019

Netflix's stock falls as Disney's soars toward record high
Shares of Netflix Inc. fell 3.0% in afternoon trading, after Walt Disney Co.'s rival Disney streaming video service gathered 10 million subscribers in just one day. Disney's stock shot up 7.9% toward a record high close, with the stock's price gain of $10.94 adding about 74 points to the Dow Jones Industrial Average's price, which climbed 102 points. Netflix's stock drop should delight the increasing number of Netflix bears, as short-interest data released earlier this week showed that short interest as of Oct. 31 rose to a 10-month high of 25.3 million shares, representing 5.9% of the shares available to trade (float). In comparison, there were 16.2 million Disney shares shorted as of Oct. 31, or 0.9% of the float. Shares of Apple Inc. , which released its own streaming video service Apple TV on Nov. 1, rose 1.0% toward a record close. There were 45.2 million Apple shares shorted, or 1.0% of the float.

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Nov 13, 2019

GE's stock slips, as J.P. Morgan's Tusa throws shade on recent rally
Shares of General Electric Co. fell 1.5%, to extend their pullback from Friday's one-year closing high, after J.P. Morgan's bearish analyst Stephen Tusa indicated he didn't buy the recent raised outlook by management and resulting stock surge. Tusa reiterated his underweight rating and stock price target of $5, which was 47% below current levels. Since the company reported third-quarter results before the Oct. 30 opening bell, the stock had soared 27% through Nov. 8, when the stock closed at a one-year high. It has pulled back 2.3% since then. "Key to the recent bounce in GE stock is the notion that management has set a bottom on fundamentals, with the company "raising" guidance a sign of change in the revision trajectory," Tusa wrote in a note to clients. "We disagree," he said, as "lost in the noise" was the fact that GE missed guidance on core business earnings before interest and taxes (EBIT). He said the way the company avoided a "miss" despite weakness in its core business by using GE Capital to influence profits and shifting losses to corporate suggests the "historic culture" remains unchanged. "We don't deny companies the right to use all the degrees of freedom afforded by a diversified portfolio," Tusa wrote. "However, the apparent continuation of these dynamics supports are view that there are substantially fewer options for a clean break from the past, and that looks to us like it's ultimately unsustainable." The stock has run up 55% year to date, while the Dow Jones Industrial Average has gained 19%.

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Nov 13, 2019

Stocks lose grip on gains after U.S.-China talks reportedly hit snag
The Dow Jones Industrial Average was clinging to a small gain, while the S&P 500 and Nasdaq Composite slipped back into negative territory after The Wall Street Journal said U.S.-China trade talks hit a snag over purchases of agricultural products. The Dow was up 24 points, or 0.1%, at 27,716, while the S&P 500 edged down 0.1% to 3,089. The Nasdaq Composite was off 0.3% at 8,464. The report said that while President Donald Trump has agreed to buy $50 billion a year of U.S. soybeans, pork and other farm products, China is wary of making a numerical commitment in the text of the agreement.

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Nov 13, 2019

Alcoa's stock drops after BofA Merrill Lynch turns bearish on aluminum price concerns, valuation
Shares of Alcoa Corp. dropped 4% in afternoon trading Wednesday, after Bank of America Merrill Lynch analyst Timna Tanners turned bearish on the aluminum products company citing a cautious view on aluminum pricing and valuation concerns. Tanners cut her rating to underperform from neutral, while keeping her stock price target at $21, which 2.1% below current levels. "Although aluminum prices rallied with base metals over the past month, partly boosted by hopes of a trade agreement, we remain cautious amid extra supply in China and more modest government-mandated winter shutdowns," Tanners wrote in a note to clients. "While some reports suggested alumina cuts in China, our colleagues noted excess supply risks." She said that stock has rallied 16% since the company reported third-quarter results on Oct. 16, after the company detailed a planned a review of its assets, while aluminum prices have gained 6%. "Investors may be overly enthusiastic over any cost savings implied in the review, in our view, as mgmt has said the process likely takes more than five years to complete and could incur added costs," Tanners wrote. the stock has tumbled 20% year to date, while the Dow Jones Industrial Average has gained 9.7%.

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Nov 13, 2019

Canada Goose shares sink 13% as company's reluctance to lift guidance raises concern
Canada Goose Holdings Inc. stock is down 13% in Wednesday trading despite reporting earnings and sales that beat expectations. The outwear company didn't raise its guidance, Wells Fargo analysts note, which raises concerns about near-term performance. "Notably, management explained that the meaningful top-line upside in wholesale was entirely a timing factor," analysts wrote. "Also, direct-to-consumer is expected to face headwinds across the channel due to tough compares in Canada ([the anniversary of] its Montreal and Vancouver store roll outs, two top-performing locations) while Asia will face pressure from both ongoing protests in Hong Kong and lapping its e-commerce platform rollout." Wells Fargo maintains Canada Goose's market perform stock rating until it has more confidence about the wholesale business, though analysts say it is showing strong growth and the ability to further expand internationally. Wells Fargo lowered its price target to C$50 from C$55. Canada Goose shares have lost 42% over the past year while the S&P 500 index is up 13.7% for the period.

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Nov 13, 2019

Disney 10 million subscribers 'eye popping,' analyst says
The 10 million subscribers that Disney , the streaming service that the Walt Disney Co. launched on Tuesday, has gathered in just one day is "eye popping" and "considerably higher" than many on Wall Street expected, Dan Ives at Wedbush said in a note Wednesday. "This speaks to the 1-2 punch of success that (Disney Chief Executive Bob) Iger and Disney have coming out of the gate with unmatched content and a massive brand/distribution that makes the House of Mouse a legitimate streaming competitor on Day One" to Netflix Inc. , Ives said. Disney's goal of having 60 million to 90 million subscribers in five years could be fast-forwarded by two years at this pace, he said. Shares of Disney rallied 4% on Wednesday, and are up 32% this year, which compares with gains around 23% and 19% for the S&P 500 index and the Dow Jones Industrial Average.

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Nov 13, 2019

AMD stock touches highest price in 13 years, leads S&P 500 gains for year
Advanced Micro Devices Inc. shares touched their highest price in more than a dozen years Wednesday and have more than doubled over the year. AMD shares were last up 2.4% at $37.58, after touching an intraday high of $37.96, their highest price since March 21, 2006, when shares priced at $38, according to FactSet data. Year to date, AMD shares are up nearly 104%, making them 2019's best performer so far on the S&P 500 index , which is up more than 23%. Second and third place go to chip-equipment makers Lam Research Corp. and KLA Corp. , respectively, shares of which have nearly doubled over the year. The PHLX Semiconductor Index is up 50% year-to-date. Shares of AMD rival Nvidia Corp. , which reports earnings on Thursday, are up nearly 57% for the year. AMD announced Wednesday that Apple Inc.'s new 16-inch MacBook Pro will feature the company's 7-nanometer Radeon Pro 5500M and 5300M mobile graphics processing units.

