June 2017 Archives

The Supreme Court allowed the implementation of certain parts of President Donald Trump's travel ban before the court hears the case in October. The markets closed mixed with the Dow rising 14 points to 21,409. Nasdaq lost 18 points to 6,247.


On the upside


Needham & Co. lifted its price target on Fabrinet (NYSE: FN) from $56.00 to $60.00.


Apple (Nasdaq: AAPL) will lease six Lexus SUVs from Hertz Global (NYSE: HTZ) to test its autonomous car technology.


Fred's (Nasdaq: FRED) expanded its strategic relationship with Nielsen (NYSE: NLSN).


On the downside


BidaskClub downgraded Mobile TeleSystems (NYSE: MBT) from a Hold rating to a Sell rating. 


Goldman Sachs downgraded Stratasys (Nasdaq: SSYS) from a Neutral rating to a Sell rating.

 

Ameriprise Financial increased its stake in Applied Optoelectronics (Nasdaq: AAOI) by 21.8% in the first quarter to 115,735 shares.


In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 6 to 5 on Nasdaq. The broader S&P 500 edged up a fraction to 2,439. Bitcoin plunged $135 to $2368.


The markets traded mixed during the midday with the Dow gaining 47 points to 21,442. Nasdaq lost 8 points to 6,256.


After the successful launch of the NES Classic over the holidays, Nintendo announced plans to release the Super NES Classic. The miniature console will be available on September 29, 2017. The device will be preloaded with 21 games including Donkey Kong Country and Super Mario Kart and will come with two wireless SNES controllers.


BMW will invest $600 million in its manufacturing facility in Spartanburg, South Carolina, which is its largest plant in the world.  The German automaker plans to build its X model vehicles at the facility and will increase its workforce by 1,000 people to over 10,000 workers. The facility produced at record 411,000 vehicles in 2016.


Takata filed for Chapter 11 bankruptcy protection. Fined $1 billion for its faulty airbag inflators, the Japanese auto supplier must reorganize its debt and sell most of its assets. Rival Key Safety Systems will pay approximately $1.6 billion to acquire most of Takata's operations.


In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 rose 4 points to 2,442. Bitcoin plummeted $136 to $2366.


The markets opened mixed with the Dow gaining 30 points to 21,425 while Nasdaq fell 28 points to 6,236 as crude oil prices slipped.


On the upside


Berkshire Hathaway acquired a 9.8% stake in Store Capital (NYSE: STOR) for approximately $377 million.


Google's Waymo selected Avis Budget Group (Nasdaq: CAR) to service and support autonomous vehicles in Phoenix.


Bargain hunters lifted shares of Rite Aid (NYSE: RAD).


On the downside


Emails surfaced that Arconic (NYSE: ARNC) supplied combustible panels that were used at the Grenfell Tower in London that caught on fire on June 14 and killed at least 79 people. 


Morgan Stanley downgraded GrubHub (NYSE: GRUB) to an Equal Weight rating from an Overweight rating a cut its price target from $47.00 to $43.00.

 

Seattle Genetics (Nasdaq: SGEN) reported upbeat results from a Phase 3 ECHELON-1 clinical trial of adcetris to treat classical Hodgkin lymphoma but the stock price fell.


In the broad market, advancing issues were on par with decliners on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 added a point to 2,439. Bitcoin tumbled $62 to $2440.


Crude oil prices edged up again to lift the markets to a higher close with the Dow slipping 2 points to 21,394. Nasdaq climbed 28 points to 6,265.


On the upside


Cowen initiated coverage of AdvanSix (NYSE: ASIX) with an Outperform rating.


Bargain hunters continued to snap up shares of EQT (NYSE: EQT).


The Food and Drug Administration approved Portola Pharmaceuticals' (Nasdaq: PTLA) blood clot prevention drug Bevyxxa.


On the downside


Investors locked in profits on InVivo Therapeutics (Nasdaq: NVIV). 


Quantitative Investment Management slashed its stake in Sysco (NYSE: SYY) by 62.5%.

 

Profit taking weighed down shares of Infinity Pharmaceuticals (Nasdaq: INFI).


In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 added 3 points to 2,438. Bitcoin fell $9 to $2682.


The markets traded mixed during the midday with the Dow falling 25 points to 21,371. Nasdaq gained 15 points to 6,252.


Ford Motor is recalling 15,600 vehicles in South Africa to correct a potential fire risk. Owners of model years 2004 through 2012 Ikon and Figo vehicles that were built in India have been asked to contact dealerships to schedule appointments to replace certain parts of the car. Power steering fluid may leak and come into contact with the vehicle's exhaust system creating smoke and possibly a fire.


Sears Holdings announced additional store closures in its continuing efforts to return to profitability. The department store operator added 20 new locations to its list of 245 stores that will close this year. Eighteen of the closures will be Sears stores while two will be Kmart.


Amazon submitted a patent application for a drone hive to facilitate package deliveries by drones. Drawings of the fulfillment centers depict a tower with nine stories that contain items that are ready to be shipped to customers. Drones fly to the appropriate zone in the hive to collect packages then deliver them to customers.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 7 to 5 on Nasdaq. The broader S&P 500 edged up a fraction to 2,435. Bitcoin added $6 to $2699.


Stabilizing energy prices lifted the markets to a higher open with the Dow rising 17 points to 21,414. Nasdaq gained 15 points to 6,252.


On the upside


Deutsche Bank upgraded U.S. Steel (NYSE: X) from a Hold rating to a Buy rating.


Deutsche Bank analyst Jorge Beristain upgraded AK Steel (NYSE: AKS) to a Buy rating from a Hold rating.


Synchronoss (Nasdaq: SNCR) received an unsolicited acquisition offer from Siris Capital Group for a premium of $18.00 per share in cash.


On the downside


BlackBerry (Nasdaq: BBRY) reported first quarter revenue that fell short of analyst expectations. 


Bed Bath & Beyond (Nasdaq: BBBY) disappointed with sharply lower first quarter earnings that missed expectations by a wide margin.

 

Ocular Therapeutix (Nasdaq: OCUL) named Antony Mattessich as its next chief executive.


In the broad market, advancing issues outpaced decliners by a margin of nearly 8 to 3 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 rose 5 points to 2,439. Bitcoin added $6 to $2698.


The markets closed mixed with the Dow losing 12 points to 21,397 as first time applications for unemployment benefits rose. Nasdaq added 2 points to 6,236.


On the upside


Shares of Canadian Solar (Nasdaq: CSIQ) and Sunpower (Nasdaq: SPWR) rose after President Donald Trump suggested installing solar panels on the Mexican border wall.


