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MarketWatch MarketPulse
Apr 25, 2019

Uber plans IPO valuation as high as $90 billion: reports
Uber Technologies Inc. will price its highly anticipated initial public offering at between $44 and $50 a share, according to multiple reports late Thursday, valuing the company at between $80 billion and $90 billion. Reuters, Bloomberg News and the New York Times all independently reported the figures, which the ride-hailing company is expected to make official with an announcement Friday to kick off its investor road show. While some investment bankers had said Uber could be valued at $120 billion, the figure for the IPO will apparently be closer to the $76 billion it was privately valued at for a fund-raising round last year. It is still on track to be the largest IPO since Alibaba went public in 2014. Uber is expected to list shares on the New York Stock Exchange in May under the ticker symbol UBER.

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MarketWatch MarketPulse
Apr 25, 2019

Green Growth bid for Aphria expires, Aphria gets $89 million payment
Green Growth Brands Inc.'s bid to acquire Canadian marijuana company Aphria Inc. expired Thursday afternoon, and Aphria will receive $89 million. Green Growth, a U.S. pot company funded by a billionaire family in Ohio, originally made the all-stock offer at the end of last year. "We are pleased to have this resolved in a favorable manner," Aphria's interim Chief Executive, Irwin Simon, said in a statement. The two sides had agreed earlier this month to accelerate the expiration and settled on the payment, which comes from Green Growth repurchasing its shares.

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
Apr 25, 2019

Intuit stock falls 5% after tax-season guidance
Intuit Inc. stock fell roughly 5% in after-hours trading Thursday after the company issued guidance following U.S. tax season. Intuit said it now expects fiscal full-year revenue for its consumer group, which includes several of its popular tax preparation software products, to grow about 10%, which is the high end of its previous range of 9% to 10% growth. TurboTax online unit sales increased 7%, while its desktop offering dropped 3% resulting in overall growth of 5% for TurboTax units, the company said. Intuit is set to report fiscal third-quarter results May 23. Intuit stock has gained 50% in the past year, as the S&P 500 index rose 10.9%.

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



MarketWatch MarketPulse
Apr 25, 2019

Tesla stock ends at lowest in more than two years
Tesla Inc. stock ended Thursday at its lowest since March 2017 and under $250 a day after the Silicon Valley car maker posted a wider-than-expected first-quarter loss and revenues that also missed Wall Street expectations. Shares closed 4.4% lower, their largest one-day decline since their 8.2% dip on April 4. It traded as low as $246.07 earlier. Analysts decried Tesla's quarterly results and renewed concerns about margins, demand, and cash position. The stock has lost more than 11% in the past 12 months, versus a gain of 11% for the S&P 500 index.

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
Apr 25, 2019

Cypress Semiconductor stock rises after earnings top expectations
Shares of Cypress Semiconductor Corp. were up nearly 4% in after-hours trading Thursday after the company topped earnings expectations for the first quarter. Cypress reported net income of $19.7 million, or 5 cents a share, up from $9 million, or 2 cents a share, in the year-ago period. Adjusted earnings per share were flat with a year earlier, at 27 cents. Analysts tracked by FactSet had been calling for 24 cents in adjusted EPS. Revenue for Cypress fell to $539 million from $582.2 million but came in ahead of the FactSet consensus, which called for $535.1 million. For the second quarter, Cypress expects revenue of $515 million to $545 million and adjusted EPS of 22 cents to 26 cents. Analysts were modeling $528 million in revenue and 24 cents in adjusted EPS. Cypress said that the outlook reflects the divestiture of its NAND flash business, which closed at the start of April. Shares have gained 27% so far this year, as the S&P 500 has risen 17%.

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
Apr 25, 2019

Mattel losses smaller than expected, stock surges
Mattel Inc. shares rallied more than 8% in the extended session Thursday after the company posted revenue that topped estimates and narrower-than-expected losses. The toy maker reported first-quarter net losses of $183 million, or 53 cents a share, compared with losses of $311.3 million, or 90 cents a share, in the year-ago period.Revenue fell to $689.2 million from $708.4 million in the year-ago period. The company said it set aside $27.3 million for its Rock n' Play product recall during the first quarter. Adjusted for items such as the company's recall, among other things, earnings were 44 cents a share. Analysts surveyed by FactSet had estimated adjusted losses of 56 cents a share on revenue of $648 million. For the second quarter, analysts model adjusted losses of 31 cents a share and sales of $828 million. Mattel stock has dropped 8.9% in the past year, with the S&P 500 index rising 10.9%.

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MarketWatch MarketPulse
Apr 25, 2019

Proofpoint stock tumbles as billings outlook comes up light but earnings beat
Proofpoint Inc. shares were down almost 10% in after-hours trading Thursday after the cybersecurity company delivered a slightly weaker-than-expected billings outlook for the current quarter, though it posted a sizable earnings beat. The company reported a first-quarter net loss of $28.3 million, or 51 cents a share, compared with a net loss of $12.2 million, or 24 cents a share, a year earlier. Proofpoint's adjusted earnings per share rose to 40 cents from 30 cents in the year-ago period, whereas analysts surveyed by FactSet had been expecting 34 cents. Sales for the quarter rose to $202.9 million from $162.5 million a year prior and came in above the FactSet consensus, which called for $199.3 million. The company projects second-quarter revenue of $210 million to $212 million and adjusted EPS of 34 cents to 37 cents. The FactSet consensus called for $209.7 million in second-quarter sales and 36 cents in EPS. The company also expects second-quarter billings of $228 million to $230 million, slightly below the FactSet consensus, which called for $232.1 million. Shares have risen 57% so far this year, as the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 25, 2019

Starbucks stock gains after earnings beat
Starbucks Inc. shares were up 2.6% in after-hours trading Thursday after the company beat earnings expectations and raised its full-year profit forecast. The company reported fiscal second-quarter net income of $663.2 million, or 53 cents a share, up from $660.1 million, or 47 cents a share, a year earlier. Adjusted earnings per share rose to 60 cents from 53 cents in the year-earlier period. Analysts surveyed by FactSet had been projecting 56 cents in adjusted EPS. Starbucks' revenue rose to $6.31 billion from $6.03 billion a year earlier, whereas the FactSet consensus was for $6.32 billion. The company said that global same-store sales grew 3%. Starbucks now expects adjusted EPS of $2.75 to $2.79 for the full fiscal year, up from a prior forecast of $2.68 to $2.73. Shares have gained 20% so far this year, as the S&P 500 has gained 17%.

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
Apr 25, 2019

Dow ends with triple-digit loss as 3M shares suffer rout
Stocks saw a mixed finish Thursday, with the Dow Jones Industrial Average falling triple digits as shares of 3M Co. were routed following disappointing quarterly results. The S&P 500 lost around 1 point to end near 2,926, virtually flat on the day, according to preliminary figures, while the Nasdaq Composite rose around 17 points, or 0.2%, to end near 8,119. Stocks were underpinned by a strong performance by tech heavyweights following first quarter results, with Facebook Inc. rising 5.8% and Microsoft Corp. advancing 3.3%. The Dow ended around 135 points lower near 26,462, a loss of 0.5%, reflecting in part a nearly 13% tumble by 3M.

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MarketWatch MarketPulse
Apr 25, 2019

Tesla stock poised to end at lowest in more than two years
Tesla Inc. stock is poised to end Thursday at its lowest since March 2017 and under $250 a day after the Silicon Valley car maker posted a wider-than-expected first-quarter loss and revenues that also missed Wall Street expectations. Shares were recently down more than 4%, which would be their largest one-day decline since their 8.2% dip on April 4. It traded as low as $246.07 earlier. Analysts decried Tesla's quarterly results and renewed concerns about margins, demand, and cash position. The stock has lost more than 11% in the past 12 months, versus a gain of 11% for the S&P 500 index.

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
Apr 25, 2019

U.S. oil futures down a second straight session; Brent turns lower by the close
Oil futures fell Thursday, with U.S. prices down a second straight session and Brent prices giving up earlier gains to finish lower. Traders continued to weigh the potential impact of the U.S. decision to end waivers that allowed some countries to buy Iranian oil despite U.S. sanctions. Brent prices had seen earlier support from reports that Poland and Germany suspended imports of Russian crude via the Druzhba pipeline. S&P Global Platts said a Russian official was reported as saying he expects the issue of contaminated crude through the pipeline to be resolved by Monday. June West Texas Intermediate oil fell 68 cents, or 1%, to settle at $65.21 a barrel on the New York Mercantile Exchange. June Brent settled at $74.35, down 22 cents, or 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
Apr 25, 2019

ServiceNow stock pops after earnings, boosting software shares
A strong earnings report from ServiceNow Inc. is helping to boost shares of the cloud computing company on Thursday, along with other software names. ServiceNow posted a sizable earnings beat and exceeded expectations on the top line as well. "ServiceNow continues to deliver strong top line growth with superior operating margins and FCF generation, making it the best house on the block," wrote Macquarie analyst Sarah Hindlian, who has an outperform rating and a $274 price target on the stock, up from $225 prior to the report. ServiceNow shares are up 7.7% in Thursday trading. Other software stocks are zooming higher, including Zuora Inc. , up 8.4%, and Zoom Video Communications Inc. , up 5.1%. ServiceNow's stock has climbed 47% so far this year, as the S&P 500 has risen 60%.

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
Apr 25, 2019

Glencore says CFTC is investigating company over 'corrupt practices in connection with commodities'
Commodity trading company Glencore said it's being investigated by the Commodity Futures Trading Commission over "corrupt practices in connection with commodities." The statement from the company said the CFTC investigation is at an early stage and similar in scope to a Justice Department probe the company has previously disclosed. Glencore's DOJ probe covers its business in Nigeria, the Democratic Republic of Congo and Venezuela since 2007.

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
Apr 25, 2019

Bausch Health's stock shoots up after NDA for psoriasis treatment gets FDA OK
Shares of Bausch Health Companies Inc. shot up 3.6% in afternoon trade Thursday, after the company said its new drug application (NDA) for Duobrii for the treatment of plaque psoriasis in adults was approved by the Food and Drug Administration. The stock, which was halted for news, was up 0.7% in afternoon trade prior to the halt. The company said Duobrii is the first and only topical lotion that contains a unique combination of halobetasol propionate and tazarotene in one formulation. The company expects Duobrii to be available in June 2019. "Since psoriasis is a chronic skin disease, patients require continuous treatment in order to achieve optimal control of their symptoms. Now, with DUOBRII, health care professionals and their patients have a new topical treatment option that can help them achieve those long-term goals," said Bill Humphries, president of Bausch Health's Ortho Dermatologics. "As a result, we believe that DUOBRII has the potential to delay some patients from switching to more expensive biologic treatments, which could potentially result in health care savings." The stock, which was up just 0.7% prior to a halt ahead of the NDA approval announcement, has rallied 29% year to date, while the S&P 500 has gained 17%.

