The next 10% up in the S&P 500 is all about the pandemic recovery — and it’s doable, this analyst says
- A 50-year technological revolution is about to begin. These are the stocks to own, says strategist
- Opinion: Chip stocks are flying high, yet Wall Street still sees bargains
- JETS ETF joins the mile-high club, topping $1 billion in assets, even as air travel sinks 90%
- Small-caps have led since April, but could be set for a ‘summer setback,’ analysts warn
- Stocks fall as U.S. unemployment seen peaking, while ECB injects more stimulus
ZoomInfo's stock opens at nearly double the IPO price
Shares of ZoomInfo Technologies Inc. undefined got off to a flying start, as the sales and marketing software company's stock opened at nearly double its initial public offering price. The first trade was at $40 at 12:34 p.m. Eastern for 3.6 million shares, or 90.5% above its IPO price of $21. The company raised $934.5 million in the IPO. The stock has eased slightly since the open to trade up 84%. ZoomInfo went public at a good time for the IPO market, as the Renaissance IPO ETF undefined has soared 21.3% year to date, while the S&P 500 undefined has lost 3.9%.
Warner Music Group climbs another 5% on second day of trade
Warner Music Group Corp. shares undefined rose another 5% Thursday on their second day of trading, after gaining more than 20% in their debut on Wednesday. The company priced its initial public offering, the biggest of the year so far, at the high end of its price range. The company is the parent of record labels including Warner Records and Elecktra Records and raised $1.925 billion with the offering of 77 million shares. Warner Music went public at a good time for IPOs, as the Renaissance IPO ETF undefined has run up 17% over the past three months while the S&P 500 undefined has fallen 0.8%.
Mattis breaks silence, harshly condemns Trump’s behavior: ‘He tries to divide us’
- Obama sees broad coalition for police reform emerging from ‘difficult and scary’ past few weeks
- Trump concedes he was taken to White House bunker but says he was just there to inspect
- From politicians and diplomats to Pope Francis and stars of European soccer, global outcry grows over George Floyd’s death
China may sell Treasurys, but that doesn’t mean it’s ‘weaponizing’ its more than $1 trillion hoard of U.S. debt, says Deutsche Bank
- More Chinese yuan weakness ahead, but don’t look for repeat of 2019 market turmoil, says Goldman
- Hong Kong outlaws insulting China’s national anthem as HSBC and Standard Chartered back security law
- Hong Kong bans insults to China’s national anthem
- FN: HSBC and Standard Chartered slammed over acquiescence to new Hong Kong law
Jobless claims climb 1.88 million at end of May, but there are signs that unemployment is peaking
Some 1.88 million people applied for traditional jobless benefits at the end of May and another 623,000 filed new claims under a federal-relief program, but the number of unemployed collecting government checks appears to have stabilized as more workers return to their jobs.
- Job-cut announcements fall by 41% in May to second-highest total on record: Challenger
- Widening U.S. trade gap masks declines in both imports and exports
- Opinion: Getting back to normal just got a lot harder for the U.S. economy
- ‘We are saving every penny we can’: What life could look like for this 66-year-old man when he loses all his unemployment benefits next month
Opinion: How to battle the bots on Facebook, Twitter and other social media and think for yourself
On the internet you may be engaged, but you’re not necessarily informed.
SeaWorld's stock gains after announcing reopening of 2 parks in Tampa Bay next week
Shares of SeaWorld Entertainment Inc. undefined rallied 5.6% in morning trading Thursday, after the theme park operator said its Busch Gardens Tampa Bay and Adventure Island parks will reopen on June 11. The parks will require advance online reservations to help manage capacity and maintain social distancing within the parks. "We are committed to the health and safety of our guests, employees, and animals in our care, and will continue to follow the guidance from health officials as conditions evolve," said Interim Chief Executive Marc Swanson. The stock has shed 21.2% over the past three months, while the S&P 500 undefined has eased 0.1%.
