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10 May 2017
 |
| U.S.Stocks (The Total Investment & Insurance Solutions) |
U.S. stock indexes are mixed Wednesday following weak first-quarter
reports from consumer-focused companies including Priceline and Disney.
Drugmakers and other health care companies are also down. However energy
companies are rallying with the price of oil.
KEEPING SCORE: The Standard & Poor's 500
index was unchanged at 2,397 as of 11:15 a.m. Eastern time. The Dow Jones
industrial average shed 10 points, or 0.1 percent, to 20,965 as Disney slumped.
The Nasdaq composite declined 6 points, or 0.1 percent, to 6,114 after it set a
record high Tuesday. The Russell 2000 index of small-company stocks gave up
most of an early gain, but was still up 2 points, or 0.2 percent, to 1,394.
Most companies on the New York Stock Exchange rose.
MOUSE MISS: Entertainment giant Walt Disney
posted lower sales than investors expected and it said profit at its cable
networks declined because of programming costs at ESPN remain high. Its stock
fell $3, or 2.7 percent, to $109.07. Recently Disney stock suffered a five-day
losing streak partly brought on by concerns about cable advertising revenue.
The stock is trading at its lowest prices since January but is still up almost
5 percent this year. The Total Investment
& Insurance Solutions
OUT OF LINE: Revenue for online booking
service Priceline was a bit lower than analysts expected and the company's
profit forecast for the current quarter was also disappointing. That sent the
stock down $83.42, or 4.4 percent, to $1,827.71. Priceline has soared 44
percent over the last 12 months.
OIL: Benchmark U.S. crude added $1.24, or 2.7
percent, to $47.12 a barrel in New York. Brent crude, the international
standard, gained $1.15, or 2.4 percent, to $49.88 a barrel in London. That sent
energy companies higher, as EOG Resources picked up $3.16, or 3.4 percent, to
$94.78 and Chevron added $1.61, or 1.5 percent, to $106.69.
Oil prices started higher and made bigger
gains after U.S. crude stockpiles shrank more than investors expected last
week. The Total Investment &
Insurance Solutions
The price of U.S. crude is down 4.5 percent
in May and it's tumbled 17 percent this year. The S&P 500's energy sector
has dropped 10 percent in 2017.
YIPES, YELP: Online review website Yelp
plunged after it slashed its revenue forecast for the year. That followed a
disappointing first-quarter report, and analysts said the company struggled to
retain customers. The stock sank $6.43, or 18.5 percent, to $28.27 to reach its
lowest price in almost a year.
WATCH OUT: Watchmaker Fossil tumbled after
another weaker-than-expected quarterly report. The company said sales of
traditional watches and other jewelry continued to fall. Fossil stock traded
above $100 a share as recently as December 2014 is now trading at eight-year
lows as it lost $3.97, or 21.9 percent, to $14.18. The Total Investment & Insurance Solutions
HEALTH CARE: Botox maker Allergan is on track
for its biggest loss in 2017 as its stock fell for the fourth day in a row.
It's trading around three-month lows, down $6.72, or 2.8 percent, at $231.79.
That helped take health care companies lower. Elsewhere biotechnology company
Amgen lost $2.61, or 1.6 percent, to $160.61 and EpiPen maker Mylan declined 70
cents, or 1.8 percent, to $37.31.
TECH EARNINGS: Video game maker Electronic
Arts and chipmaker Nvidia both reported stronger results than analysts had
expected. Electronic Arts, which makes games including "The Sims" and
"Mass Effect," rose $13.49, or 14.1 percent, to $109.50 and Nvidia
advanced $14.82, or 14.4 percent, to $117.76. Nvidia shares are now higher this
year after they tripled in value in 2016.
PRETTY PICTURE: Beauty products maker Coty
rallied after its profit and sales topped investor forecasts. The stock had
lost about a third of its value over the last year but jumped $2.44, and 13.7
percent, to $20.27.
BONDS: Bond prices jumped. The yield on the
10-year Treasury note fell to 2.38 percent from 2.41 percent. The Total Investment & Insurance
Solutions
CURRENCIES: The dollar fell to 114.07 yen from 114.28 yen. The euro
edged down to $1.0866 from $1.0869. The
Total Investment & Insurance Solutions
OVERSEAS: Germany's DAX fell 0.1 percent and
France's CAC-40 slipped 0.1 percent. In Britain, the FTSE 100 jumped 0.6
percent. The Japanese Nikkei 225 gained 0.3 percent and Hong Kong's Hang Seng
index rose 0.5 percent. The Kospi of South Korea fell 1 percent.The Total Investment & Insurance
Solutions
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