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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Jan 22, 2020

Teradyne stock rallies on earnings, outlook beat
Teradyne Inc. shares rallied in the extended session Wednesday after the electronic testing equipment maker's results and outlook topped Wall Street estimates. Teradyne shares rallied 9.5% after hours, following a 2.9% rise in the regular session to close at $73.59. The company reported fourth-quarter net income of $136.8 million, or 75 cents a share, compared with $143.8 million, or 79 cents a share, in the year-ago period. Adjusted earnings were 88 cents a share, compared with 63 cents a share in the year-ago quarter. Revenue rose to $654.7 million from $519.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 79 cents on revenue of $611.7 million. Teradyne expects first-quarter adjusted earnings of 86 cents to 96 cents a share on revenue of $670 million to $710 million, while analysts had forecast earnings of 64 cents a share on revenue of $560.4 million. The company also said its board hiked the March 20-payable quarterly dividend 11% to 10 cents a share and approved a buyback of up to $1 billion in shares, of which a minimum of $250 million will be bought back in 2020.

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



MarketWatch MarketPulse
Jan 22, 2020

Paycom set to join S&P 500
Paycom Software Inc. is set to join the S&P 500 index , S&P Dow Jones Indices said late Wednesday. Paycom is replacing Wellcare Health Plans after its acquisition by Centene Corp. [s:cnc]. Paycom shares rose 4.9% in the extended session.

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



MarketWatch MarketPulse
Jan 22, 2020

Ford to record pension-related $2.2 billion charge
Ford Motor Co. said late Wednesday it expects to take a fourth-quarter pre-tax charge of $2.2 billion related to pension obligations that will cut down on its net income. After taxes, the $2.2 billion loss is expected to slash Ford's net income by about $1.7 billion, Ford said in a filing. As it is a special item, the loss will not impact adjusted profit or adjusted per-share profit, the car maker said. It also did not have an impact on the company's cash in 2019, and does not change its expectations for pension contributions this year, Ford said.

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



MarketWatch MarketPulse
Jan 22, 2020

API data reveal a weekly climb in U.S. crude supply, sources say
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 1.6 million barrels for the week ended Jan. 17, according to sources. The API data, which were released a day later than usual because of Monday's Martin Luther King Jr. holiday, also reportedly showed a stockpile increase of 4.5 million barrels for gasoline, while distillate stocks climbed by 3.5 million barrels. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories rose by 500,000 barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply increases of 3.3 million barrels for gasoline and 1.6 million barrels for distillates. March West Texas Intermediate crude was at $56.37 a barrel in electronic trading. It settled at $56.74 Wednesday 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
Jan 22, 2020

MetLife names new chief auditor
MetLife Inc. said late Wednesday that Toby Srihiran Brown will become its executive vice president and chief auditor effective March 1. Brown, currently the chief operating officer of MetLife Japan, will have "a direct and independent reporting relationship" with the board of directors' audit committee and report Chief Executive Officer Michel Khalaf. "As chief auditor, Brown will lead the team responsible for providing assurance over MetLife's risk management, control and governance processes across MetLife's global business operations," the company said in a statement. Brown succeeds Karl Erhardt, who will "continue to oversee a data management initiative that focuses on improving the quality and consistency of data capture to reduce risk and foster innovation," MetLife said. Shares of MetLife were flat in the extended session after ending the regular trading day up 0.3%.

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



MarketWatch MarketPulse
Jan 22, 2020

Citrix shares rise on big earnings beat
Citrix Systems Inc. shares rose 4% in after-hours trading Wednesday after the software company reported better-than-expected fourth-quarter earnings. Citrix reported net income of $207 million, or $1.56 share, compared with net income of $166 million, or $1.15 a share, in the year-ago period. Revenue grew 1% to $810 million from $802 million a year ago. Analysts surveyed by FactSet had expected $1.07 a share on revenue of $803 million. Citrix shares are up about 10% over the last 12 months. The S&P 500 index has gained about 26% the last year.

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



MarketWatch MarketPulse
Jan 22, 2020

Stocks end mixed after touching intraday records
U.S. stocks closed virtually unchanged Wednesday, giving up strong early gains even as investors weighed reports about the Chinese flu outbreak. The Dow Jones Industrial Average closed about 9 points, less than 0.1%, higher, at about 29,187, while the S&P 500 was up a point, less than 0.1%, at about 3,322. The Nasdaq closed up 13 points, or 0.1%, at about 9,384. The Dow was dragged down by shares of Boeing which on Tuesday confirmed the 737 Max would not return to service until mid-year. Netflix, Inc. was one of tech's biggest losers, slumping nearly 4% after reporting quarterly earnings Tuesday.

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
Jan 22, 2020

Coronavirus not yet declared a public health emergency
Officials at the World Health Organization said the emergency committee is split on whether to declare the new coronavirus a public health emergency of international concern. The committee, which met Wednesday, will meet again on Thursday "given the rapidly evolving situation." The new virus was first identified in December in Wuhan City, China. Media outlets, citing Chinese health authorities, have reported that 17 people have died, and 500 people have been infected. The Centers for Disease Control and Prevention said Tuesday that a U.S. resident returning from Wuhan City who has been diagnosed with the virus is being treated in Washington state. Health officials now believe that the virus is spread human to human.

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
Jan 22, 2020

Oil futures mark lowest settlement since early December
Oil futures ended lower on Wednesday, pressured by demand concerns linked to the coronavirus outbreak in China, as well as expectations for a weekly rise in U.S. crude inventories. Weekly data on U.S. petroleum supplies will be released by the American Petroleum Institute later Wednesday, with government figures from the Energy Information Administration due out early Thursday. The data are each delayed by a day this week because of Monday's Martin Luther King Jr. holiday. Analysts polled by S&P Global Platts expect the EIA Thursday to report an increase of 500,000 barrel in U.S. crude inventories for the week ended Jan. 17. Ahead of the supply data, March West Texas Intermediate oil fell $1.64, or 2.8%, to settle at $56.74 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Dec. 3, according to Dow Jones Market 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
Jan 22, 2020

Spin Master stock sinks after downward guidance revision
Spin Master Corp. stock fell 4.2% in Wednesday trading after the toy maker said it now expects a 1% decline in 2019 gross product sales. Previously, the company was guiding for an increase in the low-single digit range. The company said the downward revision is due to weak toy sales in the U.S. during the shortened holiday shopping season. "Furthermore, we did not execute as we have in previous years, at the level we needed to in order to meet our profitability targets," said Ronnen Harary, Spin Master's co-chief executive officer in a statement. Specifically, Harary said on a call about the announcement that the company chose the wrong time to launch a new east coast distribution center. "[W]e should not have undertaken a project of this nature at this point in time just as we entered our seasonal shipping peak," Harary said on the call, according to a FactSet transcript. "Our supply chain has become more complex, the macro environment has become more complex, and our desire to drive efficiencies and cost savings in the midst of this was aggressive and potentially misguided." Spin Master brands include Paw Patrol and Hatchimals. Spin Master stock has tumbled 21.8% over the last year while the S&P 500 index is up 26.5%.

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



MarketWatch MarketPulse
Jan 22, 2020

United Airlines stock falls as 737 MAX and coronavirus uncertainties offset earnings beat
Shares of United Airlines Holdings Inc. dropped 2.0% in afternoon trading Wednesday, to buck the gains in the airline sector, as uncertainty over the impact of the groundings of Boeing Co.'s 737 MAX planes and the coronavirus outbreak offset a fourth-quarter profit beat and upbeat guidance. United reported late-Tuesday adjusted earnings per share that was above the FactSet consensus while revenue was in line with expectations. In the post-earnings conference call with analysts early Wednesday, first-quarter adjusted EPS of 75 cents to $1.25, compared with the FactSet consensus as of Dec. 31 of 75 cents. President Scott Kirby said on the post-earnings call that a couple of challenges regarding the financial outlook had cropped up in the last 48 hours. "We also can't sit here and tell you that we know exactly how long the MAX will be grounded or what the economic impact of the Asian coronavirus would be," Kirby said, according to a FactSet transcript. "At this point, we're assessing the impact of the schedule, but we do not anticipate flying the MAX this summer." Boeing had said Tuesday that it didn't expect the MAX to return until mid-2020. United's stock has shed 6.3% over the past three months, while the NYSE Arca Airline Index has gained 5.0% and the S&P 500 has advanced 11.1%.

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
Jan 22, 2020

Ayesha Curry partners with Meredith for new quarterly magazine
Meredith Corp. said Wednesday that it has partnered with entrepreneur, TV personality and author Ayesha Curry on a quarterly magazine that will launch May 2020. The cover price will be $9.99 with a 400,000 initial print run for newsstands. The title of the magazine will be announced in the coming months. Meredith titles include "People," "RealSimple" and "Food & Wine." Ayesha Curry is married to superstar NBA player Steph Curry. Meredith stock has sunk 43.2% over the past year while the S&P 500 index has gained 26.6% 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
Jan 22, 2020

GE's stock sinks to extend losing streak as Boeing's 737 MAX issues poses a risk ahead of earnings
Shares of General Electric Co. sank 1.2% in morning trading, putting them on track for a sixth straight loss, and 10th loss in 11 days, amid concerns over the fallout from Boeing Co. pushing out expectations for the return of its 737 MAX planes. Analyst Andrew Obin said Boeing's announcement on Tuesday "increases the likelihood" that the 737 MAX production pause is extended through the first half of 2020, which would impact GE since GE makes the 737 MAX's engines. Obin reiterated his neutral rating on GE's stock and his $12 price target. "In our 4Q19 GE preview, we highlighted 737 MAX issues as a potential risk for GE in 2020," Obin wrote in a note to clients. Both Boeing and GE are slated to report results on Jan. 29, before the opening bell. The stock has run up 27.2% over the past three months, but has lost 4.9% during its six-day losing streak, while Boeing shares have shed 9.0% and the Dow Jones Industrial Average has gained 9.0%. A 6-day losing streak for GE's stock would be the longest since the 7-day stretch of losses ended on Dec. 5.

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



MarketWatch MarketPulse
Jan 22, 2020

Microsoft's stock price target raised by 18% at Raymond James a week ahead of earnings
Shares of Microsoft Corp. rose 0.2% in morning trading, after Raymond James analyst Micheal Turits raised his price target by 18%, as his research suggests the software giant had a strong quarter, led by software upgrades and growth in its cloud business. Turits reiterated his strong buy rating and lifted his target on the stock to $192, which is 15% above current levels, from $163. That makes Turits the second-most bullish on Microsoft of the 35 analysts surveyed by FactSet. "Our Microsoft checks were strong this quarter with the biggest improvement from resellers that were seeing an uptick in Office 365 E3 to E5 conversions, on increased interest in collaboration and integration of Microsoft Teams and from security including EMS, Azure Active Directory and Azure Sentinel," Turits wrote in a note to clients. "We believe channels are on plan if not hitting stretched or aggressive growth targets with Azure, with some constraint around talent needed for cloud migrations." Microsoft is scheduled to report fourth-quarter results after the Jan. 29 close. The stock has run up 22.3% over the past three months, while the Dow Jones Industrial Average has gained 9.1%.

