Breaking Stock Market and Financial News

Mourners in Ohio remember U.S. student held prisoner by North Korea

Top Reuters News - Thu, 06/22/2017 - 08:06
WYOMING, Ohio (Reuters) - Friends and family members will gather in Ohio on Thursday to say goodbye to an American student who died days after being returned to the United States in a coma following 17 months in captivity in North Korea.

Shhh...EU leaders try to take migration feud off table, for now

Top Reuters News - Thu, 06/22/2017 - 07:45
BRUSSELS (Reuters) - European Union leaders meeting in Brussels will try to gloss over their feud about who takes in refugees, a change of tactic that some diplomats have linked to Germany's election in September.

Accenture's stock slips after results; sales beat but GAAP margin outlook trimmed

MarketWatch Market Pulse - Thu, 06/22/2017 - 07:23

Shares of Accenture PLC declined 1.3% in premarket trade Thursday, after the business consulting company reported a fiscal third-quarter profit that matched expectations, but trimmed its margin outlook. Net profit for the quarter to May 31 fell to $692.5 million, or $1.05 a share, from $939.8 million, or $1.41 a share, in the same period a year ago. Excluding non-recurring items, such as a pension settlement charge, adjusted earnings per share came to $1.52, in line with the FactSet EPS consensus of $1.52. Net revenue rose to $8.87 billion from $8.43 billion, above the FactSet consensus of $8.82 billion, as both consulting and outsourcing revenue were slightly above expectations. New bookings were $9.8 billion. Looking ahead, company revised the fiscal 2017 GAAP EPS outlook to $5.37 to $5.44 from $5.31 to $5.48, but cut the GAAP operating margin outlook to 13.3% from previous guidance of 13.5% to 13.7%. The adjusted margin outlook was revised to 14.8% from previous guidance of 14.7% to 14.9%. Adjusted EPS is now expected to be $5.84 to $5.91, compared with the FactSet consensus of $5.88. The stock has rallied 8.5% year to date through Wednesday, while the S&P 500 has gained 8.8%.

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Google to push for law enforcement to have more access to overseas data

Top Reuters News - Thu, 06/22/2017 - 05:25
WASHINGTON (Reuters) - Alphabet Inc's Google will press U.S. lawmakers on Thursday to update laws on how governments access customer data stored on servers located in other countries, hoping to address a mounting concern for both law enforcement officials and Silicon Valley.

Airbus concedes defeat to Boeing in Paris order race

Top Reuters News - Thu, 06/22/2017 - 05:17
PARIS (Reuters) - Airbus conceded defeat to arch-rival Boeing at the Paris Airshow on Thursday as a last-minute haul of almost 100 orders, including new interest from Iran, failed to close a gap opened up by the launch of Boeing's new 737 model.

Exclusive: South Korea president calls on China's Xi to do more on North Korea nuclear program

Top Reuters News - Thu, 06/22/2017 - 05:10
SEOUL (Reuters) - South Korean President Moon Jae-in said on Thursday China should do more to rein in North Korea's nuclear program and he would call on President Xi Jinping to 'lift all measures' against South Korean companies taken in retaliation against Seoul's decision to host a U.S. anti-missile defense system.

European stocks face third straight loss as oil shares slump

MarketWatch Market Pulse - Thu, 06/22/2017 - 03:18

European stocks lost ground Thursday, with the oil and gas sector lower as crude prices languished in a bear market. The Stoxx Europe 600 fell 0.3% to 387.40, on track for a third straight session of declines. Oil prices were back in focus, extending losses from Wednesday, when they dropped to their lowest in 10 months. European oil and gas stocks overall gave up 1.2% on Thursday. On major benchmarks, the U.K.'s FTSE 100 moved lower by 0.4% to 7,417.03. France's CAC 40 was off 0.4% at 5,253.47, and Germany's DAX 30 shed 0.3% at 12,733.72. Biggest decliner on the Stoxx 600 was oil producer Tullow Oil PLC as shares fell 2.8%, while Swedish engineering firm Alfa Laval AB topped the index by rising 3.2%. Late Thursday, U.K. Prime Minister Theresa May is expected in Brussels to present Britain's plans for European Union citizens living in the U.K. as part of Brexit negotiations.

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Philippines says Islamist fighters trapped in corner of besieged town

Top Reuters News - Thu, 06/22/2017 - 02:27
MARAWI CITY, Philippines (Reuters) - Islamist militants holed up in a southern Philippines town have been cornered and their firepower is flagging, the military said on Thursday, as the five-week battle for control of Marawi City raged on.

Takata to file for bankruptcy Monday, SMFG to provide bridge loan: sources

Top Reuters News - Thu, 06/22/2017 - 02:04
TOKYO (Reuters) - Takata Corp will seek bankruptcy protection from creditors on Monday, two sources said, as the Japanese company faces billions of dollars in liabilities stemming from the biggest recall in automotive history.

Trump, new Saudi crown prince share hardline views on Iran but risks abound

Top Reuters News - Thu, 06/22/2017 - 01:05
WASHINGTON (Reuters) - Saudi Arabia's new crown prince and likely next king shares U.S. President Donald Trump's hawkish view of Iran, but a more confrontational approach toward Tehran carries a risk of escalation in an unstable region, current and former U.S. officials said.

