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1. Teradyne stock rallies on earnings, outlook beat01:46[−]

Teradyne Inc. shares rallied in the extended session Wednesday after the electronic testing equipment maker's results and outlook topped Wall Street estimates. Teradyne shares rallied 9.5% after hours, following a 2.9% rise in the regular session to close at $73.59. The company reported fourth-quarter net income of $136.8 million, or 75 cents a share, compared with $143.8 million, or 79 cents a share, in the year-ago period. Adjusted earnings were 88 cents a share, compared with 63 cents a share in the year-ago quarter. Revenue rose to $654.7 million from $519.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 79 cents on revenue of $611.7 million. Teradyne expects first-quarter adjusted earnings of 86 cents to 96 cents a share on revenue of $670 million to $710 million, while analysts had forecast earnings of 64 cents a share on revenue of $560.4 million. The company also said its board hiked the March 20-payable quarterly dividend 11% to 10 cents a share and approved a buyback of up to $1 billion in shares, of which a minimum of $250 million will be bought back in 2020.

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2. Paycom set to join S&P 50001:36[−]

Paycom Software Inc. is set to join the S&P 500 index , S&P Dow Jones Indices said late Wednesday. Paycom is replacing Wellcare Health Plans after its acquisition by Centene Corp. [s:cnc]. Paycom shares rose 4.9% in the extended session.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


3. Ford to record pension-related $2.2 billion charge01:06[−]

Ford Motor Co. said late Wednesday it expects to take a fourth-quarter pre-tax charge of $2.2 billion related to pension obligations that will cut down on its net income. After taxes, the $2.2 billion loss is expected to slash Ford's net income by about $1.7 billion, Ford said in a filing. As it is a special item, the loss will not impact adjusted profit or adjusted per-share profit, the car maker said. It also did not have an impact on the company's cash in 2019, and does not change its expectations for pension contributions this year, Ford said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


4. API data reveal a weekly climb in U.S. crude supply, sources say00:43[−]

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 1.6 million barrels for the week ended Jan. 17, according to sources. The API data, which were released a day later than usual because of Monday's Martin Luther King Jr. holiday, also reportedly showed a stockpile increase of 4.5 million barrels for gasoline, while distillate stocks climbed by 3.5 million barrels. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories rose by 500,000 barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply increases of 3.3 million barrels for gasoline and 1.6 million barrels for distillates. March West Texas Intermediate crude was at $56.37 a barrel in electronic trading. It settled at $56.74 Wednesday on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


5. MetLife names new chief auditor00:31[−]

MetLife Inc. said late Wednesday that Toby Srihiran Brown will become its executive vice president and chief auditor effective March 1. Brown, currently the chief operating officer of MetLife Japan, will have "a direct and independent reporting relationship" with the board of directors' audit committee and report Chief Executive Officer Michel Khalaf. "As chief auditor, Brown will lead the team responsible for providing assurance over MetLife's risk management, control and governance processes across MetLife's global business operations," the company said in a statement. Brown succeeds Karl Erhardt, who will "continue to oversee a data management initiative that focuses on improving the quality and consistency of data capture to reduce risk and foster innovation," MetLife said. Shares of MetLife were flat in the extended session after ending the regular trading day up 0.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


6. Citrix shares rise on big earnings beat00:24[−]

Citrix Systems Inc. shares rose 4% in after-hours trading Wednesday after the software company reported better-than-expected fourth-quarter earnings. Citrix reported net income of $207 million, or $1.56 share, compared with net income of $166 million, or $1.15 a share, in the year-ago period. Revenue grew 1% to $810 million from $802 million a year ago. Analysts surveyed by FactSet had expected $1.07 a share on revenue of $803 million. Citrix shares are up about 10% over the last 12 months. The S&P 500 index has gained about 26% the last year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


7. Stocks end mixed after touching intraday records00:07[−]

U.S. stocks closed virtually unchanged Wednesday, giving up strong early gains even as investors weighed reports about the Chinese flu outbreak. The Dow Jones Industrial Average closed about 9 points, less than 0.1%, higher, at about 29,187, while the S&P 500 was up a point, less than 0.1%, at about 3,322. The Nasdaq closed up 13 points, or 0.1%, at about 9,384. The Dow was dragged down by shares of Boeing which on Tuesday confirmed the 737 Max would not return to service until mid-year. Netflix, Inc. was one of tech's biggest losers, slumping nearly 4% after reporting quarterly earnings Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


