Breaking Stock Market and Financial News

Some killed in blast at Ariana Grande concert in British arena

Top Reuters News - Mon, 05/22/2017 - 19:47
MANCHESTER, England (Reuters) - A blast on Monday night at a concert in the northern English city of Manchester where U.S. singer Ariana Grande had been performing left an unknown number of people dead and injured, police said.

Brazil President Temer: 'I won't resign. Oust me if you want'

Top Reuters News - Mon, 05/22/2017 - 19:17
BRASILIA (Reuters) - Brazilian President Michel Temer, facing growing calls for his resignation over a corruption scandal, said he would not step down even if he was formally indicted by the Supreme Court.

Explosion, fatalities reported at U.K.'s Manchester Arena during concert

MarketWatch Market Pulse - Mon, 05/22/2017 - 18:50

Authorities warned people to avoid Manchester Arena in the U.K. late Monday following reports of an explosion during a concert. Manchester police said they are responding to a "serious incident" that occurred at the time of a concert by pop singer Ariana Grande. "There are a number of confirmed fatalities and others injured," Greater Manchester Police said in a statement on Twitter. Concertgoers reported hearing a loud explosion and several videos posted online showed concertgoers emptying the complex and several ambulances heading to the arena.

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South Korea's ex-leader Park to make first court appearance in corruption trial

Top Reuters News - Mon, 05/22/2017 - 18:03
SEOUL (Reuters) - South Korea's former leader Park Geun-hye makes her first public appearance on Tuesday since her arrest in March, standing trial on bribery charges over a corruption scandal that brought down her presidency.

Hyatt shares tick lower as Goldman Sachs funds to sell large stake

MarketWatch Market Pulse - Mon, 05/22/2017 - 17:04

Hyatt Hotels Corp. shares ticked lower in the extended session Monday after the hotel operator said investment funds associated with Goldman Sachs Group Inc. are selling off a large chunk of shares. Hyatt shares declined 2.4% to $57.01 after hours on light volume. The company said that the funds are selling 4 million shares of Hyatt under a secondary offering and that Hyatt will not receive proceeds from the sale. Hyatt has 125.5 million shares outstanding.

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Take-Two plunges after 'Red Dead Redemption 2' officially delayed

MarketWatch Market Pulse - Mon, 05/22/2017 - 16:29

Take Two Interactive Software Inc. shares dropped more than 8% Monday afternoon after the video game maker announced that a highly awaited game, "Red Dead Redemption 2," would be delayed. The company's Rockstar Games label announced on Twitter that the game is now scheduled for release in spring of 2018, months later than the previous October target for the sequel. Investors have high expectations for the game, after the first game was very successful and Rockstar's "Grand Theft Auto" series continues to perform well. "Red Dead Redemption 2, along with its online companion game, should be the largest driver for the year with an estimated 15 million units shipped and net recurrent digital revenue of $50 million," MKM Partners analyst Eric Handler wrote earlier Monday in a preview of Take Two's earnings report, while bumping his price target on the stock from $63 to $80. Take Two shares fell to less than $64 in after-hours trading Monday, after closing with a 2.2% gain at $69.04. The company is scheduled to report quarterly earnings Tuesday afternoon.

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Texas House passes 'bathroom bill' targeting public schools

Top Reuters News - Mon, 05/22/2017 - 16:28
AUSTIN, Texas (Reuters) - The Texas House of Representatives gave formal approval on Monday to a bill that would restrict bathroom access for transgender students in public schools, a measure that critics say promotes discrimination against such children.

Agilent shares up 4% on company earnings beat

MarketWatch Market Pulse - Mon, 05/22/2017 - 16:15

Shares of Agilent Technologies Inc. rose more than 4% late Monday after the lab company reported earnings and revenue above Wall Street expectations. Agilent said it earned $164 million, or 50 cents a share, in the fiscal second quarter, compared with $91 million, or 28 cents a share, in the year-ago period. Revenue reached $1.1 billion, up 8% from $1 billion a year ago. Analysts polled by FactSet had expected per-share earnings of 48 cents on sales of $1.05 billion. "We saw a strong pick up in the chemical and energy business after modest gains last quarter, and strong growth in pharma and Europe also contributed to the upside," the company said in a statement. The stock ended the regular trading session down 0.1%.

