NEW YORK, July 14, 2017 /PRNewswire/ --
U.S equities rose to all-time highs on Thursday as retail
companies rallied the most in the year and Federal Reserve Chair,
Janet Yellen, signaled a gradual
increase in interest rates. The Dow Jones Industrial average rose
0.1 percent, or 20.95 points, to its new record high. The S&P
500 closed 0.19 percent higher at 2,447.93, slightly below its
record-high of 2,453.46. While the tech-heavy NASDAQ 100 Index
rallied for a fifth straight gain. XRT, a ETF that replicates the
performance of the S&P Retail Industry Index, rose 2.3 percent
on Thursday, as Target raised its second-quarter earnings forecast.
Yandex NV (NASDAQ: YNDX), Target Corporation (NYSE: TGT), Delta Air
Lines, Inc. (NYSE: DAL), J C Penney Company Inc. (NYSE: JCP)
U.S. stock also rose on Wednesday after Janet Yellen signaled that the rate hike would
be gradual during her testimony to Congress. She also said that the
Fed may start to reduce its $4.5
trillion asset portfolio later this year. The change of tune
sent stocks higher as it eased the concern that the Fed may act on
an aggressive rate hike schedule this year. Jeff Kravetz, Regional Investment Strategist at
the Private Client Reserve at U.S. Bank, said in a CNBC report:
"We're getting a positive reaction to her testimony. What happened
was she was more dovish than the market expected in her prepared
remarks."
Yandex NV (NASDAQ: YNDX) shares jumped more than 15%
after an announcement that, together with Uber, the two companies
reached an agreement to combine their ridesharing businesses in
Russia, Kazakhstan, Azerbaijan, Armenia, Belarus and Georgia into a new company ("NewCo"). Uber
will also contribute its UberEATS business in the region to NewCo.
In addition, Uber has agreed to invest $225MM and Yandex has agreed
to invest $100MM into NewCo, valuing it at $3.725Bn on a post-money basis. After these
investments, and subject to certain adjustments at closing, NewCo
will be owned approximately 59.3% by Yandex, 36.6% by Uber, and
4.1% by employees of the company, on a fully-diluted basis.
Tigran Khudaverdyan, currently the
CEO of Yandex.Taxi, will become the CEO of the combined
business.
Target Corporation (NYSE: TGT) stock surged more than
4.5%, updated its guidance for second quarter 2017 comparable sales
and earnings per share (EPS). As a result of improved traffic and
sales trends through the first two months of the
quarter, Target is now expecting to report a modest
increase in its second quarter comparable sales. In addition,
the Company now expects to report second quarter GAAP and Adjusted
EPS1 above the high end of its previous guidance range
of $0.95 to $1.15. Both GAAP and
Adjusted EPS are expected to reflect a 5 to 9
cent benefit driven by the net tax effect of the Company's
global sourcing operations.
Delta Air Lines, Inc. (NYSE: DAL) reported financial
results for the June quarter 2017. Adjusted pre-tax income for
the June 2017 quarter was $1.85 billion, a $172
million increase from the June 2016 quarter, primarily
driven by higher revenue. Delta recorded a June quarter 2017
adjusted operating margin of 18.4 percent. Delta delivered
these results despite a $125 million negative impact from
the operational disruption following severe storms
in Atlanta in early April. "The June quarter ranks among
the best in Delta's history as our people delivered top financial,
operational, and customer satisfaction results - and it is an honor
to recognize that performance with an additional $338 million
toward our 2017 profit sharing," said Ed Bastian, Delta's
Chief Executive Officer. "While 2017 is a transition period
for Delta, we are encouraged by the improvement in unit revenues,
leading to increasing conviction in our ability to expand margins
as we move through the back half of the year."
JCPenney Company Inc. (NYSE: JCP) stock jumped 8%
after the retailer announced that it is opening toy shops in
all of its brick-and-mortar locations with a significantly expanded
assortment available at JCPenney.com. Strategically adjacent
to the Disney Collection inside JCPenney, the shops feature an
extensive selection of toys for kids of all ages including dolls,
action figures, racing cars, arts and crafts, board games and
learning sets from leading brands such as Hasbro®, Mattel®,
Playmobil® and Fisher Price®, to name a few. "JCPenney has a
nostalgic history of selling sought-after toys in our early
Christmas catalogs, so we brought toys back last holiday season to
see if they would resonate once again. We were extremely pleased by
customer response and confidently made the decision to grow our toy
assortment in stores and at JCPenney.com. We know that shoppers buy
toys year-round and by creating a fun, inviting toy shop, with some
of the biggest brands and hottest products, we will entice families
to shop and spend more at JCPenney," said John Tighe, Executive Vice President and Chief
Merchant for JCPenney.
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