Breaking Stock Market and Financial News

Senate Republicans to release healthcare bill Thursday

Top Reuters News - Tue, 06/20/2017 - 16:15
WASHINGTON (Reuters) - U.S. Senate Republicans will release the text of their draft healthcare bill on Thursday and the legislation will likely move to the Senate floor next week, Senate Majority Leader Mitch McConnell said on Tuesday.

Adobe rises to record levels after beating earnings expectations

MarketWatch Market Pulse - Tue, 06/20/2017 - 16:14

Adobe Systems Inc. shares rose to prices it has never reached in regular trading Tuesday after the software company beat quarterly earnings projections with record quarterly revenue. The maker of the Creative Suite of products reported net income of $374.4 million, or 75 cents a share, on sales of $1.77 billion for its fiscal second quarter. After adjusting for stock-based compensation and other effects, Adobe claimed earnings of $1.02 a share. Analysts on average expected adjusted earnings of 95 cents a share on sales of $1.73 billion. Adobe stock topped $146 in after-hours trading following the report's release, after closing the regular session with a 0.4% increase at $140.91. Adobe has never traded for more than $144.34 in regular trading and established a record closing high of $143.62 on June 7.

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.

Stocks end lower as energy, consumer discretionary sectors sell off

MarketWatch Market Pulse - Tue, 06/20/2017 - 16:05

U.S. stocks closed lower on Tuesday, driven by losses in energy, consumer discretionary and industrials shares. Big oil companies and drillers suffered following a drop in oil prices, with the S&P 500 energy sector closing 1.2% lower. The S&P 500 lost 16.40 points, or 0.7%, to 2,437.06, retreating from its record close set on Monday. The Nasdaq Composite was down 50.98 points, or 0.8%, to 6,188.03. The Dow Jones Industrial Average , which set an intraday record in early trade at 21,467.14, ended the session down 61.85 points, or 0.3%, at 21,467.08. Among the biggest decliners, Chipotle Mexican Grill, Inc. dropped more than 7% to a three-month low as a sales and margin warning prompted some Wall Street analysts to cut their price targets.

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.

Trump says he wants peace in Ukraine but no mention of peace accord

Top Reuters News - Tue, 06/20/2017 - 15:43
WASHINGTON (Reuters) - U.S. President Donald Trump told Ukraine's president on Tuesday that he hoped to see a resolution to the country's crisis but stopped short of publicly endorsing a 2015 accord calling for an end to Kremlin backing for pro-Russian separatist rebels.

Rebels say Syrian army, Iranian-backed militias launch offensive in eastern desert

Top Reuters News - Tue, 06/20/2017 - 15:26
AMMAN (Reuters) - Western-backed Syrian rebels holding a strategic swathe of the desert southeast stretching to the Iraqi border said they came under major attack on Tuesday from government forces and allied Iranian-backed militias backed by Russian air power.

Oil logs lowest front-month contract finish since mid September

MarketWatch Market Pulse - Tue, 06/20/2017 - 14:50

Oil prices fell sharply on Tuesday to mark the lowest settlement for a front-month futures contract in about nine months. Concerns over rising production from Libya and the U.S. continued to threaten efforts by other major oil producers to reduce global supplies. July WTI crude , which expired at the end of Tuesday's session, lost 97 cents, or 2.2%, to settle $43.23 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since Sept. 16, according to data from Dow Jones. Prices also ended down 20.6% from 2017's year-to-date high. The new front-month contract, August WTI crude , lost 92 cents, or 2.1%, to end at $43.51 a barrel.

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.

AMD's stock surges to within a penny of erasing losses during recent 'tech wreck'

MarketWatch Market Pulse - Tue, 06/20/2017 - 14:37

Shares of Advanced Micro Devices Inc. shot up 8% in active trade Tuesday, to come within a penny of erasing all the losses suffered during the so-called "tech wreck" that started on June 9, ahead of the expected release of the company's new server CPU, Epyc, later this afternoon. Volume jumped to 85.6 million shares, above the full-day average of 74.6 million shares. On June 9, when the broad and selloff in the technology sector began in midday trade, AMD's stock had erased an intraday rally of as much as 3.9% to close down 4.8%. It tumbled a total of 11% through June 16 before starting its recovery this week. "Feedback from data center partners regarding AMD's latest data center Zen-based chip, Epyc, has been positive," said Pacific Crest analyst Michael McConnell. He said Epyc is likely to "fill the void" in the marketplace as a second source to Intel Corp. . AMD's stock has rallied 14% year to date, while Intel shares have slipped 3.5% and the S&P 500 has gained 9.1%.

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.