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Nov 13, 2019

Facebook says it removed more content exploiting children from Instagram in Q3 vs. Q2
Facebook Inc. said Wednesday it removed more content from Instagram that sexually exploited or endangered children in the third quarter than the second quarter, as a few pieces of content were shared very quickly. It was the first time that Facebook has made disclosures regarding content that had to be removed from the photo-sharing service and not just its own social media platform. In its latest Community Standards Enforcement Report, the company said it removed 753.7K pieces of content from Instagram in the third quarter, up from 512.4K in the second quarter. The company said only about 0.04% of views in the quarter were of "violating" content. The company reports any apparent child exploitation to the National Center for Missing and Exploited Children. The company tracks regulated goods, suicide and self-injury and terrorist propaganda on both Instagram and Facebook, it said. Facebook shares were down 0.6% Wednesday, but have gained 47% in 2019, while the S&P 500 has gained 23%.

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Nov 13, 2019

EIA lifts forecasts for U.S. oil output and prices, raises 2019 natural-gas price view
The U.S. Energy Information Administration raised its forecasts for U.S. crude-oil production and prices for this year and next, according to the Short-Term Energy Outlook report released Wednesday. The EIA forecasts 2019 U.S. crude production of 12.29 million barrels a day, up 0.2% from the October forecast. It also raised its 2020 U.S. output forecast by 0.9% to 13.29 million barrels a day. The agency also lifted its West Texas Intermediate 2019 and 2020 price forecasts by 0.3% each to $56.45 and $54.60, respectively. Natural-gas prices, meanwhile, are forecast to average $2.61 per million British thermal units this year, up 1.6% from the previous forecast but next year, the EIA sees an average $2.48 price, down 1.3% from the previous forecast. December WTI added 53 cents, or 0.9%, to $57.33 a barrel. December natural gas traded at $2.575 per million Btus, down 4.6 cents, or 1.8%.

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Nov 13, 2019

Crestwood's stock rallies on back of Chesapeake Energy's bounce, as shares are highly correlated
Shares of Crestwood Equity Partners L.P. rallied 1.5% in morning trade Wednesday, on track to snap a six-session losing streak, as a bounce in Chesapeake Energy Corp.'s stock helped provide support. Crestwood's stock had plummeted 14% over the past six sessions to close Tuesday at an 8-month low. Stifel Nicolaus analyst Selman Akyol wrote in a note to clients earlier this week that the recent weakness in Crestwood shares was likely in large part due to concerns over Chesapeake Energy, since the oil and natural gas company is a customer of Crestwood, a midstream infrastructure company, in the Powder River Basin. Chesapeake's stock bounced 7.5% Wednesday, after plummeting 57% over the previous six sessions on the back of a "going concern" warning. Crestwood and Chesapeake shares have a correlation coefficient of 0.77 over the past three months, where a correlation of 1.00 is a perfect match. Over the same time, the correlation of Chesapeake's stock and the SPDR Energy Select Sector ETF is 0.23, continuous crude oil futures is 0.28 and the S&P 500 is -0.29.

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Nov 13, 2019

Newspaper publisher McClatchy's stock drops after swinging to loss, 'liquidity challenge' warning
Shares of MClatchy Co. slumped 8.1% in morning trading Wednesday, after the newspaper publisher swung to a third-quarter loss on the back of a large impairment charge, and said it faces a "liquidity challenge" next year. The company, which newspapers include Miami Herald, The Kansas City Star and The Charlotte Observer, reported a net loss of $304.7 million, or $38.43 a share, after net income of $7.0 million, or 90 cents a share, in the year-earlier period. The company said given "challenging business conditions and the resulting weakness in the company's stock price," the company recorded impairment charges of $258.1 million to goodwill and $37.2 million to newspaper mastheads. Revenue fell 12% to $167.4 million, as advertising revenue dropped 19% to $76.8 million. Separately, the company said the Internal Revenue Service has declined the company's request for a three-year waiver of the minimum required pension contribution. McClatchy said its pension plan was underfunded by about $535 million as of March 31, with about $124 million of contributions due over the course of 2020. That amount due "greatly exceeds" anticipated cash available, creating "a significant liquidity challenge" for next year. "The company and its advisors are exploring all available options to address these liquidity pressures," McClatchy said in a statement. The stock has plummeted 66% over the past 12 months, while the S&P 500 has gained 14%.

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Nov 13, 2019

Applied DNA's stock plunges as stock and warrant offering comes a day after a 4-fold rally
Shares of Applied DNA Sciences Inc. plummeted 72% to pace all Nasdaq losers on Wednesday, after the the company announced the pricing of a public offering of stock and warrants, the day after the stock rocketed more than 4-fold. The molecular technologies company said it was selling 2.285 million common shares and warrants to buy up to 2.285 million shares to the public, with each share of common stock being sold together with one warrant at a combined price of $5.25 a share plus warrant. The warrants will be immediately exercisable at $5.25 per share, and will expire in five years. The stock closed at $19.00 on Tuesday, up 332% from $4.40 on Monday, after the company announced the "successful DNA tagging of leather" at a Asia-based tannery. "The work follows a successful research project undertaken within the UK that demonstrated SigNature DNA could be successfully used to trace the hide of an animal from a farm to the product in a store," the company said in a statement Tuesday. "Traceability is essential when supporting claims of sustainability or the humane treatment of the animals." The stock has still tumbled 67% year to date, while the S&P 500 has run up 23%.

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Nov 13, 2019

RealReal says it 'authenticates every single item' in response to report about fakes sold on its site
RealReal Inc.'s Chief Executive Julie Wainwright issued a response to a report of sales of counterfeit goods on its site, saying that its authentication process is the most thorough in the market. "We are the only resale company in the world that authenticates every single item we sell," the letter said. In a lengthy explanation, Wainwright described the process of verifying that the luxury goods on its site actually come from the labels they claim. In addition to using technologies like machine learning, the company hires authenticators who often have experience with the brands the company sells, Wainwright said. Moreover, she guarantees that if there is a question, the company will "always make it right." The letter comes days after a CNBC report that analyzed negative customer reviews, including claims that customers purchased fake high-end items. Last week, RealReal reported third-quarter sales that rose 55% and beat expectations. "We believe RealReal's strong AOV [average order value] increase shows the untapped demand for authenticated luxury items, particularly in higher-priced items like watches, jewelry, and handbags, all of which RealReal called out as strengths in the quarter," wrote KeyBanc Capital Markets in a note. KeyBanc rates RealReal stock overweight with a $31 price target. RealReal stock is down 21% for the month to date, but up 7.4% over the last three months. The S&P 500 index is up 5.5% for the past three months.

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Nov 13, 2019

Stocks open lower as Fed's Powell offers congressional testimony
Stocks opened slightly lower Wednesday, showing a weaker tone ahead of congressional testimony from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average was off 73 pitns, or 0.3%, at 27,619, while the S&P 500 was off 0.3% at 3,082. The Nasdaq Composite declined 0.3% to 8,458. In prepared remarks released ahead of Powell's appearance before the Joint Economic Committee, the Fed chief reiterated that policy remained appropriate barring a material shift in the economic outlook. Weakness was tied in part to uncertainty around prospects for a so-called phase one trade deal between the U.S. and China after President Donald Trump on Tuesday offered no details on the state of negotiations and after The Wall Street Journal said a rollback of existing U.S. tariffs on Chinese goods remained a stumbling point. Investors will also be watching the start of public impeachment hearings in the House.

