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A Word of Warning

  • A Word of Warning A Word of Warning 9:44
    Stimulus Checks Alone May Not Spur Inflation. Here's What Could Stimulus Checks Alone May Not Spur Inflation. Here's What Could 6:51
    How Public Universities Became So Expensive How Public Universities Became So Expensive 7:46
    Inside the Fed's Plan to Support Minority Workers Inside the Fed's Plan to Support Minority Workers 6:23
6:07 a.m. Today - By Jacob Passy
Existing-home sales fall for second consecutive month as house prices surge to record levelsExisting-home sales declined in March, reflecting the challenges buyers continue to face in the competitive real-estate market. Existing home-sales fell 3.7% to a seasonally-adjusted, annual rate of 6.01 million in March, the National Association of Realtors . Compared with a year ago, home sales were up more than 12%. Home prices hit a high of $329,100, reflecting a record pace of price growth at 17.2% from last year.
10:58 a.m. April 21, 2021 - By Tomi Kilgore
AutoZone pulls back from record after BofA analyst turns bearish, citing lack of DIFM exposureShares of AutoZone Inc. fell 1.2% in afternoon trading Wednesday, to pull back from the previous session's record close, after BofA Securities analyst Elizabeth Suzuki turned bearish, saying it's "time to hit the brakes" on the auto parts seller. Suzuki cut her rating to underperform from neutral, while maintaining her $1,390 stock price target, which is 7.1% below current levels. "Auto parts retail spending has been tracking above expectations as discussed in our recent report, but we believe that this is now more than priced in to [AutoZone] shares," Suzuki wrote in a note to clients. The stock, which closed Tuesday at a record $1,514.11, has rallied 26.2% year to date, while the SPDR Consumer Discretionary Select Sector ETF , of which AutoZone is a component, has gained 10.2% and the S&P 500 has advanced 10.8%. Suzuki added that AutoZone's customer mix is comprised of about 80% do-it-yourselfers (DIYers) and 20% do-it-for-me (DIFM) shops, "which also means that [AutoZone] has the lowest relative exposure to the now-recovering professional repair channel."
3:10 a.m. April 19, 2021 - By Ciara Linnane
Herman Miller and Knoll to combine in deal valued at $1.8 billion, create leader in office and home designHerman Miller Inc. and Knoll Inc. said Monday they have agreed to combine in a cash-and-stock deal valued at $1.8 billion that will create a leader in modern design for the home and office. Under the terms of the deal, Knoll shareholders will receive $11 in cash and 0.32 shares of Hermann Miller for each share owned, equal to a premium of 45% over Knoll's closing price on Friday. Once the deal closes, Herman Miller shareholders will own about 78% of the combined entity, while Knoll shareholders will hold abut 22%. The deal is expected to close by the end of the third quarter. As part of the deal, Herman Miller will purchase all of Knoll's outstanding preferred stock from Investindustrial VII L.P. for a fixed cash consideration of $253 million, or $25.06 per each underlying share. "This highly complementary combination will create the preeminent leader in modern design, catalyzing the transformation of the home and office sectors at a time of unprecedented disruption," the companies said in a joint statement. Herman Miller and Knoll have 19 leading brands, a presence in more than 100 countries, a global dealer network, 64 showrooms around the world, more than 50 retail locations and a strong e-commerce network. The combined company will have pro forma annual revenue of about $3.6 billion. The deal is expected to boost Herman Miller's cash earnings per share in the first 12 months after close. Knoll shares soared 27% premarket on the news, while Herman Miller shares slid 2.7%.
4:27 a.m. April 16, 2021 - By Emily Bary
Affirm stock could head higher amid 'hypergrowth' of buy-now-pay-later offerings, analyst says in upgradeShares of Affirm Holdings Inc. are up 2% in premarket trading Friday after Seaport Global analyst Chris Brendler upgraded the stock to buy from neutral and set an $80 price target. He sees the stock as more attractive following a 34% selloff since he initiated coverage of the company 10 weeks back, whereas the S&P 500 has gained 7% in that time. "In our view, this underperformance comes despite increasing evidence that BNPL [buy-now-pay-later] is going to be huge in the US and based on a string of encouraging data points, we expect Affirm to materially exceed near-term expectations," Brendler wrote in a note to clients. The company offers financial options that let consumers pay in installments, and this trend seems to be reaching a "hyper growth adoption phase in the U.S.," Brendler continued, which could set Affirm up for success. "We also want to be in front of Affirm's Shopify partnership which has the potential to significantly accelerate Affirm's growth," he wrote. "Recent data suggests the wait is nearly over, and we expect management to provide an update on the upcoming earnings call."