8. Coronavirus not yet declared a public health emergencyСр, 22 янв[−]

Officials at the World Health Organization said the emergency committee is split on whether to declare the new coronavirus a public health emergency of international concern. The committee, which met Wednesday, will meet again on Thursday "given the rapidly evolving situation." The new virus was first identified in December in Wuhan City, China. Media outlets, citing Chinese health authorities, have reported that 17 people have died, and 500 people have been infected. The Centers for Disease Control and Prevention said Tuesday that a U.S. resident returning from Wuhan City who has been diagnosed with the virus is being treated in Washington state. Health officials now believe that the virus is spread human to human.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


9. Oil futures mark lowest settlement since early DecemberСр, 22 янв[−]

Oil futures ended lower on Wednesday, pressured by demand concerns linked to the coronavirus outbreak in China, as well as expectations for a weekly rise in U.S. crude inventories. Weekly data on U.S. petroleum supplies will be released by the American Petroleum Institute later Wednesday, with government figures from the Energy Information Administration due out early Thursday. The data are each delayed by a day this week because of Monday's Martin Luther King Jr. holiday. Analysts polled by S&P Global Platts expect the EIA Thursday to report an increase of 500,000 barrel in U.S. crude inventories for the week ended Jan. 17. Ahead of the supply data, March West Texas Intermediate oil fell $1.64, or 2.8%, to settle at $56.74 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Dec. 3, according to Dow Jones Market Data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


10. Spin Master stock sinks after downward guidance revisionСр, 22 янв[−]

Spin Master Corp. stock fell 4.2% in Wednesday trading after the toy maker said it now expects a 1% decline in 2019 gross product sales. Previously, the company was guiding for an increase in the low-single digit range. The company said the downward revision is due to weak toy sales in the U.S. during the shortened holiday shopping season. "Furthermore, we did not execute as we have in previous years, at the level we needed to in order to meet our profitability targets," said Ronnen Harary, Spin Master's co-chief executive officer in a statement. Specifically, Harary said on a call about the announcement that the company chose the wrong time to launch a new east coast distribution center. "[W]e should not have undertaken a project of this nature at this point in time just as we entered our seasonal shipping peak," Harary said on the call, according to a FactSet transcript. "Our supply chain has become more complex, the macro environment has become more complex, and our desire to drive efficiencies and cost savings in the midst of this was aggressive and potentially misguided." Spin Master brands include Paw Patrol and Hatchimals. Spin Master stock has tumbled 21.8% over the last year while the S&P 500 index is up 26.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


11. United Airlines stock falls as 737 MAX and coronavirus uncertainties offset earnings beatСр, 22 янв[−]

Shares of United Airlines Holdings Inc. dropped 2.0% in afternoon trading Wednesday, to buck the gains in the airline sector, as uncertainty over the impact of the groundings of Boeing Co.'s 737 MAX planes and the coronavirus outbreak offset a fourth-quarter profit beat and upbeat guidance. United reported late-Tuesday adjusted earnings per share that was above the FactSet consensus while revenue was in line with expectations. In the post-earnings conference call with analysts early Wednesday, first-quarter adjusted EPS of 75 cents to $1.25, compared with the FactSet consensus as of Dec. 31 of 75 cents. President Scott Kirby said on the post-earnings call that a couple of challenges regarding the financial outlook had cropped up in the last 48 hours. "We also can't sit here and tell you that we know exactly how long the MAX will be grounded or what the economic impact of the Asian coronavirus would be," Kirby said, according to a FactSet transcript. "At this point, we're assessing the impact of the schedule, but we do not anticipate flying the MAX this summer." Boeing had said Tuesday that it didn't expect the MAX to return until mid-2020. United's stock has shed 6.3% over the past three months, while the NYSE Arca Airline Index has gained 5.0% and the S&P 500 has advanced 11.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