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Nov 13, 2019

Melinta Therapeutics stock plunges toward record low after another 'going concern' warning
Shares of Melinta Therapeutics Inc. plummeted 45% toward a record low to pace all premarket decliners Wednesday, after the commercial-stage drug maker included a "going concern" warning in its quarterly filing, for the third consecutive quarter. The first warning by the company that it believed there was "substantial doubt about our ability to continue as a going concern" was in the 10-Q filing with the Securities and Exchange Commission on May 10. The stock had tumbled 25.5% that day, and fell 19% on Aug. 9 when that warning was repeated. In the 10-Q filed late Tuesday, the cmopany said it is "likely in the next few months" that the company would violate financial-related covenants that require a certain minimum revenue, minimum cash and an audit opinion without a going concern qualification. The stock has tumbled 72% year to date, while the S&P 500 has climbed 23%.

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Nov 13, 2019

Party City's stock plunges after disclosing largest shareholder's distribution of entire stake
Shares of Party City Holdco Inc. plunged 12% toward a record low in permarket trading Wednesday after the party goods retailer disclosed that funds affiliated with its largest shareholder Thomas H. Lee Partners L.P. (THL) made a distribution of its entire 35.7 million share stake, with 29.66 million shares going to certain limited partners of the THL funds and 6.05 million shares going to the general partner. The shares will be subject to a 15-day lock-up. Private-equity firm THL was Party City's largest shareholder with a 37.8% stake as of Sept. 30, according to FactSet data. As a result of the distribution, THL will no longer have the right to nominate Party City board members, while current THL directors Todd Abbrecht and Douglas Haber plan to remain on the board. Party City's stock had suffered a record selloff of 67% on Nov. 7 to a record low after the company reported a surprise third-quarter loss and slashed its full-year outlook. The stock has plummeted 78.4% year to date through Tuesday, while the S&P 500 has climbed 23.3%.

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Nov 13, 2019

Mosaic stock slides more than 2% as JPMorgan downgrades to underweight
Mosaic Co. shares slid more than 2% in premarket trade Wednesday, after JPMorgan downgraded the stock to underweight from neutral and said it expects potash and phosphate fertilizer pricing to remain weak. Analysts led by Jeffrey Zekauskas cut their stock price target to $18 from $20. Mosaic cut its phosphate production by 500kt in the first half of 2019, due to weak demand stemming from wet weather. Some investors expect that more normal weather conditions in 2020 should lift the supply/demand balance and lead to a better price outcome. "We are less optimistic," the analysts wrote in a note to clients. "Phosphate imports into the U.S. actually rose by 500kt for the first nine months of 2019, which effectively offset the effects of the Mosaic curtailment. We note that phosphate imports into the U.S. were also heavy in 2018 when they increased by more than 1m tons." JPMorgan continues to view Mosaic as a good long-term investment, but believes there are more favorable entry points than at present. The stock has fallen 28% in 2019, while the S&P 500 has gained 23%.

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Nov 13, 2019

Abbott Laboratories CEO Miles White to step down after 2 decades in charge
Abbott Laboratories said Wednesday that Chief Executive Miles White will step down on March 31, 2020, after 21 years in the role. White, who joined Abbott in 1984, will remain executive chairman. The healthcare company said Robert Ford, who has been chief operating officer since October 2018 and a 23-year Abbott veteran, will succeed White as CEO. Abbott's stock slipped 0.3% in premarket trading. It has rallied 21.4% over the past 12 months through Tuesday, while the SPDR Health Care Select Sector ETF has gained 4.7% and the S&P 500 has advanced 13.6%.

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Nov 13, 2019

Tilray stock slides premarket as analysts weigh in on disappointing earnings
Tilray Inc. shares fell 3.2% in premarket trade Wednesday, as analysts weighed in on a mixed set of earnings with Benchmark analyst Mike Hickey slashing his price target in half. Hickey lowered his price target to $40 from $80 and said profitability again disappointed. "We remain cautious on the Canadian regulatory construct, and expect on-going near term supply and distribution constraints," the analyst wrote in a note to clients. He maintained his buy rating on Tilray stock. MKM analyst Bill Kirk said where other cannabis companies have missed on the top and bottom line, Tilray only missed on the bottom line. "We like Tilray's strategy around: 1) entering the U.S. via hemp seed food products, which serves as a launch pad as regulations change; 2) cultivating in Portugal to service the European markets; and 3) being open to less capital intensive raw material sourcing," Kirk wrote in a note to clients. The analyst has a neutral rating on Tilray stock, which has fallen 69% in 2019, while the ETFMG Alternative Harvest ETF has fallen 26% and the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 13, 2019

UPDATE: Energizer tops profit estimates as sales are boosted by acquisitions
Energizer Holdings Inc. stock rose 3.6% in premarket trade Wednesday, after the battery maker blew past estimates for its fiscal fourth quarter. The company said it had net income of $46.2 million, or 61 cents a share, in the quarter to Sept. 30, up from $1.5 million, or 2 cents a share, in the year-earlier period. Adjusted per-share earnings came to 93 cents, ahead of the 81 cents FactSet consensus. Sales rose to $719.0 million from $457.2 million, also ahead of the $713.0 million FactSet consensus. Sales were boosted by acquisitions in the battery and auto care businesses. The company is now expecting fiscal 2020 sales to grow 9% to 10% and adjusted EPS to range from $3.00 to $3.20, compared with a FactSet consensus of $3.22. Shares have fallen 7% in 2019, while the S&P 500 has gained 23%.

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Nov 13, 2019

Canada Goose's stock surges after profit and revenue rise well above expectations
The U.S.-listed shares of Canada Goose Holdings Inc. surged 5.3% in premarket trading Wednesday, after the Canada-based luxury outdoor apparel maker reported fiscal second-quarter earnings that rose well above expectations. Net income for the quarter to Sept. 29 increased to CAD$58.0 million ($43.7 million), or CAD55 cents a share, from CAD$52.0 million, or CAD45 cents a share, in the year-ago period. Excluding non-recurring items, adjusted EPS came to CAD57 cents, above the FactSet consensus of CAD43 cents. Revenue grew 28% to CAD$294.0 million ($221.6 million), above the FactSet consensus of CAD$266.8 million. Wholesale revenue rose 22% to CAD$219.8 million, above the FactSet consensus of CAD$193.5 million, and direct-to-consumer (DTC) revenue jumped 47% to CAD$74.2 million to beat expectations of CAD$73.7 million. The company affirmed its fiscal 2020 outlook. The stock has slumped 10.7% year to date through Tuesday, while the S&P 500 has gained 23.3%.

