Breaking Stock Market and Financial News

Trump, Democrats spar over whether tax plan will help middle class

Top Reuters News - Mon, 10/16/2017 - 09:46
WASHINGTON (Reuters) - Middle-class Americans' incomes would eventually rise more than $4,000 if corporate tax cuts were enacted, the Trump administration said in an analysis released on Monday to counter Democratic criticisms that its tax proposals overwhelmingly benefit the rich.

Stock market sets a round of fresh records as investors focus on earnings

MarketWatch Market Pulse - Mon, 10/16/2017 - 09:41

U.S. stock benchmarks opened at all-time intraday highs to kick off the week, as investors focused on more than 200 companies set to report quarterly results during the next several sessions. The Dow Jones Industrial Average rose 60 points, or 0.3%, at 22,928, supported by healthy gains in shares of Travelers Cos. Inc. , J.P. Morgan Chase & Co. and Apple Inc. in early trade. The S&P 500 index climbed 5 points, or 0.2%, at 2,557, while the Nasdaq Composite Index advanced 18 points, or 0.3%, at 6,623. All three equity benchmarks hit intraday records in the early moments of trade.

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Weinstein Co. in talks for sale of assets with Colony NorthStar's private equity arm

MarketWatch Market Pulse - Mon, 10/16/2017 - 09:38

The Weinstein Co. said Monday it has reached a deal for an "immediate capital infusion" from Colony NorthStar Inc.'s private equity arm Colony Capital. The media production and distribution company, which was founded by now-disgraced film mogul Harvey Weinstein and his brother Bob in 2005, said it has entered into talks with Colony for the potential sale of all, or a significant portion, of its assets. "We believe that Colony's investment and sponsorship will help stabilize the Company's current operations, as well as provide comfort to our critical distribution, production and talent partners around the world," said Weinstein Co. board member Tarak Ben Ammar. Weinstein was kicked out of the Academy of Motion Picture Arts and Sciences over the weekend, after multiple reports of allegations of sexual harassment and rape. Colony NorthStar's stock edged up 0.5% in morning trade. It has tumbled 14% over the past three months while the S&P 500 has gained 4.0%.

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Venezuela vote dispute risks rekindling unrest, new sanctions

Top Reuters News - Mon, 10/16/2017 - 09:35
CARACAS (Reuters) - Venezuela's opposition refused on Monday to recognize a surprise win for the ruling socialists in weekend regional elections, potentially rekindling protests and fresh foreign sanctions on the oil-rich country's moribund economy.

Nordstrom's stock tumbles after suspending going-private talks

MarketWatch Market Pulse - Mon, 10/16/2017 - 09:18

Shares of Nordstrom Inc. tumbled 6.2% in premarket trade Monday, putting it on track to open at a 4-month low, after the company said it has suspended the exploration of a going-private transaction until after the holiday season. That confirms a report in the New York Post earlier this month, that said going-private talks had faltered. The department store chain said Monday said it would evaluate any going-private proposal after the holiday season. The stock had dropped 9.5% since the Post story came out through Friday, while the SPDR S&P Retail ETF had lost 4.2% and the Dow Jones Industrial Average had gained 2.1%.

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Merchants Bancorp discloses expected IPO pricing range, to raise up to $105.6 million

MarketWatch Market Pulse - Mon, 10/16/2017 - 09:04

Merchants Bancorp said Monday that it expects its planned initial public offering to price between $17 a share and $19 a share. That means the Indiana-based bank holding company, which is looking to sell 5.56 million shares, could raise $105.6 million in the IPO, or up to $121.4 million if all the options to buy additional shares granted to underwriters are exercised. The company has applied to have its stock listed on the Nasdaq Capital Market under the ticker symbol "MBIN." The lead underwriters are Sandler O'Neill, Stephens, Raymond James and SunTrust Robinson Humphrey. The company is planning to go public at a time when the SPDR Financial Select Sector ETF has gained 4.9% over the past three months and the S&P 500 has tacked on 3.8%.