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
Jan 22, 2020

Genprex's stock rallies on FDA fast-track designation
Shares of Genprex Inc. climbed 53% in morning trading on Wednesday after the company said the Food and Drug Administration had granted its experimental cancer treatment a fast-track designation. Genprex is testing the therapy in combination with AstraZeneca's Tagrisso for certain non-small cell lung cancer patients. AstraZeneca said in October that Tagrisso brought in $2.3 billion in sales year-to-date, an 82% jump compared to the year prior. Its stock was up 0.7% on Wednesday. Genprex plans to start a Phase I/II clinical trial for the investigational combination treatment. Genprex's stock is up 12% over the past year, while the S&P 500 has gained 24%.

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
Jan 22, 2020

Fairway Market says it has no plans to liquidate
Fairway Market issued a statement via its Twitter account saying it's not filing for bankruptcy. "Despite reports, Fairway Market has no intention to file for chapter 7 or liquidate all of its stores," the iconic New York City grocer wrote. "All 14 stores remain open for business, offering a complete range of high quality, specialty food products, and we look forward to seeing our customers and employees." The New York Post previously reported that Fairway was on the verge of bankruptcy and would be closing all of its locations, though interest from Village Super Market Inc. could save a "handful" of stores. Fairway, which was previously publicly traded, has struggled in the past. An ill-timed expansion and debt drove a chapter 11 filing in 2016. It emerged from bankruptcy with a new board and consortium ownership that includes Blackstone Group's GSO Capital Partners. The Consumer Staples Select Sector SPDR Fund is up 23.4% over the past year while the S&P 500 index has gained 26.6% 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
Jan 22, 2020

Tesla's stock rally boosts market cap above $100 billion
Shares of Tesla Inc. shot up 4.6% toward a record high in morning trading Wednesday, enough to lift the electric car maker's market capitalization above $100 billion. That should make Chief Executive Elon Musk pretty happy, as his compensation package includes performance milestones for market-cap thresholds, starting at $100 billion. The stock is now trading well above the Tuesday's record close of $547.20, and the all-time intraday high of $548.58. The market cap has swelled to $103.2 billion. Helping give Tesla's stock a boost on Wednesday was a price target increase by Wedbush analyst Dan Ives and a Bloomberg report that the company settled a lawsuit that paves the way for it to open service centers in Michigan. The stock has more than doubled (up 124.0%) over the past three months, while the Dow Jones Industrial Average has gained 9.4%.

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
Jan 22, 2020

Spotify's stock gets a lift after Ballie Gifford boosts stake to become largest shareholder
Shares of Spotify Technology S.A. gained 0.3% in morning trading Wednesday, after Scotland-based investment manager Ballie Gifford & Co. boosted its stake in the Luxembourg-based streaming music company by enough to make Ballie Gifford the largest shareholder. Ballie disclosed in a 13G/A filing with the Securities and Exchange Commission that it now owns 21.7 million shares, or 11.82% of the shares outstanding, up from 19.1 million shares, or 10.41% of the shares outstanding as of Sept. 30. That lifts Ballie above the previous largest shareholder, Co-Founder Martin Lorentzon, who owned 11.59% of the shares outstanding, according to FactSet. Spotify's stock has run up 26.6% over the past three months, while the S&P 500 has gained 11.3%.

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



MarketWatch MarketPulse
Jan 22, 2020

S&P 500 and Nasdaq kick off trade at intraday records as stock market shakes of coronavirus-sparked malaise
U.S. stocks Wednesday at the open trading solidly higher, with the main benchmarks attempting a fresh assault on all-time highs, as investors tried to shake off worries about an Asian flu outbreak. Chinese authorities assured the public it was taking steps to contain what investors had feared might become a coronavirus pandemic that could threaten economic growth in the region and possibly spill over to other parts of the globe if the virus spread. However, investors appeared to react positively to assurances from President Donald Trump on the sidelines of the World Economic Forum in Davos, Switzerland. "It's going to be just fine," the president told CNBC in an interview at the annual conference. The Dow Jones Industrial Average gained about 92 points, or 0.3%, at 29,288, the S&P 500 index gained 0.4% to 3,332, while the Nasdaq Composite Index advanced 0.5% to 9,415. The S&P 500 and the Nasdaq both touched intraday records near Wednesday's start.

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
Jan 22, 2020

FuelCell's stock tumbles after wider-than-expected loss, revenue missed forecasts
Shares of FuelCell Energy Inc. plunged 23% on heavy volume in premarket trading Wednesday, after the fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss and revenue that fell more than forecast. Trading volume was 10.4 million shares, making the stock the most actively traded ahead of the open. The net loss for the quarter to Oct. 31 was $36.0 million, or 23 cents a share, after a loss of $17.9 million, or $2.31 a share, in the year-ago period. The FactSet consensus for net losses per share was 11 cents. Revenue fell 38% to $11.0 million, reflecting FuelCell's decision to de-emphasize product sales to focus on utility scale power purchase agreement opportunities. That missed the FactSet revenue consensus of $11.5 million. Product sales fell 95% to $500,000, while generation revenue tripled (up 206%) to $5.5 million. Total contract backlog as of Oct. 31 increased 17% from last year to $1.32 billion. The stock, which closed Tuesday at an 8 1/2-month high, has run up more than 9-fold (up 832%) over the past three months, while the S&P 500 has gained 11%.

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
Jan 22, 2020

Air Canada to remove Boeing 737 Max fleet from operating schedule through June 30
Air Canada said Wednesday it has removed its Boeing 737 Max fleet from its operating schedule through June 30, following the news from Boeing that it does not expect to get regulatory approval for the fleet to resume flying until mid-year. Air Canada grounded its 737 Max fleet in March in line with international regulations after the aircraft was involved in two fatal crashes.

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
Jan 22, 2020

Novavax stock falls after jumping on virus concerns
Shares of Novavax Inc. tumbled 15% in premarket trading on Wednesday following a day in which growing concern about the new coronavirus sent shares of vaccine developers soaring. On Tuesday after the market closed, Novavax filed an S-1 seeking to sell more than $100 million of its stock. The clinical-stage biotechnology company, which is developing a flu vaccine, told analysts it is developing clones from the new coronavirus as part of the first steps in developing a vaccine to treat the newly identified virus. "We don't expect Novavax will run human trials without non-dilutive government funding," Ladenburg Thalmann's Michael Higgens wrote in a note. "The timing for such support in our view depends on how severe and uncontrolled the 2019-nCoV becomes." Novavax in 2013 had developed a vaccine for Middle East respiratory syndrome (MERS), which is also a coronavirus. This coronavirus was first identified in Wuhan City, China, and has infected more than 300 people and killed at least six more. The Centers for Disease Control and Prevention said Tuesday that a U.S. resident who had traveled to Wuhan and is now in Washington state is currently being treated. He is the first U.S. resident to be diagnosed with the virus. Novavax's stock has fallen 75% over the last year, while the SPDR S&P Biotech exchange-traded fund has climbed 13%.

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



MarketWatch MarketPulse
Jan 22, 2020

FuelCell's stock tumbles after wider-than-expected loss, revenu missed forecasts
Shares of FuelCell Energy Inc. plunged 22% on heavy volume in premarket trading Wednesday, after the fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss and revenue that fell more than forecast. Trading volume was 8.2 million shares, making the stock the most actively traded ahead of the open. The net loss for the quarter to Oct. 31 was $36.0 million, or 23 cents a share, after a loss of $17.9 million, or $2.31 a share, in the year-ago period. The FactSet consensus for net losses per share was 11 cents. Revenue fell 38% to $11.0 million, reflecting FuelCell's decision to de-emphasize product sales to focus on utility scale power purchase agreement opportunities. That missed the FactSet revenue consensus of $11.5 million. Product sales fell 95% to $500,000, while generation revenue tripled (up 206%) to $5.5 million. Total contract backlog as of Oct. 31 increased 17% from last year to $1.32 billion. The stock, which closed Tuesday at an 8 1/2-month high, has run up more than 9-fold (up 832%) over the past three months, while the S&P 500 has gained 11%.

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
Jan 22, 2020

McDonald's launches employee education app, Archways to Careers
McDonald's Corp. said Wednesday that it has launched an app that will help its employees take full advantage of the education benefits the fast-food giant offers. Archways to Careers will serve as a career advising tool that will connect workers with professionals at InsideTrack, a McDonald's partner and coaching organization. The app builds on the Archways to Opportunity program that helps workers learn English language skills, get a high school diploma and provides financial aid for college tuition. McDonald's stock has gained 14.4% over the past year while the Dow Jones Industrial Average is up 19.6% 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
Jan 22, 2020

Dow getting a 22-point boost from IBM's stock rally, J&J's decline after earnings
The premarket stock moves of companies reporting earnings would add about a net 22 points to the Dow Jones Industrial Average's price, as a rally in International Business Machines Corp. shares more than offset a drop in Johnson & Johnson's stock . Dow futures rose 79 points. IBM's stock surged 4.0% toward a 3 1/2-month high ahead of the open, with the implied price gain acting as a 37-point boost to the Dow's price. IBM reported late Tuesday revenue that surprisingly increased from a year ago and an adjusted profit that beat expectations. Johnson & Johnson shares slipped 1.5% after the consumer products and pharmaceutical company topped fourth-quarter profit expectations but came up a bit shy on revenue, with the implied price decline acting as a 15-point drag on the Dow.

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



MarketWatch MarketPulse
Jan 22, 2020

Shares of Abbott Labs are up 1%; sales are up 7%
Shares of Abbott Laboratories were up 1% after the company reported sales increases across each of its four businesses in the fourth quarter of 2019. Net earnings were $1.05 billion, or 59 cents per share, in the fourth quarter, up from $654 million, or 37 cents per share, in the same quarter a year ago. Abbott said that adjusted earnings per share were $0.95 per share, compared with the FactSet consensus of $0.95. Total sales were up 7.1% to $8.3 billion, compared with the FactSet consensus of $8.2 billion. Medical device sales increased 9.7%, nutrition sales rose 5.2%, pharmaceutical sales were up 7.8%, and laboratory diagnostics sales rose by 8.4%. Sales of the company's MitraClip device, which is used in minimally invasive cardiovascular procedures, jumped 27% to $191 million. Abbott said it expects adjusted EPS of $3.55 to $3.65 in 2020. The FactSet consensus is $3.61. Abbott's stock has gained 25% over the last year. The SPDR Health Care Select Sector exchange-traded fund is up 16%, while the Dow Jones Industrial Average has gained about 18%.