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Nov 13, 2019

Energizer tops profit estimates as sales are boosted by acquisitions
Energizer Holdings Inc. said Wednesday it had net income of $46.2 million, or 61 cents a share, in its fiscal fourth quarter to Sept. 30, up from $1.5 million, or 2 cents a share, in the year-earlier period. Adjusted per-share earnings came to 93 cents, ahead of the 81 cents FactSet consensus. Sales rose to $719.0 million from $457.2 million, also ahead of the $713.0 million FactSet consensus. Sales were boosted by acquisitions in the battery and auto care businesses. The company is now expecting fiscal 2020 sales to grow 9% to 10% and adjusted EPS to range from $3.00 to $3.20, compared with a FactSet consensus of $3.22. Shares were not yet active premarket, but have fallen 7% in 2019, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 13, 2019

Luckin Coffee's stock shoots up after revenue rises above expectations
Shares of Luckin Coffee Inc. shot up 7.6% in premarket trading Wednesday, after the China-based coffee seller reported wider third-quarter loss but revenue that rose above expectations. The net loss was RMB531.9 million ($74.4 million), or RMB3.60 per American Depository Share, after a loss of RMB484.9 million, or RMB2.24 per ADS a year ago. Excluding non-recurring items, the adjusted per-ADS loss was RMB2.08, compared with the FactSet consensus for loss per ADS was RMB2.75. Revenue rose to RMB1.54 billion ($219.6 million) from RMB240.8 million, to beat expectations of RMB1.47 billion. Average monthly items sold were 44.2 million, up from 7.8 million a year ago, while the average monthly transacting customers grew to 9.3 million from 1.9 million. "During the third quarter, sales from freshly-brewed coffee drinks continued to maintain very strong growth, and we believe we will reach our goal to become the largest coffee player in China by the end of this year," said Chief Executive Jenny Qian. The stock. which went public on May 17, has tumbled 22.7% over the past three months, while the S&P 500 has gained 5.7%.

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Nov 13, 2019

Apollo Global Management to buy Tech Data for $5.4 billion
Apollo Global Management said it is going to buy Tech Data for $5.4 billion, or $130 a share. The deal represents a 24.5% premium to its 30-day average closing price ending Oct. 15, before there was speculation of a buyout. Tech Data closed Tuesday at $129.87. The terms say Tech Data will be permitted to actively solicit alternative acquisition proposals from third parties during a "go-shop" period from the date of the agreement until Dec. 9, 2019. The Tech Data board of directors has unanimously approved the transaction. Bank of America advised Tech Data, and Citi was lead financial adviser for Apollo.

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MarketWatch MarketPulse
Nov 13, 2019

New Zealand dollar jumps after central bank unexpectedly keeps rates unchanged
The New Zealand dollar surged Wednesday after the country's central bank defied expectations for an interest rate cut, and left policy unchanged. The kiwi dollar jumped 1.1% to 0.6402 U.S. cents. In a statement, the Reserve Bank of New Zealand said at it was leaving the Official Cash Rate at 1% as economic developments since August "do not warrant a change to the already stimulatory monetary policy setting at this time." The central bank slashed its benchmark rate to an all-time low of 1% in August, amid forecasts for tougher economic conditions. Expectations had widely been calling for a cut of 25 basis points, said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note to clients. "The RBNZ was the first among the G10 central banks to lower its rates this year faced with the slowing global growth. It may now be the first to pause the monetary easing despite the prospect of a 'subdued' economic growth for the rest of the year," said Ozkardeskaya.

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Nov 12, 2019

Chesapeake Energy says top investor distributed shares, stock rallies in late trading
Chesapeake Energy Corp. explained a potential reason for the latest big drop for its beleaguered stock late Tuesday, sending shares higher in late trading. In a news release, the company announced that NGP Energy Capital Management LLC, distributed its 310.8 million shares to the partners of investment funds that NGP manages before the market opened Tuesday. According to FactSet, the 310.8 million shares is the largest stake held in the company at 15.9%, though it lists the owner by a slightly different name, Natural Gas Partners LLC. "Chesapeake continues to strongly believe our current capital and operating program, coupled with the planned 30% reduction in capital expenditures in 2020, will strengthen the financial position of the company for the long term," Chief Executive Doug Lawler said in Tuesday's announcement. Chesapeake shares fell to their lowest prices in more than 25 years on Tuesday, continuing a losing streak that has destroyed its valuation. In late trading, Chesapeake shares gained 7.3% after the announcement.

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Nov 12, 2019

Skyworks Solutions shares slip 4% on big drop in revenue
Skyworks Solutions Inc. shares slipped 4% in after-hours trading Tuesday after the semiconductor company reported a big drop in fourth-quarter revenue year-over-year. Skyworks reported net income of $210.6 million, or $1.23 a share, compared with net income of $285.5 million, or $1.60 in the year-ago period. Revenue plunged 22% to $827.4 million from $1 billion a year ago. Analysts surveyed by FactSet had expected earnings of $1.50 a share on revenue of $825 million. Skyworks shares are up 51% this year. The S&P 500 index has gained 23% this year.

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MarketWatch MarketPulse
Nov 12, 2019

ADT shares leap 7% on jump in Q3 revenue
ADT Inc. shares jumped as much as 7% in after-hours trading Tuesday after the residential and commercial security company reported a vault in third-quarter revenue. ADT reported a net loss of $182 million, or 25 cents a share, compared with a net loss of $236 million, or 31 cents, in the year-ago period. Revenue rose 13% to $1.301 billion from $1.15 billion a year ago. Analysts surveyed by FactSet had expected EPS of 21 cents a share on revenue of $1.275 billion. ADT also said that it had priced a special dividend related to the sale of its Canadian operations at 70 cents a share, and will pay it on Dec. 23. ADT shares are up 29% this year. The S&P 500 index has gained 23% this year.

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Nov 12, 2019

Datadog stock jumps more than 10% after post-IPO earnings report
Datadog Inc. received strong early reviews in its earnings debut Tuesday afternoon, as shares jumped more than 10% following its first report since going public. The enterprise-software company, which specializes in monitoring and overseeing cloud-based network traffic, priced its IPO at $27 a share in September, and has traded higher than that price since. On Tuesday, it reported third-quarter losses of $4.2 million, or 4 cents a share, on sales of $95.9 million, up from $51.1 million a year ago. After adjusting for stock-based compensation and other effects, the company reported profit of $695,000, less than a penny a share. Analysts on average expected adjusted losses of 14 cents a share on sales of $84.7 million, according to FactSet. The company also said it expects to surpass $100 million in quarterly revenue in the fourth quarter, easily surpassing analysts' average estimate of $92.3 million, and adjusted losses of 11 cents to 12 cents for the full year on revenue of at least $350 million. Analysts had been projecting full-year adjusted losses of 30 cents a share on sales of $330.1 million, according to FactSet. After closing with a 2.5% gain at $34.40 Tuesday, shares popped to around $39 in the extended session following release of the results.

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Nov 12, 2019

Nasdaq logs 15th record of 2019 but stocks lose steam as Trump offers no new details on China trade deal
U.S. stock markets finished with lackluster gains on Tuesday but enough to push markets to levels at or near records. President Donald Trump said the U.S. and China are close to completing "phase one" of their trade deal, but didn't offer any fresh details. The Dow Jones Industrial Average finished the session virtually unchanged at around 27,691, narrowly missing its 10th record close of 2019. Meanwhile, the Nasdaq Composite Index closed up 0.3% to end at 8,486.09, while S&P 500 index finished with a lackluster gain of 0.2% to 3,091, also missing a record finish. All closing levels for benchmarks are on a preliminary level. Meanwhile, in corporate news, Dean Foods Co. voluntarily filed for chapter 11 bankruptcy protection on Tuesday, with the dairy company saying it was working toward an "orderly" sale of the company. Trade in the stock was halted, but had fallen 79% year-to-date. Separately, shares of Tyson Foods Inc. stock rose 7.4% Tuesday, even after the meat producer reported fourth-quarter earnings and sales that missed estimates.