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
Apr 25, 2019

Johnson & Johnson raises quarterly dividend by 5.6% to 95 cents a share
Consumer giant Johnson & Johnson said Thursday its board has approved a 5.6% increase in its quarterly dividend to 95 cents a share. The new dividend will be payable June 11 to shareholders of record as of May 28. Shares were slightly lower, but have gained 9.7% in the last 12 months, while the Dow Jones Industrial Average , which counts it as a member, has gained 9.4%.

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MarketWatch MarketPulse
Apr 25, 2019

EIA reports U.S. natural-gas supplies up 92 billion cubic feet last week
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 92 billion cubic feet for the week ended April 19. Analysts polled by S&P Global Platts had expected an increase of 90 billion cubic feet for the latest week. Total stocks now stand at 1.339 trillion cubic feet, up 55 billion cubic feet from a year ago, but 369 billion below the five-year average, the government said. May natural gas traded at $2.468 per million British thermal units, up less than a cent, or 0.2%, from Wednesday's settlement.

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MarketWatch MarketPulse
Apr 25, 2019

Amgen, Astellas to pay $125 million in fines tied to alleged kickback scheme
Large pharmaceutical firms Amgen and Astellas Pharma agreed to pay $125 million in fines to resolve federal charges that they paid kickbicks to ensure the sale of certain high-priced drugs such as Xtandi, Sensipar and Kyprolis, the U.S. Attorney's office in Boston said Thursday. Federal law bars drugmakers from making payments that "induce Medicare patients to purchase" a company's products. The aim of the ban is to foster competition that limits drug prices. As part of the agreement, the two companies may be subject to government monitoring for up to five years. So far, the Justice Department said it has collected $840 million in fines from drug makers alleged to have participated in kickback schemes.

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
Apr 25, 2019

Steve Madden shares jump after guidance raised
Steven Madden Ltd. shares jumped 5.7% in Thursday trading after the shoe brand reported first-quarter earnings that beat expectations and raised its full-year guidance. Net income totaled $34.5 million, or 41 cents per share, up from $28.7 million, or 33 cents per share last year. Adjusted EPS of 42 cents beat the 37-cents FactSet consensus. Sales were $410.9 million, up from $389.0 million last year and ahead of the $404.0 million FactSet estimate. Wholesale sales increased "slightly" according to the earnings release, with the namesake brand and the addition of Anne Klein offsetting unrecognized sales to Payless ShoeSource, which filed for bankruptcy. Steve Madden has previously called the Payless bankruptcy a headwind. Thanks to the first-quarter performance, Chief Executive Edward Rosenfeld raised full-year guidance, with sales now expected to rise 5% to 7% compared to previous guidance for 4% to 6% growth. EPS is now expected to be in the range of $1.76 to $1.84 compared with $1.70 to $1.78 previously. The FactSet estimate is for sales of $1.74 billion, up 5.5% year-over-year, and EPS of $1.82. Steve Madden shares are up 19% for the year to date while the S&P 500 index is up 16.3% for the period.

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



MarketWatch MarketPulse
Apr 25, 2019

Dow on track for steepest fall in about 5 weeks as 3M's stock suffers worst decline in 22 years
The Dow Jones Industrial Average was having its worst day in more than a month as shares of 3M Co. delivered a hit to the widely watched benchmark. Most recently, the Dow was off 220 points, or 0.8%, at 26,379, with a decline at that level representing its sharpest since March 22, according to FactSet data. Diversified industrial giant 3M Co. on Thursday said it was cutting 2,000 jobs. The manufacturer of Post-its and Scotch tape also reduced its full-year 2019 guidance and said its net sales fell 5% to $7.86 billion in the first quarter, a worse-than-expected result. Shares were off $21.64, or nearly 10%, representing its worst one-day percentage drop since 1997, according to FactSet data. The decline translates to a nearly 150-point headwind for the price-weighted Dow. A $1 move in any one of the Dow's components equates to a 6.80-point swing. Meanwhile, the broader market was faring relatively better, with a rally in shares of Microsoft Corp. and Facebook Inc. helping to power the tech-related Nasdaq Composite Index to a 0.5% gain at 8,138. The index touched a fresh intraday record at 8,154.84, while the S&P 500 index was off less than 0.1% at 2,925.

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MarketWatch MarketPulse
Apr 25, 2019

Regional banks BB&T and SunTrust in talks on merger of equals
Regional banks BB&T Corp. and SunTrust Banks Inc. said Thursday their chief executives are discussing a merger of equals. The CEOs, Kelly King of BB&T and William Rogers of SunTrust, said they spoke earlier today at a joint public meeting of the Federal Reserve Board and the Federal Deposit Insurance Corporation on the proposed deal. Shares of both banks were slightly higher in early trade.

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MarketWatch MarketPulse
Apr 25, 2019

Nokia's stock plunges on heavy volume after surprise loss
The U.S.-listed shares of Nokia Corp. plunged 9.9% toward a 6 1/2-month low in very active morning trade Thursday, after the Finland-based telecommunications giant reported a surprise first-quarter adjusted loss, citing increased competitive intensity in the early stages of 5G. Trading volume swelled to 34.9 million shares, enough to make it the most actively traded stock on major U.S. exchanges, and already above the full-day average of 23.3 million shares. Nokia reported overnight a net loss of EUR442 million ($492.5 million), or 8 cents a share, after a loss of EUR354 million, or 6 cents a share, in the year-ago period. Excluding non-recurring items, the adjusted per-share loss (euro) was 2 cents, compared with the FactSet consensus of a profit of 3 cents. Revenue rose 2% to EUR5.03 billion, above the FactSet consensus of EUR5.01 billion. Nokia's stock has lost 21% over the past three months, while the SPDR Communications Services Select Sector ETF has rallied 13% and the S&P 500 has gained 9.8%.

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MarketWatch MarketPulse
Apr 25, 2019

Consolidated Communications tumbles toward record low after eliminating dividend
Shares of Consolidated Communications Holdings Inc. plummeted 23% toward a record low in morning trade Thursday, after the high-yielding broadband and business communications provider said it was elimination its dividend and reported its sixth-straight adjusted quarterly loss. The company said it was eliminating its dividend to focus on reducing debt, to reduce its leverage to 4.0-times ahead of refinancing its unsecured debt no later than mid-2021. As of Wednesday's close, the company's annual dividend rate of $1.55 a share implied a dividend yield of 17.44%, compared with the implied yield for the S&P 500 of 1.96%, according to FactSet. Separately, the company reported a first-quarter loss of $7.3 million, or 11 cents a share, after a loss of $11.3 million, or 16 cents a share, in the year-ago period. Excluding non-recurring items, the adjusted loss was 3 cents a share, narrower than the FactSet per-share loss consensus of 14 cents. Revenue fell to $338.6 million from $356.0 million, but beat the FactSet consensus of $337.1 million. The stock has tumbled 38% over the past 12 months, while the S&P 500 has gained 11%.

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MarketWatch MarketPulse
Apr 25, 2019

Microsoft's stock crosses trillion-dollar threshold intraday for the first time
Shares of Microsoft Corp. shot up 4.7% in morning trade Thursday, as the software behemoth crossed above the $1 trillion market-capitalization threshold intraday for the first time, after fiscal third-quarter results that beat expectations. With 7.663 billion shares outstanding as of April 18, the Microsoft's market cap was $1.003 trillion, to leap-frog past Apple Inc. , which was currently at $975.7 billion. Amazon.com Inc. , which reports earnings after the closing bell, was at $945.1 billion. Microsoft shares have now run up 29% year to date, while the Nasdaq Composite has rallied 23% Dow Jones Industrial Average has climbed 13%

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MarketWatch MarketPulse
Apr 25, 2019

Dow on track for triple-digit loss after worse-than-expected 3M earnings
Stocks struggled for direction at the opening bell as the tech-sector's gains led the Nasdaq higher even as disappointing earnings from 3M Co. dragged the blue-chip Dow lower. The S&P 500 was up nearly 0.2% to 2,932. The Dow Jones Industrial Average was down 182 points, or 0.7%, to 26,414. The Nasdaq Composite rose 0.6% to 8,150. Investors were contending with signs of slower global growth after South Korea's first-quarter gross domestic product fell by 0.3%. A component of the Dow, shares of 3M Co. fell close to 10% after the company slashed its 2019 earnings guidance and announced it would cut 2,000 jobs. In other news, shares of Microsoft Co rose nearly 5% after the software giant reported healthy first-quarter results on late-Wednesday.

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MarketWatch MarketPulse
Apr 25, 2019

Coca-Cola highlights 'affordable' price of new Minute Maid smoothie mix
Coca-Cola Co. announced a number of new products from the Minute Maid juice brand, including Minute Maid Smoothie Makers, which offer an budget-friendly way to enjoy the smoothie trend. Available in strawberry banana, peach and tropical flavors, the mix can be combined with ice to make a smoothie. Moreover, Coca-Cola highlights that these smoothies are "affordable at just 50 cents per serving." The brand also has ready-to-drink bottled smoothies and the Odwalla brand Smoobucha. Other new launches include Minute Maid Plus Antioxidants, bottled juice drinks with vitamins A and E, and Minute Maid Fruit & Veggie juice boxes. Coca-Cola stock is up 25% for the year to date, outpacing the Dow Jones Industrial Average , which is up nearly 17% for the period.

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MarketWatch MarketPulse
Apr 25, 2019

WWE's stock plunges after swinging to loss, surprise decline in revenue
Shares of World Wrestling Entertainment Inc. plunged 11% in premarket trade Thursday, after the media and live entertainment company reported a wider-than-expected first-quarter loss and a surprise decline in revenue. The company swung to a net loss of $8.4 million, or 11 cents a share, from a profit of $14.8 million, or 18 cents a share, in the year-ago period. The FactSet consensus was for a loss of 2 cents a share. Revenue fell to $182.4 million from $187.7 million, a 2.8% decline, while the FactSet consensus was for an increase to $199.0 million, as the increased monetization of content was more than offset by a reduction in live event ticket revenue and lower merchandise sales. Media revenue rose 1.5% to $135.4 million but missed the FactSet consensus of $143.1 million; live events revenue fell 15% to $26.2 million, below expectations of a 2.3% rise to $31.5 million; consumer products revenue declined 11.5% to $20.8 million, missing expectations of 3.8% growth to $24.4 million. The company said the absence of several Superstar talent hurt audience engagement, as U.S. TV ratings of "Raw" declined 14% and of "SmackDown" dropped 13%. The stock, which closed at a record high as recently as Tuesday, has soared 32% year to date through Wednesday, while the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 25, 2019

Gilead shares slip 0.2% after second NASH trial fails
Shares of Gilead Sciences Inc. slipped 0.2% in premarket trade Thursday after the company said a late-stage study looking at selonsertib as a treatment for patients with liver scarring due to nonalcoholic steatohepatitis (NASH) did not meet its primary endpoint. A Phase 3 study of 802 subjects found that the drug failed to improve liver scarring, or fibrosis, in patients when compared with placebo. This comes after Gilead's February announcement that selonsertib also failed to improve liver scarring in patients with a more advanced form of NASH. Selonsertib is an investigational small molecule inhibitor of ASK1, a protein that promotes inflammation, cell death and fibrosis during times of oxidative stress, such as in NASH. Gilead hasn't quite given up on the drug -- the company is still running a Phase 2 trial looking at selonsertib as a combination therapy with cilofexor and fircostat. Shares of Gilead have gained 0.4% in the year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Apr 25, 2019

Freeport-McMoRan profit falls short of estimates
Freeport-McMoRan Inc. shares were slightly lower in premarket trade Thursday, after the copper and gold miner posted weaker-than-expected profit for the first quarter. The company said it had net income of $31 million, or 2 cents a share, in the quarter, down from $692 million, or 47 cents a share, in the year-earlier period. Adjusted per-share earnings came to 5 cents, below the 7 cents FactSet consensus. Revenue fell to $3.792 billion from $4.868 billion, and was a whisker ahead of the FactSet consensus of $3.791 billion. "Our transition to underground mining at Grasberg is advancing according to plan, and we are encouraged by recent milestones," Chief Executive Richard Adkerson said in a statement. "In North America and South America, we are advancing the Lone Star copper leach project in eastern Arizona and continuing to focus on opportunities to enhance operating performance from existing mines." The company sold 784 million pounds of copper, 242,000 ounces of gold and 22 million pounds of molybdenum in the quarter. For the full year, it expects to sell 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 800 million pounds of copper, 265 thousand ounces of gold and 25 million pounds of molybdenum in second-quarter 2019. Shares were slightly lower premarket, but have fallen 11.7% in the last 12 months, while the S&P 500 has gained 10.9%.

