Breaking Stock Market and Financial News

Turkey seeks to cool row with Germany as Berlin reviews arms requests

Top Reuters News - Fri, 07/21/2017 - 08:59
BERLIN (Reuters) - Turkey's economy minister sought to calm rising tensions with Germany on Friday as Berlin said it was reviewing all applications for arms projects from Ankara.

Endo to cut 875 jobs and close facilities in Alabama

MarketWatch Market Pulse - Fri, 07/21/2017 - 08:41

Endo International PLC said Friday it was cutting 875 jobs, which is about 18% of its workforce, as part of a restructuring aimed at cutting costs by up to $65 million a year. The pharmaceutical company said it will close manufacturing and distribution facilities in Huntsville, Ala. over the next 12-to-18 months, as a result of declining volumes of commoditized products. Endo expects to record restructuring charges of $325 million, including cash charges of $60 million. "Today's announced action enables a redeployment of investment from commoditized products to more differentiated capabilities and products that represent our core areas of future growth," said Chief Executive Paul Campanelli. The stock, which slipped 0.5% in premarket trade, has tumbled 25.2% year to date through Thursday, while SPDR S&P Pharmaceuticals ETF has climbed 13.2% and the S&P 500 has gained 10.5%.

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Whole Foods shareholders to vote on Amazon merger on Aug. 23

MarketWatch Market Pulse - Fri, 07/21/2017 - 08:06

Whole Foods Market Inc. informed its shareholders that the special meeting to vote on the acquisition by Amazon.com Inc. will be held on Aug. 23. The shareholder meeting will be at the natural and organic foods seller's corporate headquarters in Austin, Texas, and will begin at 8:30 a.m. local time. "The Whole Foods Market board of directors unanimously recommends that our shareholders vote 'FOR' the proposal to approve the merger agreement," a letter to shareholders said. Whole Foods had agreed on June 15 to be bought by Amazon for $42 a share, which was 47% above the 2017 closing low of $28.53 on March 27, but was 36% below the Oct. 25, 2013 record close of $65.24. The stock closed Thursday at $41.76. Amazon shares have run up 14.5% over the past three months, while the S&P 500 has gained 5.3%.

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Trump's legal team spokesman resigns amid reported shake-up

Top Reuters News - Fri, 07/21/2017 - 07:59
WASHINGTON (Reuters) - U.S. President Donald Trump's outside legal team spokesman has resigned amid media reports the team is being reorganized as investigations continue into alleged Russian meddling in the U.S. election and possible collusion with Trump's campaign.

Philippines' Duterte says will never visit 'lousy' United States

Top Reuters News - Fri, 07/21/2017 - 07:51
MANILA (Reuters) - Philippine President Rodrigo Duterte hit back on Friday at U.S. lawmakers opposed to the prospect of his visiting the White House, saying he would never go to the United States, which he called a "lousy" country.

EBay's stock tumbles after results, but analyst says 'buy the pullback'

MarketWatch Market Pulse - Fri, 07/21/2017 - 07:46

Shares of EBay Inc. tumbled 5.1% in premarket trade Friday, after the e-commerce company's second-quarter results disappointed investors who were looking for a lot more than just matching analyst estimates. The stock had shot up 9.3% in two weeks to a record close ahead of the results, which were released after Thursday's close. Analyst Shyam Patil at Susquehanna recommended investors "buy the pullback" as the results show the turnaround is on track and given expectations of an expected growth acceleration in the second half of the year. Patil raised the stock price target to $41 from $40. J.P. Morgan nalyst Doug Anmuth said the results reflect "improving fundamentals," and therefore raised his stock price target to $38 from $34, but acknowledged that "expectations were elevated" given the recent rally. "Overall, we do not think the bull or bear thesis changes much with this print," Anmuth wrote in a note to clients. The stock has run up 25.2% year to date through Thursday, while the SPDR Technology Select Sector ETF has climbed 19.0% and the S&P 500 has gained 10.5%.

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Plug Power shares jump 13% on news of deal with Wal-Mart

MarketWatch Market Pulse - Fri, 07/21/2017 - 07:45

Shares of Plug Power Inc. soared 13% in premarket trade Friday, after the company announced that it is issuing to Wal-Mart Stores Inc. warrants to buy 55.3 million of its shares. The deal is part of an existing commercial agreement between the two companies under which Wal-Mart buys Plug Power's fuel-cell powered machines for its distribution centers. Plug Power made the disclosure in a filing with the Securities and Exchange Commission, that outlines the vesting schedule for the warrants, which depends on how much Wal-Mart invests in the company's products and services. Plug Power shares have gained 77% in 2017, while the S&P 500 has gained 10.5%.

