Breaking Stock Market and Financial News

North Korea fires what appear to be land-to-ship missiles: South Korea

Top Reuters News - Wed, 06/07/2017 - 20:09
SEOUL (Reuters) - North Korea fired what appeared to be several land-to-ship missiles off its east coast on Thursday, South Korea's military said, the latest in a fast-paced series of missile tests defying world pressure to rein in its weapons program.

Trump aides tell him to keep Sessions as U.S. attorney general: sources

Top Reuters News - Wed, 06/07/2017 - 20:04
WASHINGTON (Reuters) - Aides to President Donald Trump are urging him not to fire Attorney General Jeff Sessions despite rifts between the two men, sources familiar with internal White House conversations said on Wednesday.

Violence engulfs Venezuelan capital, teenager protester dies

Top Reuters News - Wed, 06/07/2017 - 19:42
CARACAS (Reuters) - A 17-year-old Venezuelan protester died in ferocious clashes between security forces and protesters in Caracas on Wednesday, taking the death toll from unrest since April to at least 66.

Debt limit showdown looms sooner as wealthy bet on Trump tax cut

Top Reuters News - Wed, 06/07/2017 - 19:15
WASHINGTON/NEW YORK (Reuters) - The U.S. Congress may be headed for a reckoning with the federal debt limit within weeks, thanks to wealthy Americans and corporations deferring tax payments in the hope that they would benefit from the lower tax rates promised by President Trump.

North Korea test-fires anti-ship missiles: report

MarketWatch Market Pulse - Wed, 06/07/2017 - 19:14

North Korea test-fired a number of anti-ship missiles off its east coast Thursday, South Korea's military said. The surface-based missiles were apparently launched from near the coastal city of Wonsan. North Korea has recently stepped up its missile testing, including nine ballistic missile tests so far this year, as tensions with the U.S. have risen. Three U.S. aircraft carrier groups are reportedly in the western Pacific as a show of strength against North Korea, which has repeatedly defied the U.S. and United Nations in developing its ballistic missiles and nuclear-weapons program.

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Conservatives have 7-point edge in YouGov's final U.K. election projection

MarketWatch Market Pulse - Wed, 06/07/2017 - 18:01

The final YouGov projection before Thursday's U.K. snap election predicts the Conservatives will prevail and gain seats in Parliament, though far fewer than predicted six weeks ago. According to the YouGov model, Conservatives will end up with 42% of the votes to Labour's 35%, with Liberal Democrats getting 10% and UKIP 5%. The exact number of seats Tories will gain was unclear, YouGov said, but it is unlikely to be the landslide majority predicted in April. On who would make a better prime minister, YouGov reported 43% said Theresa May, while 32% said Jeremy Corbyn. Polls will close at 10 p.m. Thursday (5 p.m. Eastern time), which is when the first exit polls will be released, giving an indication of who may have won.

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U.S. might expand laptop ban to 71 airports: Homeland Security

Top Reuters News - Wed, 06/07/2017 - 17:36
WASHINGTON (Reuters) - The U.S. government might expand a ban on larger electronics like laptops in airplane cabins to flights originating from dozens of airports in Europe, the Middle East and Africa, the head of Homeland Security said on Wednesday, though an expansion could be avoided if countries agree to improved security procedures.

Verizon expected to cut up to 1,000 Yahoo, AOL jobs after acquisition

MarketWatch Market Pulse - Wed, 06/07/2017 - 17:28

Up to 1,000 layoffs are expected at the combined Yahoo Inc. and AOL companies that Verizon Communications Inc. is in a deal to acquire, according to a report late Wednesday. Those job cuts would account for close to 20% of staff at the combined companies rebranded as Oath, according to Recode, citing unnamed sources. Yahoo has said it expects the acquisition by Verizon to close in June. Yahoo shares were up less than 0.1% at $50.57 after hours, while Verizon shares were unchanged at $46.50.

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Trump says Obamacare in 'death spiral,' urges Congress to act

Top Reuters News - Wed, 06/07/2017 - 17:04
CINCINNATI (Reuters) - U.S. President Donald Trump said on Wednesday that the Obamacare healthcare system is in a "death spiral" and must be reformed soon, a day after insurer Anthem Inc announced it would withdraw from the Ohio healthcare insurance exchange next year.

Pentagon upgrades assessment of ability to defend against ICBMs

Top Reuters News - Wed, 06/07/2017 - 16:56
WASHINGTON (Reuters) - After a successful May test, the Pentagon has upgraded its assessment of its ability to defend the United States against incoming intercontinental ballistic missiles, like the ones North Korea is attempting to develop, according to a memo seen by Reuters on Wednesday.

Missouri governor calls special session on abortion

Top Reuters News - Wed, 06/07/2017 - 16:50
(Reuters) - Missouri's Republican governor on Wednesday said he will convene a special legislative session next week to consider new abortion regulations and counter a local St. Louis law he said made it an "abortion sanctuary city."

Comey relief buoys Wall Street; energy falls with crude

Top Reuters News - Wed, 06/07/2017 - 16:36
NEW YORK (Reuters) - U.S. stocks rose on Wednesday despite a sharp decline in energy shares after written testimony from former FBI director James Comey did not add major revelations about an investigation into Russian meddling with last year's U.S. presidential election.