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



MarketWatch MarketPulse
Apr 25, 2019

Martin Midstream Partners stock plummets toward record low after dividend cut in half, surprise loss
Shares of Martin Midstream Partners L.P. plummeted 17% toward a record low, after the provider of natural-gas and other energy-related services cut its dividend in half, after part of its plan to strengthen its balance sheet, and reported a surprise first-quarter loss. The company's new quarterly distribution was reduced to 25 cents a share from 50 cents. Based on Wednesday's stock closing price of $9.84, the new annual dividend rate would lower the dividend yield to 10.16% from 20.33%. In comparison, the SPDR Energy Select Sector ETF's dividend yield is 3.07% and the implied yield for the S&P 500 is 1.96%, according to FactSet. Among other strategic actions the company is taking, the company said it is in "active negotiation" over the sale of certain non-core assets and businesses. Separately, the company said it swung to a net loss of $3.7 million, or 9 cents a share, from a profit of $13.5 million, or 29 cents a share, a year ago, compared with the FactSet consensus of a profit of 22 cents a share. Revenue fell to $251 million from $307 million, missing the FactSet consensus of $299 million. the stock has lost 4.3% year to date through Wednesday, while the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 25, 2019

AbbVie stock up 2% after earnings beat and raised outlook
Shares of AbbVie Inc. rose 2% in premarket trade Thursday after the drugmaker reported first-quarter earnings and revenue that beat Wall Street expectations, while raising its full-year outlook. Profit for the latest quarter fell to $2.456 billion, or $1.65 per share, from $2.783 billion, or $1.74 per share, a year ago. Adjusted EPS was $2.14, beating the FactSet consensus of $2.06. Revenue came in at $7.828 billion, down from $7.934 billion a year ago, but above the FactSet consensus of $7.772 billion. Sales of the company's best-selling drug Humira fell 5.6% to $4.446 billion. The company had previously warned investors that Humira sales would drop this year, as competitors like Mylan NV and Amgen Inc. are now selling lower-cost biosimilars in Europe. The company raised its expected full-year EPS to between $8.73 and $8.83 from between $8.65 and $8.75. Shares of AbbVie have fallen 14.7% in the year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Apr 25, 2019

GNC shares skyrocket 10% after sales beat
GNC Holdings Inc. stock skyrocketed 10.3% in Thursday premarket trading after the nutritional supplement seller reported first-quarter sales that fell, but beat expectations. GNC had a loss of $15.3 million, or 23 cents per share, after income of $6.2 million, or 7 cents per share, in 2018. Adjusted EPS was 15 cents. Revenue of $564.8 million was down from $607.5 million. The company blamed the sales decline on the transfers of Nutra manufacturing and China e-commerce business to newly-formed joint ventures, as well as the shuttering of company-owned stores. The FactSet consensus was for EPS of 18 cents and sales of $552.0 million. "During the past six months we have completed a number of important partnerships, including the strategic investment by Harbin and the joint ventures with Harbin and IVC, which further enable our team to focus on our core business. In addition, during that period, we have improved our balance sheet by retiring over $350 million in debt," said GNC Chief Executive Ken Martindale in a statement. GNC stock has taken a 14% tumble in 2019 while the S&P 500 index has rallied 16.8%.

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MarketWatch MarketPulse
Apr 25, 2019

3M's stock selloff to shave about 127 points off the Dow's price
3M Co.'s stock could be blamed for the near triple-digit selloff in futures for the Dow Jones Industrial Average , after the industrial, consumer and health care products company missed first-quarter profit and revenue expectations, cut its full-year outlook and said it was cutting 2,000 jobs. 3M's stock tumbled 8.5%, with the implied price decline on track to shave about 127 points off the Dow's price, while Dow futures are down 91 points. Meanwhile, S&P 500 futures edged up 0.1%.

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MarketWatch MarketPulse
Apr 25, 2019

Happy Returns completes $11 million financing round with PayPal among investors
Happy Returns, which provides e-commerce package return services, has completed an $11 million round of financing, and PayPal Holdings Inc. is among the investors. Happy Returns, founded in 2015, has more than 350 Return Bars in 63 U.S. metro areas and partnerships with retailers like Sur La Table and PaperSource. The company has raised $25 million since its founding. E-commerce returns have become a focus of the retail industry with companies like Walgreens Boots Alliance Inc. adding the service to thousands of its stores, and Kohl's Corp. and Amazon.com Inc. expanding their partnership for returns. PayPal stock has rallied 27.5% in 2019 while the S&P 500 index is up 16.8% for the period.

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MarketWatch MarketPulse
Apr 25, 2019

D.R. Horton's stock drops after earnings and revenue beat, but outlook misses
Shares of D.R. Horton Inc. dropped 5.1% in premarket trade Thursday, after the home builder reported fiscal second-quarter earnings and revenue that beat expectations, but provided downbeat full-year guidance. Net income for the quarter to March 31 edged up to $351.3 million, or 93 cents a share, from $351.0 million, or 91 cents a share, in the same period a year ago. The FactSet EPS consensus was 86 cents. Revenue rose to $4.13 billion from $3.79 billion, topping the FactSet consensus of $4.01 billion. Net sales orders rose 6% to 16,805 homes and grew 4% in value to $4.9 billion, compared with expectations of 16,732 homes and value of $5.0 billion. The company said it expects fiscal 2019 revenue of $16.7 billion to $17.0 billion, below the FactSet consensus $17.2 billion, and homes closed of 55,000 homes to 56,000 homes, surrounding expectations of about 55,800. The stock has soared 35% year to date through Wednesday, while the SPDR S&P Homebuilders ETF has climbed 26% and the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 25, 2019

UPS shares slide after earnings and sales miss
United Parcel Service Inc. stock fell 2.8% in Thursday premarket trading after the shipping company reported first-quarter earnings and sales that missed expectations. Net income was $1.11 million, or $1.28 per share, slipping from $1.35 million, or $1.55 per share, in 2018. Adjusted EPS was $1.39. Revenue of $17.16 billion, was up slightly from $17.11 billion last year. The FactSet consensus was for EPS of $1.42 and sales of $17.77 billion. UPS said the weather hurt U.S. profit by 7 cents per share. UPS continues to guide for full-year adjusted EPS in the range of $7.45 to $7.75 against a FactSet consensus of $7.52. UPS stock has gained 17.3% for the year to date while the S&P 500 index is up 16.8% for the period.

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MarketWatch MarketPulse
Apr 25, 2019

International Paper up 3.9% premarket after profit beat
International Paper Co. shares surged 3.9% in premarket trade Thursday, after a profit beat offset a slight revenue miss. Memphis, Tenn.-based company said it had net income of $424 million, or $1.05 a share, in the quarter, down from $729 million, or $1.74 a share, in the year-earlier period. Adjusted per-share earnings came to $1.11, ahead of the 91 cents FactSet consensus. Sales edged up to $5.643 billion from $5.621 billion, just below the FactSet consensus of $5.729 billion. "Looking ahead to the second quarter, we anticipate improved seasonal demand and we are well positioned to continue generating strong cash flows in 2019," Chief Executive Mark Sutton said in a statement. Shares have fallen 17.2% in the last 12 months, while the S&P 500 has gained 10.9%.

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MarketWatch MarketPulse
Apr 25, 2019

Altria's stock drops after earnings, revenue fall more than expected
Shares of Altria Group Inc. dropped 2.6% in premarket trade Thursday, after the tobacco company reported first-quarter earnings and revenue that fell short of expectations. Net income fell to $1.12 billion, or 60 cents a share, from $1.89 billion, or $1.00 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS fell 5.3% to 90 cents, below the FactSet consensus of 92 cents. Net revenue fell 7.9% to $5.63 billion, below the FactSet consensus of $5.97 billion. Smokeable products revenue fell 8.8% to $4.94 billion, as cigarette volume fell 14.3% and Marlboro volume fell 13.5%. Smokeless revenue rose 2.9% to $540 million, while shipment volume fell 2.2%. Altria affirmed its 2019 adjusted EPS outlook of $4.15 to $4.27, which surrounds the FactSet consensus of $4.19. The stock has gained 11% year to date through Wednesday, while the S&P 500 has climbed 17%.

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MarketWatch MarketPulse
Apr 25, 2019

Eli Lilly's Lartruvo is being pulled from the market, but patients who are already taking the drug will still have access under new program
Eli Lilly and Co. said Thursday it is working with doctors to ensure patients who are currently receiving Lartruvo, a soft-tissue sarcoma therapy being pulled from the market following the failure of a late-stage trial, will still be able to receive the drug if they have been told of the drug's risks and trial outcomes and wish to continue. The company announced in January that a Phase 3 trial of Lartruvo as a combination therapy with doxorubicin in patients with advanced soft-tissue sarcoma did not improve survival compared with standard of care. The drugmaker is now working on facilitating a smooth withdrawal of the drug from the market for advanced soft tissue sarcoma. No new patients will receive the drug outside of those participating in ongoing trials, the company said. Shares of Eli Lilly have gained 2% in the year to date, while the S&P 500 has gained 16.8%.