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Nov 12, 2019

Former HBO chief is in advanced talks to sign exclusive production deal with Apple: report
Former HBO Chief Executive Richard Plepler is closing in on an exclusive production deal with Apple Inc.'s new streaming service. Plepler's company, RLP & Co., would create original content for Apple TV under a deal expected to be finalized in a few weeks, according to a Wall Street Journal report. As CEO of HBO, Plepler oversaw development of such highly-regarded content as "Game of Thrones" and "Veep." Apple, whose first few streaming productions have been met with mediocre reviews since their debut Nov. 1, is locked in a streaming war with Walt Disney Co.'s Disney , which started Tuesday; market leader Netflix Inc. , Amazon.com Inc.; and others. Former Sony Corp. executive Kim Rozenfeld, who was head of current scripted programming and documentary and unscripted content at Apple TV , is leaving amid a restructuring at the streaming platform.

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Nov 12, 2019

Albertsons to phase out Plated subscription service, Blue Apron shares fall
Albertsons Companies said Tuesday that it plans to phase out the Plated subscription meal service at the end of November. In its place, Albertsons will beef up its in-house culinary brand Own Brands, which will manage the expansion of the Plated brand into a home meal solution. The company will expand the Plated brand with new products in 2020. Albertsons tested meal-kit performance in its Northern California Safeway stores and found that those who purchased Plated products were more likely to have families and purchase larger baskets. Kroger Co. announced at its recent investor meeting that it would also be expanding its Home Chef meal-kit brand, which it acquired in 2018. Blue Apron Holdings Inc. stock was down 4.2% in Tuesday trading after the latest news from Albertsons. Blue Apron reported wider-than-expected losses and a revenue miss in its most recent earnings announcement. Blue Apron stock has lost 61.6% of its value over the past year while the S&P 500 index is up 13.4% for the period.

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MarketWatch MarketPulse
Nov 12, 2019

Facebook is launching a pay system across Facebook, Messenger, Instagram, WhatsApp
Facebook Inc. just dove into payment systems with a service across Facebook, Messenger, Instagram, and WhatsApp. Facebook Pay, announced in a blog post Tuesday, consolidates its massive social media applications more tightly at a time when politicians and some lawmakers are calling for the company to be broken up. "Facebook Pay is part of our ongoing work to make commerce more convenient, accessible and secure for people on our apps," Deborah Liu, vice president of marketplace and commerce, said in the post. The payment-processing service, considered a competitor to Apple Inc.'s Apple Pay, begins rolling out this week on Facebook and Messenger. Facebook shares are up 48% this year. The S&P 500 index is up 23% this year.

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MarketWatch MarketPulse
Nov 12, 2019

Rockwell Automation's stock rockets toward best day in a decade after earnings report, upbeat outlook
Shares of Rockwell Automation Corp. soared 12% toward a 22-mnoth high in afternoon trading Tuesday, putting them on track for the biggest one-day gain in over 10 years, after the industrial automation and information services company reported better-than-expected fiscal fourth-quarter earnings and provided an upbeat outlook. The upbeat outlook comes in the face of what Chief Executive Blake Moret said on the post-earnings conference call with analysts was uncertainty created by global trade tensions and a deceleration in industrial production. Chief Financial Officer Patrick Goris said on the call that the company was able to "neutralize" the impact of tariffs through supply chain actions, including negotiations with vendors and targeted price increases. The stock was headed for the biggest one-day gain since it rose 13.7% on April 8, 2009, and was on track for the highest close since Jan. 26, 2018. It has run up 33.3% year to date, while the SPDR Industrial Select Sector ETF has surged 27.4% and the S&P 500 has gained 23.5%.

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Nov 12, 2019

Trump says U.S, China 'close' on phase-one trade deal
President Donald Trump said Tuesday a U.S.-China trade deal "could happen soon," describing a phase-one agreement as "close" in a speech to the Economic Club of New York. Trump said Beijing was "dying to make a deal" as he made the highly anticipated speech in Manhattan. But the president gave no details on scaling back tariffs or setting a meeting to sign a deal with Chinese President Xi Jinping. The Dow Jones Industrial Average was up about 40 points as Trump spoke, while the S&P 500 rose 7 points and the Nasdaq Composite gained 37 points.

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Nov 12, 2019

Disney's stock surges to pace the Dow's gainers on Disney launch day
Shares of Walt Disney Co. surged 1.7% in midday trading, to pace the Dow Jones Industrial Average's gainers, despite reports of some glitches in the media and entertainment giant's newly launched Disney streaming service. Bank of America Merrill Lynch analyst Jessica Reif Ehrlich reiterated her buy rating and $168 stock price target, which is 21% above current levels. In a note titled "Going in big and hot: The Disney launch in perspective," Ehrlich said the Disney launch makes her "incrementally more bullish on [Disney's] monetization prospects beyond the legacy Pay TV model." Ehrlich raised her Disney subscriber forecast to 90 million by fiscal 2024 from 60 million. Disney's stock's price gain of $2.38 was adding 16 points to the Dow's price, which was up 47 points. Meanwhile, shares of streaming rivals Netflix Inc. slipped 0.6% and Apple Inc. eased less than 0.1%.

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MarketWatch MarketPulse
Nov 12, 2019

Kadmon biopharma shares rise on interim trial results
Shares of Kadmon Holdings are up about 10% after the New York-based biopharmaceutical company said its treatment for certain patients with chronic graft-versus-host disease met the primary endpoint in a trial. Chronic graft-versus-host disease is a rare condition that can occur after a transplant. Kadmon said it expects to file the experimental therapy with the U.S. Food and Drug Administration next year. Its stock is up 58.65% year-to-date, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Spain's IBEX tumbles after Socialist party reaches pact with left wing
The Spain IBEX 35 index fell Tuesday after news the ruling Socialist Party has reached a pact with the left wing Unidos Podemos party. It comes two days after a general election left Prime Minister Pedro Sánchez's Socialists without enough votes to form a government. The new coalition will still need the support of regional and other leftist groups, which some say won't be easy. The coalition between these parties may make it tough for Spain to achieve its debt targets, said Javier Rivas, financial analyst and professor at EAE Business School in Madrid, in a note. "When the economy slows down, it will be necessary to take supportive fiscal measures. Although we still don't know the details of the pre-agreement between the PSOE and Podemos, in any case, it will make these decisions very complex and this will affect all areas."

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MarketWatch MarketPulse
Nov 12, 2019

Hyatt eliminating small bottles of shampoo, reducing single-use water bottles by June 2021
Hyatt Hotels Corp. announced Tuesday that it will eliminate small bottles of toiletries like shampoo and lotion, and reduce the number of single-use plastic water bottles by June 2021. Instead, the company will switch to large-format bathroom items, create additional water stations for guests with reusable water bottles and serve water in carafes and other containers at events. The company has also recently removed plastic straws and drink picks, making them available only by request. Marriott International Inc. and Carnival Corp. have made similar steps to reduce plastic use. Hyatt stock has rallied 13.7% for the year to date while the S&P 500 index is up 23.7% for the period.

