Breaking Stock Market and Financial News

Trump to cut off key Obamacare subsidies: report

MarketWatch Market Pulse - Thu, 10/12/2017 - 22:50

President Donald Trump intends to cut off key payments to health insurers, Politico reported Thursday night, in his most aggressive move yet to scrap Obamacare. Politico said the $7 billion in annual subsidies could end almost immediately, since Congress has not allocated any funds for the program. For months, Trump has threatened to cut off the payments, but many Republican lawmakers opposed the move because of the turmoil it could cause to insurance markets. Politico said Trump may announce the cuts Friday. Late Thursday night, New York Attorney General Eric Schneiderman said in a statement that a coalition of states would sue to preserve the subsidies if Trump moves against them. Earlier Thursday, Trump signed an executive order encouraging cheap insurance plans not subject to Affordable Care Act rules.

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Samsung CEO to step down, citing 'unprecedented crisis'

MarketWatch Market Pulse - Thu, 10/12/2017 - 22:12

Samsung Electronics Co. Ltd. Chief Executive and Vice Chairman Kwon Oh-hyun said Friday he would step down when his term ends in March 2018. "As we are confronted with unprecedented crisis inside out, I believe the time has come for the company to start anew with new sprit and young leadership to better respond to challenges," Kwon said in a statement. Kwon, 64, has led the electronics giant since 2012, and has been the conglomerate's de facto leader since Samsung heir Lee Jae-yong was convicted of bribery. Earlier Friday, Samsung forecast record quarterly profits.

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Death toll rises to 31 in California wildfires, hundreds missing

Top Reuters News - Thu, 10/12/2017 - 21:51
SONOMA, Calif. (Reuters) - Firefighters gained ground on Thursday against wildfires that have killed at least 31 people in Northern California and left hundreds missing in the chaos of mass evacuations in the heart of the state's wine country.

Hundreds missing, 29 dead in California wildfires as crews gain ground

Top Reuters News - Thu, 10/12/2017 - 19:38
SONOMA, Calif. (Reuters) - Firefighters began to gain ground on Thursday against wildfires that have killed at least 29 people in Northern California and left hundreds missing in the chaos of mass evacuations in the heart of the state's wine country.

White House chief of staff not quitting, says job is not to control Trump

Top Reuters News - Thu, 10/12/2017 - 19:34
WASHINGTON (Reuters) - White House chief of staff John Kelly slapped down rumors that he was about to resign or be fired and said on Thursday his push to bring more order to the West Wing does not extend to controlling President Donald Trump or his social media habits.

Disney to cut about 200 jobs at its TV networks: source

Top Reuters News - Thu, 10/12/2017 - 18:49
(Reuters) - Walt Disney Co plans to cut about 200 jobs at unit ABC and other cable networks, according to a source familiar with the matter.

Equifax says systems not compromised in latest cyber scare

Top Reuters News - Thu, 10/12/2017 - 17:47
NEW YORK (Reuters) - Equifax Inc said on Thursday that one of its third-party vendors had been running malicious code on one its web pages, but that the credit reporting agency was not the subject of another cyber attack and its systems were not compromised.

Applied Optoelectronics down more than 17% on profit, revenue warning

MarketWatch Market Pulse - Thu, 10/12/2017 - 17:34

Shares of Applied Optoelectronics Inc. fell 17% late Thursday after the Sugar Land, Texas, company warned investors about lower-than-expected third-quarter profit and revenue thanks to lower sales to one of its larger data-center customers. The company called for a GAAP profit in the range of $18.6 million to $19.6 million and an adjusted profit between $21.2 million and $22.2 million, compared with a previous outlook of non-GAAP profit between $26.6 million and $29.4 million. GAAP per-share earnings were tweaked lower to between 91 cents and 96 cents, and adjusted earnings per share seen in a range of $1.04 to $1.09, compared with a previous forecast of adjusted earnings of $1.30 a share to $1.43 a share. Applied Optoelectronics shares ended the regular session down 4.2%.

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Tesla to recall 11,000 Model X SUVs due to seat issue

Top Reuters News - Thu, 10/12/2017 - 17:25
(Reuters) - Electric carmaker Tesla Inc is recalling 11,000 Model X sport utility vehicles worldwide due to a faulty locking mechanism in their rear seats that raises the risk of the seats falling forward in a crash.

Antares Pharma stock plunges more than 30% after FDA letter

MarketWatch Market Pulse - Thu, 10/12/2017 - 17:16

Antares Pharma Inc. announced Thursday that the U.S. Food and Drug Administration had found deficiencies in the drug Xyosted (testosterone enanthate) during its review process, the company said in a statement. Shares plummeted more than 30% to $2.60 after hours. The FDA did not specify what the deficiencies are but did say that it would prevent moving forward with labeling and postmarketing requirements and commitments at this point. Antares submitted the Xyosted application in December 2016. Antares stock was up 60% this year, based on today's closing price, with the S&P 500 index up 14.1%.