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MarketWatch MarketPulse
Apr 25, 2019

Tesla stock downgraded at Wedbush after earnings 'debacle'
Wedbush analyst Daniel Ives downgraded shares of Tesla Inc. to neutral from outperform following the company's first-quarter earnings report, in which the company posted a sizable loss. Shares are down 1.2% in premarket trading Thursday. "The demand story at Tesla is quickly changing and the company has unfortunately not adjusted to an evolving [electric-vehicle] landscape (especially in the U.S.) with the well thought out marketing and distribution logistics needed to manage this difficult and complex hand holding process for customers, employees, and investors," Ives wrote. "To this point, in our 20 years of covering tech stocks on the Street we view this quarter as one of top debacles we have ever seen while Musk & Co. in an episode out of the Twilight Zone act as if demand and profitability will magically return to the Tesla story." He called management's outlook "aggressive" while arguing that the company " is not taking aggressive enough cost cutting actions and shutting down future endeavors to preserve capital and give a sustained path to profitability for the Street." Ives lowered his price target on shares to $275 from $365. The stock has fallen 22% so far this year, as the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 25, 2019

Raytheon shares up 1.6% premarket after topping first-quarter estimates
Defense contractor Raytheon Co. shares jumped 1.6% in premarket trade Thursday, after the company beat earnings estimates for the first quarter. Waltham, Mass.-based Raytheon said it had net income of $781 million, or $2.77 a share, in the first quarter, up from $633 million, or $2.19 a share, in the year-earlier period. Adjusted per-share earnings also came to $2.77, ahead of the FactSet consensus of $2.47. Sales rose to $6.729 billion from $6.267 billion, also beating the $6.618 billion FactSet consensus. The company had bookings of $5.4 billion in the quarter, down from $6.3 billion a year ago. Its backlog stood at $41.073 billion compared with $42.420 billion a year ago. For the full year, the company is still expecting adjusted EPS of $11.40 to $11.60 and sales of $28.6 billion to $29.1 billion. The current FactSet consensus is for EPS of $11.61 and sales of $28.9 billion. Shares have fallen 13.2% in the last 12 months, while the S&P 500 has gained 10.9%.

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MarketWatch MarketPulse
Apr 25, 2019

Hershey stock soars after earnings blow past estimates
Hershey Co. stock soared 10.2% in Thursday premarket trading after the chocolate and snacks company report first-quarter earnings that exceeded expectations. Net income totaled $304.4 million, or $1.45 per common share, down from $350.2 million, or $1.65 per common share, last year. Adjusted EPS was $1.59, well ahead of the $1.46 per share FactSet estimate. Sales of $2.02 billion was up from $1.97 billion last year and exceeded the $2.00 billion FactSet consensus. For the year, Hershey expects EPS of $5.50 to $5.56 and adjusted EPS of $5.63 to $5.74. FactSet expects EPS of $5.64. Hershey stock has gained 9.2% in 2019 while the S&P 500 index is up 16.8% for the period.

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MarketWatch MarketPulse
Apr 25, 2019

Comcast beats on earnings, misses on revenue
Shares of Comcast Corp. were inactive in premarket trading Thursday after the company reported an earnings beat for the first quarter but fell short of revenue expectations. Net income rose to $3.5 billion, or 77 cents a share, from $3.1 billion, or 66 cents a share, in the year-ago period. Adjusted earnings per share rose to 76 cents from 65 cents, coming in ahead of the FactSet consensus projection, which called for 68 cents. The company reported $26.9 billion in revenue, up from $22.8 billion a year earlier but below the FactSet consensus estimate of $27.2 billion. Comcast reported $14.3 billion in cable communications revenue, up from $13.7 billion a year prior. NBC Universal revenue fell to $8.3 billion from $9.5 billion a year prior. In 2018, Comcast's NBC business benefited from the Olympics and the Super Bowl. Shares have gained 23% so far this year, as the S&P 500 has risen 17%.

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MarketWatch MarketPulse
Apr 25, 2019

Southwest Airlines' stock surges after earnings and revenue beat, but load factor misses
Shares of Soutwest Airlines Co. rallied 3% in premarket trade Thursday, after the air carrier reported first-quarter earnings that beat expectations, although load factor fell shy and the company raised its unit costs outlook. Net income fell to $387 million, or 70 cents a share, from $463 million, or 79 cents a share, in the year-ago period. The FactSet EPS consensus was 61 cents. Total revenue rose 4.1% to $5.15 billion, topping the FactSet consensus of $5.12 billion, as revenue per available seat mile increased 2.7%, partially offset by a half-percentage point decline in load factor to 81.0%. The FactSet load factor consensus was 81.5%. The company said revenue was negatively impacted by more than $200 million by the groundings of 737 MAX jets made by Boeing Co. , unscheduled maintenance, severe weather, the government shutdown and softer leisure trends. Southwest now expects 2019 expenses per available seat mile to rise 5.5% to 6.5% from 2018's 8.53 cents, compared with previous guidance of 3.0% to 3.5% growth. The stock has rallied 14% year to date through Wednesday, while the NYSE Arca Airline Index has gained 13% and the S&P 500 has climbed 17%.

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MarketWatch MarketPulse
Apr 25, 2019

Xerox tops earnings expectations but misses on revenue
Xerox Corp. shares were inactive in premarket trading Thursday after the company topped earnings estimates and raised its full-year profit forecast but came in a bit shy on first-quarter revenue. The company reported net income or $133 billion, or 55 cents a share, compared with $23 million, to 8 cents a share, in the year-ago period. Adjusted earnings per share rose to 91 cents from 68 cents a year earlier and came in ahead of the FactSet consensus estimate, which called for 80 cents. Xerox's revenue fell to $2.2 billion from $2.4 billion for the first quarter, whereas analysts had been predicting $2.3 billion. Xerox raised its 2019 full-year adjusted EPS outlook to $3.80 to $3.95. The company had previously been forecasting $3.70 to $3.80. Shares have gained 71% so far this year, as the S&P 500 has risen 17%.

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MarketWatch MarketPulse
Apr 25, 2019

Dow futures losses deepen after 3M Co. says it will cut 2,000 jobs
Losses for Dow Jones Industrial Average futures sharpened Thursday morning after industrial giant 3M Co. reported quarterly results that were weaker than expected, weighing on the blue-chip index. Dow futures were down 116 points, or 0.4%, at 26,425, with shares of 3M down 7.6% before the bell, according to FactSet data. The diversified industrial, health and consumer products company reported first-quarter said it would cut 2,000 jobs and cut its 2019 full-year, earnings-per-share guidance to a range of $9.25-$9.75 from $10.45-$10.90. Meanwhile, futures for the S&P 500 index were off less than 0.1% at 2,929, while technology-driven Nasdaq-100 futures were buoyant, up 0.1% at 7,857.50.

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MarketWatch MarketPulse
Apr 25, 2019

3M's stock tumbles after earnings miss and slashed outlook; to cut 2,000 jobs
Shares of 3M Co. tumbled 7.6% in premarket trade Thursday, after the diversified industrial, health and consumer products company reported first-quarter profit and sales that missed expectations, slashed its full-year guidance and said it would cut 2,000 jobs. Net income $891 million, or $1.51 a share, from $602 million, or 98 cents a share, in the same period a year ago. Excluding non-recurring items, such as litigation-related charges and the impact of tax reform, adjusted EPS slipped to $2.23 from $2.50, missing the FactSet consensus of $2.49. Sales declined 5% to $7.86 billion from $8.28 billion, below the FactSet consensus of $8.03 billion. Among its largest business segments, industrial sales fell 6.6% to $2.9 billion, below the FactSet consensus of $3.1 billion; safety and graphics sales dropped 4.2% to $1.7 billion, below expectations of $1.77 billion; and health care sales edged up 0.3% to $1.5 billion, compared with expectations of $1.55 billion. 3M said it has initiated restructuring actions, including reducing its workforce by 2,000 positions, in an effort to save $225 million to $250 million a year. For 2019, the company cut its adjusted EPS guidance range to $9.25 to $9.75 from $10.45 to $10.90. "We continued to face slowing conditions in key end markets which impacted both organic growth and margins, and our operational execution also fell short of the expectations we have for ourselves," said Chief Executive Mike Roman. The stock has gained 15% year to date through Wednesday while the Dow Jones Industrial Average has advanced 14%.

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MarketWatch MarketPulse
Apr 25, 2019

Former Vice President Joe Biden, as expected, launches 2020 Democratic presidential campaign
Former Vice President Joe Biden will join a crowded 2020 Democratic presidential race, he confirmed, as expected, with an early Thursday morning video announcement. Biden, 76, is considered among the more high-profile candidates in the early 2020 Democratic primary season, which now features more than 20 individuals vying for the nomination. He had two failed presidential runs before serving as President Barack Obama's vice president. Biden made headlines earlier this spring when faced with accusations from several women that he's made them uncomfortable with unwanted physical contact. Biden responded, short of an apology, critics charged, by saying he understood that social norms have changed and that he needs to be more respectful of the personal space of others.

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MarketWatch MarketPulse
Apr 24, 2019

Tesla to keep some stores open, but online order system continues, Musk says
Tesla Inc. will continue to have stores and even add stores, provided such stores have "high foot traffic," Chief Executive Elon Musk said in a call with analysts after Tesla reported first-quarter results late Wednesday. Conversely, it will close stores that have low foot traffic, he said. Customers will still order vehicles online, and stores will be "essentially information centers," where people would buy Tesla merchandise, test-drive cars, and get more information about the vehicles, Musk said.

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MarketWatch MarketPulse
Apr 24, 2019

Tesla to return to profits in third quarter, CFO says
Tesla Inc. could return to profits by the third quarter, Chief Financial Officer Zachary Kirkhorn said in a call with analysts Wednesday. Tesla made price adjustments in its vehicles in the first quarter, which put pressure on margins, which will still be seen in the second quarter, he said. Tesla is "working extremely hard and making terrific progress on improving the cost efficiency of the business without sacrificing growth," he said. Chief Executive Elon Musk said last month Tesla was likely to return to profits in the second quarter. Earlier Wednesday, the company reported a wider-than-expected first-quarter loss and revenues that missed the mark. Tesla was GAAP and non-GAAP profitable in the third and fourth quarters of 2018.

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MarketWatch MarketPulse
Apr 24, 2019

Musk: Model Y production site 'tough call' between California, Nevada
Tesla Inc. Chief Executive Elon Musk said the company is still undecided on where to build the Model Y. It could build the compact SUV, unveiled earlier this year, at its Fremont, Calif. factory or at its battery factory outside of Reno, Nev., Musk said. It will be a "tough call" between those two states, and Tesla expects to reach a final decision very soon. In the meantime, all tooling and equipment for the Model Y are being ordered and the question of where to build it is not expected to delay production. Musk was speaking during a call with analysts following first-quarter results Wednesday.

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MarketWatch MarketPulse
Apr 24, 2019

Tesla to offer insurance in about a month, Musk says
Tesla Inc. is creating an insurance program and hopes to offer it in about a month, Chief Executive Elon Musk said in a conference call with analysts after the Silicon Valley car maker's first-quarter results. The product would be "much more compelling than everything else out there," Musk said. Musk was responding to a question about an insurance program that would "simplify ownership" and to take into account Autopilot, Tesla's suite of advanced driver-assistance systems. Tesla earlier Wednesday reported a wider-than-expected quarterly loss and revenue also missed Wall Street expectations.

