Breaking Stock Market and Financial News

Senators concerned Icahn is influencing regulators on AIG

Top Reuters News - 26 min 49 sec ago
WASHINGTON (Reuters) - Two prominent U.S. Democratic senators are raising questions about President Donald Trump's special adviser, Carl Icahn, asking in a letter on Thursday if the activist investor is attempting to persuade the government to lift its "too big to fail" tag from insurer American International Group.

Trump urged Washington to stop bank mergers in 2004 letter

Top Reuters News - 50 min 23 sec ago
WASHINGTON (Reuters) - President Donald Trump warned the administration of George W. Bush in 2004 that big U.S. bank mergers were "totally out of control" and should be stopped as they were forcing businesses to borrow money from foreigners, according to a letter seen by Reuters.

House of Representatives boosts military spending, gives Trump border wall money

Top Reuters News - 56 min 51 sec ago
WASHINGTON (Reuters) - The U.S. House of Representatives on Thursday approved a $68 billion increase in military spending next year with legislation that also provides money to start construction of President Donald Trump's Mexican border wall.

Amazon profit slumps 77 percent as costs surge, shares fall

Top Reuters News - 1 hour 38 min ago
(Reuters) - Amazon.com Inc reported on Thursday a 77 percent slump in quarterly income and forecast a potential operating loss in the current quarter, as the company invests heavily in video content and in fast-growing economies such as India.

Time Inc. sells live events company INVNT back to founders as part of streamlining strategy

MarketWatch Market Pulse - 3 hours 19 min ago

Time Inc. said on Thursday it has sold live events company INVNT back to the company's founding partners. Time bought the INVNT back in 2015 with the hope that live events would help bring targeted audiences to Time's marketing partners. The sale closed on Thursday with no terms disclosed. Selling INVNT is part of Time's plans to condense its portfolio and focus on the core business. Shares of Time have declined 18% in the year to date, while the S&P 500 index has gained more than 10%.

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Sessions says he'll remain attorney general even after 'hurtful' Trump comments

MarketWatch Market Pulse - 3 hours 21 min ago

Attorney General Jeff Sessions, under fire in recent days from President Donald Trump, told the Associated Press he will serve as long as Trump desires. "I serve at the pleasure of the president," he said. In a separate interview with Tucker Carlson of Fox News, Sessions said Trump's criticism was "kind of hurtful." Trump has berated Sessions publicly for not recusing himself from the investigation into possible ties between Russian officials and the Trump campaign.

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Neiman Marcus cutting jobs as part of reorganization

MarketWatch Market Pulse - 3 hours 21 min ago

The Neiman Marcus Group is cutting and reorganizing about 225 positions, the company confirmed with MarketWatch. Employees impacted by the streamlining effort have been offered severance packages and will be considered for other jobs within the company. "To better align our operations and team with our business strategy, we regularly evaluate all aspects of our business to determine when and where changes make the most sense for our customers and our company," a Neiman Marcus spokesperson said in a statement. Last month, Neiman Marcus confirmed that talks with Saks Fifth Avenue parent Hudson's Bay Co. had stalled, and talks of a full or partial sale of the company had ended. The SPDR S&P Retail ETF is up 1.3% in Thursday trading, but down 6.2% for the year to date. The S&P 500 index is up 10.3% for 2017 so far.

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Jury urged to convict 'pharma bro' Martin Shkreli on fraud charges

Top Reuters News - 3 hours 27 min ago
NEW YORK (Reuters) - A U.S. prosecutor on Thursday urged jurors to convict former drug company executive Martin Shkreli of defrauding investors in his hedge funds and stealing from his old company to repay them.

Nordstrom family members in talks with private equity partners including KKR to go private: Reuters

MarketWatch Market Pulse - 3 hours 34 min ago

Nordstrom Inc. family members are in talks with private equity partners including KKR & Co., Apollo Global Management and Leonard Green & Partners to take the luxury department store private, according to a Reuters report. The Nordstrom family has agreed to offer preferential terms to these potential partners, Reuters wrote. Nordstrom has also approached sovereign wealth funds, public pension funds and others in an effort to raise about $1 billion. Nordstrom operates 354 stores, including 221 Nordstrom Rack off-price locations, and 122 full-line stores in the U.S., Puerto Rico and Canada. Nordstrom shares are up 3% in late Thursday trading and up nearly 3% for the year so far. The S&P 500 index is up 10.2% for 2017 to date, and the SPDR S&P Retail ETF is down 6.3% for the period.

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Exclusive: Nordstrom family offers preferential terms to clinch buyout partner - sources

Top Reuters News - 3 hours 45 min ago
(Reuters) - The group of Nordstrom Inc family members seeking to take the eponymous U.S. department store operator private is offering preferential terms to potential equity partners willing to fund the buyout, people familiar with the matter said.

Boy Scouts of America apologizes for Trump's 'political rhetoric'

Top Reuters News - 3 hours 47 min ago
NEW YORK (Reuters) - The head of the Boy Scouts of America apologized to members of the youth organization on Thursday for the "political rhetoric that was inserted" into its national gathering this week by U.S. President Donald Trump.

Dow transports tumble toward biggest selloff in over a year

MarketWatch Market Pulse - 3 hours 50 min ago

The Dow Jones Transportation Average plunged Thursday toward its worst day in 13 months, with all 20 components contributing to losses. The index dropped 327 points, or 3.5%, the biggest point and percentage declines since it tumbled 351 points, or 4.6%, on June 24, 2016. The biggest decliner on Thursday was transport management company Landstar System Inc.'s stock which shed 7.9% after reporting a second-quarter profit that were in line with analyst expectations, but came as recent share strength suggested "heightened" investor expectations, according to KeyBanc Capital analyst Todd Fowler. Provider of marine transport products Kirby Corp. reported late Wednesday earnings that matched the FactSet consensus but revenue that missed, sending the stock down 5.6%. And United Parcel Service Inc. shares slid 4.3% after the company beat profit and sales expectations, but provided a somewhat downbeat earnings outlook. The Dow transports' selloff come in contrast to the rise in the Dow Jones Industrial Average , which tacked on 19 points.

