Breaking Stock Market and Financial News

Express Scripts stock surges 3% after Anthem says no final decision made about 2020 contract

MarketWatch Market Pulse - Wed, 04/26/2017 - 10:37

Express Scripts Holding Co. shares surged 3.1% to $61.81 in morning trade Wednesday after Anthem Inc. , its largest client, said no final decision had been made with regard to a 2020 contract that Express Scripts had previously said was imperiled. Express Scripts stock dropped 10.8% in Wednesday trade after its comments about the Anthem contract, which made up nearly 20% of its revenue last year. Anthem wouldn't comment specifically about Express Scripts but President and Chief Executive Officer Joseph Swedish said that "we've not made a final decision with respect to any vendor, and have stated clearly that we've not done so and we've not ruled anyone in or out." With its Express Scripts contract due to expire at the end of 2019, Anthem issued requests for proposals in the first quarter and expects all responses to come in during the first half of this year. Though Anthem still maintains it is owed a "minimum" of $3 billion in costs -- $3 billion that Express Scripts said this week it does not have -- Swedish said "we are hopeful that we can resolve our dispute." Anthem shares surged 3.6% in morning trade to $178.61. Express Scripts shares have sunk 10.7% over the last three months, compared with a 17.2% rise in Anthem stock and a 4.2% rise in the S&P 500 .

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Twitter CEO Jack Dorsey would make close to $25 million on today's stock jump

MarketWatch Market Pulse - Wed, 04/26/2017 - 10:36

Jack Dorsey, the chief executive of Twitter Inc. , would be making close to $25 million on his investment in Twitter Wednesday, after the company's first-quarter earnings beat, based on FactSet data. Shares of Twitter were soaring 10.4% Wednesday morning. Dorsey is the seventh largest holder of stock in the company and also has options to buy 2 million additional shares at $3.115 that he has not exercised. Twitter Co-Founder Ev Williams, who recently announced plans to sell 30% of his stock in Twitter over the next year, is the second largest holder and would be making $67 million on his investment. Prince Al-Waleed bin Talal, Twitter's third largest shareholder, would be making close to $55 million. Shares of Twitter have fallen 3.5% in the past three months, while the S&P 500 has gained 4%.

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Islamic State developing new weapons despite losses: arms monitor

Top Reuters News - Wed, 04/26/2017 - 10:33
ERBIL, Iraq (Reuters) - Islamic State militants have developed an improvised explosive device (IED) that can be launched from rifles or dropped from an aerial drone, an arms monitoring group said on Wednesday.

Israel, White House discussing Trump visit: Israeli official

Top Reuters News - Wed, 04/26/2017 - 10:24
JERUSALEM (Reuters) - Israel and the White House are in preliminary discussions about a visit to Israel by U.S. President Donald Trump as early as next month, an Israeli government official said on Wednesday.

Nasdaq sets fresh intraday record as Wall Street awaits Trump tax announcement

MarketWatch Market Pulse - Wed, 04/26/2017 - 10:01

U.S. stocks opened cautiously higher on Wednesday, but enough to help the Nasdaq touch a new all-time high, as investors awaited an announcement from President Donald Trump's administration on a "massive" tax plan. The Dow Jones Industrial Average was up 26 points, or 0.1%, at 21,019 and the S&P 500 index traded up a point at 2,380, less than 0.1% higher. Meanwhile, the Nasdaq Composite Index , touched a new intraday trading high of 6,037.22, and was most recently trading flat at 6,024. Trump has vowed to slash the corporate tax rate from 35% to 15%, and a plan is set to be announced at 1:30 p.m. Eastern. In corporate news, shares of Twitter Inc. soared more than 9% after the social media company beat first-quarter earnings expectations.

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Cyber extortion demands surge as victims keep paying: Symantec

Top Reuters News - Wed, 04/26/2017 - 09:58
TORONTO (Reuters) - Hackers are demanding increasingly hefty ransoms to free computers paralyzed with viruses, as cyber criminals seek to maximize profits from large numbers of victims willing to pay up, according to cyber security firm Symantec Corp .

Russia says U.S. missile strike on Syria was a threat to its forces

Top Reuters News - Wed, 04/26/2017 - 09:57
MOSCOW (Reuters) - Russian Defence Minister Sergei Shoigu complained on Wednesday that a U.S. missile strike on a Syrian air base earlier this month had posed a threat to Russian troops and was forcing Moscow to take extra measures to protect them.

