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U.S. stock futures flat after mixed day on Wall Street

5 hours ago

U.S. stock index futures were little changed Wednesday night, after a mixed day on Wall Street that saw the Nasdaq close at a record high. As of midnight Eastern, Dow Jones Industrial Average futures were up about 40 points, or 0.1%, while S&P 500 futures and Nasdaq-100 futures were up fractionally. Earlier, stocks started the second half of the year mixed, as growing coronavirus fears mixed with signs of an economic recovery. The Dow fell 77.91 points, or 0.3%, to close at 25,734.97, snapping a two-day win streak. The S&P 500 rose 15.57 points, or 0.5%, to end at 3,115.86, while the Nasdaq Composite gained 95.86 points, or 1%, closing at a record 10,154.63.

Twitter removes image from Trump tweet for copyright violation

6 hours ago

Twitter Inc. on Wednesday removed an image tweeted by President Donald Trump for copyright violations. "This image has been removed in response to a report from the copyright holder," a message says in the Tuesday post in place of the image. Axios reported Wednesday night that the image was from the New York Times, which reportedly complained to Twitter. Twitter reportedly told Axios that the image was a meme that Trump had tweeted.

Lemonade prices IPO at $29 a share, higher than raised range

10 hours ago

Lemonade Inc. , a mobile-based insurance start-up that seeks to court millennials, priced its initial public offering above the expected range Wednesday. After the close Wednesday, Lemonade priced 11 million shares at $29 apiece, above the already increased range of $26 to $28 from earlier in the day. Underwriters have another 1.7 million shares to cover overallotments over the next 30 days. The stock is expected to begin trading under the ticker "LMND" on the New York Stock Exchange on Thursday. The IPO price values the company at $1.64 billion should all options be exercised, just shy of the $1.7 billion valuation calculated from a $300 million investment led by SoftBank Group Corp. in April 2019.

CEOs of Alphabet, Amazon, Apple and Facebook to testify before Congress in late July: report

10 hours ago

The chief executives of Google parent Alphabet Inc. , Amazon.com Inc. , Apple Inc. , and Facebook Inc. have agreed to testify before Congress on antitrust issues in late July, Rep. David Cicilline, D-R.I., chairman of the House Judiciary Antitrust Subcommittee, told tech journalist Kara Swisher late Wednesday. The office of Rep. Jerry Nadler, D-N.Y., confirmed the hearing with NBC News. Cicilline's office was not immediately available for comment. Amazon has previously said it would make CEO Jeff Bezos available to testify this summer. Facebook declined comment. Alphabet and Apple were not immediately available for comment. The four companies are the subject of investigations by the Department of Justice and Federal Trade Commission into their business practices and the substantial clout they wield over the tech industry and the economy.

Tailored Brand misses interest payment on bonds

11 hours ago

Tailored Brands Inc. subsidiary Men's Wearhouse Inc. has not made interest payments due Wednesday of about $6.1 million on its 2022 senior notes, Tailored Brands said in a filing late Wednesday. Instead, the subsidiary and Tailored Brands have chosen to enter a 30-day grace period and could make the payment within that time frame, the company said. At the end of the grace period, a non-payment becomes an "event of default." Tailored Brands did make interest payments on its credit facilities, it said. Shares of Tailored Brands, which also sells apparel under store brands such as Jos. A. Bank and Joseph Abboud, fell more than 2% in the extended session Wednesday after ending the regular trading day down 4% and under $1. The company in early June said it had taken "decisive actions" to manage its liquidity and requested an extension to file quarterly results because of the "disruption" caused by the coronavirus pandemic. Some 44% of its stores, which include Men's Wearhouse and Jos. A. Bank, have reopened, it said. As of June 5, Tailored Brands had $201 million in cash and|NEW] and requested an extension to file quarterly results because of the "disruption" caused by the coronavirus pandemic.