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AT&T set to unfurl largest corporate bond sale this year for Time Warner purchase

MarketWatch Market Pulse - 3 hours 50 min ago

AT&T Inc. plans to sell $22.5 billion of corporate debt in seven tranches on Thursday to finance its $85 billion blockbuster deal to acquire Time Warner, according to the Financial Times. But the touted figure could change as the deal is finalized. The merger between Time Warner and AT&T has yet to be completed and is undergoing regulatory scrutiny from the Justice Department. AT&T shares soared after reporting earnings above Wall Street expectations on Wednesday. Analysts say the offering should receive plenty of bids as demand for high-grade corporate credits has been hot, with spreads tightening to record lows.

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Nasdaq Composite pivots sharply lower in afternoon trade

MarketWatch Market Pulse - 4 hours 2 min ago

The Nasdaq on Thursday afternoon turned sharply lower. The Nasdaq Composite Index was most recently down 72 points, or 1.1%, as the index was jolted suddenly lower, with some investors and traders citing a combination of concerns about valuations and market participants taking some money off the table following a brisk run for the high-flying sector. The abrupt retreat for the tech-centric gauge came as the other main equity benchmarks pared an earlier advance. All three equity gauges notched all-time intraday trading highs at the open, but the S&P 500 index was most recently down 0.5% at 2,464 and the Dow Jones Industrial Average traded flat at 21,710, buoyed by gains in Verizon Communication , while Dow component and tech-giant Apple Inc. , sold off by 2.7%, cutting about 30 points from the blue-chip gauge. The popular tech-focused exchange-traded fund, the Technology Select Sector SPDR ETF , was trading down 1% in recent trade.

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Charlie Gard to be moved to a hospice to die, British judge rules

Top Reuters News - 4 hours 3 min ago
LONDON (Reuters) - Charlie Gard will spend his final hours in a hospice before the ventilator that keeps him alive is turned off, a judge ruled on Thursday, after a harrowing legal battle that prompted a debate over who has the moral right to decide the fate of a sick child.

White House divisions on display with Scaramucci's comments

Top Reuters News - 4 hours 3 min ago
WASHINGTON (Reuters) - The rifts inside President Donald Trump's White House were on startling display on Thursday, as his new communications director urged Trump's chief of staff to state publicly that he does not leak information to the media.

Oil prices up a fourth session in a row

MarketWatch Market Pulse - 4 hours 9 min ago

Oil prices climbed for a fourth session Thursday to notch another settlement at a two-month high. Four-consecutive weeks of declines in U.S. crude supplies and pledged cutbacks in exports from some members of the Organization of the Petroleum Exporting Countries have helped support prices, setting them up for a gain of roughly 7% for the week. September WTI crude rose 29 cents, or 0.6%, to settle $49.04 a barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Stock market internals suggest investors remain calm despite spike in volatility

MarketWatch Market Pulse - 4 hours 25 min ago

Despite the sharp intraday selloff in the major indexes from record highs Thursday, which has sent the CBOE Volatility Index up 12% in afternoon trade, the Arms Index, which many use to measure buying or selling intensity, suggests investors remain relatively calm. On down days, the Arms tends to rise above 1.000, as the ratio of down volume to up volume rises relative to the ratio of declining stocks to rising stocks. But the NYSE Arms has slipped to 0.867 and the Nasdaq Arms has declined to 0.883, a sign that buyers on the dip have been slightly more aggressive than sellers. The Dow Jones Industrial Average , the S&P 500 and the Nasdaq Composite were all up in record territory around noon ET before taking an afternoon dive. After paring some of the weakness, the Dow as up 30 points, the S&P 500 was down 0.3% and the Nasdaq was down 0.8% in recent trade.

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Popular biotech ETF on pace for steepest daily drop in a month

MarketWatch Market Pulse - 4 hours 31 min ago

A popular way to bet on the the biotech sector was trading sharply lower on Thursday and on track to register its worst one-day in a month. The iShares Nasdaq Biotechnology ETF was down 1.8%, led by an about 11% decline in Arrowhead Pharmaceuticals Corp. and Novavax Inc. , with its shares off 6.4% on the session. The drop for the biotech group came amid a broad and sudden selloff in the overall technology sector that put the Nasdaq Composite Index on pace to log it sharpest daily fall since June 9, when the tech sector underwent a similar retreat, fueled on concerns about valuations among some of the group's biggest companies, including Apple Inc. , Amazon.com Inc., and Facebook Inc., which reported better-than-expected earnings late Wednesday. More broadly, the overall market was under pressure but off its worst levels of the day. The S&P 500 index was down 0.3% at 2,469, the Nasdaq Composite was down 0.8%, while the Dow Jones Industrial Average was trading modestly higher, fueled by gains in Verizon Communications Inc. , which saw its shares up nearly 8%, more than offsetting a 2.3% decline in Apple's stock.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

White House, lawmakers drop border adjustment tax from reform plan

MarketWatch Market Pulse - 4 hours 39 min ago

The Trump administration and top lawmakers working on a tax overhaul said Thursday their goal is to reduce tax rates "as much as possible" and create a system that encourages U.S. companies to bring back profits "trapped overseas." In a short joint statement, Treasury Secretary Steven Mnuchin, House Speaker Paul Ryan and other officials also said they had decided to set aside the so-called border adjustment tax. They said they expect legislation to move through relevant congressional committees "this fall."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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