|Day's Range||2,989.97 - 3,005.26|
|52 Week Range||2,346.58 - 3,017.80|
Stocks edged down Wednesday morning as market participants awaited another wave of earnings results and considered ongoing global trade tensions.
It's time to get technical at the YFi Interactive touch screen. Joining Yahoo Finance's Myles Udland is Jared Blikre to break down today's moves in crude oil and stocks.
Nuveen Chief Equity Strategist and Senior Portfolio Manager Bob Doll joins Yahoo Finance’s The Final Round to discuss his outlook for the remainder of 2019 and why he still has a cautious outlook towards equities.
U.S. stocks were mixed Tuesday afternoon as investors digested a wave of signals from officials over U.S.-China trade relations and monetary policy, along with an influx of corporate earnings results and economic data.
Nu Skin Enterprises Inc. stock plummeted 16.4% in Wednesday trading after the health, wellness and beauty company cut its guidance due to problems in the Chinese market. Nu Skin was also downgraded to neutral from buy at D.A. Davidson after the news. Nu Skin now expects second-quarter revenue of $622 million to $623 million, below the $630 million FactSet consensus. Earnings per share are expected to be 82 cents to 84 cents. The FactSet consensus is for 84 cents. "We are adjusting our guidance for the year primarily due to a reduced revenue outlook in Mainland China following the government's 100-day campaign to review and inspect the health products and direct selling industries," said Nu Skin Chief Executive Ritch Wood in a statement."Continued restrictions on sales meetings, as well as media scrutiny, have negatively impacted consumer sentiment and contributed to this adjustment." D.A. Davidson notes that China revenue accounted for 33% of Nu Skin's 2018 total. Analysts slashed the price target by $50, bringing it down to $38 from $88. However, they are bullish for the long term; they expect the dividend to be safe and think the company will make an adjustment if its meetings continue to be curtailed. "If the meeting ban continues for a long period of time, we think Nu Skin could develop alternative methods to lessen the magnitude of sales declines," analysts said. Stifel analysts also cut their Nu Skin price target to $37 from $45 and maintained their sell stock rating. Nu Skin stock has fallen nearly 50% over the last year while the S&P 500 index has gained 6.6%.
A gauge of global stocks declined for a second straight session and U.S. Treasury yields rose as trade concerns again began to bubble and U.S. earnings season picked up steam. On Wall Street, CSX Corp was one of the biggest drags on the S&P 500. The results come after U.S. President Donald Trump renewed his threat to tax another $325 billion of Chinese goods on Tuesday, which sent stocks lower.
Shares of CSX recorded the steepest fall on the benchmark index, sliding 8.3% after the company posted lower-than-expected quarterly profit and cut its full-year revenue forecast. Since a sharp fall in May, Wall Street's main indexes have been trending higher to hit record highs on hopes of interest rate cuts by the Federal Reserve.
Cannabis stocks were mostly higher Wednesday, with Curaleaf leading the pack after announcing an $875 million stock-and-cash deal that will help it expand into new states, including Illinois.
The rise of Grubhub, DoorDash, Uber Eats and other delivery services is denting Domino’s lead in food delivery.
Domino's Pizza Inc. Chief Executive Richard Allison said third-party delivery services like DoorDash and Uber Eats were a challenge during the second-quarter, and they aren't going away. "Our same-store sales performance for the quarter came in toward the lower end of our three-to-five-year outlook as we continue to navigate through headwinds related to aggressive activity from third-party aggregators," he said, according to a FactSet transcript. "I do not expect this activity to ease in the near term." Domino's reported a second-quarter revenue miss and same-store sales growth that missed expectations. "Domino's Pizza remains on the 'Biggest Concerns List' from CFRA Forensic Research Services, partly on sales and profit margin pressures and reduced operating leverage," wrote CFRA's Tuna Amobi in a note. CFRA maintained its hold opinion on Domino's stock but cut its price target to $270 from $290. BTIG remains bullish. "We maintain our buy rating on shares of Domino's Pizza following earnings as we believe the retail sales and market share gains the concept is generating will ultimately translate into a higher stock price," wrote analysts led by Peter Saleh. "While disappointed with domestic same-store sales results this quarter, new unit and retail sales growth remains healthy and we believe the stock's decline is more a function of elevated expectations rather than inflated valuation." BTIG cut its price target to $325 from $335. Domino's Pizza shares closed Tuesday down 8.7%, but are nearly unchanged in Wednesday trading. The stock has fallen 12.5% over the last year while the S&P 500 index has gained 6.6% for the period.
