21 hours ago
California-based flooring company F5 Finishes Inc. has filed for an initial public offering, seeking to sell $50.6 million worth of shares, according to a Friday filing. F5 said it expects the stock will price between $9 and $11 a share. The company was founded in 2007 and was inactive until 2017 when it was "repurposed" to acquire six companies providing commercial flooring, according to the prospectus. F5 plans to list on the Nasdaq under the symbol FLRZ. "Our goal is to become the leading commercial flooring solutions provider nationally by capitalizing on industry dynamics that we believe create an attractive consolidation opportunity for us," the company said. F5 listed revenue of $82.4 million in the nine months to September 2018 and $86.6 million in the same period this year. Per-share earnings in those nine-month periods were 12 cents in 2018 and 15 cents this year, F5 said.
22 hours ago
The White House on Friday slammed House Democrats' impeachment inquiry anew and made clear it won't participate in a Judiciary Committee hearing on Monday. "House Democrats have wasted enough of America's time with this charade," White House counsel Pat Cipollone told Judiciary Committee Chairman Jerrold Nadler in a two-paragraph letter. Cipollone called the inquiry "completely baseless," a day after President Donald Trump urged Democrats to speed up their process so the country can get "back to business."
23 hours ago
U.S. stocks closed solidly higher Friday, helping to wipe out or chip away at weekly losses, after an key employment report for November ignited bullish buying on Wall Street, adding to some modest progress toward a partial Sino-American trade agreement. The Dow Jones Industrial Average gained 337 points, or 1.2%, to reach 28,015, the S&P 500 index advanced 0.9% to 3,146, while the Nasdaq Composite Index climbed 1% to 8,656. The moves on Friday were in contrast to trading that started the week after President Donald Trump in London implied that he would wait until 2020 to cement a phase-one trade agreement. For the week, the Dow and the Nasdaq finished down 0.1%, while the S&P 500 notched a 0.2% gain for the 5-day trading stretch. The economy created 266,000 new jobs, the most since January, and the unemployment rote fell to 3.5%, a 50 year low, Labor Department data showed, signaling that the jobs market remains robust even though economic growth has slowed. The government also revised the increase in new jobs in October to 156,000 from 128,000 and September's gain was raised to 193,000 from 180,000. The increase in new jobs easily topped the 180,000 MarketWatch forecast, helped by the end of the General Motors auto-workers strike which added roughly 50,000 jobs to the payrolls number. The unemployment rate slipped to 3.5% from 3.6% and matched a 50-year low. The average wage paid to American workers rose 7 cents, or 0.2%, to $28.29 an hour. The 12-month rate of hourly wage gains slipped to 3.1% from 3.2%. Helping to lift stocks even before the jobs report was news that China's State Council had begun the process on Friday of exempting some soybeans and pork imported from the U.S. from import tariffs, the state-run Xinhua News Agency said, a move taken as a sign of progress on at least a partial trade pact. The action comes about nine days from a Dec. 15 deadline at which import duties on $156 billion in China goods will be raised to 15%. In corporate news, Shares of Apple Inc. surged above its record closing price. The day's gains put the main benchmarks just short of their record closes.
17 min ago
Oil futures settled higher on Friday, with U.S. prices up more than 7% for the week to mark their highest weekly percentage climb since June. Prices got a lift after the Organization of the Petroleum Exporting Countries and its allies announced an agreement to cut production by an additional 500,000 barrels a day starting in January. Including the 1.2 million barrels in reductions under the current pact, that will bring total output cuts to 1.7 million barrels a day from October 2018 levels. Even so, analysts said concerns surrounding a slowdown in oil demand remain. Meanwhile, Baker Hughes reported a seventh straight weekly decline in the number of active U.S. rigs drilling for oil. January West Texas Intermediate oil rose 77 cents, or 1.3%, to settle at $59.20 a barrel on the New York Mercantile Exchange. For the week, the U.S. benchmark rose 7.3%, the biggest such rise since the week ended June 21, according to FactSet data.
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General Electric Co. said Friday it will pay a quarterly dividend of a penny a share, which means the industrial conglomerate will be keeping it at that lowered rate for over a year. The dividend will be payable Jan. 27 to shareholders of record on Dec. 23. GE's stock was up 2.0% in afternoon trading. At current prices, the stock's dividend yield is 0.36%, compared with the yield for the SPDR Industrial Select Sector ETF of 1.94% and the implied yield for the S&P 500 of 1.89%, according to FactSet. GE had slashed its dividend to a penny per share from 12 cents last year in an effort to preserve cash. That first 1-cent dividend was paid out on Jan. 25, 2019 to shareholders of record Dec. 20, 2018. GE's stock has run up 55.8% over the past 12 months, while the industrial ETF has gained 16.1% and the S&P 500 has advanced 16.8%.