Nu Skin stock rallies 11% after company's better Q2 sales outlook

12 hours ago

Shares of Nu Skin Enterprises Inc. jumped more than 11% in the extended session Wednesday after the maker of supplements and personal care products estimated that its second-quarter sales will be between $603 million and $608 million, above its previous forecast. That is due to "strong global customer growth with particular strength in the Americas and Europe," with online sales accounting for 80% of volume, Nu Skin said. The company had called for second-quarter sales between $520 million and $550 million previously. Nu Skin said it would report results and provide a full-year outlook on Aug. 5 after the bell. Analysts polled by FactSet expect Nu Skin to report adjusted earnings of 49 cents a share on sales of $541 million.

FormFactor stock rallies as coronavirus does little to hamper sales

12 hours ago

FormFactor Inc. shares rose in the extended session Wednesday after the chip-maker testing and equipment company said that the COVID-19 pandemic did not hurt sales as expected. FormFactor shares rallied 9% after hours, following a less-than-0.1% decline to close the regular session at $29.32. FormFactor said it expects second-quarter revenue of between $157 million and $161 million. Analysts surveyed by FactSet expect quarterly revenue of $145.1 million, or a 9.8% sequential decrease. "Our original May 6th estimate that revenue in the second quarter would be approximately 10% lower than in our first quarter contemplated some level of Covid-19 disruption in our manufacturing operations and our suppliers' logistics chains," said Mike Slessor, chief executive of FormFactor, in a statement. "We experienced no major disruptions in either, and as a result, we expect to report revenue higher than what we had originally anticipated." The company is scheduled to report earnings on July 29.

Tesla stock hits fresh record as Wall Street awaits Q2 sales

12 hours ago

Tesla Inc. shares gained 5% Wednesday to end at $1,133.36, a fresh record, as investors await the company's second-quarter sales numbers. The rally boosted Tesla's market valuation to more than $207 billion and above, at least for now, Japan's Toyota Motor Corp.'s $203 billion market value. Toyota, which makes more than 8 million vehicles a year, long has been the No. 1 global car maker by market capitalization. Tesla is expected to report second-quarter sales this week, with analysts polled by FactSet expecting the sale of 72,000 vehicles in the quarter, of which 61,000 are Model 3s. Tesla shares have gained 171% this year, contrasting with losses of 4% and 9% for the S&P 500 index and the Dow Jones Industrial Average .

Walmart partners with Tribeca to bring temporary drive-in theaters to 160 stores

12 hours ago

Walmart Inc. said Wednesday it is partnering with Tribeca Enterprises to temporarily turn 160 of its U.S. store parking lots into drive-in movie theaters as the COVID-19 pandemic spoils summer plans for many. The retail giant said it will have a combined 320 family-friendly showings beginning in early August and running through October. Walmart said it will help with concessions as it will "make it easy for families to fill their picnic baskets by ordering their drive-in essentials online for curbside pickup on the way to their movie." There are an estimated 315 drive-in movie theaters in the U.S., down from a peak of about 4,000 in the late 1950s, according to driveinmovie.com.

Nasdaq notches record close to start July after Fed minutes, but Dow slumps as Boeing, Exxon shares weigh

12 hours ago

The Nasdaq Composite on Wednesday closed at a record high to kick off July but the Dow industrials lagged behind, after minutes from the Federal Reserve's meeting last month indicated that policy makers would aim to provide more explicit guidance on the outlook for benchmark interest rates amid the coronavirus pandemic. Improving data on employment and the manufacturing sector buttressed markets in the first trading day of the month even though about a dozen American states have paused or halted plans to allow more businesses to reopen. The Nasdaq ended up 1% at around 10,155, finishing handily above its last record close on June 23 as gains in electric-vehicle maker Tesla Inc. , Netflix Inc. and Facebook Inc. helped to propel the technology-laden benchmark. The S&P 500 index finished up 0.5% at 3,116, while the Dow Jones Industrial Average closed down 0.3%, pressured lower by declines in components Boeing Co. and Exxon Mobil . Early in the session, stocks got a boost from another Dow component Pfizer Inc. , which reported positive results from its clinical trial for a COVID-19 vaccine candidate. An upbeat report on manufacturing activity from the Institute for Supply Management and a private-sector report from ADP also helped to stoke the buying mood on Wall Street, ahead of a highly anticipated nonfarm-payrolls report due on Thursday due to the July 4th holiday in the U.S.