12. Ayesha Curry partners with Meredith for new quarterly magazineСр, 22 янв[−]

Meredith Corp. said Wednesday that it has partnered with entrepreneur, TV personality and author Ayesha Curry on a quarterly magazine that will launch May 2020. The cover price will be $9.99 with a 400,000 initial print run for newsstands. The title of the magazine will be announced in the coming months. Meredith titles include "People," "RealSimple" and "Food & Wine." Ayesha Curry is married to superstar NBA player Steph Curry. Meredith stock has sunk 43.2% over the past year while the S&P 500 index has gained 26.6% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


13. GE's stock sinks to extend losing streak as Boeing's 737 MAX issues poses a risk ahead of earningsСр, 22 янв[−]

Shares of General Electric Co. sank 1.2% in morning trading, putting them on track for a sixth straight loss, and 10th loss in 11 days, amid concerns over the fallout from Boeing Co. pushing out expectations for the return of its 737 MAX planes. Analyst Andrew Obin said Boeing's announcement on Tuesday "increases the likelihood" that the 737 MAX production pause is extended through the first half of 2020, which would impact GE since GE makes the 737 MAX's engines. Obin reiterated his neutral rating on GE's stock and his $12 price target. "In our 4Q19 GE preview, we highlighted 737 MAX issues as a potential risk for GE in 2020," Obin wrote in a note to clients. Both Boeing and GE are slated to report results on Jan. 29, before the opening bell. The stock has run up 27.2% over the past three months, but has lost 4.9% during its six-day losing streak, while Boeing shares have shed 9.0% and the Dow Jones Industrial Average has gained 9.0%. A 6-day losing streak for GE's stock would be the longest since the 7-day stretch of losses ended on Dec. 5.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


14. Microsoft's stock price target raised by 18% at Raymond James a week ahead of earningsСр, 22 янв[−]

Shares of Microsoft Corp. rose 0.2% in morning trading, after Raymond James analyst Micheal Turits raised his price target by 18%, as his research suggests the software giant had a strong quarter, led by software upgrades and growth in its cloud business. Turits reiterated his strong buy rating and lifted his target on the stock to $192, which is 15% above current levels, from $163. That makes Turits the second-most bullish on Microsoft of the 35 analysts surveyed by FactSet. "Our Microsoft checks were strong this quarter with the biggest improvement from resellers that were seeing an uptick in Office 365 E3 to E5 conversions, on increased interest in collaboration and integration of Microsoft Teams and from security including EMS, Azure Active Directory and Azure Sentinel," Turits wrote in a note to clients. "We believe channels are on plan if not hitting stretched or aggressive growth targets with Azure, with some constraint around talent needed for cloud migrations." Microsoft is scheduled to report fourth-quarter results after the Jan. 29 close. The stock has run up 22.3% over the past three months, while the Dow Jones Industrial Average has gained 9.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


15. Genprex's stock rallies on FDA fast-track designationСр, 22 янв[−]

Shares of Genprex Inc. climbed 53% in morning trading on Wednesday after the company said the Food and Drug Administration had granted its experimental cancer treatment a fast-track designation. Genprex is testing the therapy in combination with AstraZeneca's Tagrisso for certain non-small cell lung cancer patients. AstraZeneca said in October that Tagrisso brought in $2.3 billion in sales year-to-date, an 82% jump compared to the year prior. Its stock was up 0.7% on Wednesday. Genprex plans to start a Phase I/II clinical trial for the investigational combination treatment. Genprex's stock is up 12% over the past year, while the S&P 500 has gained 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


16. Fairway Market says it has no plans to liquidateСр, 22 янв[−]

Fairway Market issued a statement via its Twitter account saying it's not filing for bankruptcy. "Despite reports, Fairway Market has no intention to file for chapter 7 or liquidate all of its stores," the iconic New York City grocer wrote. "All 14 stores remain open for business, offering a complete range of high quality, specialty food products, and we look forward to seeing our customers and employees." The New York Post previously reported that Fairway was on the verge of bankruptcy and would be closing all of its locations, though interest from Village Super Market Inc. could save a "handful" of stores. Fairway, which was previously publicly traded, has struggled in the past. An ill-timed expansion and debt drove a chapter 11 filing in 2016. It emerged from bankruptcy with a new board and consortium ownership that included Blackstone Group's GSO Capital Partners. Blackstone's GSO no longer has a position in the company. The Consumer Staples Select Sector SPDR Fund is up 23.4% over the past year while the S&P 500 index has gained 26.6% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


