Breaking Stock Market and Financial News

Amazon Instant Pickup launching this week

MarketWatch Market Pulse - Tue, 08/15/2017 - 09:27

Amazon.com Inc. said Tuesday that Amazon Instant Pickup is launching at five select pickup locations starting today, and additional locations in the coming months. Amazon Instant Pickup makes "daily essential" items like drinks and snacks, as well as some Amazon devices available at pickup stations in less than five minutes. The first five locations are in Los Angeles, Atlanta, Berkeley, CA, Columbus, OH, and College Park, MD. Amazon operates 22 pickup locations near college campuses around the country. The free service is available to Prime and Prime Student members. Amazon shares up 31.1% for the year so far while the S&P 500 index is up 10.1% for the period.

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

Republicans on track for tax reform this year: lawmaker

Top Reuters News - Tue, 08/15/2017 - 09:25
WASHINGTON (Reuters) - The head of the U.S. House Ways and Means Committee said on Tuesday Republicans are on track to pass tax reform this year and, unlike with healthcare, are united around a common plan even as the details are still being hammered out.

Amazon opens 'Instant Pickup' points in U.S. brick-and-mortar push

Top Reuters News - Tue, 08/15/2017 - 09:04
BERKELEY, Ca (Reuters) - Amazon.com Inc is rolling out pickup points in the United States where shoppers can retrieve items immediately after ordering them, shortening delivery times from hours to minutes, the company said on Tuesday.

TJX shares rise after earnings, revenue beat

MarketWatch Market Pulse - Tue, 08/15/2017 - 08:50

TJX Cos. shares rose 1.3% in Tuesday premarket trading after the off-price retail company reported second-quarter earnings and revenue that beat expectations. TJX brands include T.J. Maxx and HomeGoods. Net income was $552.6 million, or 85 cents per share, compared with $562.2 million, 84 cents per share, for the same period last year. The FactSet EPS consensus was for 84 cents. Sales were $8.36 billion, up from $7.88 billion last year and ahead of the $8.30 billion FactSet consensus. Same-store sales rose 3% for the quarter, ahead of the 2.5% FactSet estimate. HomeGoods and TJX Canada same-store sales were up 7%. For the third quarter, TJX sees EPS in the range of 98 cents to $1. The FactSet consensus is $1. The company sees full-year EPS in the range of $3.89 to $3.93, and adjusted EPS in the range of $3.78 to $3.82. The FactSet consensus is $3.89. TJX shares are down 7.3% for the year so far while the S&P 500 index is up 10.1% for the period.

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

Taliban urge Trump to withdraw all U.S. troops from Afghanistan

Top Reuters News - Tue, 08/15/2017 - 08:44
KABUL (Reuters) - The United States should withdraw all its troops from Afghanistan and stop listening to "stooges" in Kabul, the Taliban warned in an open letter to U.S. President Donald Trump on Tuesday.

GoPro shares climb after upgrade to neutral at Goldman Sachs

MarketWatch Market Pulse - Tue, 08/15/2017 - 08:33

Shares of GoPro Inc. were soaring 4% in premarket trade Tuesday after the stock was upgraded to neutral from sell at Goldman Sachs as the analysts see GoPro's upcoming launch of a new Hero camera as a catalyst. GoPro appears to be on track to launch a HERO6 camera in the second half of the year, potentially October, and product launches have led to outperformance of the stock related to the S&P 500 , the analysts said. GoPro also plans to launch a 360-degree Fusion camera in 2018, leading to further upside. However, the company does still have challenges, as camera sell-through was down 9% year-over-year in the previous quarter. And sell through has declined in the past five of six quarters on a year-over-year basis. Still, the analysts expect GoPro to return to cash generation in the second half of 2017, helped by GoPro raising convertible debt, restructuring its costs and reducing inventory. They raised their price target to $10 from $6.75. Shares of GoPro have gained 13% in the past three months, while the S&P 500 has gained 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.

UPDATE: Advance Auto Parts shares slide 13% after profit miss

MarketWatch Market Pulse - Tue, 08/15/2017 - 08:21

Advance Auto Parts Inc. shares slid 13% premarket Tuesday, after the company reported weaker-than-expected profit for the second quarter. The Roanoke, Va.-based aftermarket parts provider said it had net income of $87.0 million, or $1.17 a share, in the quarter, down from $124.6 million, or $1.68 a share, in the year-earlier quarter. Adjusted per-share earnings came to $1.58, below the FactSet consensus of $1.65. Same-store sales were flat, against expectations of a decline of 0.2%. "Our revised guidance for the year incorporates the impact of industry headwinds in the first half, which we expect to continue in the second half of the year and we are taking the appropriate actions to adapt to this environment," chief Executive Tom Greco said in a statement. The company is expecting full-year same-store sales to fall 3% to 1%, wider than the FactSet consensus for a decline of 0.5%. It expects to open 60 to 65 new stores this year. Shares have fallen 35% in 2017, while the S&P 500 has gained 10%.

