November 2017 Archives

Tax plan concerns weigh down markets

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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

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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.


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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

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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

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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.


The markets closed in positive territory with the Dow gaining 17 points to 23,439 as investors continued to monitor tax plan developments. Nasdaq rose 6 points to 6,757.


On the upside


Brookfield Property Partners (NYSE: BPY) offered $14.8 billion to acquire the 66% stake of GGP (NYSE: GGP) that it does not already own.


Shares of Ophthotech (Nasdaq: OPHT) rose for the third day.


Shares of Kandi Technologies (Nasdaq: KNDI) extended its gains.

 

On the downside


Investors locked in profits on Quantum (NYSE: QTM).


Profit taking weighed down shares of Calithera Biosciences (Nasdaq: CALA). 


Investors locked in profits on Immunomedics (Nasdaq: IMMU).


In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE while declines were on par with advancers on Nasdaq. The broader S&P 500 added 2 points to 2,584. Bitcoin leaped $778 to $6,494.


The markets traded higher during the midday with the Dow rising 28 points to 23,450. Nasdaq added 5 points to 6,756.


Bill Gates has invested $50 million of his own money in the Dementia Discovery Fund. The world's richest person and co-founder of Microsoft said that a breakthrough in Alzheimer's would help people live more fulfilling lives in their later years. The Dementia Discovery Fund invests in innovative research to develop novel treatments for dementia.


Qualcomm has rejected Broadcom's unsolicited $105 billion acquisition offer. Qualcomm said that the deal undervalued the company and would face significant regulatory hurdles. Broadcom plans to open discussions with Qualcomm's board and executive team in order to prepare a more enticing offer.


The attorney general of Missouri initiated an investigation into Google for potential antitrust violations. Concerns were raised that the search engine gathered private, personal information from consumers without their knowledge, misappropriated competitor information and manipulated search results in favor of sites that belong to Google. The European Union fined Google $2.7 billion for engaging in similar anticompetitive behavior.


In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 added 2 points to 2,584. Bitcoin surged $709 to $6,425.


Continued concern about the GOP tax plan weighed down the markets with the Dow falling 55 points to 23,367. Nasdaq lost 23 points to 6,727.


On the upside


The Wall Street Journal reported that Hasbro (Nasdaq: HAS) offered to acquire Mattel (Nasdaq: MAT).


Nektar Therapeutics (Nasdaq: NKTR) reported upbeat results from a PIVOT-02 Phase 1/2 study of Opdivo with NKTR-214.


Funai Electric joined the Roku (Nasdaq: ROKU) TV licensing program.

 

On the downside


General Electric (NYSE: GE) slashed its dividend by half.


Zacks Equity Research wrote that KBR (NYSE: KBR) could be a top value stock but the stock price fell. 


ZTO Express (NYSE: ZTO) will release earnings after market close on Monday, November 20, 2017.


In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 lost 6 points to 2,576. Bitcoin leaped $955 to $6,671.


Tax cut delay weighs down markets

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The markets closed lower with the Dow falling 39 points to 23,422 over the potential delay to corporate tax cuts. Nasdaq held steady at 6,750.


On the upside


Omeros (Nasdaq: OMER) narrowed losses for the third quarter.


Avid Technology (Nasdaq: AVID) posted a profit the the third quarter.


J.C. Penney (NYSE: JCP) reported a smaller than expected loss for the third quarter as same store sales rose more than expected.

 

On the downside


Intrexon (NYSE: XON) widened losses for the third quarter.


Fourth quarter earnings fell for Esterline Technologies (NYSE: ESL) on lower revenue. 


Shares of Trade Desk (Nasdaq: TTD) extended its losses.


In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 slipped 2 points to 2,582. Bitcoin crashed $395 to $6,733.


The markets traded lower during the midday with the Dow falling 54 points to 23,407. Nasdaq slipped 4 points to 6,745.


OshKosh Baby B'gosh has recalled approximately 38,000 quilted jackets due to a potential choking hazard. The snaps on some jackets can come off and the child can then put the snap into his/her mouth. The jackets were sold at Bon-Ton, OshKosh, Fred Meyer, Kohl's and other stores between August and September.


