Market Insider with Patti Domm


 

Wall Street traders will be watching a historic moment for the U.K. and Europe on Wednesday, but they're much more concerned about politics in the U.S.

Wednesday is the big day for Brexit, with British Prime Minister Theresa May triggering the official separation of the U.K. from the European Union.

Brenner said he now thinks the Fed will have a hard time driving through two more rate hikes this year, due to uncertainty brought on by Washington.

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Shares of RH skyrocketed more than 15 percent during after-hours following a bullish fourth quarter earnings report and 2017 outlook. The luxury home furnishings retailer reported earnings of 68 cents per share on revenue of $587 million while the Street expected earnings of 66 cents per share on revenue of $585 million, according to Thomson Reuters consensus estimates.

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Prakken said immigrants are probably a bigger portion of the growth in the labor force, since the U.S. population is aging, immigrants are generally younger and many come to the U.S. specifically to work.

Prakken said a proposed bill in the Senate would limit immigration, reducing it to roughly half the 1.1 million immigrants who arrived in 2015.

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The Dow Jones Industrial Transportation Average closed up nearly 2 percent on Tuesday, on pace for its best day in 2017. Its last best-day performance was in December 2016, when the index rose 2.53 percent.

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Hospital stocks dropped Tuesday morning, after reports that House Republicans are discussing ways to revive their Obamacare repeal and replacement bill.

Just one day earlier, many hospital-related stocks ended in green territory, rallying on the news that the GOP's health-care proposal was yanked from consideration.

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Evan Spiegel's Snap fell nearly 7 percent Tuesday after Facebook announced it was beefing up its camera features, making its app more like Snapchat.

Facebook unveiled three new features Tuesday, including Facebook Camera Effects, Facebook Direct and Facebook Stories.

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Mexico's peso and stock market apparently do well when President Donald Trump does not.

Mexico's outperformance has to do with the U.S. president's performance, analysts say.

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Consumer attitudes about the job market improved dramatically in the first half of March, as consumer confidence jumped to a 16-year high.

Consumers who saw jobs as "plentiful" rose to 31.7 percent from 26.9 percent in February, and those who said they are "hard to get" fell slightly to 19.5 percent from 19.9 percent, according to the Conference Board.

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When OPEC points at U.S. oil producers, it always blames the shale drillers for oversupplying the world market.

But while shale is in resurgence, the real source of recent growth has been the offshore drillers in the Gulf of Mexico.

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They've been a little more bent but still not broken," Redler said. The S&P financial sector is up less than a percent for the quarter, but it has been hit hard lately, and is down 4.3 percent in the past month.

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Congressional fumbling over health care could signal more volatility for stocks, but no correction is expected in the near future as long as President Donald Trump's pro-growth agenda remains largely intact.

Strategists say the market could see a decline of more than 5 percent, but it's not likely to drop the 10 percent, which would signal a full-blown "correction," as investors and Washington turn their focus to tax cuts.

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The resilient stock market has moved on and is zeroed in on tax reform, the policy that has had the most punch for stocks since the election.

The market is expected to quickly move past the fallout from the House's failure to vote on a plan to replace Obamacare, and watch the play by play on President Donald Trump's promise to start work on reducing corporate and individual taxes.

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Health-care stock performance diverged Friday after the controversial GOP health care bill was pulled from the floor of the House of Representatives.

Cigna fell 2.25 percent in its worst day of the year so far.

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Shares of GameStop fell more than 13 percent Friday after the company reported sales declines in almost all of its segments during the fourth quarter.

GameStop reported Thursday that hardware sales declined 29.1 percent, and new software sales fell by 19.3 percent for the quarter — two categories that were once key in boosting revenue for the retailer.

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Shares of Finish Line plummeted nearly 20 percent Friday, after the company reported earnings that missed estimates along with poor profit margins that were impacted by price cuts.

In the fourth quarter, Finish Line "made the decision to get more aggressive on pricing to be competitive and clear slow moving product," Chief Executive Sam Sato said in a statement Friday.

Jefferies maintains rating stock

 

The Trump administration's approval of the controversial TransCanada Corp pipeline means more North American crude and fuel could ultimately flow out to the world market.

The pipeline would also further cement the bonds between the two key North American producers and increase the interdependence of the U.S. on Canada, as a source of imported oil, over OPEC and other producers.

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Top strategists have gotten more optimistic on stocks, just as the S&P 500 has pulled back slightly from records, according to CNBC's latest Market Strategist Survey.

Since the last survey in early February, four of 16 market strategists CNBC surveyed in the last three days raised their S&P 500 targets for the year-end or next 12 months.

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Skechers shares jumped on Friday after Cowen upgraded the stock to outperform from market perform, citing expected expansion due to growth in its international wholesale business.

Shares of the California-based company were up over 3 percent in midmorning trade.

 

Finish Line — The athletic footwear and apparel retailer missed estimates by 21 cents a share, with quarterly profit of 50 cents per share.

Micron Technology — The chip maker reported adjusted quarterly profit of 90 cents per share, four cents a share above estimates.

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After-hours buzz: MU, GME KBH and more [-0.05]

Posted on March 23, 2017, 9:50 p.m. by Market Insider with Patti Domm @ [source]

Micron Technology shares skyrocketed over 10 percent in extended trading Thursday after the semiconductor company reported earnings above analyst expectations. Reported revenue for the company was in line with analysts expectations at $4.65 billion, according to Thomson Reuters consensus estimates.

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