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Tidewater CEO Jeffrey Platt retires after more than 5 years in the role

MarketWatch Market Pulse - Mon, 10/16/2017 - 08:55

Tidewater Inc. said Monday that Chief Executive Jeffrey Platt retired, effective Oct. 15, after more being in the role since June 2012. Platt said the decision to transition leadership comes after the oil services company completed a financial restructuring in July. Tidewater named board member Larry Ridgon as interim CEO, while it conducts a search for a permanent successor. The stock, which was still inactive in premarket trade, has tumbled 12.3% over the past three months, while the VanEck Vectors Oil Services ETF has slipped 1.4% and the S&P 500 has gained 3.8%.

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Dutch food giant JBS Foods cancels plan for IPO

MarketWatch Market Pulse - Mon, 10/16/2017 - 08:44

Netherlands-based JBS Foods International filed Monday to withdraw its registration statement for an initial public offering, a year after filing that statement. In the original December 2016 filing for an IPO, the company said it was the largest protein company, or meat producer, with $33.7 billion in revenue through the first nine months of 2016. JBS Foods did not give a reason for the withdrawal, just that it "decided not to pursue the sale of securities" at this time. The withdrawal comes at a time when the SPDR Consumer Staples Select Sector ETF has slipped 0.3% over the past three months, while the S&P 500 ahs gained 3.8%.

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Ford Motor's stock slips after RBC downgrade

MarketWatch Market Pulse - Mon, 10/16/2017 - 08:28

Ford Motor Co.'s stock slumped 0.5% in premarket trade Monday, after the automaker was downgraded at RBC Capital, which said it was "just too early" in the turnaround story to stay bullish. Analyst Joseph Spak cut his rating to sector perform, after being at outperform since January. He kept his stock price target at $13, which is 7.9% above Friday's closing price of $12.05. Spak said when he turned bullish, which was just after the presidential inauguration, it was on expectations of tax reform, earnings improvement and a more attractive production outlook relative to rival General Motors Co. . But President Trump's border-adjusted tax never passed, and the change in CEO since then has made the stock more of a turnaround story. "To that end, we believe new CEO Jim Hackett can get Ford back on an improved track, but it is very early in the turnaround story and specifics are light," Spak wrote in a note to clients. "To be frank, aside from some cost-cutting that may be realizable, given the lead times in auto, most of whatever [Hackett] proposes wouldn't have an impact until 2019 or 2020 at the earliest." The stock has lost 2.5% since inauguration day through Friday, while GM shares have climbed 24% and the Dow Jones Industrial Average has run up 15%.

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Woman dies in Waterford, Ireland, as a result of Tropical Storm Ophelia: Irish TV

MarketWatch Market Pulse - Mon, 10/16/2017 - 08:13

A woman has died in the southeastern county of Waterford in Ireland, as a direct result of damage caused by Tropical Storm Ophelia, the Irish national broadcaster RTE reported Monday. The woman was hurt after a tree fell on her car, RTE reported. The woman was the sole occupant of the car and was pronounced dead at the scene. The Irish police said conditions in the area are dangerous. The Irish weather service, Met Eireann, has issued a Status Red alert for the entire country as Ophelia lashes it with rain and heavy winds. The Taoiseach, the Irish Prime Minister, Leo Varadkar has declared an emergency and asked people to stay indoors. Schools are closed across the country and flights have been cancelled.

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GE names Rafael Santana CEO of GE Transportation, replacing Jamie Miller

MarketWatch Market Pulse - Mon, 10/16/2017 - 08:12

General Electric Co. said Monday that Chief Executive of GE Latin America Rafael Santana will become Chief Executive of GE Transportation, effective Nov. 1. Santana, who has been with GE for over 17 years, will replace Jamie Miller, who will become chief financial officer on Nov. 1. "Rafael has deep roots in GE Transportation, having spent eight years in a variety of commercial and product management roles, as well as leading the Transportation team in Latin America," said Chief Executive John Flannery. The stock, which edged up 0.2% in premarket trade, declined Friday for a sixth-straight session to close at a 4-year low. It has tumbled 14.2% over the past three months while the Dow Jones Industrial Average has gained 5.7%.

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Iraq forces seize Kirkuk outskirts in advance on Kurdish-held territory

Top Reuters News - Mon, 10/16/2017 - 07:53
BAGHDAD, Iraq (Reuters) - Iraq's central government forces launched an advance early on Monday into territory held by Kurds, seizing a swathe of countryside surrounding the oil city of Kirkuk in bold military response to a Kurdish vote last month on independence.