1 hour ago
Gold prices fell by more than 1% on Friday, as better-than-expected November growth in U.S. jobs supported a rise in the stock market and the dollar, dulling haven demand for the precious metal. February gold lost $18, or 1.2%, to settle at $1,465.10 an ounce, with prices for the most-active contract losing roughly 0.5% for the week, according to FactSet data.
2 hours ago
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by five to 663 this week. That followed declines in each of the last six weeks. The total active U.S. rig count, meanwhile, also fell by three to 799, according to Baker Hughes. Oil prices held onto their earlier gains, with January West Texas Intermediate crude up 52 cents, or 0.9%, at $58.95 a barrel.
3 hours ago
Shares of 3M Co. ran up 3.8% in midday trading Friday, enough to pace the Dow Jones Industrial Average's gainers, after Bloomberg reported that the consumer and industrial products conglomerate is exploring the sale of its drug delivery systems business. 3M's stock price gain of $6.28 was adding about 43 points to the Dow, which was up 329 points. The Bloomberg report, which cited people with knowledge of the matter, said the drug delivery business, which makes inhalers, skin patches and microneedles, could be valued at about $1 billion. 3M's stock has lost 10.4% year to date, while the Dow has climbed 20.1%.
4 hours ago
Shares of Cassava Sciences Inc. jumped 24% on positive data from a mid-stage trial for its experimental Alzheimer's disease drug, PTI-125. The data, which found that the therapy reduced cerebrospinal fluid and plasma biomarkers for Alzheimer's, was released Dec. 5 at the Clinical Trials on Alzheimer's Disease meeting in San Diego. Biogen also released somewhat controversial data about its late-stage Alzheimer's candidate at the conference on Thursday. Cassava stock is up 163% year-to-date. The S&P 500 is up 25%.
4 hours ago
Shares of Plug Power Inc. bounced 1.3% in very active trading Friday, putting them on track to snap a five-day losing streak, after the fuel cell technology company announced the pricing of its public stock offering. Trading volume swelled to over 17.3 million shares, already well above the full-day average of about 9.9 million shares. The stock had plunged 23% over the past five sessions, highlighted by the 11% tumble on Tuesday after the company announced the public offering of 40 million shares of its common stock. The losing streak followed a 5-year closing high of $4.00 on Nov. 27. Late Thursday, the company said that offering priced at $2.75 a share, for the company to raise $110 million. Plug's stock has run up 39% over the past three months, while the S&P 500 has gained 5.6%.
5 hours ago
The Organization of the Petroleum Exporting Countries on Friday confirmed that its members, as well as allied non-member producers, have agreed to cut output by an additional 500,000 barrels per day starting in January. The output cuts come on top of the current agreement of 1.2 million barrel in output reductions from October 2018 levels. Saudi Arabia said its target output level including all cuts would be 9.744 million barrels a day. OPEC and OPEC+ plan to hold extraordinary meetings on March 5 to March 6. January West Texas Intermediate crude added $1.13, or 2%, to $59.56 a barrel, while February Brent crude rose $1.36, or 2.2%, to $64.75 a barrel.
5 hours ago
WASHINGTON (MarketWatch) - Wholesale inventories in the U.S. rose 0.1% in October, partly recovering from a sharp decline in September. Sales fell 0.7% in the month, however. As a result, the ratio of inventories to sales edged up to 1.37 from 1.36. That's how many months it would take to sell all the inventory on hand. One year ago, the inventory-to-sales ratio was lower at 1.3%. The decline in inventories in September, meanwhile, was revised to 0.7% from 0.4%. Increase in inventories add to gross domestic product while decreases subtract from GDP.
5 hours ago
Top White House economist Larry Kudlow said Friday a U.S.-China trade deal is close, as talks between Washington and Beijing are in an "intense" phase. Speaking in a CNBC interview, Kudlow echoed President Donald Trump's statements that the administration will walk away if an eventual deal isn't good for the U.S., but said the economic-growth potential of an agreement could be "terrific." Kudlow spoke following the release of the November jobs data, which showed a much stronger-than-expected 266,000 positions added in the month. "America is working," said the National Economic Council director. U.S. stocks rose sharply after the jobs report.