4:32 a.m. April 15, 2021 - By Tonya Garcia
American Eagle Outfitters shares jump as Q1 revenue approaches $1 billionAmerican Eagle Outfitters Inc. stock rose nearly 5% in Thursday premarket trading after the retailer's first-quarter business update showed revenue that is "on track" to exceed $1 billion. "Demand has accelerated across the American Eagle and Aerie brands, generating strong margins, higher full-priced selling and reduced promotions," the company said. The FactSet sales consensus is for $974 million. American Eagle is scheduled to report first-quarter earnings on May 1. BMO Capital Markets expects the momentum to continue into the second quarter. "[T]ighter industrywide inventory, coupled with stronger consumer demand, bolstered by stimulus is presenting a trifecta yielding a surge in spending power at a time when demand is already outstripping supply," analysts wrote in a note. BMO rates American Eagle market perform with a $36 price target, up from $26. American Eagle stock has rallied 64.3% for the year to date while the S&P 500 index has gained 9.8% for the period.
2:30 a.m. April 15, 2021 - By Tomi Kilgore
Bank of America stock jumps toward 13-year high after profit beat, new $25 billion buyback programShares of Bank of America Corp. rose 1.8% toward a 13-year high in premarket trading Thursday, after the bank reported profit that more than doubled and beat expectations, citing strong growth in capital markets and lower credit costs, and set a $25 billion stock repurchase program. Net income rose to $8.1 billion, or 86 cents a share, from $4.0 billion, or 40 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 66 cents. Total revenue was unchanged at $22.8 billion, but topped the FactSet consensus of $21.90 billion, while net interest income (NII) dropped 15.9% to $10.20 billion to fall shy of expectations of $10.27 billion. Consumer banking revenue fell 12% to $8.1 billion, as lower rates led to lower NII, while global markets revenue climbed 19% to $6.2 billion. Provision for credit losses improved to a benefit of $1.9 billion from a cost of $4.8 billion. Separately, the bank said it has authorized the repurchase of up to $25 billion worth of common stock over time. That represents about 7.3% of Bank of America's market capitalization of $344.29 billion. The stock, which is on track to open at the highest price seen since May 2008, has rallied 20.8% over the past three months through Wednesday, while the S&P 500 has gained 9.5%.
7:40 a.m. April 14, 2021 - By Tonya Garcia
E.L.F. Beauty sees 70% point-of-sale increase heading into April with help from Grammy-winning artist Alicia KeysE.L.F. Beauty Inc. saw a 70% point-of-sale jump in the four weeks ending April 4, according to IRI data presented in a D.A. Davidson note. D.A. Davidson increased its E.L.F. Beauty price target to $34 from $27, maintaining its buy stock rating. Analysts attributed the sales increase to marketing programs, stimulus checks and easier comps. Analysts also say that , the beauty brand E.L.F. launched in collaboration with Grammy-winning artist Alicia Keys during the third quarter, was a contributor. Keys Soulcare items are on Ulta Beauty Inc. shelves as well as in stores around the world and online. Beauty and personal care sales rose 16% in 2020 with consumers turning to do-it-yourself products and techniques during COVID-19, according to NielsenIQ data. African Americans and Latinos have been experimenting and spending "substantially more" than other racial groups, according to NielsenIQ. "The sharp rise in Black-owned beauty brands has allowed African Americans to discover an entirely new world of products that are specifically geared towards them and their at-home needs, further fueling consumers' newfound preference for natural beauty and DIY self care," the report said. "Hispanic and African American consumers have a track record of far out-spending other ethnic groups when it comes to beauty and personal care, and we can expect multicultural consumers to fuel cosmetics growth into 2021 as they look for products that enhance their natural beauty rather than mask it." E.L.F. Beauty stock was up 2.3% in Wednesday trading, and has gained 14.7% for the year to date, outpacing the S&P 500 index , which is up 10.3% for 2021 so far. Also see:
9:38 a.m. April 13, 2021 - By Myra P. Saefong
Gold futures end higher after posting back-to-back declinesGold futures for the first time in three sessions, as the reading came in higher than expected, boosting the metal's appeal as a hedge against inflation. June gold rose $14.90, or 0.9%, to settle at $1,747.60 an ounce on Comex - more than erasing the loss of 0.7% it saw on Monday, when prices settled at their lowest in a week.