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
Jan 22, 2020

Tesla's stock surges toward a record after Wedbush boosts target by nearly 50%
Shares of Tesla Inc. shot up 5.2% toward a record high in premarket trading Wednesday, after Wedbush analyst Dan Ives boosted his price target by nearly 50%, saying he expects delivery guidance will likely be strong on China demand. Separately, Bloomberg reported, citing people familiar with the matter, that Tesla has settled with Michigan over a lawsuit challenging a state ban on direct-to-consumer, which clears the way for the company to operate service centers in the state. Wedbush's Ives reiterated the neutral rating he's had on Tesla's stock since April 2019 but raised his price target to $550 from $370. "With the drumroll of Tesla bulls now focused on earnings next week, January 29th after the bell. we believe Musk & Co. will not disappoint as underlying strength in China and Europe demand appear robust based on our analysis," Ives wrote in a note to clients. The stock, which is on track to open well above Tuesday's record close of $547.20, has more than doubled (up 114.1%) over the past three months through Tuesday, while the S&P 500 has gained 10.8%.

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



MarketWatch MarketPulse
Jan 22, 2020

Boeing stock slides premarket after Vertical Research downgrades, forecasts 'disaster' quarter
Boeing Co. shares were downgraded to hold from buy by Vertical Research Partners on Wednesday, after the aerospace giant said it does not expect its 737 Max fleet to resume flying until mid-2020, much later than previously expected. "While yet another push out in the estimated return to service of the MAX is bad enough, the ramifications of this have yet to reverberate," analysts Robert Stallard and Karl Oehlschlaeger wrote in a note to clients. "From a Boeing perspective, this means over a year without deliveries of its most profitable product line, while customer compensation costs are likely to be higher than previously thought. As we noted in our 4Q19 earnings preview, we are expecting Boeing's up-coming results to be "an absolute disaster", and that now looks guaranteed." Troubles with the Max, which has been grounded since two fatal crashes thought to be related to Boeing's MCAS system, are not the only challenges facing the company, said the note. The Max is inferior to Airbus' A320 NEO, the 787 rate is "arguably too high" and the 777x is facing development and demand challenges, said the note. "Overarching all this is the issue of 'Hubris' that we have noted before, and a toxic corporate culture that has arguably been the root cause of many of the problems that Boeing management now has to deal with. A new CEO could help, but in our experience changing a company's culture is a very tough, long term process," said the note. The analysts lowered their price target for Boeing stock to $294 from $388 and cut forecasts for 2019 to 2022. Shares were down 0.6% premarket and have fallen 12% in the last 12 months, while the Dow Jones Industrial Average has gained 20% and the S&P 500 has gained 26%.

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
Jan 22, 2020

Baker Hughes adjusted profit and revenue rise, but miss expectations
Baker Hughes Co. reported Wednesday fourth-quarter profit and revenue that rose less than expected, as beats in oilfield services and turbomachinery and process solutions revenue was offset by a miss in oilfield equipment. The stock was still inactive in premarket trading. Net income fell to $48 million, or 7 cents a share, from $131 million, or 28 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew to 27 cents from 26 cents, but were below the FactSet consensus of 31 cents. Revenue increased 1% to $6.35 billion, missing the FactSet consensus of $6.48 billion. Orders increased 1% to $6.94 billion. Oilfield services revenue rose 7% to $3.29 billion, above the FactSet consensus of $3.28 billion; turbomachinery revenue fell 8% to $1.32 billion, below expectations of $1.82 billion; oilfield equipment revenue rose 5% to $765 million, beating expectations of $753 million. The stock has gained 0.4% over the past three months, while the SPDR Energy Select Sector ETF has slipped 1.3% and the S&P 500 has gained 10.8%.

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



MarketWatch MarketPulse
Jan 22, 2020

Canopy Growth names Constellation Brands board member Judy Schmeling as chair of its board
Canadian cannabis company Canopy Growth Corp. said Wednesday it has named Judy Schmeling as chair of its board. Schmeling has been a board member since Nov. of 2018 and also sits on the board of Constellation Brands Inc. , Canopy's biggest shareholder, as well as on the board of Casey's General Stores. Canopy shares rose 1.1% in premarket trade, but have fallen 46% in the last 12 months, while the ETFMG Alternative Harvest ETF has fallen 41% and the S&P 500 has gained 26%.

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
Jan 22, 2020

Express' stock surges after unveiling new 'profitable growth' strategy, to close 100 stores in 2 years
Shares of Express Inc. surged 4.1% in premarket trading Wednesday, after the apparel retailer unveiled a new corporate strategy aimed at profitable growth, narrowed its fiscal fourth-quarter profit outlook and said it will close 100 stores by 2022. The company now expects adjusted earnings per share of 17 cents to 19 cents, compared with the previous guidance range of 16 cents to 21 cents. Express said it expects same-stores sales for the quarter to be down approximately 3% from a year ago, versus previous guidance of down 1% to down 3%. The company said the planned store closures would reduce revenue by $90 million by 2022, but that will be offset by the elimination of costs and by leveraging the remaining stores for additional sales. Express said it has identified $80 million in annualized cost savings, including $55 million through workforce reductions and $25 million through process improvement and inventory optimization. The stock has declined 21.0% over the past 12 months through Tuesday, while the SPDR S&P Retail ETF has gained 4.3% and the S&P 500 has climbed 26.1%.

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MarketWatch MarketPulse
Jan 22, 2020

Johnson & Johnson's stock slips after profit rises above expectations, but sales comes up a bit shy
Shares of Johnson & Johnson slipped 0.1% in premarket trading Wednesday, after the consumer products and drug giant reported a fourth-quarter profit that beat expectations but revenue that came up a bit shy. Net income rose to $4.01 billion, or $1.50 a share, from $3.04 billion, or $1.12 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew 4.6% to $1.88, above the FactSet consensus of $1.87. Sales rose 1.7% to $20.75 billion, just below the FactSet consensus of $20.80 billion. Consumer revenue increased 0.9% to $3.57 billion, below the FactSet consensus of $3.59 billion; pharmaceuticals sales grew 3.5% to $10.55 billion to top expectations of $10.43 billion; and medical device sales fell 0.5% to $6.63 billion to miss expectations of $6.69 billion. For 2020, the company expects net sales of $85.4 billion to $86.2 billion, surrounding the FactSet consensus of $85.52 billion. The stock has gained 0.4% over the past three months through Tuesday, while the SPDR Health Care Select Sector ETF has climbed 13.9% and the Dow Jones Industrial Average has advanced 9.0%.

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MarketWatch MarketPulse
Jan 22, 2020

Trump says coronavirus outbreak is 'under control' as he calls for more Fed rate cuts
President Donald Trump said the U.S. has the outbreak of the coronavirus under control and has been briefed by the Centers for Disease Control and Prevention. Speaking to CNBC, Trump said he wasn't worried it would turn into a pandemic and said the only person infected had flown in from China. He repeated his view that the impeachment is a "hoax." Trump batted away a question on whether the Fed's balance sheet was the prime reason for the stock-market gains. He said Fed interest rates should still go lower because the dollar is strong.

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MarketWatch MarketPulse
Jan 21, 2020

Apple plans new cheaper iPhone model: report
Apple Inc. plans to launch a cheaper version of its iPhone in 2020, according to a Tuesday afternoon report based on sources within the company's supply chain. Bloomberg News reported during the extended session Tuesday that Apple suppliers plan to begin assembling the phone in February, and that Apple could announce the new device as early as March. Apple launched the iPhone SE, a lower-cost version of its smartphone, in a March 2016 event that was separate from its larger iPhone event, which typically takes place in September. Apple is expected to launch new 5G-equipped iPhones later in 2020, which could increase the price of those models. Apple shares gained about 0.2% in extended trading following the report's release Tuesday, after closing with a 0.7% decline at $316.57.

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Jan 21, 2020

Navient shares rise after earnings beat
Navient Corp. shares rose more than 6% in the extended session Tuesday after the company reported better-than-expected earnings. The financial services company reported fourth-quarter net income of $171 million, or 78 cents a share, compared with $72 million, or 63 cents a share, in the year-ago period. Navient reported adjusted diluted core earnings of 67 cents a share versus 58 cents a share a year ago. Analysts surveyed by FactSet had estimated adjusted earnings of 58 cents a share, and for the first quarter model adjusted earnings of 70 cents a share. Navient stock has gained 27% over the past year, with the S&P 500 index rising 25%.

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Jan 21, 2020

Intel installs a new chairman
Intel Corp. announced Tuesday afternoon that former Chief Financial Officer Andy Bryant stepped down as chairman of the chip maker last week, and will be succeeded by Medtronic PLC Chief Executive Omar Ishrak. Bryant, who said last year he intended to step down in 2020, has been chairman of the company since 2012. Ishrak will be considered an independent chairman. Ishrak will be replaced on the board by Alyssa Henry, a top executive at San Francisco payments company Square Inc. who previously worked for Amazon.com Inc. and Microsoft Corp. Intel is expected to announce fourth-quarter earnings after trading ends on Thursday afternoon.

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MarketWatch MarketPulse
Jan 21, 2020

United Airlines earnings top forecasts, revenue comes in line
United Airlines Holdings Inc. shares inched higher late Tuesday after the airline beat Wall Street's adjusted profit expectations in its fourth quarter. United said it earned $641 million, or $2.53 a share, in the quarter, compared with $461 million, or $1.69 a share, in the year-ago quarter. Adjusted for one-time items, United earned $676 million, or $2.67 a share, in the quarter, compared with $2.40 a share a year ago. Revenue reached $10.9 billion, compared with $10.5 billion a year ago. Analysts polled by FactSet had expected United to report adjusted earnings of $2.65 a share on sales of $10.9 billion. The stock ended the regular trading day down 4.4%.

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MarketWatch MarketPulse
Jan 21, 2020

VMware to acquire Nyansa for undisclosed sum
VMware Inc. said late Tuesday it planned to acquire Nyansa Inc. for an undisclosed sum. VMware stock was up less than 0.1% in the extended session. Nyansa is a closely held Palo Alto, Calif.-based network analytics software company that has raised nearly $30 million in venture capital dollars, according to Crunchbase. "Nyansa is a proven solution that solves many of the shortcomings of today's vendor-specific solutions," Sanjay Uppal, a vice president and general manager at VMware, said in a statement. "Nyansa currently analyzes user network traffic from more than 20 million client devices across thousands of customer sites at companies including Tesla, Uber, Lululemon, Rooms To Go, GE Healthcare, SF International Airport, Stanford, Northeast Georgia Healthcare System and many others." VMware stock closed down 1.8% during the regular session Tuesday as the S&P 500 index fell 0.3%.