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Dow industrials book longest win streak in 12 weeks

MarketWatch Market Pulse - Mon, 05/22/2017 - 16:04

The Dow Jones Industrial Average on Monday put in its lengthiest streak of gains--three in a row--since February, according to FactSet data. The Dow's third straight finish in the green is notable because the blue-chip gauge had gone 60 straight trading sessions without stringing together a series of wins that long. Its longest streak this year was a 12-session rally on Feb. 27. From that point, the Dow has moved in fits and starts as doubts about President Donald Trump's ability to implement a pro-growth agenda, including tax cuts and a boost to infrastructure spending, have intensified, threatening a mulitmonth climb in risk assets that had been propelled by those presidential campaign promises. Worries about the president's ability to gain sufficient consensus in Congress to get his policies passed into law have escalated since Trump fired then-director of the Federal Bureau of Investigation, James Comey, two week ago, sparking a firestorm inside and outside of Washington. On Monday, U.S. equity markets were attempting to bounce back from a downbeat week, highlighted by sharp losses on May 17. However, since last Wednesday, the broader stock market has erased much of its losses, suggesting that a general uptrend for equities may still be intact. The Dow finished up 0.4% at 20,894, the S&P 500 index closed 0.5% higher at 2,394, while the Nasdaq Composite Index registered a rise of 0.8% at 6,133.

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Stocks gain for third session as tech stocks rally

MarketWatch Market Pulse - Mon, 05/22/2017 - 16:02

U.S. stocks rose Monday as strong tech shares and so-called defensive sectors led the market higher for a third session. Defensive stocks are those that are viewed as less sensitive to the economic cycle such as utilities and consumer staples. However, trading volume remained subdued amid lingering concerns about political uncertainty surrounding President Donald Trump's administration. The S&P 500 added 12 points, or 0.5%, to close at 2,393. The Dow Jones Industrial Average rose 90 points, or 0.4%, to end at 20,894 while the Nasdaq Composite Index climbed 49 points, or 0.8%, to close at 6,133.

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U.N.'s North Korea sanctions monitors hit by 'sustained' cyber attack

Top Reuters News - Mon, 05/22/2017 - 15:49
UNITED NATIONS (Reuters) - United Nations experts investigating violations of sanctions on North Korea have suffered a "sustained" cyber attack by unknown hackers with "very detailed insight" into their work, according to an email warning seen by Reuters on Monday.

Oil prices settle at one-month high

MarketWatch Market Pulse - Mon, 05/22/2017 - 14:39

Oil prices climbed Monday to settle at their highest level in about a month on growing expectations that members of Organization of the Petroleum Exporting Countries will agree to extend production cuts beyond the end of this year. June West Texas Intermediate crude rose 40 cents, or 0.8%, to settle at $50.73 a barrel on the New York Mercantile Exchange. The contract expired at the session's end. July WTI crude , which is now the front-month contract, settled at $51.13, up 46 cents, or 0.9%.

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AMD's stock slumps after CEO pooh-poohed speculation of Intel license deal

MarketWatch Market Pulse - Mon, 05/22/2017 - 13:55

Shares of Advanced Micro Devices Inc. sank 4.9% in active trade Monday, after the company seemed to confirm that it has not, and would not, license its graphics technology to rival chip maker Intel Corp. Volume topped 57 million shares in early afternoon trade, enough to make the stock the second-most actively traded on major U.S. exchanges. When Chief Executive Lisa Su was asked Monday at the J.P. Morgan Technology, Media & Telecom conference about recent speculation over a potential licensing deal with Intel , Su responded by saying, "We're not looking at enabling a competitor to compete against our products," according to a transcript of the event provided by FactSet. Speculation about a license deal has been around for months, but became more rampant last week ahead of AMD's analyst meeting. The stock sold off after the meeting when AMD made no mention of a deal, and analysts dispelled the speculation. The stock was still up 8.1% over the past two weeks. But after rocketing nearly 4 fold in 2016, it has tumbled 24% year to date, while the PHLX Semiconductor Index has run up 18% and the S&P 500 has gained 6.9%.