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MarketWatch MarketPulse
Nov 12, 2019

Kroger's stock gains after Deutsche Bank upgrade to hold, raises price target
Shares of Kroger Co. rose 0.9% in morning trading, after Deutsche Bank analyst Paul Trussell backed away from his bearish rating on the grocery chain, citing growing optimism about the company's digital offerings. The upgrade comes as Trussell said he's incrementally more positive on the food retail sector, as online grocery has slightly outpaced his original growth projections, and with industry data showing that "at home" is gaining share of consumer stomachs. "Additionally, we are upgrading Kroger from sell to hold as we increase our ID forecast to reflect digital initiatives gaining traction," albeit a few years delayed relative to rivals such as Walmart Inc. . Trussell raised his stock price target for Kroger to $27 from $22. The stock rose 16.3% over the past three months, but has still slipped 2.4% year to date, In comparison, Walmart shares have run up 28.1% this year and the S&P 500 has climbed 23.6%.

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MarketWatch MarketPulse
Nov 12, 2019

Fortinet, Palo Alto Networks stocks gain after bullish calls at Goldman
Shares of Fortinet Inc. [ftnt], Palo Alto Networks Inc. [panw], and Verint Systems Inc. are trading higher in Tuesday's session after Goldman Sachs analyst Brian Essex initiated coverage of the cybersecurity names with buy ratings. He began coverage of Check Point Software Inc. , FireEye Inc. , and Zscaler Inc. at hold and established a sell rating on shares of SecureWorks Corp. . "Within our coverage universe, we prefer stocks of companies with favorable exposure to next-generation security, an ability to take share in key markets, a demonstrated ability to execute, and strong fundamentals with cash flow," Essex wrote. "Although high growth software stocks have pulled back over the past few months, we believe the market will continue to reward high-growth share gainers in the market with a premium to peers." The initiations come as the First Trust NASDAQ Cybersecurity ETF has risen 27% so far in 2019. The S&P 500 is up 23% in that time.

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MarketWatch MarketPulse
Nov 12, 2019

Paper company Verso's stock soars 20% after news of sale of Maine, Wisc. mills for $400 million
Verso Corp. shares soared 20% Tuesday, after the paper and packaging company said it is selling its Androscoggin mill, located in Jay, Maine, and its Stevens Point mill, located in Stevens Point, Wisconsin, to Pixelle Specialty Solutions LLC for $400 million. The deal, which must be approved by shareholders at a special meeting, is expected to close in the first quarter of 2020, the company said in a statement. The company is expecting to net cash proceeds of $336 million and will return most of that to its shareholders via a stock buyback, dividend or modified Dutch tender offer. The company also said it has named Adam St. John its chief executive officer, replacing interim CEO Les Lederer. St. John was senior vice president of manufacturing for all Verso mills. Shares have fallen 20% in 2019, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Shares of Amarin rise on favorable opinion from FDA committee
Shares of Amarin Corp. rose about 20% on Nasdaq-leading volume after a Food and Drug Administration committee released documents saying that the company' prescription fish-oil pill Vascepa has a "favorable benefit/risk profile" for a cardiovascular indication. The FDA's Endocrinologic and Metabolic Drugs Advisory Committee is expected to meet Thursday to discuss the company's application for the new indication. Amarin's net product revenue rose 104% to $112.3 million in the third quarter of 2019, up from $55 million in the like-period a year ago. That increase was driven by higher sales of Vascepa, Amarin's only FDA-approved drug. The company also said last week that it plans to double the size of its sales force to 800 from 400 in preparation of a potential FDA approval for the new indication. The FDA action date for approval is Dec. 28. Shares of Amarin are up 41.51% year-to-date, while the S&P 500 has risen 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Dow transports dragged down by CSX and Norfolk Southern stocks, as Dow industrials gains
The Dow Jones Transportation Average slumped 12 points, or 0.1%, in morning trading Tuesday, to buck the gains in the broader market indexes, with the shares of East-coast based railroad operators CSX Corp. and Norfolk Southern Corp. the biggest drags. The Dow Jones Industrial Average rose 39 points, or 0.1%. CSX's stock fell 1.3%, with the 98-cent price decline cutting the Dow transports' price by about 6 points; Norfolk's stock fell 0.5%, and the 95-cent price decline also shaved about 6 points of the Dow transports' price. CSX was downgraded by Deutsche Bank to hold from buy, and the stock price target was lowered to $74 from $82, citing a particular concern over lower coal shipments. In the note, analyst Amit Mehrotra wrote: "Importantly, this downgrade should not be extrapolated more broadly to our U.S. Transportation coverage universe, but rather specifically to Eastern rails (CSX and NSC), which have disproportionate exposure to export coal markets."

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MarketWatch MarketPulse
Nov 12, 2019

Overstock says SEC subpoenaed it in Oct for documents relating to digital dividend, former CEO Patrick Byrne
Overstock.com Inc. said Tuesday the Securities and Exchange Commission subpoenaed the company in October requesting documents relating to its plan to offer a digital dividend. In a filing with the SEC, the e-commerce company said it also received requests regarding its communications with former Chief Executive Patrick Byrne, who resigned dramatically in August amid claims of involvement in political conspiracies. The SEC has also requested the 10b-5-1 plans of officers and directors that were in effect from Jan. 1, 2018 to Oct. 7, 2019. The company said it is cooperating with the regulator and has incurred "significant legal fees and other expenses" in connection with the probe. Shares were down 9% in early trade and have lost 37% in 2019, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Stocks open slightly higher as Dow attempts to extend record-breaking rise
U.S. stocks edged higher at the opening bell on Tuesday ahead of a speech by President Donald Trump that is expected to provide further insights on progress toward a partial U.S.-China trade deal. The S&P 500 was up 0.1% to 3,091. The Dow Jones Industrial Average advanced 6 points, or less than 0.1%, to around 27,698. The Nasdaq Composite rose 0.2% to 8,479. Reuters reported that Trump is also expected to put off for another six months a decision on whether to place tariffs of up to 25% on European auto imports. In company news, Dean Foods shares were in focus after the dairy manufacturer declared bankruptcy.

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MarketWatch MarketPulse
Nov 12, 2019

Box stock falls after JMP downgrade
Shares of Box Inc. are off 1.8% in premarket trading Tuesday after JMP Securities analyst Erik Suppiger downgraded the cloud-storage stock to market perform from market outperform. He is worried that Box's October quarter was "challenging" and will show a slowdown in the company's business pipeline. "While we believe Box's goal of delivering margin expansion is a prudent objective, we think the changes could be disruptive in the near term and that they create execution risk at a time when the company is undergoing a significant product transition," he wrote. Box shares have risen 22% over the past three months, though they're down 1.9% over a one-month period. The S&P 500 has gained 7.1% over three months and 3.9% over the past month.

