Breaking Stock Market and Financial News

Nordstrom family suspends attempt to take U.S. retailer private

Top Reuters News - Mon, 10/16/2017 - 13:55
(Reuters) - Nordstrom Inc said on Monday that a founding family group had suspended attempts to take the U.S. department store operator private because of difficulties in arranging debt financing for its bid ahead of the key holiday shopping season.

Iraqi forces seize oil city Kirkuk from Kurds in bold advance

Top Reuters News - Mon, 10/16/2017 - 13:46
BAGHDAD/KIRKUK, Iraq (Reuters) - Iraqi government forces captured the major Kurdish-held oil city of Kirkuk on Monday, responding to a Kurdish referendum on independence with a bold lightning strike that transforms the balance of power in the country.

Allergan stock drops 5% after judge decides against company on key dry eye product

MarketWatch Market Pulse - Mon, 10/16/2017 - 13:42

Allergan PLC shares dropped 5% in extremely heavy afternoon trade Monday after a Texas district court judge ruled against the company in a patent lawsuit regarding the company's key billion-dollar dry eye medication Restasis. "There is no doubt that Allergan has invented a useful and successful pharmaceutical product. It has been richly rewarded for that invention," Judge William Bryson said, adding, "the Court has concluded that Allergan is not entitled to renewed patent rights for Restasis in the form of a second wave of patent protection." Allergan had previously made an unorthodox agreement with a New York state-based American Indian tribe in order to protect Restasis patents from challenges made through the U.S. Patent and Trade Office's inter partes review process, which is separate from any court decisions. The company, which has been widely criticized for the move, including by lawmakers, has said that an district court ruling against it would allow a generic Restasis to "enter the market many years in advance of the listed patent expiry dates," or 2024. Restasis, which is used for eye inflammation, brought in $1.4 billion in revenue last year, second only to Allergan's top-selling Botox. Allergan shares have dropped 20.7% over the last three months, compared with a 3.9% rise in the S&P 500 .

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Trump says Republicans, Democrats working on short-term healthcare fix

Top Reuters News - Mon, 10/16/2017 - 13:15
WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday that Republicans and Democrats in Congress are working on a short-term fix for healthcare insurance markets after he last week scrapped subsidies to insurers.

Firm behind Trump dossier declines to respond to House panel's subpoena

Top Reuters News - Mon, 10/16/2017 - 12:57
WASHINGTON (Reuters) - The U.S. political research firm that commissioned a dossier on Donald Trump while he was running for president said on Monday it would not comply with subpoenas issued by the U.S. House of Representatives Intelligence Committee.

President Trump reiterates that drug companies 'getting away with murder' but says not much else

MarketWatch Market Pulse - Mon, 10/16/2017 - 12:33

President Donald Trump repeated rhetoric from early in his presidency about drug prices being "out of control" and drugmakers "getting away with murder" on Monday, but said nothing about any possible drug pricing policies. Industry ETFs were largely undisturbed after the remarks, with the SPDR S&P Biotech ETF rising 0.5% in Monday morning trade, the iShares Nasdaq Biotechnology ETF declining 0.2%, the SPDR S&P Pharmaceuticals ETF rising 0.1% and the VanEck Vectors Pharmaceutical ETF declining 0.3%. Trump has previously made similar comments about drug pricing, and once vowed to bring prices down, but the only move from his administration so far has been a draft executive order that favored the drug industry. More movement is instead coming from the Food and Drug Administration, which does not handle drug pricing policy but does play a role through its approval of new drugs, especially cheap generics. The FDA has already approved more drugs in 2017 than it did for all of last year, and drugmakers have cited the regulator's approval pace as a factor hurting their bottom lines. The SPDR S&P Biotech ETF has surged 9.8% over the last three months, compared with a 3.9% rise in the S&P 500 .

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U.S. Senator Menendez's corruption trial to proceed: judge

Top Reuters News - Mon, 10/16/2017 - 12:27
NEWARK, N.J. (Reuters) - The bribery case against U.S. Senator Bob Menendez survived a key test on Monday, as the federal judge overseeing his trial rejected a defense motion to throw out the most serious charges.

Trump says he's looking 'very strongly' at welfare reform

MarketWatch Market Pulse - Mon, 10/16/2017 - 12:22

President Donald Trump said Monday his administration is looking "very strongly" at welfare reform. "People are taking advantage of the system" while others aren't getting what they need, Trump said in remarks at a cabinet meeting at the White House. Welfare reform would join an existing list of major policy items Trump is seeking action on, including a tax-policy overhaul, immigration and health care.

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Colony Capital in talks to buy Weinstein Co

Top Reuters News - Mon, 10/16/2017 - 11:57
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.

#MeToo: Sexual harassment stories sweep social media after Weinstein allegations

Top Reuters News - Mon, 10/16/2017 - 11:52
LONDON (Reuters) - Million of women across the world have been sharing their experiences of sexual harassment and abuse in an online campaign using the hashtag #MeToo on Twitter and with rolling posts on Facebook.

Sears' stock tumbles after CIO of large shareholder steps down from board

MarketWatch Market Pulse - Mon, 10/16/2017 - 11:17

Shares of Sears Holdings Corp. plunged 12% in active morning trade Monday, putting it on track to close at an 8-month low. The struggling department store chain said that Bruce Berkowitz, chief investment officer of investment advisor Fairholme Capital Management LLC, was stepping down from its board of directors at the end of the month. Fairholme Capital controlled 28.9 million Sears shares as of June 30, which would make it the second-largest shareholder with 26.9% of the shares outstanding. The stock has now erased virtually all the gains it has made since it announced a $1 billion restructuring in early February. The stock has now lost 26% over the past three months, while the SPDR S&P Retail ETF has lost 0.4% and the S&P 500 has gained 3.9%.