17. Tesla's stock rally boosts market cap above $100 billionСр, 22 янв[−]

Shares of Tesla Inc. shot up 4.6% toward a record high in morning trading Wednesday, enough to lift the electric car maker's market capitalization above $100 billion. That should make Chief Executive Elon Musk pretty happy, as his compensation package includes performance milestones for market-cap thresholds, starting at $100 billion. The stock is now trading well above the Tuesday's record close of $547.20, and the all-time intraday high of $548.58. The market cap has swelled to $103.2 billion. Helping give Tesla's stock a boost on Wednesday was a price target increase by Wedbush analyst Dan Ives and a Bloomberg report that the company settled a lawsuit that paves the way for it to open service centers in Michigan. The stock has more than doubled (up 124.0%) over the past three months, while the Dow Jones Industrial Average has gained 9.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


18. Spotify's stock gets a lift after Ballie Gifford boosts stake to become largest shareholderСр, 22 янв[−]

Shares of Spotify Technology S.A. gained 0.3% in morning trading Wednesday, after Scotland-based investment manager Ballie Gifford & Co. boosted its stake in the Luxembourg-based streaming music company by enough to make Ballie Gifford the largest shareholder. Ballie disclosed in a 13G/A filing with the Securities and Exchange Commission that it now owns 21.7 million shares, or 11.82% of the shares outstanding, up from 19.1 million shares, or 10.41% of the shares outstanding as of Sept. 30. That lifts Ballie above the previous largest shareholder, Co-Founder Martin Lorentzon, who owned 11.59% of the shares outstanding, according to FactSet. Spotify's stock has run up 26.6% over the past three months, while the S&P 500 has gained 11.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


19. S&P 500 and Nasdaq kick off trade at intraday records as stock market shakes of coronavirus-sparked malaiseСр, 22 янв[−]

U.S. stocks Wednesday at the open trading solidly higher, with the main benchmarks attempting a fresh assault on all-time highs, as investors tried to shake off worries about an Asian flu outbreak. Chinese authorities assured the public it was taking steps to contain what investors had feared might become a coronavirus pandemic that could threaten economic growth in the region and possibly spill over to other parts of the globe if the virus spread. However, investors appeared to react positively to assurances from President Donald Trump on the sidelines of the World Economic Forum in Davos, Switzerland. "It's going to be just fine," the president told CNBC in an interview at the annual conference. The Dow Jones Industrial Average gained about 92 points, or 0.3%, at 29,288, the S&P 500 index gained 0.4% to 3,332, while the Nasdaq Composite Index advanced 0.5% to 9,415. The S&P 500 and the Nasdaq both touched intraday records near Wednesday's start.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


20. FuelCell's stock tumbles after wider-than-expected loss, revenue missed forecastsСр, 22 янв[−]

Shares of FuelCell Energy Inc. plunged 23% on heavy volume in premarket trading Wednesday, after the fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss and revenue that fell more than forecast. Trading volume was 10.4 million shares, making the stock the most actively traded ahead of the open. The net loss for the quarter to Oct. 31 was $36.0 million, or 23 cents a share, after a loss of $17.9 million, or $2.31 a share, in the year-ago period. The FactSet consensus for net losses per share was 11 cents. Revenue fell 38% to $11.0 million, reflecting FuelCell's decision to de-emphasize product sales to focus on utility scale power purchase agreement opportunities. That missed the FactSet revenue consensus of $11.5 million. Product sales fell 95% to $500,000, while generation revenue tripled (up 206%) to $5.5 million. Total contract backlog as of Oct. 31 increased 17% from last year to $1.32 billion. The stock, which closed Tuesday at an 8 1/2-month high, has run up more than 9-fold (up 832%) over the past three months, while the S&P 500 has gained 11%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


21. Air Canada to remove Boeing 737 Max fleet from operating schedule through June 30Ср, 22 янв[−]

Air Canada said Wednesday it has removed its Boeing 737 Max fleet from its operating schedule through June 30, following the news from Boeing that it does not expect to get regulatory approval for the fleet to resume flying until mid-year. Air Canada grounded its 737 Max fleet in March in line with international regulations after the aircraft was involved in two fatal crashes.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


