Author Topic: Industry News/Latest Industry News  (Read 836 times)

sadia15-9913

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Industry News/Latest Industry News
« on: September 26, 2018, 08:58:05 PM »
Latest Industry News

Amazon expands grocery delivery, grocery pickup and music service
Amazon.com Inc. has added Prime Now delivery from Whole Foods Markets in Ann Arbor and Detroit, Mich.; Jacksonville, Orlando and Tampa, Fla.; Madison and Milwaukee, Wis.; Omaha; St. Louis, Mo. and Tulsa, Okla. The service, which delivers purchases in as little as an hour, is now available in 48 cities. Grocery pickup has also been expanded for the first time and is now available in Ft. Worth, TX., Kennesaw, Ga., Richmond and Virginia Beach, Va., and Sacramento, Calif. Grocery pickup from Whole Foods is available to Prime members for free on orders of $35 within an hour, and available for $4.99 in 30 minutes. Amazon Music Unlimited has also expanded to Canada. The service is available to Prime members and to non-Prime members starting at C$3.99 per month for a single Echo device plan. Amazon shares have soared more than 110% over the past year, far outpacing the S&P 500 index , which is up 16.8% for the period.

In Energy »
EIA reports first weekly U.S. crude supply climb in six weeks
The Energy Information Administration reported that domestic crude supplies rose by 1.9 million barrels for the week ended Sept. 21. The EIA had reported declines in each of the previous five weeks. That defied expectations for a fall of 2.2 million barrels from analysts surveyed by S&P Global Platts, but the increase was smaller than the climb of 2.9 million barrels reported by the American Petroleum Institute on Tuesday, according to sources. Gasoline stockpiles rose 1.5 million barrels for the week, while distillate stockpiles fell by 2.2 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply increases of 256,200 barrels in gasoline and 667,000 barrels in distillates. November crude fell 48 cents, or 0.7%, to $71.80 a barrel on the New York Mercantile Exchange. That's little changed from $71.78 before the supply data.

In Technology »
Fox plans to sell entire Sky stake to Comcast for about $15.3 billion
Shares of 21st Century Fox Inc. rose 0.6% in morning trade Wednesday, after the cable, TV and film company said it plans to sell its entire stake Sky PLC to Comcast Corp. for the equivalent of about $15.3 billion. Comcast won an auction earlier this week to buy U.K.-based Sky for 17.28 British pounds per share, or about $22.76 at current exchange rates. Fox said it intends to sell its 672,783,139 Sky shares for 17.28 pounds per share. "In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF's existing 39% holding in Sky to Comcast. We congratulate Comcast on their pending acquisition," Fox said in a statement. Walt Disney Co.'s stock gained 0.9% in morning trade, while Comcast shares tacked on 0.5%. Year to date, Fox shares have run up 32% while the S&P 500 has gained 9.2%.


Digital Ally's stock plunges after public stock offering prices at 14% discount
Shares of Digital Ally Inc. plunged 17% to pace the Nasdaq's decliners in active morning trade Wednesday, after the video recording equipment company said a relatively large public offering of common stock priced at a 14% discount. Volume ballooned to about 870,000 shares, compared with the full-day average of 154,000 shares. The company said it sold 2.4 million shares, representing 31% of the shares outstanding as of Aug. 12. The offering priced at $3.05 a share, below Tuesday's closing price of $3.55.The stock was now changing hands below the offering price at $2.95. Digital Ally said it expects to use the proceeds from the offering for working capital and other general corporate purposes. The stock is still up 26% over the past three months, while the S&P 500 has tacked on 7.1%.

In Cars »
Top Uber deal maker disciplined after probe into sexual misconduct
Soon after Chief Executive Dara Khosrowshahi joined Uber Technologies Inc. last fall and pledged to overhaul its workplace culture following allegations it overlooked harassment and chauvinism, the startup had to decide what to do about a senior executive accused of sexual misconduct in the office.


CarMax's stock rallies after earnings, sales rise above expectations
Shares of CarMax Inc. surged 1% in premarket trade Wednesday, after the used car retailer reported a fiscal second-quarter profit and sales that rose above expectations, as improved conversion rates offset lower store traffic. Net earnings for the quarter to Aug. 31 increased to $220.9 million, or $1.24 a share, from $181.4 million, or 98 cents a share, in the same period a year ago. The FactSet consensus was for earnings of $1.22 a share. Sales rose 8.6% to $4.77 billion, above the FactSet consensus of $4.65 billion, as used vehicle sales rose 7.6% to $3.98 billion to top expectations of $3.95 billion. Same-store used unit sales rose 2.1%, beating the FactSet consensus of a 0.6% increase. The stock had edged up 0.7% over the past three months through Tuesday, while the S&P 500 has gained 7.1%.

In Retail »
Bullish on U.S. stocks? This chart’s for you
We are grinding our way toward a Fed outcome. Meanwhile, our chart of the day shows why U.S. stocks have been such a good bet for investors this year.

In Health Care »
Opioid legislation could lift certain hospital operators, drugmakers
New opioid legislation, which many expect will pass Congress by the end of the year, should benefit certain behavioral health providers and drugmakers, Height Capital Markets analyst Andrea Harris said on Wednesday. Among other provisions, the legislation would allow states more federal funding for substance use disorder services over the next four years. Though which states may end up participating will depend on several factors, some of the likely contenders would provide either high or modest benefit for Acadia Healthcare Co. Inc. and/or Universal Health Services Inc. , which own behavioral health facilities, with potential areas including Colorado, Connecticut, D.C., Ohio and Missouri, Harris said. The measure, which has bipartisan and bicameral support, additionally aims to increase access to medications for opioid addiction, which could lift drugmakers like Teva Pharmaceutical Industries Ltd. , Mallinckrodt PLC and Alkermes PLC , Harris said; the legislation is also "slightly negative" for Centene , Molina and WellCare , and excludes a provision that might have helped Heron Therapeutics . The S&P 500 has risen 7.3% over the last three months and the Dow Jones Industrial Average has lifted 9.3%.

IBM's stock rally would add more points to the Dow than Nike's stock drop
The negative effect of the selloff in Nike Inc.'s stock in premarket trade Wednesday on the Dow Jones Industrial Average is being offset by the rally in International Business Machines Corp. shares following an analyst upgrade. Nike's stock fell 2.8% ahead of the open, after the athletic apparel and accessories seller reported fiscal first-quarter results after Tuesday's close, as the implied price decline would shave about 16 points off the Dow's price. At the same time, IBM's stock rallied 1.8% ahead of the open--the price gain would add 18 points to the Dow--after UBS upgraded the technology company to buy from neutral. Dow futures rose 13 points ahead of the open.