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 Shares of energy companies were broadly higher Monday, as crude oil prices jumped toward a 5 1/2-month high on supply concerns after reports that the U.S. will announce the end of waivers for countries to import Iranian oil. Also giving the sector a boost was better-than-expected first-quarter results from oil services company Halliburton Co. before the open. The SPDR Energy Select Sector ETF rose 0.8%, with 27 of its 30 equity components gaining ground, led by the 1.8% rally in Marathon Oil Corp.'s stock . Halliburton shares gained 0.1%. Among other more active energy ETF (XLE) components, shares of Kinder Morgan Inc. advanced 1.3%, Exxon Mobil Corp. rose 1.4% and Chevron Corp. tacked on 0.7%. Among the few losers, Schlumberger Ltd.'s stock gave up 0.3% and Anadarko Petroleum Corp. shares slipped 0.3%. The XLE has rallied 18.2% year to date while the S&P 500 has gained 15.8%.
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.
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U.S. stocks fell Monday morning ahead of a big week for corporate quarterly results from internet-related stocks, and as oil prices shot higher as the U.S. said it would end waivers for countries importing Iranian crude. The Dow Jones Industrial Average fell 87 points, or 0.3%, at 26,468, the S&P 500 index declined 0.3% at 2,897, and the Nasdaq Composite Index gave up 0.4% at 7,661. All three benchmarks had been near all-time closing highs. The markets are likely to face subdued action as most major indexes were closed at the end of last week in observance of Good Friday and as many European markets are closed in observance of Easter Monday. Meanwhile, the U.S. said it was ending waivers for countries to import Iranian oil, part of the Trump administration's effort to drive Iran's exports to zero, the White House said Monday. The announcement lifted crude prices sharply higher, with West Texas Intermediate crude trading on the New York Mercantile Exchange gaining 2.3% at $65.57 a barrel. The energy sector , meanwhile, was up 1.1%. On the data front, a report on existing home sales for March was due at 10 a.m. Eastern Time. Looking ahead, earnings from Amazon.com Inc. , Twitter Inc. , Facebook Inc. and Microsoft Corp. are expected over the next several sessions.
Market 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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Tesla is under pressure after shaking up its board and receiving a demand-fueled downgrade from Wall Stre.. Business InsiderTesla downgraded at Evercore on slowing demand across all models CNBC10 things Tesla (TSLA) retail investors want to know from Q1 2019 earnings call TeslaratiView full coverage on Google News
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Kraft Heinz Co. said Chief Executive Bernardo Hees will step down effective June 30, after six years with the company. Kraft Heinz's stock rallied 2.1% in premarket trade. The food and beverage giant, which brands include Jell-O, Oscar Mayer, Heinz and Planters, named Miguel Patricio as its new CEO, effective July 1. Patricio was previously has served in various executive leadership positions at Anheuser-Busch InBev S.A. , including chief marketing officer from 2012 to 2018. The stock, which closed at a record low of $31.87 on March 14, has tumbled 43% over the past 12 months, while the S&P 500 has gained 8.8%.
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.
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Scientific Games Corp. subsidiary SciPlay Corp. has set terms of its initial public offering, in which the publisher of digital games on mobile platforms expects to raise up to $352 million. The company said it is offering 22 million class A shares to the public, with the IPO expected to price between $14 and $16. The stock is expected to list on the Nasdaq under the ticker symbol "SCPL." SciPlay said there will be 22 million Class A shares outstanding after the IPO, or 25.3 million shares if the underwriters exercise all options to buy additional shares, and 104.4 million class B shares outstanding. Class A shares entitle holders to 1 vote and class B shares provide 10 votes. The company is looking to go public at a time the Renaissance IPO ETF has climbed 15.6% over the past three months and the S&P 500 has rallied 10.3%.
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.
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Names on the move ahead of the open.
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Trevi Therapeutics set terms for its planned initial public offering on Monday, saying it plans to offer 4.7 million shares priced at $14 to $16 each to raise up to $75.2 million. The biotech, which is focused on developing treatments for neurologically mediated conditions including Parkinson's disease, is planning to list on Nasdaq under the ticker symbol "TRVI." SVB Leerink, Stifel and BMO Capital Markets and Needham & Co. are lead underwriters on the deal with Needham & Co. acting as co-manager. Proceeds of the deal will be used to fund research and development.
Market 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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 Asian shares slipped on Monday,
weighed down by underperforming Chinese stocks, while oil prices
rallied on news the United States is likely to ask all importers
of Iranian oil to end their purchases or face sanctions.
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Shares of Rent-A-Center Inc. shot up 4.8% in premarket trade Monday, after the rent-to-own company said it will receive $92.5 million in cash after settling all litigation with Vintage Capital Management LLC and B. Riley Financial Inc. related to the company's termination of its merger deal with Vintage. The company expects proceeds of $80 million from the settlement after payment of costs and fees. Separately, Raymond James analyst Budd Bugatch raised his rating to strong buy from outperform, which makes him the only analyst of the 8 surveyed by FactSet to have a bullish rating. "It is unmistakably clear--reinforced by our recent efforts--that the financial performance and strength of Rent-A-Center (RAC) has improved significantly from the depths of the past few years and continues to improve," Bugatch wrote in a note to clients. He's also upbeat on the recent court decision to validate the termination of the merger deal and that fact that management is working to restructure and refinance its high-cost debt by mid-2019. The stock is on track to open at the highest closing level seen since October 2015. It has more than doubled the past year (up 122%) while the S&P 500 has gained 8.8%.
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Canopy Growth Corp. was upgraded to buy from hold on Monday by analyst Martin Landry at GMP, after the company last week bought the rights to acquire U.S. multi-state operator Acreage Holdings Inc. as soon as cannabis is legalized in the U.S. "This transaction should boost Acreage's ability to consolidate the US market," Landry wrote in a note to clients. "Hence, when Canopy officially takes ownership of Acreage, it could be much larger than currently." The deal gives Canopy a foothold in the U.S. market, which is estimated at about $10 billion, or 10 times larger than Canada, which fully legalized cannabis last October. Acreage is already in 20 states with 87 dispensaries and 22 cultivation and processing sites. Canopy is paying $3.4 billion, equal to a valuation multiple of 21.5 times consensus EBITDA for 2020. "In our view, this takeout multiple is low given the strategic nature of the acquisition and the potential for continued strong growth as 2021 consensus estimates forecast Acreage's EBITDA to double over 2020," Landry wrote. "Furthermore, valuations of MSOs are likely to be higher upon legalization." The analyst raised his stock price target by $7 to $72, or about 21% above its current trading level. U.S.-listed shares rose 1.8% in premarket trade and have gained 89.3% in the last 12 months, while the S&P 500 has gained 8.5%.
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.
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