What's moving markets today: March 15, 2019
It was a good week for all three major indexes:
Other stocks making moves:
Boeing (BA) closed up 1.5%, clawing back some of its earlier losses. But the stock still finished the week down more than 10% after Sunday’s tragic crash involving one of its 737 Max jets.
Facebook (FB) was down 2.5% Friday. It announced the day before that two of its top executives are leaving.
And Broadcom (AVGO), one of the world’s largest makers of chips for wired broadband communications, soared 8% after a strong earnings report.
Boeing shares closed higher Friday, recovering some losses after a terrible week.
That sent shares Boeing (BA) down almost 12% through Thursday's close. But the stock rallied for a 1.4% gain Friday.
A wire service report that Boeing could have a software fix in place in only 10 days helped the shares turn positive.
Boeing would not comment on that report except to say there had been no change in the timeline for a software fix. That should be available in the "coming weeks."
Many analysts believe Boeing's airline customers have little choice but to keep buying Boeing's best-selling jet. It has orders for nearly 5,000 of the 737 Max planes.
Ford (F) is shedding in "excess of 5,000" jobs in Germany in an attempt to return to profitability, the automaker said Friday.
It will also lay off a still-to-be-determined number of workers in the United Kingdom.
Ford previously announced in January that its European operations will become smaller as part of a global overhaul that it said will cost $11 billion.
"The goal is to significantly decrease structural costs, reduce bureaucracy, empower leaders and managers, and eliminate less value-added work," Ford said.
Wall Street remains higher in midday trading:
- The Dow is spiking 170 points, or 0.69%
- S&P 500 is up 60 points, or 0.50%
- Nasdaq is rising 63 points, or 0.80%
Here are some stock winners and losers:
- Facebook (FB), which was down as much as 4% earlier today, is now down 2%.
- Adobe (ADBE) is down 4% after a mixed earnings report, which included lower-than-expected guidance for 2019.
- Whirlpool (WHR) stock is also another loser — down 6%.
- Ulta Beauty (ULTA) is up nearly 10% after a pretty earnings report.
Kylie Jenner's self-made billionaire title might be dubious, but for Ulta Beauty, she's been good for business.
Ulta's (ULTA) stock is soaring 9% Friday after a strong earnings report which encompassed the first full quarter that Jenner's cosmetics line has been sold in its 1,100 stores.
Ulta CEO Mary Dillon said on an earnings call that its partnership with Jenner is "paying off." Her products have attracted "younger and more diverse" customers into its stores and the "consumer reaction was a bit more positive than we anticipated."
Dillon added that the company plans to offer more of Jenner's products in the future.
Wall Street opened slightly higher on Friday:
- The Dow increased 40 points
- S&P 500 rose 0.2%
- Nasdaq opened up 0.3%
- All three indices were poised for weekly gains.
Burger King (QSR) is challenging its higher-priced rivals with a new coffee subscription.
The restaurant just announced a $5 per month deal that let's customers get a small cup of coffee once a day. "For the price of a large cappuccino from Starbucks, you can have a BK Café brewed coffee every day for a month," the release notes.
Coffee drinkers will need to buy it on Burger King's app and, sorry, it's not valid on specialty or iced coffee drinks.
Burger King's sales have fallen behind its rivals, including McDonald's (MCD) and Wendy's (WEN). In November, the chain announced it's remodeling some of its stores with self-order kiosks and will focus on buzzy menu items to lure in customers.