|Day's Range||3,094.55 - 3,110.11|
|52 Week Range||2,346.58 - 3,127.64|
With the end of the year and the decade fast-approaching, Wall Street strategists have begun to deliver their expectations about where the stock market will close out 2020.
Stocks dropped on new reports on the U.S.-China trade dispute. Yahoo Finance's Julie Hyman, Adam Shapiro, Dan Roberts and Heritage Capital's Paul Schatz talk with Edward Jones Investment Strategist Kate Warne.
The much anticipated truck from Tesla can tow 14,000 pounds, and the base model is priced under $40,000. How does it look? Triangular.
Shares of Uber Technologies Inc. surged 2.4% in premarket trading Friday, after Stifel Nicolaus analyst Scott Devitt turned bullish on the ride-sharing company for the first time, citing improved valuation and signs of sustainable improvement in fundamentals. The stock has rallied 13% since closing at a record low of $25.99 on Nov. 14, which was 42% below the $45 initial public offering price. Uber's stock went public on May 10. Devitt raised his rating to buy, after initiating Uber at hold on in July, but kept his stock price target at $34. "We like Uber's growth opportunity, scale, and market leadership in most regions, with an opportunity to consolidate some international markets," Devitt wrote in a note to clients. "Some competitive rationalization in ridesharing and related progress in reining in costs has pulled forward breakeven expectations meaningfully versus six months ago." He said the recent selloff in the stock has created a "more reasonable entry point." The stock has lost 13.4% over the past three months through Thursday, while shares of rival Lyft Inc. has lost 9.0% and the S&P 500 has gained 6.2%.
Beijing said it wanted to work out an initial trade pact with Washington "on the basis of mutual respect and equality" after reports earlier in the week suggested that a truce could be delayed into 2020.
U.S. stock-index futures head slightly higher on Friday, after the Dow notched its longest losing period in three months, as President Xi Jinping said China wants to work toward a phase-one trade agreement on the “basis of mutual respect and equality.“
Update: Tesla unveiled its pickup truck Thursday in Los Angeles. The (TSLA) “cyberpunk” pickup truck is coming. Tesla’s reveal event—happening Thursday evening in Los Angeles—is a big deal for car people.
Elon Musk’s company is set to debut its first pickup truck Thursday evening in Los Angeles. Trucks are a little different than the company’s other luxury models, creating a lot of mystery around the launch.
Pure Storage Inc. joined the group of hardware companies that put a damper on hopes for a second half rebound,blaming a tough pricing environment and slowing economy for its fiscal third quarter earnings shortfall and weaker outlook for the fourth quarter
Some analysts and investors see the shale boom ending. One of them is Evercore ISI analyst James West. We spoke to him recently about who the winners and losers would be.
The J.M. Smucker Co. shares slid 2% in premarket trade Friday , after the distributor of Folgers and Cafe Bustelo brands missed sales estimates for its fiscal second quarter and lowered its full-year guidance. Orrville, Ohio-based Smucker said it had net income of $211.2 million, or $1.85 a share, in the quarter to Oct. 31, up from $188.5 million, or $1.66 a share, in the year-earlier period. Adjusted per-share earnings came to $2.26, ahead of the $1.97 FactSet consensus. Sales fell to $1.96 billion from $2.02 billion, below the $1.97 billion FactSet consensus. The sales decline was partly due to the sale of the company's U.S. baking business on Aug. 31. Chief Executive Mark Smucker acknowledged that the company's sales performance was below its expectations, but said cat food and pet snacks performed well, along with coffee brands. The company lowered its full-year guidance and said it now expects sales to fall 3%, compared with prior guidance of a decline of 1% to flat. It expects adjusted EPS to range from $8.10 to $8.30, down from prior guidance of $8.35 to $8.55. Shares have gained 11% in 2019, while the S&P 500 has gained 24%.
Shares of Foot Locker Inc. rallied 2.0% in premarket trading Friday, after the athletic shoe and accessories retailer reported profit and same-store sales that beat expectations, while net sales came up a bit shy. Net income fell to $125 million, or $1.16 a share, from $130 million, or $1.14 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.13, above the FactSet consensus of $1.08. Net sales rose to $1.93 billion from $1.86 billion, just below the FactSet consensus of $1.94 billion, while same-store sales growth of 5.7% beat expectations of a 5.1% rise. Gross margin increased to 32.1% from 31.6%, and inventories slipped 0.1% to $1.30 billion. The stock has dropped 22.1% year to date through Thursday, while the SPDR S&P Retail ETF has gained 5.5% and the S&P 500 has climbed 23.8%.
Shares of Hibbett Sports Inc. were indicated up over 6% in premarket trading Friday, after the sporting goods retailer beat fiscal third-quarter profit and sales expectations and raised its full-year outlook. Net income rosel to $2.3 million, or 13 cents a share, from $1.5 million, or 8 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 32 cents, well above the FactSet consensus of 15 cents. Sales increased 27% to $275.5 million from $216.9 million, to beat the FactSet consensus of $260.7 million, as same-store sales rose 10.7%. "Our e-commerce business continues to outperform expectations, as the business is now delivering over 10% of our total sales," said Chief Executive Jeff Rosenthal. The company said it expects to record a impairment charge of 8 cents to 12 cents in fiscal 2020 as it proceeds with its plan to close about 95 Hibbett stores. On an adjusted basis, Hibbett raised its 2020 EPS guidance range to $2.30 to $2.50 from $2.15 to $2.25, and lifted its same-store sales growth guidance to 4% to 6% from 1% to 2%. The stock has run up 75% year to date through Thursday, while the S&P 500 has gained 24%.
