Breaking Stock Market and Financial News

Senate Republicans ask Moore to withdraw as new accuser steps forward

Top Reuters News - Mon, 11/13/2017 - 18:54
WASHINGTON (Reuters) - U.S. Senate Majority Leader Mitch McConnell led a chorus of establishment Republicans on Monday urging Roy Moore, the party's Senate candidate in Alabama, to quit the race as a fifth woman came forward with allegations Moore had sexual contact with teenage girls decades ago.

Risks ahead for U.S. tax push as disputes linger, Trump returns

Top Reuters News - Mon, 11/13/2017 - 18:42
WASHINGTON (Reuters) - Congressional Republicans pushed ahead on Monday on a U.S. tax code overhaul as a Senate panel considered the issue, but risks lay ahead with major intraparty disputes unsettled and President Donald Trump returning soon from Asia as the debate heats up.

Investor Steve Jurvetson steps down amid sexual misconduct probe

MarketWatch Market Pulse - Mon, 11/13/2017 - 18:21

Prominent Silicon Valley venture capitalist Steve Jurvetson has stepped down from the firm he co-founded, Draper Fisher Jurveston, reportedly following sexual harassment allegations. In a statement Monday, the company said Jurvetson was leaving by "mutual agreement," but did not disclose a reason. Recode reported his departure came after an internal investigation found he exhibited unacceptable behavior toward female entrepreneurs. In August, USA Today reported the company was investigating sexual harassment allegations against Jurvetson. In a tweet Monday, Jurvetson said: "I am leaving DFJ to focus on personal matters, including taking legal action against those whose false statements have defamed me." Jurvetson will also take a leave of absence from boards of Tesla Inc. and SpaceX, the Wall Street Journal reported.

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Senate reaches deal to cut number of systemically important banks

Top Reuters News - Mon, 11/13/2017 - 18:02
WASHINGTON (Reuters) - A bipartisan group of U.S. senators said on Monday they had reached a tentative deal to cut the number of banks labeled systemically risky, in a major step forward for efforts to roll back regulations enacted following the 2008 financial crisis.

Roku hits record high on Philips licensing deal

Top Reuters News - Mon, 11/13/2017 - 17:57
(Reuters) - Roku Inc's shares surged nearly 43 percent to a record high on Monday after the streaming device maker said it signed a licensing deal that would put its technology on Philips-branded televisions in the United States this year.

Wal-Mart to sell Lord & Taylor goods on Walmart.com

MarketWatch Market Pulse - Mon, 11/13/2017 - 17:50

Wal-Mart Stores Inc. said late Monday that department store Lord & Taylor will sell its goods on Walmart.com next year. The online store is expected to launch in spring of 2018, and "will introduce a specialized online experience offering premium fashion brands directly from the Lord & Taylor flagship," Wal-Mart said. The goal is to create "a premium fashion destination on Walmart.com," as more customers on the company's site are searching for higher-end items, said Denise Incandela, head of fashion at Walmart U.S. eCommerce, in a press release. Lord & Taylor is owned by Canadian retailer HBC , which also owns Hudson's Bay and Saks Fifth Avenue stores. Wal-Mart shares rose 0.3% in after-hours trading after ending the regular session up 0.1%.

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Tesla hit by class-action lawsuit claiming racial discrimination

Top Reuters News - Mon, 11/13/2017 - 17:37
(Reuters) - U.S. automaker Tesla Inc on Monday was hit with a class-action lawsuit claiming its California production plant is a "hotbed for racist behavior."

Shrinking GE rattles investors, shares hit 5-year low

Top Reuters News - Mon, 11/13/2017 - 17:27
(Reuters) - General Electric Co's new Chief Executive John Flannery on Monday outlined steps that will turn the biggest U.S. industrial conglomerate into a smaller, more focused company, surprising some investors who sold the company's shares to a five-year low.

Denali Therapeutics seeks up to $100 million in initial public offering

MarketWatch Market Pulse - Mon, 11/13/2017 - 17:19

Denali Therapeutics Inc. hopes to raise up to $100 million in an initial public offering, according to a filing with the Securities and Exchange Commission late Monday. A $100 million IPO listing is usually a placeholder and is subject to change. The South San Francisco, Calif.-based biotech company specializes in developing treatments for neurodegenerative diseases like Alzheimer's disease and Parkinson's disease. With no revenue, the company reported a net loss of $86.7 million, or $3.37 a share in 2016. Goldman Sachs, Morgan Stanley, J.P. Morgan and Evercore ISI are listed as underwriters for the offering. The company plans to list its ticker as "DNLI" on the Nasdaq.

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Switch shares drop after first earnings report since IPO

MarketWatch Market Pulse - Mon, 11/13/2017 - 16:45

Switch Inc. shares fell in the extended session Monday even after the data-center company's quarterly results--their first as a public company--topped Wall Street estimates. Switch shares fell 4.6% to $19.10 after hours, following a 5.7% gain to close the regular session. Shares had soared more than 20% above their $17 initial price on the day of Switch's early October IPO, and have since traded as high as $24.90. The company reported third-quarter net income of $16.5 million, or 8 cents a share, compared with $15.9 million, or 8 cents a share, in the year-ago period. Revenue rose to $97.7 million from $81.7 million in the year-ago period. Analysts surveyed by FactSet had estimated 7 cents a share on revenue of $95.8 million. For the full year, Switch estimates revenue of $372 million to $380 million. Analysts expect revenue of $374.4 million.

