Breaking Stock Market and Financial News

Netflix's stock rallies after Deutsche Bank upgrade ahead of earnings

MarketWatch Market Pulse - Fri, 01/13/2017 - 08:36

Netflix Inc.'s stock rallied 0.9% in premarket trade Friday, after Deutsche Bank upgraded the streaming video service, citing expectations that Netflix will report better-than-expected results next week. Analyst Bryan Kraft raised his rating to hold, three months after starting coverage with a sell rating. He raised his stock price target to $110, but that was still 15% below Thursday's closing price of $129.18, from $92. Kraft said when he initiated coverage of Netflix, he believed the company had "an attractive business model," but the stock was priced two years ahead of the fundamentals, and that a sale of the company was "highly unlikely." His new rating and price target is based on a higher subscriber trajectory internationally, a lower tax rate and the believe that fourth-quarter results will beat guidance for international subscribers. "The key driver of the stock price around earnings reports has predominantly been subscribers," Kraft wrote in a note to clients. Netflix is scheduled to report results after the market closes on Jan. 18. The stock has run up 29% over the past three months, while the S&P 500 has gained 6.5%.

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GameStop says holiday same-store sales slumped 18.7%

MarketWatch Market Pulse - Fri, 01/13/2017 - 07:41

GameStop Corp. said Friday same-store sales fell 18.7% in the nine-week holiday period to end December, weighed down by weak demand for "Call of Duty: Infinite Warfare" and "Titanfall 2" and aggressive discounting on Thanksgiving and Black Friday. Total sales came to $2.50 billion, down 16.4% from the year-earlier period. Chief Executive Paul Raines said sales were hurt by holiday weakness, pricing pressure and lower traffic. "We are disappointed with our overall results, but looking broadly, we did see continued growth in our non-physical gaming businesses and we expect this category to approach 40% of our earnings in fiscal 2016," he said in a statement. The company is still aiming to save $100 million in sales, general and admin costs by 2019, he said. GameStop is sticking with its fourth-quarter forecast for EPS of $2.23 to $2.28, below the FactSet consensus of $2.33. Shares were not yet active in premarket trade, but have fallen 8% in the last 12 months, while the S&P 500 has gained 17%.

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UPDATE 1-Euro zone yields edge higher on Fed warnings, Italy rating review looms

Reuters Us Markets - Fri, 01/13/2017 - 07:34
* Credit Agricole to cease primary dealerships in Austria, Ireland (Adds Chinese export data, Credit Agricole announcement)

UPDATE 1-Brazil police raid companies in probe of Caixa loans

Reuters Us Markets - Fri, 01/13/2017 - 07:30
RIO DE JANEIRO, Jan 13 (Reuters) - Brazilian police raided and searched several homes and offices on Friday amid a corruption investigation of loans that state bank Caixa Econômica Federal gave...

BRIEF-Blackrock CEO Fink says if the roll out of Trump's growth initiaves are slower, then the markets are ahead of themselves - CNBC

Reuters Us Markets - Fri, 01/13/2017 - 07:30
* Blackrock CEO Larry Fink says if the roll out of growth initiaves by President-elect Trump are slower, then the markets are ahead of themselves - CNBC

US STOCKS-Futures higher as banks kick off fourth-quarter earnings

Reuters Us Markets - Fri, 01/13/2017 - 07:27
Jan 13 (Reuters) - U.S. stock index futures were slightly higher on Friday as Bank of America kicked off the fourth-quarter earnings season, with reports from two other big U.S. banks still to come.

BRIEF-Sabina Gold & Silver says minister of INAC deems Nunavut impact review board report deficient

Reuters Us Markets - Fri, 01/13/2017 - 07:25
* Sabina gold & silver reports minister of indigenous and northern affairs canada deems nunavut impact review board report deficient, refers back to NIRB for further review Source text for Eikon:...