Maxim downgrades Inovio, saying coronavirus opportunity is already 'priced in'

13 hours ago

Shares of Inovio Pharmaceuticals Inc. declined 15.3% in trading on Wednesday after Maxim Group downgraded the stock to hold from buy. Inovio, which is developing a COVID-19 vaccine, had announced some limited, clinical data about how the candidate performed in a Phase 1 trial on Tuesday. Maxim analysts said it appears that the COVID-19 "opportunity" is already baked into the valuation as shares of Inovio have soared 593.0% year-to-date. "In our opinion, the success of INO-4800 is priced into the shares," they wrote in a note to investors on Wednesday. The company's stock hit a record high of $31.69 on Monday, the day before it released the positive, yet limited data about its vaccine candidate. Inovio said that the full trial data will be published in a peer-reviewed medical journal. The stock then tumbled after it shared the data on Tuesday, closing at $26.95. The S&P 500 is down 4.0% year-to-date.

Apple to temporarily shutter 30 more retail stores, bringing total to 77 in U.S.

13 hours ago

Citing a spike in the coronavirus pandemic, Apple Inc. on Wednesday said it has decided to temporarily re-close 30 of its retail stores in the U.S., bringing the nationwide total to 77. The stores affected are in Alabama, California, Florida, Georgia, Idaho, Louisiana, Mississippi, Nevada, Oklahoma, Texas, and Utah. "Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas," an Apple spokesperson said in a statement. "We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible." Apple shares are flat in late-afternoon trading. Apple has 271 stores in the U.S.

China-based BlueCity looks to raise $90.1 million in IPO

13 hours ago

BlueCity Holdings Ltd. set terms for its initial public offering, as the China-based online LGBTQ community looks to raise up to $90.1 million. The company is offering 5.3 million American depositary shares (ADS), representing 2.65 million Class A ordinary shares, which are expected to price between $15.00 and $17.00. The stock is expected to list on the Nasdaq exchange under the ticker symbol "BLCT." The lead underwriters of the IPO are AMTD, Loop Capital Markets, Tiger Brokers, Prime Number Capital and R.F. Lafferty & Co. The company recorded a net loss of RMB7.6 million ($1.08 million) on revenue of RMB207.5 million ($29.3 million) for the three months ended March 31, after a loss of RMB26.4 million on revenue of RMB145.3 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 60.4% over the past three months, the iShares MSCI China ETF has climbed 19.5% and the S&P 500 has advanced 26.2%.

Oil futures score a gain for the session as U.S. supplies show biggest weekly drop of the year

14 hours ago

Oil futures settled higher on Wednesday after U.S. government data showed that domestic crude supplies fell by 7.2 million barrels last week, the largest weekly decline so far this year. The fall in stockpiles also followed three consecutive weeks of increases. August West Texas Intermediate oil rose 55 cents, or 1.4%, to settle at $39.82 a barrel on the New York Mercantile Exchange.

Gold futures end lower a day after highest finish since 2011

15 hours ago

Gold futures pulled back Wednesday, after settling a day earlier at their highest since 2011. "Gold remains in an uptrend but some fatigue may be kicking in," said Lukman Otunuga, senior research analyst at FXTM. Data from Automatic Data Processing Inc. Wednesday showed that U.S. private-sector employers added 2.37 million jobs in June, less than analysts expected. Still, "some optimism may return over the U.S. economy recovering quicker than expected," something that may hit haven gold, he said. August gold fell $20.60, or 1.1%, to settle at $1,779.90 an ounce. Prices settled at $1,800.50 on Tuesday, the highest finish for a most-active contract since Sept. 2011, according to Dow Jones Market Data. Prices ended the second quarter with a gain of nearly 13%.

Match Group adds Ryan Reynolds to board following IAC separation

15 hours ago

Match Group Inc. announced the "successful completion" of its separation from IAC/InterActiveCorp. Wednesday morning and added four new members to its Board of Directors including actor Ryan Reynolds. "Most millennials and Gen Z can't remember what dating was like before the advent of Tinder, OkCupid and Hinge," Reynolds said in a release, adding that he would "roll up [his] sleeves and work with the team on their future growth and success." Match is also adding Stephen Bailey, Melissa Brenner, and Wendi Murdoch to its board. Bailey is the founder of Exec Online, a digital leadership development company, while Brenner is the executive Vice President for digital media at the National Basketball Association. Murdoch is the co-founder of Artsy, a digital platform for collectors. She is a former wife of Rupert Murdoch, chairman of News Corp., parent company of MarketWatch publisher Dow Jones. Match shares are down more than 8% in Wednesday trading. They've gained 57% over the past three months as the S&P 500 has risen 26%.

