71.20 -0.18 (-0.25%)
After hours: 7:46PM EDT
|Bid||71.50 x 3200|
|Ask||71.30 x 3200|
|Day's Range||70.06 - 73.65|
|52 Week Range||58.47 - 80.73|
|Beta (3Y Monthly)||1.25|
|PE Ratio (TTM)||17.18|
|Earnings Date||Oct 14, 2019 - Oct 18, 2019|
|Forward Dividend & Yield||0.96 (1.21%)|
|1y Target Est||81.50|
Stocks edged down Wednesday morning as market participants awaited another wave of earnings results and considered ongoing global trade tensions.
Amazon, Bank of New York Mellon, CSX, Qualcomm and Neuralink are the companies to watch.
U.S. stocks end lower for a second straight session Wednesday as investors digest mixed earnings results and economic data, while a lack of progress on the Beijing-Washington tariff dispute remained a headache.
(Bloomberg) -- U.S. stocks fell as investors assessed mixed corporate earnings amid concern over the U.S.-China trade spat. Treasuries rallied.Industrials led the S&P 500 Index below 3,000, with CSX Corp. plunging 10% after a weakened sales forecast stoked fears of a prolonged freight slump. The Dow Jones Transportation Average, a barometer of economic growth, tumbled. Bank of America Corp. advanced as gains in its retail division drove overall profit to a record. In after-hours trading, Netflix Inc. sank on a surprise loss of U.S. customers for the second quarter, while International Business Machines Corp. climbed as its operating earnings beat analysts’ estimates.While early indications are usually unreliable when it comes to corporate profits, investors have closely watched those reports for clues on the state of the world’s largest economy amid the threat of a trade war. Market sentiment was clearly dented after President Donald Trump said Tuesday he could impose more tariffs on China, pushing stocks down from a record high.“Stocks’ strong gains are finally succumbing to profit-taking,” said Alec Young, managing director of global markets research at FTSE Russell. “Earnings and guidance so far have been mixed and, given the big run-up, it’s no surprise there’s little investor tolerance for even a hint of disappointment.”The U.S. economy expanded at a modest pace with job gains slowing somewhat and inflation remaining stable or slightly weaker, a Federal Reserve survey showed. The report is unlikely to sway the debate policy makers will have during the July 30-31 meeting. They’re expected to reduce rates by a quarter point, though a handful of regional Fed presidents appear uneasy about a cut.Elsewhere, oil sank after a mixed U.S. government report showed a surprising drop in fuel demand last week. Bitcoin climbed, while still trading below $10,000.Here are some key events coming up:Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.These are the main moves in markets:StocksThe S&P 500 lost 0.7% to 2,984.42 at 4 p.m. New York time.The Stoxx Europe 600 Index slid 0.4%.The MSCI Asia Pacific Index fell 0.1%.CurrenciesThe Bloomberg Dollar Spot Index decreased 0.1%.The euro rose 0.1% to $1.1223.The Japanese yen increased 0.2% to 108.03 per dollar.BondsThe yield on 10-year Treasuries decreased five basis points to 2.05%.Germany’s 10-year yield sank five basis points to -0.29%.Britain’s 10-year yield fell six basis points to 0.759%.CommoditiesThe Bloomberg Commodity Index fell 0.1%.West Texas Intermediate crude dipped 1.5% to $56.78 a barrel.Gold rose 0.9% to $1,423.30 an ounce.\--With assistance from Adam Haigh, Samuel Potter, Laura Curtis and Robert Brand.To contact the reporters on this story: Rita Nazareth in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
CSX has been recognized as a “Best Place to Work for Disability Inclusion” by Disability:IN and the American Association of People with Disabilities (AAPD), scoring 100 percent on the 2019 Disability Equality Index (DEI). “CSX has participated in the DEI survey in the past and we have been recognized on the ‘Best Places’ list, but this is the first time we have achieved the 100 percent milestone,” said Stephanie Noel, vice president of human resources and chief diversity officer. Now in its fifth year, the index, developed by Disability:IN and the AAPD enables America’s leading corporations to self-report their disability policies and practices and to be scored objectively by an independent panel.
Railroad company CSX Corporation (NASDAQ: CSX) reported Tuesday with second-quarter results that were notable for a miss on the EPS and revenue lines. RBC Capital Markets' Walter Spracklin maintained a Sector Perform rating on CSX with a price target lowered from $78 to $75. Raymond James' Patrick Tyler Brown maintained at Outperform, price target lowered from $84 to $81.
