May 2018 Archives

The markets closed mixed with the Dow climbing 91 points to 24,831 as President Donald Trump vowed to lower drug costs. Nasdaq eased 2 points to 7402.


On the upside


Shares of Huya (NYSE: HUYA) surged in its market debut.


WideOpenWest (NYSE: WOW) reported a loss for the first quarter but the stock price soared.


Shares of Turtle Beach (Nasdaq: HEAR) continued to soar.

 

On the downside 


Ultra Petroleum (Nasdaq: UPL) swung to a profit for the first quarter but the stock price fell.


Fate Therapeutics (Nasdaq: FATE) widened losses for the third quarter.


Casa Systems (Nasdaq: CASA) reported lower first quarter earnings.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by 6 to 5 on Nasdaq. The broader S&P 500 added 4 points to 2,727. Bitcoin crashed $461 to $8,630.


The markets traded mixed during the midday with the Dow rising 30 points to 24,770. Nasdaq fell 20 points to 7384.


Elon Musk's Boring Company is close to completing a tunnel under the city of Los Angeles that will be used for a high-speed public transportation system. The tunnel is 12 feet wide and spans two miles. Free rides to the public will be available once regulatory approvals are secured.


President Donald Trump plans to lower the cost of prescription medication so that they are more affordable. The administration will encourage Medicare insurers to negotiate better drug prices and lower out of pocket costs for patients. Incentives will be created to prompt drug manufacturers to lower list prices.


Harley-Davidson union Association of Machinists and Aerospace Workers has accused the motorcycle company of moving factory work out of the country to Thailand. A factory in Kansas City will be closed but Harley-Davidson said that the work will be moved to a plant in York, Pennsylvania. While 800 jobs will be lost in Kansas City, 400 will be created in York.


In the broad market, advancing issues were on par with decliners on both the NYSE and on Nasdaq. The broader S&P 500 eased a point to 2,722. Bitcoin collapsed $475 to $8,615.


The markets opened mixed with the Dow adding 19 points to 24,758 while Nasdaq lost 11 points to 7393 as crude oil prices eased.


On the upside


The Trade Desk (Nasdaq: TTD) reported sharply higher first quarter earnings that beat expectations.


Uniti Group (Nasdaq: UNIT) narrowed first quarter losses as revenue rose.


Weight Watchers (NYSE: WTW) priced its secondary offering of 7.5 million common shares at $69.00 per share.

 

On the downside 


Symantec (Nasdaq: SYMC) initiated an internal investigation which may delay the release of its annual report prompting downgrades.


Intrexon (NYSE: XON) widened first quarter losses as revenue fell.


Yelp (NYSE: YELP) reported a loss for the first quarter.


In the broad market, advancing issues outpaced decliners 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 eased a point to 2,722. Bitcoin crashed $544 to $8,546.


Markets soar on mild inflation

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Mild inflation data sent the markets soaring to a sharply higher close with the Dow leaping 196 points to 24,739. Nasdaq climbed 65 points to 7404.


On the upside


ARMO BioSciences (Nasdaq: ARMO) will be acquired by Eli Lilly (NYSE: LLY) for a premium of approximately $1.6 billion in cash.


Turtle Beach (Nasdaq: HEAR) swung to a profit for the first quarter that beat expectations by a wide margin.


Prestige Brands (NYSE: PBH) topped analyst estimates for the fourth quarter.

 

On the downside 


Soaring tensions between Israel and Iran sent shares of Middle East based Amira Nature Foods (NYSE: ANFI) plummeting.


MDC Partners (Nasdaq: MDCA) widened first quarter losses prompting the advertising company to lower its full year forecast.


EyePoint Pharmaceuticals (Nasdaq: EYPT) widened third quarter losses.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 climbed 25 points to 2,723. Bitcoin plummeted $174 to $9,076.


The markets advanced during the midday with the Dow soaring 173 points to 24,716. Nasdaq climbed 54 points to 7394.