5:32 a.m. April 13, 2021 - By Andrea Riquier
Stocks wobble at Tuesday's open in face of vaccine pause, hot inflation printU.S. stocks opened mixed after a volatile premarket session Tuesday after public health agencies announced a temporary halt in the use of a COVID-19 vaccine from Johnson & Johnson and inflation was stronger than analysts had forecast in March. The Dow Jones Industrial Average fell 62 points, 0.2%, to open near 33,684, while the S&P 500 gained 1 point to open near 4,129. The Nasdaq Composite index , which contains many of the stocks most in favor in a work-from-home world, added 65 points, 0.5%, to start trading near 13,915. Johnson & Johnson shares slipped 2.4% after the opening bell. In other biotech news, shares of Novocure Ltd. skyrocketed after the tumor treatment company reported positive news on its lung cancer treatment. The consumer price index gained 2.6% for the year in March, the Labor Department said.
9:46 a.m. April 12, 2021 - By Myra P. Saefong
Gold futures settle at lowest in a weekGold futures to settle at their lowest in a week as prices eased back after posting a nearly 1% climb last week. Investors are looking ahead to the U.S. consumer price index data due Tuesday. Last week, the its highest levels in nearly 10 years and "there is a concern it may not be as transitory as central bankers anticipate," said Michael Hewson, chief market analyst at CMC Markets UK. June gold fell $12.10, or 0.7%, to settle at $1,732.70 an ounce on Comex. That was the lowest most-active contract finish since April 5, FactSet data show.
6:21 a.m. April 12, 2021 - Barrons.com
A Word of WarningSonal Desai, Franklin Templeton Fixed Income's CIO, shares her concerns stemming from inflation, spending and debt. Plus, Joe Moglia, former chairman & CEO of TD Ameritrade, discusses the potential pitfalls within 2021's SPAC boom.
3:30 a.m. April 12, 2021 - By Tomi Kilgore
Aphria stock falls after wider-than-expected loss, revenue misses as COVID-19 reduced demandThe U.S.-listed shares of Aphria Inc. dropped 7.6% in premarket trading Monday, after the Canada-based cannabis company reported a wider-than-expected fiscal third-quarter loss and revenue that rose less than forecast, citing reduced demand resulting from the COVID-19 pandemic. For the quarter ending Feb. 28, the company swung to a net loss of C$366.8 million ($292.7 million), or C$1.14 a share, from net income of C$5.0 million, or C$0.02 a share, in the year ago period. Excluding nonrecurring items, such as unrealized losses and gains on convertible debt, adjusted losses per share widened to 15 cents from 4 cents, compared with the FactSet consensus for a per-share loss of 5 cents. Revenue rose 6.4% to $C153.6 million ($122.6 million), but missed the FactSet consensus of C$161.3 million. "As a result of the ongoing effects of COVID-19, including provincial lockdowns and provincial boards taking measures to lower their inventory levels which had previously included forecasted cannabis market growth, the company experienced what it believes is a transitory reduction in demand during the quarter," the company said in a statement. The average retail selling price of adult-use cannabis fell to 11% to C$3.82 per gram, while the average retail selling price of medical cannabis slipped 3.9T to C$6.69 per gram. "We remain excited with the opportunities created for both Aphria shareholders and Tilray stockholders in completing our , and believe that together, we will create one of the strongest global cannabis and consumer packaged goods companies in the world," Chief Executive Irwin Simon said. Aphria's stock has soared 135.3% year to date through Friday, while the Cannabis ETF has rallied 57.4% and the S&P 500 has gained 9.9%.
8:26 a.m. April 9, 2021 - By Michael Ashbaugh
Charting a Farewell Focus: 10-year yield asserts the range, Semiconductor sector presses record highs, TNX, SMH, KLAC, ROST, FOUR, ZENThis is the final edition of The Technical Indicator on MarketWatch. As its founder, and continuous editor since 2003, it has been a blast publishing for engaged and knowledgable readers for nearly 18 years.
