Breaking Stock Market and Financial News

Fox shareholders reject proposal to abandon dual-class shares

Top Reuters News - Wed, 11/15/2017 - 13:57
(Reuters) - A shareholder proposal calling for Twenty-First Century Fox Inc to do away with its dual-class share structure was rejected on Wednesday, based on preliminary results announced at the media company's annual meeting.

U.S. Justice Dept eyes spring to release findings on FBI handling of Clinton email probe

Top Reuters News - Wed, 11/15/2017 - 13:52
WASHINGTON (Reuters) - The internal watchdog at the U.S. Justice Department said on Wednesday he hopes to complete his review by early spring into whether the Federal Bureau of Investigation erred when it announced it was reopening its investigation into Democratic candidate Hillary Clinton's emails ahead of the 2016 presidential election.

Gold prices finish lower after 2-session climb

MarketWatch Market Pulse - Wed, 11/15/2017 - 13:49

Gold prices settled lower Wednesday, easing back in the wake of two sessions of gains, as key U.S. dollar benchmark traded nearly flat for the session. The ICE U.S. Dollar Index was nearly unchanged at 93.794, trading off session lows which had helped boost dollar-denominated prices of gold earlier Wednesday. December gold lost $5.20, or 0.4%, to settle at $1,277.70 an ounce.

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Boot Barn's stock jumps to 10-month high after analyst boosts rating, price target

MarketWatch Market Pulse - Wed, 11/15/2017 - 13:20

Shares of Boot Barn Holdings Inc. shot up 6.4% toward a 10-month high in afternoon trade Wednesday, after J.P. Morgan upgraded the western and work-related footwear and apparel retailer. The stock has now run up 48% since Boot Barn reported fiscal second-quarter profit, revenue and same-store sales that beat expectations after the Nov. 2 close. J.P. Morgan analyst Matthew Boss raised his rating to overweight, after being at neutral since April 2016, and nearly doubled his stock price target to $17 from $9. After hosting a meeting with Boot Barn management, Boss came away more confident that sales have stabilized and that e-commerce has swung to a tailwind from a headwind the past three quarters, while the balance sheet has strengthened. Boss said that suggests company has "weathered the storm" of earnings compression it has suffered the past two years. He also stable-to-rising oil and gas prices suggests the economic backdrop in the key oil-and-gas states that Boot Barn operates in are improving. Despite the rally this month, the stock was still down 0.6% year to date, while the SPDR S&P Retail ETF has lost 9.1% and the S&P 500 has climbed 15%.

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No refund for Tezos contributors, cryptocurrency broker says

Top Reuters News - Wed, 11/15/2017 - 12:55
ZURICH/LONDON (Reuters) - Backers of the embattled Tezos tech project should not expect to receive refunds, according to the Swiss cryptocurrency broker that helped it raise $232 million in July.

Zimbabwe's army seizes power, Mugabe confined but "safe"

Top Reuters News - Wed, 11/15/2017 - 12:53
HARARE (Reuters) - Zimbabwe's military seized power on Wednesday saying it was holding President Robert Mugabe and his family safe while targeting "criminals" in the entourage of the man who has ruled the nation since independence 37 years ago.

Trump administration releases rules on disclosing cyber flaws

Top Reuters News - Wed, 11/15/2017 - 12:37
WASHINGTON (Reuters) - The Trump administration publicly released on Wednesday its rules for deciding whether to disclose cyber security flaws or keep them secret, in an effort to bring more transparency to a process that has long been cloaked in mystery.

Justice Department approaches states to block AT&T-Time Warner deal: source

Top Reuters News - Wed, 11/15/2017 - 12:30
WASHINGTON (Reuters) - The U.S. Justice Department has approached state attorneys general to try to win their support for a bid to block telecommunications powerhouse AT&T Inc's $85.4 billion deal to buy media and entertainment company Time Warner Inc, a person briefed on the matter told Reuters on Wednesday.

U.S. core inflation pushes higher; retail sales rise

Top Reuters News - Wed, 11/15/2017 - 12:25
WASHINGTON (Reuters) - Underlying U.S. consumer prices increased in October on the back of a pickup in rents and healthcare costs, bolstering the view that a recent disinflationary trend worrying the Federal Reserve probably had ended.

GE's stock bounces sharply to pace Dow gainers

MarketWatch Market Pulse - Wed, 11/15/2017 - 12:22

General Electric Co.'s stock bounced sharply off earlier lows to rally 1.5% on heavy volume, enough to pace the gainers within the Dow Jones Industrial Average . The stock was down as much as 2.2% at its intraday low of $17.50 in the first minute after the open, and was up as much as 2.7% at its high of $18.38, which was reached a little after 11:00 a.m. ET. Volume of 86 million shares made the stock the day's most actively traded. The stock was on track for just the fourth gain in the 18 sessions since the day after GE reported third-quarter results. The bounce comes after the 12.6% plunge in the past two sessions to six-year low, as investors and analysts expressed disappointment over new Chief Executive John Flannery's turnaround plan. Despite Wednesday's rally, GE's stock was still by far the worst performer among Dow components over the past three months, shedding 27.8% over that time. The next worst were shares of Merck & Co. , which have lost 12.1%. Meanwhile, the Dow has gained 6.0% the past three months.

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CFPB's Cordray to step down by end of November

MarketWatch Market Pulse - Wed, 11/15/2017 - 12:09

Richard Cordray, the director of the Consumer Financial Protection Bureau, will leave his post by the end of the month, he said in a memo to staff. There has been growing speculation he will run for governor of Ohio, though the memo does not refer to future plans. His departure would allow President Donald Trump to appoint a new director. House Financial Services Committee Chairman Jeb Hensarling, a Texas Republican, said "we are long overdue for new leadership" at the agency, which was created by the Dodd-Frank Act.