U.S. stock indexes fell on Wednesday as weak results from CSX Corp stoked concerns that the protracted trade war between the United States and China could hurt corporate earnings. CSX shares tumbled 10.3%, their biggest one-day drop since 2008, after the rail freight company posted lower-than-expected quarterly profit and cut its full-year revenue forecast.
(Bloomberg) -- CSX Corp. plunged the most since the 2008 financial crisis after a weakened 2019 sales forecast stoked fears of a prolonged freight slump.“CSX’s volume performance fell off in June and early July and they do not have visibility to improvement in the near term,” Thomas Wadewitz, an analyst with UBS Group AG, said in a note to clients Wednesday. “In addition to weakness in industrial markets, management indicated that excess truckload capacity is a headwind in intermodal.”The dimmer outlook set CSX up for its first drop in annual sales since 2016. Chief Executive Officer Jim Foote, a four-decade veteran of the railroad industry, has been expanding profits with an efficiency strategy based on cutting costs and running tighter schedules. Now he has a new challenge in the uncertain economy.“Both global and U.S. economic conditions have been unusual this year, to say the least, and have impacted our volumes,” Foote said late Tuesday after the company reported second-quarter results. “The present economic backdrop is one of the most puzzling I have experienced in my career.”The shares fell 10% to $71.38 at the close in New York for the biggest drop since October 2008. Union Pacific Corp., which reports earnings on Thursday, also fell sharply, as did Norfolk Southern Corp. and Kansas City Southern. CSX had advanced 28% this year through the close Tuesday, roughly in line with a Standard & Poor’s index of major U.S. railroads.Second-quarter carloads declined at the major U.S. railroads amid wet weather that interrupted fertilizer carloads and a worsening commercial standoff between the U.S. and China. Shippers moved more freight late last year as President Donald Trump threatened to expand tariffs on Chinese goods. But that’s crimping freight demand this year.Full-year revenue will decline 1% to 2%, CSX said in a statement late Tuesday. The company had previously predicted slight growth.A June 21 explosion at a Philadelphia refinery will shave 1% from volume on an annual basis, and other industrial customers have shown signs of weakness, Foote said.CSX’s operating ratio, a measure of efficiency in which a lower number is better, improved in the second quarter to 57.4% from 58.6% a year earlier amid cost cuts. The railroad maintained its 2019 target of less than 60%, even as carloads fell.Intermodal freight, which is mostly consumer goods carried in ocean-going containers that can also be put on a truck or train, fell 10% as CSX eliminated lower-profit routes. The Jacksonville, Florida-based company said it has reduced routes for shipping containerized freight by 15% since September.What Bloomberg Intelligence SaysCSX painted a less-optimistic outlook for second half than that communicated by Canadian Pacific and J.B. Hunt. Volume expectations were reeled in following increased truck competition’s impact on intermodal, the Philadelphia Energy Solutions (PES) refinery fire in June, softer coal demand and moderating economic activity.--Lee Klaskow, transportation analystClick here to view the researchFoote said there could be upside to the railroad’s forecast if conditions improve in the second half of the year.“I remain encouraged by the performance of our core merchandise franchise during a softer-than-expected freight environment,” he said.Precision RailroadingCSX’s success with Precision Scheduled Railroading, a technique deployed in 2017 by legendary railroader Hunter Harrison, has compelled all major U.S. rails except BNSF Railway Co. to adopt the strategy. Foote, who Harrison handpicked as CEO only weeks before his death in December 2017, has helped take CSX to first from last place in efficiency among major U.S. railroads.Adjusted earnings rose to $1.08 a share in the second quarter, CSX said. That trailed the average $1.11 average of analyst estimates compiled by Bloomberg. Sales fell about 1% to $3.06 billion, below the lowest analyst estimate.Now that CSX is done with restructuring its network and has replaced all top management since 2016, the focus will be on improving rail car delivery times enough to take more cargo from trucks, Foote said. CSX will begin sharing its on-time record with customers to win more business, he said.“There are billions of dollars of freight that move in a truck that should go in a rail car,” Foote said in an interview. “The reason they don’t go in a rail car is because rail has historically been unreliable from a service delivery standpoint.”(Updates shares in fifth paraghraph. An earlier version of this story corrected the date of a Philadelphia refinery explosion.)\--With assistance from Jack Pitcher.To contact the reporter on this story: Thomas Black in Dallas at email@example.comTo contact the editors responsible for this story: Brendan Case at firstname.lastname@example.org, Tony RobinsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. stocks finished lower Wednesday, extending losses into the close of trade, adding to a drop spurred by President Trump's downbeat comments on China trade negotiations. A report from the Federal Reserve's Beige Book, also reinforced fears that trade worries remain a top concern, even as the economy continues to chug along. The Dow Jones Industrial Average closed down 115 points, or about 0.4% to 27,220. The S&P 500 lost about 20 points, or 0.7%, to close at 2,984. The Nasdaq fell more nearly 40 points, or 0.5%, touching 8,185. Investors digested another round of corporate earnings, including better-than-expected results from Bank of America Corp. . Government data on the pace of new-home construction was weaker than economists had expected. Separately, the Dow Jones Transportation Average finished down 3.6% weighed by rail transport-services company CSX Corp. whose CEO said that the current economic environment was the most 'puzzling' of his career.