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MarketWatch MarketPulse
Apr 24, 2019

Tesla's Musk: More than half of Q1 deliveries took place in last 10 days of quarter
More than half of Tesla Inc. first-quarter deliveries occurred in the last 10 days of the quarter, Chief Executive Elon Musk said in a call with analysts after the Silicon Valley car maker's results. It was "the most difficult logistics I have ever seen, and I've seen some tough ones," Musk said on the call. As a result, large number of vehicle deliveries were shifted to the second quarter, affecting the first quarter's net income as Tesla "could not get the vehicles to customers in time," Musk said. Tesla is working on balancing out its overseas and North American deliveries, which will put much less strain on Tesla, result in a much better delivery experience for customers, and have a "very positive" effect on our working capital in the middle of the quarter, Musk said. Tesla earlier on Wednesday reported a wider-than-expected first-quarter loss and revenue also missed Wall Street expectations.

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MarketWatch MarketPulse
Apr 24, 2019

Citrix stock falls after earnings beat
Citrix Systems Inc. shares fell 4.6% in the extended session Wednesday after the company beat analyst earnings projections. The company reported first-quarter net income of $110 million, or 78 cents a share, compared with $144 million, or 99 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation and changes to the U.S. tax code, earnings were $1.27 a share. Revenue rose to $719 million from $697 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.17 a share on revenue of $707.8 million. For the second quarter, analysts model earnings of $1.42 a share and sales $768 million. Citrix said it expects fiscal 2019 earnings of roughly $3.69 a share and revenue of $3.08 billion to $3.09 billion. Citrix stock has gained 4% in the past year, with the S&P 500 index rising 11.4%.

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MarketWatch MarketPulse
Apr 24, 2019

O'Reilly Automotive stock falls after earnings and outlook miss
O'Reilly Automotive Inc. shares were falling 5% in after-hours trading on Wednesday after the auto parts retailer missed earnings expectations for the first quarter and delivered a weak profit forecast for the second quarter. The company reported net income of $321 million, or $4.05 a share, up from $305 million, or $3.61 a share, a year earlier. Analysts surveyed by FactSet had been modeling GAAP earnings per share of $4.67. O'Reilly's sales rose to $2.41 billion from $2.28 billion a year earlier and came in slightly below the consensus estimate of $2.44 billion. For the second quarter, the company expects EPS of $4.55 to $4.65, below the FactSet consensus of $4.82. Shares have gained 15% so far this year, as the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 24, 2019

Fortune Brands shares rally on better-than-expected earnings
Shares of ?Fortune Brands Home & Security Inc. climbed in Wednesday's extended session after the home products company posted strong quarterly results. Fortune Brands reported its first-quarter earnings rose to $84.5 million, or 60 cents a share, from $74.9 million, or 49 cents a share, a year ago. On an adjusted basis, it would have earned 63 cents a share. Revenue grew 6% to $1.33 billion. Analysts surveyed by FactSet had forecast earnings of 58 cents a share on revenue of $1.31 billion. Fortune Brands shares jumped more than 8% after hours.

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MarketWatch MarketPulse
Apr 24, 2019

Xilinx stock plunges after earnings beat
Xilinx Inc. shares plunged more than 10% in the extended session Wednesday after the company reported earnings that beat analyst models. The company reported fiscal fourth-quarter net income of $244.6 million, or 95 cents a share, compared with $145.5 million, or 56 cents a share, in the year-ago period. Adjusted for items such as acquisition-related costs and the effects due to changes to the U.S. tax code, earnings were 94 cents a share. Revenue rose to $828.4 million from $638.2 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 94 cents a share on revenue of $826 million. For the fiscal-first quarter, analysts model earnings of 92 cents a share and sales of $833 million. Xilinx said it expects fiscal first quarter revenue of $835 million to $865 million. Xilinx stock has gained 118% in the past year, with the S&P 500 index rising 11.4%.

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MarketWatch MarketPulse
Apr 24, 2019

Lam Research stock gains after big earnings beat
Shares of Lam Research Corp. were up nearly 5% in after-hours trading Wednesday after the company posted a big earnings beat for its March quarter. The company posted net income of $547 million, or $3.47 a share, down from $779 million, or $4.33 a share, a year earlier. Adjusted earnings per share fell to $3.70 from $4.79 but came in ahead of the FactSet consensus, which called for $3.38. Revenue fell to $2.44 billion from $2.89 billion a year ago and came in a bit above the consensus estimate of $2.4 billion. For the June quarter, Lam expects revenue of $2.215 billion to $2.485 billion and adjusted earnings per share of $3.20 to $3.60. Analysts had been modeling revenue of $2.31 billion and EPS of $3.38. Shares of peers Applied Materials Inc. and KLA-Tencor Corp. were up 2.7% and 1.5%, respectively, in the aftermarket. Lam's results came as the PHLX Semiconductor Index closed at a sixth-straight record high. Lam shares have gained 44% so far this year, as the S&P 500 has risen 17%.

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MarketWatch MarketPulse
Apr 24, 2019

Netgear stock drops after earnings include rough forecast
Netgear Inc. shares plunged Wednesday in after-hours trading after the networking company's earnings report included a downbeat forecast attributed to issues with service providers. Netgear reported first-quarter earnings of $12.8 million, or 39 cents a share, on sales of $249.1 million, up from earnings of 17 cents a share on sales of $245.2 million a year ago. However, Netgear expects second-quarter revenue and margins to decline year-over-year. "Due to reduced service provider shipments, our second quarter net revenue is expected to be in the range of $215 million to $230 million," Chief Financial Officer Bryan Murray said in a statement. "Given this decline in our topline and the increased marketing spend to support our WiFi 6 initiatives, second quarter GAAP operating margin is expected to be in the range of 0% to 1%, and non-GAAP operating margin is expected to be in the range of 4% to 5%." The stock originally fell more than 14% in late trading, but calmed down to losses of 5% to 7% later in the after-hours session. Netgear shares have declined more than 9% in the past year, as the S&P 500 index has gained 11.4%.

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MarketWatch MarketPulse
Apr 24, 2019

Chipotle stock falls after topping Wall Street earnings expectations
Chipotle Meixcan Grill Inc. shares fell less than 1% in the extended session Wednesday after the company topped Wall Street estimates. The company reported first-quarter net income of $88.1 million, or $3.13 a share, compared with $59.5 million, or $2.13 a share, in the year-ago period. Adjusted for items such as restructuring and impairment charges, among other items, earnings were $3.40 a share. Revenue rose to $1.31 billion from $1.15 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $3.01 a share on revenue of $1.27 billion. For the second quarter, analysts model adjusted earnings of $3.74 a share on sales of $1.38 billion. Chipotle stock has gained 64% this year, with the S&P 500 index rising 16.8%.

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MarketWatch MarketPulse
Apr 24, 2019

Visa stock falls after earnings beat expectations but revenue matches
Visa Inc. shares were up down 1% in after-hours trading Wednesday after the company beat earnings expectations for its fiscal second quarter but reported in-line revenue. The card network posted net income of $3 billion, or $1.31 a share, up from $2.6 million, or $1.11 a share, in the year-earlier period. The FactSet consensus called for $1.24 in earnings per share. Revenue rose to $5.5 billion from $5.1 billion a year earlier and came in roughly in line with the consensus forecast. The company reaffirmed its full-year outlook, which called for annual net-revenue growth in the low single digits on a nominal basis, with roughly 1 percentage point of negative foreign-exchange impact. Shares have gained 22% so far this year, as the Dow Jones Industrial Average has risen 14%.

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MarketWatch MarketPulse
Apr 24, 2019

Stock market fails to extend climb to records as energy-sector retreat weighs
The S&P 500 and the Nasdaq Composite indexes on Wednesday failed to extend their climb into record territory as a pullback in the mostly buoyant energy sector weighed on the broader market. The S&P 500 index closed off 0.2% at 2.927, with the energy sector , down 1.9%, delivering the biggest headwind for the benchmark, while the Nasdaq slipped 0.2% to 8,102, a day after the equity market pair produced their first records in months. Meanwhile, the Dow Jones Industrial Average finished off 0.2% at 26,597 (all on a preliminary basis), holding within 1% of its Oct. 3 all-time high. Shares of Caterpillar Inc. exacted a the stiffest toll from the price-weighted Dow after its quarterly results disappointed Wall Street, coming amid a barrage of quarterly results that included reports from Boeing Co. and former Dow-component AT&T .

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Apr 24, 2019

Shutterfly stock spikes on report of acquisition interest
Shutterfly Inc. shares shot more than 10% higher in afternoon trading Wednesday after a report that private equity firms are interested in bidding for the embattled internet company. According to Bloomberg News, Apollo Global and Cerberus are interested in bidding for Shutterfly, which said in early February that it would consider acquisition offers after suffering in a cutthroat competition for holiday greeting cards. Shutterfly stock has declined more than 48% in the past year, as the S&P 500 index has gained 11.4%.

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Apr 24, 2019

56 tons of beef recalled due to link to e.coli outbreak in Georgia
Fifty-six tons of beef are being recalled in 10 states due to the outbreak of E.coli linked to Colorado Premium Foods in Georgia, food safety law firm Marler Clark said Wednesday. The raw ground beef products were produced on March 26, March 29, April 2, April 5, April 10, and April 12. So far, 156 people have fallen ill with the disease, according to the Centers for Disease Control. The firm is investigating the outbreak of the food-borne illness.

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Apr 24, 2019

Chico's shares rise after CEO resignation
Chico's FAS Inc. shares rose 3.3% in Wednesday trading after it announced Shelley Broader is stepping down as president, CEO and board member, effective immediately. She had been with the company for 3 1/2 years. Bonnie Brooks, a current member of the company's board and previous CEO of Hudson's Bay Co. , has been named interim chief executive. Chico's has hired outside help from Herbert Mines Associates to find a permanent chief executive. Chico's stock has slumped 63% over the last year while the S&P 500 index has gained 11.3% for the period.

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Apr 24, 2019

W.W. Grainger boosts dividend by 6%, to yield more than industrial sector, S&P 500
W.W. Grainger Inc. said Wednesday that it was raising its quarterly dividend by 6% to $1.44 a share, from $1.36 a share. The new dividend is payable June 1 to shareholders of record on May 13. The supplier of maintenance and repair products said it also authorized a 5 million share repurchase program, to replace the existing program, with no time limit. The stock was up 0.3% in midday trade. Based on current prices, the new annual dividend rate implies a dividend yield of 1.96%, compared with the yield for the SPDR Industrial Select Sector ETF of 1.91% and the implied yield for the S&P 500 of 1.95%, according to FactSet. And with 55.44 million shares outstanding, the new buyback program represents about 9% of the shares outstanding. The stock has gained 5.3% over the past 12 months, while the industrial ETF has advanced 7.2% and the S&P 500 has climbed 11.3%.

