Breaking Stock Market and Financial News

Dow notches longest losing streak since August 2011

MarketWatch Market Pulse - Mon, 03/27/2017 - 16:02

The Dow Jones Industrial Average fell for an eighth session on Monday, its longest losing streak since August 2011 as the market sentiment weakened following the health-care bill debacle last week. The failure of House Republicans to garner support for the the American Health Care Act also cast doubt on President Donald Trump's ambitious agenda to lower taxes and rollout fiscal stimulus. The Dow shed 45 points, or 0.2%, to end at 20,551 while the S&P 500 fell 2 points, or 0.1%, to close at 2,341. However, the Nasdaq Composite Index rose 11 points, or 0.2%, to finish at 5,840.

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After civilians killed in Mosul, Pentagon denies loosening rules

Top Reuters News - Mon, 03/27/2017 - 15:51
WASHINGTON (Reuters) - The Pentagon, facing accusations that a coalition air strike may have killed scores of civilians in the Iraqi city of Mosul, said on Monday it was not loosening its rules of engagement in the fight against Islamic State but that resources to investigate claims were limited.

Sears' stock soars after biggest shareholders boost stake

MarketWatch Market Pulse - Mon, 03/27/2017 - 15:07

Shares of Sears Holding Corp. shot up 9.7% toward a 2-month high in afternoon trade Monday, after the troubled department store chain's largest shareholder disclosed that he bought more shares over the past few sessions. That came after the retailer's second-largest shareholder also boosted its stake. Chief Executive Edward Lampert said disclosed late Friday in a filing with the Securities and Exchange Commission that he bought 507,936 shares last week, to increase his stake to 31.84 million shares, or about 29.8% of the shares outstanding. He bought 327.879 shares on Wednesday at an average of $7.829, 178,109 shares at $8.072 and 19,948 shares at $8.3934. Late on Wednesday, Fairholme Capital Management disclosed that it bought 613,900 shares at a weighted average of $8.17 over the past three sessions, to bring the hedge fund's stake to 28.56 million shares, or 26.7% of the shares outstanding. The stock, on track to close at the highest level since Jan. 24, has gained 0.3% year to date, while the SPDR S&P Retail ETF has lost 6.4% and the S&P 500 has gained 4.6%.

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WOW Air offering flights between Chicago and Iceland for $99

MarketWatch Market Pulse - Mon, 03/27/2017 - 15:04

WOW Air said Monday that it will begin service between Chicago's O'Hare International Airport and Iceland's Keflavik Airport on July 13. Tickets are on sale beginning Monday for $99, with service between O'Hare and Keflavik to be offered on Mondays, Wednesdays, Thursdays and Saturdays. For $149, passengers can travel to 23 other cities, including London, Paris and Berlin. WOW already offers transatlantic service from a number of U.S. cities including New York, Pittsburgh, Boston and Washington, D.C., as well as western cities including San Francisco. The NYSE Arca Airline Index is up 25.2% for the past year, while the S&P 500 index is up 15% for the period.

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Turks in Germany start voting in referendum to boost Erdogan powers

Top Reuters News - Mon, 03/27/2017 - 14:51
BERLIN (Reuters) - Turks living in Germany began casting their ballots on Monday in a referendum that proposes changing Turkey's constitution to increase President Tayyip Erdogan's powers.

Oil settles lower as producers fail to calm oversupply concerns

MarketWatch Market Pulse - Mon, 03/27/2017 - 14:47

Oil prices settled lower Monday as meeting of major crude producers over the weekend failed to calm concerns over global supplies. The Organization of the Petroleum Exporting Countries told member nations to uphold their production cut agreements, but traders worry that the producers will find less incentive to cut as output from the U.S., which isn't part of the pact, rises. May West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $47.73 a barrel-giving back nearly all of the nearly 0.6% gain it registered Friday.

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Cellect Biotech stock rises 71% after announcing successful stem cell transplant procedure

MarketWatch Market Pulse - Mon, 03/27/2017 - 14:43

Cellect Biotechnology Ltd. ADR shares rose 71.3% in heavy volume after the company said on Monday that it had completed the first stem cell transplant procedure in an early/mid-stage clinical trial. The Israel-based biotech said the transplant had been conducted in a patient with blood cancer, as part of a clinical trial looking at how well Cellect's technology works to prevent life-threatening rejection disease, which occurs in up to half of stem cell transplant procedures, according to Cellect. Trading volume as of Monday afternoon was nearly 47 times the company's 30-day average volume. Cellect shares were valued at $10.73 as of Monday afternoon. Shares have risen 283.2% over the last three months, compared with a 3.0% rise in the S&P 500 .

