January 2018 Archives

The markets retreated to trade lower during the midday with the Dow slipping 15 points to 25,787. Nasdaq lost 32 points to 7228.


As part of the company's shift to healthier products, Nestle will sell its U.S. confectionary business to Nutella maker Ferrero for approximately $2.8 billion. Sales of Nestle's popular sweets such as Baby Ruth, Butterfinger, Crunch, Laffy Taffy and Raisinets to the American market reached nearly $900 million in 2016. Nestle will maintain ownership of its Toll House baking brand and KitKat chocolate bar.


Citigroup will close the wage gap between different demographic groups by increasing the compensation of women and minorities in the United States, United Kingdom and Germany. An internal survey conducted in the three countries revealed disparities in pay between white male employees and women and minority employees. The median pay differential among the banking industry is approximately 24%.


IBM will enter a joint venture with A.P. Moller-Maersk Group to improve efficiencies for the global shipping industry. A new platform based on blockchain technology will digitize the industry creating faster trade and slashing costs. Shipping companies, freight forwarders, ocean carriers as well as customs and port authorities will be able to manage and track shipping containers around the world.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 lost 9 points to 2,776. Bitcoin crashed $2,089 to $11,720.


Markets soar on upbeat earnings

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Upbeat earnings sent the markets soaring to a sharply higher open with the Dow jumping 184 points to 25,987. Nasdaq gained 46 points to 7307.


On the upside


Blackhawk Network Holdings (Nasdaq: HAWK) will be acquired by Silver Lake and P2 Capital partners in an all cash deal valued at approximately $3.5 billion.


Bernstein upgraded Vipshop Holdings (NYSE: VIPS) from a Market Perform rating to an Outperform rating and lifted its price target from $9.20 to $23.50.


Energizer Holdings (NYSE: ENR) will pay approximately $2 billion to acquire the battery and portable lighting business of Spectrum Brands (NYSE: SPB).


On the downside 


Avis Budget Group (Nasdaq: CAR) announced preliminary full year results and adopted a one year stockholder rights plan.


Tesaro (Nasdaq: TSRO) updated the packaging for its VARUBI injectable emulsion to include a warning about anaphylactic shock.


Tiger BioPharmaceuticals (Nasdaq: EIGR) reported disappointing results from a Phase 2 LIBERTY study in pulmonary arterial hypertension.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 gained 12 points to 2,798. Bitcoin crashed $1,909 to $11,900.


U.S. markets closed

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U.S. markets are closed in observance of Dr. Martin Luther King Jr. Day.

Markets soar as CPI rise 0.3%

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The Consumer Price Index rose a healthy 0.3% last month to lift the markets to a sharply higher close with the Dow leaping 228 points to 25,803. Nasdaq climbed 49 points to 7261.


On the upside


Shares of Liberty Oilfield Services (NYSE: LBRT) surged in its market debut.


Atara Biotherapeutics (Nasdaq: ATRA) stock climbed for the fourth day in a row.


Intexon's (NYSE: XON) majority owned subsidiary AquaBounty Technologies (Nasdaq: AQB) priced its public offering of nearly 3.7 million common shares at $3.25 per share.


On the downside 


Share of Invitae (NYSE: NVTA) extended its losses.


Concert Pharmaceuticals (Nasdaq: CNCE) was not granted a Post Grant Review petition challenging the validity of an Incyte Pharmaceutical (Nasdaq: INCY) patent.


Xunlei (Nasdaq: XNET) exhibited its OneThing Cloud at CES 2018.


In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 soared 18 points to 2,786. Bitcoin slipped $7 to $13,585.


Higher open as retail sales rise

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Retail sales rose 0.4% in December to lift the markets to a higher open with the Dow climbing 64 points to 25,638. Nasdaq slipped 3 points to 7208.


On the upside


Shares of Rite Aid (NYSE: RAD) climbed for the fourth day in a row.


Synaptics (Nasdaq: SYNA) stock continued to advance.


Shares of Twitter (NYSE: TWTR) rose after Facebook (Nasdaq: FB) announced changes to its news feed that could lower its ad revenue.