U.S. Steel suffers biggest stock plunge in its 26-year public history

MarketWatch Market Pulse - Wed, 04/26/2017 - 09:48

Shares of U.S. Steel Corp. plunged 25% in morning trade Wednesday, putting them on course to suffer the biggest one-day selloff since they went public in April 1991, after the steelmaker reported a surprise quarterly loss. The previous biggest one-day drop was 18% on Oct. 15, 2008. The stock, which was by far the biggest percentage decliner listed on the NYSE, was trading at the lowest level seen since Nov. 8, 2016. At one point, the stock had nearly doubled after the election, to a 2 1/2-year high close of $41.26 on Feb. 21, before all the post-election gains were erased. Volume topped the full-day average of 19.0 million shares within 15 minutes after the open. The company reported late Tuesday an adjusted loss per share of 83 cents, compared with the FactSet consensus for a profit of 35 cents a share. Revenue of $2.73 billion also missed expectations of $2.95 billion. The stock has now shed 29% year to date, while the S&P 500 has gained 6.7%.

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For some Mosul men, escape leads straight to the interrogator

Top Reuters News - Wed, 04/26/2017 - 09:42
HAMMAM AL-ALIL CAMP, Iraq (Reuters) - The Iraqi intelligence officer kept barking the same question at the 46-year-old man who was looking nervously at his hands after having escaped Mosul: "Why do you still have a beard?"

Mnuchin confirms Trump to propose 15% corporate tax rate

MarketWatch Market Pulse - Wed, 04/26/2017 - 08:43

Treasury Secretary Steven Mnuchin confirmed on Wednesday that the White House tax plan will include a 15% corporate tax rate. That is down from the current 35%. Mnuchin also indicated the administration has shelved the so-called border adjustment tax for now, saying it doesn't work "in its current form." He said there will be more details on the plan later Wednesday, and that it would be the biggest tax cut in history.

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Tesla's Model S, Model X safety ratings lowered by Consumer Reports

MarketWatch Market Pulse - Wed, 04/26/2017 - 08:23

Consumer Reports has lowered safety ratings on Tesla Inc.'s Model S and Model X because the electric car marker has not enabled them with an automatic emergency braking safety feature it said would come as standard. Telsa has said it is working through problems with software, "but that has left owners without the promised feature, some for as long as six months," the publication said Wednesday. Previous versions of both models came with AEB as standard, but models made between late October 2016 and now do not. Tesla told the publication it expects the software update to come as soon as Thursday. Consumer Reports adds points to its ratings of vehicles that offer AEB as a standard feature, valuing the technology for its ability to prevent crashes. Tesla shares were slightly lower premarket, but have gained a stunning 48% in 2017, while the S&P 500 has gained 6.6%.

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McDonald's partners with Nintendo for Super Mario Happy Meal toys

MarketWatch Market Pulse - Wed, 04/26/2017 - 08:20

McDonald's Corp. said Wednesday that it has partnered with Nintendo Co. Ltd. to bring eight toys based on Super Mario characters to Happy Meals from April 26 to May 22. The toys include Mario, Luigi and Princess Peach, and each will have a special function. There will also be a sweepstakes for a chance to win one in 100 Nintendo Switch Prize Packs, including a Nintendo Switch system and a Mario Kart 8 Deluxe game, which launches April 28. McDonald's shares are down 0.2% in premarket trading, but up 9.8% for the year so far. Nintendo shares are up 12.6% for the year to date, and the Dow Jones Industrial Average is up 6.7% for the period.

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Seagate's stock pulls back sharply after revenue miss offsets profit beat

MarketWatch Market Pulse - Wed, 04/26/2017 - 08:17

Shares of Seagate Technology PLC slumped 5.7% in premarket trade Wednesday, after the data storage company reported fiscal third-quarter revenue that missed expectations. The company swung to a profit of $194 million, or 65 cents a share, in the quarter to March 31, from a loss of $21 million, or 7 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.10, above the FactSet consensus of $1.07. Revenue increased to $2.67 billion from $2.60 billion, but was below the FactSet consensus of $2.71 billion. Cash flow from operations was $426 million, above the FactSet consensus of $340.6 million. The stock had soared 32% year to date to close Tuesday at the highest level since September 2015. The S&P 500 has gained 6.7% so far this year.

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Trump slams federal court ruling on funding for 'sanctuary cities'

Top Reuters News - Wed, 04/26/2017 - 08:15
WASHINGTON (Reuters) - President Donald Trump on Wednesday attacked a federal judge's ruling that blocked his executive order seeking to withhold funds from "sanctuary cities" for illegal immigrants, vowing to appeal it to the U.S. Supreme Court.

Starbucks Reserve Roastery coming to Chicago in 2019

MarketWatch Market Pulse - Wed, 04/26/2017 - 07:57

Starbucks Corp. said Wednesday that it will open a Starbucks Roastery on Chicago's Michigan Avenue in 2019. The Chicago Roastery will cover 43,000 square feet and four stories in a glassy, modern structure that is now the flagship location for Chicago-based retailer Crate & Barrel. In addition to offering multiple brewing methods and special Reserve beverages, the new Starbucks concept will also include food from Princi. The location will be the third Roastery in the U.S. and the sixth globally. The Seattle location opened in 2014, and a New York City Roastery will open in 2018. Shanghai, Milan and Tokyo locations are slated for openings in the coming year. Starbucks shares are up 0.7% in premarket trading, and are up 9.8% for the year so far. The S&P 500 index is up 6.7% for 2017 to date.

