MarketWatch Market Pulse

Subscribe to MarketWatch Market Pulse feed MarketWatch Market Pulse
MarketWatch, a leading publisher of business and financial news, offers users up-to-the minute news, investment tools, and subscription products.
Updated: 1 hour 38 min ago

MongoDB shares surge 35% in their trading debut after pricing IPO above price range

1 hour 43 min ago

Shares of database-software company MongoDB Inc. soared 35% in their first minutes of trading Thursday, in the latest tech initial public offering to score early gains. The company priced its IPO at $24 a share late Wednesday, $2 higher than the top of the price range it had already inflated just the day before. The company originally targeted an IPO price in a range of $18 to $20, and increased that target to $20 to $22 Tuesday. The company sold 8 million shares to raise $192 million, and give it a valuation of over $1 billion, ensuring it retains its 'unicorn' status. Underwriters, led by Morgan Stanley, Goldman Sachs and Barclays, have access to an additional 1.2 million shares. MongoDB is trading on Nasdaq under the ticker symbol "MDB." The S&P 500 was last down 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.

Alliance Data shares drop after revenue miss

1 hour 56 min ago

Alliance Data Systems Corp. shares are down 3.2% in Thursday trading after the marketing company reported third-quarter revenue that missed consensus. Net income was $233.2 million, or $4.20 per share, up from $207.5 million, or 3.55 per share, for the same period last year. Adjusted EPS was $5.35, exceeding the $5.03 per share FactSet consensus. Revenue was $1.91 billion, up from $1.89 billion but below the $1.97 billion FactSet consensus. The earnings announcement includes the impact of Hurricanes Harvey and Irma, which "prompted us to provide a two-month leniency period for cardholders in FEMA-designated 'individual assistance' disaster areas," said Alliance Data Chief Executive Ed Heffernan in a statement. Affected cardholders won't have to make payments during this period, nor will they incur interest charges or late fees. The company maintained its 2017 EPS guidance of $18.10. The FactSet consensus is $18.07. Alliance Data shares are down 16.1% for the last three months while the S&P 500 index is up 3.2% for the period.

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

EIA reports a rise in U.S. natural-gas supply that nearly matches market expectations

2 hours 28 sec ago

Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 51 billion cubic feet for the week ended Oct. 13. Analysts surveyed by S&P Global Platts forecast a climb of 50 billion cubic feet. Total stocks now stand at 3.646 trillion cubic feet, down 179 billion cubic feet from a year ago, and 35 billion cubic feet below the five-year average, the government said. November natural gas fell 1.2 cents, or 0.4%, from Wednesday's settlement to $2.842 per million British thermal units, down a bit from $2.861 before the data.

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

HPE falls after detailing outlook, reorganization plan

2 hours 14 min ago

Hewlett Packett Enterprise Co. stock dove more than 4% Thursday morning after laying out its plans for the rest of this year and the next at an Analyst Day meeting Wednesday afternoon. HPE executives outlined its previously announced "HPE NExt" plan, which it expects to "simplify the organizational structure, redesign business processes and prioritize investments." The reorganization is widely believed to involve thousands of layoffs; HPE did not reveal cuts it may plan, but said the plan will drive savings of $1.5 billion over the next three years. Chief Financial Officer Tim Stonesifer confirmed HPE's outlook for the rest of this fiscal year at 5% year-over-year revenue growth and earnings of $1 a share. For fiscal year 2018, HPE said it expects "modest" revenue growth and adjusted earnings of $1.15 to $1.25 a share, in line with expectations. HPE increased its dividend to 7.5 cents a share from 6.5 cents a share, and its stock-repurchase authorization to $5 billion. Shares ducked as low as $14.08 in the first hour of trading Thursday morning after closing at $14.70 Wednesday; HPE stock has gained 4.9% so far this year, as the S&P 500 index has gained 14.4%.

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

Apple's stock falls toward biggest loss in a month after Apple Watch snag in China,

2 hours 34 min ago

Apple Inc.'s stock dropped 2.7% in morning trade Thursday, putting it on track to suffer the biggest decline in over two months, amid a broad selloff in the large-cap technology sector. Also weighing on Apple was a report in The Wall Street Journal that the new Apple Watch's independent cellular connection feature was abruptly cut off in China, without explanation, after a brief availability with one telecom company. The stock's price decline of $4.36 is shaving about 30 points off the price of the Dow Jones Industrial Average , which was down 93 points, or 0.4%. The tech-heavy Nasdaq 100 was falling 1.1%. Apple's stock decline would be the biggest since the stock fell $5.74, or 3.6%, on Aug. 10. The stock has climbed 3.0% over the past three months through Wednesday, while the Nasdaq 100 has gained 2.4% and the Dow has climbed 6.6%.

