Yahoo Finance Stocks on track for weekly loss
Wall Street looks set to end the week with a thud. Stocks (^DJI, ^GSPC, ^IXIC) are on track for a weekly loss as the dollar strengthened on the prospect of higher interest rates and as investors continue to monitor oil prices (CL=F) after crude entered bull market territory Thursday.
Deere (DE) boosted its profit outlook for the year after forking over earnings that topped analysts’ estimates as its cost-cutting efforts paid off. However, profit fell from a year ago and revenue missed estimates.
Applied Materials (AMAT) soared to a fresh 52-week high in early trading. The maker of chip equipment used to manufacture memory chips lifted its outlook for the current quarter after reporting stronger than expected earnings for its fiscal third quarter as profit and orders surged to a record thanks to demand for new technology used in mobile phones. However, revenue came in slightly below estimates.
Gap (GPS) lowered its profit outlook for the year as sales declined in its second quarter. Gap continues to struggle to attract customers and improve margins by offering fewer promotions and controlling its inventories.
Square (SQ) shares rose in early trading after Steve Cohen’s Point72 Asset Management increased its stake in the digital payment processing company to 5.4%.
Changing of the guard at Viacom
Viacom’s (VIAB) Sumner Redstone may get what he wants. The media giant’s CEO Philippe Dauman is leaving the company, according to various reports. In part of a settlement, both sides will drop individual lawsuits, and Dauman will get a $72 million severance package.
Uber ruling
A judge made a major ruling against Uber. A federal judge called a class action settlement by Uber inadequate for its drivers. Drivers feel they should be reimbursed for expenses like gas and car maintenance. The settlement worth up to $100 million would impact 285,000 current and former drivers in Massachusetts and California.
US Olympic swimmer fallout
Swimmer Jimmy Feigen will donate almost $11,000 dollars as part of a deal to leave Brazil, according to reports. This is to settle a dispute over a reported robbery that officials say was fabricated. To make matters worse, fellow swimmer Ryan Lochte is being evaluated by current sponsors.
