Check out the companies making headlines before the bell: Constellation Brands – The spirits producer reported adjusted quarterly profit of $2.20 per share, missing the consensus estimate of $2.43, although revenue did beat Street forecasts. Constellation said its operating margins dropped 230 basis points due to higher transportation costs, an unfavorable foreign currency situation, and […]
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Amazon just made a bet on the retail pharmacy business and Walgreens stock took a big hit. Walgreens shares plummeted nearly 10 percent on Thursday in their worst daily performance in nearly three years. Its technical picture has been a mess long before Amazon’s deal for PillPack, says Craig Johnson, chief market technician at Piper […]
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Chip stocks have plunged almost 6 percent in the last month, and Todd Gordon of TradingAnalysis.com says there’s even more trouble ahead for the group. “The volatility is up here in the market, and what we’re seeing now is semis, which had been really strong and leading technology up, [are] starting to lag,” he said […]
Read moreThe biggest U.S. banks announced plans to buy back tens of billions of dollars in stock and hike their quarterly dividends after passing an annual stress test by the Federal Reserve. Bank shares rose broadly on the news, with Bank of America, Citigroup and J.P. Morgan Chase trading at least 1 percent higher before the […]
Read moreGoldman Sachs, Morgan Stanley must keep capital return plans unchanged after Fed stress test blunder
Goldman Sachs and Morgan Stanley were forced to leave shareholder pay-outs at roughly last year’s level after fumbling a crucial part of the Federal Reserve’s annual stress test, while competitors from JPMorgan Chase to Citigroup were allowed to boost distributions. The New York-based investment banks were ensnared by the administration’s tax cut, which resulted in […]
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Some of Wall Street’s most hated stocks are surging. Only one deserves any love, market watcher says
Call it a love-hate relationship. Investors have bet heavily this year that a number of stocks would fall, but in some cases, the exact opposite has happened, fueling some very large gains in those very same stocks. Advanced Micro Devices, Rent-a-Center, Shake Shack and Restoration Hardware — all stocks with high short interest – have […]
Read moreInvestor money is hemorrhaging out of global stock funds at a pace not seen since just after the financial crisis exploded. Global equity funds have seen outflows of $12.4 billion in June, a level not seen since October 2008, according to market research firm TrimTabs. Lehman Brothers collapsed in September of that year, triggering the […]
Read moreThe U.S. securities regulator on Thursday unveiled a proposal to ease its rules for approving low-risk exchange-traded-funds (ETFs), in what could potentially be a major win for the $3.5 trillion market. The Securities and Exchange Commission (SEC) will propose allowing issuers to launch vanilla ETFs without first seeking approval from the regulator, in a move […]
Read moreIBM’s cloud, analytics and security segments should easily offset declines in its legacy business and present a buying opportunity for investors looking for sustainable revenue growth, according to one analyst. Nomura Instinet’s Jeffrey Kvaal initiated coverage on the technology company with a buy rating and set a 12-month price target of $160, implying more than […]
Read moreChipotle Mexican Grill‘s shares tumbled by almost 9 percent Thursday morning after the company announced its strategy to revitalize the fast-casual restaurant chain but provided few details on its future growth prospects. “The call was lighter on detail than we would have liked so we expect weakness in the stock today,” Peter Saleh, an analyst […]
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