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MarketWatch MarketPulse
Jan 21, 2020

U.S. stocks end lower following first reported U.S. case of coronavirus
U.S. stocks closed lower Tuesday, falling short of last week's records, after the U.S. Centers for Disease Control and Prevention announced the first case of the coronavirus within the U.S., which sent jitters that originated in Asian equities rippling through Wall Street. The selloff in U.S. equities left the Dow Jones Industrial Average down 151.45 points, or 0.5%, at 29,196.6, breaking its five-day winning streak. The S&P 500 index fell 8.77 points, or almost 0.3%, at 3,320.84 and the Nasdaq Composite Index shed 18.14 points, or 0.2%, to settle at 9,370.81, after briefly turning positive mid-session to set a record intraday high of 9,397.58. Last week, the Dow, S&P 500 and Nasdaq all posted their best weekly gains since Aug. 30, according to FactSet data. The virus's outbreak in China, which originated in the city of Wuhan, has sickened around 300 people, leaving six dead, according to Chinese state media and health officials.

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MarketWatch MarketPulse
Jan 21, 2020

J.C. Penney to shutter these six stores by April 24
J.C. Penney Co. Inc. says six of its stores will be closing for good, effective April 24. The stores were selected for closure after a "standard annual review," the department store retailer said. "The decision is the result of a careful and ongoing review of our store portfolio," reads a company statement. The six stores are located at the Southgate Mall in Missoula, Mont.; the Myrtle Beach Mall in South Carolina; the Chapel Hill Mall in Akron, Ohio; the Tulsa Promenade in Oklahoma; and the Green Acres Mall in Valley Stream, N.Y. J.C. Penney is also closing the call center in Lenexa, Kan., which will impact 243 jobs. That closure is an effort to centralize call center operations. The supply chain facility in Lenexa will remain in operation. J.C. Penney reported a 7.5% comparable-store sales decline for the holiday season earlier this month. J.C. Penney shares are down 5.2% in Wednesday trading, and have fallen 39% over the last year. The S&P 500 index is up 24.5% for the period.

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Jan 21, 2020

Boeing's stock chops more than 100 points off the Dow's price
Shares of Boeing Co. were down 5% in afternoon trading Tuesday, as they resumed trading after the aerospace giant said it estimated that the ungrounding of the 737 Max aircraft "will begin during mid-2020." The stock's price decline of $16.22 chopped about 110 points off the Dow Jones Industrial Average , which was showing a 180-point loss. The stock had been halted from 2:12 p.m. Eastern for pending news. Boeing's 737 Max has been grounded since March 2019 following two deadly crashes connected to a faulty anti-stall system. Boeing's announcement of the expected return of the 737 Max is further out than expected, as American Airlines Group Inc. had said last week that it was expecting to start flying its 737 Max planes around June 4. Boeing's stock has tumbled 15.6% over the past 12 months, while the Dow has gained 18.1%.

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MarketWatch MarketPulse
Jan 21, 2020

Boeing expects 737 Max back in service at midyear
Boeing Co. said Tuesday it expects that its 737 Max jets will start to return to service "during mid-2020." Boeing shares were halted ahead of the announcement, when they were down 5.5%. "This updated estimate is informed by our experience to date with the certification process. It is subject to our ongoing attempts to address known schedule risks and further developments that may arise in connection with the certification process," Boeing said in the statement. That timeline "also accounts for the rigorous scrutiny that regulatory authorities are rightly applying at every step" of their review of the 737 Max's flight control systems and future pilot training requirements, the company said. The 737 Max jets have been grounded since March after two deadly crashes less than five months apart, and the company has been mired in criticism for the way it handled the plane's certification and further missteps in the recertification.

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MarketWatch MarketPulse
Jan 21, 2020

CDC confirms one case of coronavirus in the U.S.
The U.S. Centers for Disease Control and Prevention confirmed Tuesday that a single case of the coronavirus that has sickened more than 300 people, mostly in China, has been diagnosed in the U.S. The patient is a U.S. resident who arrived back in the country after a visit to Wuhan, China, the main source of the current outbreak, before screening had been introduced. The patient did not know anyone who was ill and did not visit a seafood market that is believed to have been a source of the illness. More than six people have died of the virus. Fears of a pandemic similar to SARS in 2003, sent stocks lower Tuesday, hurting airlines, casino operators with operations in Macau, luxury goods giants while boosting the stocks of vaccine makers.

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MarketWatch MarketPulse
Jan 21, 2020

EIA forecasts U.S. shale oil output to climb by 22,000 barrels a day in February
Crude-oil production from seven major U.S. shale plays is forecast to climb by 22,000 barrels a day in February to 9.2 million barrels a day, according to a report from the Energy Information Administration released Tuesday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the biggest increase, up 45,000 barrels a day in February from January. Shale oil output from the Anadarko, Eagle Ford and Niobrara regions, however, are expected to see monthly declines, the report showed. The February contract for West Texas Intermediate oil , which expires at the end of the day's regular session, held onto a modest loss to trade 24 cents, or 0.4%, lower at $58.30 a barrel ahead of its settlement on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jan 21, 2020

Boeing stock halted for news pending amid reports of further delays for 737 Max fleet
Boeing Co. stock was halted Tuesday afternoon for news pending, after falling 5.5%. Ahead of an official release, there were media reports that regulators are not expected to sign off on the company's 737 Max until June or July, months later than expected. The entire fleet has been grounded since two fatal crashes that are understood to be related to the company's MCAS system.

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MarketWatch MarketPulse
Jan 21, 2020

CDC expected to announce first U.S. case of coronavirus: report
The Centers for Disease Control and Prevention is expected to announce Tuesday afternoon that the first case of Wuhan coronavirus has been reported in the U.S., CNN reported, citing a federal source. The virus, first identified in Wuhan, China, has killed six people and infected more than 300 people. CNN said a media briefing is scheduled for later Tuesday. U.S. stocks dropped in the wake of the report. Also see: This is how far and fast the coronavirus has spread through U.S. stocks.

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MarketWatch MarketPulse
Jan 21, 2020

Nio's stock swings sharply higher, heads for a record 9th straight gain
Shares of Nio Inc. shot up 12.5% toward an 8-month high in afternoon trading Tuesday, once again reversing course sharply after posting losses earlier in the session. That puts the China-based electric car maker's stock on track to extend its record win streak to nine sessions. The stock opened down 1.5% at $4.67, then fell as much as 3.2% to an intraday low of $4.52, before swinging higher. Nio's stock was the most actively traded on major U.S. exchanges, with trading volume of 131.7 million shares, compared with the full-day average of about 77.8 million shares. The stock has now run up 62.3% during its win streak, which is the longest since the company went public in September 2018. During the streak, the stock has traded in negative territory in six of the sessions before eventually turning higher. Helping propel Nio's stock during the streak included upbeat deliveries data, the fact that U.S.-based EV maker Tesla Inc.'s stock has also been roaring higher and the disclosure that Nio's largest shareholder, Ballie Gifford & Co., had bumped up its stake in Nio to just over 13% from about 11%. Nio's stock has now more than tripled (up 211.0%) over the past three months, while Tesla shares have more than doubled (up 113.8%) and the S&P 500 has gained 10.4%.

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MarketWatch MarketPulse
Jan 21, 2020

Gold settles lower as traders weigh the impact of China's coronavirus on demand for the metal
Gold futures settled modestly lower on Tuesday, with some sources attributing the loss to the possibility that a viral outbreak may cut demand for the precious metal as China prepares for its New Year celebrations this weekend. The Chinese tend to buy more gold for the holiday celebration. Other sources, however, said that a further spread of the coronavirus may eventually support haven buying of gold. CNN reported Tuesday that the U.S. was expected to announce its first case of Wuhan coronavirus in the country. On Tuesday, February gold fell by $2.40, or nearly 0.2%, to settle at $1,557.90 an ounce. It finished off the session's low of $1,546, according to FactSet data.

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MarketWatch MarketPulse
Jan 21, 2020

Build-A-Bear stock soars 62% as toy company prepares for Baby Yoda
Build-A-Bear Workshop Inc. stock has soared nearly 63% over the past month, with the toy retailer preparing to launch a Baby Yoda toy in spring 2020 both online and in-stores. The stock has struggled over the past year, down 5.5% even as the S&P 500 index has rallied 24.6%. However, the popularity of the Baby Yoda character has given shares a boost, with Build-A-Bear ending last week up 55.7%. The company announced the plan for a new toy at the ICR Conference, which took place last week. Walt Disney Co said in December that it was also putting out a Baby Yoda plush toy. Build-A-Bear said more details about the toy are coming soon.

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MarketWatch MarketPulse
Jan 21, 2020

Uber is Morgan Stanley's top internet stock pick, stock rises
Morgan Stanley analyst Brian Nowak named Uber Technologies Inc. his top internet stock pick for 2020 on Tuesday, writing that the company is showing profit improvements in both its ride-hailing and Uber Eats businesses. The stock is up more than 4% Tuesday. "The two-player U.S. rideshare market continues to be more profit-focused and we expect the decline in available private funding for cash-burning competitors (post-WeWork) to make the non-U.S. markets more rational," he wrote. On the food delivery side, Nowak expects market consolidation in the U.S. and a more rational approach to the company's footprint overseas. Uber announced Tuesday that it had divested its India food-delivery business. Uber's shares have gained 20% over the past month, as the S&P 500 has risen 3.1%.

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MarketWatch MarketPulse
Jan 21, 2020

Intel gets an upgrade at Jefferies on hopes change is coming
Shares of Intel Corp. are up 1.9% in Tuesday morning trading after Jefferies analyst Mark Lipacis abandoned his bearish call on the stock, upgrading it to hold from underperform while raising his price target to $64 from $40. "Share loss, a transistor transition disaster, changing of the management guard, and a CEO bonus that inflects with the stock in the low $60s tell us the table is set for change at Intel," he wrote. "We increase our price target to $64 assuming that the company divests memory...and cuts operating expenditures," Lipacis wrote. Those two activities would represent a shift toward greater focus and frugality, he said. His third F theme for the company is "fabless," and while he estimates that the sale of Intel's factories could help it "close the transistor gap with AMD " and boost earnings, he sees a low probability that the company will go this route in the near term. Intel shares have climbed 16% in the past three months, while the Dow Jones Industrial Average has risen 9%.

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MarketWatch MarketPulse
Jan 21, 2020

L Brands upgraded on heightened potential for a Victoria's Secret transaction
L Brands Inc. was upgraded to overweight from sector weight at KeyBanc Capital Markets on the increased potential of a "value-creating transaction" as the company's Victoria's Secret brand continues to languish. KeyBanc has a $25 price target. Analysts note the "stark differential" in performance between the lingerie brand and L Brands' beauty chain, Bath & Body Works, and the "lack of any discernable turnaround" at Victoria's Secret. KeyBanc says Bath & Body Works would be attractive on its own after eight consecutive quarters of same-store sales of 5% or more, and 9% same-store sales growth over the holidays. Analysts see the value in turning around the Victoria's Secret business, which still has $2.8 billion in revenue despite recent declines, a powerful brand and the Pink brand. But analysts think the turnaround could be better achieved as a private entity. L Brands stock has sunk 26.8% over the last year while the S&P 500 index is up 24.3% over the period.