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Spicer says August target date for tax reform but depends on consensus

MarketWatch Market Pulse - Mon, 03/27/2017 - 14:34

White House press secretary Sean Spicer said Monday that Treasury Secretary Steven Mnuchin has identified August as a target date for tax reform but added consensus is needed for a major policy overhaul. Spicer said various groups would want "a ton of input" and "part of this is going to be dependent on the degree to which we can come to consensus on a lot of big issues." Trump has said he wants to focus on tax reform following the failure of the health-care bill last week.

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NFL approves Raiders' move from Oakland to Las Vegas

MarketWatch Market Pulse - Mon, 03/27/2017 - 14:34

National Football League owners approved the Oakland Raiders' move to Las Vegas from Oakland on Monday, the Raiders confirmed in a news release Monday. News reports said that 31 of the 32 NFL teams voted to allow the move, with the Miami Dolphins as the lone holdout. Nevada has approved $750 million in public money to build a new stadium in Las Vegas for the franchise, with another $650 million coming from Bank of America Corp. after initial backer Sheldon Adelson, chief executive and chairman of Las Vegas Sands Corp. , departed the project. Davis, the son of former Raiders owner Al Davis, thanked Adelson in the announcement and pleaded with fans in the Bay Area to support the Raiders as they play in Oakland the next two seasons while the Las Vegas stadium is built. "The Raiders were born in Oakland and Oakland will always be a part of our DNA," Davis's statement read. "We know that some fans will be disappointed and even angry, but we hope that they do not direct that frustration to the players coaches and staff."

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Viacom names Jim Gianopulos chief executive officer of Paramount Pictures film division

MarketWatch Market Pulse - Mon, 03/27/2017 - 14:14

Viacom Inc. on Monday officially tapped former 20th Century Fox studio head Jim Gianopulos to run its floundering film business Paramount Pictures. It was reported last week that the studio was looking to bring in Gianopulos following the departure of former studio chief Brad Grey. Gianopulos will take the reins April 3 and will be tasked with getting Paramount Pictures back on track after a couple of years of disappointing box office performance. Paramount is a major fixture in the strategy Viacom's new CEO Bob Bakish laid out to help turn the company's different business segments around. Shares of Viacom's class B shares were up 2% intraday and have gained nearly 11% in the trailing 12-month period, while the S&P 500 index is up 15% during the same time frame.

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Gold ends at a 1-month high as traders shy away from risky assets

MarketWatch Market Pulse - Mon, 03/27/2017 - 13:54

Gold futures ended higher Monday, as demand for assets perceived as risky waned and the U.S. dollar touched its lowest levels in four months after the Trump administration's failure to repeal and replace Obamacare. April gold rose $7.20, or 0.6%, to settle at $1,255.70 an ounce. That was the highest finish since Feb. 27, according to FactSet data.

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Apple's stock bounces sharply off early lows, as analyst boosts price target

MarketWatch Market Pulse - Mon, 03/27/2017 - 13:50

Apple Inc.'s stock bounced sharply off earlier lows to post a 0.2% gain in afternoon trade Monday, with J.P. Morgan raising its price target to reflect a potential for a further 17% gain from current levels. The stock was down as much as 1.4% at the intraday low of $138.62, which was hit within minutes of the open, but was last trading just 0.4% below its March 20 record close of $141.46. J.P. Morgan analyst Rod Hall said he "materially" raised his fiscal 2018 earnings and unit sales estimates because of what he believes will be "high pent-up replacement demand heading into the 10th anniversary iPhone cycle this year." He said his analysis suggest the average relevant base unit age will be about 6.4 quarters at the end of September, the highest seen in four years following two years of weak replacement behavior. He boosted his fiscal 2018 earnings-per-share estimate to $4.43 from $4.23, and bumped up his unit sales forecast to 260 million units from 245 million units. Apple's stock has run up 22% year to date, while the Dow Jones Industrial Average has gained 3.9%.

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Uber resumes self-driving car program in San Francisco after crash

Top Reuters News - Mon, 03/27/2017 - 12:31
(Reuters) - Driverless vehicles operated by Uber Technologies Inc [UBER.UL] were back on the road in San Francisco on Monday after one of its self-driving cars crashed in Arizona, the ride-hailing company said.