22. Novavax stock falls after jumping on virus concernsСр, 22 янв[−]

Shares of Novavax Inc. tumbled 15% in premarket trading on Wednesday following a day in which growing concern about the new coronavirus sent shares of vaccine developers soaring. On Tuesday after the market closed, Novavax filed an S-1 seeking to sell more than $100 million of its stock. The clinical-stage biotechnology company, which is developing a flu vaccine, told analysts it is developing clones from the new coronavirus as part of the first steps in developing a vaccine to treat the newly identified virus. "We don't expect Novavax will run human trials without non-dilutive government funding," Ladenburg Thalmann's Michael Higgens wrote in a note. "The timing for such support in our view depends on how severe and uncontrolled the 2019-nCoV becomes." Novavax in 2013 had developed a vaccine for Middle East respiratory syndrome (MERS), which is also a coronavirus. This coronavirus was first identified in Wuhan City, China, and has infected more than 300 people and killed at least six more. The Centers for Disease Control and Prevention said Tuesday that a U.S. resident who had traveled to Wuhan and is now in Washington state is currently being treated. He is the first U.S. resident to be diagnosed with the virus. Novavax's stock has fallen 75% over the last year, while the SPDR S&P Biotech exchange-traded fund has climbed 13%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


23. McDonald's launches employee education app, Archways to CareersСр, 22 янв[−]

McDonald's Corp. said Wednesday that it has launched an app that will help its employees take full advantage of the education benefits the fast-food giant offers. Archways to Careers will serve as a career advising tool that will connect workers with professionals at InsideTrack, a McDonald's partner and coaching organization. The app builds on the Archways to Opportunity program that helps workers learn English language skills, get a high school diploma and provides financial aid for college tuition. McDonald's stock has gained 14.4% over the past year while the Dow Jones Industrial Average is up 19.6% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


24. Dow getting a 22-point boost from IBM's stock rally, J&J's decline after earningsСр, 22 янв[−]

The premarket stock moves of companies reporting earnings would add about a net 22 points to the Dow Jones Industrial Average's price, as a rally in International Business Machines Corp. shares more than offset a drop in Johnson & Johnson's stock . Dow futures rose 79 points. IBM's stock surged 4.0% toward a 3 1/2-month high ahead of the open, with the implied price gain acting as a 37-point boost to the Dow's price. IBM reported late Tuesday revenue that surprisingly increased from a year ago and an adjusted profit that beat expectations. Johnson & Johnson shares slipped 1.5% after the consumer products and pharmaceutical company topped fourth-quarter profit expectations but came up a bit shy on revenue, with the implied price decline acting as a 15-point drag on the Dow.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


25. Shares of Abbott Labs are up 1%; sales are up 7%Ср, 22 янв[−]

Shares of Abbott Laboratories were up 1% after the company reported sales increases across each of its four businesses in the fourth quarter of 2019. Net earnings were $1.05 billion, or 59 cents per share, in the fourth quarter, up from $654 million, or 37 cents per share, in the same quarter a year ago. Abbott said that adjusted earnings per share were $0.95 per share, compared with the FactSet consensus of $0.95. Total sales were up 7.1% to $8.3 billion, compared with the FactSet consensus of $8.2 billion. Medical device sales increased 9.7%, nutrition sales rose 5.2%, pharmaceutical sales were up 7.8%, and laboratory diagnostics sales rose by 8.4%. Sales of the company's MitraClip device, which is used in minimally invasive cardiovascular procedures, jumped 27% to $191 million. Abbott said it expects adjusted EPS of $3.55 to $3.65 in 2020. The FactSet consensus is $3.61. Abbott's stock has gained 25% over the last year. The SPDR Health Care Select Sector exchange-traded fund is up 16%, while the Dow Jones Industrial Average has gained about 18%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


26. Tesla's stock surges toward a record after Wedbush boosts target by nearly 50%Ср, 22 янв[−]

Shares of Tesla Inc. shot up 5.2% toward a record high in premarket trading Wednesday, after Wedbush analyst Dan Ives boosted his price target by nearly 50%, saying he expects delivery guidance will likely be strong on China demand. Separately, Bloomberg reported, citing people familiar with the matter, that Tesla has settled with Michigan over a lawsuit challenging a state ban on direct-to-consumer, which clears the way for the company to operate service centers in the state. Wedbush's Ives reiterated the neutral rating he's had on Tesla's stock since April 2019 but raised his price target to $550 from $370. "With the drumroll of Tesla bulls now focused on earnings next week, January 29th after the bell. we believe Musk & Co. will not disappoint as underlying strength in China and Europe demand appear robust based on our analysis," Ives wrote in a note to clients. The stock, which is on track to open well above Tuesday's record close of $547.20, has more than doubled (up 114.1%) over the past three months through Tuesday, while the S&P 500 has gained 10.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