8:12 a.m. April 8, 2021 - By Michael Ashbaugh
Bullish momentum persists: S&P 500 (slightly) extends April breakout Focus: Communications services sector tags record highs, Apple’s stealth trendline breakout, XLC, AAPL, IBM, ON, NUANU.S. stocks are mixed early Thursday, vacillating ahead of scheduled remarks from the Federal Reserve Chairman. Against this backdrop, the S&P 500 has tagged its latest record high, though narrowly, while the Nasdaq Composite has extended an already-aggressive trendline breakout.
8:55 a.m. April 6, 2021 - By Michael Ashbaugh
Charting a bullish technical tilt, S&P 500 extends break atop 4,000 mark Focus: Consumer staples sustain break to record territory, XLP, VMW, ADSK, LUV, DLTRTechnically speaking, the major U.S. benchmarks have taken flight to start April, rising amid statistically unusual bullish momentum, writes Michael Ashbaugh.
8:33 a.m. April 6, 2021 - By Michael Ashbaugh
Charting a bullish technical tilt, S&P 500 extends break atop 4,000 mark Focus: Consumer staples sustain break to record territory, XLP, VMW, ADSK, LUV, DLTR Technically speaking, the major U.S. benchmarks have taken flight to start April, rising amid statistically unusual bullish momentum. In the process, the S&P 500 and Dow Jones Industrial Average have knifed to record highs, while the Nasdaq Composite has staged a potentially consequential trendline breakout.
8:19 a.m. April 5, 2021 - By Tomi Kilgore
Lamb Weston stock rallies after BofA analyst said it's time to buy, ahead of earnings reportShares of Lamb Weston Holdings Inc. hiked up 2.4% in midday trading Monday, after BofA Securities analyst Bryan Spillane recommended investors buy ahead of earnings, as the frozen potato products seller is set to approach pre-COVID levels amid pent-up consumer demand for eating out. Spillane raised his rating to buy from neutral, while lifting his stock price target to $100 from $84. His target now tops the list of highest targets of the 8 analysts surveyed by FactSet. "Overall restaurant demand is improving and we are seeing positive signals across quick serve restaurants (QSR) and foodservice operators that could drive margin-accretive revenue growth for [Lamb Weston] heading into FY22," Spillane wrote in a note to clients. He said food distributors are adding staff in anticipation of a strong rebound in foodservice sales, which are set to accelerate at demand improves. The company is expected to report fiscal third-quarter results before Wednesday's opening bell. In fiscal second quarter ended Nov. 29, foodservice sales fell 21% from a year ago while total sales fell 12%. The stock has edged up 1.5% year to date, while the S&P 500 has gained 8.6%.
6:15 a.m. April 5, 2021 - By Tomi Kilgore
Leaf stock soars after Graham Holdings buyout bid at a 21% premiumShares of Leaf Group Ltd. soared 21.6% in active morning trading Monday, after the consumer internet company announced an agreement to be bought by education and media services company Graham Holdings Co. in a deal that valued Leaf about $304.3 million. Trading volume swelled to 4.7 million shares, compared with the full-day average of about 1.1 million shares. Under terms of the buyout deal, Graham will $8.50 for each Leaf share outstanding, which represents a 20.9% premium over Thursday's closing price of $7.03. Leaf said it had received Graham's buyout bid on Feb. 9, after which Leaf contacted 10 potential buyers about their interest in Leaf. The company said none of the potential buyers submitted a competing offer. "After thoroughly reviewing the strategic alternatives available to Leaf Group, the Board of Directors concluded that this all-cash premium transaction with Graham Holdings achieved the Board's long-term objective of fully recognizing the value of the business and delivers immediate and substantial cash value to our shareholders," said Deborah Benton, chair of Leaf's board of directors. The stock has run up 83.9% year to date, while the S&P 500 has gained 8.2%.
8:02 a.m. April 1, 2021 - By Michael Ashbaugh
Charting a bullish Q2 start, S&P 500 tags the 4,000 mark Focus: Semiconductor sector reclaims key resistance, SMH, LRCX, NTAP, MSI, NOVAU.S. stocks are firmly higher early Thursday, rising amid a largely bullish April start. Against this backdrop, the S&P 500 has ventured atop the 4,000 mark for the first time on record, as the Nasdaq Composite vies to simply reclaim its 50-day moving average, currently 13,427.