The Employment Appeal Tribunal in London has ruled that Uber drivers must be classified as employees rather than contractors. As employees, workers are guaranteed a minimum wage, vacation pay and other basic protections. Uber has approximately 40,000 drivers in Britain.


Amazon will sell some of its flagship products at over 100 Whole Foods Market locations the week before Thanksgiving. Deals being offered include $20 off the newest Amazon Echo, $30 off the Echo Plus, $10 off the Echo Dot, and $30 off the Kindle Paperwhite. The Amazon Pop-Up stores will open on November 13 in Rochester Hills, Michigan and Chicago, November 14 in Davie, Floriday and Pasadena, California, and November 15 in Denver.


In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE while advancers edged out decliners by a margin of more than 4 to 3 on Nasdaq. The broader S&P 500 lost 4 points to 2,580. Bitcoin collapsed $529 to $6,600.


Indications that corporate tax cuts may be delayed until 2019 weighed the markets down to a lower open with the Dow losing 29 points to 23,432. Nasdaq slipped 14 points to 6,736.


On the upside


Shares of Roku (Nasdaq: ROKU) continued to soar.


ArcelorMittal (NYSE: MT) reported higher third quarter earnings and revenue.


Third quarter earnings and revenue climbed for Nvidia (Nasdaq: NVDA) to beat expectations.

 

On the downside


The Trade Desk (Nasdaq: TTD) reported higher third quarter earnings and revenue but the company forecast current quarter revenue below expectations.


Puma Biotechnology (Nasdaq: PBYI) widened losses for the third quarter. 


Ritchie Bros. Auctioneers (NYSE: RBA) reported third quarter earning that missed estimates.


In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 slipped 4 points to 2,580. Bitcoin crashed $394 to $6,780.


Senate Republican's plan to delay corporate tax cuts sent the markets tumbling to a sharply lower close with the Dow plunging 101 points to 23,461. Nasdaq dropped 39 points to 6,750.


On the upside


Bristow Group (NYSE: BRS) reported a smaller than expected loss for the second quarter and lifted its full year forecast.


Otonomy (Nasdaq: OTIC) reported upbeat results from its AVERTS-2 Phase 3 clinical trial of OTIVIDEX to treat Meniere's disease.


B. Riley Financial will pay a premium of approximately $143 million to acquire magicJack VocalTec (Nasdaq: CALL)

 

On the downside


Willbros Group (NYSE: WG) widened losses for the third quarter.


Eastmant Kodak (NYSE: KODK) fell to a loss for the third quarter. 


INC Research (Nasdaq: INCR) fell to a third quarter loss.


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 dropped 9 points to 2,584. Bitcoin crashed $293 to $7,107.


The markets extended its losses during the midday with the Dow plummeting 205 points to 23,358. Nasdaq plunged 86 points to 6,702.


Following the lead of rival retailers, Walmart has unveiled its Black Friday deals that will begin on Thanksgiving. Online deals will be available at 12:01am on Thanksgiving while brick and mortar stores will open at 6pm. Deals include Xbox One S Console Bundle for $249, Samsung 65" Class Curved 4K Smart TV for $998, Google Home Mini for $29, and Roku Streaming Stick Plus for $48.


Facebook introduced its new Facebook Community Boost program that will help small businesses increase their digital and social media presence. The program will teach entrepreneurs and nonprofits in 30 cities across the nation how to use Facebook to promote their businesses. There are an estimated 30 million small businesses operating in the country and most do not have a digital presence or digital marketing strategy.


Starbucks announced that two new drinks will join its holiday menu. The Toasted White Chocolate Mocha and the Chestnut Praline Chai Tea Latte will be available in the U.S. and Canada in hot or cold form. They will join holiday favorites Peppermint Mocha, Caramel Brûlée Latte, Gingerbread Latte, Eggnog Latte, Chestnut Praline Latte, Holiday Spice Flat White and Teavana Joy Brewed Tea.


In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 tumbled 21 points to 2,572. Bitcoin plunged $212 to $7,188.


