On The Fly: Top stock stories for Monday - InvestingChannel

On The Fly: Top stock stories for Monday

Stocks opened little changed and spent the day trading mostly sideways. The Nasdaq spent most of the day higher while the Dow was the laggard and the S&P drifted back and forth across the flat line. The economic calendar was devoid of any major releases as investors begin looking forward to the upcoming start of the earnings season. ECONOMIC EVENTS: In the U.S., consumer credit surged $28B in November, the largest jump in 16 years, after October’s $20.5B gain. COMPANY NEWS: Among companies issuing earnings pre-announcements this morning, Kohl’s (KSS) was a stand out to the upside, jumping nearly 5% after the retailer said its sales for the holiday period were up almost 7% year-over-year. On the opposite end of the spectrum, GoPro (GPRO) plunged 13% after cutting its Q4 revenue outlook, reporting it plans to cut its workforce to fewer than 1,000 employees worldwide and stating that it plans to exit the drone market after selling its remaining Karma inventory. CNBC later reported that GoPro hired JPMorgan Chase to help it seek a potential sale of the company, though GoPro chief executive officer Nick Woodman told Bloomberg that the company has not engaged the bank to explore a sale… Following a Seeking Alpha article attributed with highlighting Seagate’s (STX) previous investments in Ripple via early stage fundraising, the company’s shares jumped 7% despite the fact that the cryptocurrency was falling sharply. Meanwhile, Western Union (WU) shares gained 4% after Susquehanna analyst James Friedman upgraded the stock to Neutral from Negative, stating that he believes the company may be working with Ripple Labs to potentially implement blockchain applications in remittance… Meanwhile, Toyota (TM) shares were fractionally higher in New York after the car maker unveiled its mobile marketplace e-Palette at the 2018 Consumer Electronics Show. Toyota has already rounded up Amazon (AMZN), Pizza Hut (YUM), Mazda (MZDAF), and Didi as corporate partners for the new platform. MAJOR MOVERS: Among the noteworthy gainers was Nevro (NVRO), which surged 14% after it received FDA approval for its Senza 11 Spinal Cord Stimulation System and after it provided revenue guidance. Also higher was Weight Watchers (WTW), which gained 12% after stakeholder, board member, and spokesperson Oprah Winfrey delivered a particularly buzzworthy speech last night at the Golden Globes. Among the notable losers was Axovant (AXON), which saw its shares drop 57% after the company said that its investigational drug intepirdine did not meet its primary efficacy endpoints in Phase 2b studies. Also lower was Dave & Buster’s (PLAY), which fell 22% after cutting its fiscal 2017 revenue guidance. INDEXES: The Dow fell 12.87, or 0.05%, to 25,283.00, the Nasdaq gained 20.83, or 0.29%, to 7,157.39, and the S&P 500 advanced 4.56, or 0.17%, to 2,747.71.

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