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: 2 hours 40 min ago

Bannon leaving Breitbart News, report says

Tue, 01/09/2018 - 16:09

Steve Bannon is stepping down from his position as executive chairman of Breitbart News, the New York Times reported Tuesday. The Times says Bannon's departure was forced by his onetime financial patron Rebekah Mercer. It follows criticism by President Donald Trump over comments attributed to Bannon in Michael Wolff's book "Fire and Fury." In a brief news item effectively confirming the news, Breitbart CEO Larry Solov was quoted as saying Bannon "is a valued part of our legacy."

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.

All main indexes close at records as S&P 500 has best start to year since 1964

Tue, 01/09/2018 - 16:02

All main stock benchmarks closed at records on Tuesday with the S&P 500 notching six consecutive records to kick off a new year, something it has not done since 1964. Confidence over the economy on top of optimism over tax cuts have continued to whet investors' appetite for stocks. Expectations of another strong quarter of corporate earnings are also helping to support demand for equities. The Dow Jones Industrial Average rose 106 points, or 0.4%, to 25,389. The S&P 500 added 3 points, or 0.1%, to end at 2,751 while the Nasdaq Composite Index gained 6 points to 7,163.

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.

Lands' End opening stores amid shrinking Sears footprint, partnering with The Weather Channel

Tue, 01/09/2018 - 15:03

Lands' End Inc. said Monday that it has a new store concept that will launch in Chicago this year with plans to open four-to-six other locations. Over the next five years, the company will open between 40 and 60 stores. Lands' End has about 180 locations in Sears Holdings Corp. stores, according Jerome Squire Griffith, Lands' End chief executive, in a FactSet transcript of his presentation at the ICR Conference. "As you know, the Sears store group is continuing to close stores and our numbers continue to go down," he said. We will not be really relying on Sears in the future for growth for us." Sears announced 100 store closures, including Kmart, last week. "[I]t's our expectation that our Sears business at a point in time will go away and that we'll be talking directly to the consumer through out own stores." Besides stores, Lands' End plans to extend its reach through a partnership with The Weather Channel. "The Weather Channel has a core consumer attribute that is exactly the same as Lands' End with many more customers than what we have," said Griffith. Finally, Lands' End Outfitters, the company's uniform arm which generates about two-thirds of its business, according to Griffith, has a new customer, Delta Air Lines Inc. , which is also the company's biggest client. Lands' End shares are up nearly 2% in Tuesday trading, and up 47.7% for the last three months. The S&P 500 index is up 8.4% for the past three 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.

Oil prices settle near $63, highest in three years

Tue, 01/09/2018 - 14:52

Oil climbed Tuesday, with futures prices settling near $63 a barrel for their highest finish since December 2014. Expectations that the Energy Information Administration on Wednesday will report an eighth straight weekly decline in U.S. crude inventories and concerns that unrest and possible sanctions will hurt Iranian crude production contributed to the price gains. February West Texas Intermediate crude rose $1.23, or 2%, to settle at $62.96 a barrel on the New York Mercantile Exchange.

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.

Gold prices stretch losses to a second session

Tue, 01/09/2018 - 13:48

Gold prices settled lower Tuesday, down a second session in a row as prices continued to pull back from a record streak of 11 straight gains. Strength in the U.S. dollar and stock market helped dull investment demand for the precious metal ahead of key U.S. inflation data this week that are expected to offer hints on this year's pace of Federal Reserve interest-rate increases. February gold fell $6.70, or 0.5%, to settle at $1,313.70 an ounce.

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.

Soaring Boeing's stock adds 50 points to Dow industrials afternoon rally

Tue, 01/09/2018 - 12:39

The Dow Jones Industrial Average Tuesday afternoon was trading in record territory, with shares of Boeing Co. contributing the lion's share of the blue-chip average's gains. Shares of Boeing were up $7.45, or 2.4%, equating to a more than 50-point gain for the price-weighted Dow . A $1 move in any one of the Dow's 30 components translates to a 6.83-point swing in the average. The Dow was up 0.5% at 25,400. Boeing's hefty moves comes after reports that the plane manufacturer is facing a big backlog of orders in 2017, suggesting its sales in the coming year could be stronger-than-expected. Boeing has been one of the biggest factors in the Dow's recent historic rally to a round-number milestone above 25,000, adding more than 140 points to that benchmark. So far, it is among the biggest gainers in the first six days of 2018. Elsewhere, the S&P 500 index was up 0.3% at 2,765, while the Nasdaq Composite Index was showing a gain of 0.2% at 7,171.

