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U.S. Steel's stock drops, as steel prices poised to fall after Trump attack on imports
Shares of U.S. Steel Corp. sank 3.8% in morning trade Friday toward a one-month low, after Cowen & Co. downgraded the steelmaker, citing the belief that steel and iron ore prices were poised to move lower. Analyst Novid Rassouli cut his rating to underperform from market perform, and lowered his price target to $20 from $24. Ironically, Rassouli said the Section 232 investigation into the effects of steel imports on U.S. national security authorized by President Trump has caused imports to rise to record levels as importers rushed in product prior to any action, which should put pressure on hot-rolled coil steel prices. "The material exposure to spot prices makes us cautious on shares of U.S. Steel as we enter a period where we expect prices to move lower in the next few month," Rassouli wrote in a note to clients. U.S. Steel's stock has now tumbled 22% since April 20, when Trump signed a presidential memorandum to prioritize the Section 232 investigations, while the S&P 500 has gained 6.2% over the same time.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Anadarko's stock surges to lead S&P 500 gainers after share buyback announcement
Shares of Anadarko Petroleum Corp. soared 8.2% in afternoon trade Thursday, enough to make them the biggest gainers in the S&P 500 , after the oil and gas company said it plans to buy back $1 billion worth of its stock over the next 3 1/2 months. The stock, on track to close at three-month high, was also headed for the biggest one-day percentage gain since Nov. 30, 2016. The company said late Wednesday that set a $2.5 billion stock repurchase program, that extends through the end of 2018. At Wednesday's closing price of $44.81, the program represents about 10% of the shares outstanding. Chief Executive Al Walker said the initial target is to buy $1 billion worth of shares before the end of the year. Filings show Anadarko repurchased a total of $36.65 million worth of its stock during the first two quarters of 2017. The stock has rallied 6.9% over the past three months, but was still down 30.5% year to date. In comparison, the SPDR Energy Select Sector ETF has lost 11.2% this year, while the S&P 500 has gained 11.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Yellen's stock rises as she leads Fed from crisis-era policy
NEW YORK/WASHINGTON (Reuters) - From her early days as Federal Reserve chair, Janet Yellen has been the target of criticism from Republicans worried that the central bank's massive bond-buying programs and near-zero interest rates engineered by her predecessor would be the ruin of the country.
North Korea: Trump signs new order to widen sanctions
The US measures will target individuals and firms, including banks, that trade with North Korea.
Europe Renews Offensive on Silicon Valley With Tax Reforms
A new set of proposals presented by officials in Brussels seek to tax technology companies differently, but risk being seen as an effort to target American tech giants.
Walmart, Target join call for 'Dreamer' legislation
(Reuters) - Wal-Mart Stores Inc, Target Corp and PepsiCo Inc on Wednesday joined an expanded group of nearly 800 companies calling in a letter for U.S. legislation to protect immigrants brought into the country illegally by their parents from deportation, according to organizer FWD.us.
