Breaking Stock Market and Financial News

Japan principal of scandal-hit school says he got donation from PM's wife

Top Reuters News - Thu, 03/23/2017 - 03:29
TOKYO (Reuters) - The head of a Japanese nationalist school at the heart of a swirling political scandal said in sworn testimony in parliament on Thursday that he received a donation of 1 million yen from Prime Minister Shinzo Abe's wife in her husband's name.

Exclusive: Westinghouse's clients gear up for bankruptcy fight - sources

Top Reuters News - Thu, 03/23/2017 - 03:18
(Reuters) - The U.S. utilities that are clients of Toshiba Corp's nuclear power plant construction subsidiary, Westinghouse Electric Co LLC, have hired advisers to prepare for its potential bankruptcy, according to people familiar with the matter.

U.K. police make arrests linked to Westminster attack: report

MarketWatch Market Pulse - Thu, 03/23/2017 - 02:40

U.K. police early Thursday raided a residence in Birmingham that has been linked to the deadly Westminster attacks, with several arrests made, according to media reports. Sky News and other outlets reported that the man suspected of carrying out Wednesday's terror attack near the Houses of Parliament was said to have lived at the residence. Witnesses told the Associated Press that the police arrested three men at the scene. Five people have now reportedly died after an attacker plowed through pedestrians near Westminster Bridge and stabbed a police officer on Wednesday.

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France's Macron seen winning presidential vote: poll

Top Reuters News - Wed, 03/22/2017 - 23:07
PARIS (Reuters) - Centrist Emmanuel Macron is projected to come out on top in the first round of France's presidential election next month ahead of far-right leader Marine Le Pen before going on to win in a runoff, a Harris Interactive poll showed on Thursday.

Police officer, three others killed in Wisconsin shooting: reports

Top Reuters News - Wed, 03/22/2017 - 22:55
MILWAUKEE (Reuters) - A police officer and three other people were killed in a string of shootings that unfolded in three small communities in central Wisconsin, local media reported on Wednesday.

With Sears' future in doubt, vendors begin pulling back

Top Reuters News - Wed, 03/22/2017 - 21:08
(Reuters) - Suppliers to Sears Holdings Corp told Reuters they are doubling down on defensive measures, such as reducing shipments and asking for better payment terms, to protect against the risk of nonpayment as the company warned about its finances.

Trump sends holiday greetings to Iranians, does not mention travel ban

Top Reuters News - Wed, 03/22/2017 - 19:34
WASHINGTON (Reuters) - U.S. President Donald Trump, who has sought to ban travelers from Iran and other Muslim-majority nations from entering the United States, issued a holiday greeting on Wednesday to Iranians celebrating the New Year holiday known as Nowruz.

Apple acquires automation app Workflow: report

MarketWatch Market Pulse - Wed, 03/22/2017 - 19:24

Apple Inc. has acquired Workflow, a popular mobile app for automating tasks, according to a TechCrunch report late Wednesday. Workflow allows users to group together a number of actions to complete tasks, such as creating GIFs from photos, posting photos to different social networks at once and calculating tips. "We are thrilled to be joining Apple," Workflow co-founder Ari Weinstein told TechCrunch. Apple confirmed the acquisition, but did not disclose the price. In 2015, the app won an Apple Design Award for its accessibility features. TechCrunch said the app, which had been offered for $2.99 on Apple's App Store, would be made free later Wednesday.

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Black lawmakers meet with Trump about infrastructure, reducing crime

Top Reuters News - Wed, 03/22/2017 - 19:18
WASHINGTON (Reuters) - Leaders of the Congressional Black Caucus met with President Donald Trump on Wednesday about infrastructure and reducing urban crime, calling the sit-down a "positive" first step toward finding common ground.

