Major U.S. stock indexes closed mostly lower Wednesday after wavering for much of the day between small gains and losses. The downbeat finish extended the market's mild losses from a day earlier. Even so, the benchmark S&P 500 index is on track to end the month with a gain of more than 3 percent, extending the market's rebound over the last two months after a steep slide late last year. "The market has quickly recovered back to the three prior tops that it had within the downturn," said Tom Martin, senior portfolio manager with Globalt Investments. Health care, communications and technology companies took the heaviest losses Wednesday, while financial, industrial and energy stocks notched gains. The market had veered lower early in the day after comments from a key U.S. trade negotiator stoked doubt over how much progress was being made on resolving the trade war between the U.S. and China. The news overshadowed a mix of corporate earnings reports. Weight Watchers plunged to its … [Read more...] about Worries that China trade talks are stalling weigh on stocks
Buyback on stock
Americans are still waiting for President Donald Trump’s tax cuts to spur investment and hiring, but sadly, they will be disappointed. Executives at four out of five companies say the tax cuts did not change their plans, according to a survey by the straight-laced National Association of Business Economists. And there is no indication spending or hiring will pick up in 2019. “After a year of robust capital spending, business investment has cooled a bit, and expectations for the next three months slackened similarly,” said NABE President Kevin Swift, who is also chief economist at the American Chemistry Council. “A large majority of respondents — 84 percent — indicate that one year after its passage, the 2017 Tax Cuts and Jobs Act has not caused their firms to change hiring or investment plans.” On HoustonChronicle.com: We may be talking our way into a recession Chief financial officers and economists at 106 companies said that while they do not … [Read more...] about Trump tax cuts fail to boost investment or employment but pile on debt
(Reuters) - Citigroup Inc beat Wall Street profit estimates on Monday as lower expenses offset a drop in quarterly revenue, stemming from year-end volatility in its fixed-income trading business. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren Citi is the first of the major U.S. banks to report fourth-quarter results. Wall Street majors JPMorgan Chase & Co, Bank of America Corp and Goldman Sachs will report later this week. Citi officials also said they had yet to see an effect on business from a partial U.S. shutdown but that could change if the shutdown continues. Excluding a one-time tax related gain, quarterly profit rose to $4.2 billion, or $1.61 a share, in the quarter ended Dec. 31, from $3.7 billion, or $1.28 a share, a year earlier. Analysts had expected a profit of $1.55 per share, according to IBES data from Refinitiv. Shares of the … [Read more...] about Citigroup beats profit estimates on lower expenses, shares rise
Are company buybacks increasing stock values? Andrew Osterland Published 4:25 pm CST, Monday, January 7, 2019 Photo: Dowell | Getty Images Photo: Dowell | Getty Images Image 1 of / 1 Caption Close Image 1 of 1 Photo: Dowell | Getty Images Is the Stock Market Getting Pumped Up by the January Effect? 1 / 1 Back to Gallery The stock market followed up its monster Friday last week with a decent rally today, though enthusiasm waned in the afternoon. The two day surge lends hope to the idea that a "January effect" -- when investors often buy back into stocks -- may be taking place. The Dow and S&P 500 indexes ended the day up 0.42 percent and 0.7 percent respectively. The Nasdaq … [Read more...] about Is the Stock Market Getting Pumped Up by the January Effect?
Kif Leswing, provided by Published 9:40 am CST, Friday, December 28, 2018 Getty Apple spent nearly $63 billion on share buybacks in 2018 so far, not including the fourth quarter. Some of those purchases were at the stock price of $222, but now it is trading at $156 per share. The value of Apple's buybacks is $9 billion less than when Apple purchased the stock, The Wall Street Journal reports. Apple announced $100 billion in buybacks earlier this year, and as much as 70% of the war chest hasn't been spent yet. Apple spent most of 2018 ravenously buying back its own stock on the open market, fueled by a large tax windfall and management's belief that shares were undervalued. Through the first nine months of 2018, Apple spent $62.9 billion on share buybacks, a record-breaking and staggering sum that happens to be exactly equal to Apple's revenue in the quarter that ended in September. Now, it looks like that might have been a bad investment, according to a … [Read more...] about Apple lost $9 billion buying back its own stock in 2018 (AAPL)