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 lifts oil price, U.S. output forecasts for 2018

Tue, 01/09/2018 - 12:20

The U.S. Energy Information Administration on Tuesday raised its 2018 price forecasts on West Texas Intermediate and Brent crude oil prices and U.S. production. In its monthly energy outlook report, the government agency forecast WTI prices at $55.33 a barrel for this year, up 4.8% from the December forecast. For 2019, it forecast $57.43. The EIA also upped its 2018 view on Brent crude by 4.3% to $59.74 and offered a 2019 forecast of $61.43. It raised its 2018 U.S. crude output view by 2.6% to 10.27 million barrels a day. February WTI crude continued to trade higher, up 1.5% at $62.66 a barrel, poised for the highest finish in about three years. March Brent added 1.1% to $68.56.

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.

Discovery Communications moving headquarters to New York, report says

Tue, 01/09/2018 - 11:57

Discovery Communications is moving its headquarters from suburban Washington, D.C. to New York City, NBC Washington and other media outlets reported, citing a company email. "We have ... made the difficult decision to reduce our footprint in Maryland over time, with the ultimate closure and sale of our One Discovery Place headquarters building in Silver Spring, expected in 2019," said CEO David Zaslav in an email. The same email said Discovery will move its global headquarters to New York City.

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.

CBS taps John Dickerson to replace Charlie Rose on 'CBS This Morning'

Tue, 01/09/2018 - 11:53

CBS Corp. said on Tuesday that CBS News anchor John Dickerson will join "CBS This Morning" as a co-host alongside Gayle King and Norah O'Donnell. Dickerson replaces former morning show co-host Charlie Rose, who was fired by the network back in November following allegations of sexual harassment. Dickerson, who has been the anchor of CBS's "Face the Nation" since 2015, will begin his new role on Wednesday. "Every time I've been on the show, I haven't wanted the conversation with Norah [O'Donnell] and Gayle [King] to end when my segment does. Now it doesn't have to," Dickerson said in a statement. Dickerson has been at CBS since 2009, and served as CBS's political director for six years. Before going to CBS, Dickerson was the chief political correspondent at Slate Magazine, and he covered politics for 12 years at Time magazine before that. Shares of CBS have declined nearly 11% in the last 12 months, while the S&P 500 index is up more than 21% and the Dow Jones Industrial Average is up more than 27%.

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.

Ex-Sheriff Joe Arpaio says he's running for Senate

Tue, 01/09/2018 - 11:43

Former Sheriff Joe Arpaio plans to run for Senate in Arizona, he announced Tuesday. Arpaio was pardoned in August by President Donald Trump, after being convicted for defying a judge's order to end traffic patrols targeting immigrants. Arpaio said in a tweet he's running "to support the agenda and policies of President Donald Trump in his mission to Make America Great Again." Arizona Sen. Jeff Flake, a Republican, has announced he won't seek re-election.

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.

Boston Scientific's stock rallies after upbeat sales outlook

Tue, 01/09/2018 - 10:18

Shares of Boston Scientific Corp. surged 5.2% in morning trade Tuesday, enough to make them the second-biggest gainer among S&P 500 components, after the medical technology company provided an upbeat sales outlook. The company said it expects fourth-quarter revenue that of about $2.41 billion, up 9.9% from a year ago. In comparison, the FactSet consensus of $2.35 billion represents growth of 7.4%. Among the company's business segments, Cardiovascular sales of $910 million topped the FactSet consensus of $896 million, MedSurg sales of $930 million were above expectations of $905 million and Rhythm Management sales of $560 million were in line with expectations of $558 million. The stock has lost 7.5% over the past three months, while the SPDR Health Care Select Sector ETF has gained 3.9% and the S&P 500 has tacked on 3.9%. Separately, the S&P 500's biggest gainer was Illumina Inc.'s stock , which rallied 5.3% after the company announced an agreement with Thermo Fisher Scientific Inc. to provider gene-sequencing researchers with broader access to Ion AmpliSeq Technology.