On the downside 


Morgan Stanley downgraded Etsy (Nasdaq: ETSY) from an Equal Weight rating to an Underweight rating.


Facebook (Nasdaq: FB) will change its news feed to present more stories from users' friends and families over those created by companies.


Former Aflac (NYSE: AFL) employees have sued the insurance firm for exploitation.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and by 5 to 3 on Nasdaq. The broader S&P 500 added 3 points to 2,770. Bitcoin leaped $828 to $13,894.


Rising crude oil prices lifted the markets to a sharply higher close with the Dow jumping 205 points to 25,574. Nasdaq soared 58 points to 7211.


On the upside


Bloomberg reported that Blackstone and Carlyle may be interested in acquiring Pitney Bowes (NYSE: PBI).


Progress Software (Nasdaq: PRGS) reversed year ago losses to post a profit for the fourth quarter.


Shares of Energy XXI Gulf Coast (Nasdaq:EXXI) continued to climb.


On the downside 


J.P.Morgan Chase sold some of its holdings in Arena Pharmaceuticals (Nasdaq: ARNA).


Shares of Axovant Sciences (Nasdaq: AXON) fell again.


Orchid Island Capital (NYSE: ORC) declared a quarterly dividend of $0.11 per share payable on February 9, 2018 to shareholder of record on January 31, 2018 but the stock price fell.


In the broad market, advancing issues outpaced decliners by a margin of 7 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 climbed 19 points to 2,767. Bitcoin collapsed $1,176 to $13,301.


Walmart to increase hourly wage

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The markets extended its gains during the midday with the Dow leaping 145 points to 25,514. Nasdaq climbed 43 points to 7197.


Walmart will increase its entry level hourly wage from $10 per hour to $11 per hour for workers in the U.S. beginning in February. The world's largest retailer credited the new tax law which slashes the corporate tax rate from 35% to 21% for making the raises possible. Bonuses of up to $1,000 will also be given to workers.


MoneyGram has partnered with Ripple to pilot a program that transfers funds using the cryptocurrency. The arrangement is expected to lower the cost of transferring money. The transaction time will also plunge to 2-3 second from the current time of between 15 minutes to an hour.


Tivo sued Comcast again for patent infringement. The International Trade Commission ruled in favor of Tivo last year by ruling that Comcast infringed on two patents. The current suit alleges infringement on patents dealing with video recording functions such as pausing and resuming shows on different devices.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 gained 14 points to 2,762. Bitcoin collapsed $644 to $13,834.


Wholesale prices eased 0.1% in December but the markets opened higher with the Dow gaining 29 points to 25,398 as crude oil prices edged up. Nasdaq rose 15 points to 7168.


On the upside


KB Home (NYSE: KBH) reported higher fourth quarter earnings that topped analyst estimates.


In response to widespread flu activity, Rite Aid (NYSE: RAD) is urging people to get the flu vaccine.


Shanda Group increased its holdings in Community Health Systems (NYSE: CYH).


On the downside 


Alamos Gold (NYSE: AGI) reported record gold production and sales for the fourth quarter but the stock price fell.


Investors locked in profits on Eastman Kodak (NYSE: KODK).


Profit taking weighed down shares of Cogint (Nasdaq: COGT).


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 rose 4 points to 2,752. Bitcoin crashed $793 to $13,685.


The markets closed lower with the Dow slipping 16 points to 25,369 after Canada filed a complaint with the World Trade Organization against the United States. Nasdaq lost 10 points to 7153.


On the upside


Shares of Eastman Kodak (NYSE: KODK) surged again.


DST Systems (NYSE: DST) may be acquired by SS&C Technologies (Nasdaq: SSNC).


Tandem Diabetes Care (Nasdaq: TNDM) reported sharply higher preliminary fourth quarter revenue.


On the downside 


Third quarter revenue for Supervalu (NYSE: SVU) fell short of expectations.


Shares of Ambarella (Nasdaq: AMBA) extended its losses.


Zacks Investment Research lifted its full year earnings expectations for Arrowhead Pharmaceuticals (Nasdaq: ARWR) but the stock price fell.