JetBlue Airways Corp. disclosed Friday an accelerated repurchase agreement (ASR) to buy back $160 million worth of its stock, as part of the $800 million share repurchase announced in September. Under terms of the ASR agreement, which was entered into with Morgan Stanley , JetBlue will initially receive 6.9 million shares based on the Nov. 21 closing price, and the total number of shares the air carrier will ultimately receive will be determined by the volume weighted average prices of the stock during the term of the ASR agreement. After completion, there will be $640 million remaining in JetBlue's share repurchase program. At the Nov. 21 closing price of $18.63, the ASR program could buy back 8.59 million shares, or about 3% of the shares outstanding. The stock, which was still inactive in premarket trading, has gained 16% year to date, while the NYSE Arca Airline Index has advanced 17% and the S&P 500 has climbed 24%.
(Bloomberg) -- U.S. equity futures edged higher while European stocks advanced as investors digested the latest headlines on the trade dispute between America and China. Treasuries rose along with most benchmark bonds in Europe after some mixed economic data.Contracts on all three main U.S. gauges pointed to a firm open, though they briefly erased gains earlier. Treasuries and most government bonds in Europe reversed losses after a measure of services in the euro area disappointed, even as Germany reported better-than-expected manufacturing numbers. The common currency fluctuated.Miners and energy companies helped lead the Stoxx Europe 600 Index higher after oil’s strongest close since September. The pound fell -- boosting British equities -- following a gloomy reading of U.K. company sentiment. Japanese shares steadied after three days of declines, while stocks climbed in Australia and Hong Kong, and slipped in China.It’s been a mixed picture on the trade front this week. Chinese Vice Premier Liu He has invited Robert Lighthizer to Beijing for further talks later this month, according to people familiar with the matter, and Washington will likely postpone new tariffs scheduled for December even if there’s no deal by then, the South China Morning Post reported. However, President Donald Trump may soon sign into law a bill supporting Hong Kong’s protesters, a move likely to anger China.Meanwhile, Chinese President Xi Jinping said his nation wants to work toward a phase one trade agreement with the U.S. on the “basis of mutual respect and equality,“ his first comments on a partial deal.“The market is looking for some bullish signal that things aren’t going to get worse and that we’re not going to see further deterioration in trade talks between the U.S. and China,” Erin Browne, a portfolio manager at Pacific Investment Management Co., told Bloomberg TV. “They just don’t want to see further escalation.”Elsewhere, oil fluctuated after rising to a nine-week high. Gold reversed earlier losses.These are the main moves in markets:StocksFutures on the S&P 500 Index rose 0.2% as of 7:15 a.m. New York time.The Stoxx Europe 600 Index jumped 0.5%.The U.K.’s FTSE 100 Index surged 1.2%.The MSCI Asia Pacific Index increased 0.2%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro was little changed.The British pound decreased 0.3%.The Japanese yen gained 0.1%.BondsThe yield on 10-year Treasuries decreased three basis points.Germany’s 10-year yield declined three basis points.Britain’s 10-year yield sank six basis points.CommoditiesWest Texas Intermediate crude decreased 0.4%.Gold gained 0.4%.\--With assistance from Adam Haigh.To contact the reporter on this story: Constantine Courcoulas in Istanbul at email@example.comTo contact the editor responsible for this story: Sam Potter at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Strong markets tend to stay sticky to the upside, and the mild pressure on the indices isn't preventing some good stock picking.
US equities were weaker for most of Thursday, slowly recovering later in the session into a flat close. Trade negotiations continue to dominate sentiment; however, the risk seems to be in a much better place this morning after yesterday morning Liu He headlines saying that he was “cautiously optimistic” about Phase 1 talks. Vice-Premier He was also reported overnight to have invited the US to a new round of face-to-face talks in a phone call late last week and was hoping to meet before Thanksgiving.
A broad gauge of Asian equities made a slight recovery on Friday from three-week lows hit the previous day, with gains limited by investors' uncertainty over chances of China and the United States striking a preliminary deal soon to end their trade war. European shares were expected to rise as well. U.S. S&P 500 e-mini futures, were 0.16% higher at 3,109.
Asian equities posted a mild bounce on Friday from three-week lows hit the previous day, with persistent worries over the status of trade negotiations between China and the United States limiting the gains. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.12%, recovering from Thursday's drop of as much as 1.4% that took it to its lowest level since Oct. 30 on concerns that U.S. legislation on Hong Kong threatened to undermine trade talks between the world's two largest economies.
U.S. equity futures edged higher Friday, setting up the chance to snap a three-day losing streak on Wall Street, as investors continue to fixate on the fate of trade talks between Washington and Beijing and the strength of the American consumer heading into the holiday season.