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Buffalo Wild Wings stock soars after report of acquisition bid

MarketWatch Market Pulse - Mon, 11/13/2017 - 16:42

Buffalo Wild Wings Inc. shares shot more than 25% higher in late trading Monday after a report that a private-equity firm had bid more than $2.3 billion for the restaurant chain. The Wall Street Journal reported that Roark Capital Group made an offer of more than $150 a share for the company in recent weeks. The stock closed Monday at $117.25, then jumped to $150 in after-hours action following the report. The franchise has been hurt by increasing prices for its core product, chicken wings, and had been targeted by activist investor Marcato Capital Management, but bounced back in the most recent quarter by switching one of its most popular promotions to boneless wings.

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Senate Republican leaders call on Alabama candidate Moore to 'step aside'

Top Reuters News - Mon, 11/13/2017 - 16:19
WASHINGTON (Reuters) - U.S. Senate Majority Leader Mitch McConnell led a chorus of establishment Republicans on Monday calling for Roy Moore, the party's Senate candidate in Alabama, to withdraw from the race over allegations he had sexual contact with teenage girls decades ago.

EU readies sanctions on Venezuela, approves arms embargo

Top Reuters News - Mon, 11/13/2017 - 16:19
BRUSSELS (Reuters) - European Union foreign ministers approved economic sanctions, including an arms embargo, on Venezuela on Monday, saying regional elections last month marred by reported irregularities had deepened the country's crisis.

Amazon device pop-up shops debut in Whole Foods stores

MarketWatch Market Pulse - Mon, 11/13/2017 - 16:16

Amazon.com Inc. opened the first of its device pop-up shops in Whole Foods Market locations on Monday in Chicago and Rochester Hills, MI. On Tuesday, shops will open in Davie, FL and Pasadena, CA, and on Wednesday, stores will open in the Union Station store in Denver. An Amazon spokesperson said the company does not have an end date for the pop ups to share. Amazon began selling Amazon devices like the Echo, Fire TV and Kindle e-readers at more than 100 Whole Foods stores last week. Amazon shares are up more than 50% for the year so far while the S&P 500 index is up 15.5% for the period.

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U.S. court lets Trump travel ban go partially into effect

Top Reuters News - Mon, 11/13/2017 - 16:16
WASHINGTON (Reuters) - A U.S. appeals court in California on Monday let President Donald Trump's latest travel ban go partially into effect, ruling the government can bar entry of people from six Muslim-majority countries with no connections to the United States.

Why GE had the worst day since 2009 but the Dow industrials still ended in the green

MarketWatch Market Pulse - Mon, 11/13/2017 - 16:15

General Electric record its worst daily decline since April 2009 but that didn't stop the Dow Jones Industrial Average from booking a gain on Monday. That's because the the more than 7% drop in shares of GE , the 125-year-old conglomerate, equates to about a 10-point drop in the price-weighted Dow . In other words, a $1 move in anyone of the Dow's 30 components equates to a 6.89-point swing in the equity benchmark. That price weighting places emphasis on a company's share price-- $19.02 for GE- rather than, say, market value. GE boasts a market value of about $165 billion, after shedding about $10 billion in Monday trade. It also is the worst performer so far this year among the Dow's components. GE's downturn on Monday, however, was outweighed by gains in McDonald's Corp. , Home Depot Inc. and Boeing Co. , which all trade at a share price well over $100. GE's decline come as the company undergoes a drastic restructuring, including cutting its divided in half, under new CEO John Flannery. Overall, the Dow ended the session up about 17 points, or 0.1%, at 23,439, snapping a two-session skid. The S&P 500 index gained 0.1% at 2,584, while the Nasdaq Composite Index advanced 0.1% at 6,757.

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U.S. stocks close slightly higher, tax-cut worries cap upside

MarketWatch Market Pulse - Mon, 11/13/2017 - 16:03

U.S. stocks closed slightly higher on Monday, with the main indexes attempting to rebound from the first weekly loss in two months last week. However, investors remained reluctant to bid up prices amid continuing concerns surrounding the Republican tax legislation. The S&P 500 closed 2.54 points, or 0.1%, higher at 2,584.84. The Dow Jones Industrial Average was up 17.42 points, or less than 0.1%, to 23,439.63. The tech-heavy Nasdaq Composite index gained 6.66 points, or 0.1%, to 6,757.60. Among the worst performers on Wall Street, shares of General Electric Co dropped nearly 8% after the company halved its dividend and provided a downbeat profit outlook for next year.

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Amazon to produce 'Lord of the Rings' television series

Top Reuters News - Mon, 11/13/2017 - 15:27
(Reuters) - Amazon.com Inc has bought the global television rights to "The Lord of the Rings," the company said on Monday, in what may be its biggest and most expensive move yet to draw viewers to its streaming and shopping club Prime.

Trump to lawmakers: cut health mandate, top tax bracket

Top Reuters News - Mon, 11/13/2017 - 14:50
WASHINGTON (Reuters) - U.S. President Donald Trump urged lawmakers on Monday to slash the top tax rate paid by the wealthy and end the Obamacare individual healthcare mandate, even as he praised their work so far on tax reform in the Republican-controlled Congress.

Strong earthquake hits Iraq and Iran, killing more than 450

Top Reuters News - Mon, 11/13/2017 - 14:41
ANKARA/BAGHDAD (Reuters) - Thousands of homeless Iranians huddled against the cold late on Monday, a day after at least 450 people were killed in Iran's deadliest earthquake in more than a decade, state TV said.

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