General Electric's stock falls after J.P. Morgan analyst reiterates bearish view
Shares of General Electric Co. sank 1.4% in midday trade Tuesday, after J.P. Morgan analyst Stephen Tusa reiterated his bearish view on the industrial conglomerate, suggesting that just because the stock keeps getting cheaper doesn't make it more attractive. Tusa kept his rating at underweight, which he's had on the stock since May 2016, and his stock price target at $22, which is 8.8% below current levels. He said as the stock's weakness continues, investors and analysts appear to try to create a bullish narrative, based mostly on how far the stock has fallen and underperformed its peers and the broader market, but analysts have been careful not to raise their ratings. "We believe this defines sentiment on the stock, which is somewhere between somewhat negative, and what we would characterize as 'chicken bullish,' with a common theme [that] it's not that bad, understandable in the context of a sector that typically mean reverts," Tusa wrote in a note to clients. "This is essentially a denial that fundamentals could be this bad, and there is nothing that simple cost saves can't take care of, something that was not obvious to the previous 15 years of management." The stock, which closed at a 2-year low of $23.72 on Sept. 11, has tumbled 24% so far this year, while the Dow Jones Industrial Average has climbed 13%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
FOMC Target Inflation Rate Shows Up in Import & Export Prices
Nike's stock selloff cuts Dow futures gain in half
Shares of Nike Inc. slumped 1.9% in premarket trade Tuesday, after a downgrade at Susquehanna Financial, which is cutting the gains in the Dow Jones Industrial Average futures in half. Analyst Sam Poser at Susquehanna cut his rating to neutral from positive, and slashed his stock price target to $54 from $64. The stock's price decline of 99 cents ahead of the open would shave about 7 points off the Dow , while Dow futures were up 8 points. He said there is an oversupply of Nike basketball product in North America, which should pressure sales and margins, as it goes against Nike's business model of keeping supply below demand. He said a near-term lack of innovation in select categories is also hurting performance more than expected. The stock has gained 5.3% year to date, while the Dow has climbed 13%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Applied Materials' stock rallies after RBC raises rating, price target
Shares of Applied Materials Inc. rallied 1.4% in premarket trade Monday, after the chip equipment company was upgraded at RBC Capital, which was upbeat about the company's wafer front end (WFE) business. Analyst Amit Daryanani raised the rating to outperform from sector perform and boosted the price target to $55 from $48. Daryanani said that with about 34% of revenue coming from display and services, Applied Materials is better positioned to deal with WFE cyclicality compared with its peers. "While we understand cyclical concerns, we think current WFE levels are sustainable for a longer time frame" given a material shift in capital intensity, which should allow the company to guide fiscal 2020 earnings per share to above $4.00 at the analyst day scheduled for Sept. 27. The stock has run up 9.4% over the past three months through Friday, while the PHLX Semiconductor Index has climbed 7.4% and the S&P 500 has gained 2.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Google disables offensive ad keywords found by BuzzFeed
Sept 15 (Reuters) - Alphabet Inc's Google said it
had disabled a "majority" of the offensive keywords that
BuzzFeed found could be used by advertisers to target people
searching for racist and anti-Semitic topics.
Boeing stock rallies to record, accounts for nearly half of the Dow's gain
Shares of Boeing Co. rallied $4.09, or 1.7%, in afternoon trade to a record high, enough to pace the gainers in the Dow Jones Industrial Average , after Canaccord Genuity raised the price target ahead of the aerospace giant's investor gathering next week. The stock's price gain was adding about 28 points to the Dow's price, which was up 65 points, also at a record high. Canaccord analyst Ken Herbert raised his target to $235, which was still 5.7% below current levels, from $215, while keeping his rating at hold given concerns over valuation. At the annual investor meeting on Sept. 18 to Sept. 19, Herbert said he expects Boeing to provide some new information on the 787 cost and execution progress and substantial discussion on the state of the commercial market. "[Boeing] is clearly benefiting from both macro and company-specific tailwinds, but we believe the upside potential is largely reflected in the stock price," Herbert wrote in a note to clients. The stock has run up 27.6% over the past three months, while the Dow has gained 4.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Airline stocks fall after J.P. Morgan downgraded United Continental, American and Spirit
The airline sector took a hit Friday, after J.P. Morgan downgraded some key players on concerns that rising fuel prices and continued pricing weakness make current earnings expectations unachievable. Shares of United Continental Holdings Inc. dropped 3.0%, Spirit Airlines Inc. fell 2.4% and American Airlines Group Inc. shed 0.8%, after analyst Jamie Baker downgraded all three air carriers to neutral from overweight. Elsewhere, shares of Alaska Air Group Inc. lost 2.7% and Delta Air Lines Inc. eased 0.2%. Bucking the trend, Southwest Airlines Co.'s stock , inched up less than 0.1%, after Baker upgraded the carrier to overweight from neutral, saying the recent selloff--down 15% over the past two months--makes the risk-versus-reward profile attractive for investors. JetBlue Airways Corp.'s stock tacked on 0.1%, after Baker raised his price target to $29 from $26, citing easier unit revenue comparisons and moderated capacity growth. The NYSE Arca Airline Index fell 0.7%. The sector tracker has shed 6.1% over the past three months, while the S&P 500 has gained 2.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Semiconductor stocks rise, on track for best week since July