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Colgate-Palmolive's stock drops after sales miss offsets in-line profit

MarketWatch Market Pulse - Fri, 07/21/2017 - 07:12

Shares of Colgate-Palmolive Co. tumbled 3.6% in premarket trade Friday, after the personal care products company matched second-quarter profit expectations but missed on sales. Net profit fell to $524 million, or 59 cents a share, from $600 million, or 67 cents a share, in the same period a year ago. Excluding non-recurring items, earnings per share came to 72 cents, in line with the FactSet consensus of 72 cents. Revenue fell to $3.83 billion from $3.85 billion, below the FactSet consensus of $3.90 billion. Oral, personal and home care revenue slipped to $3.25 billion from $3.27 billion, missing the FactSet consensus of $3.32 billion, while pet nutrition revenue was flat at $572 million and missed expectations of $577 million. "As we look ahead, uncertainty in global markets and slowing category growth worldwide remain challenging," said Chief Executive Ian Cook. "Based on current spot rates, we continue to expect a low-single-digit net sales increase for 2017, and given our slower than expected first half, we are now planning for low-single-digit organic sales growth for 2017." The stock has gained 10.2% year to date through Thursday, while the SPDR Consumer Staples Select Sector ETF has tacked on 6.3% and the S&P 500 has advanced 10.5%.

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Schlumberger earnings top estimates, sees robust North American market in second half

MarketWatch Market Pulse - Fri, 07/21/2017 - 07:12

Schlumberger Ltd. shares rose 0.7% premarket Friday, after the energy giant posted second-quarter numbers that beat estimates. The Paris-based company said it had a net loss of $74 million, or 5 cents a share, in the quarter, narrower than the loss of $2.16 billion, or $1.56 a share, posted in the year-earlier period. Adjusted per-share earnings came to 35 cents, ahead of the FactSet consensus of 30 cents. Revenue rose to $7.46 billion from $7.16 billion, also ahead of the FactSet consensus of $7.24 billion. "Beyond seasonal effects, revenue grew in all of our Groups and Areas," Chief Executive Paul Kibsgaard said in a statement. The CEO said the outlook for the second half in North America "remains robust," but that the company is also seeing positive signs in international market with activity and projects picking up in several markets. Shares are down 21.2% in 2017, while the S&P 500 has gained 10.5%.

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UK sidelined as Europe looks beyond Brexit in aerospace

Top Reuters News - Fri, 07/21/2017 - 07:08
PARIS (Reuters) - Britain risks losing clout in the aerospace industry, one of its largest skilled employers, due to concerns over its departure from the European Union, a corporate overhaul at Airbus and a new Franco-German push on defense, industry insiders say.

Honeywell tops sales and profit estimates, raises full-year sales outlook

MarketWatch Market Pulse - Fri, 07/21/2017 - 07:00

Aerospace and defence giant Honeywell International Inc. said Friday it had net income of $1.39 billion, or $1.80 a share, in the second quarter, up from $1.319 billion, or $1.70 a share, in the year-earlier period. Sales rose to $10.08 billion from $9.99 billion. The FactSet consensus was for EPS of $1.78 and sales of $9.88 billion. "Earnings came in at the high end of our guidance range, up 10% year-over-year," Chief Executive Darius Adamczyk said in a statement. "We continued our investments to enhance future profitable growth through new product introductions, additions to the sales organization, and more than $115 million of restructuring funding in the quarter, made possible by a lower-than-planned tax rate." The company raised its full-year sales guidance to a range of $39.3 billion to $40.0 billion, compared with a current FactSet consensus of $39.4 billion. It raised its full-year EPS outlook to a arnge of $7.00 to $7.10, compared with a current FactSet consensus of $7.08. Shares were slightly lower premarket, but have gained 16.5% in 2017, while the S&P 500 has gained 10.5%.

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GE's stock gains after profit and sales beat expectations

MarketWatch Market Pulse - Fri, 07/21/2017 - 06:54

Shares of General Electric Co. rose 0.6% in premarket trade Friday, after the industrial conglomerate reported second-quarter profit and revenue that beat expectations. Net profit fell to $1.19 billion, or 13 cents a share, from $2.76 billion, or 30 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 28 cents, beating the FactSet consensus of 25 cents. Revenue fell 12% to $29.56 billion, but was above the FactSet consensus of $29.14 billion. Oil and gas revenue fell 3% to $3.11 billion but was above the FactSet consensus of $2.93 billion and power revenue increased 5% to $6.97 billion to beat expectations of $6.64 billion, but flat aviation revenue of $6.53 billion missed expectations of $6.70 billion. "The global scale of the Company, along with our ability to innovate industry-leading products and services, will help us navigate the current environment and unlock productivity across our businesses and markets," said Chief Executive Jeff Immelt, in his last quarter in charge of GE. He is set to be replaced as CEO by John Flannery on Aug. 1. The stock has tumbled 15.5% year to date through Thursday, while the SPDR Industrial Select Sector ETF has climbed 10.8% and the Dow Jones Industrial Average has gained 9.4%.