8:03 a.m. March 31, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt, S&P 500 tags fractional record high Focus: 10-year yield asserts higher plateau, FedEx extends earnings-fueled breakout, TNX, FDX, X, APD, VCELU.S. stocks are higher early Wednesday, rising as a largely-bullish first quarter concludes. Against this backdrop, the S&P 500 has tagged a fractional record high early Wednesday amid a stealth late-March breakout attempt that remains underway.
8:43 a.m. March 30, 2021 - By Michael Ashbaugh
Charting the S&P 500’s approach of the 4,000 mark Focus: Basic materials stage bull-flag breakout, Boeing digests rally to 52-week highs, XLB, BA, TGT, FFIV, TXTechnically speaking, the S&P 500 has sustained a reversal from major support, rising to challenge record highs, and within striking distance of the marquee 4,000 mark, writes Michael Ashbaugh.
8:15 a.m. March 30, 2021 - By Michael Ashbaugh
Charting the S&P 500’s approach of the 4,000 mark Focus: Basic materials stage bull-flag breakout, Boeing digests rally to 52-week highs, XLB, BA, TGT, FFIV, TXTechnically speaking, the U.S. benchmarks’ bigger-picture backdrop remains bullish, on balance, though the prevailing market technicals are not one-size-fits-all. Amid the cross currents, the S&P 500 has sustained a bullish reversal from major support, rising to challenge record highs, and within striking distance of the marquee 4,000 mark.
2:29 p.m. March 29, 2021 - By Quentin Fottrell
Millions of Americans live paycheck to paycheck Roughly half of Americans say they have saved less than $500 in the past 3 monthsRoughly half of Americans say they have saved less than $500 in the past 3 months.
8:26 a.m. March 29, 2021 - By Michael Ashbaugh
Charting market cross currents: S&P 500 pulls in from record close Focus: Consumer staples and real estate sectors break out, XLP, IYR, TXN, NXPI, KOU.S. stocks are lower early Monday, pressured partly amid concerns that a hedge fund’s forced liquidation may have adverse ripple effects. Against this backdrop, the S&P 500 and Dow industrials have pulled in from their latest record close, even as the Nasdaq Composite vies to simply maintain major support matching the 2020 peak (12,973).
8:30 a.m. March 26, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 extends rally from 50-day average Focus: Crude oil weathers key technical test, Dow 30 component Home Depot takes flight, USO, HD, AMAT, FNKO, RACEU.S. stocks are higher early Friday, rising after a market-friendly batch of economic data. Against this backdrop, the S&P 500 has extended a rally from its 50-day moving average, while the Nasdaq Composite seems to have narrowly survived a retest of key support matching the 2020 peak.
8:19 a.m. March 25, 2021 - By Michael Ashbaugh
S&P 500 whipsaws at 50-day average, Nasdaq ventures under key support Focus: March currency cross currents persist, Consumer staples break out amid weakness elsewhere, UUP, FXE, XLP, PG, CSCO, STLD U.S. stocks are lower early Thursday — though well off the session’s worst levels — pressured amid a persistently jagged late-month downturn. Against this backdrop, the S&P 500 has whipsawed at its 50-day moving average, currently 3,870, while the Nasdaq Composite has ventured under important support matching the 2020 peak (12,973).
4:24 a.m. March 25, 2021 - By Tomi Kilgore
Evofem Biosciences stock tumbles toward a record low, after public stock offering prices at 25% discountShares of Evofem Biosciences Inc. tumbled 24.9% toward a record low in premarket trading Thursday, after the biopharmaceutical company focused on women's sexual and reproductive health announced the pricing of a relatively large public stock offering at a deep discount. The company said its pricing of 17.14 million shares, representing about 20.6% of the shares outstanding as of Feb. 28, priced at $1.75 to raise $30 million. The pricing was 24.9% below Wednesday's stock closing price of $2.33. The company plans to use the proceeds from the offering to continue full commercialization activities for its contraceptive vaginal gel Phexxi in the U.S., including direct-to-consumer advertising, as well as for funding an ongoing Phase 3 trial evaluating its EVO100 for the prevention of certain sexually transmitted infections. The stock, which is on track to open below its Sept. 7, 2017 record low close of $1.92, has lost 47.1% over the past 12 months through Wednesday, while the iShares Nasdaq Biotechnology ETF has rallied 44.4% and the S&P 500 has gained 57.1%.
