Breaking Stock Market and Financial News

La-Z-Boy turns in better-than-expected earnings, hikes dividend

MarketWatch Market Pulse - Wed, 11/30/2016 - 16:27

La-Z-Boy Inc. late Wednesday reported better-than-expected earnings and announced a 10% dividend hike. The furniture company best known for its recliners posted fiscal second-quarter earnings of $20.8 million, or 42 cents a share, compared with $21 million, or 41 cents a share, a year earlier. Revenue slid to $376.6 million from $382.9 million. Analysts surveyed by FactSet had forecast the company to earn 38 cents a share on revenue of $376 million. La-Z-Boy's board also raised the quarterly dividend to 11 cents from 10 cents. The dividend will be paid on Dec. 15 to shareholders of record on Dec. 9. Shares were flat in late trading after closing down 1.8% to $26.75.

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Guess shares down 12% on company's earnings miss

MarketWatch Market Pulse - Wed, 11/30/2016 - 16:24

Shares of Guess Inc. plunged 12% late Wednesday after the clothing retailer reported fiscal third-quarter earnings and sales below Wall Street expectations. Guess said it earned $9.1 million, or 11 cents a share, down 27% from $12.4 million in the third quarter of fiscal 2016. Revenue rose 3% to $536.3 million in the quarter, Guess said. Analysts polled by FactSet had expected per-share earnings of 14 cents on sales of $549 million. Shares had ended the regular trading day down 1.5%.

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Box narrows losses and raises guidance, stock gains

MarketWatch Market Pulse - Wed, 11/30/2016 - 16:16

Box Inc. reported a narrower loss than expected and raised its revenue guidance for the year Wednesday, sending its stock higher in late trading. The enterprise-software company reported a fiscal third-quarter net loss of $38.2 million, or 30 cents a share, on sales of $102.8 million, after losing $55.1 million in the same quarter a year ago. After adjustments for stock-based compensation and other factors, Box claimed a loss of 14 cents a share, after reporting a loss of 31 cents a share a year ago. Analysts expected Box to report an adjusted loss of 19 cents a share on sales of $100.6 million, according to FactSet. The outperformance led Box to increase its guidance for the full year, with the company now predicting a revenue range of $397 million to $398 million after earlier projecting $394 million to $396 million. Box shares gained more than 3% in late trading, rising to near $15.70 after closing with a 0.5% decline at $15.22.

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Russell 2000 sees strongest month since October 2011

MarketWatch Market Pulse - Wed, 11/30/2016 - 16:06

U.S. stocks finished mostly lower on Wednesday, but that didn't stop the Russell 2000 from posting its strongest monthly gain since October 2011. The S&P 500 shed 5.84 points, or 0.3%, to 2,198.82, but remained up 3.4% for the month. The Dow finished flat at 19,124, with Goldman Sachs Group and DuPont Co. the best performers on the blue-chip gauge, which rose 5.4% in November. The Nasdaq Composite Index slid 56.04 points, or 1.1%, to 5,323.68, notching its strongest performance since July. The small-cap Russell 2000 index, lost tk points, or tk% to tk, but rose 11.2% on the month. President-elect Donald Trump's unexpected electoral victory helped spark an aggressive rally, as investors bet that his proposed fiscal policies would help boost economic growth.

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UPDATE 3-U.S. veterans to form human shield at Dakota pipeline protest

Reuters Us Markets - Wed, 11/30/2016 - 16:00
CANNON BALL, N.D., Nov 30 (Reuters) - More than 2,000 U.S. military veterans plan to form a human shield to protect protesters of a pipeline project near a Native American reservation in North...

SAFT ON WEALTH-"Peter principle" alive and well in fund management: James Saft

Reuters Us Markets - Wed, 11/30/2016 - 15:57
Nov 30 (Reuters) - The idea that people succeed at work up to the point at which they are no longer much good apparently applies to fund managers too.

WRAPUP 3-Brazil opts for moderate rate cut despite deepening recession

Reuters Us Markets - Wed, 11/30/2016 - 15:50
BRASILIA, Nov 30 (Reuters) - Brazil's central bank cut interest rates by 25 basis points on Wednesday, maintaining a slow pace of monetary easing despite a sharp economic contraction in the third...

New pipelines no silver bullet for battered Canada oil industry

Reuters Us Markets - Wed, 11/30/2016 - 15:48
CALGARY, Alberta, Nov 30 (Reuters) - Canada's oil sands producers are getting a long-awaited boost in export capacity, but the two pipeline projects approved this week will not be a silver bullet for...

United to review $12.5 bln Airbus jet order

Reuters Us Markets - Wed, 11/30/2016 - 15:47
Nov 30 (Reuters) - United Continental Holdings Inc said it was reviewing whether to alter an order of about $12.5 billion at list prices for Airbus Group SE's largest twin-engine jets, the...

