• Stock market news: December 6, 2019
    Yahoo Finance

    Stock market news: December 6, 2019

    Stocks jumped Friday after the Labor Department’s November jobs report handily topped expectations. Treasury yields rose and gold prices sharply declined, as the latest sign of strength in the U.S. economy spurred risk-on trades.

  • Bloomberg

    Amazon Leases Midtown Space after Halting HQ2 Plan for NYC

    (Bloomberg) -- Less than a year after Amazon.com Inc. walked away from a planned headquarters in New York, the e-commerce giant has announced a significant expansion in midtown Manhattan.The company signed a lease for 335,000 square feet in the Hudson Yards neighborhood on the west side. The new office will accommodate more than 1,500 workers and is slated to open in 2021, according to an e-mailed statement.“As we shared earlier this year, we plan to continue to hire and grow organically across our 18 Tech Hubs, including New York City,” the Seattle-based company said.Amazon abandoned plans in February to build an additional headquarters in New York’s Long Island City neighborhood following fierce public criticism of tax breaks promised to the company, and concerns about the impact on housing costs and transportation. The move sent shock waves through New York’s real estate community, which worried that the city was becoming inhospitable to business.But recent months have shown that companies are still attracted to New York and its deep pool of talented workers. Facebook Inc. announced that it was leasing more than 1.5 million square feet at Hudson Yards last month. And Google is also in the midst of a major expansion in the city.Amazon said it is not receiving tax benefits or other incentives for its new office, which will be located in SL Green Realty Corp.’s building on 10th Avenue between 33rd and 34th Streets. The outpost will be roughly the same size as the company’s other corporate offices in New York, where it currently has more than 3,500 employees in its tech hub.Dow Jones reported the lease earlier on Friday.To contact the reporter on this story: Noah Buhayar in Seattle at nbuhayar@bloomberg.netTo contact the editors responsible for this story: Craig Giammona at cgiammona@bloomberg.net, Linus Chua, Stanley JamesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • MasterCard (MA) Gains But Lags Market: What You Should Know
    Zacks

    MasterCard (MA) Gains But Lags Market: What You Should Know

    In the latest trading session, MasterCard (MA) closed at $290.40, marking a +0.19% move from the previous day.

  • Amazon (AMZN) Gains But Lags Market: What You Should Know
    Zacks

    Amazon (AMZN) Gains But Lags Market: What You Should Know

    Amazon (AMZN) closed at $1,751.60 in the latest trading session, marking a +0.64% move from the prior day.

  • FLEETCOR Appoints EVP of Corporate Development and Strategy
    Zacks

    FLEETCOR Appoints EVP of Corporate Development and Strategy

    Greene seems a good fit in the new role after his successful five-year spell in FLEETCOR's (FLT) corporate development organization.

  • Buy Apple (AAPL) Stock on Analyst Optimism Heading into 2020?
    Zacks

    Buy Apple (AAPL) Stock on Analyst Optimism Heading into 2020?

    Apple (AAPL) closed up over 1.4% Thursday after a Citi analyst predicted the iPhone maker to outperform this upcoming holiday season.

  • Previewing the Q4 2019 Earnings Season
    Zacks

    Previewing the Q4 2019 Earnings Season

    Previewing the Q4 2019 Earnings Season

  • 2019 was the Year of the "Chicken Wars"
    Zacks

    2019 was the Year of the "Chicken Wars"

    2019 has been a big year for fast-food chicken, with the "chicken wars" turning from mild to spicy. Will you be trying any of the fried chicken sandwich options?

  • Is Trade Scaring You? ETF Strategies for 2019 Holiday Season
    Zacks

    Is Trade Scaring You? ETF Strategies for 2019 Holiday Season

    It is less likely that Santa alone will drive Wall Street this season as trade tensions persist. Overall, these ETF investing trends should stay strong.