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Gold prices settle at a three-week high

MarketWatch Market Pulse - Mon, 05/22/2017 - 13:53

Gold prices climbed Monday to settle at their highest level in three weeks. The yellow metal found support as the euro strengthened, pressuring the U.S. dollar index, as German Chancellor Angela Merkel blamed the European Central Bank policies for marking the single currency "too weak." June gold rose $7.80, or 0.6%, to settle at $1,261.40 an ounce. Prices settled at their highest since April 28, according to FactSet data.

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New England prep school: 13 past staffers engaged in sexual misconduct

Top Reuters News - Mon, 05/22/2017 - 13:47
BOSTON (Reuters) - An elite New Hampshire prep school acknowledged on Monday that 13 former members of its staff engaged in sexual misconduct with students in incidents dating back decades, following an independent review by a Boston law firm.

Supreme Court tosses Republican-drawn North Carolina voting districts

Top Reuters News - Mon, 05/22/2017 - 13:34
WASHINGTON (Reuters) - The U.S. Supreme Court on Monday ruled that Republicans in North Carolina unlawfully took race into consideration when drawing congressional district boundaries, concentrating black voters in an improper bid to diminish their statewide political clout.

In Bombardier fight, Boeing sees ghost of Airbus ascent

Top Reuters News - Mon, 05/22/2017 - 12:53
PARIS/SEATTLE (Reuters) - Two words underpin Boeing's decision to launch a U.S. trade complaint against Bombardier , which plunged it into a row with Canada last week: "Never again".

Nutanix's stock soars after Goldman Sachs turns bullish

MarketWatch Market Pulse - Mon, 05/22/2017 - 12:28

Share of Nutanix Inc. soared 11% in midday trade Monday, after Goldman Sachs turned bullish on the cloud computing company, saying the sharp selloff in the stock this year has provided an "attractive entry point" for new investors. Analyst Simona Jankowski raised her rating to buy, after starting coverage of the recent IPO at neutral on Oct. 25. After being one of the hottest IPOs of 2016, closing its second-day of trading at $44.46 on Oct. 3, or nearly triple the $16 IPO price, the stock tumbled to a low close of $14.46 on May 1, in the wake of a disappointing fiscal second-quarter earnings report and concerns over competition in the hyperconverged market, particularly following Hewlett Packard Enterprise Co.'s acquisition of SimpliVity. But Jankowski believes those concerns are overdone. "We view this as a very attractive opportunity to buy the leader in hyperconverged infrastructure, which we view as the biggest trend in IT since public cloud," Jankowski wrote in a note to clients. She said new accounting rules that allows Nutanix to recognize software revenue upfront, rather than deferring them, should also help boost the stock. The shares were still down 33% year to date, while the Nasdaq Composite has rallied 14% and the S&P 500 has gained 6.9%.

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Turkey says summons U.S. envoy over Washington street brawl

Top Reuters News - Mon, 05/22/2017 - 12:04
ANKARA (Reuters) - Turkey summoned the U.S ambassador to Ankara on Monday to protest the treatment of Turkish security officials in the United States during a visit by President Tayyip Erdogan last week, the foreign ministry said.

Puma Biotech stock surges 50% on favorable FDA release for breast cancer drug

MarketWatch Market Pulse - Mon, 05/22/2017 - 11:04

Puma Biotechnology Inc. shares surged 49.2% to $56.30 in morning trade Monday after the Food and Drug Administration released favorable briefing documents for an advisory committee meeting this week that will review Puma Biotech's breast cancer drug. The benefits of the drug, which addresses an unmet need after the standard of care second-line cancer therapy, outweigh its risks, according to the FDA briefing documents. The most common side side effect of the drug was diarrhea, with 95% of patients in clinical trials experiencing it, and 40% of patients experienced serious, or what's called grade 3, diarrhea, the documents said. The FDA's oncologic drugs advisory committee is scheduled to meet on Wednesday. Advisory committee recommendations are considered by the FDA when deciding whether to approve a drug. Puma Biotech shares have surged 64.6% over the last three months, compared with a 1.1% rise in the S&P 500 .

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