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Boeing shares fall premarket after revenue falls short of estimates

MarketWatch Market Pulse - Wed, 04/26/2017 - 07:40

The Boeing Co. shares fell 1.1% in premarket trade Wednesday, after the company's first-quarter revenue came in below expectations. The aerospace company said it had net income of $1.45 billion, or $2.34 a share, in the first quarter, up from $1.22 billion, or $1.83 a share, in the year-earlier period. Adjusted per-share earnings came to $2.01, ahead of the FactSet consensus of $1.91. Revenue fell to $20.9 billion from $22.6 billion, just below the FactSet consensus of $21.3 billion. "We remain on track to achieve our full-year revenue, earnings and cash flow targets as our teams deliver on our large and diverse order backlog," Chief Executive Dennis Muilenburg said in a statement. The company raised its full-year EPS outlook to a range of $10.35 to $10.55 from a prior range of $10.25 to $10.45. It raised its adjusted full-year outlook to $9.20 to $9.40 from a prior range of $9.10 to $9.30. Revenue is expected to range from $90.5 billion to $92.5 billion. Shares have gained 19% in 2017, while the Dow Jones Industrial Average has gained 6%.

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Chipotle detected 'unauthorized activity' in card payment network at its restaurants

MarketWatch Market Pulse - Wed, 04/26/2017 - 07:34

Chipotle Mexican Grill Inc. disclosed Wednesday that it recently detected "unauthorized activity" on the payment-processing network that supports its restaurants. Although the fast-casual Mexican food restaurant operator said it has reported the issue to the authorities and payment card processors. The company believes the issue has been contained, and additional security measures have been taken, but the investigation into the matter is continuing. The probe is focused on card transactions at its restaurants from March 24, 2017 to April 18, 2017. The company said it is still unable to estimate the costs related to the issue, but expects costs associated with the probe will be covered by insurance. The disclosure follows Chipotle's first-quarter results released late Tuesday, in which profit, revenue and same-store sales all beat expectations. The stock, which rallied 2.5% in premarket trade, has soared 25% year to date through Tuesday, while the S&P 500 has gained 6.7%.

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Anthem stock surges 3% after first-quarter earnings beat

MarketWatch Market Pulse - Wed, 04/26/2017 - 07:31

Anthem Inc. shares rose 2.9% in premarket trade Wednesday after the company reported a first-quarter earnings beat and upbeat full year guidance. Earnings rose to $1.0 billion, or $3.73 per share, from $703 million, or $2.63 per share, in the year-earlier period. Adjusted earnings-per-share were $4.68, compared with the FactSet consensus of $3.88. Revenue rose to $22.53 billion from $20.29 billion, compared with the FactSet consensus of $21.30 billion. Anthem also raised its adjusted earnings guidance for full year 2017 to greater than $11.60 per share, compared with the FactSet consensus of $11.58. Anthem shares have risen 13.2% over the last three months compared with a 4.0% rise in the S&P 500 .

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KKR Real Estate Finance Trust to offer 10 million shares in IPO

MarketWatch Market Pulse - Wed, 04/26/2017 - 07:29

KKR Real Estate Finance Trust Inc. unveiled Wednesday the launch of its initial public offering, in which it will sell 10 million shares priced in a range of $20.50 to $21.50. The company, which originates and acquires senior loans secured by commercial real estate assets, is planning to list on the New York Stock Exchange under the ticker symbol "KREF." Wells Fargo, Morgan Stanley and KKR are lead underwriters on the deal, with Barclays, Goldman Sachs and J.P. Morgan acting as co-managers.

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Dr. Pepper Snapple earnings beat estimates, but revenue falls short

MarketWatch Market Pulse - Wed, 04/26/2017 - 07:25

Dr. Pepper Snapple Group Inc. reported first-quarter net income of $177.0 million, or 96 cents per share, compared with $182.0 million, or 96 cents per share, for the same period last year. Adjusted earnings were $1.01 per share, ahead of the 96-cent FactSet consensus. Sales were $1.51 billion, up from $1.49 billion but below the $1.55 billion FactSet consensus. Sales volumes were up 1% for the quarter, inclusive of the Bai beverage acquisition. Carbonated soft drinks grew 1% driven by the fountain foodservice business, with Canada Dry up 5% and Schweppes up 8%. Non-carbonated beverages were down 6%, which the company largely attributed to promotional activity timing. The company sees full-year 2017 sales growth of about 4%. Dr. Pepper Snapple shares are up 12.1% for the past year while the S&P 500 index is up 14.2% for the period.

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