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MarketWatch MarketPulse
Nov 12, 2019

Box stock falls after JPM downgrade
Shares of Box Inc. are off 1.5% in premarket trading Tuesday after JPM Securities analyst Erik Suppiger downgraded the cloud-storage stock to market perform from market outperform. He is worried that Box's October quarter was "challenging" and will show a slowdown in the company's business pipeline. "While we believe Box's goal of delivering margin expansion is a prudent objective, we think the changes could be disruptive in the near term and that they create execution risk at a time when the company is undergoing a significant product transition," he wrote. Box shares have risen 22% over the past three months, though they're down 1.9% over a one-month period. The S&P 500 has gained 7.1% over three months and 3.9% over the past month.

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MarketWatch MarketPulse
Nov 12, 2019

CSX's stock drops after Deutsche Bank downgrades, cuts price target
Shares of CSX Corp. fell 1.2% in premarket trading Tuesday, after Deutsche Bank analyst Amit Mehrotra downgraded the railroad operator, citing concerns over lower 2020 revenue and margin headwinds resulting from lower coal shipments and pricing. Mehrotra cut his rating to hold from buy, and lowered his price target to $74 from $82. He said of particular concern is exports of metallurgical coal, where prices are down over 30% since the start of the year. "Our top line and cost estimates imply it will be difficult for CSX to expand margins in 2020, reflecting almost superhuman margin performance by management to date (i.e., difficult profit comparisons) and above-mentioned headwinds in coal (most of which we expect to be price-led and drop to the bottom line)," Mehrotra wrote in a note to clients. The stock has rallied 12.3% over the past three months, while the Dow Jones Transportation Average has climbed 9.9% and the Dow Jones Industrial Average has gained 6.9%.

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Nov 12, 2019

CrowdStrike stock gains after Goldman ends bearish call
Shares of CrowdStrike Holdings Inc. are up 3.3% in premarket trading Tuesday after Goldman Sachs analyst Heather Bellini upgraded the stock to neutral from sell but lowered her price target to $55 from $66. Bellini had moved to a sell rating in October, arguing that the stock looked pricey based on a ratio of enterprise value to calendar 2020 "blue sky" revenue. "We continue to view CrowdStrike as a leading next-generation endpoint security vendor with a differentiated, cloud native architecture relative to the competition and with the stock down 23% since our 10/11 downgrade to sell (S&P 500 4% over the same time period and its comp group down 6%), we see risk/reward as more balanced," she wrote. Shares are off 50% over the past three months, as the S&P 500 has increased 7%.

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MarketWatch MarketPulse
Nov 12, 2019

Teva upgraded to neutral by J.P. Morgan
Teva Pharmaceutical Industries Ltd. was upgraded to neutral from underweight by J.P. Morgan. Analysts wrote that they are "fairly bearish on the longer-term setup" for the Israeli drugmaker but noted that the company's "near-to-mid-term fundamentals are stabilizing." Sales of Teva's longtime top-selling drug Copaxone, a multiple sclerosis treatment, stabilized in the third quarter of 2019, and it raised its 2019 guidance for earnings per share and revenue. The company also said that it is moving forward with a global opioid settlement that would resolve pending and potential lawsuits. That agreement in principle was announced in October. Shares of Teva have fallen 40.68% year-to-date but are up 29.63% for the last three months. The S&P 500 has gone up 23% end-to-date.

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MarketWatch MarketPulse
Nov 12, 2019

Automatic Data Processing raises quarterly cash dividend to 91 cents vs. 79
Automatic Data Processing Inc. said Tuesday its board has approved a 12 cents increase in its quarterly cash dividend to 91 cents a share. The new payment will be made Jan. 1 to shareholders of record as of Dec. 13. Shares were up 0.4% premarket and have gained 25% in 2019, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

CBS beats profit expectations, but revenue comes up shy
CBS Corp. reported Tuesday third-quarter profit that topped expectations but revenue that came up shy, as strength in sales of its entertainment business was offset by misses in cable networks, local media and publishing. The media company said net income fell to $319 million, or 85 cents a share, from $488 million, or $1.29 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 95 cents, above the FactSet consensus of 91 cents. Revenue fell 1.0% to $3.30 billion, below the FactSet consensus of $3.36 billion. Entertainment revenue rose 4.4% to $2.29 billion to beat the FactSet consensus of $2.28 billion; cable networks sales rose 6.4% to $563 million but was below expectations of $572.5 million; local media sales fell 6.5% to $406 million to miss expectations of $417.6 million; and publishing revenue dropped 9.6% to $217 million, below expectations of $242.5 million. The company is in the process of merging with Viacom Inc. , with CBS continuing as the surviving company to be named ViacomCBS Inc. CBS's stock, which rose 0.3% in premarket trading, has tumbled 18.4% over the past three months, while the S&P 500 has gained 7.1%.

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MarketWatch MarketPulse
Nov 12, 2019

Overstock shares slide 5% after earnings miss amid exec departures
Overstock.com Inc. shares slid 5% in premarket trade Tuesday, after the online retailer posted a wider-than-expected loss and softer-than-expected revenue for the third quarter. Salt Lake City, Utah.-based Overstock said it had a net loss of $30.9 million, or 89 cents a share, in the quarter, after a loss of $47.9 million, or $1.55 a share, in the year-earlier period. Revenue fell to $347 million from $441 million. The FactSet consensus was for a loss of just 56 cents a share and revenue of $376 million. The company and its stock had an eventful quarter, during which its Chief Executive Patrick Byrne dramatically resigned amid claims of deep involvement in international political conspiracies. Byrne sold all his stock - more than 13% of the company - in a three-day sales binge. His resignation was followed by that of the company's CFO Greg Iverson, and the collapse of plans for a "digital dividend." Shares have fallen 31% in 2019, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Chipotle will have carne asada on the menu into the first quarter of 2020
Chipotle Mexican Grill Inc. said Tuesday that it will have carne asada on the menu through the end of the year and into the first quarter of 2020, reversing its previous announcement to end the limited-time meat offering in November or early December. The company says it was able to source additional steak supply that meet its standards for "food with integrity." Chipotle stock inched up 0.6% in Tuesday premarket trading, and is up 72.2% for the year to date. The S&P 500 index is up 23.1% for the period.

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MarketWatch MarketPulse
Nov 12, 2019

Juul is cutting 650 jobs, more than previously expected--WSJ
Juul Labs Inc. is cutting about 650 jobs, or 16% of its workforce, according to a report in The Wall Street Journal, after the e-cigarette company stopped the sale of its most popular flavor amid growing regulatory pressure. The WSJ had reported last month that Juul was planning to cut 10% to 15% of its workforce by the end of the year. The company is cutting its spending by nearly $1 billion, including reducing spending on marketing and government affairs. The company last year had stopped selling its sweet and fruity flavors in U.S. retail stores, amid regulatory concerns over increased vaping among minors. And earlier this month, Juul stopped selling its best-selling mint-flavored e-cigarettes.