Alaska Airlines to drop Virgin America brand in 2019

MarketWatch Market Pulse - Wed, 03/22/2017 - 19:05

The Virgin America brand will be dropped in 2019, Alaska Airlines announced Wednesday, three months after completing a $2.6-billion acquisition of the low-cost airline. Alaska Airlines had previously explored the idea of maintaining both brands. "While the Virgin America name is beloved to many, we concluded that to be successful on the West Coast we had to do so under one name -- for consistency and efficiency, and to allow us to continue to deliver low fares," Sangita Woerne, Alaska Alaska Airlines' vice president of marketing, said in a statement. Alaska said it would keep a number of Virgin amenities that have made it a favorite among fliers, including enhanced in-flight entertainment, music and its signature mood lighting. Since closing the sale, Alaska has announced routes to 21 new markets in its effort to be the dominant airline on the U.S. West Coast.

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NATO Secretary General says looking for date for minister talks

Top Reuters News - Wed, 03/22/2017 - 17:47
WASHINGTON (Reuters) - NATO Secretary General Jens Stoltenberg agreed with U.S. Secretary of State Rex Tillerson on Wednesday to look for a date that would allow all NATO allies to attend a meeting of foreign ministers.

Trump Tantrum looms on Wall Street if healthcare effort stalls

Top Reuters News - Wed, 03/22/2017 - 17:13
NEW YORK (Reuters) - The Trump Trade could start looking more like a Trump Tantrum if the new U.S. administration's healthcare bill stalls in Congress, prompting worries on Wall Street about tax cuts and other measures aimed at promoting economic growth.

Northern Ireland braces for uncertain new era after McGuinness

Top Reuters News - Wed, 03/22/2017 - 16:41
LONDONDERRY, Northern Ireland (Reuters) - As the tricolor-draped coffin of former IRA commander turned peacemaker Martin McGuinness was carried to his Londonderry home this week, people across Northern Ireland's sectarian divide were nervously eyeing a new era of uncertainty.

Ultragenyx falls on results of seizure medication study

MarketWatch Market Pulse - Wed, 03/22/2017 - 16:15

Ultragenyx Pharmaceutical Inc. dropped nearly 7% in after-hours trading Wednesday after the company said a study of a potential seizure medication failed to reduce observable seizures. The study, which focused on patients with a rare seizure-causing disease called glucose transporter type-1 deficiency syndrome, showed patients on the drug had fewer "absence seizures," minor seizures that usually involve a patient losing concentration for short periods of time. The drug, known as UX007, did not reduce observable seizures, however. "We look forward to studying UX007 in our Phase 3 study in Glut1 DS patients with movement disorders, and continue to evaluate our plans in the seizure indication," Unltragenyx Chief Executive Emil Kakkis said in Wednesday's announcement. Ultragenyx shares fell to $73 in late trading after closing with a 0.8% increase at $78.36.

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Surveillance findings raise concern about spying on Trump campaign: Nunes

Top Reuters News - Wed, 03/22/2017 - 15:41
WASHINGTON (Reuters) - The Republican chairman of the U.S. House of Representatives intelligence committee said on Wednesday some of President Donald Trump's personal communications may have been caught up in "incidental" surveillance involving a foreign power in the months after the election.

Share of Calvin Klein parent PVH soar after earnings

MarketWatch Market Pulse - Wed, 03/22/2017 - 15:31

Shares of Calvin Klein parent PVH Corp. jumped nearly 8% late Wednesday after the company reported quarterly earnings above expectations and revenue that met guidance and Wall Street forecasts. PVH said it earned $101 million, or $1.26 a share, in the fourth quarter, compared with $134 million, or $1.63, a year ago. Adjusted for one-time items, the company earned $1.23 a share, compared with $1.52 a share a year ago. Revenue reached $2.1 billion in the quarter, flat compared to the prior year. Analysts polled by FactSet had expected earnings of $1.19 a share on sales of $2.1 billion in the quarter. PVH's board authorized a $750 million increase and extension until June 2020 for the company's share buyback program, the company said. Shares of PVH, which also owns Heritage Brands and Tommy Hilfiger, had ended the regular session down 2%.