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Apr 24, 2019

Speeway Motorsports stock rockets to pace NYSE gainers after buyout bid by leading shareholder
Shares of Speedway Motorsports Inc. shot up 33% toward an 13-month high in morning trade Wednesday, enough to pace the NYSE's gainers, after the racetrack owner and operator said it received a buyout bid from Sonic Financial Corp. that values the company at about $734.6 billion. Sonic is Speedway's largest shareholder, with 58% of the shares outstanding, according to FactSet. Sonic is offering to pay $18 for each Speedway share outstanding that it doesn't already own, a 29% premium to Tuesday's closing price of $13.94. Speedway said it has formed a special committee of independent directors to consider the buyout proposal. The stock has now gained 1.8% over the past 12 months, while the Dow Jones Industrial Average has climbed 11%.

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Apr 24, 2019

EIA data show weekly U.S. crude supplies up 5.5 million barrels
The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 5.5 million barrels for the week ended April 19. Analysts polled by S&P Global Platts expected a decline of 500,000 barrels. The American Petroleum Institute on Tuesday had reported an increase of 6.9 million barrels, according to sources. The EIA data also showed inventory declines of 2.1 million barrels for gasoline and 700,000 barrels for distillates last week. The S&P Global Platts survey had shown expectations for supply declines of 1.1 million barrels for gasoline and 1 million barrels for distillates. June West Texas Intermediate crude was down 2 cents at $66.28 a barrel on the New York Mercantile Exchange. It was trading at $66.17 before the supply data.

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Apr 24, 2019

Harley-Davidson's stock falls again after Goldman turns bearish in wake of Q1 earnings
Shares of Harley-Davidson Inc. sank 2.8% in morning trade Wednesday, on track for a fourth-straight loss, after Goldman Sachs turned bearish on the motorcycle maker in the wake of first-quarter results. Analyst David Tamberrino cut his rating to sell, after being at neutral since December 2016, and lowered his price target to $34, or 10% below current levels, from $37. Tamberrino said he believes Harley is the "worst positioned" among powersports companies he covers given its concentration in a "secularly declining" motorcycle market. Regarding the company's plan to grow its customer base through rider academies, marketing spend and smaller and electrical bikes, Tamberrino sees this strategy as a "potential drag on profitability" given the need for incremental spending and expectations that product mix headwinds will weigh on margins. The stock has gained 11% year to date, but has shed 10% over the past 12 months, while the S&P 500 has rallied 17% this year and gained 11% the past year.

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Apr 24, 2019

Canadian dollar tumbles to 3 1/2 -month low as central bank cuts growth forecast
The Canadian dollar on Wednesday fell as much as 0.7% after the Bank of Canada, as expected, left interest rates unchanged, but abandoned its mild tightening bias and cut its outlook for growth. "In Canada, growth during the first half of 2019 is now expected to be slower than was anticipated in January," the central bank said in its policy statement. The BoC said it expects real GDP growth of 1.2% in 2019 and around 2% in 2020 and 2021. "Ongoing uncertainty related to trade conflicts has undermined business sentiment and activity, contributing to a synchronous slowdown across many countries," the BoC added. The Canadian dollar traded through the psychological $1.35 mark versus the dollar and in most recent trade a single dollar fetched C$1.1315, its lowest level since Jan. 3.

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Apr 24, 2019

RPC's stock tumbles after dividend cut in half, earnings and revenue miss
Shares of RPC Inc. tumbled 10% in morning trade Wednesday, enough to pace all NYSE decliners, after the oil and gas services company slashed its dividend in half and missed first-quarter earnings and revenue expectations. The company said the new dividend of 5 cents a share, down from 10 cents, will be payable June 10 to shareholders of record on May 10. "In light of the uncertainty in the oilfield market, this reduced dividend strengthens our capital structure and enhances our ability to maintain a conservative balance sheet," RPC said in a statement. The dividend cuts lowers the implied dividend yield to 1.74% from 3.48%, compared with the implied yield for the S&P 500 of 1.95%. Separately, the company reported a first-quarter net loss of $739,000, or $0.00 on a per-share basis, compared with earnings of $13.4 million, or 6 cents a share, a year ago, as revenue fell to $334.7 million from $376.8 million amid lower pricing and activity levels. The FactSet consensus was for earnings per share of 3 cents and revenue of $350.4 million. Cost of revenue increased to 75.4% of revenue from 67.7% or revenue a year ago. The stock has shed 38% over the past 12 months, while the VanEck Oil Services ETF has lost 32% and the S&P 500 has gained 11%.

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Apr 24, 2019

Dow drifts lower at the open as record rally for the broader market peters out in early action
U.S. stocks saw a subdued open Wednesday morning as investors appeared to take a breather after key equity indexes notched records a day earlier, with Wall Street digesting a barrage of quarterly results. The Dow Jones Industrial Average fell 24 points, or 0.1%, at 26,635. Dow component Boeing Co. said it would take an initial hit of more than $1 billion on the global grounding of the 737 MAX aircraft, in the aftermath two fatal crashes of the popular commercial jet. Meanwhile, the S&P 500 index was virtually unchanged at 2,932, the Nasdaq Composite Index edged up 0.1% at 8,125, after both indexes finished Tuesday's session at all-time highs. A number of earnings were featured earlier Wednesday, including from Boeing and industrial giant Caterpillar. After the close, investors await quarterly results from Microsoft Corp. and Facebook Inc. , among others, as earnings seasons picks up steam.

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Apr 24, 2019

Starbucks bringing back the S'mores Frappuccino for summer
Starbucks Corp. said Wednesday that it will bring back the popular S'mores Frappuccino this summer, after taking a break last summer and getting an earful from fans on Twitter. The drink will be in stores in the U.S. and Canada starting April 30. The S'mores Frappuccino is made with marshmallow-infused whipped cream, graham cracker crumble and chocolate sauce. Starbucks stock is up 18% for the year to date, just ahead of the S&P 500 index , which is up 17% for the period.

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Apr 24, 2019

Boeing's stock rise adds more to Dow than Caterpillar's stock decline erases
The net effect of Boeing Co.'s stock rally and Caterpillar Co.'s stock selloff after the companies reported first-quarter earnings would be about a 10-point boost to the Dow Jones Industrial Average's price. Boeing's stock rose 1.3% in premarket trade, as the implied price gain would add about 32.5 points to the Dow; Caterpillar's stock fell 2.3%, as the implied price decline shaving about 22.6 points off the Dow. Dow futures rose 17 points.

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Apr 24, 2019

Benchmark initiates coverage of Charlotte's Web with buy rating
Benchmark initiated coverage of Colorado-based cannabis company Charlotte's Web Holdings Inc. with a buy rating and a $25 price target that is 25% above its current trading level. Analyst Mike Hickey listed a range of positives for the stock, including an early move advantage in the CBD market, a vertically integrated business model with a large 2018 hemp harves, and the rapid expansion of its retail network. "CWEB is a US market share leader and pure play in the CBD market, with an established brand, 4,000-plus domestic retail distribution locations and significant online sales," Hickey wrote in a note. The analyst also lauded the recent 2018 Farm bill, which legalized hemp, which he now expects will become a significant agricultural commodity. The company is expecting to benefit from the CBD market, which The Hemp Business Journal is expecting to become a nearly $7 billion market by 2023. Companies including CVS , Rite Aid and Walgreens have started selling CBD-infused products, although these are not yet allowed by the U.S. Food and Drug Administration. The FDA took over regulation of CBD from the DEA when hemp was legalized and it has said companies cannot add the substance to food or drinks for now. However, some companies have moved ahead anyway, as they are not expecting enforcement actions. Charlotte's Web shares have gained 81% in the year to date, while the S&P 500 has gained 11.9%.

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MarketWatch MarketPulse
Apr 24, 2019

UPDATE: Caterpillar shares shed gains after earnings boosted by tax benefit
Caterpillar Inc. shares shed premarket gains to trade down 2.2% Wednesday after earnings that topped estimates thanks to a tax benefit a. The maker of diggers and dozers said it had net income of $1.88 billion, or $3.25 a share, in the quarter, up from $1.67 billion, or $2.74 a share, in the year-earlier period. The EPS number included a 31 cents tax benefit. Sales rose to $13.5 billion from $12.9 billion. The FactSet consensus was for EPS of $2.83 and sales of $13.3 billion. Sales at the company's construction equipment segment rose 3% to $5.677 billion. Sales at the resource industries segment rose 18% to $2.309 billion and sales at the energy and transportation segment were flat at $5.219 billion. The company raised its full-year EPS guidance to reflect the first-quarter tax benefit and is now expecting profit to range from $12.06 to $13.06, up from a prior range of $11.75 to $12.75. Shares have fallen 1.7% in the last 12 months, while the S&P 500 has gained 11.9%.

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MarketWatch MarketPulse
Apr 24, 2019

Boeing's stock swings higher after Q1 results, which include $1 billion increased cost for 737 business
Boeing Co.'s commercial airplanes business suffered first-quarter declines in profit, revenue and margin in the wake of groundings of its 737 MAX planes after two deadly crashes. The stock has swung higher in premarket trade, rallying 1.6% after being down as much as 1.3% earlier, after Boeing reported adjusted earnings that missed expectations and revenue that came up a bit shy, while saying it would update its 2019 guidance at a future date. Commercial airplane earnings fell 17% to $1.17 billion, revenue dropped 9% to $11.82 billion and operating margin declined 1.0 percentage points to 9.9%, while deliveries dropped 19% to 149 airplanes. Boeing said the results include $1 billion in increased cost to produce aircraft in the 737 program. Boeing's stock has gained 4.4% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 8.6%.

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Apr 24, 2019

Lululemon plans to double its men's and digital business over the next five years
Lululemon Athletica Inc. laid out its five-year plan on Wednesday, which will include doubling the men's and digital business while quadrupling its international sales. Men's business was a standout in the fourth quarter. The company aims to grow total revenue in the low teens and annual square footage growth in the low double-digits. Chief Executive Calvin McDonald told The Wall Street Journal that there are no plans to lower the price on their sought-after yoga pants. Lululemon also wants to build on the 4,000 events it hosted in 2018, with a 25,000-square-foot store coming to the Lincoln Park section of Chicago in July. It will have studios for yoga and meditation as well as healthy foods and community space. Lululemon is hosting its annual investor event on Wednesday. Lululemon inched 1% higher in Wednesday premarket trading, but has soared 45.4% in the year to date. The S&P 500 index is up 17% for 2019 so far.

