|
 Apple Inc. has reportedly denied interest in acquiring TikTok after an Axios story from earlier Tuesday said that Apple was looking into a potential deal for the social-media app given that the U.S. has threatened to ban it from the U.S. due to national security concerns about Chinese parent company ByteDance. An Apple spokesperson told Axios following that report that the company hasn't held discussions about buying TikTok and isn't interested in a deal. Apple didn't immediately respond to a MarketWatch request for comment. Microsoft Corp. is considered to be the most logical bidder for TikTok and the company confirmed over the weekend that it would continue discussions about a possible deal. Apple shares are up 0.6% in Tuesday trading, while Microsoft shares are down 2.7%. Apple's stock has added 50% over the past three months, compared with an 18% rise for Microsoft's and a 13% gain for the Dow Jones Industrial Average , of which both Apple and Microsoft are components.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Dow Jones Futures Fall 50 Points; 4 Stock Market Leaders Surge In Coronavirus Stock Market Rally Investor's Business DailyU.S. stock futures little changed after Monday's tech-powered rally CNBCNasdaq ends at record as stocks rally after pickup in manufacturing activity to kick off August MSN MoneyHere's why Apple's stock split might not be so bullish for its shares MarketWatch
|
|
U.S. stocks ticked lower at the start of Tuesday's trade a day after a rally in shares of technology companies drove the Nasdaq Composite to another record close. The S&P 500 was down 7 points, or 0.2%, to 3,288. The Dow Jones Industrial Average shed 41 points, or 0.2%, to 26,623. The Nasdaq Composite fell 25 points, or 0.2%, to 10,877. Investors eyed another round of earnings along with negotiations between Democrats and Republicans around a new coronavirus relief package. Without additional stimulus funds, the U.S. recovery could suffer setbacks, according to analysts. Ralph Lauren Inc. stock fell 6.2% on Tuesday after the luxury lifestyle brand reported fiscal first-quarter revenue that missed expectations.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Arconic Corp. swung to a wider-than-expected loss in the second quarter and revenue missed estimates, as the coronavirus pandemic hurt the car, aerospace, industrial and construction markets that it serves. The Pittsburgh, Pa.-based maker of aluminum used in cars and planes said it had a loss of $92 million, or 84 cents a share, in the quarter, after income of $5 million, or 4 cents a share, in the year-earlier period. Sales slumped to $1.187 billion from $1,923 billion. The FactSet consensus was for a loss of 16 cents a share, and sales of $1.283 billion. The net loss includes $76 million of after-tax special items primarily related to a non-cash charge to annuitize U.K. pension obligations, debt issuance costs, plant closure costs, and a previously announced restructuring. Arconic started operating as a stand-alone company on April 1, "when sudden declines in critical end markets due to the COVID-19 pandemic shut down many of its customers' production facilities around the world," it said in a statement. The company took $200 million of cash conservation measures in April and has since increased that target to $250 million. Shares were not active premarket, but have gained 30% in the month to date, while the S&P 500 has gained 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.
|
|
Ralph Lauren Inc. stock fell 4.6% in Tuesday premarket trading after the luxury lifestyle brand reported fiscal first-quarter revenue that missed expectations. Net losses totaled $127.7 million, or $1.75 per share, after net income of $117.1 million, or $1.47 per share, in 2019. Adjusted losses of $1.82 per share were wider than the $1.75 per share loss FactSet forecast. Revenue of $487.5 million dropped from $1.43 billion last year and were below the $600.0 million FactSet consensus. The majority of Ralph Lauren are open in North America, Europe and Asia, with stores in key markets closed eight-to-10 weeks during the quarter. Digital comp sales grew 13%. Ralph Lauren did not give guidance due to coronavirus-related uncertainty. Ralph Lauren shares are down 40.5% for the year to date while the S&P 500 index is up 2% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Shares of Eastman Kodak Co. were down 24% in afternoon trading Monday, putting them on track for a third straight double-digit percentage decline, after the digital printing and film company, which is getting into the pharmaceutical-ingredients business, disclosed that holders of convertible notes were exercising their right to convert those notes into common stock. The stock has now dropped 50% since skyrocketing sixteenfold in three days to $33.20 on July 29, after the Trump administration announced on July 28 that Kodak had received a $765 million loan as part of a Defense Production Act directive to loosen the reliance on foreign sources for pharmaceutical ingredients. In an 8-K filing with the Securities and Exchange Commission on Monday, Kodak said the holders of the 5.00% convertible notes due 2021, which were issued in May 2019, are converted a total of $95 million of the notes into 29.9 million shares of Kodak common stock, on July 29. That would imply a value of $3.175 per converted share, while the stock was currently trading at $16.58. On July 27, Kodak granted Chief Executive James Continenza options to buy Kodak stock at various strike prices, which are now all in the money, to "protect" him from dilution of his share holdings, in case the convertible debt issued in May 2019 were converted into stock. Kodak's stock has now rallied nearly fourfold (up 256.6%) year to date, while the S&P 500 has gained 2.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Private Label