Breaking Stock Market and Financial News

Huge Uber-Softbank deal could come within days, Huffington says

MarketWatch Market Pulse - Mon, 10/16/2017 - 23:32

Softbank Group Corp.'s long-rumored multi-billion-dollar investment in Uber Technologies Inc. could be finalized within the next week, Uber board member Arianna Huffington said Monday night. Speaking at the WSJ D.Live conference in Laguna Beach, Calif., Huffington said the Japanese conglomerate is seeking a 14% to 20% stake in the San Francisco-based ride-hailing giant. She said Uber was still waiting for the right price, though she did not disclose any numbers. Separately, Recode reported late Monday that Softbank was considering the creation of a second investment fund, possibly even bigger than its current $93 billion Vision Fund.

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Searchers pick through burned-out California homes for bodies

Top Reuters News - Mon, 10/16/2017 - 20:02
SANTA ROSA, Calif. (Reuters) - Search-and-rescue teams combed through gutted homes across California's celebrated wine country on Monday, looking for the charred bodies of those killed in the state's deadliest wildfires, as survivors slowly began returning home.

Senate confirms Callista Gingrich as U.S. Ambassador to Vatican

Top Reuters News - Mon, 10/16/2017 - 19:58
WASHINGTON (Reuters) - The U.S. Senate on Monday voted to confirm President Donald Trump's nomination of Callista Gingrich to be the U.S. Ambassador to the Vatican.

Netflix adds more subscribers than expected, shares hit record

Top Reuters News - Mon, 10/16/2017 - 19:36
(Reuters) - Netflix Inc added more subscribers than expected around the world in the third quarter and projected growth in line with Wall Street forecasts, saying it had a head start on rivals as internet television expands globally.

Trump declares Obamacare 'dead,' urges Democratic help for short-term fix

Top Reuters News - Mon, 10/16/2017 - 19:13
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday declared Obamacare "dead" and "gone," but urged Republicans and Democrats in Congress to craft a short-term fix of healthcare markets under the 7-year-old law that critics say he has effectively sabotaged.

U.S. judge questions government on Trump's latest travel ban

Top Reuters News - Mon, 10/16/2017 - 18:29
GREENBELT, Md. (Reuters) - A U.S. judge on Monday questioned attorneys defending the Trump administration about a classified report the government is using to justify its latest ban on citizens of some countries from entering the United States.

LiveXLive seeks to raise up to $123.8 million in IPO

MarketWatch Market Pulse - Mon, 10/16/2017 - 17:36

LiveXLive Media Inc. plans to raise up to $123.8 million in its initial public offering, according to a Securities and Exchange Commission filing late Monday. The Beverly Hills, Calif.-based live-music video content site said will offer 7.7 million shares at $12 to 14 apiece, with underwriters getting an additional 1.2 million shares to cover overallotments. BMO Capital markets is listed as the sole book-running manager. The company plans to list with the ticker "LXL" on the New York Stock Exchange. LiveXLive reported 2016 revenue of $36.7 million and a net loss of $6.6 million, or $10.5 million to common shareholders.

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Sonic shares fall 3% after same-store sales falter after Hurricane Harvey

MarketWatch Market Pulse - Mon, 10/16/2017 - 17:08

Shares of Sonic Corp. fell more than 3% late Monday after the fast-food company reported weaker-than-expected same-store sales in the fourth quarter of fiscal 2017, pinning the decline in part to devastation brought on by Hurricane Harvey and marketing failures. Sonic said it earned $20.8 million, or 50 cents a share, compared with $25.4 million, or 53 cents a share, in the same period of last year. Adjusted for one-time items, Sonic earned 45 cents a share, the same as last year's period. Sonic's sales reached $123.6 million, down from $162 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 43 cents a share on sales of $126.1 million. Same-store sales fell 3.3% in the quarter. The analysts surveyed by FactSet had expected a decline of 1.6% for same-store sales.

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Microsoft CEO gets $20 million in total compensation

MarketWatch Market Pulse - Mon, 10/16/2017 - 17:03

Microsoft Corp. Chief Executive Satya Nadella is getting at $2.3 million raise this year. Nadella's total compensation is valued at $20 million, up from $17.7 million in 2016, according to a filing with the Securities and Exchange Commission Monday. The CEO receives a $1.45 million cash salary, $11.4 million in stock awards, and up to a $7 million cash bonus. Nadella received $18.2 million in total compensation in 2015. Jean-Philippe Courtois, president of global sales, marketing and operations is Microsoft's second highest paid executive with $18.2 million in total compensation, according the the SEC filing. Microsoft stock was flat at $77.65 after hours. Shares in the Redmond, Wash.-based company are up 25% this year, with the S&P 500 index up 14%.

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U.S. judge questions challengers of Trump's latest travel ban

Top Reuters News - Mon, 10/16/2017 - 16:51
GREENBELT, Maryland (Reuters) - A U.S. judge lobbed tough questions at attorneys representing refugee groups and immigrant advocates seeking to overturn the Trump administration's latest policy banning citizens of some countries from entering the United States.