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.

Photronics's stock plunges toward 2-year low after disappointing results, CFO transition

MarketWatch Market Pulse - Tue, 08/15/2017 - 08:20

Shares of Photronics Inc. plunged 18% in premarket trade Tuesday, after the maker of chip-making equipment missed profit and sales expectations, provided a downbeat outlook and announced the retirement of its chief financial officer. The selloff put the stock on track to open at the lowest level seen during regular session hours since Aug. 18, 2015. Analyst Patrick Ho at Stifel Nicolaus cut his stock price target to $9 from $10, saying while he expected weakness in the results, the display weakness was a surprise, with the CFO transition reducing his confidence even more. Late Monday, the company reported fiscal third-quarter net income that fell to $4.0 million, or 6 cents a share, from $8.1 million, or 12 cents a share, in the same period a year ago, and missed the FactSet consensus of 8 cents a share. Revenue declined to $111.6 mililon from $123.2 million and missed the FactSet consensus of $115.0 million. The company said it expects fourth-quarter revenue of $108 million to $116 million, compared with the FactSet consensus as of July 31 of $124.2 million. Photronics also said CFO Sean Smith will retire effective Sept. 4 after 15 years in the position. The stock has tumbled 13% year to date through Monday, while the PHLX Semiconductor Index has climbed 21% and the S&P 500 has gained 10%.

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.

Dick's Sporting Goods shares plummet after earnings miss, profit warning

MarketWatch Market Pulse - Tue, 08/15/2017 - 07:46

Dick's Sporting Goods Inc. shares plummeted 17% in Tuesday premarket trading after the retailer reported second-quarter earnings that missed estimates, and issued a profit warning. Net income for the quarter was $112.4 million, or $1.03 per share, up from $91.4 million, or 82 cents per share. Adjusted EPS was 96 cents, below the $1 FactSet consensus. Revenue was $2.16 billion, up from $1.97 billion, but matched the FactSet consensus. Same-store sales increased 0.1%. The FactSet estimate was up 1.4%. Dick's expects full-year 2017 EPS in the range of $2.85 to $3.05, and adjusted EPS in the range of $2.80 to $3. Same-store sales are expected to be in the range of about flat to a low single-digit decline. The FactSet consensus is for EPS of $3.62 and same-store sales growth of 1.3%. Dick's expects third-quarter EPS in the range of 22 cents to 30 cents, and a same-store sales decline in the low-single digits. FactSet sees EPS of 56 cents and same-store sales growth of 0.5%. Dick's shares are down 34.3% for the year so far while the S&P 500 index is up 10.1% for the period.

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

Apple's stock heads for 3rd straight gain as Tepper, Buffett boost positions

MarketWatch Market Pulse - Tue, 08/15/2017 - 07:44

Shares of Apple Inc. rose 0.5% in premarket trade Tuesday, on track for a third-straight gain, after billionaire hedge fund manager David Tepper and Warren Buffet boosted their stakes in the technology giant. The stock was trading at $160.60 ahead of the open, just 0.3% below the Aug. 9 record close of $161.06, and 0.8% below the Aug. 8 all-time intraday high of $161.83. Tepper's Appaloosa LP owned 625,000 shares of Apple as of June 30, according to the latest filings, up from 300,000 shares at the end of March. Meanwhile, Buffett's Berkshire Hathaway Inc. raised its stake to 130.2 million shares from 129.4 million shares, enough for Berkshire to be the fifth largest shareholder. Separately, billionaire George Soros's hedge fund Soros Fund Management increased its stake in Apple to 1,700 shares from 1,400 shares. Apple's stock, which edged up 0.2% during the second quarter, has run up 11% since the end of June through Monday, while the Dow Jones Industrial Average has tacked on 3.0%.