Austria's conservative shift opens path to power for far right

Top Reuters News - Mon, 10/16/2017 - 07:42
VIENNA (Reuters) - Austria's shift to the right in a parliamentary election has paved the way for young conservative star Sebastian Kurz to become the country's next leader and opened a path for the resurgent far right to return to power.

Exelixis shares surge 19% premarket after FDA grants priority review to kidney cancer drug

MarketWatch Market Pulse - Mon, 10/16/2017 - 07:26

Shares of biotech Exelixis Inc. rallied 19% in premarket trade Monday, after the company said it has won U.S. Food and Drug Administration priority review status for its supplemental New Drug Application (sNDA) for a treatment for advanced renal cell carcinoma (RCC). The company said its sNDA is based on results from a mid-stage trial of Cabometyx, and is aimed at patients with previously untreated advanced RCC. If approved, the company will be able to make changes to the product label, including modifications to the indication. Cabometyx was approved by the FDA in April of 2016 for the treatment of patients with advanced RCC who have received prior anti-angioegenic therapy, or drugs that stop tumors from growing their own blood vessels. Kidney cancer is one of the top 10 most common forms of cancer in the U.S., the company said. Exelixis shares have gained 66% in 2017, while the S&P 500 has gained 14%.

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Madrid moves towards direct rule over Catalonia

Top Reuters News - Mon, 10/16/2017 - 07:16
MADRID/BARCELONA (Reuters) - Catalan authorities must drop a bid for independence by Thursday, the Spanish government said, moving closer to imposing direct rule over the region after its leader missed an initial deadline to back down.

Catalonia must drop independence call by Thursday: Spain's deputy PM

MarketWatch Market Pulse - Mon, 10/16/2017 - 06:16

The Spanish government has given Catalonia's separatist leader Carles Puigdemont until Thursday morning to drop plans to make the region independent, Spain's Deputy Prime Minister Soraya Saenz de Santamaria said on Monday. If the Catalan leader sticks to his bid to split from Spain, the central government in Madrid will take control of the region and rule it directly, by triggering the so-called Article 155 of the Spanish constitution. "Mr. Puigdemont still has the opportunity to start resolving this situation, he must answer 'yes' or 'no' to the declaration," Saenz de Santamaria said. Spanish Prime Minister Mariano Rajoy had given Puigdemont a deadline of Monday at 10 a.m. local time, or 4 a.m. Eastern Time, to clarify whether he had declared independence for the region in an ambiguous statement made last Tuesday. Puigdemont in a letter before the Monday deadline said the aim is to negotiate over the next two months, but didn't clarify if he had declared independence or not.

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EU vows to save Iran deal, fears for North Korea mediation

Top Reuters News - Mon, 10/16/2017 - 06:14
LUXEMBOURG (Reuters) - The European Union vowed on Monday to defend a 2015 nuclear deal between Iran and world powers and urged U.S. lawmakers not to reimpose sanctions after President Donald Trump chose not to certify Tehran's compliance with the accord.

White House pitches corporate tax cut as win for workers

Top Reuters News - Mon, 10/16/2017 - 05:06
WASHINGTON (Reuters) - The Trump administration said in an analysis released on Monday that middle-class Americans would see incomes eventually rise more than $4,000 if President Donald Trump's corporate tax cuts were enacted, seeking to counter Democratic criticisms that its tax proposals overwhelmingly benefit the rich.

Jockeying for cash: North Korea allows racetrack gambling as sanctions bite

Top Reuters News - Mon, 10/16/2017 - 04:51
SEOUL (Reuters) - Punters in North Korea who once risked three years hard labor for gambling are now able to bet on local horse races as the isolated country scrambles to unearth new sources of hard currency amid intensifying international sanctions.

Madrid moves towards direct rule over Catalonia as deadline passes

Top Reuters News - Mon, 10/16/2017 - 04:43
MADRID/BARCELONA (Reuters) - Spain's government set the clock ticking on Monday on imposing direct rule over Catalonia, after the region's leader missed a deadline to clarify whether he had declared independence.

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