Venezuela vote dispute increases threat of new foreign sanctions

Top Reuters News - Mon, 10/16/2017 - 16:49
CARACAS (Reuters) - Venezuela's opposition cried foul on Monday over the ruling socialists' surprise win in gubernatorial elections, raising the prospect of more foreign sanctions against the country as France and the United States both criticized the vote.

Netflix shares gain after company adds more subscribers than expected in Q3

MarketWatch Market Pulse - Mon, 10/16/2017 - 16:34

Netflix Inc. shares popped more than 2.5% after the streaming giant reported earnings for the third quarter in which it added more subscribers than expected. Netflix reported net income of $129.6 million, or 29 cents per share, up from income of $51.5 million, or 12 cents per share during the same quarter a year ago. FactSet's earnings consensus was for 32 cents per share. Revenue for the third quarter was $2.98 billion, up from $2.29 billion a year ago and slightly above FactSet's consensus of $2.97. Netflix continued added 5.3 million subscribers in the quarter, an increase compared with the 3.6 million the company added during the same quarter last year. The company had guided for net additions of 4.4 million and FactSet's subscriber adds consensus was 4.5 million. Shares of Netflix have gained nearly 64% in the year to date, while the S&P 500 index is up more than 14% and the Dow Jones Industrial Average is up close to 16%.

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U.S. stock benchmarks close at records

MarketWatch Market Pulse - Mon, 10/16/2017 - 16:01

U.S. stocks ended with modest gains on Monday, as major indexes eked out closing records as investors looked ahead to the release of major corporate earnings expected to show strong fundamentals. The Dow Jones Industrial Average rose 83 points, or 0.4%, to 22,955. The S&P 500 added 4 points, or 0.2%, to 2,558. The Nasdaq Composite Index rose 18 points to 6,624, a rise of 0.3%. Wall Street has been in a pronounced uptrend of late; last week, both the Dow and the S&P closed out their fifth straight weekly advance, while the Nasdaq has risen for three straight weeks. Financial stocks were among the strongest of the day, with the sector up 0.7%. J.P. Morgan Chase & Co. rose 2.1% while Bank of America Corp. was up 1.6%. Markets were also supported by the latest economic data. The New York Fed reported that its Empire State manufacturing index climbed to a three-year high of 30.2 in October from 24.4 in September, topping the Econoday-compiled consensus of 20.

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U.S. police deaths on duty spiked in 2016: FBI

Top Reuters News - Mon, 10/16/2017 - 15:49
WASHINGTON (Reuters) - Sixty-six police officers were killed on the job by felons in 2016, up about 61 percent from 41 deaths a year ago, the U.S. Federal Bureau of Investigation said on Monday.

Patchwork of destruction left by deadly California wildfires

Top Reuters News - Mon, 10/16/2017 - 15:38
SANTA ROSA, Calif. (Reuters) - Californians on Monday picked through the debris of homes and businesses incinerated by the deadliest wildfires in the state's history while firefighters hoped to have the blazes contained by Friday.

Trump says he believes Cuba responsible for attacks that hurt U.S. diplomats

Top Reuters News - Mon, 10/16/2017 - 15:25
WASHINGTON (Reuters) - President Donald Trump said on Monday that he believes Havana is responsible for a series of incidents that Washington thinks hurt at least 22 U.S. diplomats over a period of months in Cuba, prompting Washington to scale back its presence there.

Colony Capital injects cash, in talks to buy Weinstein Co

Top Reuters News - Mon, 10/16/2017 - 15:05
NEW YORK (Reuters) - The Weinstein Company has entered talks to sell the bulk of its assets to private equity firm Colony Capital, the companies said on Monday, as the film production company looks for stability after the departure of co-founder Harvey Weinstein.

North Korea warns states: Don't join any U.S. action and you're safe

Top Reuters News - Mon, 10/16/2017 - 14:59
UNITED NATIONS (Reuters) - North Korea warned countries at the United Nations on Monday in a statement: don't join the United States in military action against the Asian state and you will be safe from retaliation.

Oil prices finish at highest level in nearly 3 weeks

MarketWatch Market Pulse - Mon, 10/16/2017 - 14:50

Oil prices climbed Monday to settle at their highest level in nearly three weeks as tensions in the Middle East raised concerns about global crude supplies. Iraqi forces reportedly seized the city of Kirkuk and its surrounding oil fields from Kurdish forces Monday. Uncertainty surrounding the survival of the Iran nuclear deal also boosted prices. Meanwhile, a monthly report from the Energy Information Administration, released shortly before Nymex oil prices settled Monday, failed to put pressure on prices. The report said shale crude-oil production from seven major U.S. oil plays is expected to edge up by 81,000 barrels a day in November to 6.12 million barrels a day. November West Texas Intermediate oil rose 42 cents, or 0.8%, to settle at $51.87 a barrel--the highest since Sept. 27.

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Trump interviewing Yellen this week about staying as Fed chief: report

MarketWatch Market Pulse - Mon, 10/16/2017 - 14:25

President Trump is due to meet with Federal Reserve Chairwoman Janet Yellen about serving a second term running the central bank, Politico reported, citing people familiar with the matter. Trump has previously said he was considering Yellen for the post. Other finalists include Fed Gov Jerome Powell, former Fed Gov. Kevin Warsh, Stanford economist John Taylor and National Economic Council Director Gary Cohn.

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