Breaking Stock Market and Financial News

Philippine military seeks to secure troubled city as fighting eases

Top Reuters News - Thu, 05/25/2017 - 00:16
MARAWI, Philippines (Reuters) - Troops began clearing out a southern Philippine city besieged by Islamist militants, with hostilities easing on Thursday after thousands fled as the rebels seized large parts of the city and torched buildings in a battle with government forces.

Asian shares hit two-year high after Fed signals gradual tightening

Top Reuters News - Wed, 05/24/2017 - 22:52
TOKYO (Reuters) - Asian shares scaled two-year highs on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signaled a cautious approach to future rate hikes and the reduction of its $4.5 trillion of bond holdings.

U.S. warship sails within 12 miles of China-claimed reef

Top Reuters News - Wed, 05/24/2017 - 19:29
WASHINGTON (Reuters) - A U.S. Navy warship sailed within 12 nautical miles of an artificial island built up by China, U.S. officials said on Wednesday, the first such challenge to Beijing under U.S. President Donald Trump.

Trump faces rougher reception in NATO, EU meetings

Top Reuters News - Wed, 05/24/2017 - 19:05
BRUSSELS (Reuters) - After a warm welcome in the Middle East and a "fantastic" visit with the pope, U.S. President Donald Trump walks on shakier ground on Thursday when European Union and NATO leaders will press him on defense, trade, and environmental concerns.

Egypt blocks 21 websites, including Al Jazeera: state news agency

Top Reuters News - Wed, 05/24/2017 - 18:36
CAIRO (Reuters) - Egypt has banned 21 websites, including the main website of Qatar-based al Jazeera television, for "supporting terrorism", state news agency MENA and security sources said on Wednesday.

Pure Storage soars on narrower-than-expected quarterly loss

MarketWatch Market Pulse - Wed, 05/24/2017 - 17:25

Shares of Pure Storage Inc. soared in Wednesday's extended session after the flash-storage firm posted a smaller-than-projected quarterly loss. Pure Storage reported its first-quarter loss narrowed to $62.4 million, or 30 cents a share, from a loss of $63.8 million, or 34 cents a share, a year ago. On an adjusted basis, the company would have lost 14 cents a share. Revenue grew 31% to $182.6 million. Analysts surveyed by FactSet had forecast a loss of 22 cents a share on revenue of $176 million. Pure Storage surged 16% in after hours.

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TiVo says CEO plans to leave company after 11 years

MarketWatch Market Pulse - Wed, 05/24/2017 - 17:00

TiVo Corp. announced after the market closed on Wednesday that Chief Executive Thomas Carson plans to retire from his position after more than 11 years with the company (formerly Rovi Corp.). The company's board said the process to find a new CEO has already begun and will consider external candidates as well as internal. Carson will stay in his current role until his successor is appointed, at which point he will serve as an adviser. "Under Tom's leadership the company has undergone a significant transformation; shedding underperforming assets, cutting costs, renewing major intellectual property licensing deals and acquiring TiVo," said Chairman Jim Meyer in a statement. Last year, Rovi acquired Tivo in a $1.1 billion deal. Shares of TiVo were inactive in after-hours trade, but have declined more than 20% in the year to date, while the S&P 500 index is up more than 7%.

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Williams-Sonoma shares jump on strong first-quarter earnings

MarketWatch Market Pulse - Wed, 05/24/2017 - 16:57

Shares of Williams-Sonoma Inc. jumped in Wednesday's extended session after the kitchenware retailer posted better-than-expected quarterly results. Williams-Sonoma reported its first-quarter earnings came in at $39.6 million, or 45 cents a share, mostly flat compared with $39.6 million, or 44 cents a share, a year earlier. On an adjusted basis, the company would have earned 51 cents a share. Revenue edged up to $1.11 billion from $1.10 billion. Analysts surveyed by FactSet had forecast earnings of 49 cents a share on revenue of $1.11 billion. The San Francisco-based company projected second-quarter earnings per share of 55 cents to 61 cents and revenue in a range of $1.2 billion to $1.23 billion. For the full year, Williams-Sonoma expects adjusted EPS of $3.45 to $3.65 and revenue of $5.17 billion to $5.27 billion. Shares gained more than 7% after hours.