Men's Wearhouse parent Tailored Brands shares lower after Q1 revenue miss

MarketWatch Market Pulse - Wed, 06/07/2017 - 16:31

Tailored Brands Inc. shares turned lower late Wednesday after the company, the parent of men's apparel retailer Jos. A. Banks, Men's Wearhouse, and others, reported fiscal first-quarter per-share earnings well above Wall Street expectations but missed revenue forecasts. Tailored Brands said it earned $1.8 million, or 4 cents a share, in the quarter, compared with $1.6 million, or 3 cents a share, for the same quarter last year. Adjusted for one-time items, the company earned $13.1 million, or 27 cents a share, compared with $13.9 million, or 29 cents a share, a year ago. Sales reached $782.9 million, down 5% from a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 19 cents a share on sales of $793 million. The agreement with Macy's Inc. to wind down a tuxedo rental partnership "eliminates the risk of extended future operating losses and enables us to focus on our rental business at Men's Wearhouse, Jos. A. Bank and Moores," the company said in a statement. The company reaffirmed the EPS outlook for fiscal 2017 it had provided last month, forecasting earnings between $1.37 and $1.67 a share for the year. As previously announced, all 170 tuxedo shops at Macy's will be closed in the second quarter, the company said. The shares ended the regular session up 5.8%.

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Federal budget deficit $87 billion in May, CBO estimates

MarketWatch Market Pulse - Wed, 06/07/2017 - 16:28

The U.S. government ran a budget deficit of $87 billion in May, the Congressional Budget Office estimated Wednesday. That is $35 billion more than the May 2016 shortfall. The nonpartisan CBO said total receipts were up $15 billion from a year ago, with higher intake of individual taxes reflecting increases in wages and salaries. Spending was up $50 billion from May 2016. For the fiscal year to date, the deficit is $26 billion more than in the first eight months of fiscal 2016.

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Okta shares rally on strong subscription revenue growth

MarketWatch Market Pulse - Wed, 06/07/2017 - 16:21

Shares of Okta rose in Wednesday's extended session after the software company posted a strong growth in subscription revenue in its first quarter as a public company. Okta reported a loss of $28.9 million, or 73 cents a share, compared with a loss of $22.8 million, or $1.22 a share, a year earlier. On an adjusted basis, the company would have lost 50 cents a share. Revenue grew 67% to $53 million and subscription revenue jumped by 75%. Analysts surveyed by FactSet had forecast a loss of 23 cents a share on revenue of $67.7 million. Okta projected second-quarter adjusted loss of 25 cents to 26 cents a share and a loss of $1.11 to $1.15 a share for the full year. Okta rallied 4.9% after hours.

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U.S. stocks recover after two days of losses as financial shares gain

MarketWatch Market Pulse - Wed, 06/07/2017 - 16:03

After two straight days of losses, U.S. stocks recovered Wednesday on the back of strong financial shares even as investors remained wary ahead of former FBI director James Comey's testimony at the Senate. Financials rose 0.8%, helping to offset sharp losses in the energy sector. The S&P 500 rose 3 points, or 0.2%, to close at 2,433. The Dow Jones Industrial Average climbed 36 points, or 0.2%, to end at 21,173 and the Nasdaq Composite Index gained 22 points, or 0.4%, to close at 6,297.

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Head of U.S. missile defense says North Korea missile advances a 'great concern'

Top Reuters News - Wed, 06/07/2017 - 15:54
WASHINGTON (Reuters) - The head of the U.S. Missile Defense Agency, Vice Admiral James Syring, said on Wednesday that technological advances demonstrated by North Korea in its ballistic missile program in the past six months had caused him "great concern."

Oil futures end at 1-month low after a price-settlement delay

MarketWatch Market Pulse - Wed, 06/07/2017 - 15:35

Oil prices dropped Wednesday to finish at their lowest level in about a month after the Energy Information Administration reported a surprise increase in last week's U.S. crude supplies, along with sizable gains in stockpiles of gasoline and distillates. The settlement for futures prices had been delayed. "We experienced a technical issue that delayed dissemination of Nymex WTI and heating oil settlement prices," a CME Group spokesman told MarketWatch. July WTI crude lost $2.47, or 5.1%, to settle at $45.72 a barrel on the New York Mercantile Exchange. That was the lowest settlement since May 4, according to FactSet data.

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Comey didn't tell Trump he would 'let go' of Flynn probe

MarketWatch Market Pulse - Wed, 06/07/2017 - 13:57

Former Federal Bureau of Investigation Director James Comey says in his prepared Senate testimony that he did not tell President Donald Trump he would drop an investigation into former National Security Adviser Mike Flynn. "I did not say I would 'let this go,'" Comey said in remarks released by the Senate Intelligence Committee, where he is due to testify Thursday. Comey, who was fired by Trump on May 9, also said he didn't move, speak or change his expression when Trump asked for loyalty.

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Pandora shares on track to close at 14-month low despite on-going M&A, investment speculation

MarketWatch Market Pulse - Wed, 06/07/2017 - 13:06

Shares of Pandora Media Inc. continued their second straight day of declines, falling more than 5% intraday on Wednesday after closing down nearly 8% on Tuesday. Pandora shares were on track to close at their lowest levels in 14 months. The selloff could make the internet radio streaming company more of an acquisition target. For about a year Liberty Media Corp.-owned satellite radio company Sirius XM had been toying with the idea of making a bid for Pandora. Liberty Media Chief Executive Greg Maffei was on record telling investors he thought Pandora was overvalued and that he'd be more likely to make a move for the company if it were trading at $10 a share. Pandora shares are currently trading at a little more than $8 per share. In early May, Pandora said it had sealed a $150 million investment from private-equity firm KKR, but that it would first explore strategic alternatives before closing the investment. Thursday is the first potential day Pandora could close that investment, according to Macquarie Research analyst Amy Yong. Earlier this week, Verizon said it was considering investing $100 million in Pandora if the music streamer failed to reach a deal with SiriusXM this week. Pandora shares have dropped more than 36% in the year to date, while the S&P 500 index has gained more than 8%.

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