  • Peloton Backlash Comes With Silver Lining: Pre-Holiday Publicity
    Bloomberg

    Peloton Backlash Comes With Silver Lining: Pre-Holiday Publicity

    (Bloomberg) -- Peloton Interactive Inc. has been pilloried online and punished on the stock market following the release of a holiday ad for its stationary exercise bike that was deemed culturally insensitive. But the backlash could be a good thing for the company in the long run.The commercial, which features a woman documenting a year in her life with the Peloton bike her male partner gave her, struck some viewers as out of touch -- suggesting the already thin “Grace from Boston” was undergoing a strenuous workout in order to lose weight for the guy. The video, released about a month ago, went viral on social media, eliciting a scathing parody by comedian Eva Victor and prompting Peloton to close comments on the official YouTube video.As the internet buzz seemed to hit a peak earlier this week, Peloton’s stock fell 9%. But some experts say the increased attention could end up boosting sales. The shares were up 3.7% on Friday in New York.“They might benefit more because people are looking it up and learning more about it,” Laura Ries, president of advertising consultancy firm Ries & Ries, said. It’s still a short-term bump for a company that has historically been largely successful with marketing, with a total member base of 1.6 million people including more than 560,000 who have one of the proprietary bikes or treadmills plus a fitness subscription, according to Peloton’s most recent quarterly report. The official Peloton ad on the company’s YouTube channel has been seen by more than 3.6 million people.The controversy comes at a crucial time for the New York-based company, which is new to market scrutiny after listing shares in September, as it seeks to capitalize on the all-important holiday sales season and expand in new markets like the U.K. and Germany. The shares had gained 27% since its initial public offering before the wave of internet commentary dragged it down on Tuesday. The company is also facing increased competition in the booming at-home fitness market, especially among workout apps. Nike Inc., Aaptiv Inc. and apps like Kayla Itsines’s Sweat with Kayla have all gained followings for exercise programs available on a user’s phone.Peloton has been punished by Wall Street for its focus on growth over profitability. The company sells a stationary bike starting at about $2,000 and a treadmill that costs about $4,000, in addition to a basic “connected fitness” subscription plan at $39 a month for those pieces of hardware, and the separate digital apps that don’t require equipment. Its loss narrowed in the three months ended Sept. 30 to $49.8 million.The stock surged almost 10% last Friday after the company was reportedly seeing strong demand on Black Friday. And earlier this month, Peloton lowered the price of its digital subscription app to $12.99 a month from $19.49 in conjunction with the launch of new apps for Amazon’s Fire TV and the Apple Watch, a move that could entice new users. JMP Securities analysts raised their price target on the stock after the subscription reduction, saying it “broadens Peloton’s reach, improves conversion, and reduces purchase friction.” Ronald Josey, a JMP analyst, said there are “a lot of good things going on” at the company and that people will continue to buy the bike and other products despite the controversy.According to the most recent earnings report, Peloton expects its user base to grow to 680,000 or more by the end of its second quarter thanks to holiday sales and New Year’s resolutions.Scott Galloway, a professor of marketing a the NYU Stern School of Business, said the commercial itself is tone deaf and borderline offensive. But “in this attention-driven economy, anything that gets attention is arguably a positive,” he said in an interview. “It’s bringing Peloton into the social discourse on very regular basis, which is what ads are supposed to do.” If Peloton had to do it again, Galloway said, “I’d argue they probably would.”(Updates shares in third paragraph. A previous version of the story corrected a company error in the subscription price.)To contact the reporter on this story: Julie Verhage in New York at jverhage2@bloomberg.netTo contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Molly Schuetz, Anne VanderMeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • U.S. Payroll Gain of 266,000 Trounces Forecasts as Wages Heat Up
    Bloomberg

    U.S. Payroll Gain of 266,000 Trounces Forecasts as Wages Heat Up

    (Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.U.S. job gains roared back in November as unemployment matched a half-century low and wages topped estimates, giving the Federal Reserve more reason to hold interest rates steady after three straight cuts.Payrolls jumped 266,000, the most since January, after an upwardly revised 156,000 advance the prior month, according to a Labor Department release Friday that topped all estimates in a Bloomberg survey calling for 180,000 jobs. It was the first full month that General Motors Co. workers returned to work after a 40-day strike, adding 41,300 to automaker payrolls following a similar drop the prior month.Stocks in the U.S. climbed on the report and headed for their best gain in a month, while Treasuries fell and the dollar rose.The jobless rate dipped to 3.5%, matching the lowest since 1969. Average hourly earnings climbed 3.1% from a year earlier, exceeding projections, and the prior month was revised higher. Private employment jumped by 254,000.The data back the Fed’s view that the labor market remains strong, supporting consumers and continued economic growth. That may give the central bank more room to keep interest rates on hold at their meeting next week amid the uncertainty of President Donald Trump’s prolonged trade talks with China. Wage gains should also support holiday shopping and ease concerns about a slowdown.“It’s a significant surprise because economists were ready to go with the idea that payroll growth was slowing down because the job market had gotten tight,” said Stephen Stanley, chief economist at Amherst Pierpont. “The whole tenor has changed in terms of job growth. We’re back at steady-as-she-goes at a robust pace.”A separate report Friday showed consumer sentiment rose to a seven-month high and buying attitudes for household durables improved, adding to economic cheer as the holiday shopping season gets under way.Larry Kudlow, Trump’s top economic adviser, said in a Bloomberg Television interview that “despite a certain amount of pessimism, the economy is outperforming expectations, economic policies from the president are working.” Revisions added 41,000 jobs for the prior two months, bringing the three-month average to a 10-month high of 205,000.The report adds to recent data pointing to an economy holding up amid headwinds. Jobless claims remain near a half-century low, service-sector activity is expanding and consumer sentiment is within reach of the best levels of the expansion.What Bloomberg’s Economists Say“Bloomberg Economics is lowering its projection of the 2020 year-end unemployment rate to 3.3% from 3.4%. Hiring momentum continues to surpass the growth rate of the labor force, which is closer to 100,000-125,000 per month. On Nov. 3, 2020, as voters head to the polls, they will be facing the lowest election day unemployment rate since Dwight Eisenhower won his first term as president in 1952.”--Carl Riccadonna and Yelena Shulyatyeva. To see the full note, click hereManufacturers rebounded, adding 54,000 jobs after a 43,000 drop the prior month, mostly reflecting GM workers returning to work. Despite the boost, factories have faltered amid weak global demand and U.S.-China trade tensions curbing business expansion plans.Job gains were broad-based across industries, led by a 206,000 gain for private service providers that was the best since January.Fed Chairman Jerome Powell and other policy makers have said the labor market remains strong enough to maintain a stable economy. That’s contributed to expectations the central bank will hold rates through the end of 2021.The participation rate, or share of working-age people in the labor force, fell to 63.2% from a six-year high of 63.3% the prior month.The U-6, or underemployment rate, fell to 6.9%, matching the lowest level since 2000, from 7%; some analysts see this as a more accurate reflection of the labor market as it includes part-time workers who’d prefer a full-time position and those who aren’t actively looking.(Updates with consumer sentiment in seventh paragraph, Kudlow comment in eighth paragraph. An earlier version corrected the prior month’s figure in second paragraph to 156,000 from 128,000.)\--With assistance from Chris Middleton, Sophie Caronello, Alister Bull, Ana Monteiro and Reade Pickert.To contact the reporter on this story: Katia Dmitrieva in Washington at edmitrieva1@bloomberg.netTo contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Jeff KearnsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Strong U.S. job growth highlights economy's resilience
    Reuters

