Breaking Stock Market and Financial News

Republican senators strike tentative deal to allow for significant tax cut: report

MarketWatch Market Pulse - Tue, 09/19/2017 - 13:13

Two Republican senators have struck a tentative deal to craft a budget that would allow for a significant tax cut, according to a published report Tuesday. Bloomberg said GOP Sens. Bob Corker of Tennessee and Pat Toomey of Pennsylvania had disagreed over allowing a budget that would add to the deficit. But they hammered out a potential path forward with Senate Majority Leader Mitch McConnell, Corker said, according to Bloomberg. Corker did not specify the amount of the tax cut.

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.

Myanmar's Suu Kyi condemns abuses in Rakhine but silent on army role

Top Reuters News - Tue, 09/19/2017 - 13:06
NAYPYITAW (Reuters) - Myanmar leader Aung San Suu Kyi on Tuesday condemned human rights violations in Rakhine state and said violators would be punished, but she did not address U.N. accusations of a campaign of ethnic cleansing by the military.

General Electric's stock falls after J.P. Morgan analyst reiterates bearish view

MarketWatch Market Pulse - Tue, 09/19/2017 - 13:06

Shares of General Electric Co. sank 1.4% in midday trade Tuesday, after J.P. Morgan analyst Stephen Tusa reiterated his bearish view on the industrial conglomerate, suggesting that just because the stock keeps getting cheaper doesn't make it more attractive. Tusa kept his rating at underweight, which he's had on the stock since May 2016, and his stock price target at $22, which is 8.8% below current levels. He said as the stock's weakness continues, investors and analysts appear to try to create a bullish narrative, based mostly on how far the stock has fallen and underperformed its peers and the broader market, but analysts have been careful not to raise their ratings. "We believe this defines sentiment on the stock, which is somewhere between somewhat negative, and what we would characterize as 'chicken bullish,' with a common theme [that] it's not that bad, understandable in the context of a sector that typically mean reverts," Tusa wrote in a note to clients. "This is essentially a denial that fundamentals could be this bad, and there is nothing that simple cost saves can't take care of, something that was not obvious to the previous 15 years of management." The stock, which closed at a 2-year low of $23.72 on Sept. 11, has tumbled 24% so far this year, while the Dow Jones Industrial Average has climbed 13%.

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.

Black cops in St. Louis stuck between public, fellow officers

Top Reuters News - Tue, 09/19/2017 - 12:54
ST. LOUIS (Reuters) - During a peaceful protest moments before St. Louis would erupt into three nights of racially charged riots, five people confronted a black police officer alone in his Jeep.

Trump's lawyer denies collusion with Russia in 2016 election

Top Reuters News - Tue, 09/19/2017 - 12:34
WASHINGTON (Reuters) - U.S. President Donald Trump's lawyer on Tuesday denied that he or Trump colluded with Russia to interfere in last year's presidential election, and said such charges were meant to discredit Trump's presidency.

Hurricane Irma damage to be as much as $65 billion, CoreLogic says

MarketWatch Market Pulse - Tue, 09/19/2017 - 12:24

The damage to property from both flood and wind from Hurricane Irma is estimated to be between $42.5 billion and $65 billion, CoreLogic said Tuesday. Flood loss for residential properties from Hurricane Irma is estimated at $25 billion to $38 billion, of which $20 billion to $30 billion - or 80% - is not covered by flood insurance.

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.

Taking back control? Britain's May to make high-stakes Brexit speech

Top Reuters News - Tue, 09/19/2017 - 12:18
LONDON (Reuters) - After months of Brexit talks that have made little progress and deepened rifts in her party, British Prime Minister Theresa May will try this week to put the negotiations on track and reassert her authority.

U.S. homebuilding weakens again, hurricanes muddy outlook

Top Reuters News - Tue, 09/19/2017 - 12:14
WASHINGTON (Reuters) - U.S. homebuilding fell for a second straight month in August as a rebound in the construction of single-family houses was offset by persistent weakness in the volatile multifamily home segment.

Massachusetts sues Equifax for not protecting state residents

Top Reuters News - Tue, 09/19/2017 - 11:58
(Reuters) - Massachusetts Attorney General Maura Healey filed a lawsuit on Tuesday against credit reporting firm Equifax Inc following a breach that exposed the personal data of as many as 143 million people, including 3 million in the state.