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MarketWatch MarketPulse
Apr 24, 2019

Boeing's stock slips after profit misses expectations, delays update of 2019 outlook
Shares of Boeing Co. dropped 0.8% in premarket trade Wednesday, after the aerospace and defense giant missed first-quarter profit projections, as commercial airplanes revenue fell more than expected, and said it would update its 2019 guidance at "a future date." Net income fell to $2.15 billion, or $3.75 a share, from $2.48 billion, or $4.15 a share, in the year-ago period, as lower 737 deliveries was partially offset by higher defense and services volume. Excluding non-recurring items, core earnings per share fell to $3.16 from $3.64, below the FactSet consensus of $3.19. Revenue declined 2% to $22.92 billion, just shy of the FactSet consensus of $22.94 billion. Among Boeing's business segments, commercial airplanes revenue declined 9% to $11.82 billion, below the FactSet consensus of $11.89 billion; defense, space & security revenue rose 2% to $6.61 billion, above expectations of $6.39 billion; and global services revenue increased 17% to $4.62 billion, topping expectations of $4.45 billion. Regarding 2019 guidance, Boeing said: "The previously issued 2019 financial guidance does not reflect 737 MAX impacts. Due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet, new guidance will be issued at a future date." The stock has rallied 16% year to date through Tuesday, while the Dow Jones Industrial Average has gained 14%.

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MarketWatch MarketPulse
Apr 24, 2019

Caterpillar shares climb as earnings boosted by tax benefit
Caterpillar Inc. shares rose 1.4% in premarket trade Wednesday after earnings that topped estimates thanks to a tax benefit and higher-than-expected sales. The maker of diggers and dozers said it had net income of $1.88 billion, or $3.25 a share, in the quarter, up from $1.67 billion, or $2.74 a share, in the year-earlier period. The EPS number included a 31 cents tax benefit. Sales rose to $13.5 billion from $12.9 billion. The FactSet consensus was for EPS of $2.83 and sales of $13.3 billion. Sales at the company's construction equipment segment rose 3% to $5.677 billion. Sales at the resource industries segment rose 18% to $2.309 billion and sales at the energy and transportation segment were flat at $5.219 billion. The company raised its full-year EPS guidance to reflect the first-quarter tax benefit and is now expecting profit to range from $12.06 to $13.06, up from a prior range of $11.75 to $12.75. Shares have fallen 1.7% in the last 12 months, while the S&P 500 has gained 11.9%.

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MarketWatch MarketPulse
Apr 24, 2019

Biogen stock up 1.8% in premarket trade after revenue beat
Shares of Biogen were up 1.8% in premarket trade Wednesday after the company reported revenue that beat estimates and earnings that were in line with what Wall Street had expected. Profit for the latest quarter rose to $1.409 billion, or $7.15 per share, compared with $1.173 billion, or $5.54 per share, in the year-earlier period. Adjusted EPS was $6.98, matching the FactSet consensus. Revenue was $3.49 billion, above the FactSet consensus of $3.396 billion and higher than $3.131 billion a year ago. The company's best-selling drug, Tecfidera, brought in $999 million, up from $987 million in the year-earlier period. Spinraza, Biogen's blockbuster spinal muscular atrophy drug, brought in $518 million, up from $364 million a year ago. Biogen has had a tough quarter -- shares have fallen 23% so far this year, a plunge sparked by the company's discontinuation of its Phase 3 trials of the Alzheimer's drug aducanumab in March. The S&P 500 has gained 17%.

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Apr 24, 2019

Domino's Pizza beats earnings expectations but sales miss
Domino's Pizza Inc. rose 3.6% in Wednesday premarket trading after the pizza chain reported earnings that beat expectations, but missed on sales. Net income of $92.7 million, or $2.20 per share, was up from $88.8 million, or $2.00 per share, the previous year. Revenue was $836.0 million, up from $785.4 million in 2018. The FactSet consensus was for EPS of $2.09 and sales of $850.0 million. U.S. same-store sales increased 3.9%, while international same-store sales grew 1.8%. FactSet expectations were for a 4.1% domestic increase and 2.5% international increase. Domino's Pizza stock rose is up 9% for the year to date, while the S&P 500 index is up 17%.

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Apr 24, 2019

Nasdaq raises quarterly dividend by 7% to 47 cents a share
Nasdaq Inc. said Wednesday its board has approved a 7% increase in its quarterly dividend to 47 cents a share. The new dividend will be payable June 28 to shareholders of record as of June 14. Shares were up 0.7% in premarket trade and have gained 3.9% in the last 12 months, while the S&P 500 has gained 11.9%.

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MarketWatch MarketPulse
Apr 24, 2019

Tupperware sales fall
Tupperware Brands Corp. reported first-quarter net income of $36.9 million, or 76 cents per share, up from $35.7 million, or 70 cents per share last year. Adjusted EPS of 90 cents beat the 89-cent FactSet consensus. Sales fell to $487.3 million from $542.6 million last year, but beat the $486.0 million FactSet expectation. The company said sales gains in some emerging market countries like Argentina and China were offset by "significant decreases" in Brazil, Mexico, Malaysia/Singapore, India, Indonesia and Turkey. For the second quarter, Tupperware expects a year-over-year decline in U.S. sales of 6% to 8% and EPS of $1.09 to $1.14. FactSet expects sales of $486.4 million, down about 6.3%, and EPS of $1.10. For the year, the company expects a 3%-to-5% U.S. sales decline and EPS of $3.65 to $3.76. FactSet is guiding for a 5.5% sales decline to $1.96 billion and EPS of $4.09. Tupperware shares have taken a 16.7% tumble for the year to date while the S&P 500 index has gained 17% for the period.

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Apr 24, 2019

Occidental sweeps in with higher bid for Anadarko than Chevron is offering
Occidental Petroleum Corp. offered to buy Anadarko Petroleum Corp. for $76 a share in cash and stock, topping the current offer for the company from Chevron Corp. by about 20%. Occidental said it will pay Anadarko shareholders $38 in cash and 0.6094 Occidental shares per share, a 20% premium over the value of the pending transaction announced on April 23. The deal would be valued about $57 billion, based on Occidental's closing rice as of April 23 and including debt and the book value of non-controlling interest. "Occidental is a leader in using technological innovation to create value, and we will deploy our expertise to enhance the performance and productivity of Anadarko's assets not only in the Permian, but globally, " Chief Executive Vicki Hollub said in a statement. The deal would be accretive to earnings from year one and would generate $3.5 billion in free cash flow improvements by 2021, according to Occidental. Anadarko shares rose 9% premarket on the news, while Occidental shares fell 6%. Chevron shares edged down 0.1% and are down 0.4% in the last 12 months, while the S&P 500 has gained 11.9%.

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MarketWatch MarketPulse
Apr 24, 2019

Snap stock gets two upgrades after earnings
At least two analysts abandoned their bearish stances on Snap Inc.'s stock after the company posted better-than-expected financials and user growth late on Tuesday. "We maintained an underperform rating on Snap a few months too long, as the business has now shown successive quarters of improvement," wrote Evercore ISI's Anthony DiClemente, who bumped his rating up to in-line and raised his price target to $12 from $5. "User trends have now realized stabilization, and while profitability remains a likely long way off, monetization improvements have driven a reacceleration in revenue growth." J.P. Morgan's Doug Anmuth upgraded the stock to neutral from underweight, writing positively about the company's rollout of an improved Android app. "While management is not guiding to forward [daily active users], we believe the new Android app should spark more international younger user growth, although quarter-over-quarter DAU growth is typically softer in 2Q than 1Q," he wrote. Anmuth increased his price target to $11 from $7 after the earnings report. Snap shares are up 4.6% in premarket trading Wednesday. They've gained 118% so far this year, as the S&P 500 has risen 17%.

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MarketWatch MarketPulse
Apr 24, 2019

AT&T shares slide premarket as revenue falls short of estimates
AT&T Inc. shares slid 2% in premarket trade Wednesday, after the media and telecoms giant missed revenue estimates for the first quarter. The company, which completed the acquisition of Time Warner Inc. last June, said it had net income of $4.1 billion, or 56 cents a share, in the quarter, down from $4.7 billion, or 75 cents a share, in the year-earlier quarter. Adjusted per-share earnings came to 86 cents, matching the FactSet consensus. Revenue rose 17.8% to $44.8 billion, below the FactSet consensus of $45.1 billion. The company said revenue at its communications segment, which consists of mobility, entertainment and business wireline, came to $35.4 billion, down 0.4% from a year ago. Mobility revenue came to $17.6 billion, up 1.2%, while entertainment group revenue fell 0.9% to $11.3 billion. Business wireline revenue came to $6.5 billion, down 3.7%. WarnerMedia revenue are not comparable to the year-earlier thanks to the timing of the Time Warner deal, but came to $8.4 billion. Latin America revenue came to $1.7 billion, down 15.2%. Ad data unit Xandr revenue came to $426 million, up 26.4%. Shares have fallen 8.3% in the last 12 months, while the S&P 500 has gained 11.9%.

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MarketWatch MarketPulse
Apr 24, 2019

Anthem's stock jumps toward 4th-straight gain after profit and revenue beats, upbeat outlook
Shares of Anthem Inc. rallied 2.9% in premarket trade Wednesday, after the health care services company beat first-quarter profit and revenue expectations and provided an upbeat outlook. Net income rose to $1.55 billion, or $5.91 a share, from $1.31 billion, or $4.99 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS was $6.03, above the FactSet consensus of $5.84. Total revenue grew 9.4% to $24.67 billion, above the FactSet consensus of $24.57 billion, as the 9.3% rise in premiums to $22.84 billion beat expectations of $22.63 billion. Medicare revenue rose 15.6% to $2.01 billion and Medicaid revenue grew 8.9% to $7.03 billion. For 2019, the company expects adjusted EPS of "greater than" $19.20, compared with the FactSet consensus of $19.17. The stock, which has run up 6.1% over the past three sessions since closing last Wednesday at a 10-month low, has lost 4.6% year to date through Tuesday, while the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 24, 2019

Boston Scientific's stock falls after profit, sales come up shy of expectations
Shares of Boston Scientific Corp. dropped 1.2% in premarket trade Wednesday, after the medical technology company missed first-quarter profit and revenue expectations. Net income rose to $424 million, or 30 cents a share, from $298 million, or 21 cent a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS was 35 cents, below the FactSet consensus of 36 cents. Sales grew to $2.49 billion from $2.38 billion, shy of the FactSet consensus of $2.54 billion, as the company's three business segments, MedSurg, Rhythm and Neuro and Cardiovascular, all rose, but came up shy of expectations. For 2019, the company lifted its adjusted EPS outlook to $1.54 to $1.58 from $1.53 to $1.58 and lowered its sales growth guidance to 7% to 8% from 7% to 9%. The stock has gained 1.6% year to date through Tuesday, while the S&P 500 has gained 17%.

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MarketWatch MarketPulse
Apr 23, 2019

U.S., China to resume trade talks next week in Beijing
U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a U.S. delegation to China next week to resume trade negotiations. The White House confirmed the new round of talks in a statement late Tuesday. The negotiations will begin April 30 in Beijing, to be followed by a Chinese delegation, led by Liu He, that will travel to Washington for continued talks starting May 8. The subjects of next week's talks will include intellectual property, forced technology transfers, non-tariff barriers, services, purchases and enforcement, the White House said. There have been reports that the ongoing trade talks are in their final stages, and if a deal can be reached, a signing ceremony could be held in late May or early June, ending the yearlong tariff war between the world's two largest economies.