First time applications for unemployment benefits rose more than expected last week to weigh the markets down to a lower open with the Dow falling 71 points to 23,492. Nasdaq tumbled 52 points to 6,737.


On the upside


Sage Therapeutics (Nasdaq: SAGE) reported positive results from two Phase 3 clinical trials of its severe postpartum depression treatment brexanolone.


Third quarter revenue surged for Roku (Nasdaq: ROKU).


Coty (NYSE: COTY) reported a smaller than expected loss for the first quarter.

 

On the downside


Opko Health (Nasdaq: OPK) widened third quarter losses as revenue fell.


CenturyLink (NYSE: CTL) disappointed with lower third quarter earnings and revenue that fell short of expectations. 


Pan American Silver (Nasdaq: PAAS) reported sharply lower third quarter earnings and revenue.


In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 dropped 10 points to 2,584. Bitcoin plunged $169 to $7,230.


The markets edged up to close higher with the Dow adding 6 points to 23,563 as earnings season winds down. Nasdaq gained 21 points to 6,789.


On the upside


Forterra (Nasdaq: FRTA) fell to a loss for the third quarter but the company expects continued improvements to its earnings due to ongoing initiatives.


The Container Store Group (NYSE: TCS) reported a smaller than expected loss for the second quarter.


MBIA (NYSE: MBI) fell to a loss for the third quarter due to losses in Puerto Rico but the company has repurchased 11.7 million shares of common stock.

 

On the downside


CECO Environmental (Nasdaq: CECE) reported lower third quarter earnings and revenue.


Vitamin Shoppe (NYSE: VSI) fell to a loss for the third quarter. 


Flotek Industries (NYSE: FTK) widened losses for the third quarter.


In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers on Nasdaq. The broader S&P 500 added 3 points to 2,594. Bitcoin climbed $64 to $7,464.


Target to close 12 stores

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The markets recovered during the midday to trade modestly higher with the Dow rising 12 points to 23,569. Nasdaq gained 13 points to 6,781.


Target announced that it will close twelve stores after the holiday shopping season as pricing pressure continued to mount from online merchants. The underperforming stores were identified after a rigorous evaluation process. A list of the locations slated for closure is available online.


Best Buy revealed its Black Friday deals this morning. The consumer electronics retailer will open at 5pm on Thanksgiving and offer hundreds of deals including a 50-inch Sharp 4K Smart TV for $179.99, Amazon Fire 7 Tablet for $29.99, Google Home Mini for $29.99, Microsoft Xbox One S 500GB console for $189.99 and the Sony PlayStation 4 1 TB console for $199.99. Many deals are available now online until November 11 then nearly all Black Friday deals will be available online beginning on Thanksgiving morning.


Sears reached an agreement with the Pension Benefit Guaranty Corp. to sell up to 140 properties in order to fund its pension plan. The sales are expected to generate approximately $407 million that will support a retirement plan for nearly 100,000 people. Sears has not identified the locations that will be sold.


In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5  the NYSE and by 5 to 4 on Nasdaq. The broader S&P 500 added 2 points to 2,593. Bitcoin leaped $279 to $7,359.


Concerns about the GOP tax bill weighed the markets down to a lower open with the Dow slipping 15 points to 23,542. Nasdaq lost 3 points to 6,764.


On the upside


Third quarter earnings surged for Match Group (Nasdaq: MTCH) as revenue climbed.


Planet Fitness (NYSE: PLNT) reported higher third quarter earnings and revenue that surpassed analyst expectations.


Take-Two Interactive Software (Nasdaq: TTWO) fell to a loss for the second quarter but the company forecast better than expected revenue for the current quarter and lifted its full year revenue guidance.

 

On the downside


Wix (Nasdaq: WIX) widened losses more than expected for the third quarter.


Snap (NYSE: SNAP) disappointed with a significantly wider loss for the third quarter. 


Tesaro (Nasdaq: TSRO) reported a loss for the third quarter.


In the broad market, declining issues outpaced advancers by a margin of 5 to 4 the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 slipped 2 points to 2,588. Bitcoin rocketed $448 to $7,528.