Semiconductor stocks rallied on Friday, with the sector climbing in its fifth straight daily advance and on track for its best week since July. The iShares PHLX Semiconductor ETF added 1.7% to $155.50, putting it on track for a record close and within points of an intraday record hit in June. Thus far this year, the fund is up nearly 27%, with 4.6% of that coming this week. Among the fund's components, all but one were in positive territory on Friday, with Nvidia Corp. the biggest percentage gainer, up 5.2% after Evercore ISI raised its price target on the company to $250 from $180. Among others, ON Semiconductor Corp rose 3.1% while Advanced Micro Devices was up 2.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Equifax's stock takes another dive to 2 1/2-year low; J.P. Morgan slashes price target
Shares of Equifax Inc. extended their plunge Thursday, falling another 8.9% in morning trade to a 2 1/2-year low, and have now lost more than one-third of their value since the credit-reporting company unveiled a massive data breach. With 120.37 million shares outstanding as of July 13, the $52.57 decline in the past week has wiped out $6.33 billion in market capitalization. Analyst Andrew Steinerman at J.P. Morgan slashed his stock price target to $135, which is about 50% above current levels, from $167, while reiterating his overweight rating. He said that after a meeting with management, the full impacts of the data breach are still uncertain. "However, some key points were clarified and we now feel better positioned to assess the near term drag (we estimate a 10% EPS drag in 2018), even as we acknowledge that facts are still emerging. The stock, which hit a 2 1/2-year low in intraday trade, has now lost 24% year to date, while the S&P 500 has gained 11%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Munich makes first warning by reinsurer on Harvey, Irma impact
* Munich Re says may miss full-year profit target. * Says expects high insured losses from Harvey, Irma. * Had previously seen profit of 2-2.4 bln euros. * Analysts expect further statements from industry. Germany's Munich Re warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by hurricanes Harvey and Irma.
BRIEF-Autoliv CEO says 2019 sales target largely based on already booked orders
Autoliv Inc CEO Jan Carlson to Reuters: * Says has not been asked to become Ericsson chairman. * Carlson mentioned as possible candidate for Ericsson chairmanship by Swedish business daily Dagens Industri.
How major US stock market indexes fared Wednesday
US stock indexes finished with tiny gains Wednesday as retailers jumped after a strong hiring forecast from Target and energy companies rose along with oil prices
Target to hire 100,000 for holiday season rush
(Reuters) - Target Corp said on Wednesday it would hire 100,000 workers for the holiday season, up 43 percent from last year, as the retailer pulls out all the stops to build on its recent uptick in sales.
Target plans to hire 100,000 workers for the 2017 holidays, up 40% from last year
Target also says it will hire 4,500 people at its distribution and fulfillment centers.
Finish Line's stock surges after analyst upgrades on belief a buyout is likely
Shares of Finish Line Inc. surged 6.0% in premarket trade Wednesday, after the athletic shoe and apparel retailer was upgraded at Susquehanna Financial, which said it believes a buyout is likely. Analyst Sam Poser raised his rating to positive, after being at neutral for the past 10 months, and raised his stock price target to $12 from $9. Despite the fact that Finish Line adopted last month a "poison pill" in an attempt to fend off acquirers, Poser said he believes there is a 75% probability that the U.K.'s Sports Direct will buy Finish Line at about $13.30. Poser believes current share prices reflects only about a 30% probability that Finish Line is acquired. The stock traded at $10.32 ahead of the open, or 25% above the 8-year closing low of $8.24 on Aug. 30, which came on the heels of a profit and sales warning. The stock has plunged 33% over the past three months through Tuesday, while the SPDR S&P Retail ETF has slipped 0.8% and the S&P 500 has gained 2.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Goldman's stock surges after revenue growth target unveiled but some analysts are 'skeptical'
Shares of Goldman Sachs Group Inc. rallied Tuesday, to provide the biggest boost for Dow Jones Industrial Average , but some Wall Street analysts weren't as enthusiastic as investors about the details of Goldman's outline for growth. The stock climbed $6.29, or 2.8%, in afternoon trade. That added about 43 points to the Dow's price, which was up 63 points at 22,121, above the Aug. 7 record close of 22,118.42. Goldman said earlier it targeted $5 billion in incremental revenue over the next three years, including more than $1 billion from its fixed income, currency and commodities (FICC) trading business, another $1 billion from its investment management business and over $2 billion from its lending and financing efforts. JMP analyst Devin Ryan appreciated the "good detail" around where the biggest opportunities are seen, but characterized the areas of focus as "largely incremental more than transformational." Buckingham Research analyst James Mitchell reiterated his neutral rating, saying while Goldman's revenue growth target was "laudable," he remained "somewhat skeptical," as much of the growth is expected from "challenging markets where rivals are fiercely competing for market share." Goldman's stock has lost 5.3% year to date, while the SPDR Financial Select Sector ETF has rallied 6.7% and the Dow has run up 11.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Wal-Mart pledges up to $30 million in hurricane relief efforts, Target raises commitment
Wal-Mart said it will match customer donations, two-to-one, with cash and product donations of up to $10 million.