5 hours ago
Shares of Alexion Pharmaceuticals are up 6% in morning trading after the company halted its stock in premarket trading to announce that it would not consider a sale, as recommended by Elliott Management. The biopharmaceutical company said its board had unanimously decided not to pursue a sale and that it had not received any offers. "We do not believe this approach is the best path for driving shareholder value," the company said in a statement. Alexion markets several drugs, including Soliris, a treatment for a number of rare diseases that costs $500,000 a year. Shares of Alexion have gained 10% year-to-date, compared to the S&P 500 , which is up 24%.
5 hours ago
Stocks rose sharply at the open Friday after a stronger-than-expected report on employment conditions in November. The Dow Jones Industrial Average jumped 200 points, 0.7%, to open near 27,878, while the S&P 500 rose about 16 points or 0.5%, opening near 3,134. The Nasdaq was up about 63 points, 0.7%, opening near 8,634. Shares of American Outdoor Brands Inc. , parent company of Smith & Wesson, bounced after the company reported better-than-expected revenues and raised its forecast.
6 hours ago
Financial stocks got a big lift in premarket trading Friday, as much stronger-than-expected November jobs data provided a boost to the sector and the broader stock market. The SPDR Financial Select Sector ETF rallied 1.1%, after trading unchanged just before the data. Among the sector tracker's heavily weighted components, gains in the shares of Bank of America Corp. increased to 2.0% from 0.4%, Citigroup Inc. to 1.7% from 0.3%, J.P. Morgan Chase & Co. to 1.3% from less than 0.1% and Goldman Sachs Group Inc. to 1.3% from 0.3%. The U.S. Labor Department reported that nonfarm payrolls increased by 266,000 jobs in November and the unemployment rate returned to a 50-year low of 3.5% from 3.6%, compared with expectations of 180,000 jobs. Gains in the SPDR S&P 500 ETF to 0.7% from 0.2%, the SPDR Dow Jones Industrial Average ETF to 0.7% from 0.1% and the Invesco QQQ ETF to 0.8% from 0.2%.
6 hours ago
Shares of The Trade Desk Inc. are up more than 5% in premarket trading Friday after Needham's Laura Martin upgraded the stock to buy from hold while setting a $325 target price. She argues that ad unit availability in the U.S. could fall by 10% in 2020 due to declining viewership of linear televsion, but that demand for U.S. ad units will climb by 10%, creating a favorable pricing environment. "Ad units should see unprecedented pricing power in 2020," she wrote. "TTD is the largest buyer of ad units in the open internet (including connected TV), and takes a 20% revenue share of ad dollars spent on its platform." TTD shares have climbed 107% so far this year, as the S&P 500 has increased 24%.
6 hours ago
U.S. Treasury yields Friday morning popped higher across the board after a key employment report showed the U.S. created a hotter-than-expected 266,000 new jobs in November, marking the biggest gain since the first month of the year. The 10-year Treasury note rose 5.5 basis points to 1.850%, the 2-year Treasury note added 5.5 basis points to 1.637%, while the 30-year Treasury bond added 3.8 basis points to 2.284%. The increase in new jobs easily topped the 180,000 MarketWatch forecast, helped by the end of an auto-workers strike at General Motors Co. . That added roughly 50,000 jobs to the payrolls number. Meanwhile, the unemployment rate slipped to 3.5% from 3.6% and matched a 50-year low. The average wage paid to American workers rose 7 cents, or 0.2%, to $28.29 an hour. The 12-month rate of hourly wage gains slipped to 3.1% from 3.2%.
6 hours ago
The U.S. economy added 266,000 new jobs in November, up from a revised level of 156,000 new jobs in October, and well above economists' expectations of 180,000, according to a MarketWatch poll. The unemployment rate fell to 3.5%, below expectations for a 3.6% reading. Futures for the Dow Jones Industrial Average rose 153 points, or 0.6% to trade around 27,735 while S&P 500 futures added 15.8 points, or 0.5% at 3,133. Nasdaq-100 futures advanced 51 points, or 0.6% to 8,358. Stock-index futures had been trading higher as U.S.-China trade negotiations remained in focus, with optimism that a deal can be reached boosted by news reports that China's State Council on Friday began the process of exempting some punitive tariffs from U.S. agricultural goods.