BRIEF-IBI Group announces redemption of 6.00% convertible unsecured subordinated debentures due June 30, 2018

Reuters Us Markets - Wed, 11/30/2016 - 15:46
* IBI Group Inc. Announces redemption of 6.00% convertible unsecured subordinated debentures due June 30, 2018

UPDATE 3-Goldman's Cohn eyed for top Trump budget post -transition official

Reuters Us Markets - Wed, 11/30/2016 - 15:41
NEW YORK, Nov 30 (Reuters) - President-elect Donald Trump is considering Goldman Sachs Group Inc President and Chief Operating Officer Gary Cohn to head the White House budget office or to fill other...

Brazil cuts interest rate to 13.75 pct, as expected

Reuters Us Markets - Wed, 11/30/2016 - 15:35
BRASILIA, Nov 30 (Reuters) - Brazil's central bank cut interest rates by 25 basis points on Wednesday as expected, continuing a moderate easing cycle despite a deepening recession that could drag...

Federal government bans smoking in public housing

Reuters Us Markets - Wed, 11/30/2016 - 15:33
Nov 30 (Reuters) - Smoking will be banned in all U.S. public housing as of fall 2018 to reduce the exposure of residents to secondhand smoke, the U.S. Department of Housing and Urban Development said...

Ohio State attacker may have been inspired by overseas militants, FBI says

Top Reuters News - Wed, 11/30/2016 - 15:31
(Reuters) - A Somali immigrant who injured 11 people in a car and knife attack at Ohio State University may have been inspired by Islamic State and the late al Qaeda-linked cleric Anwar al-Awlaki, an FBI official said on Wednesday.

LATAM CLOSE-No deals price in LatAm primary market

Reuters Us Markets - Wed, 11/30/2016 - 15:28
* Fibria focuses on leverage caps as credit metrics weaken * Chile's Cencosud raises US$271m equivalent in local bond market * Brazilian states must do more to avoid fiscal crisis -...

FBI to gain expanded hacking powers as Senate effort to block fails

Top Reuters News - Wed, 11/30/2016 - 15:03
WASHINGTON (Reuters) - A last-ditch effort in the Senate to block or delay rule changes that would expand the U.S. government's hacking powers failed Wednesday, despite concerns the changes would jeopardize the privacy rights of innocent Americans and risk possible abuse by the incoming administration of President-elect Donald Trump.

Oil futures rally to highest finish in nearly 5 weeks

MarketWatch Market Pulse - Wed, 11/30/2016 - 14:52

Oil futures rallied Wednesday to settle at their highest level since late October after the Organization of the Petroleum Exporting Countries announced its first agreement in eight years to cut its crude production. January West Texas Intermediate crude rose $4.21, or 9.3%, to settle at $49.44 a barrel on the New York Mercantile Exchange. The settlement was the highest since Oct. 27 and prices scored their strongest one-day percentage gain since February, according to FactSet data. It gained about 5.5% for the month, based on the most-active contracts.

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American Eagle says Aéropostale liquidations hurt same-store sales

MarketWatch Market Pulse - Wed, 11/30/2016 - 14:46

American Eagle Outfitters Inc. said Wednesday that stores located near Aéropostale locations that are liquidating experienced a two- to four-percentage-point same-store sales decline. Aéropostale, which sought chapter 11 bankruptcy protection in May, plans to go from about 800 stores to 229. The liquidation is also having an impact on American Eagle's traffic, said Robert Madore, American Eagle's chief financial officer, on the company's Wednesday earnings call, according to a FactSet transcript. "That has dissipated quite a bit as we look to Q4,... but it definitely did have impact to us in Q3," he said. Sporting goods retailers, like teen retailers, have seen a spate of bankruptcy filings recently. Dick's Sporting Goods Inc. has benefitted from the misfortunes of competitors including The Sports Authority and Golfsmith. American Eagle shares are down 12.7% in Wednesday trading after third-quarter same-store sales results missed estimates. The company's shares are up 6.5% for the year so far while the S&% 500 index is up 7.7% for the same period.

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U.S. veterans to form human shield at Dakota pipeline protest

Top Reuters News - Wed, 11/30/2016 - 14:33
CANNON BALL, N.D. (Reuters) - More than 2,000 U.S. military veterans plan to form a human shield to protect protesters of a pipeline project near a Native American reservation in North Dakota, organizers said.

Gold sinks nearly 8% in November

MarketWatch Market Pulse - Wed, 11/30/2016 - 14:03

Gold futures sank on Wednesday, notching its worst month of the year, as oil prices rallied after the Organization of the Petroleum Exporting Countries reached a deal to cut oil production that is equivalent to 1% of global output. Crude oil soared on the heels of the news as appetite for risky assets revived. February gold declined $16.90, or 1.4%, to settle at $1,173.90 an ounce. Gold futures fell about 7.9% for the month, based on the settlement for the most-active contract on Oct. 31, notching its biggest monthly drop in 2016.

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