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MarketWatch MarketPulse
Nov 12, 2019

Cronos swings to profit as it books one-time gain, sales fall slightly short
Cronos Group Inc. said Tuesday it had a profit of C$788.4 million ($595.2 million), or 53 cents a share, in the third quarter, after a loss of C$7.2 million, or 4 cents a share, in the year-earlier period. The profit was mostly due to a C$835 million gain on the revaluation of derivative liabilities. Revenue came to C$12.7 million, up from $3.8 million a year ago. The FactSet consensus was for a loss of 3 cents and revenue of C$13.7 million. The company sold 3.142 kilograms of cannabis in the Canadian adult-use market in the quarter, up from 514 kg sold in the year-earlier period. Revenue per gram sold fell to C$3.75 from C$6.44. Shares rose 2% in premarket trade, but are down 22% in 2019, while the ETFMG Alternative Harvest ETF has fallen 23% and the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Tyson Foods stock sinks after earnings and sales miss
Tyson Foods Inc. stock sank 5.7% in Tuesday premarket trading after the meat producer reported fourth-quarter earnings and sales that missed estimates. Net income was $369 million, or $1.01 per share, down from $537 million, or $1.47 per share, last year. Adjusted EPS of $1.21, missed the $1.30 FactSet consensus. Sales of $10.9 billion rose from $10 billion last year and was below the $11.0 billion FactSet estimate. Tyson said beef sales volume decreased, chicken and pork sales volume increased, and prepared foods volume decreased, the latter due to business divestitures, which includes Sara Lee Frozen Bakery and Van's. Tyson stock is up 55% for the year to date while the S&P 500 index has gained 23.1% for the period.

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MarketWatch MarketPulse
Nov 12, 2019

JetBlue's October load factor declines, RASM outlook affirmed
JetBlue Airways Corp. reported October load factor that fell to 82.5% from 82.9%, as growth in seat supply outpaced travel demand. Capacity increased 6.7% to 5.22 billion available seat miles, while traffic grew 6.2% to $4.31 billion revenue passenger miles. The air carrier affirmed its fourth-quarter guidance range for revenue per available set mile (RASM) of a decline of 3.5% to a decline of 0.5%. The stock, which was still inactive in premarket trading, has gained 4.0% over the past three months, while the NYSE Arca Airline Index has rallied 14.2% and the S&P 500 has advanced 7.1%.

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MarketWatch MarketPulse
Nov 12, 2019

Tupperware names Chris O'Leary as interim CEO, replacing Tricia Stitzel who is stepping down
Tupperware Brands Corp. said Tuesday it has named Chris O'Leary as interim Chief Executive, replacing Tricia Stitzel, who is stepping down with immediate effect. The maker of kitchen storage products said it has hired Heidrick & Struggles to help it find a new CEO. O'Leary, one of the company's independent directors, has done stints at food company General Mills Inc. , PepsiCo Inc. , Newell Rubbermaid Inc. and TDS. Tupperware missed earnings estimates in its latest quarter and in early November, announced that it was suspending its dividend. Shares were not yet active premarket, but have fallen 70% in 2019, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Dean Foods files for bankruptcy, in talks to sell substantially all of its assets
Dean Foods Co. has voluntarily filed for Chapter 11 bankruptcy protection on Tuesday, with the dairy company saying it was working toward an "orderly" sale of the company. The company, which brands include DairyPure, Land O Lakes and Lehigh Valley Dairy Farms, said it has secured commitments for $850 million in debtor-in-possession (DIP) financing to support its operations during the process. The company said it has been in advanced discussions with the Dairy Farmers of America Inc. regarding the potential sales of substantially all of its assets. "The actions we are announcing today are designed to enable us to continue serving our customers and operating as normal as we work toward the sale of our business," said Chief Executive Eric Beringause. "Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption." The stock, which was halted for news, had closed Monday at 80 cents. It had plunged 79% year to date, while the S&P 500 has climbed 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Rockwell Automation stock up 6% premarket as earnings top estimates
Rockwell Automation Inc. shares rose 6% in premarket trade Tuesday, after the maker of industrial automation systems topped estimates for its fiscal fourth quarter. Milwaukee, Wis.-based Rockwell said it had net income of $8.1 million, or 7 cents a share, in the quarter, down from $345.9 million, or $2.80 a share, in the year-earlier period. The steep decline was due to fair value adjustments in connection with the PTC investments. Adjusted EPS came to $2.01, ahead of the $1.92 FactSet consensus. Sales were flat at $1.730 billion, but ahead of the $1.648 billion FactSet consensus. The company said it now expects fiscal 2020 sales growth of 2% to 5%. It expects EPS of $8.48 to $8.88 and adjusted EPS of $8.70 to $9.10. The FactSet consensus is for fiscal 2020 EPS of $8.48. Shares have gained 19% in 2019, while the S&P 500 has gained 23%.

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MarketWatch MarketPulse
Nov 12, 2019

Advance Auto Parts stock falls after earnings beat, but same-store sales miss
Shares of Advance Auto Parts Inc. sank 4.8% in premarket trading Tuesday, after the auto parts retailer reported third-quarter profit and revenue that beat expectations but same-store sales that missed. Net income rose $123.7 million, or $1.75 a share, from $115.8 million, or $1.56 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS was $2.10, above the FactSet consensus of $2.06. Sales grew 1.6% to $2.31 billion, above the FactSet consensus of $2.30 billion, but same-store sales growth of 1.2% missed expectations of a 1.3% increase. Gross profit margin declined 39 basis points (0.39 percentage points) to 43.9% of sales, due primarily to an increase in coupon redemptions. For 2019, the company affirmed its sales guidance range of $9.65 billion to $9.75 billion but lowered its same-store sales outlook to 1.0% to 1.5% from 1.0% to 2.0%. The stock has run up 18.8% over the past three months while the S&P 500 has gained 7.1%.

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
Nov 12, 2019

D.R. Horton's stock set to rise after profit and revenue beats, upbeat outlook
Shares of D.R. Horton Inc. were indicated up about 1.6% in premarket trading Tuesday, after the home builder reported fiscal fourth-quarter results that beat expectations and provided and upbeat outlook. Net income rose to $505.3 million, or $1.35 a share, from $466.1 million, or $1.22 a share, in the same period a year ago. The FactSet EPS consensus was $1.25. Revenue grew 11.7% to $5.04 billion, above the FactSet consensus of $4.83 billion. Homes closed rose 9% to 16,024 homes, above expectations of 15,840, while the value of closed homes increased 10% to $4.8 billion. Net sales orders increased 14% to 13,130 homes, beating expectations of 12,450, and the value of sales orders grew 16% to $4.0 billion. For fiscal 2020, the company expects revenue of $18.5 billion to $19.0 billion, above the FactSet consensus of $18.4 billion. The stock has rallied 12.1% over the past three months, while the SPDR S&P Homebuilders ETF has climbed 12.4% and the S&P 500 has gained 7.1%.

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
Nov 12, 2019

ZEW investor sentiment poll in Germany vaults to a nearly flat reading in November
The ZEW indicator of economic sentiment for Germany rose to -2.1 in November, a gain of 20.7 points from October. Economists polled by FactSet expected a -14.8 reading. "There is growing hope that the international economic policy environment will improve in the near future, which explains the sharp rise in the ZEW Indicator of Economic Sentiment in November. In the meantime, the chances for a agreement between Great Britain and the EU and thus for a regulated withdrawal of Great Britain have noticeably increased," said Achim Wambach, president of the ZEW.

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.



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