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

Warrior Met Coal's stock soars after plans for special dividend, debt offering

3 hours 4 min ago

Shares of Warrior Met Coal Inc. surged 14% in premarket trade Thursday, after the metallurgical coal producer said it planned to offer debt to pay a special cash dividend of $600 million. The company said earlier that it proposes offering $350 million in senior secured notes due 2024 in a private offering. The company said it would use the proceeds from the offering and cash on hand of about $260 million to pay the special cash dividend to shareholders during 2017 to all of its stockholders on a pro rata basis. Based on 53.44 million shares outstanding as of July 31, the special dividend would be equal to $11.23 a share. S&P Global Ratings said Thursday it rated Warrior Met's proposed debt at junk-level rating of B-. The credit rating agency said the rating was characterized by Warrior's "narrow production base, low cash costs and volatile earnings owing to rpice an volume swings for metallurgical (met) coal." Warrior Met went public on April 13 at an IPO price of $19. Since then, it has closed as low as $15.49 on June 21 and as high as $27.29 on Aug. 31. The stock has has shot up 49% since its IPO day, while the S&P 500 has gained 9.7%.

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. stocks retreat from records; Dow remains above 23,000

3 hours 10 min ago

U.S. benchmark stock indexes fell at the open on Thursday. Stocks are retreating from all-time highs, after the Dow Jones Industrial Average surged past the 23,000 level on Wednesday for the first time. The Dow gave back 65 points to slip to 23092. The S&P 500 fell 0.3% to to 2553.59. While, the Nasdaq Composite [s:comp] shed 29 points to 6585.66.

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.

Carnival raises quarterly dividend 12%

3 hours 16 min ago

Carnival Corp. said Thursday that it has raised its quarterly dividend 12% to 45 cents per share, up from 40 cents per share. Payment date is December 15, 2017 for stockholders of record as of November 24, 2017. Dividends payable in pounds sterling will be converted from U.S. dollars according to the Bank of England in London exchange rate as of noon on December 1, 2017. Carnival shares are nearly flat in Thursday premarket trading and up 29.6% for the year so far. The S&P 500 index is up 14.4% for 2017 to date.

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.

Quest Diagnostics: Proposed lab test cuts won't hurt outlook

3 hours 24 min ago

Quest Diagnostics Inc. said on Thursday that despite greater-than-expected proposed cuts to Medicare reimbursement for lab tests, the company should still meet the guidance it has set for coming years. Quest shares rose 0.9% in premarket trade. Though Quest disagrees with the proposed cuts, which it said do not represent market-based rates, "In whatever form CMS might implement [the Protecting Access to Medicare Act], we remain confident in our ability to meet the long-term commitments outlined at our 2016 Investor Day," said Chief Executive Steve Rusckowski, referring to the raised outlook for profit and revenue growth between 2017 and 2020 that the company set in November 2016. Quest third-quarter earnings declined to $161 million, or $1.15 per share, from $192 million, or $1.34 per share in the year-earlier period. Adjusted earnings-per-share were $1.39, above the FactSet consensus of $1.35. Revenue rose to $1.93 billion from $1.89 billion, above the FactSet consensus of $1.92 billion. The company also narrowed its 2017 outlook due to the impact of three recent hurricanes. It now expects revenue of about $7.71 billion, compared with previous outlook of $7.69 billion to $7.74 billion, and adjusted EPS of $5.62 to $5.67, compared with previous outlook of $5.62 to $5.72. Quest shares have dropped 16.3% over the last three months, compared with a 3.5% rise in the S&P 500 .

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.

J.C. Penney revamps its fine jewelry department with smartwatches and new bridal presentation

3 hours 52 min ago

J.C. Penney Co. Inc. said Thursday that it will launch sales of smartwatches for the holidays, starting October 30. Brands will include Samsung, LG and Garmin. Wearables will be priced in the range of $155 to about $350, with an expanded assortment online. The retailer has also introduced a new Modern Bride concept, including new fixtures and merchandise presentation. Modern Bride began as a collaboration with Conde Nast in 2011. The fine jewelry department has been given a new trademark, JCPenney Co. Fine Jewelry, Est. 1902, and training for associates working in that department has been revamped in order to improve customer service. J.C. Penney shares are down 1.1% in Thursday premarket trading, and down more than 60% for the past year. The S&P 500 index is up 19.5% for the last 12 months.

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.