8:58 a.m. March 18, 2021 - By Tonya Garcia
Clorox sales decline sharply year-over-year after COVID-19 spike Clorox Co. was downgraded to neutral from buy at D.A. Davidson after IRI data shows a 10.8% point-of-sale decline in the four weeks leading up to March 7. Analysts led by Linda Bolton Weiser attribute the decrease to the "start of hard COVID-driven prior-year comps, which get even more difficult next month (+75%)." D.A. Davidson cut its price target to $189 from $234. "Most noteworthy were the double-digit declines in Clorox's three biggest Health & Wellness categories: (1) cleaners were -24.3% year-over-year vs. +8.5% in February; (2) bleach was -17.8% vs. +17.9% in February; and (3) wipes were -54.3% vs. +27.8% in February, with the category decelerating to -34.9% from +67.0% in February," the note said. Clorox shares sank 4.1% after the downgrade, and are down 4.8% for the last year. The benchmark S&P 500 index is up nearly 65% over the past 12 months.
11:15 a.m. March 12, 2021 - By Mark Hulbert
The threat retirees face from higher inflation Inflation expectations have risen over the last couple of monthsInflation expectations have risen over the last couple of months
8:19 a.m. March 10, 2021 - By Michael Ashbaugh
Charting bullish follow-through: Nasdaq reclaims the breakdown point Focus: Homebuilders challenge record highs, XHB, LUV, CENX, PKG, MXU.S. stocks are higher early Wednesday, rising after a relatively tame reading on consumer price inflation eased concerns regarding a potentially overheating economy. Against this backdrop, the Dow Jones Industrial Average has tagged its latest all-time high, while perhaps more importantly (from a technical standpoint), the Nasdaq Composite has extended a rally atop key resistance.
5:34 a.m. March 10, 2021 - By Mark DeCambre
Dow jumps over 200 points to trade in record territory above 32,000 Wednesday morning after inflation reportU.S. stock benchmarks rose solidly higher Wednesday morning after a report on inflation showed modest rises that matched economist expectations, and bond yields slipped slightly. The U.S. February consumer price index showed inflation rising modestly, in line with expectations. Inflation rose 0.4% for the month, but with food and energy stripped out, the gain was 0.1%. Headline CPI picked up to 1.7% from 1.4% on an annual basis while the core 12-month increase dipped to 1.3% from 1.4%. The 10-year Treasury note yield rose slightly to 1.54%. The Dow Jones Industrial Average was trading 240 points, or 0.8%, at 32,071, the S&P 500 index was trading 0.7% to a psychologically significant level above 3,900, while the Nasdaq Composite Index was trading 1.2% higher at 13,245. In corporate news, General Electric Co. were in focus after it agreed to combine its aircraft-leasing business with Ireland's AerCap Holdings NV as part a deal valued at more than $30 billion. Also Roblox Corp. received a reference price of $45 a share from the New York Stock Exchange late Tuesday as the tween-centric game platform prepares to go public through a direct listing on Wednesday.
4:50 a.m. March 9, 2021 - By Tomi Kilgore
Glatfelter raising prices up to 8% on composite fibers, used to make consumer, personal care and food productsGlatfelter Corp. said Tuesday it will raise prices for all composite fibers products by up to 8%, effective March 15, as the engineered materials company looks to combat inflation in raw materials prices. Glatfelter's composite fibers are used to make many food, consumer and personal care products, such as tea bags, single-serve coffee, wipes, laundry sheets, feminine hygiene and swim diapers. Glatfelter's products are also used for home improvement and industrial applications, such as laminates for flooring and kitchen countertops and industrial tape and filtration products. "Glatfelter continues its extensive efforts to reduce overall costs and increase manufacturing efficiencies," said Chief Commercial Officer Chris Astley. "However, these initiatives alone are not enough to offset the impact of the input cost inflation being experienced, which is why we are implementing price adjustments." The stock, which was still inactive in premarket trading, has rallied 53.0% over the past 12 months, while the S&P 500 has advanced 39.1%.
8:34 a.m. March 4, 2021 - By Michael Ashbaugh
Charting a volatile March start: S&P 500, Nasdaq reach key technical tests Focus: Charting a still bullish-leaning sector backdrop, IYT, XLF, QQQ, XLV, XLU, XLP, XLE, XLI, AMZNU.S. stocks are mixed early Thursday — though well off the session’s worst levels — vacillating amid a volatile March start. Against this backdrop, the S&P 500 is back for its latest crack at the 50-day moving average, currently 3,820, while the Nasdaq Composite has whipsawed Thursday at last-ditch support matching the 2020 peak (12,973).