Centene to invest $1 billion, hire 6,000 employees in Charlotte in the coming years

16 hours ago

Centene Corp. said it will create 6,000 new jobs and invest $1 billion in the Charlotte, North Carolina community over time, as the health care company builds a new East-Coast headquarters in the city. The company said construction of the new campus will begin in August. The first phase of construction is expected to be completed in the second half of 2022, and will accommodate about 3,000 employees. The next phase of construction will begin in 2024, and accommodate an additional 3,000 employees. Centene said it currently has nearly 600 employees in North Carolina. The stock rose 2.9% in midday trading. It has gained 4.0% year to date, while the SPDR Health Care Select Sector ETF has slipped 0.9% and the S&P 500 has eased 3.5%.

FedEx delivers its best day since 1986, and transportation ETFs rally

16 hours ago

Exchange-traded funds with heavy exposure to delivery giants jumped Wednesday after FedEx reported better-than-expected earnings, sending the stock up more than 13% and on track for its best day since 1986. Shares of United Parcel Service, Inc. were 4.1% higher midday as well. The iShares Transportation Average ETF , with nearly 17% of its portfolio in the two names, was nearly 0.4% higher, beating the 0.2% gain for the Dow Jones Industrial Average . The Direxion Daily Transportation Bull 3x ETF, a leveraged product with more than 11% of its holdings in the two companies, was up 1.5%. A pure-play transportation fund, the SPDR S&P Transportation ETF, fell, despite having more than 5% of its holdings in those two companies, while the American Customer Satisfaction ETF , with just 4.5%, was up 1.3%. In the year to date, shares of the iShares transportation ETF and the SPDR fund have both lost roughly 17%.

Peloton app comes to Roku devices, stock gains

16 hours ago

Peloton Interactive Inc. said Wednesday that its app is now available on Roku devices in the U.S. and Canada and will soon come to the U.K. A Peloton spokesman said in an email to MarketWatch that the Roku announcement means Peloton's app is now "on all of the major streaming TV platforms." That includes Apple Inc.'s Apple TV, Amazon.com. Inc.'s Fire TV, Alphabet Inc.'s Android TV, and "many" set-tip boxes from AT&T Inc. . Peloton has sought to capitalize on the rising interest in home fitness as the COVID-19 outbreak has kept people out of gyms. The company said in conjunction with its last earnings report that it saw "a significant increase in demand" toward the end of the March quarter and at the time the company faced an extended backlog as it sought to meet this new demand. Peloton shares have gained 115% over the past three months as the S&P 500 has risen 26%.

Workhorse's stock set to snap record win streak, while BTIG analyst nearly doubles price target

16 hours ago

Shares of Workhorse Group Inc. are down 4% in Wednesday trading, putting them on track to snap a record 9-day winning streak in which they rocketed more than 4-fold (up 321%). Analyst Gregory Lewis at BTIG reiterated his buy rating on the electric van maker's stock but boosted his price target to $26, which is 77% above current levels, from $10. Lewis said a key takeaway from a call he hosted with management on Tuesday was that the company has "first-mover" advantage, which was solidified when the Series C van received final regulatory safety approvals, giving the company a 1-to-2-year head start on other electric vehicle (EV) last-mile delivery competitors. He said this should allow the company to secure a revolving credit facility, which would allow it to scale up operations. Lewis said a major potential catalyst could be a $6 billion to $8 billion contract from the U.S. Postal Service, in which bids are due later this month, and an announcement of the winner is expected later this year. He said another bullish factor is the optionality around the company's 10% equity stake in Lordstown Motors Corp., which unveiled its EV Endurance pickup truck last week. The stock has skyrocketed 881% over the past three months. Among its EV rivals, shares of Tesla Inc. have run up 133% the past three months and Nikola Corp. have climbed 537%, while the S&P 500 has gained 26%.