Shares of Altice (NYSE: ATUS) surged on its first trading day


Zacks Investment Research upgraded Teekay Tankers (NYSE: TNK) to a Hold rating from a Sell rating.


On the downside


Opko Health (Nasdaq: OPK) announced that the Kidney Disease Improving Global Outcomes organization updated in Clinical Practice Guideline for the Diagnosis, Evaluation, Prevention and Treatment of Chronic Kidney Disease-Mineral and Bone Disorder. 


Chinese regulators ordered Weibo, majority owned by Sina (Nasdaq: SINA), to stop all audio and video streaming.

 

Shares of Safety Income & Growth (NYSE: SAFE) fell on its first trading day.


In the broad market, declining issues outpaced advancers by a margin of more than 4 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 added a point to 2,434. Bitcoin climbed $29 to $2665.


The markets opened higher with the Dow gaining 43 points to 21,453 as crude oil prices edged up. Nasdaq rose 8 points to 6,242.


On the upside


Oracle (NYSE: ORCL) reported higher fourth quarter earnings and revenue that beat analyst expectations.


Enel Group will pay a premium of approximately $300 million in cash to acquire EnerNOC (Nasdaq: ENOC).


Reuters reported that Sycamore Partners was engaged in advanced discussions to acquire Staples (Nasdaq: SPLS).


On the downside


Steelcase (NYSE: SCS) reported lower first quarter earnings that fell short of expectations and forecast current quarter results below estimates. 


Third quarter earnings fell for Accenture (NYSE: ACN) prompting the consulting firm to lower its margin outlook.

 

Jernigan Capital (NYSE: JCAP) priced its upsized public offering of 3.5 million common shares at the discounted price of $22.00 per share.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 rose 5 points to 2,440. Bitcoin soared $49 to $2685.


The markets closed mixed with the Dow falling 57 points to 21,410 over concerns about falling energy prices. Nasdaq soared 45 points to 6,233.


On the upside


La-Z-Boy (NYSE: LZB) reported higher fourth quarter earnings that topped analyst estimates.


Winnebago Industries (NYSE: WGO) reported sharply higher third quarter earnings and revenue that beat analyst expectations.


Bargain hunters continued to lift shares of Pandora Media (NYSE: P).


On the downside


Shares of Carrizo Oil & Gas (Nasdaq: CRZO) fell over concerns of falling crude oil prices. 


Seaport Global Securities downgraded Eclipse Resources (Nasdaq: ECR) from a Buy rating to a Neutral rating.

 

Morgan Stanley reiterated its Equal Weight rating for Superior Energy Services (NYSE: SPN).


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 9 to 8 on Nasdaq. The broader S&P 500 eased a point to 2,435. Bitcoin eased to $2635.


The markets opened higher with the Dow holding steady at 21,467 as crude oil prices recovered. Nasdaq leaped 40 points to 6,228.


On the upside


Red Hat (NYSE: RHT) reported higher first quarter earnings and revenue that topped analyst estimates and lifted its forecast prompting an upgrade.


Bloomberg reported that BMC Software was exploring a possible acquisition of CA (Nasdaq: CA).


An independent radiology review committee confirmed positive results of Exelixis' (NYSE: EXEL) Cabometyx to treat intermediate or poor risk advanced renal cell carcinoma.


On the downside


Macquarie cut its price target on Chicago Bridge & Iron (NYSE: CBI) from $11.50 to $10.00. 


Sangamo Therapeutics (Nasdaq: SGMO) priced its public offering of 10 million common shares at the discounted price of $7.25 per share.

 

Dick's Sporting Goods (NYSE: DKS) will open a technology center in San Diego.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 added 2 points to 2,439. Bitcoin tumbled $50 to $2683.


Retreating crude oil prices sent the markets down to a lower close with the Dow falling 61 points to 21,467. Nasdaq dropped 50 points to 6,188.


On the upside


Goldman Sachs upgraded Vivint Solar (NYSE: VSLR) from a Neutral rating to a Buy rating and lifted its price target from $3.50 to $6.00.


Armistice Capital acquired a 5.1% stake in Vanda Pharmaceuticals (Nasdaq: VNDA).


A German newspaper reported that T-Mobile parent Deutsche Telekom liked the idea of merging T-Mobile with Sprint (NYSE: S).


On the downside


Profit taking weighed down shares of Zion Oil & Gas (Nasdaq: ZN). 


Teledoc (NYSE: TDOC) will offer $200 million in convertible senior notes.

 

Chipotle Mexican Grill (NYSE: CMG) warned of lower margins due to increased advertising and cybersecurity expenses.


In the broad market, declining issues outpaced advancers by a margin of more than 7 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 tumbled 16 points to 2,437. Bitcoin jumped $185 to $2724.


The markets opened lower with the Dow slipping 16 points to 21,512 as crude oil prices continued to fall. Nasdaq lost 10 points to 6,228.


On the upside


Parexel International (NYSE: PRXL) will be taken private by Pamplona Capital Management in a $4.5 billion deal.


Pacific Crest upgraded Nvidia (Nasdaq: NVDA) from an Underweight rating to a Sector Weight rating.


Shares of Rite Aid (NYSE: RAD) continued to climb on speculation that Amazon (Nasdaq: AMZN) may acquire the drugstore chain.


On the downside


Cenovus Energy (NYSE: CVE) chief executive Brian Ferguson will retire. 


The Food and Drug Administration approved Neos Therapeutics' (Nasdaq: NEOS) Cotempla XR-ODT to treat ADHD but the stock price fell.

 

Fang Holdings (NYSE: SFUN) reported a greater than expected loss for the first quarter as revenue plunged.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 7 points to 2,446. Bitcoin leaped $82 to $2621.


Markets surge to higher close

|

The markets surged to close sharply with the Dow leaping 144 points to 21,528 as crude oil prices advanced. Nasdaq jumped 87 points to 6,239.


On the upside


Speculation that Amazon (Nasdaq: AMZN) may strike a deal with Rite Aid (NYSE: RAD) to enter the pharmacy market lifted shares of the drug store chain.


Clovis Oncology (Nasdaq: CLVS) reported positive data from a Phase 3 ARIEL3 trial of rucaparib to treat ovarian cancer.


An independent radiology review committee confirmed upbeat results from Exelixis' (Nasdaq: EXEL) Phase 2 trial of cabozantinib.


On the downside


Shares of Fairmount Santrol Holdings (NYSE: FMSA) extended its losses. 