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Tour operators say U.S. to ban citizens from travel to North Korea

Top Reuters News - Fri, 07/21/2017 - 05:06
SEOUL (Reuters) - Two tour agencies that arrange trips to North Korea said on Friday the U.S. government will soon ban its citizens from traveling there, after the death of a U.S. student arrested there while on a tour.

Siemens to quit Russian JV after turbines diverted to Crimea: report

MarketWatch Market Pulse - Fri, 07/21/2017 - 03:22

German industrial group Siemens AG said Friday that it will quit a joint-venture with a Russian power plant after four gas turbines destined for Russia were instead diverted to Crimea, Reuters reported Friday. Siemens said the action violates EU sanctions put in place after Russia annexed Crimea from Ukraine in 2014. The German company said it now will divest of its stake in a power-plant joint venture with Interautomatika, after claiming it has evidence that four of the turbines are now in Crimea. The Russian government maintains that the turbines were manufactured in Russia, using parts made from the country, and said installation in Crimea would go ahead, the BBC reported. Interautomatika had a role in installing and commissioning those turbines that are now in Crimea, sources told Reuters. Siemens said it will now review the involvement of its global companies and subsidiaries with regards to Russian deliveries. A spokesperson for Siemens couldn't immediately be reached for comment.

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Jerusalem on alert as religious tensions rise over holy site

Top Reuters News - Fri, 07/21/2017 - 02:57
JERUSALEM (Reuters) - Israel bolstered security in the Old City of Jerusalem on Friday and prepared for possible clashes with Muslim worshippers after Prime Minister Benjamin Netanyahu decided metal detectors at a sensitive holy site would not be removed.

Surviving Tiananmen 'Gentlemen' mum on Chinese Nobel laureate's death

Top Reuters News - Fri, 07/21/2017 - 00:25
BEIJING (Reuters) - Liu Xiaobo was one of the "Four Gentlemen" of Tiananmen Square, the group that staged a hunger strike in the final days of the 1989 pro-democracy protests in China and tried to hold off tanks and troops moving in to crush the student-led movement.

Strong quake off Turkish and Greek coasts kills two, injures scores more

Top Reuters News - Thu, 07/20/2017 - 23:47
ATHENS/ANKARA (Reuters) - A powerful earthquake of magnitude 6.7 killed two people and injured scores more when it struck near major Turkish and Greek tourist destinations in the Aegean Sea early on Friday, Turkish and Greek officials said.

Trump reshuffles legal team, Kasowitz out: reports

MarketWatch Market Pulse - Thu, 07/20/2017 - 23:43

President Donald Trump reshuffled his legal team Thursday amid a swarm of potentially damaging news. CNN reported Thursday night that Marc Kasowitz, Trump's longtime personal attorney, would be taking a reduced role related to the investigation led by special counsel Robert Mueller into Russian election meddling and possible collusion with Trump's staff. CBS News went further, reporting that Kasowitz was "out as @POTUS attorney." CNN reported that attorney Ty Cobb would take over the lead White House role on the Russia probe, and attorneys John Dowd and Jay Sekolow would be Trump's primary personal outside lawyers. In a related development, Mark Corallo, the spokesman for Trump's legal team, resigned Thursday, according to multiple reports. The shakeup comes as the Washington Post reported Thursday that Trump's legal team was talking to the president about his pardon powers, and was said to be working to undermine Mueller's investigation. In a separate report, the Wall Street Journal reported former Trump campaign manager Paul Manafort was being investigated for possible money laundering related to the Russia probe. Thursday's developments came a day after a revealing interview with the New York Times, in which Trump admitted he had regrets about hiring Attorney General Jeff Sessions and that Sessions' recusal from the Russia probe was "unfair" to him, accused former FBI Director James Comey of lying, and threatened Mueller not to look into his personal finances.

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Linkin Park singer Chester Bennington dead in apparent suicide: coroner

Top Reuters News - Thu, 07/20/2017 - 23:09
LOS ANGELES (Reuters) - Chester Bennington, the lead singer of Linkin Park, was found dead on Thursday of apparent suicide a week before the California alt-rock band was due to embark on a U.S. tour.

Trump may hire Scaramucci to lead White House communications: report

MarketWatch Market Pulse - Thu, 07/20/2017 - 22:42

Wall Street financier Anthony Scaramucci is expected to be named White House communications director, according to a report by Axios on Thursday night. Politico also reported Scarmucci was in the running for the job, but warned that it was not yet a done deal. President Donald Trump's inclination to hire Scaramucci, who founded and recently sold his stake in the hedge fund SkyBridge Capital, came as a surprise to chief of staff Reince Priebus, Axios reported. Scaramucci is a major Republican donor and was rumored to be in line for a top White House communications job at the beginning of the year, though he did not get it. The communications director job has been vacant since Mike Dubke quit at the end of May.

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