In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 6 to 5 on Nasdaq. The broader S&P 500 slipped 3 points to 2,748. Bitcoin gained $41 to $14,460.


Four new Diet Coke flavors

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The markets traded mixed during the midday with the Dow adding 4 points to 25,390. Nasdaq lost 19 points to 7144.


Coca-Cola announced four new flavors of its zero calorie Diet Coke that will be available at the end of the month. Feisty Cherry, Ginger Lime, Twisted Mango and Zesty Blood Orange will come in a redesigned skinny 12-ounce can. The adventurous new flavors are being marketed to millennials.


Boeing introduced a new autonomous electric cargo air vehicle with the capacity for a 500 pound load. The autonomous vehicle is powered by an electric propulsion system and fitted with eight counter rotating blades that allow the aircraft to take-off and land vertically. Boeing expects the prototype to have many uses beyond cargo delivery.


Owners of the F-250 and F-350 Super Duty trucks have sued Ford for emissions cheating. The lawsuit alleges that the car maker installed software that would allow the trucks to pass emissions tests but released emissions that were at least double the legal limit when the truck was being driven under normal circumstances. German auto supplier Robert Bosch was also named as a defendant in the lawsuit. 


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by 9 to 8 on Nasdaq. The broader S&P 500 slipped 2 points to 2,748. Bitcoin climbed $151 to $14,570.


The markets opened lower with the Dow losing 37 points to 25,348 over a report that China may stop buying U.S. bonds. Nasdaq fell 34 points to 7129.


On the upside


AmTrust Financial Services (Nasdaq: AFSI) appointed a special committee to consider a proposal from Stone Point Capital, chief executive George Karfunkel and Leah Karfunkel.


Shares of Global Blood Therapeutics (Nasdaq: GBT) extended its gains.


Citi upgraded Cloudera (NYSE: CLDR) from a Neutral rating to a Buy rating and lifted its price target from $18.00 to $24.00.


On the downside 


NetScout Systems (Nasdaq: NTCT) cut its full year forecast.


Signet Jewelers (NYSE: SIG) reported a drop in holiday sales.


Domino's Pizza (NYSE: DPZ) chief executive Patrick Doyle will depart the company in June.


In the broad market, declining issues outpaced advancers 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 lost 6 points to 2,745. Bitcoin crashed $698 to $13,720.


Rising crude oil prices lifted the markets to a sharply higher close with the Dow soaring 102 points to 25,385. Nasdaq rose 6 points to 7163.


On the upside


Eastman Kodak (NYSE: KODK) will launch its own KodakCoin cryptocurrency for photographers.


Boston Scientific (NYSE: BSX) reported higher preliminary fourth quarter revenue that topped analyst estimates.


Shares of Alder Biopharmaceuticals  (Nasdaq: ALDR) extended its gains.


On the downside 


An independent data monitoring committee recommended that Axsome Therapeutics (Nasdaq: AXSM) discontinue its CREATE-1 trial of AXS-02.


Big 5 Sporting Goods (Nasdaq: BGFV) reported lower fourth quarter revenue as same store sales dropped and warned of losses.


e.l.f. Beauty (NYSE: ELF) affirmed its 2017 guidance.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by 6 to 5 on Nasdaq. The broader S&P 500 added 3 points to 2,751. Bitcoin fell $40 to $14,616.


The markets extended its gains during the midday with the Dow leaping 131 points to 25,414. Nasdaq gained 18 points to 7175.


Toyota has expanded its recall of vehicles with Takata front passenger air bags to include an additional 601,300 cars in the United States. The air bag inflators can potentially inflate with excessive force and spray metal fragments causing injury. Over 100 million Takata air bag inflators have been recalled worldwide to fix the defective inflators.


Intel said that its Mobileye autonomous vehicle technology will be used by 2 million vehicles to create maps for self-driving cars. BMW, Nissan and Volkswagen have partnered with the chipmaker to build the support systems necessary for autonomous cars to successfully navigate roads. SAIC Motor will develop driverless cars in China using Mobileye technology.


