Tax plan concerns weigh down markets

|

Concerns that the GOP tax plan may not pass weighed the markets down to a sharply lower close with the Dow tumbling 100 points to 23,358. Nasdaq lost 10 points to 6,782.


On the upside


Abercrombie and Fitch (NYSE: ANF) reported higher third quarter earnings and revenue that topped analyst estimates.


Third quarter earnings and revenue rose for Shoe Carnival (Nasdaq: SCVL).


Diana Containerships (Nasdaq: DCIX) narrowed losses for the third quarter.

 

On the downside


Vascular Biogenics (Nasdaq: VBLT) will offer 2.5 million common shares through a public offering.


Shares of Jianpu Technology (NYSE: JT) fell on its first trading day. 


Bridgepoint Education (NYSE: BPI) priced its secondary offering of more than 7.5 million shares of common stock.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 3 to 2 on Nasdaq. The broader S&P 500 lost 6 points to 2,578. Bitcoin edged up a fraction to $7,790.


The markets opened lower with the Dow losing 25 points to 23,433 as the Senate continued to finalize their tax cut plan. Nasdaq added a point to 6,794.


On the upside


Foot Locker (NYSE: FL) reported better than expected earnings and revenue for the third quarter.


Splunk (Nasdaq: SPLK) narrowed third quarter losses more than expected as revenue rose.


Ross Stores (Nasdaq: ROSS) reported higher third quarter earnings that beat expectations and lifted its fourth quarter outlook.

 

On the downside


Williams-Sonoma (NYSE: WSM) reported third quarter earnings that fell short of analyst expectations ad announced plans to acquire .


Shares of Bitauto Holdings (NYSE: BITA) extended its losses. 


Revenue fell for Fang Holdings (NYSE: SFUN).


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3 on the NYSE and by nearly 6 to 5 on Nasdaq. The broader S&P 500 slipped 3 points to 2,582. Bitcoin climbed $194 to $7,984.


GM recalls trucks

|

The markets extended its gains during the midday with the Dow leaping 217 points to 23,488. Nasdaq surged 98 points to 6,805.


General Motors will recall approximately 49,000 Chevrolet Silverado and GMC Sierra 3500 trucks around the world to fix a potential fuel leak. Model year trucks 2011 to 2015 with two fuel tanks may have a faulty low-fuel-level sensor in the front fuel tank that can possibly cause a hole to form and leak fuel. No fires or injuries have been reported.


Tesla plans to unveil an electric big rig truck tonight that may transform the long haul trucking industry. The Tesla Semi is expected to be partially self-driving so that cargo transportation will be safer and less expensive. Analysts are concerned about the distance that an electric truck can travel between charges.


Johnson & Johnson prevailed in a lawsuit filed against it by a woman in California who claimed that asbestos in the company's products caused her cancer. The plaintiff alleged that Johnson & Johnson's talcum powder products contain asbestos and that the company knowingly sold products with asbestos. Johnson & Johnson denies that there is asbestos in any of their products and that their products are safe.


In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 soared 24 points to 2,589. Bitcoin surged $522 to $7,767.


|

Strong earnings lifted the markets to a higher open with the Dow climbing 94 points to 23,365. Nasdaq gained 36 points to 6,742.


On the upside


RH (NYSE: RH) lifted its third quarter and fiscal 2018 forecast.


NetApp (Nasdaq: NTAP) reported higher second quarter earnings and revenue that beat expectations.


Walmart (NYSE: WMT) reported better than expected earnings and revenue for the third quarter prompting the world's largest retailer to lift its full year forecast.

 

On the downside


Bitauto's (NYSE: BITA) controlled subsidiary Yixin Group competed the global offering of its shares.


Best Buy (NYSE: BBY) disappointed with third quarter results that fell short of expectations and the electronics retailer forecast holiday earnings below estimates. 


Viacom (Nasdaq: VIAB) reported fourth quarter earnings that missed estimates and warned of lower cable subscriber fees in 2018.


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 gained 8 points to 2,572. Bitcoin surged $232 to $7,477.


Crude oil prices continued to fall, weighing the markets down to a sharply lower close with the Dow plunging 135 points to 23,274. Nasdaq fell 31 points to 6,706.


On the upside


Third quarter earnings and revenue surged for SORL Auto Parts (Nasdaq: SORL).


Drive Shack (NYSE: DS) will open a 66,000-square-foot eatertainment location in Orlando in January with hitting bays, driving range, restaurant, bar and event center.


Avid Technology (Nasdaq: AVID) introduced its new Avid Artist DNxIP that enables the transfer of SMPTE standard HD video over 10 GigE IP networks.

 

On the downside


Acorda Therapeutics (Nasdaq: ACOR) halted new enrollments in its Phase 3 study of tozadenant to treat Parkinson's disease after five deaths.


Johnson & Johnson (NYSE: JNJ) will sell its entire stake of more than 18.3 million shares of Achillion Pharmaceuticals (Nasdaq: ACHN). 


SandRidge Energy (NYSE: SD) will acquire Bonanza Creek Energy (NYSE: BCEI) in a cash and stock transaction valued at approximately $746 million.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 fell 13 points to 2,564. Bitcoin rocketed $681 to $7,265.


Whole Foods cuts more prices

|

The markets traded lower during the midday with the Dow tumbling 95 points to 23,313. Nasdaq lost 23 points to 6,714.