BRIEF-Spi Energy announces receipt of delinquency notice from NASDAQ

Reuters Us Markets - Fri, 01/13/2017 - 07:24
* Announces receipt of delinquency notice from NASDAQ Source text for Eikon: Further company coverage:

BRIEF-Panera Bread menu is now 100 pct clean

Reuters Us Markets - Fri, 01/13/2017 - 07:18
* Panera - entire U.S. Food menu, panera at home products are now free from all artificial flavors, preservatives, sweeteners, colors from artificial sources

UPDATE 1-BofA's profit beats as Trump's win spurs trading and costs fall

Reuters Us Markets - Fri, 01/13/2017 - 07:17
Jan 13 (Reuters) - Bank of America Corp reported a 46.8 percent rise in quarterly profit on Friday, kicking off what is expected to be a strong period for U.S. banks following an upswing in market...

BRIEF-Alarmforce provides update on the status of ongoing review

Reuters Us Markets - Fri, 01/13/2017 - 07:15
* Alarmforce Industries Inc - intends to file by January 30, 2017 audited annual consolidated financial statements for fiscal 2016

Trump blames 'both Democrats and Republicans' for allegations

Top Reuters News - Fri, 01/13/2017 - 06:49
(Reuters) - U.S. President-elect Donald Trump on Friday accused his political opponents, "both Democrats and Republicans," for putting together a dossier of unverified claims linking him to Russia and said the document was probably released by intelligence agencies.

Fiat Chrysler shares up as investors play down EPA impact

Top Reuters News - Fri, 01/13/2017 - 06:26
MILAN (Reuters) - Fiat Chrysler Automobiles (FCA) shares rose on Friday as investors played down the potential impact of the U.S. Environmental Protection Agency (EPA) accusing the company of concealing diesel emissions.

New North Dakota governor expects controversial pipeline to be built

Top Reuters News - Fri, 01/13/2017 - 06:15
(Reuters) - North Dakota Governor Doug Burgum, who took office last month in the height of tensions surrounding the Dakota Access Pipeline, said he believed the line would eventually be built and asked opponents to clean their protest camp before spring floodwaters create a potential ecological disaster.

FOREX-Dollar limps to worst week in 2-mths, sterling stays shaky

Reuters Us Markets - Fri, 01/13/2017 - 04:34
LONDON, Jan 13 (Reuters) - The dollar limped towards it worst week in two months on Friday as softer-than-expected trade data from China added to signs that investors may be falling out of love with...

Kerry says confident new U.S. administration will stick to same principles on regional security

Top Reuters News - Fri, 01/13/2017 - 04:33
HANOI (Reuters) - Outgoing U.S. Secretary of State John Kerry said on Friday he was confident that the Trump administration would stick to the same principles on regional security as those of the Obama administration.

UK jobless rate unlikely to rise much in 2017 - Bank of England's Saunders

Reuters Us Markets - Fri, 01/13/2017 - 04:30
LONDON, Jan 13 (Reuters) - Britain's unemployment rate may well stay close to its current 11-year low this year rather than pick up markedly as the central bank forecast in November, one of the Bank...

Yellen backs Dodd-Frank rules again, sounds upbeat on economy

MarketWatch Market Pulse - Fri, 01/13/2017 - 04:25

Federal Reserve chief Janet Yellen said late Thursday that key parts of the 2010 Dodd-Frank law -- including higher capital requirements and enhanced supervision for big banks -- should not be scrapped, according to a Wall Street Journal report. She has previously warned against rolling back Dodd-Frank rules, and it is something that President-elect Donald Trump has vowed to do. On Thursday, Yellen also said the U.S. economy faces no serious short-term obstacles, according to a Bloomberg report.

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Freeport says new Indonesia mining rules have 'many impacts'

Reuters Us Markets - Fri, 01/13/2017 - 04:14
JAKARTA, Jan 13 (Reuters) - Broad changes to mining rules issued by Indonesia on Thursday will have many impacts, a spokesman for the Indonesian unit of Freeport-McMoRan Inc said on Friday, noting...

Euro zone yields rise on Fed warnings, Italy rating review looms

Reuters Us Markets - Fri, 01/13/2017 - 04:06
LONDON, Jan 13 (Reuters) - Euro zone bond yields rose on Friday after comments from U.S. policymakers overnight prompted concerns that monetary policy in the world's largest economy could tighten...

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