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Guess shares jump after sales beat

MarketWatch Market Pulse - Wed, 05/24/2017 - 16:40

Guess Inc. shares jumped 14.7% in after-hours trading after the apparel and accessories company reported first-quarter sales that beat expectations. Net loss was $21.3 million, or a loss of 26 cents per share, versus a loss of $25.2 million, or 30 cents per share, for the same period last year. Adjusted losses were 24 cents per share versus the FactSet consensus for a loss of 32 cents per share. Revenue was $458.6 million, up from $448.8 million last year and ahead of the FactSet consensus of $449.0 million. Same-store sales for the Americas, including e-commerce, was down 15%, though it increased 5% in Europe and 4% in Asia. Guess sees a second-quarter revenue increase between 2% and 4%, and both EPS and adjusted EPS of 8 cents to 11 cents. The FactSet consensus is for EPS of 13 cents. Full-year revenue is expected to increase between 3.5% and 5%, EPS is expected to be 32 cents to 42 cents, and adjusted EPS is expected to be 34 cents to 44 cents. The FactSet consensus is 51 cents. Guess shares are down 38.6% for the past year while the S&P 500 index is up 15.8% for the period.

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Republican health bill would leave 23 million fewer people insured, CBO finds

MarketWatch Market Pulse - Wed, 05/24/2017 - 16:39

The Congressional Budget Office said Wednesday that the Obamacare replacement bill passed by the House on May 4 would leave 23 million fewer people insured over a decade than under current law. The figure is a slight decrease from the CBO's prior estimate of 24 million fewer people. The nonpartisan budget office also said the bill, named the American Health Care Act, would reduce the deficit by $119 billion over 10 years.

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Aerie Pharma stock surges 32% on positive late-stage trial results for glaucoma eye drops

MarketWatch Market Pulse - Wed, 05/24/2017 - 16:30

Aerie Pharmaceuticals Inc. shares surged as much as 32% in after hours trade Wednesday after the company said its eye drops intended for glaucoma had positive results in a late-stage clinical trial. If Aerie Pharma sees positive safety results for the Roclatan eye drops in an ongoing 12-month clinical trial, it plans to submit for Food and Drug Administration review in the first half of 2018, it said. The company said it believes that Roclatan, if approved, would be the first glaucoma product to lower intraocular pressure (IOP) -- a condition that commonly can lead to and accompany the eye disease -- through all known mechanisms, having "the potential to provide a greater IOP-lowering effect than any currently approved glaucoma product." The Wednesday results, which were primary efficacy results from a 90-day phase 3 registration trial, included Roclatan having statistical superiority over the two products it combines, or the current leading glaucoma therapy latanoprost and Aerie Pharma's Rhopressa. The most common adverse event was sporadic eye redness, which was reported in about 55% of patients and which most patients said was mild, according to Aerie. Data from the 12-month safety trial is expected in the third quarter of this year. Aerie Pharma shares have dropped 9.1% over the last three months, compared with a 1.6% rise in the S&P 500 .

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NetApp shares tumble after weak first-quarter outlook

MarketWatch Market Pulse - Wed, 05/24/2017 - 16:23

Shares of NetApp Inc. fell 5% after hours Wednesday after the company issued a weaker-than-expected first-quarter earnings outlook. NetApp reported fourth-quarter income of $190 million, or 68 cents per share, after a net loss of $8 million, or a loss of 3 cents per share, in the year-earlier period. It reported adjusted earnings per share of 86 cents, above the FactSet consensus of 82 cents. Revenue was $1.48 billion, up from $1.38 billion in the year-earlier period and above the FactSet consensus of $1.44 billion. It expects first-quarter revenue to be between $1.24 billion and $1.39 billion. The FactSet consensus was for revenue of $1.33 billion. It expects adjusted earnings per share between 49 cents and 57 cents, below the FactSet consensus of 66 cents. Shares of NetApp have fallen 3.4% in the past three months, while the S&P 500 has gained 1.6%.

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HP stock jumps more than 7% after earnings beat

MarketWatch Market Pulse - Wed, 05/24/2017 - 16:22

HP Inc. reported higher-than-expected sales and earnings for its fiscal second quarter Wednesday, and shares jumped to their highest levels since a corporate split in 2015. The company, which includes the personal computer and printing businesses from the tech giant previously known as Hewlett-Packard, reported net income from continuing operations of $600 million, or 33 cents a share, on sales of $12.4 billion. Chief Executive Dion Weisler noted that it is the first quarter in which both PC and printing revenue increased year-over-year since 2010, with PC sales growing 10% and printing revenue increasing 2%. After adjusting for restructuring charges and other effects, HP claimed earnings of 40 cents a share. Analysts on average expected earnings of 39 cents a share on sales of $11.9 billion. The company also raised its forecast for full-year adjusted earnings, to $1.59 to $1.66 a share, from previous guidance of $1.55 to $1.65 a share. HP stock topped $20 in late trading, a level it has not hit in regular trading since it split from Hewlett Packard Enterprise in 2015.