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MarketWatch MarketPulse
Jan 21, 2020

China tech stocks fall amid virus concerns
Shares of Chinese tech companies are off in Tuesday's session amid anxiety about a new coronoavirus that has claimed at least six lives in China so far. Ahead of what's expected to be a busy travel season around Lunar New Year, there's concern that the virus could spread even farther globally, especially after a medical expert said it could be transmitted between humans. Asia markets fell Tuesday, and U.S.-listed tech companies are also under pressure. Shares of iQiyi Inc. , Baidu Inc. , Alibaba Group Holding Ltd. , and JD.com Inc. are all off in morning trading. The KraneShares CSI China Internet ETF is down nearly 4% in the session, while the S&P 500 is down 0.2%.

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MarketWatch MarketPulse
Jan 21, 2020

Beyond Meat stock rallies after Starbucks announces plans for plant-based menu additions
Beyond Meat Inc. stock jumped 8% in Tuesday trading after news from Starbucks Corp. Chief Executive Kevin Johnson that the coffee giant aims to add more plant-based items to its menu. Starbucks stock is nearly unchanged in early trading. Beyond Meat is currently in testing mode with another restaurant giant, McDonald's Corp. , and just announced a supply agreement with pea-protein producer Roquette, which the company said will aid in further scaling of the business. Beyond Meat stock is up 7% over the last three months while the S&P 500 index is up 10.5% for the period.

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MarketWatch MarketPulse
Jan 21, 2020

Target launching more than 1,800 new swimsuit styles
Just as many Americans are adding extra layers to keep out the cold, Target Corp. announced that it's launching more than 1,800 new swim pieces. Prices start at $14.99, and women's sizes will range to 26 and size 38DDD in tops. Target private-label brands with some of the new items include Kona Sol, Xhilaration and the new activewear brand All in Motion. Target stock has gained 64% over the past year, outpacing the benchmark S&P 500 index , which is up 24.3% for the period.

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MarketWatch MarketPulse
Jan 21, 2020

Stocks retreat from record highs at open as investors return from holidays
U.S. stocks opened modestly lower on Tuesday as the stock-market took a breather from its record-breaking climb, amid some worries around muted global growth and a respiratory virus spreading in China. Investors were returning from the holidays on Monday, in observance of Martin Luther King Jr. day. The S&P 500 was down 0.3% to around 3,321. The Dow Jones Industrial Average shed 51 points, or 0.2%, to 29,297. The Nasdaq Composite fell 0.3% to 9,364. Concerns around sluggish global growth resurfaced after the International Monetary fund trimmed its gross domestic product forecast for the world. The outbreak of the coronavirus in China has helped to dampen the mood of investors in Asia, producing sharp declines overnight in Chinese and Hong Kong stock markets. In company news, shares of Halliburton Co. traded higher after the oil services company reported a less severe drop in fourth-quarter revenue than expectations.

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MarketWatch MarketPulse
Jan 21, 2020

Starbucks to add plant-based menu options as part of expanded sustainability commitment
Starbucks Corp. Chief Executive Kevin Johnson said Tuesday that the coffee purveyor will add plant-based menu options as part of an expanded sustainability commitment. "Our aspiration is to become resource positive - storing more carbon than we emit, eliminating waste, and providing more clean freshwater than we use," Johnson wrote in a message posted on the Starbucks site. The new food items are an effort to create a more environmentally-friendly menu. The company will also shift to reusable packaging, invest in innovative agricultural practices and forest conservation efforts, better manage waste and create more eco-friendly stores. Preliminary targets for 2030 are to cut carbon emissions by half in both the company's operations and supply chain; halve water usage for operations and coffee production; and halve the amount of waste sent to landfills. Beyond Meat Inc. shares gained 3% in Tuesday premarket trading. Starbucks stock has rallied 44.7% over the past year while the S&P 500 index has gained 24.7% for the period.

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MarketWatch MarketPulse
Jan 21, 2020

Uber stock gains after sale of India food-delivery business
Uber Technologies Inc. shares are up 1.7% in premarket trading Monday after the company disclosed that it had completed the sale of its India food delivery business to Zomato, a local player, for a 9.99% stake in the company and about $35 million in cash. "Given Zomato's recent valuation of $3.55 billion in the private markets, this would value the sale at roughly $355 million and ends a dark chapter for Uber Eats in India which has struggled to gain share vs. entrenched domestic competitors Zomato and Swiggy which together control roughly 80% of the food delivery market in India," Wedbush analysts Ygal Arounian and Daniel Ives wrote in a note to clients. They said that there are many markets in which Uber's management needs to determine whether it should exit due to the difficulties of becoming a market leader. Shares are up 12% over the past three months, as the S&P 500 has added 11%.

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MarketWatch MarketPulse
Jan 21, 2020

AMD price target boosted to $60 at Cowen
Cowen & Co. analyst Matthew Ramsay boosted his price target on Advanced Micro Devices Inc. shares to $60 from $47 on Monday, with his new target ranking as the second highest among analysts tracked by FactSet. Ramsay senses a change in tone during conversations on AMD's future: "Our queries continue to shift to 'when,' not 'if' in terms of share gains and [earnings per share/free-cash flow] growth, as investors largely no longer question whether or not AMD will gain material x86 share or deliver upon its roadmaps, but instead try to better understand the cadence, magnitude, and competitive roadmap positioning as Intel experiences 14-nanometer supply constraints and roadmap changes." He pointed to AMD's "track record of consistent roadmap execution and stability" now that its Zen-2 7-nanometer product has been launched for desktops, notebooks, and servers. AMD shares are off 0.3% in premarket trading Monday, but they've gained 59% over the past three months as the S&P 500 has risen 11%.

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MarketWatch MarketPulse
Jan 21, 2020

Las Vegas Sands, Wynn Resorts stocks drop as fears of coronavirus spread
Increasing worries over the outbreak of the deadly coronavirus from China have knocked down the shares of casino operators on Tuesday, which generate significant amounts of revenue from their Macau opertions. Shares of Las Vegas Sands Corp. sank 6.1% in premarket trading, as about 62% of total revenue over the last 12 months was from Macau, according to FactSet. Wynn Resorts Ltd.'s stock tumbled 6.3%, as its Macau operations generated about 75% of its revenue, according to FactSet. The selloffs come as the futures for the S&P 500 fell 0.3%. Shares of MGM Resorts International, which had about 21% of revenue from Macau, according to FactSet, declined 2.2%. Six people have died from the coronavirus, and 291 have been infected, according to an Associated Press report.

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MarketWatch MarketPulse
Jan 21, 2020

Novavax shares jump 60% in premarket trading
Shares of Novavax Inc. rallied 60% in premarket trading on Tuesday on heavy volume. The biotechnology company is developing vaccines, such as NanoFlu, its experimental season flu vaccine that is in late-stage clinical trials. Novavax said last week that it had received a fast-track designation from the Food and Drug Administration, an announcement that pushed up shares by 20%. Investors are paying close attention to the spread of a new coronavirus in Wuhan City, China. The company's stock is down 86% over the last 52 weeks, while the S&P 500 has gained 26%.

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MarketWatch MarketPulse
Jan 21, 2020

Black Diamond Therapeutics to offer 8.9 million shares in planned IPO, priced at $16 to $18 each
Black Diamond Therapeutics set terms for its planned initial public offering on Tuesday, with news that it will offer 8.9 million shares priced at $16 to $18 each. The company would raise $160.2 million at the top end of that range. JPMorgan, Jefferies and Cowen are lead managers on the deal with Canaccord acting as co-manager. Proceeds of the deal will be used to fund R&D, to fund discovery programs and for other general corporate purposes. "We are a precision oncology medicine company pioneering the discovery and development of small molecule, tumor-agnostic therapies," the company says in its prospectus.

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MarketWatch MarketPulse
Jan 21, 2020

Flooring company Interface fires CEO for cause over violations of policies
Flooring company Interface Inc. said Tuesday it has terminated Chief Executie and President Jay Gould for cause over violations of its working environment policies. The company named Dan Hendrix, most recently chairman of the board, as new CEO with immediate effect as it launches a search for a successor. Gould was ousted after "an investigation concluded that he engaged in personal behavior that violated company policy and core values," the Atlanta, Georgia-based company said in a statement. In a filing with the Securities and Exchange Commission, the company said he would not be entitled to a severance payment. Shares were not yet active premarket, but have gained 7% in the last 12 months, while the S&P 500 has gained 25%.

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MarketWatch MarketPulse
Jan 21, 2020

McDermott announces a prepackaged bankruptcy, stock plunges
Shares of McDermott International Inc. tumbled 15% in premarket trading Tuesday, after the provider of engineering and construction services to the energy industry announced a prepackaged bankruptcy as part of a restructuring that eliminates $4.6 billion of debt. The company said the bankruptcy will be financed by a debtor-in-possession (DIP) financing facility of $2.81 billion, and that it has secured over $2.4 billion in letter-of-credit facility capacity. The company said it expects to emerge from bankruptcy with about $500 million in funded debt. As part of the DIP agreement, McDermott will sell its Lummus Technology business for $2.73 billion, with the proceeds from the sale expected to be used to repay the DIP financing in full. McDermott expects its stock to be delisted from the NYSE within the next 10 days. The stock is proposed to be cancelled as part of restructuring. McDermott's stock had plummeted at the end of 2019, with The Wall Street Journal reporting that McDermott had been in talks with its lenders for a bankruptcy filing within weeks. McDermott shares have lost 92.2% of their value over the past 12 months through Friday, while the SPDR Energy Select Sector ETF has declined 7.4% and the S&P 500 has gained 24.7%.

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MarketWatch MarketPulse
Jan 21, 2020

Nio's stock falls, on track to snap record 8-day win streak
Shares of Nio Inc. dropped 1.7% in active premarket trading Tuesday, putting them on track to snap a record-long eight-day winning streak. Volume was 680,000 shares just less than two hours before the open, enough to make the stock the most actively traded in the premarket. The China-based electric car maker's stock had rocketed 44% in eight days through Friday, the longest streak of gains since the stock went public on Sept. 13, 2018, and beating the seven-day win streak through Feb. 1, 2019, when the stock surged 20.6%. On Friday, the stock had climbed 6.9% after the company disclosed that its largest shareholder, Scotland-based investment manager Ballie Gifford & Co., had increased its stake to 13.13% of Nio's shares outstanding, up from 11.04% as of Feb. 5, 2019. Also helping to boost the stock this year were upbeat reports that Nio had secured about $1 billion in funding, upbeat December deliveries data and a surge in U.S. rival Tesla Inc. shares to record highs. Nio's stock has nearly tripled (up 176.3%) over the past three months through Friday, while Tesla shares have doubled (up 101.4%) and the S&P 500 has edged up 10.7%.