6 hours ago
WASHINGTON (MarketWatch) - The U.S. created 266,000 new jobs in November, marking the biggest gain since the first month of the year and signaling the labor market remains quite robust even though the economy has slowed. The increase in new jobs easily topped the 180,000 MarketWatch forecast, helped by the end of the GM auto-workers strike. That added roughly 50,000 jobs to the payrolls number. The unemployment rate slipped to 3.5% from 3.6% and matched a 50-year low. The average wage paid to American workers rose 7 cents, or 0.2%, to $28.29 an hour. The 12-month rate of hourly wage gains slipped to 3.1% from 3.2%. Hours worked each week were flat at 34.4 hours. The government revised the increase in new jobs in October to 156,000 from 128,000. September's gain was raised to 193,000 from 180,000.
7 hours ago
SL Green Realty Corp. said Friday it will raise its quarterly dividend by 4.1%, to 88.5 cents a share from 85 cents a share. The real estate investment trust said the new dividend will be payable Jan. 15 to shareholders of record on Jan. 2. Based on Thursday's stock closing price of $85.77, the new annual dividend rate implies a dividend yield of 4.13%, compared with the yield for the SPDR Real Estate Select Sector ETF of 2.96% and the implied yield for the S&P 500 of 1.91%, according to FactSet. Shares of the self-proclaimed largest office landlord in New York City, which were still inactive in premarket trading, have rallied 8.5% year to date, while the REIT ETF has climbed 24.2% and the S&P 500 has advanced 24.4%.
8 hours ago
Shares of Genesco Inc. were indicated up about 11% in premarket trading Friday, after the shoes and accessories retailer reported fiscal third-quarter profit and same-store sales that rose above expectations and raised its full-year outlook, although net sales showed a surprise decline. Net income for the quarter to Nov. 2 rose to $18.9 million, or $1.30 a share, from $14.4 million, or 73 cents a share, in the year-ago period. Excluding non-recurring items, adjusted EPS grew to $1.33 from 97 cents, above the FactSet consensus of $1.08. Net sales fell to $537.3 million from $539.8 million, missing the FactSet consensus of $540.6 million, but same-store sales growth of 3% beat expectations of a 1.5% rise. Among its segments, same-store sales for its Journeys stores grew 4%, for Schuh rose 3% and Johnston & Murphy fell 6%. Chief Executive Robert Dennis said the fourth quarter has "started well, highlighted by solid results during the Black Friday through Cyber Monday period." As a result, the company raised its fiscal 2020 EPS guidance range to $4.10 to $4.40 from $3.80 to $4.20, while affirming its same-store sales growth outlook of 2% to 3%. The stock has lost 16.7% year to date through Thursday, while the SPDR S&P Retail ETF has gained 6.7% and the S&P 500 has climbed 24.4%.
9 hours ago
Close-out retailer Big Lots said it swung to a third-quarter ending Nov. 2 net profit of $127 million, or $3.25 a share, as sales edged up 1.6% to $1.17 billion and comparable-store sales slipped 0.1%. Excluding gains including the sale of a California distribution center, it would have lost 18 cents a share. Analysts polled by FactSet expected a 16 cents a share loss on sales of $1.16 billion. Big Lots says it expects fourth-quarter profit of $2.40 to $2.55 a share and a slight rise in comparable-store sales. Analysts had seen fourth-quarter earnings of $2.68 a share. Big Lots says it expects a return to EPS and EBIT growth in 2020.
9 hours ago
Morgan Stanley kept a $250 price target and equal-weight rating on Tesla but said the bull case is now $500 per share rather than $440. Analyst Adam Jonas said the newly unveiled Cybertruck and a more optimistic scenario in China accounts for the better upside. The bear case, however, is still $10. "To be clear, we are not bullish on Tesla longer term, especially as, over time, we believe Tesla could be perceived by the market more and more like a traditional auto OEM; we are prepared for a potential surge in sentiment through the first half of 2020 but question the sustainability," he wrote. Tesla closed Thursday at $336.
10 hours ago
China's Finance Ministrysaid it would exclude some U.S. soybeans, pork and other commodities from tariffs. The government did not indicate how much of those products would be excluded. The move comes as the U.S. and China are attempting to reach a so-called phase one agreement on reducing trade tensions.