Apple partnered with Goldman Sachs to offer a new Apple Pay branded credit card. The card is expected to launch in early 2019 and will be the first consumer credit card being offered by Goldman Sachs. Apple had previously issued a co-branded reward credit card with Barclays.


Ford has suspended production of its best selling F-150 trucks due to a fire at one of the automaker's suppliers. Extensive damage occurred at a Meridian Magnesium Products of America plant during an early morning fire on May 2. The plant makes magnesium radiator support structures.


A fatal crash in Florida involving a 2014 Tesla Model S will be investigated by the National Transportation Safety Board. Two 18-year-old high school students were killed in the crash and a third teenager was injured. Authorities believe that speed was the cause of the accident rather than the electric vehicle's partial self-driving autopilot mode.


In the broad market, advancing issues outpaced decliners 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 climbed 20 points to 2,718. Bitcoin tumbled $90 to $9,159.


Inflation fears were eased as consumer prices rose less than expected. The markets opened higher with the Dow gaining 49 points to 24,591. Nasdaq rose 16 points to 7355.


On the upside


First quarter revenue more than doubled for Carvana (NYSE: CVNA) to beat expectations. 


Wright Medical Group (Nasdaq: WMGI) narrowed first quarter losses more than expected. 


Pan American Silver (Nasdaq: PAAS) reported higher first quarter earnings and revenue.

 

On the downside 


Nuance Communications (Nasdaq: NUAN) widened second quarter losses more than expected.


Exelixis (Nasdaq: EXEL) reported disappointing results from a Phase 3 study of atezolizumab.


Puma Biotechnology (Nasdaq: PBYI) reported a loss for the first quarter.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 gained 8 points to 2,705. Bitcoin soared $111 to $9,361.


Rising crude oil prices lifted the markets to a sharply higher close with the Dow surging 182 points to 24,542. Nasdaq soared 73 points to 7339.


On the upside


OPKO Health (Nasdaq: OPK) reported a smaller than expected loss for the first quarter. 


ZAGG (Nasdaq: ZAGG) reversed year ago losses to post a greater than expected profit for the first quarter. 


Blucora (Nasdaq: BCOR) reported higher first quarter earnings as revenue rose.

 

On the downside 


Cutera (Nasdaq: CUTR) widened losses for the first quarter.


Caesarstone (Nasdaq: CSTE) reported sharply lower first quarter earnings prompting the company to lower its full year forecast.


Extreme Networks (Nasdaq: EXTR) widened losses for the third quarter.


In the broad market, advancing issues outpaced decliners 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 climbed 25 points to 2,697. Bitcoin gained $73 to $9,248.


The markets advanced during the midday with the Dow leaping 163 points to 24,523. Nasdaq climbed 52 points to 7319.


Lennar partnered with Amazon to equip all new homes with built-in wifi, smart locks, thermostats and lights that are controlled by the voice activated digital assistant Alexa. The Echo Show and Echo Dot smart speakers will be included with each house. Eight model homes have been upgraded with the technology for homeowners to experience a smart home.


Ford vehicles that are imported into China have been targeted by customs officials. Vehicles must undergo extra checks of emissions components prompting delivery delays. Ford has not attributed the increased scrutiny to the tariff dispute between the two countries and has said that the situation is being monitored.


Walmart has reached an agreement to invest $16 billion in Flipkart Group in exchange for 77% of India's largest online retailer. Annual online sales in India totals approximately $30 billion and expected to grow by 35% per year. While Flipkart reported higher revenue in fiscal 2017, losses surged by 68%. 


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 climbed 23 points to 2,695. Bitcoin soared $168 to $9,343.


Crude oil prices advanced to lift the markets to a higher open with the Dow rising 39 points to 24,399. Nasdaq gained 15 points to 7281.


On the upside


TripAdvisor (Nasdaq: TRIP) reported stronger than expected earnings for the first quarter. 