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S&P 500 ends at record after five straight days of gains

MarketWatch Market Pulse - Wed, 05/24/2017 - 16:04

The benchmark S&P 500 index closed at a record level after climbing for a fifth straight session on Wednesday. Modest gains on Wall Street came after minutes of the Federal Reserve's latest policy meeting showed broad agreement on plans to begin shrinking the central bank's balance sheet and also pointed to a likely rate increase next month. The S&P 500 gained 5.97 points, or 0.2%, to 2,404.39. The Nasdaq Composite advanced 24.31 points, or 0.4%, to 6,163.02, only several points below its all-time high close. The Dow Jones Industrial Average ended the session up 74.51 points, or 0.4%, at 21,012.42. Implied volatility as measured by the CBOE Volatility Index fell nearly 7% to below 10, hovering near its lowest levels since 1993.

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Trump tells Duterte of two U.S. nuclear subs in Korean waters: NYT

Top Reuters News - Wed, 05/24/2017 - 15:25
WASHINGTON (Reuters) - In a call last month with the Philippines' president, U.S. President Donald Trump described North Korea's leader Kim Jong Un as a "madman with nuclear weapons" who could not be let on the loose, according to a leaked Philippine transcript of their call.

Ulta shares slide after analyst downgrade

MarketWatch Market Pulse - Wed, 05/24/2017 - 15:03

Ulta Beauty Inc. shares are down nearly 4% in Wednesday trading after the company was downgraded to hold from buy at Edward Jones. "At current levels, we believe the shares adequately reflect our outlook for above-average earnings growth," analysts wrote. "Ulta Beauty shares have an above-average price movement, reflecting price volatility that is well above that of the broader market and most retail peers." Analysts think sales growth will slow, and with e-commerce sales growing faster than store sales, profit margin growth is limited. Despite the downgrade Edward Jones says the company is a "compelling growth" story because there's room for additional stores, has a differentiated business model in an "attractive industry," and could have further profit expansion. Edward Jones says Ulta could increase its fleet of stores by half to more than 1,500. Ulta shares are up 35.2% for the past year while the S&P 500 index has gained 15.7% for the period.

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Puma Biotech shares surge 20% after FDA advisory committee votes in favor of approving breast cancer drug

MarketWatch Market Pulse - Wed, 05/24/2017 - 14:54

Puma Biotechnology Inc. shares surged 20% in afternoon trade Wednesday, after the company said an advisory committee for the U.S. Food and Drug Administration has voted 12 to 4 in favor of recommending approval for the company's neratinib treatment for breast cancer. The vote came after a review of the clinical development program for the drug, which aims to prevent recurrence in early-stage breast cancer patients. Puma stock already rallied Tuesday, after the FDA released favorable briefing documents for the advisory committee meeting. The stock has gained 135% in 2017 so far, while the S&P 500 has gained 7%.

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Gold settles lower, then climbs in electronic trade after Fed minutes

MarketWatch Market Pulse - Wed, 05/24/2017 - 14:08

Gold prices suffered back-to-back losses Wednesday, then climbed in electronic trading shortly after the release of minutes from the U.S. Federal Reserve’s May policy meeting. Most Fed officials said it would "soon" be time to raise rates again. Financial markets are currently pricing in an 83% probability of a rate hike in June, according to CME’s FedWatch tool. The ICE U.S. Dollar Index , which had been trading nearly flat, inched lower against most currency rivals in the wake of news. June gold was at $1,255.70 an ounce in electronic trading. Prices lost $2.40, or 0.2%, to end at $1,253.10 an ounce for the session.

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Fed minutes show broad agreement on approach to start shrinking balance sheet

MarketWatch Market Pulse - Wed, 05/24/2017 - 14:00

Federal Reserve officials were in broad agreement at their May 2-3 meeting on a general approach to shrinking the bank's massive balance sheet, according to minutes of the session released Wednesday. Nearly all Fed officials said they were content with a plan to end the reinvestment of principal of maturing securities -- the main approach favored to shrink the balance sheet instead of asset sales -- in slow, ever-increasing stages, rather than ending the reinvestment all at once. In their discussion of interest-rate policy, most Fed officials said it would "soon" be time to raise rates again, a signal that the majority among the central bank's policy makers remain resolute about hiking rates at their meeting next month. But the discussion of the outlook showed widening divisions among Fed officials, with "several" seeing a possible need to start raising rates at a faster pace, while a few others thought a slower pace was more advisable.

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U.S. appeals court appears divided in CFPB regulator case

Top Reuters News - Wed, 05/24/2017 - 13:31
WASHINGTON (Reuters) - A U.S. appeals court appeared sharply divided along partisan lines on Wednesday on whether the structure of the Consumer Financial Protection Bureau is constitutional, tilting slightly toward the regulator in one of two cases that could weigh on the policing of Wall Street.

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