Daimler says early electric cars only half as profitable
Daimler has set itself a new target of saving 4 billion euros by 2024-2025 as electric cars may only deliver half the margin contribution compared to equivalent vehicles with combustion engines, it said on Monday.
Target announces lower prices, shares fall
Target's announcement that it is lowering prices on thousands of items sends retail stocks skidding
Chipotle downgraded on slow sales recovery
Chipotle Mexican Grill Inc. was downgraded to underperform from market perform at Cowen & Company based on a proprietary survey that found consumer perceptions of quality and value are still at low levels, which analysts believe is a factor in the restaurant brand's slow sales recovery. Analysts lowered their price target to $250 from $370. Perceptions dropped after the November 2015 E coli outbreak, and Cowen's data shows that they were still at those "trough" levels in July and August 2017. "Chipotle's historic brand differentiation was in quality, which we expect to remain challenged as a proliferation of smaller fast casual concepts have collectively implemented a similar 'food with integrity' playbook with different cuisines," analysts led by Andrew Charles wrote. And plans to raise prices by 5% over the next two-to-four quarters seem "imprudent," the note said. Moreover, the company's introduction of queso on the menu is not expected to be a sales driver for the long-term. Chipotle shares are down 4% in Friday trading, and down 19.4% for the year so far. The S&P 500 index is up 10% for 2017 so far. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Target slashes prices on thousands of items, shares falter
(Reuters) - Target Corp said on Friday that it lowered prices on thousands of items, from cereal to baby formula, further hurting retail stocks already pressured by Kroger Co's disappointing quarterly results spurred by price cuts.
Target to slash prices on thousands of items, sending shares tumbling
Target said the price cuts would be on items including cereal, paper towels, baby formula, razors and bath tissue.
Target's price cuts on 'thousands' of items sinks retailer stocks
Retailer stocks took a midday dive Friday, after Target Corp. said on its website that it had "lowered prices on thousands of items," fueling concerns over a price war amid a lackluster sales environment. Target's stock was down about 1.5% just before its announcement, but losses widened to 3.2% in afternoon trade. The discount retailer said the price cuts are an attempt to end customer uncertainty over the timing of discounts on certain products. "We want our guests to feel a sense of satisfaction every time they shop at Target," Chief Merchandising Officer Mark Tritton said in a statement. "Part of that is removing the guesswork to ensure they feel confident they're getting a great, low price every day." Shares of rival Wal-Mart Stores Inc. went from down 1.2% just before Target's announcement to down 2%. Elsewhere, shares of Kohl's Corp. shed 1%, J.C. Penney Co. Inc. gave up 1.7%, Macy's Inc. lost 1.4% and Nordstrom Inc. fell 0.5%. The SPDR S&P Retail ETF went from a loss of 0.4% to a decline of 1.3%, before recovering to be down 0.8%. Target's stock has tumbled 21.5% year to date, while the retail ETF has lost 9.0% and the S&P 500 has gained 10.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Sojitz is likely to beat net profit target this fiscal year - Nikkei
* Sojitz is likely to beat its net profit target this fiscal
year - Nikkei
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