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.

Altice USA shares skyrocket after parent company reveals plan to spin off controlling stake

Tue, 01/09/2018 - 10:17

Shares of Altice USA Inc. gained more than 15% in intraday trade on Tuesday after the telecom's European parent company said it plans to spin off its controlling stake in the U.S. arm. Shares of the French Altice N.V. were up more than 9%. Altice has been under pressure to deleverage, said Raymond James analyst Stephane Beyazian. "If pressure on the valuation of Altice Europe due to SFR continues, we think the reorganization could eventually open the door to a positive outcome in the French market," Beyazian wrote in a note to investors. "A separate listing of Altice Europe makes a sale of this asset easier, to Bouygues or Iliad for instance, which could both consider market consolidation synergies in France, in our view. However, we doubt that the intention to sell is unlikely to be reached in the medium-term, as this would require a material discount to the price paid for these assets." Shares of Altice N.V. have declined 42% in the last three months, while Altice USA is down nearly 12%. By comparison, the S&P 500 index is up 8% in the last three months and the Dow Jones Industrial Average is up 11%.

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.

10-year Treasury yield pushes above 2.50%, highest in 10 months

Tue, 01/09/2018 - 10:08

The yield for the benchmark 10-year Treasury note climbed to its highest level in 10 months on Tuesday. The 10-year note yield rose 4 basis points to 2.520%, its highest since March 17. The 2-year note yield fell 1.2 basis point to 1.948%. The 30-year bond yield climbed 5.5 basis points. Market participants said the move higher was kick-started by the Bank of Japan's decision to reduce its purchases of long-dated debt, sparking anticipation the central bank would back away from its ultra-accommodative monetary policy.

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.

Urban Outfitters shares drop after same-store sales fall short

Tue, 01/09/2018 - 09:54

Urban Outfitters Inc. shares are down 5.2% in Tuesday premarket trading after the retailer reported same-store sales for the November and December period that fell below expectations. Sales for the period were up 3.6% year over year, and same-store sales for the retail segment were up 2%. Chief Financial Officer Francis Conforti, speaking at the ICR Conference on Monday, noted that the 2% was "slightly below" where the company was at the time it filed a 10-Q in December. "All of that is due to the Urban Outfitters brand in North America, and that's tech and media," he said, according to a FactSet transcript. Specifically, the company was not able to make up for the volume over the past couple of years in Crosley cameras and camera film. "We knew it was going to be a challenging category for us in the holiday season, but it was worse than what we had anticipated," Conforti said. The tech and media category tends to double in December and then is halved the rest of the year, he added. Same-store sales were up 5% at Free People, up 2% at Anthropologie, and up 1% at the Urban Outfitters brand. Urban Outfitters shares are up 47% for the past three months, outpacing the S&P 500 index , which is up 8% 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.

Sprouts Farmers Market shares rise after preliminary earnings exceed expectations

Tue, 01/09/2018 - 09:53

Sprouts Farmers Market Inc. shares are up 2% in Tuesday trading after the grocer reported preliminary fourth-quarter same-store sales growth of 4.6%, exceeding the 4.1% FactSet consensus. For the fiscal year ending Dec. 31, 2017, Sprouts expects to report sales growth of 15.3%, same-store sales growth of 2.9% and earnings per share "slightly above" guidance in the range of 98-to-99 cents. The FactSet consensus is for EPS of 99 cents. Sprouts has also announced an expanded partnership with Instacart. Starting Tuesday, home delivery will be available in select zip codes in Phoenix and Tucson, AZ. Sprouts already offers Instacart service in eight cities. Sprouts Farmers Market shares are up 39.4% for the last three months, outpacing the S&P 500 index , which is up 8% 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.

Dow, S&P 500, Nasdaq hit records as stocks advance

Tue, 01/09/2018 - 09:33

U.S. stock-market indexes traded in record territory after modest opening gains on Tuesday, with the Dow resuming its record run after a pause. The S&P 500 rose 5 points, or 0.2%, to 2,752. The tech-heavy Nasdaq Composite index advanced by 17 points, or 0.3%, to 7,176. The Dow Jones Industrial Average gained 56 points, or 0.3%, to 25,338 at the open. Among the best performers on Wall Street, shares of Target Inc. jumped after the discount retailer raised its fiscal fourth-quarter profit outlook, citing stronger-than-expected holiday sales.