Profit taking weighed down shares of Antero Resources (NYSE: AR).

 

New options for Range Resources (Nasdaq: RRC) began trading today.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 leaped 20 points to 2,453. Bitcoin soared $50 to $2589.


Rising crude oil prices lifted the markets to a higher open with the Dow soaring 108 points to 21,492. Nasdaq leaped 72 points to 6,223.


On the upside


Novadaq Technologies (Nasdaq: NVDQ) will be acquired by Stryker for a premium of approximately $701 million.


Cobalt International Energy (NYSE: CIE) completed its 1-for-15 reverse stock split.


EQT (NYSE: EQT) will pay a premium of approximately $6.7 billion to acquire Rice Energy (NYSE: RICE).


On the downside


DryShips (Nasdaq: DRYS) announced a 1-for-5 reverse stock split. 


Retreating gold prices weighed down shares of Yamana Gold (NYSE: AUY).

 

Shares of Costco (Nasdaq: COST) extended its losses.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 surged 15 points to 2,449. Bitcoin jumped $89 to $2548.


The markets closed mixed with the Dow gaining 24 points to 21,384 as U.S. housing starts fell in May. Nasdaq lost 13 points to 6,151.


On the upside


RFID technology company Impinj (Nasdaq: PI) soared on Amazon's (Nasdaq: AMZN) purchase of Whole Foods (Nasdaq: WFM).


Sanchez Energy (NYSE: SN) sold its non-core Marquis asset in the Eagle Ford Shale to Lonestar Resources (Nasdaq: LONE) for approximately $50 million in cash.


Gener8 Maritime (NYSE: GNRT) retained the services of UBS to explore a potential sale.


On the downside


Teck Resources (NYSE: TECK) warned that second quarter average realized coal prices will be lower than expected. 


Amazon's acquisition of Whole Foods sent shares of Costco Wholesale (Nasdaq: COST), Smart & Final Stores (NYSE: SFS), Sprouts Farmers Market (Nasdaq: SFM), Supervalu (NYSE: SVU), and United Natural Foods (Nasdaq: UNFI) tumbling.

 

Shares of real estate investment trust Kimco Realty (NYSE: KIM) fell on news that Amazon will buy Whole Foods.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE while decliners edged out advancers by more than 6 to 5 on Nasdaq. The broader S&P 500 edged up a fraction to 2,433. Bitcoin fell $16 to $2459.


The markets traded lower during the midday with the Dow easing a point to 21,358. Nasdaq lost 15 points to 6,150.


Online retailing behemoth Amazon unexpectedly offered to acquire Whole Foods Market for a premium of approximately $13.7 billion in cash. Amazon opened its first Amazon Go brick-and-mortar, cashier-less grocery store in Seattle last December for employees and is testing its AmazonFresh grocery delivery service. Whole Foods has been struggling with declining sales and shrinking market share.


After a 41-year relationship, McDonald's has ended its sponsorship of the International Olympics. McDonald's had signed an extension of its contract through 2020 but falling revenue has prompted the fast food giant to reevaluate its business strategy. McDonald's will maintain its marketing rights and national sponsorship of the 2018 Olympics in South Korea.


As part of its plans to expand its online presence, Walmart will pay approximately $310 million to acquire menswear site Bonobos. Bonobos launched ten years ago by selling better fitting mens pants. The privately held company had been exploring a potential initial public offering but chose instead to join Walmart in order to leverage the world's largest physical retailer's economies of scale.


In the broad market, advancing issues edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by nearly 3 to 2 on Nasdaq. The broader S&P 500 lost 3 points to 2,429. Bitcoin soared $57 to $2481.


Amazon's expansion into the retail grocery business sent the markets down to a lower open with the Dow losing 21 points to 21,338. Nasdaq fell 20 points to 6,144.


On the upside


Amazon (Nasdaq: AMZN) will pay a premium of approximately $13.7 billion to acquire Whole Foods Market (Nasdaq: WFM).


Cantor Fitzgerald initiated coverage of Valeant Pharmaceuticals (NYSE: VRX) with an Overweight rating and an $18.00 price target.


Finisar (Nasdaq: FNSR) reported sharply higher fourth quarter earnings as revenue climbed and announced plans to ship tens of millions of 3D sensors.


On the downside


Goldman Sachs downgraded Kroger (NYSE: KR) from a Buy rating to a Neutral rating. 


Shares of Target (NYSE: TGT) and Wal-Mart (NYSE: WMT) tumbled on news of Amazon's (Nasdaq: AMZN) proposed acquisition of Whole Foods (Nasdaq: WFM).

 

The Justice Department is investigating Booz Allen Hamilton (NYSE: BAH) for its accounting practices.


In the broad market, declining issues outpaced advancers by a margin of more than 6 to 5 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 5 points to 2,426. Bitcoin rose $18 to $2441.


The markets closed lower with the Dow slipping 14 points to 21,359 as import and export prices both fell in May. Nasdaq fell 29 points to 6,165.


On the upside


Shares of Epizyme (Nasdaq: EPZM) extended its gains.


An appeals court declined to block a Federal Communications Commission vote so Tribune Media (NYSE: TRCO) will be able to sell some assets to Sinclair Broadcast Group.


ILG (Nasdaq: ILG) has engaged in early stage discussions for a possible merger.


On the downside


Retreating crude oil prices weighed down shares of oilfield services firm Weatherford International (NYSE: WFT). 


Shares of Snap (NYSE: SNAP) fell back down to its IPO price.

 

Encana (NYSE: ECA) will close its Deep Panuke project.


In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 5 points to 2,432. Bitcoin dropped $27 to $2435.


Fiat to recall 297,000 minivans

|

The markets traded lower during the midday with the Dow losing 24 points to 21,350. Nasdaq dropped 31 points to 6,163.


Fiat Chrysler Automobiles will recall 297,000 model year 2011 and 2012 Dodge Grand Caravan minivans to fix a problem with the airbag deployment system. Eight injuries have been reported when a driver-side airbag inadvertently deployed. Fiat will replace faulty wiring and add a protective covering to prevent the wires from chafing against pieces of the steering wheel trim.


Nike will eliminate 1,400 jobs as part of its restructuring plan. The athletic shoes and apparel maker is shifting its sales strategy from brick and mortar retailers to selling more products online. The company will also reduce its product offerings by 25% but increase the number of selections of its styles.