Twilio (NYSE: TWLO) reported a smaller than expected loss for the first quarter a revenue climbed. 


Axon Enterprise (Nasdaq: AAXN) reported record revenue for the first quarter.

 

On the downside 


Weibo (Nasdaq: WB) reported higher first quarter earnings and revenue but the stock price tumbled.


The Middleby Corp. (Nasdaq: MIDD) disappointed with lower first quarter earnings and revenue that fell short of expectations.


Kinross Gold (NYSE: KGC) reported higher first quarter earnings and revenue that topped analyst estimates but the stock price fell.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 gained 7 points to 2,678. Bitcoin climbed $85 to $9,261.


The markets closed flat with the Dow adding 2 points to 24,360 after the U.S withdrew from the Iran nuclear deal. Nasdaq edged up a point to 7266.


On the upside


Impinj (Nasdaq: PI) reported first quarter revenue that was higher than expected. 


Fossil Group (Nasdaq: FOSL) reported a smaller than expected loss for the first quarter. 


Dean Foods (NYSE: DF) narrowed first quarter losses more than expected.

 

On the downside 


Moody's downgraded Gogo's (Nasdaq: GOGO) corporate family rating from B3 to Caa1.


Hertz Global (NYSE: HTZ) reported a wider than expected loss for the first quarter.


Entercom Communications (NYSE: ETM) reported a loss for the first quarter.


In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by a margin of 6 to 5 on Nasdaq. The broader S&P 500 held steady at 2,671. Bitcoin sank $230 to $9,164.


Walmart-Uber partnership ends

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The markets extended its losses during the midday with the Dow losing 55 points to 24,301. Nasdaq fell 15 points to 7249.


A partnership between Walmart and Uber to deliver groceries efficiently and in a timely manner has ended. The UberRush on-demand delivery service will continue in four markets until the end of June. Walmart is exploring partnerships with alternative delivery services such as Deliv, DoorDash and Postmates.


China and the United States have accused each other of undermining the World Trade Organization. Deputy U.S. Trade Representative Dennis Shea said that China held an unrealistic fantasy of trade relations and that the WTO's Appellate Body was dysfunctional. China declared that U.S. trade tariffs and vetoing of new appointments to the Appellate Body were dangerous and devastating.


Google demonstrated a new reservations feature for its virtual assistant at its I/O developers conference. Google Assistant will be able to call hair salons or restaurants, engage in conversation with a person on the other line and schedule a hair cut or make dinner reservations. No official launch date has been announced.


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 lost 8 points to 2,664. Bitcoin plunged $287 to $9,107.


The markets opened lower with the Dow slipping 16 points to 24,341 as President Donald Trump weighs withdrawing from the Iran nuclear deal. Nasdaq lost 10 points to 7255.


On the upside


Valeant Pharmaceuticals (NYSE: VRX) reported greater than expected revenue for the first quarter and announced that it will change its name to Bausch Health Companies. 


Expeditors International of Washington (Nasdaq: EXPD) reported higher first quarter earnings and revenue. 


Discovery (Nasdaq: DISCA) reported higher first quarter revenue.

 

On the downside 


Nevro (NYSE: NVRO) widened losses for the first quarter.


Amicus Therapeutics (Nasdaq: FOLD) reported a loss for the first quarter.


Camping World Holdings (NYSE: CWH) disappointed with sharply lower first quarter earnings.


In the broad market, declining issues outpaced advancers by a margin of 6 to 5 on the NYSE while advancers edged out decliners by a slim margin on Nasdaq. The broader S&P 500 slipped 2 points to 2,670. Bitcoin plummeted $279 to $9,115.


Rising gasoline prices lifted the markets to a higher close with the Dow climbing 94 points to 24,357. Nasdaq gained 55 points to 7265.


On the upside


National CineMedia (Nasdaq: NCMI) reported a smaller than expected loss for the first quarter. 