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MarketWatch MarketPulse
Jan 21, 2020

ServiceMaster to explore strategic alternatives for ServiceMaster Brands franchise businesses
ServiceMaster Global Holdings Inc. shares rose 3.5% in premarket trade Tuesday, after the pest control company said it is exploring strategic options for its ServiceMaster Brands business, that includes a possible sale of the segment. At stake are brands including ServiceMaster Restore, ServiceMaster Clean, Merry Maids, Furniture Medic and AmeriSpec, which combined generated $252 million in revenue in the 12 months to Sept. 30. "We believe ServiceMaster shareholders would benefit from our Terminix business becoming a pure-play, global pest control company with enhanced management focus and resources," Chairman Naren Gursahaney said in a statement. "We expect that proceeds arising from a possible transaction would be used for debt reduction, prudent strategic growth opportunities and shareholder returns." Gursahaney has been named interim chief executive, replacing Nik Varty, who has stepped down to pursue other opportunities. The company also confirmed its 2019 revenue guidance of $2.070 billion to $2.085 billion. Shares have fallen 3.3% in the last 12 months through Friday, while the S&P 500 has gained 25%.

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MarketWatch MarketPulse
Jan 21, 2020

Disney moves up launch date for Disney in western Europe to March 24
The Walt Disney Co. said Tuesday it is moving up the date for the release of its Disney streaming service in western Europe to March 24. The new service will be available from that date in the U.K., Ireland, France, Germany, Italy, Spain, Austria, and Switzerland. Other Europe markets, including Belgium, the Nordics, and Portugal, will follow in summer 2020. the new service will be priced at 5.99 pounds for 6.99 euros a month, equal to about $7.76. The new service includes content from Disney, Pixar, Marvel, Star Wars and National Geographic, along with films, TV shows and documentaries made exclusively for it. Disney has not revealed how many subscribers have signed up for the service in the U.S. but a report last week from Sensor Tower said Disney has more than 41 million subscribers. Disney shares were flat premarket, but have gained 30% in the last 12 months, while the Dow Jones Industrial Average has gained 19% and the S&P 500 has gained 25%.

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MarketWatch MarketPulse
Jan 21, 2020

Vans parent VF Corp. reviewing strategic options for nine businesses that outfit U.S. workers
Vans and Timberland parent VF Corp. said Tuesday it has hired Barclays as financial adviser as it explores strategic options for the occupational part of its work segment. At stake are nine brands and businesses including Red Kap, that make uniforms and other work clothing for workers in the industrial, service and government sectors. Together, they accounted for about $865 million of the company's 2019 revenue of $13.8 billion. "Divesting these brands would leave VF with a simplified portfolio of higher-growth, consumer-focused brands, while providing financial flexibility to fuel further strategic initiatives and enhance shareholder value," Chief Executive Steve Rendle said in a statement. The review does not include the Dickies and Timberland Pro brands. VF Corp. shares were up 0.8% in premarket trade and have gained 22% in the last 12 months, while the S&P 500 has gained 25%.

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MarketWatch MarketPulse
Jan 21, 2020

Halliburton swings to $1.7 billion loss, but stock surges as adjusted profit beats expectations
Shares of Halliburton Co. surged 2.3% in premarket trading Tuesday, after the oil services company reported a fourth-quarter adjusted profit and revenue that fell from a year ago, but beat expectations. The company swung to a net loss of $1.65 billion, or $1.88 a share, from a profit of $664 million, or 76 cents a share, in the year-ago period. Excluding non-recurring items, such as a $2.2 billion impairment charge to adjust its cost structure to market conditions, adjusted earnings per share came to 32 cents, above the FactSet consensus of 29 cents. Revenue fell 6% to $5.19 billion, beating the FactSet consensus of $5.13 billion. Completion and production revenue decreased 13% to $3.06 billion, just shy of the FactSet consensus of $3.07 billion, while drilling and evaluation revenue rose 4% to $2.13 billion, to beat expectations of $2.08 billion. North America revenue fell 21% from the sequential third quarter to $2.3 billion, due primarily to reduced activity and pricing of land, primarily associated with pressure pumping and well construction. The stock has climbed 22.2% over the past three months through Friday, while the VanEck Vectors Oil Services ETF has rallied 10.1% and the S&P 500 has advanced 10.7%.

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MarketWatch MarketPulse
Jan 21, 2020

Reynolds Consumer sets IPO terms to be valued at over $5 billion
Reynolds Consumer Products set terms of its initial public offering Tuesday, to raise up to $1.32 billion and to value the consumer products company at up to $5.07 billion. The company, which brands include Reynolds Wrap, Hefty and Alcan, said it will offer 47.17 million shares in the IPO, which is expected to price between $25 and $28 a share. The company said there will be 202.63 million shares outstanding after the IPO. If the underwriters, led by Credit Suisse, Goldman Sachs and J.P. Morgan, exercise all the options to buy additional shares, Reynolds Consumer could raise up to $1.52 billion. The company recorded net income of $135 million on revenue of $2.20 billion over the nine months ended Sept. 30, compared with net income of $92 million on revenue of $2.24 billion in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 17.4% over the past three months, while the SPDR Consumer Staples Select Sector ETF has gained 4.7% and the S&P 500 has tacked on 10.7%.

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MarketWatch MarketPulse
Jan 21, 2020

U.K. employment grows by 208,000 as weekly earnings growth stays at 3.2%
U.K. employment grew by 208,000 in the three months to November as the unemployment rate stayed at 3.8%, the Office for National Statistics reported Tuesday. Average weekly earnings stayed at 3.2%, and the claimant count for December edged up to 3.5% from 3.4%. The British pound rose after the publication of the data, with sterling rising to $1.3028 versus Monday's close of $1.3009.

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MarketWatch MarketPulse
Jan 20, 2020

Eligible Delta employees to receive two extra months' pay via profit-sharing plan
Delta Air Lines, whose stock is up nearly 29% over the past year (outpacing a gain of about 25% by the benchmark S&P 500 and a more modest ascent of less than 11.5% by the NYSE Arca Airline Index) and which most recently outperformed fourth-quarter analyst expectations, is sharing the wealth with employees, CNN reports. The Atlanta-headquartered airline, according to CNN, is diverting $1.6 billion of its $6.2 billion in total 2019 pretax income toward profit sharing, according to a release posted on the airline's website. Every eligible employee, according to the CNN report, will get a check next month for 16.6% of their annual pay. That, CNN adds, is the equivalent of two extra months' pay.

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MarketWatch MarketPulse
Jan 17, 2020

Best Buy stock drops after report of CEO inquiry
Best Buy Co. Inc. shares declined after a report late in Friday's session that the company is investigating its chief executive after an anonymous letter accused him of an inappropriate romantic relationship. The Wall Street Journal reported just before the close that the board was investigating a letter received Dec. 7 that accused CEO Corie Barry of having a yearslong relationship with Karl Sanft, a former senior vice president at the electronics retailer, before she was named to the top job last June. Sanft is now chief operating officer for 24 Hour Fitness Worldwide Inc. Best Buy stock dropped from an intraday high of $90.32 to $89.90 in the last 20 minutes of Friday's session, then declined another 1% in after-hours action immediately following the end of trading.

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MarketWatch MarketPulse
Jan 17, 2020

S&P 500, Dow close at new records, notch best weekly gains since August
U.S. stocks closed at all-time highs Friday, marking the third-straight record close for the Dow and S&P 500, as investors cheered bullish economic data and continued to ride a wave of trade optimism. The Dow Jones Industrial Average rose 50 points, or 0.2%, to about 29,348, the S&P 500 index gained roughly 13 points, or 0.4% to close at 3,330 and the Nasdaq Composite index advanced 32 points, or 0.2% to end the session at roughly 9,389. All three benchmarks set new intraday and closing highs. Market sentiment was boosted by stellar figures on U.S. home construction, with the Commerce Department reporting that home builders broke new ground on new homes at an annual rate of 1.61 million in Decmeber, 17% higher than the month before, and well above consensus expectations. Meanwhile data out of China showed December GDP growth at the fastest pace since last March. Though some analysts expressed concern about rising stock-market valuations, with the price-to-earnings ratio reaching 18.8, according to data from Refinitiv, others noted that low bond yields justify higher prices. In company news, Qualcomm Inc. shares gained 4.6% after Citi upgraded the stock to buy from neutral to lead S&P 500 stocks higher.

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MarketWatch MarketPulse
Jan 17, 2020

Natural-gas futures log lowest finish since 2016; oil prices post a second weekly decline
Natural-gas futures fell Friday as ample U.S. supplies and forecasts for milder-than-normal weather in much of the nation pushed prices to their lowest finish since May 2016. Oil futures, meanwhile, ended slightly higher Friday, but marked a weekly decline for a second week. February natural gas lost 7.4 cents, or 3.6%, to settle at $2.003 per million British thermal units, with prices down about 9% for the week, according to FactSet data. February West Texas Intermediate oil added 2 cents, or 0.03%, to settle at $58.54 a barrel on the New York Mercantile Exchange, with front-month contract prices down nearly 0.9% from the week-ago finish.

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MarketWatch MarketPulse
Jan 17, 2020

CDC to start screening some travelers from China at three major U.S. airports for signs of Coronavirus
The U.S. Centers for Disease Control and Prevention said Friday it will start screening people traveling to the U.S. from Wuhan City in the Hubei Province of central China through three major airports for signs of a new virus that has sickened 40 people and killed two. The Coronavirus has been compared to pneumonia, as well as to SARS and MERS, two former respiratory illnesses that broke out in Asia. Symptoms include fever, coughing and difficulty breathing. The initial screenings will take place at the airports that receive the most travelers from Wuhan, namely San Francisco International, New York's JFK and Los Angeles International. Cases of the illness have now been confirmed in Thailand and Japan, according to a CDC advisory from Thursday. Most of the patients in Wuhan had some link to a large seafood and animal market, suggesting animal-to-person spread, although others had no exposure to animals, suggesting the disease can also be transmitted from person-to-person.