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MarketWatch MarketPulse
Apr 23, 2019

AbbVie stock ticks higher on FDA approval of psoriasis treatment
AbbVie Inc. shares ticked higher after the drug maker said Tuesday the Food and Drug Administration approved its psoriasis treatment Skyrizi. AbbVie shares rose 0.8% after hours, following a 0.7% rise to close the regular session at $78.66. In clinical trials, the drug cleared up skin by 90% in around 80% of patients and by 100% in just over half of patients, AbbVie said.

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MarketWatch MarketPulse
Apr 23, 2019

CBS acting CEO Ianniello extends contract, board suspends CEO search
CBS Corp. said late Tuesday Acting Chief Executive Joseph Ianniello has agreed to extend his role for six more months through Dec. 31, and "as a testament to the accomplishments" by Ianniello, the board has suspended its search for another chief executive officer. "Joe has demonstrated exceptional leadership during this time of unprecedented transition at CBS. He steadied the ship," the company's board said in a statement. Ianniello assumed the acting CEO role in September after being CBS's chief operating office since 2013. Shares of CBS rose 0.4% in the extended session, after ending the regular trading day up 0.5%. According to a report last week, CBS and Viacom Inc. are trying to resume merger talks, and in addition to agreeing to a price the two companies are also hammering out who would be CEO, Ianniello or Viacom CEO Robert Bakish, who has the support of Shari Redstone, whose National Amusements Inc. controls both CBS and Viacom.

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MarketWatch MarketPulse
Apr 23, 2019

Oil prices fall as API data reportedly show an unexpected jump in weekly U.S. crude supply
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 6.9 million barrels for the week ended April 19, according to sources. The API also reportedly showed a stockpile climb of 2.2 million barrels for gasoline, while distillate stockpiles fell by 865,000 barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude supplies declined by 500,000 barrels last week, according to a survey of analysts conducted by S&P Global Platts. It also forecast inventory declines of 1.1 million barrels for gasoline and 1 million barrels for distillates. June West Texas Intermediate crude was at $66.16 a barrel in electronic trading, down from the $66.30 settlement on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Apr 23, 2019

Burlington Stores CEO Kingsbury to step down, Ross Stores COO to replace him
Shares of Burlington Stores Inc. fell more than 2% in the extended session Tuesday after Chief Executive Thomas Kingsbury announced he is stepping down and the retailer tweaked lower its guidance for the first quarter. Burlington said Kingsbury will step down on or around Sept. 16 after more than 10 years in that role. Michael O'Sullivan, formerly the chief operating officer of Ross Stores Inc , will take over as CEO on or around that date, the company said. Kingsbury will remain board chairman during a "transition period," Burlington said. "Given our tremendous progress and the strong foundation we have established, the board and I believe now is the right time to transition to new leadership," Kingsbury said in a statement. In the same statement, Burlington said it expects adjusted earnings between $1.21 a share and $1.25 a share, compared with a previous guidance of between $1.21 a share and $1.31 a share. It expects comparable-store sales be flat or to rise 0.5%, compared with an earlier guidance of flat to a rise of 2%. Shares of Burlington ended the regular trading day Tuesday 1.1% higher.

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MarketWatch MarketPulse
Apr 23, 2019

EBay stock rallies more than 5% on quarterly earnings beat, increased guidance
Shares of EBay Inc. rose more than 5% in the extended session Tuesday after the company reported a first-quarter adjusted profit above Wall Street expectations and raised earnings and sales guidance for the year. EBay said it earned $521 million, or 57 cents a share, in the quarter, compared with $407 million, or 40 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $608 million, or 67 cents a share, compared with $548 million, or 53 cents a share, a year ago. Revenue rose 2% to $2.64 billion, compared with $2.58 billion a year ago, the company said. Analysts polled by FactSet had expected EBay to report adjusted earnings of 63 cents a share on sales of $2.6 billion. EBay saw "healthy buyer growth and disciplined cost control," Chief Executive Devin Wenig said in a statement. The company gained "increased confidence in the year" and adjusted its guidance, Wenig said. EBay expects net revenue between $10.83 billion and $10.93 billion, which would represent growth between 2% and 3%, and non-GAAP earnings between $2.64 a share and $2.70 a share. Shares of EBay ended the regular trading day up 1.4%.

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MarketWatch MarketPulse
Apr 23, 2019

Texas Instruments stock rallies after results top Street view
Texas Instruments Inc. shares rose in the extended session Tuesday after the chip maker's earnings topped Wall Street estimates. Texas Instruments shares rose 3.8% after hours, following a 1.2% rise to close the regular session at $116.38, less than $4 from the stock's all-time closing high. The company reported first-quarter net income of $1.2 million, or $1.26 a share, compared with $1.4 million, or $1.35 a share, in the year-ago period. Earnings included a 4-cents-a-share tax benefit that was not in the company's guidance, Texas Instruments said. Revenue declined to $3.59 billion from $3.79 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.13 a share on revenue of $3.48 billion. For the second quarter, Texas Instruments expects earnings of $1.12 to $1.32 a share on revenue of $3.46 billion to $3.74 billion, while analysts forecast earnings of $1.23 a share on revenue of $3.66 billion.

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MarketWatch MarketPulse
Apr 23, 2019

The S&P 500 and Nasdaq just closed at records, ending a monthslong drought
The S&P 500 index and the Nasdaq Composite on Tuesday finished in record territory, notching all-time highs for the first time since fall and late summer, powered by gains in health-care and the consumer-discretionary sectors. The S&P 500 index finished up 0.9%, or 26 points, at 2,934 (on a preliminary basis), above its closing high at 2,930.75 put in on Sept. 20. The health-care sector, as reflected in the Health Care Select Sector SPDR ETF , rose about 1.6% on Tuesday. Consumer-discretionary shares, as gauged by the Consumer Discretionary Select Sector SPDR ETF , climbed 1%. The Nasdaq Composite Index finished up 1.3% at 8,120, closing above its Aug. 29 all-time closing high at 8,109.69. Meanwhile, the Dow Jones Industrial Average notched a 0.6% gain to end at 26,656, just off its Oct. 3 record at 26,828.39. The three main benchmarks have mounted a steady ascent since putting in their lows on Dec. 24, when equity indexes suffered heavy losses during a bruising fourth-quarter selloff that dragged the Nasdaq into bear-market territory, defined as a decline of at least 20% from a recent peak, and left the S&P 500 on the edge of ending its longest bull run ever. Strong earnings reports have to fuel Tuesday's advance, as shares of social-networking platform Twitter Inc. , and aerospace giant Lockheed Martin Corp. and United Technologies Corp. rallied after quarterly results on the session.

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MarketWatch MarketPulse
Apr 23, 2019

iRobot stock plunges after earnings show slight sales miss
IRobot Corp. continued to be a volatile stock after earnings Tuesday, falling more than 10% in after-hours trading as sales of its Roomba products came in lighter than expectations. IRobot reported first-quarter profit of $22.5 million, or 78 cents a share, on sales of $237.7 million, up from earnings of 71 cents a share on revenue of $217.1 million a year ago. Analysts on average expected iRobot to report earnings of 60 cents a share on sales of $251 million, according to FactSet. With the stronger profit than expected, the company increased its expectations for full-year earnings to a range of $3.15 to $3.40 a share, from $3 to $3.25 a share. The stock tends to move dramatically after earnings: After the last three quarterly reports before Tuesday, iRobot shares gained 9.6%, fell 12.3% and jumped 17% respectively. Shares closed up 1.4% at $130.57 Tuesday, then fell lower than $118 in immediate late trading following the release of the report.

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MarketWatch MarketPulse
Apr 23, 2019

S&P 500 and Nasdaq close at records, ending a monthslong drought
The S&P 500 index and the Nasdaq Composite on Tuesday finished in record territory, notching all-time highs for the first time since fall and late summer, powered by gains in health-care and the consumer-discretionary sectors. The S&P 500 index finished up 0.9%, or 26 points, at 2,934 (on a preliminary basis), above its closing high at 2,930.75 put in on Sept. 20. The health-care sector, as reflected in the Health Care Select Sector SPDR ETF , rose about 1.6% on Tuesday. Consumer-discretionary shares, as gauged by the Consumer Discretionary Select Sector SPDR ETF , climbed 1%. The Nasdaq Composite Index finished up 1.3% at 8,120, closing above its Aug. 29 all-time closing high at 8,109.69. Meanwhile, the Dow Jones Industrial Average notched a 0.6% gain to end at 26,656, just off its Oct. 3 record at 26,828.39. The three main benchmarks have mounted a steady ascent since putting in their lows on Dec. 24, when equity indexes suffered heavy losses during a bruising fourth-quarter selloff that dragged the Nasdaq into bear-market territory, defined as a decline of at least 20% from a recent peak, and left the S&P 500 on the edge of ending its longest bull run ever. Strong earnings reports have to fuel Tuesday's advance, as shares of social-networking platform Twitter Inc. , and aerospace giant Lockheed Martin Corp. and United Technologies Corp. rallied after quarterly results on the session.

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MarketWatch MarketPulse
Apr 23, 2019

Moody's rates Netflix's new debt offering at Ba3, or 3 notches into 'junk' territory
Moody's Investors Service said Tuesday it was rating Netflix Inc.'s $2 billion offering of senior debt at Ba3, which is three notches below the investment-grade rating threshold. The ratings outlook remains stable. After the debt sale, Netflix's gross leverage will be 7.5X for the 12 months ended March 31. "However, despite the continuing issuances of debt to fund the company's negative cash flows, we expect leverage to drop gradually over time with subscriber growth, as the transition from licensed content to produced original content levels off, international markets mature and begin to contribute to profits, all which we expect to contribute to margin improvement," Moody's said. Netflix's stock rallied 1.9% in afternoon trade. It has run up 19.5% over the past three months, while the S&P 500 has gained 11.2%.

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



MarketWatch MarketPulse
Apr 23, 2019

S&P 500 and Nasdaq break above closing records for first time in months as stock market climbs
The S&P 500 index and the Nasdaq Composite on Tuesday hit record territory, last hit in in the fall and late summer, as a rebound in the health-care and gains in the consumer-discretionary sectors brought the benchmarks to the brink of all-time highs. At last check, the S&P 500 index was up 0.9%, or 27 points, at 2,935, above its closing high at 2,930.75 put in on Sept. 20. The health-care sector, as reflected in the Health Care Select Sector SPDR ETF , was up 1% late-morning Tuesday. Consumer-discretionary shares, as gauged by the Consumer Discretionary Select Sector SPDR ETF climbed 0.8%. The Nasdaq Composite Index was up 1.3% at 8,118, above its Aug. 29 all-time closing high at 8,109.69, according to FactSet data. Meanwhile, the Dow Jones Industrial Average was up 0.7% at 26,690, just off its Oct. 3 record at 26,828.39. The three main benchmarks have mounted a steady ascent since putting in their lows on Dec. 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.



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