FTC sees record 34,000 complaints about online shopping items that are not delivered during pandemic

16 hours ago

The Federal Trade Commission said Wednesday it received a record number of complaints in April and May about online shopping, most of which concerned items that were ordered but never delivered. The agency said it received 34,000 complaints in April and May, and the May number alone was greater than the number received in December of 2019, the last big holiday shopping season. The most common items to fail to show up were face masks, followed by hand sanitizer, toilet paper, thermometers, and gloves, all products that are in high demand during the pandemic. "With COVID-19, scammers quickly launched opportunistic websites," the FTC said in a statement. There were also complaints about electronics that failed to show up and even of puppies that were ordered online but never materialized. "Scammers often used pandemic-related pretexts for supposed shipping delays, sometimes - in the puppy scam - even charging extra fees for COVID-related "regulations." Then they just stopped responding. This stalled people who might otherwise have posted negative reviews," said the statement. The FTC advises consumers to confirm a seller's physical address and phone number and to run a quick search of the name, using terms like "scam" and "complaint." Consumers should beware of unfamiliar sites or ones selling items that are in short supply at discounts. Paying with a credit card gives a consumer recourse to challenging a charge if the item does not show up. The Securities and Exchange Commission has also urged investors to beware of scams linked to the coronavirus pandemic, and to carefully consider claims relating to treatments, therapies and equipment that promise big investor returns.

Pinterest stock rises after Facebook shuts down rival app

16 hours ago

Pinterest Inc. shares are up 5% in Wednesday trading after Facebook Inc. confirmed that it plans to shut down Hobbi, a rival app that let users track progress on creative hobbies like crafts and cooking. "We expect to have to shut down apps when they're not catching on, but we also hope to learn from these experiments so that we can build better, more interesting apps in the future," A Facebook spokesperson said of apps developed by Facebook's New Product Experimentation team. Also on Wednesday, Deutsche Bank analyst Lloyd Walmsley boosted his price target on the stock. He sees room for the company to benefit from "multiple advertising product cycles" and enhanced abilities for users to shop through the platform. "Our call here is not about near-term upside for 2Q but more optimism that around the next six to 12 months, which we view as far more important than near-term risk around COVID lockdowns," wrote Walmsley, who has a buy rating on the stock. Pinterest shares have surged 64% over the past three months as the S&P 500 has added 26%.

Dun & Bradstreet's stock debuts 14% above upsized IPO's price

17 hours ago

Shares of Dun & Bradstreet Holdings Inc. surged in their public debut, after the data and analytics company's upsized initial public offering priced above its expected range. The stock's first trade was at $25 at 11:34 a.m. Eastern for 7.6 million shares. That was 13.6% above the $22 IPO price, which was above the previously expected range of $19 to $21. The stock has added slightly to those gains, to be up 14.3% at $25.16. The company sold 78.30 million shares to raise $1.72 billion in the IPO, up from a previously expected 67.75 million shares. The company went public as the Renaissance IPO ETF has run up 59.7% over the past three months, while the S&P 500 has gained 26.0%.

GM's U.S. vehicle deliveries fall 34% in Q2

17 hours ago

General Motors Co. said Wednesday that second-quarter deliveries fell 34.0% from a year ago to 492,489 vehicles, weighed down by the effects of the COVID-19 pandemic. Retail sales for the quarter fell 24%, as a 35% drop in April was followed by 20% declines in May and June. The auto maker said it will keep most of its U.S. plants operating, including all of its truck and sport-utility vehicle plants, during the traditional two-week summer shutdown period, as the company looks to restock inventory. GM said most of the increased output will be to restock retail channels, with capacity made available by lower rental volumes. Among deliveries for GM vehicle brands, total Chevrolet deliveries fell 33.6%, GMC declined 32.9%, Buick dropped 35.9% and Cadillac slid 41.4%. Within Chevrolet, the top models delivered were the Silverado LD, which fell 18.6% to 89,465 vehicles, while the top GMC model delivered was Sierra LD at 38,825 vehicles, down 9.5%. GM's stock slipped 0.4% in morning trading. It has gained 30.9% over the past three months, while the Dow Jones Industrial Average has rallied 23.3%.