Shares of Turtle Beach (Nasdaq: HEAR) rose for the fourth day. 


Gannett (NYSE: GCI) narrowed losses for the first quarter.

 

On the downside 


Moody's Investors Service has placed International Flavors & Fragrances' (NYSE: IFF) ratings on review for a possible downgrade after the company announced that it will acquire Frutarom in a deal valued at approximately $7.1 billion in cash and stock.


Profit taking weighed down shares of Intersect ENT (Nasdaq: XENT).


Shares of Sears Holdings (Nasdaq: SHLD) tumbled after Deutsche Bank said that there was limited upside to department store stocks.


In the broad market, advancing issues outpaced decliners 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 gained 9 points to 2,672. Bitcoin dropped $72 to $9,429.


The markets extended its gains during the midday with the Dow leaping 166 points to 24,428. Nasdaq jumped 73 points to 7282.


Nestle has acquired the global rights to sell Starbucks products for $7.15 billion in cash. The Swiss food giant has struggled to expand its Nespresso and Nescafe presence in the United States. The deal will increase Nestle's revenue by $2 billion annually. 


Epic Games' popular Fortnite video game will feature a limited time mashup with Avengers Infinity War villain Thanos. Players will be able to use the Infinity Gauntlet to become Thanos in a special version of the Battle Royale mode. The new mode will be available for free beginning tomorrow on all platforms including console, mobile and PC.


Nissan will begin to decrease production and sales of diesel cars in Europe as demand wanes. No new diesel powered passenger cars will be introduced beginning in 2012 while a diesel option will still be available for commercial trucks and pickup trucks. France has said that sales of diesel and petrol cars will be banned beginning in 2040.


In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 3 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 climbed 17 points to 2,680. Bitcoin tumbled $127 to $9,374.


The markets opened higher with the Dow gaining 55 points to 24,317 as crude oil prices rose. Nasdaq climbed 32 points to 7241.


On the upside


Gramercy Property Trust (NYSE: GPT) will be acquired by Blackstone Group (NYSE: BX) for a premium of approximately $7.6 billion in cash. 


Elliott Management offered to buy Athenahealth (Nasdaq: ATHN) for a premium of approximately $7 billion in cash. 


Rising crude oil prices lifted shares of Laredo Petroleum (NYSE: LPI).

 

On the downside 


First quarter earnings for Tower Semiconductor (Nasdaq: TSEM) fell short of expectations.


Cognizant Technology Solutions (Nasdaq: CTSH) reported lower first quarter earnings and cut its full year forecast.


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


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 rose 6 points to 2,669. Bitcoin plummeted $238 to $9,264.


Weak wage growth tempered inflation fears to send the markets soaring to close sharply higher with the Dow rocketing 332 points to 24,262. Nasdaq leaped 121 points to 7209.


On the upside


First quarter earnings surged for Commercial Vehicle Group (Nasdaq: CVGI) as revenue climbed. 


Shares of Carbon Black (Nasdaq: CBLK) soared in its market debut. 


Natural Grocers by Vitamin Cottage (NYSE: NGVC) reported higher second quarter earnings and revenue and lifted its 2018 guidance for daily average comparable stores sales growth.

 

On the downside 


Basic Energy Services (NYSE: BAS) widened first quarter losses more than expected as revenue slipped.


Adverum Biotechnologies (Nasdaq: ADVM) president and chief executive officer Amber Salzman, Ph.D has departed the company.


Gogo (Nasdaq: GOGO) reported a loss for the first quarter.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 surged 33 points to 2,663. Bitcoin gained $48 to $9,703.


The markets rebounded to trade sharply higher during the midday with the Dow leaping 300 points to 24,230. Nasdaq jumped 111 points to 7199.


