Breaking Stock Market and Financial News

Stocks slide on doubts over Trump agenda

MarketWatch Market Pulse - Mon, 03/27/2017 - 09:32

The U.S. stock market fell sharply on Monday as investors' confidence in Trump administration's ability to implement fiscal policy changes was dented after a health-care bill was scrapped ahead of a House vote last week. Lower oil prices put pressure on energy companies. Meanwhile, financials continued their slide, with big banks among top decliners. Bank of America Corp. fell more than 3% at the open. The S&P 500 opened 18 points, or 0.8%, lower to 2,325. The Nasdaq Composite fell 50 points, or 0.9%, to 5,777. The Dow Jones Industrial Average skidded 145 points, or 0.7%, to 20,448.

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ECB should get ready to tighten policy, Lautenschläger says

MarketWatch Market Pulse - Mon, 03/27/2017 - 09:15

The European Central Bank should start getting ready to adjust its monetary policy, suggested Sabine Lautenschläger, a member of the ECB's executive board, in a CNBC interview on Monday. "We should prepare for a change in the policy, and as soon as the [economic] data is stable, and we have a sustainable path towards our objective of price stability, then we are well prepared to do," she said. The current loose policy is necessary, but inflation could continue to rise, according to Lautenschläger.

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Okta sets price range for up to $165 million offering

MarketWatch Market Pulse - Mon, 03/27/2017 - 09:13

Okta Inc. , an identity management company, set a price range of $13 to $15 Monday for its initial public offering. The company plans to sell 11 million shares, which would raise $165 million at the high end of its range. Okta was last valued at $1.2 billion in the private market. If it prices at the high end of its range, it would have a public market cap of $1.36 billion.

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Trump's son-in-law to oversee White House office to revamp government: report

Top Reuters News - Mon, 03/27/2017 - 09:04
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday is set to announce his son-in-law, Jared Kushner, will take on a White House role to oversee a broad effort to overhaul the federal government, The Washington Post reported, citing statements from both men.

Macy's partners with G-III to become exclusive retailer of Donna Karan line, DKNY

MarketWatch Market Pulse - Mon, 03/27/2017 - 08:57

Macy's Inc. said Monday that it has signed an exclusive agreement with G-III Apparel Group Ltd. to become the exclusive U.S. department store retailer of DKNY women's apparel, handbags and shoes, along with men's and women's outerwear and swim. DKNY is the line founded by Donna Karan in 1989. G-III acquired DKNY in December 2016. Under the deal, Macy's and DKNY will work together on exclusives and brand extensions, and there are plans for additional and upgraded shop-in-shops. G-III will continue to operate global DKNY stores and the line's website. And G-III will maintain agreements will license partners and distributors outside of the U.S., as well as licensees for merchandise outside of the aforementioned categories. Macy's shares are down 0.8% in premarket trading and down 35.2% for the past year. G-III shares are down 13.2% in premarket trading and 49.5% for the last 12 months. The S&P 500 index is up 15.1% for the past year.

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Vivus Inc. stock rises 4.6% after regaining certain commercial rights for Stendra from Sanofi

MarketWatch Market Pulse - Mon, 03/27/2017 - 08:54

Vivus Inc. shares rose 4.6% in premarket trade Monday after the company said it would regain the right to commercialize and promote erectile dysfunction drug Stendra in Africa, the Middle East, Turkey and Russia from Sanofi S.A. . Sanofi got commercial rights for Stendra in those countries in late 2013, and the return of the rights to Vivus were decided as part of a March 23 agreement, according to a 8-K filed by Vivus on Monday. Vivus shares have declined 7.6% over the last three months and Sanofi shares have risen 9.2%, compared with a 3.3% rise in the S&P 500 .

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All but 1 of the Dow's components are falling premarket, as Dow futures tumble

MarketWatch Market Pulse - Mon, 03/27/2017 - 08:40

All but one of the Dow Jones Industrial Average's 30 components trading before Monday's open are declining, with five of those components falling more than 1%. Among the biggest losers, shares of J.P. Morgan Chase & Co. slumped 2.1%, of Goldman Sachs Group Inc. dropped 2.1%, of Caterpillar Inc. shed 1.8% of American Express Co. slid 1.4% and of Nike Inc. lost 1.2% and Visa Inc. gave up 1%. The long gainer was DuPont & Co.'s stock , which ticked up 0.1% in light trade. Dow industrials futures tumbled 159 points.

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Allergan, Paratek Pharma report positive results in late-stage trial of acne treatment

MarketWatch Market Pulse - Mon, 03/27/2017 - 07:48

Shares of Allergan Plc and Paratek Pharmaceuticals Inc. rose premarket Monday, after the companies reported positive results for a trial of a treatment for moderate to severe acne. The companies said two Phase 3 trials of sarecycline met their primary endpoints. Allergan is planning to seek U.S. Food and Drug Administration approval for the drug in the second half. "Sarecycline is a narrow spectrum antibiotic, which we believe can offer meaningful clinical benefits for patients afflicted with acne," Paratek Chief Medical Officer Evan Loh said in a statement. Paretek shares rose 11% premarket, while Allergan was up 0.3%.

