Breaking Stock Market and Financial News

Six people in the U.K. found guilty of running boiler-room scam

MarketWatch Market Pulse - Mon, 12/11/2017 - 11:18

Three people in the U.K. were found guilty on Monday for their roles in a running a series of boiler rooms that resulted in investors losing more than £2.7 million, said the country's financial industry watchdog. Another three defendants had already pleaded guilty in the proceedings, the Financial Conduct Authority said in a statement. The FCA said the defendants, whose names couldn't yet be released, will be sentenced in Southwark Crown Court in London at a later date.

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Russian military chief criticizes U.S., Japan and South Korea drills

Top Reuters News - Mon, 12/11/2017 - 11:12
TOKYO (Reuters) - Russia's military chief warned on Monday that military exercises by Japan, the United States and South Korea aimed at countering North Korea only raise hysteria and create more instability in the region.

Powell faces early test of policy view as tax cuts near approval

Top Reuters News - Mon, 12/11/2017 - 11:11
WASHINGTON (Reuters) - Incoming Federal Reserve chair Jerome Powell, chosen by U.S. President Donald Trump to keep the recovery humming, appears set to let an expected trillion=dollar tax cut run its course through the economy as weak wage growth and inflation buttress his view that the economy remains underpowered.

Newly minted bitcoin futures indicate more modest growth ahead

Top Reuters News - Mon, 12/11/2017 - 10:49
NEW YORK/SYDNEY/LONDON (Reuters) - Newly launched bitcoin futures indicated on Monday that financial markets expect the cryptocurrency to climb further but at a far slower rate than in recent weeks as warnings of a bubble grew.

Ex-contractor says he shut Trump's Twitter account by accident

Top Reuters News - Mon, 12/11/2017 - 10:49
FRANKFURT (Reuters) - The contractor who shut down Donald Trump's Twitter account has told Reuters he did so by mistake, but says he believes some of the U.S. president's recent tweets breach the social network's ban on hate speech.

EU tells Netanyahu it rejects Trump's Jerusalem move

Top Reuters News - Mon, 12/11/2017 - 10:37
BRUSSELS (Reuters) - Prime Minister Benjamin Netanyahu took his case to Europe to ask allies to join the United States in recognizing Jerusalem as Israel's capital, but was met by a firm rebuff from EU foreign ministers who saw the move as a blow against the peace process.

S&P, Dow flat after explosion at New York commuter hub

Top Reuters News - Mon, 12/11/2017 - 10:23
(Reuters) - The S&P 500 and the Dow were flat in early morning trading on Monday after an explosion rocked New York's Port Authority, one of the city's busiest commuter hubs.

Mattel's credit downgraded to a 'junk' rating at Moody's

MarketWatch Market Pulse - Mon, 12/11/2017 - 10:21

Mattel Inc.'s senior unsecured bond ratings were downgraded three notches to a "junk" rating of Ba3 from Baa3 at Moody's Investors Service, which cited the toy maker's weak performance this year and the lowered profit expectations for the holiday season. Moody's also cut Mattel's short-term rating to Not Prime from Prime-3. The rating outlook is stable. Moody's said it expects the lowered profit outlook to contribute to "much higher than previously expected year-end leverage." Separately, S&P Global Ratings downgraded on Monday Mattel's credit rating, which it already had rated "junk," one notch to BB- from BB, with a negative outlook. Mattel's stock rose 2.4% in morning trade, but has plunged 44.1% year to date, while the S&P 500 has gained 18.6% so far this year.

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Most wanted beauty product by women is the eyeshadow palette while men want moisturizer

MarketWatch Market Pulse - Mon, 12/11/2017 - 10:20

Of all beauty products, women most want a new eyeshadow palette for the holidays, according to a survey of more than 2,000 American women conducted by SkinStore, a beauty retailer. Two skincare products, serum and night cream, round out the top three choices. A survey of more than 2,000 men found that their number one beauty choice was moisturizer, followed by shaving products and facial wash. Beauty stocks like Ulta Beauty Inc. and e.l.f. Beauty Inc. have taken a beating in 2017, down nearly 13% and 24.5% for the year so far respectively as the S&P 500 index has risen 18.6%. Still Cowen & Company analysts said in a Nov. 30 note that skincare, fragrances and hair care are "bright spots" in a sea of disruptions like hurricanes and soft makeup trends. "Ulta's loyalty program and store format are sustainable competitive advantages, and customer relationships as well as vendor relations are competitive moats," analysts wrote. They rate Ulta shares outperform with a $246 price target.