Nestle is exploring strategic options that include the possibility of selling its U.S. confectionary business. The annual revenue of the Swiss company's stateside confectionary business is approximately $900 million and includes brands such as Butterfinger, BabyRuth, 100Grand, SweeTarts, Laffy Taffy and Nerds. Nestle is repositioning itself as a more health conscious and nutrition focused food products company.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 lost 5 points to 2,432. Bitcoin plummeted $123 to $2339.


The nation's factory output unexpectedly dropped in May to weigh the markets down to a lower open with the Dow falling 74 points to 21,299. Nasdaq plummeted 71 points to 6,123.


On the upside


DDR (NYSE: DDR) and Madison International Realty recapitalized a joint venture.


Hilton Grand Vacations (NYSE: HGV) priced its secondary offering of 9.65 million common shares.


Bargain hunters lifted shares of McEwen Mining (NYSE: MUX).


On the downside


Kroger (NYSE: KR) reported sharply lower first quarter earnings prompting the grocery store chain to slash its full year earnings outlook. 


Mattel (Nasdaq: MAT) will cut its dividend in order to finance its strategic growth plan.

 

Alibaba (NYSE: BABA) may partner with SoftBank to jointly invest $1.5 billion in Singaporean ride-hailing startup Grab.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 dropped 16 points to 2,421. Bitcoin plunged $186 to $2276.


Mixed close after rate increase

|

The markets closed mixed with the Dow gaining 46 points to 21,374 while Nasdaq fell 25 points to 6,194 after the Federal Reserve raised interest rates by a quarter percentage point.


On the upside


Epizyme (Nasdaq: EPZM) reported upbeat interim data from a Phase 2 clinical trial of tazemetostat


Shares of Athenex (Nasdaq: ATNX) climbed in its market debut.


Shares of Omeros (Nasdaq: OMER) extended its gains.


On the downside


Retreating crude oil prices weighed down shares of Halcon Resources (NYSE: HK), Oasis Petroleum (NYSE: OAS), SM Energy (NYSE: SM). 


Shares of oilfield services firm Weatherford International (NYSE: WFT) fell alongside oil companies.

 

Synchronoss Technologies (Nasdaq: SNCR) must restate financial reports from 2015 and 2016.


In the broad market, declining issues edged out advancers by a margin of 9 to 8 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 slipped 2 points to 2,437. Bitcoin plummeted $159 to $2528.


Federal Reserve raises rates

|

The markets traded mixed during the midday with the Dow adding 11 points to 21,340. Nasdaq slipped 8 point to 6,211.


The Federal Reserve increased interest rates by a quarter percentage point to range between 1% and 1.25% amidst a strong job market and healthy economic growth. The nation's unemployment rate fell to 4.3% last month, its lowest level in sixteen years. The Fed will also begin reducing its $4.5 trillion portfolio of Treasury bonds and mortgage-backed securities.


Volkswagen owners in Europe will be offered an extended two-year warranty on their diesel cars but no cash compensation. The German automaker agreed to a $4.3 billion settlement with U.S. regulators over its diesel emissions cheating scandal earlier this year. European Union officials have insisted that European customers be compensated but Volkswagen has asserted that no European law was broken.


Big announcements came out of the Electronic Entertainment Expo that opened yesterday at the Los Angeles Convention Center. Nintendo unveiled a New Donk City show floor exhibit and introduced upcoming games Super Mario Odyssey, Metroid Prime 4, Metroid: Samus Returns, Xenoblade Chronicles 2, Rocket League, and Fire Emblem Warriors in a 25 minute livestream. Microsoft's Xbox One X will launch this November at a price of $499.


In the broad market, declining issues outpaced advancers by a margin of more than 4 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 slipped 2 points to 2,437. Bitcoin tumbled $86 to $2602.


A sharp drop in May retail sales weighed the markets down to a lower open with the Dow slipping 6 points to 21,322. Nasdaq eased a point to 6,219.


On the upside


Alexion Pharmaceuticals (Nasdaq: ALXN) named Paul Clancy to the position of chief financial officer.


H&R Block (NYSE: HRB) reported higher fourth quarter earnings that beat analyst expectations and increased its dividend.


Brookdale Senior Living (NYSE: BKD) is in exclusive negotiations to be acquired by Zhonghong Zhuoye Group.


On the downside


Stifel downgraded Hawaiian Holdings (Nasdaq: HA) from a Hold rating to a Sell rating and slashed its price target from $60.00 to $40.00. 


Profit taking weighed down shares of Whiting Petroleum (NYSE: WLL).

 

Axiom analyst Gordon Johnson expects U.S. Steel (NYSE: X) to cut its forecast.


In the broad market, declining issues outpaced advancers by a slim margin on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 slipped 2 points to 2,438. Bitcoin tumbled $86 to $2602.


A tech sector recovery lifted the markets to a sharply higher close with the Dow soaring 92 points to 21,328. Nasdaq climbed 44 points to 6,220.


On the upside


The Food and Drug Administration granted breakthrough therapy designation to Omeros' (Nasdaq: OMER) immunoglobulin A nephropathy treatment OMS721.


Hortonworks (Nasdaq: HDP) expanded its partnership with IBM (NYSE: IBM) to assist businesses in decision making based on data science and machine learning.


Rising crude oil price lifted shares of Eclipse Resources (NYSE: ECR), SM Energy (NYSE: SM) and Whiting Petroleum (NYSE: WLL).


On the downside


Science Applications International (NYSE: SAIC) reported lower first quarter revenue that fell short of expectations. 


Synaptics (Nasdaq: SYNA) trimmed its fourth quarter revenue forecast, announced plans to pay $300 million in cash and stock to acquire Conexant Systems, and said that it will acquire Marvell Technology Group's (Nasdaq: MRVL) multimedia business for $95 million in cash.

 

Investors locked in profits on Zix (Nasdaq: ZIXI).


In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 climbed 10 points to 2,440. Bitcoin gained $31 to $2678.


Sears to cut 400 jobs

|

The markets traded higher during the midday with the Dow climbing 88 points to 21,324. Nasdaq gained 35 points to 6,210.


Sears Holdings will eliminate 400 corporate jobs as part of its $1.25 billion cost cutting plan. Most of the positions are at the retailer's headquarters in Hoffman Estates, Illinois. The company has reduced approximately $1 billion in expenses and expects to cut more jobs at its field operations. 


Verizon Communications completed its $4.48 billion acquisition of Yahoo and announced the resignation of Yahoo chief executive Marissa Mayer. Yahoo will be combined with AOL into Verizon's new Oath consumer media business that will offer news, sports, finance and entertainment content. The combination is expected to cut approximately 2,100 jobs.