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MarketWatch MarketPulse
Jan 17, 2020

CDC to start screening travelers from Wuhan to 3 major U.S. airports for signs of Coronavirus
The U.S. Centers for Disease Control and Prevention said Friday it will start screening people traveling to the U.S. from Wuhan City in the Hubei Province of central China through three major airports for signs of a new virus that has sickened 40 people and killed two. The Coronavirus has been compared to pneumonia, as well as to SARS and MERS, two former respiratory illnesses that broke out in Asia. Symptoms include fever, coughing and difficulty breathing. The initial screenings will take place at the airports that receive the most travelers from Wuhan, namely San Francisco's SFO, New York's JFK and Los Angeles LAX. Cases of the illness have now been confirmed in Thailand and Japan, according to a CDC advisory from Thursday. Most of the patients in Wuhan had some link to a large seafood and animal market, suggesting animal-to-person spread, although others had no exposure to animals, suggesting the disease can also be transmitted from person-to-person.

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MarketWatch MarketPulse
Jan 17, 2020

Gold futures end higher for the session, barely changed for the week
Gold futures settled higher on Friday, but barely budged for the week. "Gold has struggled to shine this week as positive economic data from the United States and China cooled concerns over the global economy," said Lukman Otunuga, senior research analyst at FXTM. "Appetite towards the metal was also bruised by the 'phase one' [U.S.-China] deal, which offered some light at the end of the long trade war tunnel. With stock markets hitting record highs and the dollar stabilizing, gold is positioned to weaken in the short term," he said. February gold rose $9.80, or 0.6%, to settle at $1,560.30 an ounce. Prices ended 20 cents higher than the week-ago settlement.

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MarketWatch MarketPulse
Jan 17, 2020

Apple could see smartphone replacement cycles finally shorten, Morgan Stanley says
Apple Inc. could start to see a contraction in smartphone replacement cycles, Morgan Stanley's Katy Huberty said in a recent note to clients. She said that iPhone owners are now holding onto their phones for close to four years amid changes in how phones are priced and a slowdown in the pace of tech upgrades. "However, longer battery life and upcoming 5G technology, which will enable new functionality like augmented reality and combined with aggressive trade-in offers that subsidize upgrades for existing iPhone owners, suggest replacement cycles can't stretch much further and may in fact begin to shrink," she wrote. Huberty raised her price target on Apple's stock to $368 from $296. She also hiked her bull case to $515 from $407, which reflects 235 million iPhone shipments and a replacement cycles that's slightly less than six months shorter than it is in her base case. The base case bakes in a 3.7-year replacement cycle. Apple shares are up 34% over the past three months, as the Dow Jones Industrial Average has added 8.6%.

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MarketWatch MarketPulse
Jan 17, 2020

Baker Hughes reports a weekly rise in the U.S. oil-rig count
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 14 to 673 this week. That followed declines for oil rigs in each of the past three weeks. The total active U.S. rig count, meanwhile, was up 15 from last week to 796, according to Baker Hughes. Oil prices extended their decline, with February West Texas Intermediate crude down 20 cents, or 0.3%, at $58.32 a barrel. It was trading at $58.50 before the rig data.

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MarketWatch MarketPulse
Jan 17, 2020

Disney to drop 'Fox' name from 20th Century Fox film studio and other assets acquired last year
The Walt Disney Co. is dropping the 'Fox' brand from the 21st Century Fox assets that it acquired last March in a deal valued at $17 billion, Variety magazine reported Friday, citing a source close to the situation. The 20th Century Fox film studio will be renamed 20th Century Studios and Fox Searchlight Pictures will become Searchlight Pictures, according to the report. No final decisions have been made for the TV assets, which include 20th Century Fox Television and Fox 21 Television Studios. The Fox News channel remained as part of parent Fox Corp. . Fox and MarketWatch parent News Corp share common ownership. Disney shares were slightly lower Friday, but have gained 31% in the last 12 months, while the Dow Jones Industrial Average , which counts Disney as a member, has gained 20% and the S&P 500 has gained 26%.

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MarketWatch MarketPulse
Jan 17, 2020

Qualcomm stock gains after Citi upgrade
Shares of Qualcomm Inc. are up nearly 4% in Friday morning trading after Citi Research analyst Christopher Danely upgraded the stock to buy from neutral and upped his price target to $108 from $89. "We expect upside to both revenue and margins for Qualcomm going forward given share gains in 5G, higher [average selling prices], and increased royalty revenue," Danely wrote. While he's worried over the long run about declining royalty rates and Apple becoming more involved in its own chip process, he expects the 5G rush "will put these trends on hold for at least the next 12 months like in previous upgrade cycles." Shares have added 21% over the past three months, as the S&P 500 has risen 11%.

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MarketWatch MarketPulse
Jan 17, 2020

Altria downgraded to sell on concerns about headwind posed by new minimum age for buying tobacco
CFRA downgraded Altria Group Inc. stock to sell from hold on Friday and said it expects a change in the minimum age for buying tobacco is a big headwind. Analyst Garrett Nelson lowered his 12-month price target to $44 from $50. "We think recent federal legislation raising the minimum purchase age to 21 for tobacco products presents a significant long-term headwind for MO," Nelson wrote in a note. "According to CDC data, 12.5% of middle school and 31.2% of U.S. high school students reported they were currently use of some form of tobacco product in 2019 (mostly e-cigarettes)." The company may be forced to make more "draconian" cost cuts to support profit, he wrote. The company may also need to write down part of the value of its 35% stake in e-cigarette company Juul, which has become the subject of regulatory and and criminal investigations over allegations it targeted teenagers in advertising. Altria shares were up 0.3% Friday and have gained 8.9% in the last 12 months, while the Dow Jones Industrial Average , which counts it as a member, has gained 20% and the S&P 500 has gained 26%.

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MarketWatch MarketPulse
Jan 17, 2020

Boeing likely to take 'substantial charge' on 737 Max: analyst
Boeing Co. is likely to take a "substantial charge" in the fourth quarter to account for the mounting costs of its 737 Max debacle, analysts at Canaccord Genuity said in a note Friday. The analysts, led by Ken Herbert, lowered their price target on the stock to $350 from $370 and also lowered their sales and profit estimates. The Max production ramp could be slower once the plane returns to the skies, they added. The 737 Max has been grounded worldwide since March following two deadly crashes connected to a faulty anti-stall system, and its return-to-service date has stretched for months. "We are surprised the stock has held up as well as it has considering the company is perhaps facing the most severe crisis in its 100- year history, but we continue to see the financial risk as not fully reflected in the stock," the Canaccord analysts said. Shares of Boeing have dropped 8% in the past 12 months, contrasting with advances of 26% and 20% for the S&P 500 index and the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Jan 17, 2020

IBM stock falls as Morgan Stanley downgrades ahead of earnings
Shares of International Business Machines Corp. are off 0.8% in Friday morning trading after Morgan Stanley analyst Katy Huberty downgraded the stock to equal weight from overweight. She wrote that Morgan Stanley's recent survey of chief information officers "provides new evidence of core IBM revenue declines, particularly in software and services." The downgrade comes as IBM is due to report fourth-quarter earnings Tuesday afternoon. Huberty expects the company to give a full-year earnings outlook on its conference call, and her earnings-per-share estimate of $12.80 for calendar 2020 is below the $13.28 FactSet consensus and would be flat with what analysts expect for calendar 2019. IBM shares have gained about 2% over the past three months, as the S&P 500 has added 11%.

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MarketWatch MarketPulse
Jan 17, 2020

Expeditors's stock drops after profit warning, adding to disappointing results from other Dow transport members
Shares of Expeditors International of Washington Inc. tumbled 5.8% in morning trading Friday, pulling back from the previous session's record close, after the transportation and shipping company warned of a fourth-quarter profit and revenue shortfall. The company said it expects earnings per share of 78 cents to 81 cents, well below the FactSet consensus of 94 cents. Chief Executive Jeffrey Musser said he believed disappointing earnings and revenue performance was a results of slowing global economies, trade disputes and changing supply-and-demand dynamics. "We've seen impacts throughout the year from these market conditions, but the pace at which these changes occurred accelerated dramatically in the fourth quarter," Musser said. Expeditors's warning comes after disappointing results from fellow Dow Jones Transportation Average components CSX Corp. and Kansas City Southern . The Dow transports fell 86 points, or 0.8%, while the Dow Jones Industrial Average gained 37 points, or 0.1%.

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MarketWatch MarketPulse
Jan 17, 2020

Dow, S&P 500, Nasdaq open at intraday records as stock market aims to cap solid week of gains
U.S. stock rose at the start of trade Friday, with the major benchmarks reaching new highs in just the third week of the year, after data on new U.S. home construction showed it surging to 13-year highs in December. The Dow Jones Industrial Average gained 0.1% at 29,334, the S&P 500 index rose 0.2% at 3,322, while the Nasdaq Composite Index advanced 0.3% to reach 9,381 at Friday's start. Gains on the day have been bolstered by strong economic data. December housing starts showed home constructing rising 16.9%, to annual rate of 1.608 million units, to the fastest pace since 2006, well above the consensus forecast of 1.375 million, according to a MarketWatch poll of economists. Investors optimism wasn't dented by China reporting its worst annual growth in three decades of 6.1%.

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MarketWatch MarketPulse
Jan 17, 2020

IMedia's stock rockets on heavy volume after Shaq partnership
Shares of iMedia Brands Inc. rocketed 55% in very active premarket trading Friday, after the interactive media company announced a partnership with basketball hall-of-famer Shaquille O'Neal, which includes a nationally televised live program called "Shaq's Invicta Collection." Trading volume ballooned to 3.4 million shares just minutes after the open, compared with the full-day average of about 37,000 shares. The limited-edition collection will have a new line of watches designed by O'Neal, iMedia said in a release late Thursday. "Shaq's Invicta Collection" is slated to launch in March 2020, with live broadcasts on iMedia's ShopHQ. "Shaquille and Invicta are iconic partners and we are honored to offer their new designs and products to our customers," O'Neal said. "Shaquille and Invicta are iconic partners and we are honored to offer their new designs and products to our customers," said iMedia Chief Executive Tim Peterman. IMedia's stock has still lost 13% over the past three months, while the S&P 500 has gained 11%.

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MarketWatch MarketPulse
Jan 17, 2020

Adobe stock gains after Oppenheimer upgrade, while Autodesk gets a downgrade
Shares of Adobe Systems Inc. are up 0.9% in premarket trading Friday after Oppenheimer analyst Brian Schwartz upgraded the stock to outperform from perform, while Autodesk Inc. shares are off 0.7% after he made the reverse move on that software stock. Schwartz said that Adobe is the closest supplier among those he covers to achieving the "holy grail" of the customer experience, which in his view is "having the capability to smoothly integrate customer data, workflow, analytics, compute and reporting in real-time, across all devices." As for his Autodesk downgrade, Schwartz is concerned that the company's strong execution in its construction business can't balance a weak macroeconomic backdrop in the manufacturing sector. Autodesk's stock has added 33% over the past three months, while Adobe's has climbed 28% and the S&P 500 has risen 11%.