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Verizon stock rises on announcement of new NFL deal

MarketWatch Market Pulse - Mon, 12/11/2017 - 10:14

Verizon Inc. shares gained 0.5% in Monday morning trading after the company said that it had signed a new streaming agreement with the NFL, reportedly worth more than $2 billion over five years, according to the Wall Street Journal. Under the deal, Verizon would have the rights to stream national and in-network NFL games on mobile devices, with the games available to viewers regardless of their wireless carrier. The deal begins in January and will include the NFL playoffs. Viewers will be able to watch the games on Yahoo, Yahoo Sports, go90, and the NFL's app. Verizon is trying to make a bigger push into the media business, after acquiring Yahoo's internet assets earlier this year and AOL in 2015. Verizon shares have fallen 4.1% so far in 2017, compared with a 19% gain for the S&P 500 Index .

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Disney, Chevron, 3M stocks help Dow industrials firm early gain

MarketWatch Market Pulse - Mon, 12/11/2017 - 10:09

The Dow Jones Industrial Average saw early gains firm on Monday, buoyed by early share rises in Walt Disney Co., Chevron Corp., and 3M Co. Shares of those Dow components were adding about 30 points to the price-weighted benchmark. The Dow was most recently up 40 points, or 0.2%, at 24,366. A $1 move in any one of the Dow's 30 components equates to a roughly 6.8-point swing in the Dow. Elsewhere, the S&P 500 index was up 4.56 points, or 0.2%, at 2,655. Both the S&P 500 and the Dow were trading in record territory, Meanwhile, the Nasdaq Composite Index was up 0.2% at 6,856.

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Trump to start process of sending Americans back to moon: White House

Top Reuters News - Mon, 12/11/2017 - 10:07
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday will sign a directive aimed at sending Americans back to the moon and eventually to Mars, the White House said.

Explosion rocks New York commuter hub, suspect in custody

Top Reuters News - Mon, 12/11/2017 - 10:05
NEW YORK (Reuters) - An explosion rocked New York's Port Authority Bus Terminal, one of the city's busiest commuter hubs, on Monday morning and police said one suspect was injured and in custody, with three other injuries reported.

Stock market trades flat as bitcoin futures trade kicks off

MarketWatch Market Pulse - Mon, 12/11/2017 - 09:51

U.S. stock indexes opened slightly higher Monday, as investors look ahead to a coming meeting by the Federal Reserve's monetary-policy-making committee, and after bitcoin made its trading debut in the futures market late Sunday. The Dow Jones Industrial Average opened higher but was mostly trading at break-even at 24,331, while the S&P 500 index traded about 0.1% higher at 2,652, and the Nasdaq Composite Index gained 10 points, or 0.2%, higher at 6,849. Meanwhile, was at $17,900, after the Cboe Global Market Inc. kicked off trade of the volatile cryptocurrency at 6 p.m. Eastern time on Sunday. Markets are awaiting a key meeting of the Federal Open Market Committee on Wednesday, where a lifting of benchmark U.S. interest rates is expected.

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Arch Coal's stock rallies to record after 500,000 shares buyback deal

MarketWatch Market Pulse - Mon, 12/11/2017 - 09:46

Shares of Arch Coal Inc. rallied 2.4% toward a record high in morning trade Monday, after the coal producer announced a deal to buy back 500,000 shares from its second-largest shareholder, Monarch Alternative Capital LP. The company said it will repurchase the stock at $83.03 a share, which was 2.2% below Friday's closing price of $84.94, for a total of $41.5 million. The deal is expected to close on our about Dec. 14. Arch said the repurchase is part of its existing $500 million buyback program. Monarch owned 2.56 million Arch shares, or 10.5% of the shares outstanding, as of Sept. 30, according to FactSet, which was second to OppenheimerFunds Inc.'s 13.6 million shares outstanding. Arch's stock has rallied 11.4% year to date, while the S&P 500 has climbed 18.5%.

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Spark Therapeutics shares slide more than 40% after hemophilia data disappoint

MarketWatch Market Pulse - Mon, 12/11/2017 - 09:39

Shares of gene therapy biotech Spark Therapeutics Inc. tumbled more than 40% in early trade Monday, after it reported data from trials of a hemophilia treatment that analysts said look less competitive than a rival product from BioMarin Pharmaceutical Inc. The company presented early data from a trial of its SPK-8011 in hemophilia A involving five patients. "Although the enrollment size is small so far (n=5), early signs raise more caution than encouragement, on balance, and lead us to question whether there will be adequate dose-response for patients to reliably achieve normal Factor VIII expression levels," Leerink analysts wrote in an early note. Spark also unveiled longer-term data from a treatment for hemophilia B, that it is working on with Pfizer Inc. Shares are down 14.7% for 2017, while the S&P 500 has gained 18%. BioMarin shares rose 8.4%.