Pimco close to settling lawsuit brought by Bill Gross: WSJ

MarketWatch Market Pulse - Mon, 03/27/2017 - 12:30

Pacific Investment Management Co. is close to settling for $80 million a lawsuit brought by founder and former Chief Executive Officer Bill Gross, according to The Wall Street Journal. Gross abruptly left Pimco in September 2014 for Janus Capital Group Inc., where he now manages a global unconstrained bond fund. Gross filed the lawsuit a year after his departure amid media reports portraying him as erratic, domineering and difficult to work with. Gross founded Pimco in the late 1970s and has been credited with building it into one of the world's most successful fixed-income investors. But an exodus of investor capital that followed his exit has since tarnished that reputation. In November, the Pimco Total Return Fund's two-decade long reign as the largest actively managed U.S. bond fund by assets ended.

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After healthcare loss, investor faith wavers as Trump turns to taxes

Top Reuters News - Mon, 03/27/2017 - 12:12
(Reuters) - U.S. stocks slid on Monday amid concerns that Republican President Donald Trump may struggle to push a sweeping overhaul of the tax code through Congress in the wake of his party's failure last week to pass broad healthcare legislation.

Facebook's Messenger app to allow live location-sharing

Top Reuters News - Mon, 03/27/2017 - 11:47
MENLO PARK, Calif. (Reuters) - Facebook Inc will add a feature to its Messenger app on Monday to allow users to share their locations, the company said, ramping up competition with tools offered by Apple Inc and Alphabet Inc's Google Maps.

Stock sellers showing no signs of panic, NYSE's Arms Index suggests

MarketWatch Market Pulse - Mon, 03/27/2017 - 11:13

Despite the stock market's broad selloff, there is no sign of panic selling, according to a volume-weighted breadth measure known as the Arms Index. The measure, which helps gauge selling intensity, was showing a 0.982 reading on the NYSE, where a reading of 1.000 suggests the intensity of buyers and sellers are in perfect balance. The number of declining stocks on the NYSE represents about 67% of the total, while volume in declining stocks is also about 66% of total volume. As panic hits, the volume in declining stocks tends to rise relative to the number of declining stocks, which will lift the Arms Index. Many technicians see a rise above 2.000 to suggest panic selling, that may be worthy of capitulation. Meanwhile, the Dow Jones Industrial Average was down 121 points, putting it on track to suffer the longest losing streak--8 sessions--since the eight-day stretch ending Aug. 2, 2011. The S&P 500 was down 0.5%.

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YouTube parent Alphabet's stock falls as concerns over ad spending pulls weigh

MarketWatch Market Pulse - Mon, 03/27/2017 - 10:14

Shares of YouTube and Google parent Alphabet Inc. fell 0.3% toward a six-week low in morning trade Monday, amid growing concerns over the potential negative impact of the growing number of customers pulling ads from the video streaming service. Instinet analyst Anthony DiClemente cut his stock price target to $925 from $950, saying the ad pulls could lower revenue by about $750 million, while the cost of developing a solution could weigh on profit margins. "Checks with ad buyers highlight that when concerns over brand safety arise, approach is to 'pull spend, ask questions later,'" DiClemente wrote in a note to clients. J.P. Morgan analyst Doug Anmuth didn't making any ratings changes, given that the financial impact of add pulls to be "modest," but he did say that "the potential impact to Google has moved beyond just headline risk." The ad pulls started with a few advertisers in the U.K., but has since expanded to large global companies, with AT&T Inc. saying last week that it was suspending all of its ad spend on Google's YouTube after some of its ads ran alongside controversial videos, including those supporting terrorism. Google's stock has gained 5.1% year to date, while the SPDR Technology Select Sector ETF has climbed 8.7% and the S&P 500 has tacked on 4%.

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U.S. tourist killed in London would not have borne ill feelings toward attacker: family

Top Reuters News - Mon, 03/27/2017 - 09:54
LONDON (Reuters) - The family of U.S. tourist Kurt Cochran who was killed in last week's assault on the British parliament said on Monday he would not have borne any ill feelings toward the attacker.

Senate panel to question Trump son-in-law on Russians: official

Top Reuters News - Mon, 03/27/2017 - 09:44
WASHINGTON (Reuters) - The Senate Intelligence Committee is seeking to interview President Donald Trump's son-in-law, Jared Kushner, as part of its investigation into ties between Trump associates and Russian officials, a congressional official said on Monday.

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