Royal Caribbean to offer up to $2 billion in bonds and convertible bonds that mature in 2023
Royal Caribbean Cruises Ltd. undefined said Thursday it is offering up to $2 billion in senor notes and convertible bonds that mature in 2023 in two separate offerings. Proceeds of the deal will be used for general corporate purposes, which may include repaying debt, the cruise operator said in a statement. Cruise companies have been hit hard by the coronavirus pandemic, which has forced them to stop voyages. Shares fell 3.4% premarket and are down 56% in the year to date, while the S&P 500 undefined has fallen 3%.
Smucker stock slips after weak earnings guidance
J.M. Smucker Co. undefined stock fell 2.3% in Thursday premarket trading after the food company gave weak full-year earnings guidance. Smucker reported fiscal fourth-quarter net income of $226.3 million, or $1.98 per share, up from $71.5 million, or 63 cents per share, for the same period last year. Adjusted EPS totaled $2.57, exceeding the $2.28 FactSet consensus. The company posted sales of $2.09 billion, up from $1.90 billion last year and ahead of the $2.04 FactSet consensus. The food company attributed the growth to demand related to COVID-19, and forecasts continued pandemic-related demand. "Looking ahead, we anticipate increased at-home consumption to continue during the beginning of our fiscal year 2021 - though at a more moderate rate as stock-up purchasing in the fourth quarter is not anticipated to reoccur, and significant declines for the away from home business are expected to persist throughout the year," said Mark Smucker, chief executive of the company, in a statement. Smucker expects full-year fiscal 2021 sales to fall 1% to 2% year-over-year, and adjusted EPS of $7.90 to $8.30. The FactSet consensus is for sales of $7.75 billion, suggesting a decline of 1.1%, and EPS of $8.46. Smucker attributes the sales decline to lapping the $185 million of incremental net sales in the fourth quarter of fiscal year 2020 and a $120 million reduction in the away from home business. Smucker stock has gained 10.1% for the year to date while the S&P 500 index undefined is down 3.3% for the period.
LVMH says not considering buying Tiffany stock
LVMH Moet Hennessy Louis Vuitton SE said Thursday that it isn't considering buying shares in Tiffany & Co. on the open market. The French company said its board met on Tuesday to discuss the impact of the coronavirus pandemic on Tiffany and the agreement between the companies. Shares in the U.S. company fell sharply on Tuesday after media reports that the roughly $16 billion takeover offer made by the French luxury company now looked uncertain.
Genius Brands' stock dives into negative territory after registering for stock sales
Shares of Genius Brands International Inc. undefined took a morning dive into negative territory Thursday, putting them in danger of snapping a 4-day win streak in which they have rocketed 338%, after the kids media company registered the sale of up to 60.1 million shares of stock by selling stockholders. The registered shares include 31.1 million common shares and 29.0 million shares that can be issued if outstanding warrants are exercised, at an exercise price of 21 cents a share. The warrants were issued to accredited investors in a private placement on March 17. The company currently has 96.33 million shares outstanding, according to FactSet. The company said it will not receive any proceeds from the sale of shares. The stock dropped 12.5% to $6.94, prior to a trading halt for volatility, after being up as much as 47.9% earlier at an intraday high of $11.73. The stock has run up 2,025.6% over the past month, while the S&P 500 undefined has gained 10.1%.
American Airlines stock jumps after 'steady' rise in demand leads to increased flying
Shares of American Airlines Group Inc. undefined jumped 9.6% to a 2-month high in morning trading Thursday, after the air carrier said it expects to fly in July 2020 55% of the domestic capacity of the same period a year ago. The company also expects to fly in July about 20% of last year's international capacity. "We're seeing a slow but steady rise in domestic demand," said Vasu Raja, senior vice president of network strategy. "After a careful review of data, we've built a July schedule to match." The company the average load factor has improved to 55% for the May 24-May 29 period, compared with 41% for the May 1-May 23 period and 15% for April. Separately, American said it was reopening 11 Admirals Club in 10 cities, on June 22. The stock has declined 29.9% over the past three months, while the U.S. Global Jets ETF undefined has lost 25.3% and the Dow Jones Industrial Average undefined has slipped 3.3%.