EIA reports first weekly U.S. crude supply decline in a month

18 hours ago

The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 7.2 million barrels for the week ended June 26. That followed three consecutive weeks of increases and compared with a forecast by analysts polled by S&P Global Platts for an average decline of 2.7 million barrels. The American Petroleum Institute on Tuesday reported a decrease of 8.2 million barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by about 200,000 barrels for the week. Gasoline supply rose by 1.2 million barrels, while distillate stockpiles fell by 600,000 barrels. The S&P Global Platts survey had shown expectations for a supply decline of 2.7 million barrels for gasoline and an increase of 900,000 barrels for distillate inventories. August West Texas Intermediate crude rose 28 cents, or 0.7%, at $39.55 a barrel on the New York Mercantile Exchange. Prices traded at $39.71 before the supply data.

New York City Mayor Bill de Blasio says indoor dining to remain closed in next phase of reopening

18 hours ago

Indoor dining will remain closed in New York City when it enters the next phase of reopening next week, Mayor Bill de Blasio announced on Wednesday morning. The decision comes as a spike in daily cases nationwide indicates the potential for the coronavirus to spread more easily within indoor settings, including eateries. Only about 6,600 of the city's 27,000 restaurants have opened for outdoor dining. by Beckie Strum

Construction spending weak in May

18 hours ago

Outlays for construction projects fell 2.1% in May at a seasonally adjusted annual rate of $1.36 trillion, the Commerce Department reported Wednesday. Economists polled by MarketWatch had expected a 0.7% increase. Spending in April was revised to a 3.5% fall from the prior estimate of a 2.9% drop. Residential construction fell 3.9% in May, while spending on public construction projects rose 1.2%.

Fiat Chrysler vehicles sales fall 39% in second quarter, stock drops

18 hours ago

Fiat Chrysler Automobiles N.V. said Wednesday that second-quarter U.S. sales were 367,086 vehicles, down 39% from a year ago, as "economic havoc" in April caused by the COVID-19 pandemic was followed by a stronger-than-expected rebound in retail sales in May and June. The auto maker said fleet volume remained low during the quarter, as vehicle deliveries to retail customers were prioritized. The company said the pandemic has boosted online vehicle sales, as about 20% of new sales leads now come from online retailing, compared with about 1% a year ago. Among Fiat Chrysler's models, total Jeeps brand sales fell 27% during the quarter, Ram brand sales dropped 35%, Chrysler brand sales fell 58% and Dodge brand sales declined 63%. Fiat Chrysler's stock fell 2.6% in morning trading. It has shed 32.1% year to date, while the S&P 500 has slipped 3.6%.

UPDATE: U.S. government to secure majority of Gilead's remdesivir supply through September

19 hours ago

Health officials said Monday that the U.S. government will receive 500,000 treatment courses of Gilead Sciences Inc.'s remdesivir through September that can then be purchased by American hospitals. This means that the U.S. will receive 100% of Gilead's total remdesivir production in July and 90% in August and September, a decision that has prompted criticism in Europe and the U.K. Gilead in May received an emergency use authorization from the Food and Drug Administration for remdesivir as a treatment for some severely ill, hospitalized COVID-19 patients. Gilead announced pricing for remdesivir earlier on Monday; the drug will cost $2,340 for a 5-day course of treatment in developed countries, with one exception. The cost of treatment for people who have commercial health insurance is $3,120. The Department of Health and Human Services said in a news release that AmerisourceBergen Corp. will continue to ship the drug. Following the EUA in early May, Gilead had donated more than 100,000 doses of remdesivir to the U.S. government, which then dispensed the drug to hospitals.

Office Depot's stock falls after reverse stock split multiplies price by 10

19 hours ago

Shares of Office Depot Inc. fell in morning trading Wednesday, after a reverse stock split in effect multiplied the price by 10. The office supply retailer's stock closed at a split-adjusted $23.50, on Tuesday (a pre-split-adjusted $2.35), after a 1-for-10 reverse stock split went into effect after Tuesday's close. The stock was down 5.7% at $22.17 in recent trading. It has lost 19.1% year to date, while the S&P 500 has slipped 3.6%.