In response to a request by two major shareholders, Apple has committed to including more robust parental controls to its devices. No specific tools were mentioned but the technology company said that more options will be made available to parents to monitor and control what their children do on iPhones and iPads. The California State Teachers' Retirement System and Jana Partners sent a letter to Apple yesterday outlining their concerns about smartphone addiction among children and youth.


In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE while advancers were on par with decliners on Nasdaq. The broader S&P 500 gained 8 points to 2,756. Bitcoin climbed $97 to $14,754.


Higher open as CES begins

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The markets opened higher with the Dow rising 29 points to 25,312 as the annual Consumer Electronics Show began in Las Vegas. Nasdaq gained 17 points to 7174.


On the upside


Altice (NYSE: ATUS) will spinoff its Altice USA unit into a separate business and rename itself Altice Europe.


Pain Therapeutics (Nasdaq: PTIE) reported positive results from a human abuse potential study of its late stage drug candidate REMOXY.


The Food and Drug Administration granted Breakthrough Therapy Designation to Global Blood Therapeutics' (Nasdaq: GBT) voxelotor to treat sickle cell disease.


On the downside 


Express (NYSE: EXPR) cut its fourth quarter forecast after disappointing holiday sales.


Acuity Brands (NYSE: AYI) reported lower first quarter earnings and revenue.


Urban Outfitters (Nasdaq: URBN) reported same store sales for November and December that fell short of expectations.


In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by 5 to 4 on Nasdaq. The broader S&P 500 rose 4 points to 2,751. Bitcoin tumbled $192 to $14,464.


Mixed close ahead of earnings

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The markets closed mixed with the Dow slipping 12 points to 25,283 ahead of earnings season. Nasdaq gained 20 points to 7157.


On the upside


Novo Nordisk made an unsolicited $3.1 billion offer to acquire Ablynx (Nasdaq: ABLX).


The Food and Drug Administration approved Nevro's (NYSE: NVRO) next generation Senza II Spinal Cord Stimulation System.


Tandem Diabetes Care (Nasdaq: TNDM) successfully completed the first pilot study using a hybrid closed loop system featuring its t:slim X2 Insulin Pump.


On the downside 


Oxford Immunotec Global (Nasdaq: OXFD) reported preliminary fourth quarter revenue that fell short of previous guidance.


Natus Medical (Nasdaq: BABY) reported preliminary fourth quarter revenue that was lower than expected.


Invitae (NYSE: NVTA) forecast disappointing 2018 revenue.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE while advancers were on par with decliners on Nasdaq. The broader S&P 500 rose 4 points to 2,747. Bitcoin gained $117 to $14,774.


Ford unveils diesel F-150

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The markets traded mixed during the midday with the Dow losing 27 points to 25,268. Nasdaq gained 16 points to 7153.


Ford has redesigned the engine of its popular F-150 pickup truck to support diesel. The new 3-liter, 6-cylinder diesel engine will get an impressive 30 miles per gallon while maintaining the F-150's reputation as having the most powerful towing and hauling capabilities. The diesel pickup was tested in extreme temperatures.


A lawsuit alleging that Starbucks overcharged customers was dismissed. Plaintiffs claimed that the coffee chain underfilled latte orders by approximately 25% in order to lower its milk expenses. Starbucks asserted that its cups contained more than the advertised amount for each drink.


Toyota announced its new e-Palette self-driving concept vehicle that can be customized for different uses. Three sizes will be available for ride hailing, shuttle services or package deliveries. The Japanese automaker will work with Amazon, Didi Chuxing Technology, Pizza Hut and others to design and build the hardware and software for the new fleet of autonomous electric vehicles.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 added 2 points to 2,745. Bitcoin plunged $1,619 to $14,819.


Flat open as tech stocks retreat

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The markets opened flat with the Dow adding 13 points to 25,308 as technology stocks retreated. Nasdaq eased a point to 7135.


On the upside


LightInTheBox Holding (NYSE: LITB) will begin accepting bitcoin.