Ukraine leader says Trump voiced strong support for Kiev during talks

Top Reuters News - Tue, 06/20/2017 - 14:20
KIEV (Reuters) - Ukrainian President Petro Poroshenko said he had received strong assurances of U.S. support for his country from Donald Trump during a meeting in the White House on Tuesday.

Crisis-era fraud charges haunt Barclays as rivals move on

Top Reuters News - Tue, 06/20/2017 - 14:17
LONDON (Reuters) - Criminal charges over Barclays' fundraising in the 2008 financial crisis add to the bank's legal battles in key markets just as rivals are leaving their troubles from that period behind.

Uber adds tipping option to its app as part of plan to improve driving experience

MarketWatch Market Pulse - Tue, 06/20/2017 - 14:10

As it seeks to turn around its ailing brand image, Uber Technologies Inc. said that it has added a tipping option to its app, starting Tuesday in Seattle, Minneapolis and Houston. The company said it will add more cities in the coming weeks to eventually make tips available in all cities by the end of July. Uber had been criticized by drivers for not including a tip option in its app, while rival Lyft and others have had that option. Uber said the move was "the right thing to do" and "long overdue." The tipping decision is apparently part of Uber's 180-days-of-change initiative, which also includes a shortened cancellation window for drivers to receive a fee, a paid per-minute rate if a driver waits more than two minutes for the fare, an additional $2 fee if the driver has a teenager as a passenger, and driver injury protection insurance. Uber is making these changes after its chief executive, Travis Kalanick, announced a leave of absence last week and after a report, sparked by a former engineer's claims of harassment at the company, outlined steps Uber needed to take to upgrade its culture.

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.

Gold settles at five-week low as Fed comments feed interest-rate hike expectations

MarketWatch Market Pulse - Tue, 06/20/2017 - 13:55

Gold prices logged a second-straight session of losses Tuesday to settle at their lowest level since mid-May. Comments from Federal Reserve officials so far this week have supported expectations for further interest-rate hikes by the central bank this year, providing a lift to the U.S. dollar, and dulling gold's investment appeal. August gold fell $3.20, or 0.3%, to settle at $1,243.50 an ounce.

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.

Uber to allow tipping for drivers, reversing long-standing policy

Top Reuters News - Tue, 06/20/2017 - 13:54
SAN FRANCISCO (Reuters) - Uber Technologies Inc [UBER.UL] will, for the first time, allow drivers to collect tips through the Uber smartphone app, the company said on Tuesday, part of a broader effort to improve its often-contentious relationship with its drivers.

U.S. senators want Congress to OK military action in Syria

Top Reuters News - Tue, 06/20/2017 - 13:44
WASHINGTON (Reuters) - U.S. senators called on Congress on Tuesday to take back its authority to determine whether the country goes to war, saying recent U.S. strikes in Syria were not covered by existing authorizations for the use of military force.

Apparel retailer stocks dive as Amazon's new Prime Wardrobe strikes fear in investors

MarketWatch Market Pulse - Tue, 06/20/2017 - 13:44

Shares of apparel retailers took a dive Tuesday, after Amazon.com Inc. appeared to take aim with the launch of its new Prime Wardrobe service, which allows users to try on multiple items at a time at home and receive a discount on items that are kept. Shares of Ascena Retail Group Inc.'s , the parent of apparel retailers including AnnTaylor, Charming Shoppes and The Dress Barn, tumbled 7.8%. Elsewhere, shares of Gap Inc. shed 3.8%, Abercrombie & Fitch Co. slid 3.6%, American Eagle Outfitters Inc. slumped 3.9%, Buckle Inc. fell 3.8% and Express Inc. dropped 3.4%. Among clothes-sellilng department store chains, shares of Nordstrom Inc. gave up 3.5%, Macy's Inc. lost 1.9% and Dillard's Inc. declined 4.5%. Meanwhile, Amazon's stock edged up 0.1%. Amazon sparked a selloff in grocery store stocks after announcing a deal Friday to buy Whole Foods Market Inc. for $13.7 billion. Analysts fear Amazon's move into a sector introduces a potential major competitor that will lead to lower prices and narrower margins. The SPDR S&P Retail ETF shed 1.8%, while the S&P 500 slipped 0.4%.

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.

Snap shares fall after Instagram Stories reports user growth

MarketWatch Market Pulse - Tue, 06/20/2017 - 12:40

Shares of Snap Inc. were falling 2.5% Tuesday after its competitor Instagram said that it has grown its audience for Instagram Stories to 250 million daily active users, up from 200 million in April. Instagram, owned by Facebook Inc. , launched its Instagram Stories, in which users can post photos or videos for 24 hours with effects, in August 2016. Snap offers a similar feature set but had 166 million daily active users as of May. Shares of Facebook were down less than 1% Tuesday.