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G-III's stock plunged toward 4-year low after disappointing results, outlook

MarketWatch Market Pulse - Mon, 03/27/2017 - 07:47

Shares of G-III Apparel Group Ltd. plunged 9.9% toward a four-year low in premarket trade Monday, after the branded apparel and accessories maker reported a wider-than-expected fiscal fourth-quarter loss and provided a downbeat outlook. For the quarter to Jan. 31, G-III swung to a net loss of $20.1 million, or 42 cents a share, from a profit of $8.0 million, or 17 cents a share, from the same period a year ago. Excluding non-recurring items, the adjusted per-share loss was 16 cents, compared with the FactSet loss consensus of 10 cents. Revenue rose to $603.3 million from $527.4 million, but missed the FactSet consensus of $622.8 million. For the current fiscal year, G-III's EPS outlook of 80 cents to 90 cents was below the FactSet consensus of $1.34, and the sale guidance of "approximately" $2.73 billion was below expectations of $2.89 billion. " Our non-outerwear wholesale business performed well in the face of significant headwinds as the traditional retail environment has become increasingly disrupted as a result of evolving consumer buying behavior and continued penetration of e-commerce," said Chief Executive Morris Goldfarb. The stock has tumbled 22% year to date through Friday, while the S&P 500 has gained 4.7%.

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'Religious left' emerging as U.S. political force in Trump era

Top Reuters News - Mon, 03/27/2017 - 07:41
(Reuters) - Since President Donald Trump's election, monthly lectures on social justice at the 600-seat Gothic chapel of New York's Union Theological Seminary have been filled to capacity with crowds three times what they usually draw.

Sealed Air to sell New Diversey, food hygiene business to Bain Capital for about $3.2 billion

MarketWatch Market Pulse - Mon, 03/27/2017 - 07:39

Food packaging company Sealed Air Corp. said Monday it has agreed to sell its Diversey Care division and the food hygiene and cleaning business of its food care division to private-equity firm Bain Capital in a deal worth about $3.2 billion. Sealed Air will use the proceeds to pay down debt, buy back shares and fund growth initiatives, including possible acquisitions for its food and product care divisions. The company's board has approved an additional $1.5 billion for its share buyback authorization, bringing the total to about $2.2 billion. The sale of New Diversey is expected to close in the second half. The business has about 8,600 workers globally and along with the food hygiene business generated sales of about $2.6 billion in 2016. Sealed Air shares were flat premarket, but are down 1.5% in the year so far, while the S&P 500 has gained 4.7%.

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Snapchat parent Snap's stock surges after a number of bullish analyst calls

MarketWatch Market Pulse - Mon, 03/27/2017 - 07:28

Shares of Snapchat parent Snap Inc. surged 3.6% in premarket trade Monday, after a number of Wall Street analysts started coverage of the social media company with bullish ratings and price targets. No less than eight analysts initiated coverage of Snap, according to FactSet, with five of them giving the company the equivalent of buy ratings, and three placing hold ratings, with price targets ranging from $23 to $31. That brings the average rating of the 25 analysts surveyed by FactSet to hold, and the average price target to $23.27, which was 2.3% above Friday's closing price of $22.74. Analyst Mark Mahaney at RBC Capital, which was not among the lead underwriters, initiated Snap at outperform and set the highest of the price targets at $31, saying the company has become an innovation leader for consumers and advertisers in the fastest advertising medium, mobile. "We believe that if it sustains its current level of innovation, it can sustain premium growth for a long time and scale to profitability," Mahaney wrote in a note to clients. Through Friday, the stock has lost 7.1% since its closed at $24.48 on its first day of trade, which was 44% above its IPO price of $17. The S&P 500 has lost 1.6% over the same time.

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Kremlin rejects U.S., EU calls to free detained opposition protesters

Top Reuters News - Mon, 03/27/2017 - 06:56
MOSCOW (Reuters) - The Kremlin on Monday rejected calls by the United States and the European Union to release opposition protesters detained during what it said were illegal demonstrations on Sunday and accused organizers of paying teenagers to attend.

China Southern in talks over American Airlines tie-up

Top Reuters News - Mon, 03/27/2017 - 04:11
SHANGHAI (Reuters) - China Southern Airlines is in talks over a tie-up with American Airlines that could involve the U.S. carrier taking a stake in the state-owned airline, boosting routes between the world's two largest travel markets.

Hong Kong protest leaders ominously told they face charges day after new leader chosen

Top Reuters News - Mon, 03/27/2017 - 03:33
HONG KONG (Reuters) - Hong Kong police on Monday told at least nine organizers of 2014's pro-democracy demonstrations they will face charges, protest leaders said, an ominous sign just a day after a new Beijing-backed leader was chosen, vowing to unite society.

Thousands flee as Cyclone Debbie bears down on Australia

Top Reuters News - Mon, 03/27/2017 - 00:29
SYDNEY (Reuters) - Thousands of Australians abandoned their homes as a powerful cyclone bore down on coastal towns in Queensland on Monday, while others ignored authorities' advice to evacuate with winds forecast to reach up to 300 km per hour (185 mph).

Stocks stumble on U.S. policy woes; Trumpflation trades suffer

Top Reuters News - Mon, 03/27/2017 - 00:09
HONG KONG (Reuters) - U.S. stock futures and the dollar fell on Monday while Asian markets struggled as President Donald Trump's failure on healthcare reform raised questions about his ability to push through tax cuts and fiscal spending to boost the economy.

South Korea prosecutors seek arrest warrant for ousted president Park

Top Reuters News - Sun, 03/26/2017 - 23:34
SEOUL (Reuters) - South Korean prosecutors said on Monday they will seek an arrest warrant for ousted president Park Geun-hye, which would see her held in a cell for up to 20 days while being investigated on charges of taking bribes from big businesses.

United Airlines bars teenage girls in leggings from flight

Top Reuters News - Sun, 03/26/2017 - 22:27
(Reuters) - Two teenage girls wearing leggings were barred from boarding a United Airlines flight on Sunday because they did not meet a dress code for special pass travelers, a company spokesman said amid a furor on social media.

Trump to sign order on Tuesday easing energy regulations: officials

Top Reuters News - Sun, 03/26/2017 - 19:33
WASHINGTON (Reuters) - President Donald Trump will sign an order on Tuesday aimed at making it easier for companies to produce energy in the United States, administration officials said on Sunday.

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