Alder Biopharmaceuticals (Nasdaq: ALDR) reported positive results from a Phase 3 PROMISE 2 clinical trial of eptinezumab.


Seagate Technology (Nasdaq: STX) invested in Ripple Labs.


On the downside 


Axovant Sciences (Nasdaq: AXON) reported disappointing results from a Phase 2b HEADWAY and a pilot Phase 2 Gait and Balance study of intepirdine.


GoPro (Nasdaq: GPRO) will eliminate 20% of its positions and exit the drone business.


Dave & Buster's Entertainment (Nasdaq: PLAY) cut its full year forecast.


In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 eased a point to 2,742. Bitcoin plunged $1714 to $14,725.


The markets surged to close sharply higher with the Dow jumping 220 points to 25,295 even as job growth slowed in December. Nasdaq climbed 58 points to 7136.


On the upside


Momenta Pharmaceuticals (Nasdaq: MNTA) reported positive data from a Phase 1 study of M281.


CRISPR Therapeutics (Nasdaq: CRSP) priced its pubic offering of 5 million common shares at the discounted price of $22.75 peshare.


Diplomat Pharmacy (NYSE: DPLO) appointed Jeff Park as interim chief executive officer and affirmed its 2017 guidance.


On the downside 


Kala Pharmaceuticals (Nasdaq: KALA) reported mixed results from two Phase 3 trials of KPI-121 to treat dry eye disease.


Core-Mark Holding (Nasdaq: CORE) warned that 2017 earnings will fall far short of previous guidance.


Regenxbio (Nasdaq: RGNX) provided a year end update.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 climbed 19 points to 2,743. Bitcoin plummeted $188 to $16,681.


Higher open as payrolls rise

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December payrolls rose by 148,000 to lift the markets to a higher open with the Dow gaining 39 points to 25,114. Nasdaq rose 28 points to 7105.


On the upside


Stifel Nicolaus initiated coverage of Tellurian (Nasdaq: TELL) with a Buy rating.


Robert W. Baird upgraded USG (NYSE: USG) from a Neutral rating to an Outperform rating and lifted its price target from $35.00 to $45.00.


Shares of ChinaCache International Holdings (Nasdaq: CCIH) surged over expectations that the company's unlicensed rivals in China will shut down.


On the downside 


Shares of Roku (Nasdaq: ROKU) extended its losses.


Francesca's Holdings (Nasdaq: FRAN) cut its fourth quarter forecast due to disappointing holiday results.


Barnes & Noble (NYSE: BKS) reported a drop in holiday sales.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 gained 8 points to 2,731. Bitcoin leaped $953 to $16,003.


Higher close on strong jobs data

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Upbeat jobs data lifted the markets to a higher close with the Dow soaring 152 points to 25,075. Nasdaq added 12 points to 7077.


On the upside


The European Medicines Agency accepted ChemoCentryx's (Nasdaq: CCXI) Conditional Marketing Authorization application for avacopan which triggered a milestone payment of $50 million from Vifor Fresenius Medical Care Renal Pharma.


Simply Wall St. wrote that Cheetah Mobile(NYSE: CMCM) was undervalued.


Barron's reported that Morgan Stanley acquired a 5% stake in Xunlei (Nasdaq: XNET).


On the downside 


Shares of Insys Therapeutics (Nasdaq: INSY) plunged after Attorney General Jeff Sessions terminated the federal government's noninterference policy towards states that have legalized marijuana.


Investors locked in profits on Renren (NYSE: RENN).


United Natural Foods (Nasdaq: UNFI) chief executive Steven Spinner sold 49,026 shares of company stock.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 3 to 2 Nasdaq. The broader S&P 500 climbed 10 points to 2,723. Bitcoin rose $37 to $14,888.


Strong jobs numbers lift markets

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Private employers added a healthy 250,000 jobs in December to lift the markets to a higher open with the Dow rising 42 points to 24,964. The tech-heavy Nasdaq gained 24 points to 7089.


On the upside


An investor group led by Apollo Global Management and Varde Partners will acquire Fortress Investment Group's stake in OneMain Holdings (NYSE: OMF) for approximately $1.4 billion.


