For Immediate Release
Chicago, IL – April 03, 2017 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Chevron Corporation (NYSE: CVX – Free Report ), China Petroleum & Chemical Corporation (NYSE: SNP – Free Report ), Apple Inc. (NASDAQ: AAPL – Free Report ), Walt Disney Company (NYSE: DIS – Free Report ) and General Electric Company (NYSE: GE – Free Report ).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free .
Here are highlights from Friday’s Analyst Blog:
Dow 30 Stock Roundup: CVX, AAPL and More
The Dow experienced a mixed week, with most of its gains coming from encouraging economic releases. The index moved lower on Monday after the Trump administration failed to pass a new healthcare legislation. A surge in consumer confidence helped the index end in the green on Tuesday. Broader market gains left the index untouched on Wednesday and it languished in the red. Ultimately, bullish GDP data helped the index move higher on Thursday.
Last Week’s Performance
The index declined 0.2% on Monday following the failure of the Trump administration to pass the new healthcare bill through the House of Representatives. Investors remained skeptical about Trump’s ability to deliver on his pro-business economic agenda, including tax cuts, infrastructure spending and deregulation initiatives. Financial stocks moved, dragged down primarily by bank stocks, as investors remained doubtful about whether proposed tax cuts would at all take place.
The index gained 0.7% on Tuesday after consumer confidence surged to its highest level in more than sixteen years. Consumer confidence hit 125.6 in March, up from 116.1 in the previous month according to data from The Conference Board. Strong consumer confidence reading showed that the U.S. economy has improved significantly. Financial stocks gained following this economic release and energy stocks rose due to stronger oil prices.
The index lost 0.2% on Wednesday even as broader markets moved north, boosted primarily by energy and consumer discretionary shares. Energy shares gained due to increase in oil prices. Consumer discretionary shares gained following a surge in consumer confidence level. Improved consumer confidence is expected to make a positive impact on consumer spending.
The index gained 0.3% on Thursday, boosted by financials which surged following the release of strong GDP data. Fourth quarter’s final GDP reading exceeded estimates. An overall increase in consumer spending was accompanied by an increase in corporate profits. Also, initial claims numbers continued to decline. Meanwhile, investors kept a close watch on oil prices which soared on Thursday following Kuwait’s attempt to extend OPEC production cuts.
Components Moving the Index
Chevron Corporation (NYSE:CVX – Free Report ) is set to divest its stake in its South Africa business to Asia’s largest oil refiner, China Petroleum & Chemical Corporation (NYSE: SNP – Free Report ), which is better known as Sinopec. With the deal, Sinopec will secure its first major refinery in the continent, keeping in line with its aim to expand in international markets.
Per the deal, Sinopec will acquire 75% controlling stake in Zacks Rank #3 (Hold) rated Chevron’s South Africa and Botswana assets including a 100,000 barrel per day oil refinery in Cape Town, a lubricants plant in Durban and a network of around 820 gas stations. The remaining 25% interest will be owned by local shareholders.
The deal is valued at $900 million and is subject to approval by regulatory authorities. Sinopec will continue with Chevron’s Caltex brand name for the retail fuel stations for around five years till it forms a rebranding strategy. (Read: Chevron to Sell South Africa Assets to Sinopec for $900M )
Apple Inc. (NASDAQ:AAPL – Free Report ) recently acquired Workflow, a popular automation app, which allows users to group together varied number of actions to complete tasks. Workflow has been developed by Ari Weinstein and his team. The app won an Apple Design Award in 2015.
Per Techcrunch, Zacks Rank #3 rated Apple is likely to integrate the Workflow app with its Siri Application program interface (API) as well as its private APIs going forward. The integration will help in expanding the iOS ecosystem and improve app accessibility irrespective of the complexity of devices.
The Walt Disney Company ’s (NYSE:DIS – Free Report ) board of directors kept faith on the company’s chairman and CEO, Robert A. Iger and extended his contract through Jul 2, 2019. Notably, this marks the third contract extension for Iger. But the question of Iger’s successor still lingers with no proper candidate vying for the coveted spot. This has been a hot topic of discussion in the media industry in the last few years.
Ever since Iger’s appointment as CEO in 2005, Zacks Rank #3 rated Disney has scaled new heights and emerged as the world leader in the entertainment industry. (Read: Disney Shines Under CEO Iger, Contract Extended to 2019 )
General Electric Company (NYSE:GE – Free Report ) operating unit GE Aviation recently augmented its leading position in the market with the strategic acquisition of AirVault, for an undisclosed amount. Airvault is a privately-owned supplier of cloud-based digital records management.
The transaction will enable GE Aviation to better serve its existing clients and optimize its operations for higher productivity. With data center operations in Dallas and Oklahoma City, AirVault offers ECM (enterprise content management) applications to carriers across the world. The stock has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1 Stock of the Day pick for free .
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Strong Stocks that Should Be in the News
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Chevron Corporation (CVX): Free Stock Analysis Report
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Zacks Investment Research
April 03, 2017 at 07:24PM
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