Staples shares surge on report of $6 billion acquisition by Sycamore

MarketWatch Market Pulse - Wed, 06/21/2017 - 22:15

Shares of Staples Inc. surged nearly 5% in after-hours trading late Wednesday after Reuters reported that private equity firm Sycamore Partners is in advanced talks to acquire the office supplies retailer. Reuters said Sycamore is finalizing a debt financing deal with Staples after beating out Cerberus Capital Management in an auction. A final deal, which may top $6 billion, could be announced next week, the report said. The Wall Street Journal reported in April that the troubled retailer was seeking a buyer. Staples has more than 1,200 stores in the U.S., but has been forced to close hundreds of stores in recent years due to an extended slump in sales. A proposed merger with rival Office Depot Inc. was rejected in 2016 over antitrust concerns. Staples shares are down 0.7% over the past month, and down 1.3% over the past year.

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Islamic State blows up historic Mosul mosque where it declared 'caliphate'

Top Reuters News - Wed, 06/21/2017 - 22:14
MOSUL/ERBIL, Iraq (Reuters) - Islamic State militants on Wednesday blew up the Grand al-Nuri Mosque of Mosul and its famous leaning minaret, Iraq's military said in a statement, as Iraqi forces seeking to expel the group from the city closed in on the site.

Under fire in Washington, Trump back in campaign mode in Iowa

Top Reuters News - Wed, 06/21/2017 - 22:12
CEDAR RAPIDS, Iowa (Reuters) - U.S. President Donald Trump, under siege in Washington, defended his record at a raucous political rally in Iowa on Wednesday, rejecting a Russia investigation as a witch hunt and saying he was succeeding against all odds, despite no major legislative achievements.

Senate healthcare bill expected to cut back Medicaid expansion

Top Reuters News - Wed, 06/21/2017 - 19:34
WASHINGTON (Reuters) - A healthcare bill being released by U.S. Senate Republicans on Thursday is expected to roll back the Obamacare expansion of the Medicaid healthcare program for the poor and reshape subsidies to low-income people buying private insurance.

Trump's son-in-law launches Middle East peace effort

Top Reuters News - Wed, 06/21/2017 - 18:49
JERUSALEM (Reuters) - U.S. President Donald Trump's son-in-law and senior adviser, Jared Kushner, met Israeli and Palestinian leaders on Wednesday to try to revive long-fractured Middle East peacemaking that Washington acknowledged will take some time.

In Brussels, weakened May to outline guarantees for EU expats in Britain

Top Reuters News - Wed, 06/21/2017 - 17:43
LONDON/BRUSSELS (Reuters) - Prime Minister Theresa May will outline on Thursday her approach to the "hugely important issue" of reassuring EU expatriates about their futures in Britain, at a summit that is her first Brexit test since an election sapped her authority.

IT defense contractor Vencore files for IPO

MarketWatch Market Pulse - Wed, 06/21/2017 - 17:36

Virginia-based Vencore Holding Corp. has filed for an initial public offer, according to a late Wednesday filing. Vencore is a government information-technology contractor focusing primarily cybersecurity, data management, and systems support for U.S. intelligence agencies and departments such as Justice and Homeland Security, and it is the "prime contractor" for the U.S. Navy's Tomahawk program, according to the prospectus. The company reported sales of $1.17 billion in 2016, and $285 million in the first quarter of this year. Vencore is expected to trade on the New York Stock Exchange under the symbol VNCR. Private-equity group Veritas Capital Management owns Vencore.

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Altice USA prices initial public offering at $30 a share: Dow Jones Newswires

MarketWatch Market Pulse - Wed, 06/21/2017 - 17:30

Altice USA priced its initial public offering at $30 a share on Wednesday, Dow Jones Newswires reported, citing a source. The IPO price is within its target range of $27 to $31, according to the report. The cable company earlier raised the number of shares it will sell by 37% to 63.9 million shares. Altice is seeking to secure around $2 billion via its stock offering.

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Five Prime Therapeutics founder, CEO to step down

MarketWatch Market Pulse - Wed, 06/21/2017 - 16:33

Biotech company Five Prime Therapeutics, Inc. , said late Wednesday founder and Chief Executive Lewis T. "Rusty" Williams plans leave his post and become executive chairman of the board by next year. The board "will conduct a comprehensive search for a candidate to fill the CEO position," the company said in a statement. Williams will remain in his current role until a new CEO has been appointed, it said. Williams will also serve as chairman of Five Prime's scientific advisory board. Shares of Five Prime ended the regular session up 7%. Shares were down 1% in late trading.

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Steelcase shares plunge after office-furnishing company's earnings miss

MarketWatch Market Pulse - Wed, 06/21/2017 - 16:25

Shares of Steelcase Inc. tanked more than 10% late Wednesday after the office-furniture maker reported first-quarter earnings below Wall Street expectations and forecast second-quarter results that would also be a miss. Steelcase said it earned $18.1 million, or 15 cents a share, in the quarter, compared with 16 cents a share, a year ago. Sales reached $735.1 million, up from $718.8 million a year ago, the company said. Analysts polled by FactSet had expected earnings of 18 cents a share on sales of $745 million. The company said it expects second-quarter revenue to be in the range of $750 million to $780 million, against analyst expectations of around $800 million. Earnings per share were seen between 21 cents and 25 cents for the second quarter. The analysts surveyed by FactSet had forecast second-quarter EPS of 36 cents. Shares of Steelcase had ended the regular session down 1.2%.

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