Mixed close over tax bill concerns

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The markets closed mixed with the Dow adding 8 points to 23,557 over concerns that the House may not be able to pass its tax plan. Nasdaq lost 18 points to 6,767.


On the upside


Kindred Healthcare (NYSE: KND) narrowed third quarter losses more than expected.


NeoPhotonics (NYSE: NPTN) reported a smaller than expected loss for the third quarter.


Third quarter revenue surged for Virtu Financial (Nasdaq: VIRT).

 

On the downside


Selecta Biosciences (Nasdaq: SELB) widened losses for the third quarter as revenue plunged.


Teligent (Nasdaq: TLGT) widened third quarter losses more than expected and lowered its full year revenue forecast. 


Five Prime Therapeutics (Nasdaq: FPRX) reported a wider than expected loss for the third quarter.


In the broad market, declining issues outpaced advancers by a margin of more than 4 to 3 the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 eased a fraction to 2,590. Bitcoin climbed $86 to $7,069.


The markets retreated during the midday with the Dow losing 21 points to 23,526. Nasdaq dropped 25 points to 6,760.


Harley-Davidson introduced its new Sport Glide motorcycle equipped with the powerful Milwaukee-Eight 107 engine. The new bike comes with lockable saddlebags that can be opened with one hand using a quick-release clamp. Additional standard equipment include a USB charging port, keyless ignition and Smart Security system.


Alphabet's Waymo self driving car unit will begin testing fully autonomous taxis in parts of Phoenix, Arizona over the next few months. The ride hailing service will be fully automatic with no human drivers sitting behind the steering wheel monitoring the vehicle. A Waymo employee will sit in the backseat with passengers at the beginning of the testing period but eventually, passengers will ride alone.


Teen apparel retailer Styles for Less filed for Chapter 11 bankruptcy protection. After closing 55 stores and cutting 311 jobs, the retailer still has 93 locations with more than 613 employees across five states. The troubled retailer attributed its financial difficulties to online shopping and fast-fashion competitors.  


In the broad market, declining issues outpaced advancers by a margin of 3 to 2 the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 slipped 3 points to 2,587. Bitcoin soared $81 to $7,065.


Higher open on upbeat earnings

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The markets opened higher with the Dow rising 26 points to 23,574 on upbeat earnings. Nasdaq eased a point to 6,785.


On the upside


Valeant Pharmaceuticals (NYSE: VRX) swung to a profit for the third quarter.


U.S. Silica (NYSE: SLCA) reversed year ago losses to post a better than expected profit for the third quarter.


Autohome (NYSE: ATHM) reported higher third quarter earnings and revenue and the company declared a special cash dividend.

 

On the downside


TripAdvisor (Nasdaq: TRIP) reported sharply lower third quarter earnings.


Third quarter earnings and revenue for Extended Stay (NYSE: STAY) fell short of expectations. 


SINA (Nasdaq: SINA) disappointed with sharply lower third quarter earnings.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 the NYSE while decliners edged out advancers by 6 to 5 on Nasdaq. The broader S&P 500 added a point to 2,592. Bitcoin climbed $41 to $7,025.


Higher close as tax bill is modified

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The markets closed modestly higher with the Dow adding 9 points to 23,548 as last minute changes are made to the GOP tax bill. Nasdaq gained 22 points to 6,786.


On the upside


Diana Containership (Nasdaq: DCIX) stock surged again.


Shares of Basic Energy Services (NYSE: BAS) extended its gains.


Shares of California Resources (NYSE: CRC) soared ahead of its earnings release.

 

On the downside


Shares of Tivity Health (Nasdaq: TVTY) plunged after rival UnitedHealth Group expanded a program that competes against Tivity's SilverSneakers .


Investors locked in profits on Xunlei (Nasdaq: XNET). 


Shares of Evolent Health (NYSE: EVH) extended its losses.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 the NYSE and by nearly 6 to 5 on Nasdaq. The broader S&P 500 added 3 points to 2,591. Bitcoin fell $24 to $6,958.