Nestle is reportedly working on a deal to buy the retail coffee bean business of Starbucks. Starbucks currently licenses its packaged coffee business to Acosta and had previously partnered with Kraft Foods to sell its products in supermarkets. Nestle is the world's largest packaged foods company and has recently bought Blue Bottle Coffee and Chameleon Cold-Brew.


Instagram launched a payment feature for certain users and select partners. Users can register credit or debit cards and establish a security pin so that online purchases can be made within Instagram. Users can also make reservations and book services with a select number of businesses.


Google and Lenovo introduced their wireless virtual reality headset Mirage Solo equipped with the WorldSense tracking system. The tracking cameras in the headset allow users to duck, lean, dodge and move around to provide a more realistic and immersive experience. The Mirage Solo is priced at $399.99 while Facebook's Oculus Go wireless virtual reality headset sports a $199 price tag.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 3 to 1on Nasdaq. The broader S&P 500 surged 30 points to 2,660. Bitcoin slipped $5 to $9,650.


Nonfarm payrolls rose less than expected in April to weigh the markets down to a lower open with the Dow losing 65 points to 23,865. Nasdaq fell 23 points to 7065.


On the upside


Shake Shack (NYSE: SHAK) reported higher first quarter earnings and revenue that beat expectations prompting the company to lift its full year forecast. 


The Food and Drug Administration approved Portola Pharmaceuticals' (Nasdaq: PTLA) Andexxa. 


Live Nation Entertainment (NYSE: LYV) reported a smaller than expected loss for the first quarter as revenue rose.

 

On the downside 


AMN Healthcare Services (NYSE: AMN) reported higher first quarter earnings and revenue but the stock price tumbled.


Fluor (NYSE: FLR) fell to an unexpected loss for the first quarter prompting the company to lower its full year earnings guidance.


Arista Networks (NYSE: ANET) reported higher first quarter earnings that topped estimates but investors were disappointed that the company's current quarter forecast merely met expectations.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by 5 to 4 on Nasdaq. The broader S&P 500 lost 8 points to 2,621. Bitcoin added $13 to $9,668.


The markets closed flat with the Dow adding 5 points to 23,930 after worker productivity rose by a less than expected 0.7% in the first quarter. Nasdaq slipped 12 points to 7088.


On the upside


Shares of Inspire Medical Systems (NYSE: INSP) surged in its market debut. 


STAAR Surgical (Nasdaq: STAA) reversed year ago losses to post a profit for the first quarter. 


Coherus BioSciences (Nasdaq: CHRS) has resubmitted its biologics license application for CHS-1701.

 

On the downside 


LSC Communications (NYSE: LKSD) widened first quarter losses more than expected.


Shares of Esperion Therapeutics (Nasdaq: ESPR) extended their losses.


The Food and Drug Adminstration's Antimicrobial Drugs Advisory Committee voted 11 to 4 that Achaogen (Nasdaq: AKAO) failed to provide substantial evidence of safety and effectiveness of plazomicin to treat bloodstream infections.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 5 points to 2,629. Bitcoin jumped $433 to $9,653.


The markets traded lower during the midday with the Dow slipping 3 points to 23,921. Nasdaq lost 13 points to 7087.


Anheuser-Busch has ordered up to 800 hydrogen trucks from Nikola Motor Company. The trucks are equipped with an electric motor and can travel between 500 to 1,000 miles on one tank of hydrogen fuel. Nikola will build more than 700 hydrogen fueling stations in the U.S. and Canada in order to attract more customers.


Kroger has recalled ground beef that was produced on March 22 at a North Carolina processing facility for possible contamination. More than 35,000 pounds of ground beef sold under the Kroger brand, Private Selection, All Natural Laura's Lean Beef, and JBS have been recalled. Pieces of blue plastic was found by a customer in a package of ground beef.


The nation's trade deficit plunged 15.2% in March to $49.0 billion as commercial aircraft deliveries surged. The trade deficit had been steadily rising since September 2017 and hit a ten year high of $57.7 billion in February. The deficit with China tumbled 11.6%.