Amazon announced additional price cuts on select products at Whole Foods Market with Amazon Prime members receiving an extra discount on top of the lower prices. Organic turkey will be on sale for $3.49 per pound but Prime members will save an additional 50 cents per pound with a price of $2.99 per pound. Prices on sweet potatoes, Russet potatoes, bagged salad mixes, and Chobani yogurt will be among the items being discounted.


Forever 21 may have experienced a data breach between March and October of this year. The encryption process during payment transactions was not working at certain stores which may have allowed unauthorized access to personal data. The retailer has initiated an investigation of its payment card systems and is working with a security and forensics firm.


The Consumer Product Safety Commission has once again recalled certain brands of hoverboards over potential fire and explosion concerns. Owners of Drone Nerds, Go Wheels, iHoverspeed, iLive, LayZ Board, Smart Balance Wheel, Sonic Smart Wheels, and Tech Drift should stop using their hoverboards and return them for a refund or replacement. Approximately 16,000 hoverboards are included in the recall.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 4 to 3 on Nasdaq. The broader S&P 500 fell 10 points to 2,568. Bitcoin rocketed $595 to $7,178.


The markets opened lower with the Dow tumbling 75 points to 23,334 as crude oil prices continued to slide. Nasdaq fell 37 points to 6,700.


On the upside


YY (Nasdaq: YY) reported sharply higher third quarter earnings and revenue.


Third quarter revenue surged for CarGurus (Nasdaq: CARG).


Dick's Sporting Goods (NYSE: DKS) reported better than expected earnings for the third quarter.

 

On the downside


Target (NYSE: TGT) reported lower third quarter earnings and warned of a competitive holiday quarter.


Macom Technology Solutions (Nasdaq: MTSI) fell to a loss for the fourth quarter. 


Sage Therapeutics (Nasdaq: SAGE) priced its public offering of more than 3.5 million common shares at the discounted price of $85.00 per share.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 9 points to 2,569. Bitcoin rocketed $596 to $7,179.


The markets slipped to close lower with the Dow falling 30 points to 23,409 as crude oil prices retreated. Nasdaq lost 19 points to 6,737.


On the upside


Veritone (Nasdaq: VERI) announced that its aiWARE platform will be available immediately on AWS Marketplace.


Fourth quarter earnings and revenue soared for Kulicke and Soffa Industries (Nasdaq: KLIC).


Third quarter earnings and revenue rose for Phoenix New Media (NYSE: FENG).

 

On the downside


Energy XXI Gulf Coast (Nasdaq: EXXI) reported a loss for the third quarter.


Shares of Calithera Biosciences (Nasdaq: CALA) plunged for a second day. 


Synergy Pharmaceuticals (Nasdaq: SGYP) priced its public offering of more than 21.7 million shares of common stock and warrants at the price of $2.58 per share.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by 5 to 4 on Nasdaq. The broader S&P 500 slipped 5 points to 2,578. Bitcoin soared $131 to $6,587.


Philo launches $16 streaming service

|

The markets traded lower during the midday with the Dow losing 37 points to 23,402. Nasdaq fell 27 points to 6,730.


Philo launched a new streaming service that offers nearly 40 different channels for $16 per month. Among the channels being offered are A&E, Animal Planet, BET, Comedy Central, Discovery Channel, Food Network, HGTV, History Channel, MTV, Nickelodeon, and Nick Jr. but not sports. Philo created its latest offering by surveying and studying the viewing habits of college students who use its next-generation TV system on college campuses.


Volkswagen has agreed to settle diesel emissions suits in New Jersey by paying $69 million. Penalties levied against the automaker could have exceed $1.2 billion in the garden state. Volkswagen had previously agreed to pay up to $25 billion to settle claims from vehicle owners, environmental regulators, states, and car dealers.


Sam's Club unveiled its Black Friday deals through its mobile app this morning. The membership club will be selling a Vizio XLED Smartest 65-inch television for $598, the Xbox One S 500 GB console and controller for $189, an Apple iPad 32GB wifi plus cellular model for $327, and an HP OfficeJet 4655 printer for $39.87. Deals will be available online at 12:01am on Thanksgiving and in stores at 7am on Black Friday.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by more than 4 to 3 on Nasdaq. The broader S&P 500 lost 6 points to 2,578. Bitcoin climbed $123 to $6,579.


Retreating crude oil prices weighed the markets down to a lower open with the Dow dropping 51 points to 23,388. Nasdaq lost 24 points to 6,733.


On the upside


Roark Capital Group reportedly offered a premium of more than $2.3 billion to acquire Buffalo Wild Wings (Nasdaq: BWLD).


Advance Auto Parts (NYSE: AAP) reported better than expected earnings for the third quarter.


International Game Technology (NYSE: IGT) reported a smaller than expected loss for the third quarter.

 

On the downside


Dick's Sporting Goods (NYSE: DKS) reported lower third quarter earnings and forecast sharply lower earnings in 2018.


Retreating crude oil prices weighed down shares of Whiting Petroleum (NYSE: WLL). 


Shares of Opko Health (Nasdaq: OPK) extended its losses.


In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by 3 to 2 on Nasdaq. The broader S&P 500 lost 7 points to 2,577. Bitcoin soared $133 to $6,590.


Monthly Archives

Powered by Movable Type 5.12