CVS to begin next-day delivery

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The markets advanced during the midday with the Dow rising 14 points to 23,543. Nasdaq gained 16 points to 6,781.


CVS Health will begin offering next-day delivery from all of its stores beginning in 2018. Free, same-day delivery of prescriptions and merchandise will be available from all of the retailer's Manhattan locations beginning on December 4, 2017. Same-day delivery will expand to stores in Boston, Miami, Philadelphia, San Francisco and Washington D.C. next year.


The nation's highest court rejected Samsung's bid to overturn a $120 million payment for patent infringement in a case that was filed by Apple. An appeals court had upheld the decision that fined Samsung for infringing on patented iPhone features such as slide-to-unlock, quick links and autocorrect. The original verdict in favor of Apple was rendered in May 2014.


Target announced that it will open at 6pm on Thanksgiving to kick-off the holiday shopping season. Stores will close at midnight then reopen at 6am on Black Friday. Deals include a 55-inch Westinghouse 4K TV for $249.99, Amazon Fire 7 Tablet for $29.99, iPad 32 GB for $249.99, Xbox One S 500GB for $189.99, and Sony PlayStation 4 1 TB Console for $199.99.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 the NYSE and by nearly 6 to 5 on Nasdaq. The broader S&P 500 rose 4 points to 2,591. Bitcoin crashed $351 to $6,960.


Flat open as Trump visits Asia

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The markets opened flat with the Dow slipping 6 points to 23,533 as President Donald Trump discusses trade with Asian nations. Nasdaq eased a point to 6,763.


On the upside


Michael Kors (NYSE: KORS) reported higher second quarter earnings and revenue that topped estimates prompting the company to lift its full year forecast.


Marvell Technology Group (Nasdaq: MRVL) is engaged in advanced discussions to acquire Cavium (Nasdaq: CAVM).


NetEase (Nasdaq: NTES) will expand its e-commerce platform by investing $11 billion over the next three years to increase its inventory of products from the U.S., Europe and Japan.

 

On the downside


Sprint (NYSE: S) ended merger discussions with T-Mobile (Nasdaq: TMUS).


Third quarter earnings for Henry Schein (Nasdaq: HSIC) fell short of expectations. 


Horizon Pharma (Nasdaq: HZNP) widened losses for the third quarter.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 the NYSE and by 5 to 4 on Nasdaq. The broader S&P 500 held steady at 2,587. Bitcoin gained $54 to $7,257.


Gain in factory orders lifts markets

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An increase to the nation's factory orders in September lifted the markets to a higher close with the Dow rising 22 points to 23,539. Nasdaq climbed 49 points to 6,764.


On the upside


Diana Containerships (Nasdaq: DCIX) completed its one-for-seven reverse stock split.


Neos Therapeutics (Nasdaq: NEOS) will release its third quarter results before market open on Wednesday, November 8, 2017.


Cerus (Nasdaq: CERS) narrowed third quarter losses more than expected.

 

On the downside


Genmark Diagnostics (Nasdaq: GNMK) widened third quarter losses.


The KEYW Holding Corp. (Nasdaq: KEYW) fell to a loss for the third quarter. 


Pacific Biosciences of California (Nasdaq: PACB) widened losses for the third quarter.


In the broad market, declining issues edged out advancers by a slim margin on both the NYSE and on Nasdaq. The broader S&P 500 gained 7 points to 2,587. Bitcoin gained $55 to $7,218.


BMW recalls 1.4 million vehicles

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The markets traded higher during the midday with the Dow rising 31 points to 23,548. Nasdaq climbed 42 points to 6,757.


BMW announced two separate recalls in North America to address potential fire risks. Approximately 670,000 3-Series vehicles from the 2006 through 2011 model years have faulty wiring for the heating and air conditioning systems that could potentially overheat and cause a fire. More than 740,000 model years 2007 through 2011 vehicles from the 3-Series, 5-Series, 128i, X3, X5 and Z4 have a valve heater that can overheat.


Sears announced another round of store closures as part of the retailer's continuing efforts to cut costs. The department store identified 45 Kmart locations and 18 Sears stores that will close their doors at the end of January 2018. Liquidation sales are expected to begin on November 9, 2017.