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 lost 5 points to 2,629. Bitcoin leaped $438 to $9,658.


The nation's trade deficit narrowed in March but the markets opened lower with the Dow dropping 88 points to 23,836 as trade talks between the U.S. and China begin. Nasdaq fell 35 points to 7065.


On the upside


First quarter earnings surged for Exelixis (Nasdaq: EXEL) as revenue more than doubled. 


DexCom (Nasdaq: DXCM) narrowed first quarter losses as revenue rose. 


Tableau Software (NYSE: DATA) narrowed losses for the first quarter on higher revenue.

 

On the downside 


Cardinal Health (NYSE: CAH) disappointed with lower third quarter earnings that fell short of expectations prompting the company to lower its full year forecast.


First quarter earnings for Laredo Petroleum (NYSE: LPI) missed analyst estimates.


Spotify Technology (NYSE: SPOT) reported a greater than expected loss for the first quarter.


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 7 points to 2,628. Bitcoin climbed $134 to $9,354.


The markets tumbled to close lower with the Dow plunging 174 points to 23,924 as the U.S. trade delegation prepares to meet with Chinese officials. Nasdaq fell 29 points to 7100.


On the upside


InVivo Therapeutics (Nasdaq: NVIV) presented the complete six-month primary endpoint results from the INSPIRE study of the investigational Neuro-Spinal Scaffold in acute thoracic complete spinal cord injury. 


Nanometrics (Nasdaq: NANO) impressed with sharply higher first quarter earnings and revenue that beat analyst expectations by a wide margin. 


Frontier Communications (Nasdaq: FTR) narrowed first quarter losses more than expected.

 

On the downside 


Esperion Therapeutics (Nasdaq: ESPR) reported a wider than expected loss for the first quarter and announced positive results from Phase 3 study of bempedoic acid but 13 patients died.


TC Pipelines (NYSE: TCP) lowered its quarterly cash distribution.


Capital Senior Living (NYSE: CSU) reported a loss for the first quarter as revenue slipped.


In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by nearly 6 to 5 on Nasdaq. The broader S&P 500 dropped 19 points to 2,635. Bitcoin slipped $2 to $9,217.


Nikola sues Tesla

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The markets advanced during the midday with the Dow gaining 42 points to 24,141. Nasdaq climbed 20 points to 7150.


Tesla has been sued by Nikola Motors for infringing on three patents related to the design of an electric truck. Nikola has alleged that Tesla copied the design of its Nikola One truck including the wraparound windshield, mid-entry door and fuselage. Utah-based Nikola claims that confusion between the two trucks has caused Nikola to lose sales and is seeking $2 billion in damages.


Amazon has offered to acquire a 60% stake in Indian e-commerce company Flipkart. Meanwhile, Walmart has been in discussions to invest in Flipkart for several years and is reportedly close to signing a deal to take up to an 80% stake in the eleven year old company. The Amazon offer included a non-compete agreement and a $2 billion break-up fee.


A U.S. trade delegation will meet with China's Vice Premier Liu He on Thursday to discuss proposed tariffs, trade deficits, and related economic issues. The U.S. delegation includes Secretary of Treasury Steve Mnuchin, Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer and White House National Economic Council Director Larry Kudlow. President Donald Trump has said that tariffs on Chinese imported products will take effect if the two sides fail to reach an agreement.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 edged up a point to 2,656. Bitcoin added $14 to $9,092.


Flat open as Fed meets

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The markets opened flat with the Dow easing 2 points to 24,097 as the Federal Reserve holds its two-day policy meeting. Nasdaq rose 8 points to 7138.


On the upside


Shutterfly (Nasdaq: SFLY) narrowed first quarter losses more than expected as revenue rose. 


Lumentum (Nasdaq: LITE) swung to a greater than expected profit for the third quarter as revenue rose. 


HC2 Holdings (NYSE: HCHC) subsidiary BeneVir Biopharma will be acquired by Janssen Biotech.