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PG&E shares slide another 10% on worry about California wildfire liability

MarketWatch Market Pulse - Mon, 10/16/2017 - 11:11

Shares of PG&E Corp. fell another 10% Monday, extended their Friday losses after the company acknowledged that it may face some liability stemming from the California wildfires. PG&E "has about $800 million in liability insurance for potential losses that may result from these fires. If the amount of insurance is insufficient to cover (PG&E's) liability or if insurance is otherwise unavailable, PG&E Corporation's and the Utility's financial condition or results of operations could be materially affected," the company said in a filing Friday. Possibly downed power lines are among the causes under investigation for the deadly fires in northern California counties. Shares have fallen 14% in 2017, while the S&P 500 has gained 14%.

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TransEnterix's stock rockets to 18-month high on heavy volume

MarketWatch Market Pulse - Mon, 10/16/2017 - 10:57

Shares of TransEnterix Inc. rocketed 53% on heavy volume toward an 18-month high, after the medical device company received regulatory clearance to market its robotic surgery device. Volume spiked to more than 35 million shares, compared with the full-day average of about 1.9 million shares, and enough to make the stock the most actively traded on the major U.S. exchanges. The company said late Friday that the Food and Drug Administration have marketing clearance to its Senhance System that gives surgeons a 3-D high-definition view of the surgical field and remote control of three robotic arms to perform procedures. The stock has now nearly tripled over the past three months, while the S&P 500 has gained 3.9%.

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Canada's dollar strengthens after report on region's business outlook

MarketWatch Market Pulse - Mon, 10/16/2017 - 10:54

The Canadian dollar regained some strength against its U.S. counterpart on Monday, after the Bank of Canada published its autumn Business Survey Outlook. The BOC reported expectations for sustained sales growth in autumn, adding on from strong summer activity. That said, the survey's indicator declined to 19 from 32 in the summer survey. Investment and employment indicators have softened, while pressures on the labor market have intensified. "Expectations for growth of input and output prices are stable, as an uptick in costs for labor and non-commodity inputs is offset by the recent appreciation of the Canadian dollar," according to the report. Inflation, which is next due to be report at the end of this week, is expected to remain modest. One U.S. dollar bought C$1.2529 on Monday, off of its C$1.2558 intraday high, but up compared with C$1.2467 late Friday.

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U.S. Army Sergeant Bergdahl pleads guilty to desertion

Top Reuters News - Mon, 10/16/2017 - 10:45
FORT BRAGG, N.C. (Reuters) - U.S. Army Sergeant Bowe Bergdahl, accused of endangering fellow soldiers who searched for him after he walked off his combat outpost in Afghanistan in 2009 and was captured by the Taliban, pleaded guilty on Monday to desertion and misbehavior before the enemy.

EU defends Iran deal despite Trump, appeals to U.S. Congress

Top Reuters News - Mon, 10/16/2017 - 10:45
LUXEMBOURG (Reuters) - The European Union on Monday reaffirmed its support for a 2015 nuclear deal between Iran and world powers despite sharp criticism of the accord by President Donald Trump, and it urged U.S. lawmakers not to reimpose sanctions on Tehran.

Colony Capital in talks to buy troubled Weinstein Co

Top Reuters News - Mon, 10/16/2017 - 10:42
(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.

Apple's stock accounts for over half of the Dow's gain

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

Shares of Apple Inc. ran up 1.6% to a four-month high in morning trade Monday, to pace the Dow Jones Industrial Average's gainers. The price gain of $2.44 was adding about 17 points to the Dow's price, which was up 28 points. The second-biggest percentage gainer was J.P. Morgan Chase & Co.'s stock , which was rising $1.20, or 1.3%, to add 8 points to the Dow. The biggest loser was Wal-Mart Stores Inc.'s stock , which fell $1.29, or 1.5%, to shave about 9 points off the Dow's price.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Iraqi forces seize Kirkuk from Kurds in bold advance

Top Reuters News - Mon, 10/16/2017 - 10:13
BAGHDAD, Iraq (Reuters) - Iraqi government forces captured the Kurdish-held city of Kirkuk on Monday, responding to a Kurdish vote on independence with a bold lightning strike that transforms the balance of power in the country.

Nvidia's stock hits another record high after analyst boosts price target

MarketWatch Market Pulse - Mon, 10/16/2017 - 10:12

Shares of Nvidia Corp. rose 0.4% in morning trade Monday, and reached an all-time intraday high earlier in the session, after Mizuho raised its price target, citing strength in its GPU business and trends in the China data center market. Analyst Vijay Rakesh affirmed his buy rating, and boosted his price target to $220, which is 12% above Monday's intraday high of $195.80. Rakesh said pricing for graphics processing units has been trending higher in recent months, given strong demand from the gaming and cryptocurrency markets, which should provide a tailwind for results. He said recent business deal wins in China should provide another tailwind, as should growing demand from the self-driving market. The stock has nearly tripled over the past 12 months, while the PHLX Semiconductor Index has climbed 51% and the S&P 500 has rallied 20%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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