27. Boeing stock slides premarket after Vertical Research downgrades, forecasts 'disaster' quarterСр, 22 янв[−]

Boeing Co. shares were downgraded to hold from buy by Vertical Research Partners on Wednesday, after the aerospace giant said it does not expect its 737 Max fleet to resume flying until mid-2020, much later than previously expected. "While yet another push out in the estimated return to service of the MAX is bad enough, the ramifications of this have yet to reverberate," analysts Robert Stallard and Karl Oehlschlaeger wrote in a note to clients. "From a Boeing perspective, this means over a year without deliveries of its most profitable product line, while customer compensation costs are likely to be higher than previously thought. As we noted in our 4Q19 earnings preview, we are expecting Boeing's up-coming results to be "an absolute disaster", and that now looks guaranteed." Troubles with the Max, which has been grounded since two fatal crashes thought to be related to Boeing's MCAS system, are not the only challenges facing the company, said the note. The Max is inferior to Airbus' A320 NEO, the 787 rate is "arguably too high" and the 777x is facing development and demand challenges, said the note. "Overarching all this is the issue of 'Hubris' that we have noted before, and a toxic corporate culture that has arguably been the root cause of many of the problems that Boeing management now has to deal with. A new CEO could help, but in our experience changing a company's culture is a very tough, long term process," said the note. The analysts lowered their price target for Boeing stock to $294 from $388 and cut forecasts for 2019 to 2022. Shares were down 0.6% premarket and have fallen 12% in the last 12 months, while the Dow Jones Industrial Average has gained 20% and the S&P 500 has gained 26%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


28. Baker Hughes adjusted profit and revenue rise, but miss expectationsСр, 22 янв[−]

Baker Hughes Co. reported Wednesday fourth-quarter profit and revenue that rose less than expected, as beats in oilfield services and turbomachinery and process solutions revenue was offset by a miss in oilfield equipment. The stock was still inactive in premarket trading. Net income fell to $48 million, or 7 cents a share, from $131 million, or 28 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew to 27 cents from 26 cents, but were below the FactSet consensus of 31 cents. Revenue increased 1% to $6.35 billion, missing the FactSet consensus of $6.48 billion. Orders increased 1% to $6.94 billion. Oilfield services revenue rose 7% to $3.29 billion, above the FactSet consensus of $3.28 billion; turbomachinery revenue fell 8% to $1.32 billion, below expectations of $1.82 billion; oilfield equipment revenue rose 5% to $765 million, beating expectations of $753 million. The stock has gained 0.4% over the past three months, while the SPDR Energy Select Sector ETF has slipped 1.3% and the S&P 500 has gained 10.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


29. Canopy Growth names Constellation Brands board member Judy Schmeling as chair of its boardСр, 22 янв[−]

Canadian cannabis company Canopy Growth Corp. said Wednesday it has named Judy Schmeling as chair of its board. Schmeling has been a board member since Nov. of 2018 and also sits on the board of Constellation Brands Inc. , Canopy's biggest shareholder, as well as on the board of Casey's General Stores. Canopy shares rose 1.1% in premarket trade, but have fallen 46% in the last 12 months, while the ETFMG Alternative Harvest ETF has fallen 41% and the S&P 500 has gained 26%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


30. Canopy Growth names Constellation Brands board member Judy Schmeling as chair of its boardСр, 22 янв[−]

Canadian cannabis company Canopy Growth Corp. said Wednesday it has named Judy Schmeling as chair of its board. Schmeling has been a board member since Nov. of 2018 and also sits on the board of Constellation Brands Inc. , Canopy's biggest shareholder, as well as on the board of Casey's General Stores. Canopy shares rose 1.1% in premarket trade, but have fallen 46% in the last 12 months, while the ETFMG Alternative Harvest ETF has fallen 41% and the S&P 500 has gained 26%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



 
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