Factory orders rose by a greater than expected 1.4% in September. Orders for core capital goods, which are non-defense capital goods excluding aircraft, soared by a strong 1.7%. Orders for machinery edged up 0.1% while mining, oil field and gas field machinery orders leaped 17.8%.


In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 rose 6 points to 2,586. Bitcoin soared $230 to $7,310.


Nonfarm payrolls climbed by 261,000 in October while the nation's unemployment rate slipped to a near 17-year low of 4.1%. The markets opened higher with the Dow gaining 33 points to 23,549. Nasdaq rose 23 points to 6,737.


On the upside


Molina Healthcare (NYSE: MOH) reported a smaller than expected loss for the third quarter.


Bargain hunters lifted shares of Newell Brands (NYSE: NWL).


American Axle & Manufacturing (NYSE: AXL) reported better than expected earnings for the third quarter.

 

On the downside


Tableau Software (NYSE: DATA) widened losses for the third quarter more than expected.


The Chemours Co. (NYSE: CC) reported flat third quarter earnings. 


Altice USA (NYSE: ATUS) widened third quarter losses.


In the broad market, declining issues outpaced advancers by a margin of 6 to 5 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 added 2 points to 2,581. Bitcoin soared $160 to $7,240.


The markets closed mixed with the Dow climbing 81 points to 23,516 as investors assessed the impact of the Republican tax plan. Nasdaq eased a point to 6,714.


On the upside


Electro Scientific Industries (Nasdaq: ESIO) swung to a profit for the second quarter as revenue surged.


Two Harbors Investment (NYSE: TWO) completed the distribution of its special stock dividend of Granite Point Mortgage Trust (NYSE: GPMT) common stock.


Dicerna Pharmaceuticals (Nasdaq: DRNA) entered a research collaboration and license agreement with Boehringer Ingelheim to discover and develop novel BalXC RNAi therapeutics to treat chronic liver diseases.

 

On the downside


Shares of Funko (Nasdaq: FNKO) plummeted on its first trading day.


Impinj (Nasdaq: PI) fell to a greater than expected loss for the third quarter and forecast current quarter revenue below estimates. 


Kemet (NYSE: KEM) reversed year ago losses to post a profit for the second quarter but the stock price fell.


In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by a margin of nearly 4 to 3 on Nasdaq. The broader S&P 500 held steady at 2,579. Bitcoin rocketed $525 to $7,111.


House Republicans unveil tax plan

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The markets traded mixed during the midday with the Dow rising 24 points to 23,459. Nasdaq lost 15 points to 6,701.


House Republicans unveiled details of its long awaited plan to overhaul the tax code. GOP lawmakers have proposed cutting the corporate tax rate from 35% to 20% and collapsing individual tax brackets from seven to four, 12%, 25%, 35% and 39.6%. Home mortgage interest deductions for newly purchased homes will be capped at $500,000 while deductions for state and local property taxes will be capped at $10,000.


U.S. worker productivity climbed more than expected in the third quarter to a 3.0% annualized rate. Economists had anticipated a productivity increase of 2.4%. The gain to the hourly output per worker became the quickest pace since the July-September quarter in 2014.


The Department of Justice may sue to prevent the proposed $85.4 billion merger between AT&T and Time Warner. AT&T anticipates closing the deal by the end of the year and is actively engaged in discussions with the government over potential settlement terms in order to win approval for the merger. AT&T has consistently maintained that the deal is not an antitrust threat.


In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 8 on the NYSE while advancers edged out decliners by nearly 9 to 8 on Nasdaq. The broader S&P 500 slipped 3 points to 2,575. Bitcoin leaped $345 to $6,932.


Mixed open ahead of tax plan details

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First time applications for unemployment benefits fell to its lowest level in more than 44 years but the markets opened mixed with the Dow rising 28 points to 23,463 while Nasdaq slipped 7 points to 6,709 as investors await details of the GOP tax plan.


On the upside


Neurocrine Biosciences (Nasdaq: NBIX) narrowed losses for the third quarter more than expected.