Genuine Parts earnings fall short in 'disappointing' quarter

3 hours 59 min ago

Shares of car parts retailer Genuine Parts Co. fell about 3% in premarket trade Thursday, after third-quarter profit fell short of estimates and the company lowered profit guidance for the full year. The Atlanta-based company said it had net income of $158.4 million, or $1.08 a share, in the quarter, down from $185.3 million, or $1.24 a share, in the year-earlier period. Adjusted per-share earnings came to $1.16, below the FactSet consensus of $1.28. Sales rose to $4.1 billion from $3.9 billion, matching the FactSet consensus. "While we are disappointed with this quarter's results, we are excited about the opportunities ahead and we move forward with a deep sense of urgency as we focus on maximizing shareholder value and positioning the Company for long-term success," Chief Executive Paul Donahue said in a statement. The company raised its full-year sales growth forecast to 4% to 4.5% from a prior 3% to 4%, reflecting revenue to be added through acquisitions. But it lowered its profit outlook to $4.55 to $4.60 a share from a prior $4.70 to $4.75. Shares had gained 2.6% in 2017 through Wednesday, while the S&P 500 has gained 14.4%.

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

28 of 30 Dow stocks trading lower premarket

4 hours 2 min ago

All 30 of the Dow Jones Industrial Average components have traded premarket, and 28 of them are trading lower, as Dow futures slump 107 points. The biggest percentage decliner is Nike Inc.'s stock , which dropped 1.8% after a downgrade at Goldman Sachs. The next biggest decliners were shares of Apple Inc. , which shed 1.7% after the independent cellular connection feature of its Apple Watch was abruptly cut off in China, and American Express Co. , which was shedding 1.4% after the company reported third-quarter results late Wednesday and said CEO Kenneth Chenault will step down. Of the two gainers, shares of Verizon Communications Inc. rose 2% and Travelers Cos. inched up less than 0.1%, after both companies reported better-than-expected results earlier Thursday.

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.

Nike shares slide 1.6% premarket as Goldman downgrades to neutral from buy

4 hours 13 min ago

Shares of Nike Inc. slid 1.6% in premarket trade Thursday, after Goldman Sachs downgraded the stock to neutral from buy, saying it expects them to be range-bound as the company works through excess stock in the U.S. "Next week's investor day is an opportunity for management to lower its multiyear growth targets, which look stretched in the face of industry headwinds," analysts led by Lindsay Drucker Mann wrote in a note. "While we do not see this event as an explicit negative catalyst, it is unlikely in our view to be a positive event." Goldman is sticking with its $54 12-month price target, as "the underpinnings of Nike's business remain compelling, in our view, driven by an opportunity to further consolidate market share in the growing athletic apparel and footwear market." Nike shares are up 2.9% in 2017, while the Dow Jones Industrial Average has gained 17% and the S&P 500 has gained 14%.

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.

Imax Q3 earnings estimates lowered at B. Riley due to disappointing 'Marvel's Inhumans' results

4 hours 26 min ago

Imax Corp.'s third quarter box office revenue came in above B. Riley analyst Eric Wold's expectations, but the premium film exhibitor's earnings will likely be hurt by the poor performance of its experiment with "Marvel's Inhumans." Box office revenue was $215.5 million, above Wold's initial projection of $183.6 million and his increased September projection of of $210.4 million. "Inhumans" was initially scheduled as part of Marvel Studios' film slate, but after being relegated to the small screen, Walt Disney Co.'s TV division partnered with Imax to premiere the first two episodes of the ABC TV show in Imax theaters. The partnership was marketed as the first time a TV show had premiered on Imax screens. The poor result of the partnership, however, drove Wold to lower Imax EBITDA estimates for the third quarter. "Even with the box office and expected revenue upside from our prior estimates, we expect the weak theatrical box office results for 'Marvel's Inhumans' to weigh on third quarter EBITDA and EPS," Wold wrote in a note to investors. Imax will report earnings before the market opens on Oct. 26. Shares of Imax have declined 33% in the year to date, while the S&P 500 index is up more than 14% and the Dow Jones Industrial Average is up more than 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.

UPDATE: Philip Morris shares slide 4% premarket after earnings fall short of estimates

4 hours 42 min ago

Philip Morris Inc. shares fell 4% in premarket trade Thursday, after the cigarette distributor missed profit and revenue estimates for the third quarter. The company said it had net income of $1.97 billion, or $1.27 a share, in the third quarter, up from $1.94 billion, or $1.25 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.27, below the FactSet consensus of $1.38. Revenue excluding excise taxes rose 7% to $7.5 billion, also below the FactSet consensus of $7.7 billion. For the full-year, the company said it expects EPS of $4.75 to $4.80, compared with a FactSet consensus of $4.84. Shares have gained 23% in 2017, while the S&P 500 has gained 14%.

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.