UnitedHealth's stock slumps to shave 25 points off the Dow's price

MarketWatch Market Pulse - Tue, 09/19/2017 - 11:46

Shares of UnitedHealth Group Inc. sank slumped 1.8% in midday trade Tuesday, enough to pace the decliners in the Dow Jones Industrial Average , after the health insurer disclosed that its vice chairman sold about $10 million worth of stock last week. The stock's price decline of $3.64 shaved about 25 points off the Dow's price, which was up 34 points. The stock has not lost 2.6% since it closed at a record of $199.75 on Sept. 1. The company said late Monday in a filing with the Securities and Exchange Commission that Vice Chairman Larry Renfro sold a total of 50,574 shares of UnitedHealth at an average price of $198.1142 on Sept. 15; the shares traded within an intraday range of $197.20 to $199.71 and closed at $198.18 that day. The stock has gained 6.3% over the past three months, while the SPDR Health Care Select Sector ETF has advanced 4.5% and the Dow has tacked on 3.9%.

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.

Toys 'R' Us seeks bankruptcy to survive retail upheaval

Top Reuters News - Tue, 09/19/2017 - 11:28
(Reuters) - Toys 'R' Us Inc, the largest U.S. toy store chain, which filed for bankruptcy late Monday, will ask a judge on Tuesday for permission to borrow money so that it can start paying suppliers to ensure it has Lego building blocks and Barbie dolls for the holiday season.

Wall Street's 'fear gauge' shakes off Trump's threat to 'totally destroy' North Korea

MarketWatch Market Pulse - Tue, 09/19/2017 - 11:12

A measure of volatility and fear on Wall Street late-morning Tuesday was little changed, even as President Donald Trump threatened to destroy North Korea if provoked. The CBOE Volatility Index , known as Wall Street's fear gauge, was down 1.2% at 10.03, hovering around its lowest levels in its history, and far below its historic average of 20. The index, which measures options bets on the S&P 500 index 30 days into the future, typically rises when anxieties in the market escalate, with the indicator used as a measure of volatility and fear, because stocks tend to fall faster than they rise. In a speech to the U.N. General Assembly on Tuesday, President Trump said the U.S. "has great strength and patience," but would "totally destroy North Korea." He also called out Iran, referring to North Korea and Iran as "rogue nations." The Dow Jones Industrial Average was up 0.1% at 22,352, the S&P 500 index was flat at 2,503, while the Nasdaq Composite Index down 0.1% at 6,448. The equity benchmarks failed to move significantly after Trump's bellicose comments, which come on the heels of a number of ballistic missile tests from Pyongyang in recent months, which have heightened geopolitical tensions in the Korean Peninsula. The S&P 500 and the Dow were trading in record territory, while the Nasdaq isn't trading far off its own all-time high.

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.

Mattel, Hasbro shares bounce sharply as large customer Toys 'R' Us files for bankruptcy

MarketWatch Market Pulse - Tue, 09/19/2017 - 10:51

Shares of Mattel Inc. and Hasbro Inc. bounced sharply in morning trade Tuesday, despite the bankruptcy filing of Toys 'R' Us, which was the second-biggest customer of both toy makers in 2016. Mattel's stock climbed 3.2%, after closing Monday at an 8-year low. Toys 'R' Us accounted for 11% of Mattel's sales last year. Hasbro's stock rallied 2.9%, after closing earlier this month at a 7-month low; Toys 'R' Us accounted for 9% of Hasbro's 2016 sales. UBS analyst Arpine Kocharyan wrote in a note to clients that although bankruptcies can be disruptive to industries in the near term, similar cases have not over time impacted toy industry growth, as demand has been picked up by other channels. Meanwhile, Jakks Pacific Inc.'s stock shed 1.8% toward a record low; Toys 'R' Us was Jakks third-largest customer last year, accounting for 9.4% of 2016 sales.

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.

U.S. stocks hold gains as Trump speaks at U.N.

MarketWatch Market Pulse - Tue, 09/19/2017 - 10:43

U.S. stock-market indexes held on to modest gains on Tuesday, trading in record territory as President Trump delivered speech at the United Nations General Assembly. Trump singled out North Korea and Iran as rouge states and called for more economical isolation of these regimes. He also said that if the U.S. "is forced to defend itself for its allies, we'll have no choice but to totally destroy North Korea." The S&P 500 was up 1.8 points, or 0.1%, at 2,505. The Nasdaq Composite index inched 7 points, or 0.1% higher to 6,461. The Dow Jones Industrial Average was up 25 points, or 0.1%, at 22,356.

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.

South Korea ETFs unchanged as Trump threatens North Korea at United Nations

MarketWatch Market Pulse - Tue, 09/19/2017 - 10:39

Exchange-traded funds that track the South Korean equity market were little changed on Tuesday, after President Donald Trump said the U.S. stood "ready, willing and able" to act against North Korea militarily if it threatened the U.S. Speaking at the United Nations, Trump said he would "destroy" the country if necessary, calling it a "depraved" regime whose pursuit of nuclear weapons threatens the world. Military conflict would likely be devastating for the region, but investors didn't seem to fear Trump's words. The iShares MSCI South Korea Capped ETF rose less than 0.1% to $69.88, though it had risen as high as $70.12 earlier in the session. Despite elevated tensions with North Korea throughout the year, the fund is up more than 30% thus far this year. Separately, the Deutsche X-trackers MSCI South Korea Hedged Equity ETF was up 0.1%. Against the U.S. dollar, the South Korean won was unchanged.