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Nearly 1.5 million people signed up for Obamacare plans so far: officials

Top Reuters News - Wed, 11/15/2017 - 12:04
WASHINGTON (Reuters) - More than 800,000 people signed up for Obamacare individual health insurance plans in the second week of open enrollment, U.S. government health officials said on Wednesday, bringing the total number of sign-ups to nearly 1.5 million so far.

SendGrid's stock soars in its debut, after IPO prices above the expected range

MarketWatch Market Pulse - Wed, 11/15/2017 - 10:39

SendGrid Inc.'s newly minted stock opened Wednesday at $18.55 at 10:31 a.m. ET, or 15.9% above the $16 initial public offering price. The IPO had priced late Tuesday above the expected range of $13.50 to $15.50, with the company increasing the number of shares offered to 8.2 million from 7.7 million, a sign of strong demand. SendGrid, sells a software platform that helps companies manage email communications with customers, raised $131.2 million with its IPO. The stock was last up 16.6% at $18.68. The company went public at a time when the Renaissance IPO ETF has rallied 6.5% over the past three months and the S&P 500 has gained 4.2%.

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Oil extends losses as EIA reports a second-straight weekly rise in U.S. crude supplies

MarketWatch Market Pulse - Wed, 11/15/2017 - 10:36

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies rose by 1.9 million barrels for the week ended Nov. 10. That was contrary to the forecast for a decline of 1 million barrels from analysts surveyed by S&P Global Platts. The American Petroleum Institute on Tuesday had reported a 6.5 million-barrel climb, according to sources. Gasoline stockpiles also rose by 900,000 barrels for the week, while distillate stockpiles fell 800,000 barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 1 million barrels for gasoline and 2 million barrels for distillates. December crude was down 69 cents, or 1.2%, from Tuesday to $55.01 a barrel on the New York Mercantile Exchange. It traded at $55.13 before the supply data.

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U.S. consumer prices edge up; retail sales unexpectedly increase

Top Reuters News - Wed, 11/15/2017 - 10:18
WASHINGTON (Reuters) - U.S. consumer prices barely rose in October as the boost to gasoline prices from hurricane-related disruptions to Gulf Coast oil refineries was unwound, but rising rents and healthcare costs pointed to a gradual buildup of underlying inflation.

Department of Justice approaches state AGs to block AT&T-Time Warner deal: source

Top Reuters News - Wed, 11/15/2017 - 10:14
(Reuters) - The U.S. Department of Justice has approached state attorneys general to block AT&T Inc's $85.4 billion deal to buy Time Warner Inc, a person briefed on the matter told Reuters on Wednesday.

Apple's stock falls toward longest losing streak in 7 months

MarketWatch Market Pulse - Wed, 11/15/2017 - 10:10

Shares of Apple Inc. slid 1.1% in morning trade, putting them on track to suffer a fifth-straight loss since they closed at a record on Nov. 8. That would be the longest losing streak since the five-session stretch ending April 11. During the current streak, the stock has shed 3.9%, compared with the 2.2% decline during the April losing streak. Apple's current streak started after it closed at a record of $176.24 a week ago, when the technology behemoth became the first public company to clear the$900 billion market-capitalization hurdle with a closing market cap of $904.9 billion. The current market cap is $869.9 billion. The stock has run up 46% year to date, while the tech-heavy Nasdaq 100 has climbed 29% and the Dow Jones Industrial Average has gained 18%.

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Dow sinks more than 150 points, threatens 3-week low as global stock market slumps

MarketWatch Market Pulse - Wed, 11/15/2017 - 10:10

U.S. stock indexes on Wednesday opened firmly lower, putting the Dow Jones Industrial Average on track to hit its lowest level since late October as a broad commodity downturn whacks investor sentiment. The Dow opened off 150 points, or 0.7%, at 23,258, putting it on pace to hit the lowest level since late Oct. 25, according to FactSet data. The S&P 500 index was off 0.8% at 2,558, while the Nasdaq Composite Index was off 1% at 6,669. The latest retreat in equity benchmarks has been attributed partly to a sharp slide in crude-oil futures, with West Texas Intermediate oil trading on the New York Mercantile exchange off 2.8% so far this week.

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Wall Street's 'fear gauge' hits highest level since August as Dow drops 150 points

MarketWatch Market Pulse - Wed, 11/15/2017 - 10:10

A popular gauge of Wall Street volatility on Wednesday surged on Wednesday the most in more than two months, hitting its highest level since August, as global stock markets retreated firmly. The CBOE Volatility Index jumped about 21% to around 14, its highest level since Aug. 17. That's still below its historical average of around 19, but underlines a sense of growing worries about a downturn in the future. The gauge, based on options activity, measures expectations for S&P 500 volatility over the coming 30 days, and has increased by nearly 40% in November. Overall, the Dow Jones Industrial Average was trading down more than 150 points, or 0.7%, threatening its lowest close since Oct. 25, according to FActSet data. The S&P 500 index was off 0.7% at 2,559, while the Nasdaq Composite Index was down 1.2% at 6,679.

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U.S. business inventories flat in September as sales rise

MarketWatch Market Pulse - Wed, 11/15/2017 - 10:07

WASHINGTON (MarketWatch) - Business inventories in the U.S. were basically flat in September following a slightly revised 0.6% increase in August, the Commerce Department said Wednesday. Sales rose 0.2% in the month. The ratio of inventories to sales, meanwhile, fell to 1.36 in September from 1.38. That's how many months it would take to sell all the inventory on hand. One year ago, the inventory-to-sales ratio was higher at 1.40.

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