Verizon shares gain premarket after company reports Q3 earnings above expectations

4 hours 52 min ago

Shares of Verizon Communications Inc. were up nearly 2% in premarket on Thursday after the company reported third quarter profit and revenue above Wall Street expectations. The wireless, internet and TV provider reported net income of $3.74 billion, or 89 cents per share, compared with $3.75 billion, or 89 cents per share during the same period a year ago. Per share earnings excluding special items was 98 cents, above FactSet's 97 cents per share consensus. Revenue for the quarter was $31.72 billion, up from $30.94 billion. FactSet's consensus on revenue was $31.44 billion. Verizon said it added 66,000 Fios internet subscribers and lost 18,000 subscribers in video, which the company said reflects the shift from traditional linear video to internet streaming. Verizon said Fios revenue increased 4.8%. In wireless, Verizon added 30,000 postpaid customers, after a loss of 107,000 customers in the year earlier period. Shares of Verizon are down nearly 9% in the year to date, while the S&P 500 index is up more than 14% and the Dow Jones Industrial Average is up more than 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.

Corbus Pharma shares surge 21% on mid-stage results for inflammatory disease drug

4 hours 56 min ago

Corbus Pharmaceutical Holdings Inc. shares surged 21.4% in premarket trade on Thursday after the company reported positive results from a phase 2 trial of its autoimmune disease drug. The drug, anabasum, is intended for the rare inflammatory condition dermatomyositis, which is associated with an itchy and painful rash and progressive muscle weakness, according to the Mayo Clinic. In the clinical trial, which enrolled 22 adults and lasted 16 weeks, the drug outperformed the placebo in the primary efficacy outcome and in multiple secondary efficacy outcomes, the company said. There were also no signs of safety issues, Corbus said. Currently, "we have little to offer patients with moderate to severe disease activity except immunosuppressive therapies with often limited efficacy and significant side effects," said Dr. Victoria Werth, a principal investigator in the study and a professor of dermatology at the Hospital of the University of Pennsylvania. Corbus Pharma shares have surged 6.9% over the last three months to $7.00 per share, compared with a 3.5% rise in the S&P 500 .

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.

Winnebago's stock surges after profit and sales beat, new stock buyback program

5 hours 22 min ago

Shares of Winnebago Industries Inc. surged 3.6% in premarket trade Thursday, after the recreational vehicle maker beat fiscal fourth-quarter profit and sales expectations, and launched a stock buyback program. Net income for the quarter to Aug. 26 rose to $24.92 million, or 79 cents a share, from $13.1 million, or 49 cents a share, in the same period a year ago. The FactSet EPS consensus was 71 cents. Revenue rose to $454.9 million from $263.3 million,. That beat the FactSet consensus of $439.9 million. Motorized revenue fell 4.4% to $226.2 million, while towable revenue increased to $228.7 million from $26.6 million, boosted by the addition of $193.4 million in revenue from the Grand Design acquisition. The company authorized a $70 million stock repurchase program, which would represent about 5% of Winnebago's market capitalization as of Wednesday. "We made significant progress in Fiscal 2017 to transform Winnebago Industries into a larger, more profitable outdoor lifestyle company offering a full line of RVs," said Chief Executive Michael Happe. The stock has run up 40% year to date through Thursday, while the S&P 500 has gained 14%.

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.

Spain to trigger direct rule of Catalonia as standoff continues

7 hours 26 min ago

The Spanish government will move to suspend Catalonia's autonomy on Saturday, media reports said Thursday, after the region's leaders failed to drop a push for independence. The central government will trigger Article 155 of the country's constitution, after Catalan President Carles Puigdemont missed a deadline of 10 a.m. local time to meet its demand to pullback from a breakaway. Instead, Puigdemont called once again for negotiations, saying the region's parliament could set a vote on a declaration of independence -- currently suspended, after a referendum backed the move -- if Madrid declined to talk. "Consequently, the Spanish government will continue with the steps laid out in Article 155 of the constitution to restore the legality of self-government in Catalonia," the Spanish government said in a letter. If home rule is suspended in Catalonia -- known as the "nuclear option" -- the central government would likely impose direct rule on the region, a big contributor to the country's economy.

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. stock futures tumble, with eBay, Apple, other tech stocks taking a hit in premarket

7 hours 46 min ago

U.S. stock futures fell sharply on Thursday, led by a hefty tumble for Nasdaq-100 futures as shares of eBay Inc. slid. Dow Jones Industrial Average futures slid 115 points, or 0.5%, to 23,000, while S&P 500 futures dropped 13.10 points, or 0.5%, to 2,547.75. Nasdaq-100 futures slumped 46 points, or 0.7%, to 6,074. Shares of eBay slumped 6% in thin premarket trading -- the online auctioneer's shares took a hit late Wednesday after the company lowered its annual profit outlook. Other tech shares followed the shares lower in premarket trading, with Netflix Inc. down 1%, Apple Inc. off 1.6% and Nvidia Corp. dropping 1.1%. European shares were also taking a hit with the Stoxx Europe 600 index down 0.5%. Asia also saw heavy hits, with the Hong Kong Hang Seng Index closing down 1.8% and the Shanghai Composite Index tumbling 2.1%. Growth data released earlier in the day revealed a slowdown in China.

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.

Pages