Apple chief executive Tim Cook confirmed that the company is developing technology for autonomous cars. The California Department of Motor Vehicles has already approved the technology company to test self driving cars in the state. However, Cook did not say that an Apple car was in the works, only that machine learning and automated systems were being tested.


In the broad market, advancing issues outpaced decliners by a margin of more than 2 to  on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 climbed 9 points to 2,438. Bitcoin gained $58 to $2706.


The markets opened higher with the Dow gaining 64 points to 21,299 as energy costs tumbled in May. Nasdaq climbed 37 points to 6,212.


On the upside


WPX Energy (NYSE: WPX) formed a joint venture with Howard Energy Partners to develop crude oil and natural gas gathering and processing infrastructure in the core of the Delaware Basin.


Commercial Metals (NYSE: CMC) will exit its International Marketing and Distribution Segment by selling its CMC Cometals division.


Macquarie Research affirmed its Outperform rating on Micron Technology (Nasdaq: MU).


On the downside


Cheesecake Factory (Nasdaq: CAKE) cut its second quarter guidance. 


pSivida (Nasdaq: PSDV) reported positive results from its second Phase 3 trial of Durasert three year treatment for posterior segment uveitis but the stock price fell.

 

Shares of Pandora Media (NYSE: P) extended its losses.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 gained 7 points to 2,436. Bitcoin climbed $69 to $2716.


Lower close on Apple downgrade

|

The markets closed lower with the Dow losing 36 points to 21,235 after an Apple downgrade weighed down technology stocks. Nasdaq fell 32 points to 6,175.


On the upside


Shares of Under Armour (NYSE: UAA) extended its gains as Steph Curry and the Golden State Warriors prepare to play in Game 5 of the 2017 NBA Finals.


The stock prices of Eclipse Resources (NYSE: ECR) and Sanchez Energy (NYSE: SN) rose as crude oil prices edged up.


Comments by President Donald Trump that an anti-dumping bill for steel would be coming soon lifted shares of AK Steel (NYSE: AKS).


On the downside


Mizuho Securities downgraded Apple (Nasdaq: AAPL) form a Buy rating to a Neutral rating. 


Oppenheimer downgraded Pandora Media (NYSE: P) from an Outperform rating to a Perform rating.

 

Falling gold prices weighed down shares of Compania de Minas Buenaventura (NYSE: BVN), Eldorado Gold (NYSE: EGO), Hecla Mining (NYSE: HL), and Yamana Gold (NYSE: AUY).


In the broad market, advancing issues outpaced decliners by a slim margin on the NYSE while declining issues edged out advancers by a margin of more than 4 to 3 on Nasdaq. The broader S&P 500 slipped 2 points to 2,429. Bitcoin plunged $281 to $2603.


Gymboree files for bankruptcy

|

The markets traded lower during the midday with the Dow falling 59 points to 21,212. Nasdaq tumbled 43 points to 6,164.


Gymboree filed for Chapter 11 bankruptcy protection despite posting a profit for 2016. The children's clothing retailer will close between 375 to 450 locations as it reorganizes and restructures $1.4 billion of debt. Chief executive Daniel Griesemer said that move will reposition the company for long term growth.


The U.S. Supreme Cout overturned a 9th Circuit Court of Appeals decision in a class action case against Microsoft. The lower court allowed individual Xbox 360 console owners who were part of a class action lawsuit to file individual appeals to the dismissal of the class action suit. However, the nation's highest court disagreed and sided with Microsoft.


Uber's board of directors unanimously approved all the recommendations that were made by former U.S. Attorney General Eric Holder. Holder was hired to investigate the ride hailing service's culture and company practices after allegations of sexual harassment were detailed in a blog post by a former engineer. Details of the report will be released on Tuesday and are expected to include increased cost controls and human resources oversight. Chief executive Travis Kalanick may be asked to take a three month leave of absence and senior vice president Emil Michael has resigned.


In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 lost 6 points to 2,425. Bitcoin plummeted $246 to $2638.


Technology stocks extend losses

|

Technology stocks continued to fall sending the markets down to a sharply lower open with the Dow dropping 61 points to 21,210. Nasdaq plummeted 62 points to 6,145.


On the upside


General Electric (NYSE: GE) chief executive Jeff Immelt will retire and GE Healthcare CEO John Flannery will become the next leader of GE.


Avon Products (NYSE: AVP) will present at the Deutsche Bank dbAccess Global Consumer Conference on Wednesday, June 14, 2017.


Bargain hunters lifted shares of Whiting Petroleum (NYSE: WLL).


On the downside


Investors locked in profits on STMicroelectronics (NYSE: STM). 


Shares of Shopify (NYSE: SHOP) extended its losses.

 

Veeva Systems (NYSE: VEEV) senior vice president Jonathan Faddis sold 34,065 shares of company stock.


In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE while declining issues barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 fell 8 points to 2,423. Bitcoin plunged $136 to $2748.


Nasdaq collapses

|

A sharp sell-off in technology stocks sent Nasdaq collapsing 113 points to 6,207. The Dow climbed 89 points to close at 21,271.


On the upside


Bargain hunters lifted shares of Urban Outfitters (Nasdaq: URBN).


DuPont Faros Technology (NYSE: DFT) will be acquired by Digital Realty Trust in an all stock transaction valued at approximately $4.95 billion.


Nordstrom (NYSE: JWN) confirmed rumors that members of the Nordstrom family was exploring the option of taking the company private.


On the downside


Cloudera (NYSE: CLDR) widened losses more than expected for the first quarter. 


The Federal Trade Commission is reportedly preparing to block the proposed merger between Rite Aid (NYSE: RAD) and Walgreen Boots Alliance (Nasdaq: WBA).

 

Shopify (NYSE: SHOP) reelected all of its board of directors.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE while advancing issues barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 slipped 2 points to 2,431. Bitcoin climbed $48 to $2782.


The markets traded mixed during the midday with the Dow climbing 98 points to 21,281 while Nasdaq dropped 26 points to 6,295.


In a surprise upset, British Prime Minister Theresa May's Conservative Party lost its majority in the House of Commons. May had called for a snap election to strengthen her party's majority ahead of Brexit negotiations. Now, she must form a coalition government to lead the complex discussions to exit the European Union.


A World Trade Organization panel ruled that illegal subsidies that Boeing received from the U.S. government did not damage European Union interests. Meanwhile, the U.S. International Trade Commission voted to continue its investigation into complaints by Boeing that Bombardier received millions in subsidies then sold its jets at steep discounts in the U.S. Significant duties may be imposed by the U.S. on the Canadian aerospace company if the ITC finds that Boeing suffered from sales of CSeries jets.


