The Score: The Story of the Business Week in 7 Stocks
June 01 2018 - 8:17PM
Dow Jones News
By Laine Higgins
JPMorgan Chase & Co. - DOWN 4.3% Tuesday
U.S. bank stocks went for a wild ride over the past week,
plummeting Tuesday on fears that Italian political tumult could
spark a crisis in Europe, and dipping again Thursday amid
heightened trade tensions. But they recovered some ground Friday
after a sunny U.S. jobs report. JPMorgan was the S&P 500's
worst performer Tuesday with a 4.3% dip. By the end of the week,
the bank's stock was trading 2% off last Friday's close.
Walt Disney Co.- DOWN 2.5% Tuesday
The debut of Walt Disney's "Solo: A Star Wars Story" grabbed the
top spot at the weekend box office, but investors weren't getting
cocky. Solo's $84.8 million in North American ticket sales through
Sunday were the weakest since Disney relaunched the Star Wars
franchise in 2015, and the movie also opened at less than light
speed overseas. The company was dealt another blow later Tuesday
when its ABC network canceled hit TV show "Roseanne" after a racist
tweet from lead actress Roseanne Barr. The move opened a big hole
in the network's prime-time schedule.
Dick's Sporting Goods Inc. - UP 26% Wednesday
Shares of Dick's Sporting Goods had their best day ever
Wednesday, rising 26% after the company reported its first quarter
of results since halting sales of assault-style rifles in the
aftermath of the school shooting in Parkland, Fla. As expected,
hunting sales fell, but the overall results were better than many
observers had anticipated and the company raised projections for
the rest of the year. Guns are a low-margin business for retailers,
so the decision helped improve Dick's profit margins, and analysts
expect the company's results will continue to improve.
Walmart Inc. - UP 2.1% Wednesday
In an attempt to attract and retain workers in one of the
tightest labor markets since World War II, Walmart announced it
would heavily subsidize the cost of online college tuition for its
U.S. store workers pursuing degrees in business and supply-chain
management from three schools. Walmart, with 1.5 million domestic
employees, is the largest private employer in the U.S.. The company
did not disclose the price tag of the program, which it will phase
in over a year, but said it selected the three nonprofit schools
based on their programs for adult students.
Sears Holdings Corp.- DOWN 12% Thursday
Sears shares plummeted Thursday after the embattled discount
retailer announced plans to close more than 60 unprofitable stores.
Sears has been closing hundreds of locations in recent years,
selling brands and spinning off divisions to stay afloat amid
mounting losses and the defection of customers. Investors,
suppliers and landlords have grown increasingly concerned about the
company's future. Its struggles showed no sign of abating in the
latest quarter, its 26th consecutive period of declining sales,
with merchandise sales down 34%, same-store sales down 13% and a
net loss of $424 million.
General Motors Co. - UP 13% Thursday
GM got a leg up in the race to develop commercial autonomous
vehicles on Thursday after Japan's SoftBank Group Corp. unveiled a
$2.25 billion investment in its driverless-car unit, GM Cruise.
GM's stock soared 13% as investors heralded the deal as a potential
tide-turner for the 110-year-old company that previously struggled
to match the hype of its Silicon Valley competitors, electric-car
maker Tesla Inc. and Alphabet Inc.'s self-driving car subsidiary
Waymo. GM has been testing autonomous electric cars and plans to
launch a driverless ride-hailing service in several cities next
year.
Facebook Inc. - UP 1.2% Friday
What data-privacy scandal? Shares of Facebook Inc. on Friday hit
a new record high for the first time since February's Cambridge
Analytica data-breach revelations. The stock rose 1.2% on a day
when news broke that the social-media giant was close to announcing
the first crop of news shows that will air exclusively on its video
platform, Watch, starting in July. Facebook will fully finance the
video content, which will likely come from Fox News and CNN.
Separately, the company said it was scrapping its trending-topic
feature.
(END) Dow Jones Newswires
June 01, 2018 20:02 ET (00:02 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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