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The Trade Desk stock rises after SunTrust upgrades to buy

MarketWatch Market Pulse - Mon, 12/11/2017 - 09:38

Shares of programmatic-advertising firm The Trade Desk Inc. gained 8% in Monday trading after analysts at SunTrust Robinson Humphrey upgraded the stock to buy from hold. The analysts, led by Youssef Squali, think that the company's risk/reward balance now looks attractive following a recent pullback in the stock price over the past month. While the company has exposure to the packaged-good and retail sectors, two troubled areas, Squali is upbeat about the future of programmatic advertising. He believes that large retail and packaged good firms "will come back and increase their spend, because online is where the eyeballs are and because programmatic is one of the most efficient ad channels online." The company could also be a beneficiary of tax reform, he wrote in a note to clients. Shares of The Trade Desk have gained 75% so far in 2017, compared with an 18% rise for the S&P 500 Index .

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Grubhub stock rises after analyst cites easing of competitive pressures

MarketWatch Market Pulse - Mon, 12/11/2017 - 09:35

Analysts at KeyBanc Capital Markets raised their price target on Grubhub Inc. to $80 on Monday, matching the highest target among Wall Street analysts tracked by FactSet. Grubhub shares gained 2.4% in morning trading. The analysts, led by Brad Erickson, believe that Grubhub is effectively withstanding competitive pressure from Uber, Amazon.com Inc. , and others. "Amazon's impact has quieted relative to prior rounds of checks" with restaurants," Erickson wrote. He also sees numerous potential acquisition targets for Grubhub that would be "almost immediately accretive and could be done tactically in the event of incremental softness in gross food sales." These include meal-kit firms Munchery and Gobble, as well as food-delivery companies DoorDash and Delivery.com. Grubhub's stock has gained 81% so far in 2017, compared with an 18% rise for the S&P 500 Index .

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Skechers is one of 2018's best ideas, Burlington Stores to benefit from tax reform: Cowen analysts

MarketWatch Market Pulse - Mon, 12/11/2017 - 09:33

Skechers USA Inc. is one of the best ideas for 2018 according to Cowen & Co. thanks to its number two casual shoe position in a recent analyst survey, international growth potential and improving product cycle. Skechers only trails Nike Inc. . "The breadth and depth of the Skechers assortment and the brand's global reach, category expansion opportunities and consumer perception is underappreciated (based on relative valuation to peers)," Cowen analysts led by John Kernan wrote in a note. They "conservatively" forecast global same-store sales to grow 3% in fiscal 2018. Cowen rates Skechers shares outperform with a $42 price target, up from $38. Cowen analysts also say off-price retailer Burlington Stores Inc. is "retail's top tax reformer" with tax benefit forecast to occur in fiscal 2019, but could happen in fiscal 2018. Moreover, off-price companies like Burlington, TJX Cos. and Ross Stores Inc. now account for 13% of U.S. clothing and accessories sales, up from 10% in 2010. "The off-price channel has succeeded on price, flow of goods, buyers in the market, newness, scarcity and unparalleled value," Cowen wrote. Cowen rates Burlington shares outperform and raised its price target to $132 from $115. Skechers shares are up 45% for the year so far and Burlington shares are up 33.2% for 2017 to date, both outpacing the S&P 500 index rise of 18.4% for the period.

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Teva's stock gains after exclusive launch of generic Viagra

MarketWatch Market Pulse - Mon, 12/11/2017 - 09:31

Shares of Teva Pharmaceutical Industries Ltd. rose 0.4% in morning trade Monday, after the drug maker announced the exclusive launch of its generic Viagra tablets in the U.S. The company said it will offer support services for its sildenafil tablets for erectile dysfunction, such as a savings card. "The launch of Teva's sildenafil tablets brings an affordable generic treatment option to the estimated 18 million men in the U.S. who are diagnosed with erectile dysfunction," said Brendan O'Grady, executive vice president, North America. Shares of Pfizer Inc. , which owns Viagra brand, edged up 0.1%. Viagra sales fell to $205 million in Pfizer's third quarter from $296 million a year ago. Teva's stock has tumbled 56% year to date through Friday, while Pfizer shares have gained 10%, the SPDR S&P Pharmaceutical ETF has rallied 10% and the S&P 500 has gained 18%.

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