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.

Regeneron stock surges 7% after Novartis releases positive data for rival drug

MarketWatch Market Pulse - Tue, 06/20/2017 - 12:09

Regeneron Pharmaceuticals Inc. shares surged 6.6% in midday trade Tuesday after Novartis AG released positive data for two late-stage trials comparing its eye disease drug head-to-head with Regeneron's Eylea. The drug, RTH258, met the primary and key secondary endpoints in both phase 3 trials, Novartis said. The trials enrolled more than 1,800 patients with neovascular age-related macular degeneration, which causes vision loss. More than half of patients were maintained when dosed with the drug every 12 weeks, which could provide a competitive advantage over Regeneron's Eylea, which is dosed every eight weeks, analysts said. Novartis said it has plans to file for approval next year. "Some of the risk of this event is likely to have been discounted into REGN's stock already," said Leerink analyst Geoffrey Porges. That could explain the Regeneron stock surge, he said: "given the scarcity of such stocks, and opportunities, we see significant buyer interest around any meaningful decline in the stock." SunTrust analyst Yatin Suneja said "we believe the [Novartis] drug has the potential to reduce treatment burden; however, RTH258's safety profile will be key to uptake and would be watched closely when full data are presented at a medical meeting." But results were better than expected, Porges said, with "the proportion of the RTH258 q12w therapy patients at the upper end of expectations." Regeneron shares have surged 31.6% over the last three months, compared with a 5.5% rise in Novartis shares and a 3% rise in the S&P 500 .

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.

Shares of newspaper publisher McClatchy fall more than 7% amid broader media selloff

MarketWatch Market Pulse - Tue, 06/20/2017 - 11:59

Shares of McClatchy Co. were down more than 7% on Tuesday amid a broad selloff in media stocks. On Monday McClatchy, along with Tribune Media Co. and Tegna Inc. , announced it was selling a majority of its ownership stake in CareerBuilder. McClatchy shares closed down less than 1% on Monday and extended losses on Tuesday, leading media stocks down. Shares of Gannett Co. and Tegna Inc. were down more than 3%, while the New York Times Co. and Tronc Inc. saw shares fall more than 1%. Shares of Time Inc. and Tribune Media Co. were down less than 1%. McClatchy shares have declined nearly 22% in the year to date and more than 35% in over the last 12 months. By comparison, the S&P 500 index is up more than 9% in the year and more than 17% in the prior 12-month period.

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.

Coroner examining death of U.S. student released by North Korea

Top Reuters News - Tue, 06/20/2017 - 11:18
(Reuters) - The Ohio coroner examining the death of a University of Virginia student who was held prisoner in North Korea for 17 months expects to share preliminary findings of the autopsy on Tuesday or Wednesday, her office said.

Amazon to launch Prime Wardrobe offering savings when shoppers buy multiple fashion items

MarketWatch Market Pulse - Tue, 06/20/2017 - 10:51

Amazon.com Inc. is launching Prime Wardrobe, a new free service for Prime members that will offer customers discounts when they order - and keep - multiple items of clothing, shoes or accessories. To take advantage, Prime customers must order three or more items with no upfront charge. Shoppers have seven days to try the items before returning unwanted merchandise. Customers who keep three or four items save 10%, and if Prime shoppers keep five or more items, the savings is 20%. Shipping and returns are free. The service is currently in beta, but interested Prime members can ask Amazon to email them when it launches. For fashion shoppers, Amazon has launched the Echo Look in April featuring a hands-free, voice-activated camera to help users assess their outfit. Amazon shares are up nearly 1% on Tuesday, and up 34% for the year so far. The S&P 500 index is up 9.3% for 2017 to date.

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.

Chipotle's stock suffering biggest selloff this year after downbeat outlook

MarketWatch Market Pulse - Tue, 06/20/2017 - 10:49

Shares of Chipotle Mexican Grill Inc. tumbled 6% in morning trade Tuesday, on track for the biggest one-day selloff so far this year, after the fast-casual Mexican food chain disclosed a downbeat sales outlook for the year. The stock, which was headed for the lowest close since March 28, has now lost 13% since closing at a 14-month high on May 16. The company stated in a filing late Monday, which followed its investor gathering, that it expected 2017 same-store sales growth in the "high single digits" percentage range, below the current FactSet consensus of a 10.1% rise. Chipotle also said it expected second-quarter operating costs as a percentage of sales "to be at or slightly higher" than the first quarter, indicated margins will decline. The stock was still up 14% year to date, while the SPDR Consumer Discretionary Select Sector ETF has rallied 11% and the S&P 500 has gained 9.3%.

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.

Pages