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MarketWatch MarketPulse
Jan 17, 2020

Hexo to raise $20 million in share sale, sending stock down 6% premarket
Hexo Corp. shares slid 6% in premarket trade Friday, after the Canadian cannabis company said it plans to sell shares to raise $20 million in funding. The Ottawa-based company said it has entered an agreement with institutional investors to sell 11.9 million share priced at $1.67 each, a discount to its $1.78 closing price Thursday. The company has further agreed to issue warrants to purchase 5.9 million shares at an exercise price of $2.45 a share. The warrants will have a five-year term. Shares have fallen 63% in the last 12 months, while the S&P 500 has gained 26%.

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MarketWatch MarketPulse
Jan 17, 2020

Kansas City Southern's stock drops after earnings, revenue miss expectations
Shares of Kansas City Southern dropped 1.7% in premarket trading Friday, after the railroad company missed profit and revenue expectations. Net income fell to $127.2 million, or $1.30 a share, from $161.1 million, or $1.59 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.82, below the FactSet consensus of $1.84. Revenue rose to $729.5 million from $694.0 million, but was below the FactSet consensus of $730.8 million, as misses in the company's chemical and petroleum, agriculture and minerals and intermodal revenue offset a beat by industrial and consumer products. The operating ratio for 2019 was 69.1%, after 63.7% in 2018; the company expects operating ratio of 60% to 61% in 2020. The stock has rallied 19.4% over the past three months through Thursday, while the Dow Jones Transportation Average has gained 7.7% and the Dow Jones Industrial Average has advanced 8.4%.

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MarketWatch MarketPulse
Jan 17, 2020

Pinterest stock rallies again after Wells Fargo upgrade
Shares of Pinterest Inc. have had a strong week, rising 17% over the past three trading sessions, and the rally looks poised to continue after an upgrade to overweight from equal weight by Wells Fargo analyst Brian Fitzgerald. The stock is up more than 4% in premarket trading Friday. "Shares have materially underperformed the broader market since the company's April 2019 IPO, despite our view that the company's fundamentals remain on solid footing, as Pinterest has delivered generally solid results, handily exceeding pre-IPO targets with healthy audience and engagement growth, strong revenue growth and solid progress toward profitability," he wrote. He sees several catalysts down the road, including greater engagement stemming from more video on the platform, improvements in monetization on the heels of ad-tech upgrades, and better international monetization as the company invests in an overseas sales force. Fitzgerald said that Pinterest's average revenue per user in the U.S. was 22.5 times what it was internationally in the third quarter, compared to 3.6 times for Snap Inc. , 4.6 times for Twitter Inc. , and 6.9 times for Facebook Inc. . He upped his price target to $30 from $28. Pinterest shares have risen 26% over the past month, but they're off 12% over three months. The S&P 500 has climbed 4% over one month and 11% over three.

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MarketWatch MarketPulse
Jan 17, 2020

EBay stock falls after Wells Fargo turns bearish
Shares of eBay Inc. are off 1% in premarket trading Friday after Wells Fargo analyst Brian Fitzgerald downgraded the stock to underweight from equal weight in a note titled: "Value Stock Or Melting Ice Cube?" He sees an unattractive risk-reward scenario going forward given his expectation that eBay will continue to face challenges with its core marketplace business, including due to a U.S. internet sales tax rollout and increasing competition from new marketplaces as well as established players. "We estimate eBay's U.S. gross merchandise volume (GMV) through the first three quarters of 2019 was 5.8x larger than the combined GMV of emerging marketplaces Etsy, RealReal, Mercari and Poshmark, down from 7.6x larger in 2018," Fitzgerald wrote. He cut his price target to $32 from $45. Shares are off 8% over the past three months, while the S&P 500 has gained 11%.

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MarketWatch MarketPulse
Jan 17, 2020

UPDATE: Durect stock slides after FDA committee ends meeting with split vote on post-surgical pain treatment
Biopharmaceutical company Durect Corp.'s shares slid 12% in premarket trade Friday, after a U.S. Food and Drug Administration committee ended a meeting to review the company's Posimir treatment for post-surgical pain with a split vote, as six members voted to recommend the treatment and six voted against. The stock was halted all day Thursday, ahead of the meeting. "We are encouraged by the support from a number of the Committee members," Chief Executive James Brown said in a statement. "We continue to believe the data meets all of the regulatory requirements and that the weight of the evidence supports approval. We look forward to working with the agency as it completes its review of the POSIMIR application." The FDA is not obliged to take the recommendation of the committee, called the Anesthetic and Analgesic Drug Products Advisory Committee, although it often does. Durect shares have gained 322% in the last 12 months, while the S&P 500 has gained 26%.

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
Jan 17, 2020

Vail's stock slides as ski season gets off to slow start
Shares of Vail Resorts Inc. slid 2.9% in premarket trading Friday, after the ski resort operator said the ski season go off to a slow start, as historically low snowfall led to lower-than-expected results at its Whistler Blackcomb and Stevens Pass resorts. Total skier visits from the beginning of the ski season to through Jan. 5 were down 7.8% from the same period a year ago. Lift ticket revenue was up 0.4% and ski school revenue increased 2.0%, while dining revenue declined 3.6% and retail/rental revenue for North American resort and ski area store locations fell 1.8%. "Season to date snowfall at Whistler Blackcomb was 60% below the 30-year average through December 31, 2019, representing the lowest snowfall recorded in over 30 years for the period," said Chief Executive Rob Katz. "In recent weeks, conditions have improved at Whistler Blackcomb with nearly all of the terrain now open." Vail's stock has gained 6.6% over the past three months through Thursday and rallied 37.9% over the past 12 months. In comparison, the S&P 500 has advanced 10.6% the past three months and rallied 25.8% the past year.

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



MarketWatch MarketPulse
Jan 17, 2020

Comcast's Peacock streaming service gets glowing review from Wells Fargo
Comcast Corp.'s new streaming service Peacock got a glowing review early Friday from Wells Fargo with analysts predicting that it will be a growing part of the company's messaging. Comcast offered details on the new service for the first time Thursday at an analyst day, with the cable giant explaining that it would be available via a free premium ad-supported streaming service with subscription tiers offering more than 600 movies and 400 series. The service will launch April 15 for Comcast customers and July 15 for everyone else. Peacock, which gets its name from the iconic NBC logo, is similar to Hulu, the streaming service controlled by Disney . Hulu's ad-supported service is $5.99 a month. Peacock will offer a $4.99 a month and $9.99 a month product. "In our view, CMCSA management (very deep bench!) effectively laid the case why Peacock will have a place in the streaming field," Wells Fargo analysts led by Jennifer Fritzsche said in a note to clients. "The elevator pitch is there (here it is: CMCSA is relevant because it the only streaming player of scale that is going after the ad-supported premium content group)." Estimates offered by Comcast management are likely conservative and beatable and with the distribution agreement signed with Cox, it starts with a subscriber base of more than 24 million. "While we recognize there is no incremental revenue from this subscriber base directly, there is a significant intangible benefit of improving the overall retention of video subscribers that can come from such an offering," said the note. Wekks ?Fargo rates Comcast as overweight. Comcast shares were slightly higher premarket Friday, but have gained 31% in the last 12 months, while the S&P 500 has gained 26%.

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
Jan 17, 2020

UPDATE: Snap shares climb 3% premarket after UBS upgrades to buy
Snap Inc. shares rose 3% in premarket trade Friday, after UBS upgraded the stock to buy from neutral and said it expects positive business momentum to continue into 2020 and beyond. Analysts led by Eric Sheridan raised their stock price target to $24 from $16, equal to 32% upside from its current price. "While the stock is up 21% over the past month and certainly not a contrarian idea to upgrade at these levels, we see a renewed mgmt team focused on driving a mix of user growth (especially the Android refresh) and ad monetization that could produce multi-year revenue growth even above our newly raised forecasts," the positive picture of U.S. internet users, suggesting strong growth in usage and ad conversion, said the note. At the same time, industry data is showing solid momentum for ad budget allocation and potential tailwinds for pricing on Snap's snapchat platform over the medium term. Snap shares have gained 128% in the last 12 months, while the S&P 500 has gained 26%.

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
Jan 17, 2020

State Street's stock surges toward 15-month high after profit, revenue rise above forecasts
Shares of State Street Corp. rallied 3.3% toward a 15-month high in premarket trading Friday, after the trust bank reported fourth-quarter profit and revenue that rose above expectations, while expenses fell. Net income increased to $704 million, or $1.73 a share, from $437 million, or $1.03 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.70. Total revenue grew 0.8% to $3.05 billion, above the FactSet consensus of $2.92 billion, as net interest income fell 8.8% to $636 million but beat expectations of $618.3 million. Fee revenue rose 2%, as higher servicing, management and software and processing fees offset lower currency trading services and securities finance revenue. Expenses declined 8.8% to $2.27 billion, as headcount declined 3% due primarily to productivity savings. The stock, which is on track to open at the highest level seen during regular-session hours since October 2018, has soared 35.9% over the past three months through Thursday, while the SPDR Financial Select Sector ETF has gained 10.3% and the S&P 500 has advanced 10.6%.

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
Jan 17, 2020

Fastenal shares fall premarket after sales fall short of estimates
Fastenal Inc. shares slid 3.9% in premarket trade Friday, after the provider of industrial and construction supplies posted weaker-than-expected sales for the fourth quarter. Winona, Minn.-based Fastenal said it had net income of $178.7 million, or 31 cents a share, in the quarter, up from $168.8 million, or 29 cents a share, in the year-earlier period. Sales rose 3.7% to $1.277 billion from $1.232 billion. The FactSet consensus was for EPS of 31 cents and sales of $1.289 billion. "The general slowing in economic activity that we experienced in the second and third quarters of 2019 continued in the fourth quarter of 2019," the company said in a statement. "This general softness was exacerbated in December by holiday timing and longer than usual year-end plant shutdowns." Shares have gained 30% in the last 12 months, while the S&P 500 has gained 26%.

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
Jan 17, 2020

Twitter's stock falls after UBS cuts rating, price target
Shares of Twitter Inc. fell 1.4% in premarket trading Friday, after UBS analyst Eric Sheridan downgraded the social media company, saying continued investments into safety and security and ad technology are likely to cap valuation. Sheridan cut his rating to neutral, after being at buy since April 2018, and trimmed his price target to $35 from $37. "As we enter 2020, we see [Twitter] at a bit of a crossroads--we...hear from ad industry contacts that 2020 should be a year where [Twitter's] platform is set to capitalize on large scale events (Olympics, European football championship & US election) but exiting from its 'buggy' summer we think [Twitter] management also is likely to persist with investments around safety/security and ad tech stack (both of which are needed against long-term management goals)," Sheridan wrote in a note to clients. The stock has tumbled 13.7% over the past three months through Thursday, while the S&P 500 has gained 10.6%.

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.



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