The nation's wholesale inventories fell by a more than expected 0.5% in April on the heels of a 0.1% increase in March. The drop was the largest in more than a year. Petroleum inventories tumbled 5.0% while paper inventories dropped 1.8% and automotive inventories fell 1.4%.


The broader S&P 500 gained 7 points to 2,440. Bitcoin climbed $65 to $2799.


Despite the failure of the Conservative Party in the U.K. to win a majority of the seats in the House of Commons, the markets opened sharply higher with the Dow soaring 102 points to 21,285. Nasdaq gained 18 points to 6,340.


On the upside


Morgan Stanley upgraded Zynga (Nasdaq: ZNGA) from an Equal Weight rating to an Overweight rating and lifted its price target from $3.00 to $4.50.


Citi lifted its price target on Nvidia (Nasdaq: NVDA) to a record $180.


Lexicon Pharmaceuticals (Nasdaq: LXRX) reported positive results from a Phase 3 inTandem3 study of sotagliflozin.


On the downside


The Food and Drug Administration asked Endo International (Nasdaq: ENDP) to stop selling its Opana ER opioid pain drug. 


BTIG downgraded Juno Therapeutics (Nasdaq: JUNO) from a Neutral rating to a Sell rating.

 

Morgan Stanley downgraded Teekay Offshore Partners (NYSE: TOO) from an Equal Weight rating to an Underweight rating and slashed its price target from $5.50 to $1.50.


The broader S&P 500 gained 11 points to 2,444. Bitcoin climbed $62 to $2796.


A drop in first time applications for unemployment benefits lifted the markets to a higher close with the Dow rising 8 points to 21,182. Nasdaq gained 24 points to 6,321.


On the upside


A district court judge entered a case management order that should benefit Endo International (Nasdaq: ENDP).


Bargain hunters lifted shares of Expedia (Nasdaq: EXPE).


Comtech Telecommunications (Nasdaq: CMTL) declared a quarterly cash dividend of 10 cents per share payable on August 18, 2017 to shareholders of record July 17, 2017.


On the downside


Nomura analysts warned that daily user growth for Snap (NYSE: SNAP) was slowing in the second quarter.


Urban Outfitters (Nasdaq: URBN) reported lower same store sales for the month of May.

 

Rent-A-Center (Nasdaq: RCII) shareholders elected three new members to its board.


The broader S&P 500 held steady at 2,433. Bitcoin climbed $53 to $2703.


The markets traded higher during the midday with the Dow gaining 49 points to 21,223. Nasdaq rose 16 points to 6,314.


Boeing is developing self-flying airplanes and plans to test artificial intelligence in some aircraft next year. Current onboard computers have autonomous systems can take off, cruise and land planes unassisted. The challenge for pilotless planes will be in the development of safety regulations and certifications.


Amazon has changed the pricing for its Cloud Drive online storage service. When the service debuted in 2015, unlimited storage was offered at $59.99 per year. Amazon has changed to a tiered pricing plan beginning at $11.99 annually for 100 gigabytes of storage and $59.99 per year for one terabyte of backup space.


The net worth of U.S. households surged in the first quarter by $2.3 trillion to $94.8 trillion. The increase was driven by gains in the value of stocks and real estate holdings. Household debt also rose by an annual rate of 3.2% in the first quarter.


The broader S&P 500 rose 3 points to 2,436. Bitcoin climbed $35 to $2685.


The markets opened flat with the Dow adding a points to 21,175 as former FBI director James Comey testifies before Congress. Nasdaq held steady at 6,297.


On the upside


Alibaba (NYSE: BABA) chief financial officer Maggie Wu forecast revenue growth in 2018 between 45% to 49%.


Nordstrom (NYSE: JWN) may be taken private by some members of the Nordstrom family.


Valeant Pharmaceuticals (NYSE: VRX) will sell its iNova Pharmaceuticals business for $930 million.


On the downside


Genetech will return the rights of GDC-0919 to NewLink Genetics (Nasdaq: NLNK).


Profit taking weighed down shares of MoSys (Nasdaq: MOSY).

 

Shares of Chesapeake Energy (NYSE: CHK) extended its losses.


The broader S&P 500 eased a point to 2,431. Bitcoin climbed $53 to $2703.


The markets closed higher with the Dow gaining 37 points to 21,173 ahead of the UK election. Nasdaq climbed 22 points to 6,297.


On the upside


Carvana (NYSE: CVNA) reported smaller than expected loss for the first quarter as revenue surged.


Standpoint Research upgraded U.S. Steel (NYSE: X) to a Buy rating.


R.W. Baird analyst Tristan Gerra affirmed Micron Technology's (Nasdaq: MU) Outperform rating.


On the downside


IDT (NYSE: IDT) fell to a loss for the third quarter.


Shares of Frontier Communications (Nasdaq: FTR) extended its losses.

 

Concerns that Pandora Media (NYSE: P) will not be able to sell itself sent shares of the Internet music service lower.


The broader S&P 500 rose 3 points to 2,433. Bitcoin gained $35 to $2685.


The markets traded flat during the midday with the Dow rising 8 points to 21,144. Nasdaq added 4 points to 6,279.


Facebook introduced new features that will allow users to engage with their elected representatives and connect with local news stories. When users comment on the pages of their representatives, they can enable a Constituent Badge to indicate that they live in the district. A Constituent Insight feature will allow users to easily find popular stories in their district.


Tesla has joined the Fortune 500. Revenue surged in 2016 to $7 billion sending the electric car maker to spot number 383 on the list of the nation's largest companies by revenue. With the more affordable Model 3 shipping at the end of the year, Tesla is expected to move up the list.


Sears Holdings will close an additional 66 stores on top of the 180 closures that were announced earlier this year. Most locations across the country will shutter their doors by September as part of the retailer's efforts to return to profitability. The underperforming stores include 49 Kmart stores and 17 Sears locations.


The broader S&P 500 held steady at 2,429. Bitcoin dropped $39 to $2768.


The markets opened modestly higher with the Dow adding 7 points to 21,143 ahead of elections in the UK tomorrow. Nasdaq rose 17 points to 6,292.


On the upside


SmartSky Networks will deploy DragonWave's (Nasdaq: DRWI) Harmony Enhanced and Harmony Enhanced MC products to provide high-capacity backhaul for its ground to air 4G LTE network.


Reports of a tight supply of Advanced Micro Devices' (Nasdaq: AMD) graphic processing units lifted shares of the chipmaker.