    Strong U.S. job growth highlights economy's resilience

    U.S. job growth increased by the most in 10 months in November as former striking workers returned to General Motors' GM.N payrolls and the healthcare industry boosted hiring, the strongest sign yet the economy was not in danger of stalling. The Labor Department's closely watched monthly employment report on Friday also showed steady wage gains and the unemployment rate falling back to 3.5%, suggesting consumers will continue to drive the longest economic expansion in history, now in its 11th year. U.S. central bank policymakers are expected to highlight the economy's resilience when they meet on Dec. 10-11, though trade tensions continue to reverberate in the background.

  • Amazon's Cloud Clientele Expands as BP Migrates Data to AWS
    Zacks

    Amazon's Cloud Clientele Expands as BP Migrates Data to AWS

    BP goes all-in on AWS, which highlights the efficiency and reliability of Amazon's (AMZN) cloud services offerings.

  • Stocks - Tesla, Crowdstrike Rise Premarket; Uber, Zoom Video Fall
    Investing.com

    Stocks - Tesla, Crowdstrike Rise Premarket; Uber, Zoom Video Fall

    Investing.com -- Stocks in focus in premarket trade on Friday, 6th December.

  • The Zacks Analyst Blog Highlights: Amazon, Microsoft, eBay, Alibaba and JD.com
    Zacks

    The Zacks Analyst Blog Highlights: Amazon, Microsoft, eBay, Alibaba and JD.com

    The Zacks Analyst Blog Highlights: Amazon, Microsoft, eBay, Alibaba and JD.com

  • GOOGL, AMZN, MSFT & Others to Watch in Healthcare Industry
    Zacks

    GOOGL, AMZN, MSFT & Others to Watch in Healthcare Industry

    Tech giants like Alphabet, Amazon, IBM, Microsoft and Apple are foraying into the healthcare industry to capitalize on its prospects.

  • Regeneron Reports Positive Data on Rare Blood Disorder Drug
    Zacks

    Regeneron Reports Positive Data on Rare Blood Disorder Drug

    Regeneron (REGN) announces positive top-line data from a phase II study on rare blood disorder drug.

  • 5 High-Flying Stocks After Recent Broker Rating Upgrades
    Zacks

    5 High-Flying Stocks After Recent Broker Rating Upgrades

    Due to the complexities surrounding the investment world, it is not easy for investors to rake in profits. This is where guidance from brokers comes in handy.

  • Restaurant Brands' Burger King Aims to Expand in Canada
    Zacks

    Restaurant Brands' Burger King Aims to Expand in Canada

    Restaurant Brands' (QSR) Burger King plans to open more than 100 restaurants in Canada.

  • Cloud Security Race Intensifies, AMZN Takes on VMW, AKAM, WIT
    Zacks

    Cloud Security Race Intensifies, AMZN Takes on VMW, AKAM, WIT

    A slew of advanced data breaches is expected to increase the demand for cloud security offerings in the coming years. The prospects are prompting cloud service providers to up the ante in this space.

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