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.

T-Mobile added more than 5 million new customers in 2017

Tue, 01/09/2018 - 09:32

T-Mobile US Inc. said on Tuesday that it added 5.7 million customers in 2017. The company said this is the fourth year in a row that it's added more than 5 million new members. In the last five years, T-Mobile's reported customer base has risen by more than 39 million users. FactSet's consensus on net additions for 2017 was 5.2 million subscribers. T-Mobile said it added 1.9 million subscribers in the most recent fourth quarter, which also saw record low churn for postpaid customers. In the full year churn was down 10 basis points compared with last year. Shares of T-Mobile were up a little more than 1% in premarket trade, and have gained nearly 15% in the last 12 months. By comparison, the S&P 500 index is up more than 21% and the Dow Jones Industrial Average is up more than 27%.

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.

Long Blockchain's stock rockets after public stock offering cancelled

Tue, 01/09/2018 - 09:14

Shares of Long Blockchain Corp. rocketed 29% in premarket trade Tuesday, after the company formerly known as Long Island Iced Tea Corp. said it will not proceed with its previously announced public stock-offering plan. The company, which is now focused on developing and investing in blockchain technology solutions, said it still plans to buy 1,000 bitcoin mining machines, which it expects to be shipped this month. "Notwithstanding its intent to close on the proposed acquisition, the company can make no assurances that it will be able to finance the purchase of the mining equipment," the company said in a statement. The stock had tumbled 24% over the past two sessions, after the company said early Friday that it signed subscription agreements for the public offering of 1.6 million common shares at a price of $5.25 a share. The stock closed Monday at $4.85. The stock has lost 4.9% year to date through Monday, while bitcoin futures has gained 4.6% and the S&P 500 has gained 1.7%.

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.

Under Armour's stock sinks after Susquehanna swings back to bearish rating

Tue, 01/09/2018 - 08:48

Shares of Under Armour Inc. sank 3.7% in premarket trade Tuesday, after the athletic gear and apparel maker was downgraded at Susquehanna Financial, which cited "poor" brand management, worsened by a promotional environment. Analyst Sam Poser cut his rating back to negative, after raising it to neutral two months ago. He kept his stock price target at $11, which is 31% below Monday's closing price of $15.98. "Despite ongoing evolution within the ranks of [Under Armour's] senior management, we believe, based on proprietary checks and our industry experience, that Under Armour's brand position will continue to weaken before it is clear if it can be salvaged," Poser wrote in a note to clients. "We contend that, in order to reaffirm [Under Armour's] place as an aspirational sports brand, all Under Armour product must be pulled from Kohl's, DSW, and Famous Footwear." He said advertisements for Under Armour products from the "moderate" retailers are causing "better" retailers such as Dick's Sporting Goods Inc. and Hibbett Sports Inc. to "plan their Under Armour businesses down." The stock has lost 4.0% over the past three months, while rival Nike Inc. shares have soared 25.3% and the S&P 500 has gained 8.0%.

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.

MoviePass hits 1.5 million subscribers, shares of majority owner jump 9%

Tue, 01/09/2018 - 08:44

Shares of MoviePass majority owner Helios & Matheson Analytics Inc. gained more than 9% in premarket trade on Tuesday after the subscription movie ticket platform said on Twitter it had reached 1.5 million paid subscribers. MoviePass has been growing rapidly, and demand for the service seems to still be high. In late December, the $10-a-month service allowing members to see a movie a day in cinemas said it had hit the 1 million subscriber mark. It took Netflix, which began by mailing out DVDs, three years to reach 1 million subscribers. MoviePass Chief Executive Mitch Lowe has said the demand was more than the company expected. MoviePass had just 20,000 subscribers before dropping the price of its subscription to $10 from as much as $50 back in August. People who have signed up for the service have criticized the company for not sending them the cards necessary to use the service. Shares of Helios & Matheson have gained nearly 116% in the last 12 months, while the S&P 500 index is up more than 21% and the Dow Jones Industrial Average is up more than 27%.

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