Shares of MoSys (Nasdaq: MOSY) surged on no news.


On the downside


Duluth Holdings (Nasdaq: DLTH) disappointed with sharply lower first quarter earnings that missed expectations.


Inventergy Global (Nasdaq: INVT) received a delisting notice from Nasdaq.

 

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


The broader S&P 500 added a point to 2,430. Bitcoin tumbled $83 to $2723.


The markets closed lower with the Dow falling 47 points to 21,136 on a mixed jobs report. Nasdaq dropped 20 points to 6,275.


On the upside


Thor Industries (NYSE: THO) reported higher third quarter earnings and revenue that beat expectations.


The Carlyle Group will take Albany Molecular Research (Nasdaq: AMRI) private for a premium of $21.75 per share in cash.


Shares of Kinross Gold (NYSE: KGC) rose as gold prices climbed.


On the downside


In an update about its proposed merger with Walgreens (NYSE: WBA), Rite Aid (NYSE: RAD) seemed to imply that the deal would not receive regulatory approval.


Macquarie Group cut its price target on Chicago Bridge & Iron (NYSE: CBI) from $18.00 to $11.50.

 

Macy's (NYSE: M) warned of lower margins for the second quarter.


The broader S&P 500 fell 6 points to 2,429. Bitcoin leaped $187 to $2812.


The markets traded lower during the midday with the Dow losing 18 points to 21,165. Nasdaq fell 7 points to 6,288.


Amazon announced a discounted Prime membership that will be available to customers who receive government assistance. Regular Prime membership costs $99 for a year or $10.99 per month for free two-day shipping and streaming service. A discounted price of $5.99 per month will be offered to customers who have a valid Electronic Benefits Transfer card.


Apple introduced its HomePod smart speaker to compete with Amazon Echo and Google Home. While HomePod can provide weather reports, check the stock market and answer trivia questions, it has been engineered to provide the best sound quality when it plays music from Apple Music. HomePod is priced at $349 and will start shipping in December in the U.S., U.K. and Australia.


Twenty employees have been fired by Uber after law firm Perkins Coie presented findings from its investigation into allegations of sexual harassment. Perkins Coie reviewed 215 claims of sexual harassment and took no action in 100 of the cases while continuing its investigation into 57 complaints. Written warnings were issued to seven employees and 31 are in counseling or training.


The broader S&P 500 lost 3 points to 2,432. Bitcoin leaped $163 to $2787.


Job openings soared in April to a record 6.0 million but hiring fell by 253,000 to 5.1 million. The markets opened mixed with the Dow losing 22 points to 21,161. Nasdaq rose 7 points to 6,302.


On the upside


NII Holdings (Nasdaq: NIHD) partnered with AINMT Holdings to jointly own and operate Brazilian mobile telecommunications company Nextel Braxil.


G-III Apparel Group (Nasdaq: GIII) reported a narrower than expected loss for the first quarter and lifted its full year forecast.


Covisint (Nasdaq: COVS) will be acquired by OpenText (Nasdaq: OTEX) for a premium of approximately $103 million in cash.


On the downside


HD Supply Holdings (Nasdaq: HDS) reported a smaller than expected profit for the first quarter and announced plans to sell its Waterworks business.


Francesca's Holdings (Nasdaq: FRAN) disappointed with lower first quarter earnings that fell short of expectations.

 

First quarter earnings for The Michaels Companies (Nasdaq: MIK) missed estimates and warned that same store sales would slip in the second quarter.


The broader S&P 500 lost 3 points to 2,432. Bitcoin leaped $155 to $2779.


Expansion of the nation's services sector slowed in May to weigh the markets down to a lower close with the Dow losing 22 points to 21,184. Nasdaq fell 10 points to 6,295.


On the upside


Osisko Gold Royalties (NYSE: OR) will acquire a precious metals portfolio of assets from Orion Mine Finance Group.


Robert W. Baird analyst David Leiker upgraded Navistar (NYSE: NAV) from a Neutral rating to an Outperform rating and lifted the price target from $32 to $33.


Cowen upgraded Helix Energy Solutions Group (NYSE: HLX) from a Market Perform rating to an Outperform rating and lifted its price target from $8.00 to $10.00.


On the downside


Investors locked in profits on ChinaCache International Holdings (Nasdaq: CCIH).


JinkoSolar Holdings (NYSE: JKS) reported sharply lower first quarter earnings.

 

Shares of Endocyte (Nasdaq: ECYT) fell again.


The broader S&P 500 slipped 1 points to 2,436. Bitcoin climbed $24 to $2649.


The markets traded lower during the midday with the Dow slipping 5 points to 21,201. Nasdaq lost 3 points to 6,302.


Harley-Davidson issued a voluntary global recall of approximately 57,000 motorcycles to fix an engine oil cooler line defect. Nine customers have reported that the oil line detached causing two crashes and one minor injury. The recall affects model year 2017 Electra Glide Ultra Classic, Police Electra Glide, Police Road King, Road King, Road King Special, Street Glide, Street Glide Special, Road Glide and Road Glide Special motorcycles that were built between July 2 and May 9.


British Prime Minister Theresa May urged the international community to regulate the internet in order to prevent terrorists from communicating and planning attacks online. Social media sites such as Facebook, Twitter and YouTube have been criticized for their failure to remove violent content and hate speech. Facebook said that it will use technology and human oversight to become "a hostile environment for terrorists" while Twitter pledged to "continue to expand the use of technology as part of a systemic approach to removing this type of content."


The U.S. Supreme Court ruled that the Securities and Exchange Commission's disgorgement process is subject to a five year statute of limitations. Disgorgement is the power of the regulatory agency to recover illegally obtained profits from companies that violate the law. The Department of Justice asserted that disgorgement was a means for equitable relief while the Supreme Court said that the practice was a penalty.


The broader S&P 500 eased a fraction to 2,438. Bitcoin leaped $94 to $2590.


Flat open after London attack

|

The markets opened flat with the Dow holding steady at 21,206 after another terrorist attack in London on Saturday. Nasdaq edged up a point to 6,307.


On the upside


D.R. Horton (NYSE: DHI) offered a premium of $16.25 per share in cash to acquire 75% of Forestar Group (NYSE: FOR).


Puma Biotechnology (Nasdaq: PBYI) reported positive results from a Phase II clinical trial of PB272 to treat HER2-positive metastatic breast cancer.


Gigamon (NYSE: GIMO) will engage in discussions with potential suitors.


On the downside


Juno Therapeutics (Nasdaq: JUNO) presented updated data from the TRANSCEND trial of JCAR017 in relapsed and refractory aggressive B cell non-Hodgkin lymphoma.