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Five Below shares rally on company's earnings beat, new-store openings

MarketWatch Market Pulse - Wed, 03/22/2017 - 15:17

Shares of Five Below Inc. rose nearly 7% late Wednesday after the discount retailer reported per-share earnings above expectations and called for more store openings. Five Below said it earned $49.8 million, or 90 cents a share, in the fourth quarter, compared with $42 million in the year-ago period. Net sales rose to $388.1 million, from $326.4 million a year ago, the company said. Analysts polled by FactSet had expected per-share earnings of 89 cents a share on sales of $388 million. The company said it plans to open about 100 new stores in 2017, including locations in California. Net sales for the first quarter are expected to be between $228 million and $232 million, assuming a 2% increase in comparable-store sales. Per-share earnings were seen between 12 cents and 14 cents in the first quarter, the company said. The stock ended the regular trading session down 1.9%.

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Nike's biggest-ever price drop can be blamed for Dow's fifth-straight loss

MarketWatch Market Pulse - Wed, 03/22/2017 - 15:13

Nike Inc. is an easy scapegoat for the Dow Jones Industrial Average's fifth-straight loss Wednesday, as the athletic apparel company's stock suffered its biggest price decline since it went public in December 1980. The stock plunged $4.09, or 7.05%, after the company provided late Tuesday a tepid sales outlook along with its fiscal third-quarter results. The price decline shaved about 28 points off the price of the Dow, which closed down 6.71 points. In comparison, the S&P 500 closed up 0.2% and the Nasdaq Composite gained 0.5%. Meanwhile, Nike's one-day percentage decline was the biggest since June 29, 2012. The stock has lost 17% over the past 12 months, while the Dow has climbed 18%.

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U.S. stocks eke out gains; Nike drop weighs on Dow

MarketWatch Market Pulse - Wed, 03/22/2017 - 15:03

The U.S. stock market rebounded from the previous day's selloff to close slightly higher Wednesday as gains in tech stocks helped lift the main indexes. However, a 7% drop in Nike Inc. shares weighed on Dow industrials, which posted a fifth consecutive decline. The S&P 500 advanced 4.43 points, or 0.2%, to 2,348.45, with technology shares leading the gains. The Nasdaq Composite closed 27.82 points, or 0.5%, higher at 5,821.64. The Dow Jones Industrial Average closed 6.84 points, or less than 0.1% lower at 20,661.17, extending a losing streak to a fifth day.

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Frontier Communications' stock sinks to 33-year low after Goldman downgrades to rare sell rating

MarketWatch Market Pulse - Wed, 03/22/2017 - 14:46

Shares of Frontier Communications Corp. plunged 12% in active trade Wednesday, toward the lowest close in three decades, after Goldman Sachs turned bearish on the telecommunications company. Analyst Brett Feldman downgraded Frontier to a rare sell rating, after being at neutral since September 2014. Of the 2,902 companies covered by Goldman analysts, only 14% are rated sell. Feldman slashed his stock price target to $1.50, which is 28% below current levels, from $3.00. Feldman said he's concerned that Frontier may have to suspend its dividend after the first quarter in order to "build liquidity to address significant debt maturities" in 2020 to 2022. He believes that at current prices, investors are only pricing in a 50% dividend cut, which Feldman said "would not be sufficient" to drive meaningful debt reduction, and is therefore not likely to support the stock. The current annual dividend yield of 42 cents implied a 20.19% dividend yield. The shares recently traded at $2.08, which puts it on track for the lowest close since Aug. 3, 1984. Volume of 94.4 million shares was about double the full-day average, and enough to make the stock the most actively traded on the Nasdaq exchange. The stock has plunged 38% year to date, while the iShares U.S. Telecommunications ETF has lost 6.5% and the S&P 500 has gained 4.9%.

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