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.

Sprint shares gain 8% on renewed speculation of merger talk with T-Mobile

MarketWatch Market Pulse - Tue, 09/19/2017 - 10:20

Shares of Sprint Corp. gained more than 8% during intraday trade on Tuesday after a CNBC report reignited speculation that the mobile company is in talks to merge with T-Mobile US Inc. . Shares of T-Mobile were up more than 3%, and shares of other mobile carriers also saw a bump, with Verizon Communication Inc. shares up nearly 3% and AT&T Inc. shares up close to 2%. In May, a Bloomberg report, citing sources, said that executives at Sprint had "informal contact" with T-Mobile about a possible merger. The wireless industry has become increasingly competitive and crowded, requiring companies to look for acquisition and/or partnership opportunities. Deal talks in the industry had been on hold until April 27 this year due to the government's spectrum auction. Chairman of Sprint-owner SoftBank, Masayoshi Son, and Deutsche Telekom Chief Executive Tim Hoettges, which owns T-Mobile, told investors following the hold to expect talk of industry consolidation, and T-Mobile said it expected to be involved. Shares of T-Mobile are up nearly 12%, while Sprint shares are down about 2% and the S&P 500 index are up close to 12%.

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.

Apple's price target raised at Morgan Stanley as higher ASPs should boost profits

MarketWatch Market Pulse - Tue, 09/19/2017 - 10:00

Shares of Apple Inc. inched up less than 0.1% in morning trade Tuesday, after Morgan Stanley raised its price target, citing an improved profit outlook on the back of that higher average selling prices (ASPs). Analyst Katy Huberty reiterated her overweight rating, but boosted her target to $194, which is more than 20% above current levels, from $182. Huberty said the key takeaway from Apple's product event last week is that ASPs were raised across the product line. She raised her fiscal 2018 earning-per-share estimate to $12.60 from $11.80--the FactSet consensus is $10.89--as high customer loyalty and a stronger U.S. dollar should keep higher prices from hurting demand. "Apple is an aspirational brand offering high quality, innovative products at a premium price," Huberty wrote in a note to clients. "As a result, the company escapes the typical trend of declining prices that drive demand for other devices." the stock has rallied 8.5% over the past three months, while the SPDR Technology Select Sector ETF has climbed 4.9% and the Dow has gained 3.8%.

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.

Amazon launches new Amazon Fire HD 10 tablet

MarketWatch Market Pulse - Tue, 09/19/2017 - 09:35

Amazon.com Inc. said Tuesday that it has introduced the Fire HD 10 tablet that the company says is 30% faster, can be equipped with Alexa hands-free capabilities, 32 GB of internal storage, a 10-inch widescreen and 10 hours of battery life. Priced at about $150, the tablet is available for pre-order today. Alexa will be available via a software update that will begin rolling out on October 11. Amazon shares are up 0.4% in early trading and up 30% for the year so far. The S&P 500 index is up nearly 12% for 2017 to date.

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.

U.S. stocks hit all-time highs after opening gains

MarketWatch Market Pulse - Tue, 09/19/2017 - 09:32

U.S. stock-market indexes opened in record territory on Tuesday as investors awaited the start of a two-day meeting of Federal Reserve policy makers. The S&P 500 opened 2.6 points, or 0.1%, higher at 2,506.7. The Nasdaq Composite index inched 11 points, or 0.2% higher to 6,466. The Dow Jones Industrial Average was up 33 points at 22,365 at the open. Among the best performers on Wall Street, Michael Kors Holding Ltd jumped after analysts at Oppenheimer upgraded the stock to outperform from perform.

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.

Nike's stock selloff cuts Dow futures gain in half

MarketWatch Market Pulse - Tue, 09/19/2017 - 09:21

Shares of Nike Inc. slumped 1.9% in premarket trade Tuesday, after a downgrade at Susquehanna Financial, which is cutting the gains in the Dow Jones Industrial Average futures in half. Analyst Sam Poser at Susquehanna cut his rating to neutral from positive, and slashed his stock price target to $54 from $64. The stock's price decline of 99 cents ahead of the open would shave about 7 points off the Dow , while Dow futures were up 8 points. He said there is an oversupply of Nike basketball product in North America, which should pressure sales and margins, as it goes against Nike's business model of keeping supply below demand. He said a near-term lack of innovation in select categories is also hurting performance more than expected. The stock has gained 5.3% year to date, while the Dow has climbed 13%.

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.

Pages