CSX CEO Jim Foote discusses safety improvements, a decline in on-time arrivals and how the railroad will drive cost savings for the rest of the year.
‘The present economic backdrop is one of the most puzzling I have experienced in my career,’ CSX Corp. CEO James Foote says.
(Bloomberg) -- Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand.Futures slid 1.5% in New York on Wednesday to the lowest in two weeks after the U.S. Energy Information Administration reported inventories of gasoline and distillate fuels grew by a combined 9.25 million barrels last week, well above analysts’ estimates. Crude inventories did decline by more than 3 million barrels, but that was driven in part by temporary production outages related to Hurricane Barry.“We’re at the heart of summer driving season, so you would expect demand to be at it’s highest right now," said Brian Kessens, a portfolio manager and managing director at Tortoise in Leawood, Kansas. The big build in fuel supplies is “a little bit concerning, especially if we see this continue in future reports."Crude futures in the U.S. have flirted with $60 a barrel so far this month amid ongoing tensions with Iran and threats of a continued trade war with China. Meanwhile, in the U.S., operators are in the midst of restaffing platforms in the Gulf following storm system Barry.West Texas Intermediate for August delivery ended the trading session down 84 cents to $56.78 a barrel on the New York Mercantile Exchange.Brent for September settlement slipped 69 cents to settle at $63.66 a barrel on the ICE Futures Europe Exchange. The global benchmark price traded at a premium of $6.74 to WTI for the same month.WTI crashed through its 50-, 100- and 200-day moving averages this week, adding to the downward momentum.See also: U.S. Oil Gives Korea Top Buyer a Pivot as Middle East Risk SoarsThe EIA report was dominated by bearish signs for fuel consumption. Diesel stockpiles -- one of the main products of distillate fuels -- swelled to a three-month high. Gasoline supplied to the market, an indicator of demand, reached a five-year low, seasonally adjusted. Crude exports also fell, after Barry disrupted marine shipments.The rise in stockpiles “should raise red flags," said Fernando Valle, a Bloomberg Intelligence analyst in New York. The numbers suggest “the global economic slowdown is now being reflected in weak demand."\--With assistance from James Thornhill, Tsuyoshi Inajima and Alex Longley.To contact the reporter on this story: Alex Nussbaum in New York at email@example.comTo contact the editors responsible for this story: Serene Cheong at firstname.lastname@example.org, Jessica SummersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. stock indexes retreated for the second day on Wednesday as weak results from CSX Corp pressured railroad stocks and highlighted the wide-ranging impact of the protracted trade war between the United States and China. Shares of CSX tumbled 10.7% and were set for their biggest one-day drop in nearly 17 years, after the company posted lower-than-expected quarterly profit and cut its full-year revenue forecast. Rival Union Pacific Corp slipped 5.7%, weighing heavily on the benchmark S&P 500 while Kansas City Southern fell 4.4%.
On Tuesday, President Trump's comments about a China trade deal left the stock market with serious concerns. More tariffs could be on the table.
This most-searched list is a feature included in Benzinga Pro's Newsfeed tool. It highlights stocks frequently searched by Benzinga Pro users on the platform. Immuron Limited (NASDAQ: IMRN ) shares were ...
U.S. stock indexes fell on Wednesday as weak results from CSX Corp stoked concerns that the protracted trade war between the United States and China could hurt corporate earnings. shares tumbled 10.3%, their biggest one-day drop since 2008, after the rail freight company posted lower-than-expected quarterly profit and cut its full-year revenue forecast. Ongoing trade tensions have contributed to a decline in truck and rail freight volumes in the first half of 2019. The Federal Reserve's Beige Book, a compendium of anecdotes from U.S. businesses, also pointed to trade-related pressures on transportation and manufacturing companies.