|Bid||0.1000 x 0|
|Ask||0.1050 x 0|
|Day's Range||0.0970 - 0.1050|
|52 Week Range||0.0040 - 0.1250|
|Beta (3Y Monthly)||0.38|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
We think that it's fair to say that the possibility of finding fantastic multi-year winners is what motivates many...
Crocs Inc. stock rose 9.3% in Friday premarket trading after Baird upgraded shares to outperform from neutral and added the shoe company to its "Fresh Pick" list. Analysts led by Jonathan Komp think the company's recent stock decline is overdone, and point to brand momentum and a strong pipeline of clogs to come as reasons for optimism. Crocs shares have taken a 25% tumble in 2019 while the S&P 500 index has gained nearly 18%. "We see potential for upside to Q2 estimates and for brand heat to carry well into 2020 given a robust clog/sandal pipeline, planned additional collaborations, and emerging international opportunities," the note said. Among the items on the way are an all-terrain clog with elevated traction and premium clogs, including a pair priced at $55 "that plays to the dad shoe trend."
Shares of food packaging company Sealed Air Corp. slid 6% Friday, after Bank of America Merrill Lynch downgraded the stock to neutral from buy following the termination of Chief Financial Officer William Stiehl. The company announced Stiehl's departure late Thursday, following an internal review by the Board Audit Committee in connection with an investigation by the Securities and Exchange Commission. The company had received an additional subpoena for documents and information on May 2, relating to the process used in selecting its auditor for the period beginning fiscal 2015 and relating to the audit firm's independence. BofA analysts led by George Staphos said they had upgraded Sealed Air in December after it announced a transformation program and that they fully respect Chief Executive Ted Doheny and incoming CFO James Sullivan. However, "multiples might remain compressed until the SEC investigation concludes," they wrote in a note to clients. "Second, investors might discount some elements of SEE's guidance until greater visibility is achieved because 1Q was challenging, the macro is somewhat murky, and because there will be a new CFO in place." The probe has also likely distracted employees and that could hurt operating performance. Sealed Air shares have gained 18% in 2019, matching the S&P 500's gains.
Federal Reserve Governor Lael Brainard on Friday said that "important downside risks" have emerged over the past few weeks. Given these concerns, "basic principles of risk management" in the current environment of low interest rates "would argue for softening the expected path of policy," Brainard said, in brief remarks at a Cleveland Fed policy summit in Cincinnati. Brainard said one reason for caution in softening the path of policy is the risk of building financial market imbalances, "such as currently elevated levels of risky corporate debt." However, Brainard said she would rather address financial imbalances by using macroprudential tools than by using interest-rate policy. She suggested the Fed should activate the Fed's countercyclical capital buffer, make rigorous use of stress tests and beef-up monitoring of leveraged lending.
The Dow Jones Industrial Average late-morning Friday was trading solidly higher, putting the blue-chip index in position to post its first record close in about more than eight months, if its current gains hold. The Dow most recently was up about 150 points, or 0.6%, at 26,899. and had hit an intraday day peak at 26,907.37, which would mark its first record finish since the index's close at 26,828.39 on Oct. 3. The move would see the benchmark join the S&P 500 in record territory, with the broad-market index gaining 0.2% to hit an fresh intraday record at 2,964.03 after closing at its first record since April 30 on Thursday. climbing 0.6% at
The minor gain in the Dow Jones Industrial Average , and the declines in the Arms Indexes, belie the clearly negative breadth in the overall stock market. The Dow was up 14 points, with 14 of its 30 components gaining ground. Meanwhile, the number of declining stocks outnumbered advancers 1,714 to 903 on the NYSE and 1,884 to 763 on the Nasdaq exchange. The S&P 500 fell 0.1%, the Nasdaq Composite shed 0.3% and the Russell 2000 dropped 0.9%. The volume in declining stocks represented 62.1% of total volume on the Big Board and 58.6% of total volume on the Nasdaq. The Arms Index, a volume-weighted breadth indicator that tends to rise above 1.000 when stocks fall, slipped to 0.900 on the NYSE and fell to 0.595 on the Nasdaq.
Minneapolis Fed President Neel Kashkari said Friday he advocated for a half a percentage point interest rate cut this week. In an essay published on his bank's website, Kashkari said he also wanted the Fed to commit not to raise rates again until core inflation reaches the 2% target. "I believe an aggressive policy action...is required to re-anchor inflation expectations at our target," Kashkari said. The FOMC voted 9-1 to hold rates steady this week, with Kashkari not voting. Fed Chairman Jerome Powell said the case for a rate cut was increasing but the committee wanted to see more data before pulling the trigger. Kashkari will be a voting FOMC member next year.
Private-sector output growth has lost momentum in each month since February, IHS Markit said. Production volumes barely rose, and respondents noted “greater risk aversion.”
Shares of Constellation Brands Inc. eased 0.1% in morning trading Friday, after the owner of Corona and Modela beer and Svedka vodka brands disclosed that it's share of Canopy Growth Corp.'s fiscal fourth-quarter losses comes to $106 million, or $78.2 million after including tax benefits. The company, which owns a 35.8% stake in Canada-based cannabis company Canopy, said it recognizes equity in earnings from its equity-method investment in Canopy on a 2-month lag. Canopy reported late Thursday a fourth-quarter net loss of C$323.4 million ($244.8 million). Constellation said it expects to record those losses in its fiscal first-quarter, which ended in May. Constellation's stock has gained 9.6% over the past three months, while the U.S.-listed shares of Canopy have shed 10.0% and the S&P 500 has gained 3.4%.
Billionaire investor Paul Tudor Jones must be rolling in bullion right now. The famed hedge-fund investor made a notable call last week, citing a cocktail of a dovish Federal Reserve and heightened geopolitical tensions as a perfect time to buy bullion and stocks. Here’s what the macro trader told Bloomberg Markets in an interview on June 12.
Norwegian Cruise Line Holdings Ltd. provided Friday an update on the estimated impact of the Trump administration's ban on cruises to Cuba, indicating it could reduce projected 2019 earnings per share by up to about 8%. The company said the "extremely abbreviated timeframe" to modify itineraries to comply with the new travel restrictions has exacerbated the impact on earnings estimates. "The modification of these itineraries, the substantial discounts offered to guests for them to remain on their booked cruise, the accommodation of cancellations and changes to reservations, incremental marketing investment to support the compressed sales cycle for the modified voyages, along with the protection of travel agent commissions will result in an estimated impact to adjusted EPS for full year 2019 of approximately $0.35 to $0.45.," the company said in a statement. The FactSet consensus for 2019 adjusted EPS was $5.49. The stock, which is still inactive in premarket trade, has lost 5.0% over the past three months, while the S&P 500 has gained 3.4%.
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