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Trump lays out new Iran strategy Friday, complicating European ties

Top Reuters News - Thu, 10/12/2017 - 17:07
nWASHINGTON (Reuters) - President Donald Trump will lay out a more confrontational strategy toward Iran by the United States on Friday in a speech in which he is likely to strike a blow at an international Iran nuclear deal, complicating U.S. relations with European allies.

Analyst hikes Nvidia price target to $220

MarketWatch Market Pulse - Thu, 10/12/2017 - 16:58

Nvidia Corp. is a $220 stock, says RBC Capital Markets analyst Mitch Stevens, who hiked his price target Thursday from a prior $205. Nvidia stock edged down less than 1% to $190.65 after hours. In a note to investors, Stevens wrote that his bull case reflects earnings of $10 per share by fiscal year 2021. What will propel shares to $220 and beyond is the chip company's data center hardware and increased revenue from its gaming segment due to the higher costs of virtual reality hardware and more stable trends in the core segment, he said. Self-driving vehicles, which Nvidia has made significant bets on, will also drive the company's stock. Cryptocurrency mining will add a "moderate boost" as well since miners use some Nvidia GPUs. Investors have sent Nvidia stock up 79% this year, with the S&P 500 index rising 14.1%.

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Fed officials disagree on need for interest-rate hike in December

MarketWatch Market Pulse - Thu, 10/12/2017 - 16:58

Federal Reserve officials disagreed Thursday about the need for more interest rate hikes. St. Louis Fed President James Bullard told Business Insider that there was "no hurry to raise rates" with inflation below target. But, in an interview with CNBC, Boston Fed President Eric Rosengren said he thought another interest rate would be appropriate in December. He said that the Fed had to consider how much asset prices are likely to go up if the central bank doesn't continue to raise rates at a gradual pace. Stocks are fully priced, the Boston Fed president said.

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Hostess Brands' CEO Bill Toler to retire by March 1

MarketWatch Market Pulse - Thu, 10/12/2017 - 16:48

Hostess Brands Inc. , the company best known for Twinkies, is searching for a new leader after Chief Executive Bill Toler informed the company that he plans to retire by March 1. During the interim until a new CEO is named, Dean Metropoulos, executive chairman of the board, will expand his duties to ensure a seamless transfer of leadership, the company said. Hostess shares were off 0.3% after hours.

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U.S. House approves disaster funds as Trump criticizes Puerto Rico

Top Reuters News - Thu, 10/12/2017 - 16:44
WASHINGTON (Reuters) - The U.S. House of Representatives on Thursday approved $36.5 billion in emergency relief for hurricane-hit Puerto Rico and other areas that have suffered recent disasters.

Frustrated by Congress, Trump signs order to weaken Obamacare

Top Reuters News - Thu, 10/12/2017 - 16:36
WASHINGTON (Reuters) - President Donald Trump on Thursday signed an order to make it easier for Americans to buy bare-bones health insurance plans, using his presidential powers to undermine Obamacare after fellow Republicans in Congress failed to repeal the 2010 law.

Tesla to recall some Model X SUVs for seat adjustment

MarketWatch Market Pulse - Thu, 10/12/2017 - 16:26

Tesla Inc. said Thursday it is voluntarily recalling some Model X SUVs for an adjustment to the vehicles' second-row seats. A small number of cables in the second row, fold-flat seats in some 2016 and 2017 Model X models may need the tweak, the company said. Tesla has not received reports of any issues or accidents relating to the issue, but will conduct the recall to inspect affected vehicles, a company spokesperson said. "Although we have never seen any incidence of it in the field, internal testing has indicated that if the cable is not properly adjusted, the seat back on the left side of the second row seats could move forward during a crash," Tesla said. Tesla customers will have a choice to bring their car to a Tesla service center or use the company's mobile service to conduct repairs. Tesla shares were flat in after hours and ended the regular session up 0.3%.

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John Taylor met Trump about Fed chair post

MarketWatch Market Pulse - Thu, 10/12/2017 - 16:24

President Donald Trump met with Stanford University economist John Taylor in the search for a new chairman of the Federal Reserve, a White House official said Thursday, according to media reports. Taylor is best known for the eponymous rule he developed to help the Fed make interest-rate decisions. Taylor has been critical of the central bank's response to the financial crisis. House Republicans hold Taylor in high regard. They have pushed legislation that would require the Fed to follow the "Taylor rule" or a similar interest-rate formula.

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Trump's Iran plans driving EU toward Russia and China: Germany

Top Reuters News - Thu, 10/12/2017 - 16:17
BERLIN (Reuters) - U.S. President Donald Trump's expected move to "de-certify" the international nuclear deal with Iran is driving a wedge between Europe and the United States and bringing Europeans closer to Russia and China, Germany said on Thursday.

Equifax takes down web page after report of new hack

Top Reuters News - Thu, 10/12/2017 - 16:17
NEW YORK (Reuters) - Equifax Inc said on Thursday it has taken one of its customer help website pages offline as its security team looks into reports of another potential cyber breach at the credit reporting company, which recently disclosed a hack that compromised the sensitive information of more than 145 million people.

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