Herbalife (NYSE: HLF) warned that second quarter revenue would fall more than expected.

 

Mallinckrodt (NYSE: MNK) may sell its generic drug business.


The broader S&P 500 eased a fraction to 2,438. Bitcoin surged $73 to $2569.


The markets closed higher with the Dow climbing 62 points to 21,206 as the nation's unemployment rate fell to a 16-year low of 4.3%. Nasdaq soared 58 points to 6,277.


On the upside


Canada Goose Holdings (NYSE: GOOS) reported better than expected earnings for the fourth quarter.


Stifel upgraded Aegean Marine Petroleum Network (NYSE: ANW) from a Hold rating to a Buy rating.


Broadcom (Nasdaq: AVGO) reported sharply higher second quarter earnings that topped analyst estimates.


On the downside


Zumiez (Nasdaq: ZUMZ) widened losses for the first quarter.


Yext (NYSE: YEXT) widened first quarter losses.

 

Sales in the month of May fell for Fred's (Nasdaq: FRED).


The broader S&P 500 climbed 9 points to 2,439. Bitcoin gained $25 to $2436.


The markets traded higher during the midday with the Dow gaining 63 points to 21,207. Nasdaq climbed 58 points to 6,305.


A lawsuit against Whole Foods for overcharging customers in New York City has been revived by a federal appeals court. A lower court had dismissed the class-action lawsuit saying that plaintiff Sean John did not have the right to sue because he was not able to show that Whole Foods specifically overcharged him for his purchases. However, the appeals court ruled that John does have the right to sue even if he would have significant challenges in presenting evidence.


New York Attorney General Eric Schneiderman filed court papers accusing Exxon Mobil and U.S. Secretary of State Rex Tillerson, who was the oil company's former chair and chief executive, of misleading investors about the costs of climate change. Documents that Exxon provided to investigators revealed that the company publicly reported higher costs from 2010 through 2014 than internal accounting numbers. The deception is also being investigated by the Securities and Exchange Commission.


Before President Donald Trump withdrew the U.S. from the Paris climate agreement, the chief executives of 30 major companies published an open letter supporting the agreement. In reaction to the nation's exit from the climate accord, Tesla CEO Elon Musk and Disney CEO Bob Iger have both quit the president's economic advisory council. Other leaders such as IBM CEO Ginni Rometty and Wal-Mart CEO Doug MicMillon will continue to serve on the business council even though they support the Paris agreement in order to have direct dialogue with the administration.


The broader S&P 500 climbed 8 points to 2,438. Bitcoin soared $33 to $2391


A drop in the nation's unemployment rate lifted the markets to a higher open with the Dow rising 33 points to 21,177. Nasdaq climbed 30 points to 6,277.


On the upside


Lululemon Athletica (Nasdaq: LULU) reported better than expected earnings for the first quarter and announced plans to close its Ivivva brand stores.


Cantor Fitzgerald initiated coverage of Synergy Pharmaceuticals (NYSE: SGYP) with an Overweight rating and a price target of $11.00.


Shares of ChinaCache International Holdings (Nasdaq: CCIH) extended its gains.


On the downside


RH (NYSE: RH) reported a loss for the first quarter and cut its full year forecast.


Endocyte (Nasdaq: ECYT) will narrow the development program for EC1169 and stop enrollment in the EC1456 trial.

 

Fourth quarter earnings for Boot Barn (NYSE: BOOT) fell short of expectations.


The broader S&P 500 added 3 points to 2,433. Bitcoin gained $18 to $2377.


Record closes on upbeat data

|

Upbeat economic data boosted the markets to record closes with the Dow soaring 135 points to 21,144. Nasdaq climbed 48 points to close at an all-time high of 6,246.


On the upside


China's Ministry of Industry and Information Technology granted ChinaCache International Holdings (Nasdaq: CCIH) the Content Delivery Network Business Operating License.


Bargain hunters lifted shares of SeaDrill (NYSE: SDRL).


Shares of Kindred Healthcare (NYSE: KND) extended its gains.


On the downside


Retreating crude oil prices weighed down shares of Jones Energy (NYSE: JONE).


Investors locked in profits on Vera Bradley (Nasdaq: VRA).

 

Shares of Vale (NYSE: VALE) fell as crude oil prices tumbled.


The broader S&P 500 climbed 18 points to 2,430. Bitcoin jumped $130 to $2371.


MLB to livestream VR games

|

The markets extended its gains during the midday with the Dow soaring 119 points to 21,127. Nasdaq climbed 37 points to 6,236.


Major League Baseball partnered with Intel to livestream one game per week in virtual reality. The games must be viewed with the Samsung Gear VR and use the free Intel True VR app. An array of 4K-resolution cameras will be deployed around the stadium so that viewers can choose to watch from up to four different angles in real time.


For the first time in more than a year, Ford sold more cars in one month than General Motors. Ford sales rose in May by 2.2% to beat GM by approximately 4,000 vehicles while GM sales unexpectedly fell by 1.3%. Ford said that the sales bump was due to increased purchases by fleet customers such as rental car companies.


Illegal emissions software that is designed to cheat on emissions test has been found on the Audi A8 luxury sedan. The German transport minister has identified approximately 25,000 A8 models with six and eight cylinder diesel engines to be recalled. Audi is engaged in discussions with German authorities.


The broader S&P 500 gained 14 points to 2,426. Bitcoin surged $102 to $2342.


Strong job growth in May lifted the markets to a higher open with the Dow rising 22 points to 21,031. Nasdaq added 4 points to 6,203.


On the upside


Ciena (NYSE: CIEN) reported sharply higher second quarter earnings that topped analyst estimates as revenue climbed.


Palo Alto Networks (NYSE: PANW) narrowed third quarter losses more than expected as revenue soared and forecast current quarter results ahead of estimates.


SPI Energy (Nasdaq: SPI) will sell its Todderstaffe Solar solar project to Capital Stage AG.


On the downside


Express (NYSE: EXPR) fell to a greater than expected loss for the first quarter and forecast full year earnings that missed analyst estimates.


Hewlett Packard Enterprises (NYSE: HPE) fell to a loss for the second quarter that was larger than expected.

 

Falling gold prices weighed down shares of Sibanye Gold (NYSE: SBGL).


The broader S&P 500 added 3 points to 2,415. Bitcoin leaped $150 to $2390.


About this Archive

This page is an archive of entries from June 2017 listed from newest to oldest.

May 2017 is the previous archive.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12