• May 12, 2021
    9:55 AM

    James River stock price target cut to $44 from $56 at UBS

  • May 12, 2021
    9:55 AM

    Target stock price target raised to $210 from $185 at UBS

  • May 12, 2021
    9:54 AM

    Caterpillar stock price target raised to $252 from $230 at UBS

  • May 12, 2021
    9:52 AM

    Array Technologies stock plummets below IPO price after profit miss, withdrawal of guidance

    Shares of Array Technologies Inc. plummeted 32.8% to pace all Nasdaq decliners, putting them on track to close below their IPO price for the first time, after the maker of ground-mounting systems used in solar energy projects missed first-quarter profit expectations and withdrew its full-year outlook citing continued increases in steel and freight costs. The company went public on Oct. 15 at an IPO price of $22 a share, and the stock closed as high as $51.05 on Jan. 22 before starting to sell off. The company reported late Tuesday net income that fell to $2.9 million, or 2 cents a share, from $73.7 million, or 61 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 19 cents, below the FactSet consensus of 20 cents. Revenue dropped 44% to $245.9 million, due primarily to a reduction in the amount of investment tax credit (ITC) safe harbor-related shipments, but beat the FactSet consensus of $238.8 million. Gross margin decreased to 18% from 27%, amid higher input costs due to a “rapid increase in commodity prices and greater freight costs resulting in part from disruptions caused by the winter storm in Texas, as well as port closures and congestion.” The stock has now tumbled 62.2% over the past three months, while the Renaissance IPO ETF has shed 26.2% and the SP 500 has gained 4.8%.

  • May 12, 2021
    9:38 AM

    Stocks fall in early trade after stronger-than-expected inflation data

    Stocks opened lower Wednesday, with the tech-heavy Nasdaq Composite leading major benchmarks to the downside after data showed a stronger-than-expected jump in the April consumer-price index. The Dow Jones Industrial Average dropped 79 points, or 0.2%, to 34,190, while the SP 500 fell 0.5% to 4,130. The Nasdaq dropped 1% to 13,244. April CPI rose 0.8% to match the biggest monthly increase since 2009, the government said. Economists had expected a reading of 0.2%. The rate of inflation over the past year jumped to 4.2% from 2.6% in the prior month – the highest level since 2008.

  • May 12, 2021
    9:33 AM

    Nasdaq Composite drops 1% to 13,246.02

  • May 12, 2021
    9:33 AM

    SP 500 down 0.6% at 4,129.76

  • May 12, 2021
    9:33 AM

    Dow industrials fall 115 points, or 0.3%

  • May 12, 2021
    9:32 AM

    Stocks open lower after stronger-than-expected inflation rise

  • May 12, 2021
    9:32 AM

    Stocks open lower after stronger-than-expected inflation rise

  • May 12, 2021
    9:20 AM

    Apple stock falls 1.6% to pace the Dow’s premarket losers

  • May 12, 2021
    9:19 AM

    Fed’s Clarida: If inflation pressures are not transitory we will use our tools to bring inflation to 2% goal

  • May 12, 2021
    9:17 AM

    Fed’s Clarida says it may take time for supply to rise to level of demand as economy reopens

  • May 12, 2021
    9:16 AM

    Fed’s Clarida says he was surprised by the April inflation data

  • May 12, 2021
    9:16 AM

    Meet Elise Stefanik, favored to replace Liz Cheney as the No. 3 Republican in the House

    5 things to know about the New York Representative being endorsed by former President Trump

  • May 12, 2021
    9:13 AM

    MGM Resorts’ Las Vegas Strip gaming floors can return to 100% occupancy, no social distancing

    MGM Resorts International said Wednesday that it was approved by the Nevada Gaming Control Board to return to 100% occupancy and no social distancing on its gaming floors inside its properties on the Las Vegas Strip. The company said the waiver for its properties, which only applies to gaming floors, was granted given MGM’s efforts to vaccinate its workforce. The 80% occupancy restrictions and 3-feet social distancing requirements are still in effect outside of the gaming floors. The properties allowed to resume full operations on its gaming floors include Bellagio Resort Casino, MGM Grand Hotel Casino, Mandalay Bay Resort and Casino, Park MGM, The Mirage Hotel Casino, New York-New York Hotel Casino, Luxor Hotel and Casino, Excalibur Hotel Casino and ARIA Resort Casino. “This is yet another major milestone in Las Vegas’ incredible recovery and a testament to the importance of vaccination in the effort to fully reopen our community,” said MGM Chief Executive Bill Hornbuckle. “We will continue working to vaccinate as many people as possible and remain vigilant with health and safety protocols designed to protect our employees, guests and community.” MGM’s stock, which fell 0.9% in premarket trading, has soared 180.1% over the past 12 months through Tuesday, while the SP 500 has rallied 44.7%.

  • May 12, 2021
    9:04 AM

    MGM Resorts OK’d to return to 100% occupancy, no social distancing on gaming floors in Las Vegas

  • May 12, 2021
    9:03 AM

    Shares in travel-and-tourism giant Tui sink while London stocks lead European rebound

    Tui reported a $1.8 billion loss in the six months to the end of March, as the continuation of travel restrictions due to the COVID-19 pandemic left airplanes on the ground and hotel rooms empty.

  • May 12, 2021
    9:01 AM

    Arthur J. Gallagher stock slips after public stock offering, used to help fund purchase of Willis Tower assets

    Shares of Arthur J. Gallagher Co. fell 0.7% in premarket trading Wednesday, after the insurance brokerage and consulting services company announced a public offering of 9 million shares of common stock. At Tuesday’s stock closing price of $148.46, the offering, which represents about 4.6% of the shares outstanding, would be valued at $1.34 billion. The company plans to use the proceeds from the offering to fund a part of the deal announced earlier in which it buys certain Willis Towers Watson PLC’s assets for $3.57 billion. Willis Towers and merger partner Aon PLC said the sale of the assets resolves questions raised by the European Commission and other jurisdictions related to the companies’ merger, which was originally announced in March 2020. Aon’s stock edged up 0.1% and Willis Tower shares slipped 0.1%, while futures for the SP 500 dropped 0.7%.

  • May 12, 2021
    9:00 AM

    Fed’s Clarida says one-time increases in prices are likely to have only transitory effects on inflation

  • May 12, 2021
    9:00 AM

    Fed’s Clarida expresses more concern about weak labor market than higher inflation

    Federal Reserve Vice Chairman Richard Clarida indicated Wednesday he is more worried about the weak labor market than higher inflation.

  • May 12, 2021
    8:51 AM

    $259 a day to rent a car? Here’s how to rent one this summer without blowing your budget

    Travelers typically book flights or hotels first — and then a rental car. But that strategy won’t work this year.

  • May 12, 2021
    8:47 AM

    U.S. inflation climbs in April to the highest level in 13 years, CPI shows

    Consumer prices rose sharply again in March and drove the rate of inflation to the highest level in 13 years, signaling greater stress on the economy as businesses grapple with supply shortages that are raising the cost of many goods and services.

  • May 12, 2021
    8:46 AM

    Trex stock price target raised to $103 from $81 at B. Riley

  • May 12, 2021
    8:45 AM

    Arcturus Therapeutics stock price target cut to $23 from $35 at B. Riley

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