Same store sales rose 2% in October for L Brands (NYSE: LB) and the company affirmed its full year forecast.


Terra data (NYSE: TDC) reported better than expected earnings and revenue for the third quarter and appointed Mark Culhane to the position of executive vice president, chief financial officer and principal accounting officer.

 

On the downside


Third quarter earnings and revenue fell short of expectations for Newell Brands (NYSE: NWL) prompting the consumer goods company to cut its full year forecast.


Treehouse Foods (NYSE: THS) disappointed with lower third quarter earnings that missed expectations and announced the resignation of president Robert B. Aiken. 


Teva Pharmaceuticals (NYSE: TEVA) disappointed with third quarter earnings and revenue that fell short of expectations prompting the generic drug maker to cut its full year outlook.


In the broad market, declining issues outpaced advancers by a slim margin on the NYSE while advancers edged out decliners by a margin of 6 to 5 on Nasdaq. The broader S&P 500 added 4 points to 2,579. Bitcoin leaped $504 to $7,091.


The markets closed mixed with the Dow climbing 57 points to 23,435 as the nation's factory activity slipped in October. Nasdaq slipped 11 points to 6,716.


On the upside


Shares of Altair Engineering (Nasdaq: ALTR) surged in its market debut.


Bill Barrett (NYSE: BBG) reported a smaller than expected loss for the third quarter as revenue rose.


Emerge Energy Services (NYSE: EMES) reported better than expected earnings and revenue for the third quarter.

 

On the downside


3D Systems (NYSE: DDD) widened third quarter losses more than expected as revenue slipped prompting the company to withdraw its full year forecast.


Frontier Communications (Nasdaq: FTR) reported a loss for the third quarter. 


Intellia Therapeutics (Nasdaq: NTLA) widened losses for the third quarter and announced plans to offer $150 million of its common stock.


In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on the NYSE while decliners edged out advancers by more than 5 to 3 on Nasdaq. The broader S&P 500 added 4 points to 2,579. Bitcoin surged $148 to $6,540.


The markets traded mixed during the midday with the Dow gaining 44 points to 23,421 while Nasdaq lost 16 points to 6,711.


Walmart unveiled plans to host in-store parties during the holiday shopping season in order to lure customers to its brick and mortar Supercenters. As consumers increasingly shop online, the world's largest retailer will create experiences in real life for the whole family including toy events for children. Walmart workers will also be available to help customers pick up items that they ordered online.


Starbucks holiday cups arrived in stores today to continue a tradition that began in 1997. Unlike previous designs, this year's cups are mostly white with touches of red and green highlighting the black and white graphics. Customers are encouraged to personalize their cups by using colored pencils that are available onsite.


Facebook has increased the number of Americans who may have seen inflammatory posts by Russian agents during the 2016 presidential campaign from 126 million to 146 million. The social media giant had previously revealed that 126 million Americans may have been impacted by the posts. Facebook now said that an additional 20 million people may have seen posts on Instagram.


In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on the NYSE while decliners edged out advancers by more than 6 to 5 on Nasdaq. The broader S&P 500 rose 4 points to 2,579. Bitcoin soared $215 to $6,607.


Stronger than expected hiring by private employers in September lifted the markets to a higher open with the Dow gaining 65 points to 23,442. Nasdaq climbed 29 points to 6,758.


On the upside


U.S. Steel (NYSE: X) reported higher third quarter earnings and revenue that topped expectations and forecast full year earnings ahead of analyst estimates.


First quarter earnings and revenue climbed for Estee Lauder (NYSE: EL) to surpass expectations.


Weatherford International (NYSE: WFT) narrowed third quarter losses more than expected.

 

On the downside


Envision Healthcare (NYSE: EVHC) disappointed with sharply lower third quarter earnings that fell short of expectations.


Check Point Software (Nasdaq: CHKP) reported higher third quarter earnings and revenue but the company forecast fourth quarter revenue below expectations. 


Pitney Bowes (NYSE: PBI) disappointed with lower third quarter earnings that missed expectations.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 gained 8 points to 2,583. Bitcoin soared $108 to $6,500.


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