8:18 a.m. March 4, 2021 - By Tomi Kilgore
Bumble stock jumps after first analyst starts coverage, with a 'positive' ratingShares of Bumble Inc. surged 2.6% in midday trading Thursday, a day after closing at the lowest price since going public, as received its first endorsement from a Wall Street analyst. Susquehanna's Shyam Patil became the first to initiate coverage of Bumble, has he started with a positive rating and stock price target of $78, which is about 24% above current levels, saying the company has a "solid niche" in the large and growing online dating market. "Although Tinder is the clear leader, Bumble does appear to be differentiated in that it is female-centric -- only females can send the first message -- which should allow it to be a complement/alternative to market leader Tinder," Patil wrote in a note to clients. Match Group Inc. is the parent of Tinder. "We believe that most users who pay for dating apps pay for multiple services, not just one, so [Bumble] can continue improving monetization and attracting new paying users even if they also pay for Tinder or other dating services." Susquehanna was not listed as one of the underwriters of Bumble's IPO. Since the Feb. 11 close, , the stock has lost 9.5%, but was still 48.0% above the IPO price. Over the same time, Match shares have shed 14.4%, while the Renaissance IPO ETF has dropped 16.2% and the S&P 500 has slipped 2.3%.
11:26 a.m. March 3, 2021 - By Tonya Garcia
Ralph Lauren launches first subscription rental program, The Lauren LookRalph Lauren Corp. announced the launch of The Lauren Look, the luxury label's first subscription rental program, in North America. Starting at $125 per month, a membership will give shoppers access to dresses, pants, tops and more from the Lauren collection. Members have the option to purchase what's sent at a "membership rate" or return unwanted items. "The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing," said Patrice Louvet, chief executive of Ralph Lauren, in a statement. Once items have reached the rental threshold, they'll be donated to a nonprofit organization, Delivering Good, one more way to extend the life cycle of items and reduce clothing waste. "The decision highlights Ralph Lauren's willingness to take a calculated risk to transform & adapt to a more dynamic apparel marketplace," wrote Wells Fargo in a note. "Further, the service provides another way to engage with existing consumers while also helping to acquire a new & younger consumer, who are more apt to use an apparel rental service platform." Wells Fargo expects the apparel rental market to grow to $2.08 billion in 2025 from $1.26 billion in 2019. Wells Fargo rates Ralph Lauren shares overweight with a $132 price target. Ralph Lauren stock was up 1.7% in Wednesday trading, and has gained 16.2% over the last year. The S&P 500 index is up 27.8% over the last 12 months.
8:08 a.m. March 3, 2021 - By Michael Ashbaugh
Market divergence persists, Nasdaq whipsaws at 50-day average Focus: Materials sector approaches record highs, XLB, AA, HES, SATS, BZHU.S. stocks are mixed early Wednesday, vacillating after a mixed batch of economic data. Against this backdrop, the major U.S. benchmarks remain in divergence mode, as the Nasdaq Composite continues to underperform amid relative strength elsewhere.
8:50 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots, writes Michael Ashbaugh.
8:29 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots. Against this backdrop, the S&P 500 has knifed from its 50-day moving average — registering its biggest daily gain since June — to punctuate a second consecutive late-month retest.
8:15 a.m. Feb. 26, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 holds 50-day average (again) Focus: 10-year yield takes flight, Charting a largely bullish sub-sector backdrop, Apple, Facebook and Amazon test key thresholds, TNX, IYT, XLF, QQQ, XLE, XLI, AAPL, FB, AMZNU.S. stocks are mixed early Friday, vacillating as a late-month market whipsaw persists. Against this backdrop, the major U.S. benchmarks remain in divergence mode — amid uneven price action — though the bigger-picture technical backdrop remains bullish, on balance.
8:10 a.m. Feb. 25, 2021 - By Michael Ashbaugh
Charting market cross currents: Late-month divergence persists Focus: 10-year yield matches S&P 500’s dividend yield, Financials take flight, TNX, XLF, F, ETN, ZG, HDU.S. stocks are lower early Thursday, pressured as persistently surging U.S. Treasury yields present a market headwind. Against this backdrop, the major U.S. benchmarks have largely weathered the recent market whipsaw, though amid increasingly uneven price action.
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