Sponsors of exchange-traded funds (ETFs) continually blow our minds by announcing lower and lower fees, with expense ratios as low as 0.03%. Looking beyond those popular ETFs, a study shows that some of these financial products are costing you as much as 1.39% every time you get in and out. What’s a bid-ask spread?
U.S. stocks treaded water on Wednesday as trade-related weakness hurt CSX Corp's profit, leading to a decline in railroad stocks and offsetting gains in shares of Abbott and Qualcomm. Shares of CSX recorded the steepest fall on the benchmark index, sliding 8.3% after the company posted lower-than-expected quarterly profit and cut its full-year revenue forecast. Rivals Union Pacific Corp slipped 5.3% and Kansas City Southern fell 4%.
Construction on new houses fell slightly in June and permits posted an even sharper decline, suggesting the housing market has failed to gain much momentum from lower mortgage rates. Housing starts slipped 0.9% to an annual pace of 1.25 million. Permits dropped 6.1%.
Stocks were mixed Wednesday, as ASML and Qualcomm stock led, while losses from Caterpillar and JPMorgan held back the Dow Jones industrials.
Concerns about the wholesale channel sparked downgrades of Levi Strauss & Co. , Ralph Lauren Corp , and Calvin Klein parent PVH Corp. at Goldman Sachs. The downgrades sent each of the apparel stocks down, with Levi Strauss tumbling 4%, Ralph Lauren falling 3.7% and PVH down 3.4% in Wednesday trading. Goldman expects headwinds for the wholesale channel to ramp up in the second half of the year. "The combination of persistently tough first-half retail trends and an optimistic spring ordering season has driven inventory overhangs at several multibrand retailers," the Goldman note said. "These retailers are thus tightening up ordering as we head into the critical back-to-school and holiday season. We thus see incremental sell-in risk for apparel brands, particularly those with high exposure to department stores." Goldman expects growth at PVH's Tommy Hilfiger brand to "fade," thinks Ralph Lauren's wholesale troubles will be amplified by brand challenges at Polo and Lauren, and is worried that growth in Levi's tops business will decline. Levi stock is down 19% over the last three months, Ralph Lauren is down nearly 16%, and PVH is down 32.2%. The ProShares Decline of the Retail Store ETF has climbed nearly 11% over the last three months and the S&P 500 index has gained 3.5% for the period.
July 17 (Reuters) - U.S. stocks opened flat on Wednesday as trade worries and concerns about the balance of monetary policy and growth outweighed solid results from Bank of America and a boost to chipmakers from Dutch company ASML. The Dow Jones Industrial Average fell 14.72 points, or 0.05%, at the open to 27,320.91. The S&P 500 opened higher by 1.06 points, or 0.04%, at 3,005.10. The Nasdaq Composite gained 1.20 points, or 0.01%, to 8,224.00 at the opening bell.
Amazon.com Inc. said Wednesday that this year's two-day Prime Day shopping event was the biggest shopping event in the company's history, surpassing Black Friday and Cyber Monday combined. More than 175 million items were purchased, with the event becoming the largest-ever for Amazon devices, including the Echo Dot and Fire TV Stick with Alexa Voice Remote. Prime members also bought 100,000 lunchboxes, 100,000 laptops, 350,000 luxury beauty products, and more than one million toys. Amazon says Prime members around the world saved more than $1 billion. Eighteen countries participated this year. And Amazon reports it signed up the most new Prime members ever on July 15 and nearly as many on July 16. Amazon stock has gained 33.6% in 2019 while the S&P 500 index is up nearly 20% for the period.
Wall Street was set for a muted open on Wednesday as trade worries and concerns about the balance of monetary policy and growth outweighed solid results from Bank of America and a boost to chipmakers from Dutch company ASML. The second largest U.S. lender beat estimates for quarterly profit as a healthy domestic economy boosted demand for loans. Earnings from the big banks JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co this week have raised concerns that lower interest rates will pressure profits at a time when revenue growth is already slow.
Earnings season is providing some fodder for investors, as is the latest White House commentary on the U.S.-China trade situation.
U.S.companies have been on a stock buyback binge, and now a record share of institutional investors are worried that companies are being too generous with stock repurchases and dividend payouts