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

Coach's stock drops after profit beats expectations but sales fall shy

MarketWatch Market Pulse - Tue, 08/15/2017 - 07:01

Coach Inc. reported Tuesday a fiscal fourth-quarter net profit that rose to $151.7 million, or 53 cents a share, from $81.5 million, or 29 cents a share, from a year ago. Excluding non-recurring items, the luxury lifestyle brands company adjusted earnings per share came to 50 cents, beating the FactSet consensus of 49 cents a share. Revenue slipped to $1.13 billion from $1.15 billion, just below the FactSet consensus of $1.15 billion. North America same-store sales increased in the "mid-single-digit" percentage range, beating the FactSet consensus of 3.6% growth. Total Coach brand sales in North America fell to $586 million from $606 million, while Stuart Weitzman brand sales increased to $88 million from $84 million. For fiscal 2018, the company expects revenue, including projected Kate Spade results, of $5.8 billion to $5.9 billion, and EPS growth of 10% to 12% to $2.35 to $2.40. The FactSet consensus for revenue was $5.03 billion and for EPS was $2.40. The stock, which slumped 7% in premarket trade, has soared 37% year to date through Monday, while the SPDR S&P Retail ETF has shed 10.0% and the S&P 500 has gained 10.1%.

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

Home Depot raises yearly sales, earnings forecasts

MarketWatch Market Pulse - Tue, 08/15/2017 - 06:40

Home Depot Inc. on Tuesday raised its forecasts for full-year earnings and sales after quarterly profit and revenue came in above Wall Street's expectations. The home-improvement products and services retailer said second-quarter net earnings were $2.67 billion, or $2.25 a share, up from $2.44 billion, or $1.97 a share, a year ago. Revenue rose to $28.11 billion from $26.47 billion. Analysts polled by FactSet had expected earnings of $2.21 on sales of $27.83 billion. Home Depot said it now foresees fiscal 2017 sales rising by 5.3%. It also projected a 13% rise in fiscal 2017 per-share earnings growth, to $7.29. The company in May had raised its yearly per-share earnings growth forecast to 11%, to $7.15. Shares of Home Depot were up 0.5% ahead of Tuesday's opening bell.

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.

U.S. sanctions hit Russian hopes of a 'Trump bump' for investment

Top Reuters News - Tue, 08/15/2017 - 06:39
MOSCOW (Reuters) - New U.S. sanctions on Moscow have forced Russian business chiefs to accept that Donald Trump's rise to power is not about to produce a "Trump Bump" in foreign investment.

Trump's popularity faces test in Alabama's Senate race

Top Reuters News - Tue, 08/15/2017 - 06:26
(Reuters) - Voters in Alabama head to the polls on Tuesday to choose Republican and Democratic nominees for a U.S. Senate seat, in a race that has been dominated by debate over President Donald Trump.

Undeterred, U.S. cities ramp up removal of Confederate statues

Top Reuters News - Tue, 08/15/2017 - 06:14
(Reuters) - Undeterred by the violence over the planned removal of a Confederate statue in Charlottesville, Virginia, municipal leaders in cities across the United States said they would step up efforts to pull such monuments from public spaces.

Trump faces business backlash over handling of Charlottesville upheaval

Top Reuters News - Tue, 08/15/2017 - 06:07
CHARLOTTESVILLE, Va./WASHINGTON (Reuters) - U.S. President Donald Trump, facing a mounting political furor and backlash from business leaders, has explicitly condemned neo-Nazis, the Ku Klux Klan and other white supremacists two days after a rally by hate groups in Virginia turned deadly.

Philippines says China has agreed no new expansion in South China Sea

Top Reuters News - Tue, 08/15/2017 - 05:49
MANILA (Reuters) - China has assured the Philippines it will not occupy new features or territory in the South China Sea, under a new status quo brokered by Manila as both sides try to strengthen their relations, the Philippine defense minister said.

Britain asks for interim customs deal with EU, new trade deals post-Brexit

Top Reuters News - Tue, 08/15/2017 - 04:58
LONDON (Reuters) - Britain has said it wants an interim customs agreement with the European Union after Brexit to allow the freest possible trade of goods, but that it will also seek the right to negotiate other trade deals -- a possible sticking point in the talks.

Flooding kills more than 160 people across South Asia

Top Reuters News - Tue, 08/15/2017 - 03:39
KATHMANDU/DHAKA (Reuters) - Heavy monsoon rains in Nepal, Bangladesh and India have killed more than 160 people in the last week, officials said on Tuesday, as authorities rushed to rescue those missing or stranded in flooded areas.

Iran could quit nuclear deal in 'hours' if new U.S. sanctions imposed: Rouhani

Top Reuters News - Tue, 08/15/2017 - 03:27
DUBAI (Reuters) - Iran could abandon its nuclear agreement with world powers "within hours" if the United States imposes any more new sanctions, Iranian President Hassan Rouhani said on Tuesday.

Pages