 

On the downside 


Snap (NYSE: SNAP) disappointed with a greater than expected loss for the third quarter as revenue and user growth fell short of estimates.


Yum China Holdings (NYSE: YUMC) reported higher first quarter earnings and revenue but Pizza Hut revenue dropped.


First quarter earnings for Unum Group (NYSE: UNM) missed expectations.


In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 held steady at 2,654. Bitcoin added $9 to $9,087.


The markets closed mixed with the Dow falling 64 points to 24,099 after a decision on a tariff exemption for the European Union was postponed. Nasdaq climbed 64 points to 7130.


On the upside


Intelsat (NYSE: I) reported higher first quarter revenue that topped estimates. 


Nutrisystem (Nasdaq: NTRI) reported better than expected earnings and revenue for the first quarter. 


First quarter revenue for Quantenna Communications (Nasdaq: QTNA) rose to beat expectations.

 

On the downside 


Intevac (Nasdaq: IVAC) fell to a loss for the first quarter as revenue plunged.


Shares of Match Group (Nasdaq: MTCH) and IAC/InterActive (NYSE: IAC) plunged after Facebook (Nasdaq: FB) announced plans to add a new dating feature.


Lumber Liquidators (NYSE: LL) reported a wider than expected loss for the first quarter.


In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on the NYSE and by 3 to 2 on Nasdaq. The broader S&P 500 rose 6 points to 2,654. Bitcoin plummeted $239 to $8,984.


The markets traded mixed during the midday with the Dow tumbling 98 points to 24,064. Nasdaq gained 39 points to 7106.


Starbucks has added two new Frappuccino flavors to its regular menu. The Ultra Caramel Frappuccino is made with a new sweet cold brew whipped cream, dark caramel coffee, milk, dark caramel sauce, ice and smoke dark caramel drizzle. The Triple Mocha Frappuccino also uses the new sweet cold brew whipped cream, coffee, milk, ice, dark mocha sauce and dark mocha drizzle.


Hasbro has agreed to pay approximately $522 million in cash and stock to acquire certain entertainment brands from Saban Properties including Power Rangers, My Pet Monster, Popples, Luna Petunia and Treehouse Detectives. The live action children's series Mighty Morphin Power Rangers launched 25 years ago and spawned several different television series along with three movies. My Pet Monster was introduced as a plush toy in 1986 while Treehouse Detectives is a new original Netflix animated series.


The U.S. International Trade Commission is investigating Nintendo for potential patent infringement. Mobile console gaming company Gamevice has alleged that the Nintendo Switch infringed on its patents for detachable game controllers. Gamevice had sued Nintendo last year for copyright infringement but later dropped the case.


In the broad market, declining issues edged out advancers by a slim margin on the NYSE while advancers barely outpaced decliners on Nasdaq. The broader S&P 500 held steady at 2,648. Bitcoin plunged $255 to $8,967.


An unexpected drop in March construction spending weighed the markets down to a lower open with the Dow losing 46 points to 24,117. Nasdaq slipped 13 points to 7053.


On the upside


Tenet Healthcare (NYSE: THC) completed the sale of Des Peres Hospital and affiliated operations in St. Louis. 


Sabre (Nasdaq: SABR) entered a strategic relationship with Amazon Web Services to accelerate Sabre's migration to the cloud.


AbbVie (NYSE: ABBV) submitted a marketing authorization application to the European Medicines Agency for risankizumab to treat moderate to severe plaque psoriasis.

 

On the downside 


CommScope Holding (Nasdaq: COMM) reported flat earnings as revenue edged down.


Tapestry (NYSE: TPR) reported higher third quarter earnings and revenue but its Stuart Weitzman brand struggled.


Cognex (Nasdaq: CGNX) reported lower first quarter earnings.


In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 slipped 5 points to 2,643. Bitcoin plummeted $302 to $8,920.


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