Cloudera Inc. shares rose more than 5% in the extended session Thursday after the cloud-computing company beat revenue expectations and reported narrower-than-expected losses. The company reported a third-quarter net loss of $82.1 million, which amounts to 29 cents a a share, compared with a net loss of $25.9 million, or 17 cents a share in the year-ago quarter. Adjusted for stock-based compensation, among other things, losses were 3 cents a share. Revenue rose to $198.3 million from $119 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 6 cents a share on revenue of $189.1 million. For the fourth quarter, analysts estimate adjusted losses of 5 cents a share on revenue of $196.9 million. Cloudera said it expects fourth-quarter adjusted losses of 2 cents to 4 cents a share and revenue of $200 million to $203 million. Cloudera stock has fallen 9.5% stock this year, with the S&P 500 index rising 24%.
Bristol-Myers Squibb Co. late Thursday announced a 9.8% dividend increase, beginning in the first quarter of 2020. The dividend increase will bring the drug maker's quarterly dividend to 45 cents. The next quarterly dividend is payable Feb. 3 to stockholders of record on Jan. 3. Shares of Bristol-Myers were flat in the extended session Thursday after ending the regular trading day up 1%.
Domo Inc. shares soared 20% in the extended session Thursday after the cloud software company reported a narrower-than-expected loss and higher sales in its fiscal 2020 second quarter. Domo said it lost $29.1 million, or $1.05 a share, in the quarter, compared with a loss of $33 million, or $1.24 a share, in the year-ago period. Adjusted for one-time items, Domo lost $23.6 million, or 85 cents a share, in quarter, compared with a loss of $27.9 million, or $1.06 a share, a year ago. Revenue rose 22% to $44.8 million. Analysts polled by FactSet had expected an adjusted loss of $1.02 a share on sales of $41.8 million. Domo said it expects full fiscal 2020 revenue in a range between $172.2 million and $173.2 million and an adjusted per-share net loss between $3.88 and $3.92. The analysts surveyed by FactSet expect an adjusted full-year loss around $4.06 a share on sales of $172 million.
Yext Inc. shares plummeted more than 20% in after-hours trading Thursday following an earnings report that showed the company spending to build up its workforce and facing larger losses as a result. The online-marketing company reported third-quarter losses of $42.7 million, or 38 cents a share, and increase of 86% from last year; after adjusting for stock-based compensation, the company reported a loss of 19 cents a share, worse than 10 cents a share in adjusted earnings a year ago. Revenue grew to $76.4 million from $58.6 million a year ago, but that didn't make up for increased spending on new employees and a new New York headquarters. "The increased loss was driven primarily by higher operating expenses, due to an overall increase in headcount as well as the impact of new lease arrangements, including New York, NY," the company said in its announcement. Analysts on average expected adjusted losses of 18 cents a share on sales of $76.4 million, but were expecting losses to come down in the current quarter more than Yext says they will. Yext predicted fiscal fourth-quarter adjusted losses of 13 to 15 cents a share on sales of $79 million to $81 million, while analysts on average were modeling for adjusted losses of 8 cents a share on sales of $83.9 million, according to FactSet. The company reduced its full-year forecast as a result, and now expects adjusted losses of 49 to 51 cents a share on revenue of $296.5 million to $298.5 million. After closing with a 0.4% gain at $16.60 Thursday, shares plunged to less than $13 in the extended session. The stock had gained 11.8% so far this year, as the S&P 500 index had increased 24.2%.
PagerDuty Inc. shares plunged 15% in the extended session Thursday after the software company reported a fourth-quarter outlook for adjusted losses that was greater than the consensus estimates. PagerDuty beat third-quarter revenue estimates. The company reported a third-quarter net loss of $15.3 million, or 20 cents a share, compared with a net loss of $15.4 million, or 71 cents a share, in the year-ago period. Adjusted for stock-based compensation, earnings were 10 cents a share. Revenue rose to $42.8 million from $31.2 million in the year-ago period. Analysts surveyed by FactSet had estimated third-quarter revenue of $42.1 million and model fourth-quarter adjusted losses of 5 cents a share on revenue of $43.8 million. FactSet did not produce a reliable adjusted per-share estimate for the third quarter. The company said it expected a fourth-quarter adjusted loss of 6 cents to 7 cents a share and revenue of $44.5 million to $45.5 million. PagerDuty said that it had appointed former Salesforce Inc. executive Dave Justice as Chief Revenue Officer. PagerDuty stock has fallen 48% in the past six months, with the S&P 500 index rising 10.1%.