A potential security flaw in Intel (Nasdaq: INTC) chips lifted shares of rival Advanced Micro Devices (Nasdaq: AMD).


CVS Health (NYSE: CVS) said that its cash flow will surge by $1.2 billion under the new tax code.


On the downside 


L Brands (NYSE: LB) reported higher holiday sales but year to date sales fell.


Macy's (NYSE: M) will close eleven stores in early 2018.


Investors locked in profits on Roku (Nasdaq: ROKU).


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by nearly 3 to 2 Nasdaq. The broader S&P 500 gained 6 points to 2,719. Bitcoin plunged $216 to $14,635.


Tech Stocks Lead Rally

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Tech companies took the lead with the Dow rising 80 points to 24,904. The tech-heavy Nasdaq climbed 42 points to 7050.


On the upside


Roku (Nasdaq: ROKU) will license a voice assistant program to hardware makers selling Roku-branded speakers and audio systems.


Shares of South Carolina energy company Scana (NYSE: SCG) surged after it agreed to be bought by Dominion Energy (NYSE: D) in a $7.9 billion stock deal.


Software maker Oracle (Nasdaq: ORCL) finally joined the new year's rally after stewing on reports that Amazon (Nasdaq: AMZN) and Salesforce (NYSE: CRM) may be building its own database software.


On the downside 


MoneyGram (NYSE: MGI) shares tumbled after it called off a merger with Ant Financial, an affiliate of Jack Ma's tech company Alibaba (Nasdaq: BABA).  It was not able to secure approval of the deal from the Treasury Department which chairs the Committee on Foreign Investment in the United States.


Social media ambassador DJ Khaled signed on to Weight Watchers (NYSE: WTW) to attract more young men to join the program.  The stock eased giving up some of yesterday's gains.


American Airlines (Nasdaq: AAL) and Southwest Airlines (NYSE: LUV) have announced plans to give their employees one-time bonuses of $1000 each as a result of lower potential tax bills.


 

In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on both the NYSE and Nasdaq. The broader S&P 500 climbed 12 points to 2,708. Bitcoin rose $220 to $15,022.


Optimism that the markets will continue to post strong gains in 2018 boosted the markets on the first trading day of the year with the Dow surging 104 points to 24,824. Nasdaq rocketed 103 points to close at a new record of 7,006.


On the upside


Shares of LexinFintech Holdings (Nasdaq: LX) extended its gains.


Renren (NYSE: RENN) acquired trucking industry social platform Trucker Path for an undisclosed sum.


Intrexon (NYSE: XON) issued its annual CEO letter which rated its 2017 performance an A.


On the downside 


Shares of Express (NYSE: EXPR) fell for the fourth day.


Rent-a-Center (Nasdaq: RCII) chief executive Mark Speese resigned effective immediately


The California State Teachers Retirement System sold 9.6% of its holdings in Puma Biotechnology (Nasdaq: PBYI).

 

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 climbed 22 points to 2,695. Bitcoin leaped $1,261 to $14,752.


New year opens on upbeat

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The markets opened the new year on an upbeat with the Dow soaring 90 points to 24,809. Nasdaq gained 34 points to 6,937.


On the upside


Shares of Autohome (NYSE: ATHM) rose ahead of its ex-dividend date tomorrow, January 3.


Stock News Gazette wrote that Vipshop Holdings (NYSE: VIPS) was a better value than AT&T (NYSE: T).


Commercial Metals (NYSE: CMC) will acquire certain U.S. rebar steel mill and fabrication assets from Gerdau (NYSE: GGB).


On the downside 


Weatherford International (NYSE: WFT) sold its North American pressure pumping assets to Schlumberger (NYSE: SLB).


Investors continued to lock in profits on Gain Capital Holdings (NYSE: GCAP)


Cowen slashed its price target on Tesaro (Nasdaq: TSRO) from $125.00 to $80.00.

 

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 gained 10 points to 2,683. Bitcoin leaped $334 to $13,825.


U.S. markets closed

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U.S. markets are closed for New Year.

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