Breaking Stock Market and Financial News

China third-quarter GDP growth slows as expected, property measures bite

Top Reuters News - 1 hour 19 min ago
BEIJING (Reuters) - China's economic growth slowed slightly as expected in the third quarter as the government's efforts to rein in the property market and debt risks tempered activity in the world's second-largest economy.

Special Report: Backroom battle imperils $230 million cryptocurrency venture

Top Reuters News - 1 hour 59 min ago
ZUG, Switzerland/NEW YORK (Reuters) - Just three months ago, a tech project called Tezos raised $232 million online in a wildly successful "initial coin offering," in which new digital currency is parcelled out to buyers. At the time, it was the most money ever raised from the public in the white-hot cryptocurrency sector.

MongoDB prices IPO at $24, above elevated range

MarketWatch Market Pulse - 3 hours 46 min ago

MongoDB Inc. priced its initial public offering at $24 a share Wednesday night, $2 higher than the price range it had already inflated just the day before. The database-software company originally targeted an IPO price in a range of $18 to $20, and increased that target to $20 to $22 Tuesday. MongoDB plans to sell at least 8 million shares at the $24 price, which would raise $192 million at an initial valuation of about $1.18 billion. The company was valued at $1.6 billion in its last round of private investment, the end of about $300 million in venture investment in the startup. Underwriters, led by Morgan Stanley, Goldman Sachs and Barclays, have access to an additional 1.2 million shares that could sell and raise the total take and valuation. MongoDB is expected to begin trading under the ticker symbol MDB on the Nasdaq exchange Thursday morning.

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Exclusive: Trump selects Washington lawyer Joe Simons to head FTC - official

Top Reuters News - 4 hours 5 min ago
WASHINGTON (Reuters) - President Donald Trump has selected Joseph Simons, an antitrust attorney from a Washington law firm, to head the Federal Trade Commission, a White House official said on Wednesday.

White House says Trump's check to military family has been sent

Top Reuters News - 4 hours 29 min ago
That was the message from the White House on Wednesday after the father of a slain U.S. Army sergeant said a generous offer from President Donald Trump had not materialized.

Blue Apron cuts 6 percent of its workforce

Top Reuters News - 4 hours 57 min ago
(Reuters) - Blue Apron Holdings Inc said it had cut about 6 percent of its total workforce, nearly four months after going public, as the meal-kit delivery company comes under increasing pressure from deep-pocketed rivals such as Amazon.com Inc .

Spain-Catalonia standoff set to intensify as leaders take hard lines

Top Reuters News - 5 hours 7 min ago
MADRID (Reuters) - Spain's political showdown with Catalonia is set to reach a new level on Thursday when political leaders in Madrid and Barcelona are expected to make good on pledges made to their supporters to stick to their tough positions over the region's future.

SendGrid plans IPO as email-focused startup nears $100 million in annual revenue

MarketWatch Market Pulse - 6 hours 26 min ago

SendGrid Inc. filed documents for an initial public offering Wednesday, following through on a promise to debut in 2017 as it heads toward $100 million in annual revenue and potential profitability. SendGrid, which sells a software platform that helps companies manage email communications with customers, said it would seek $100 million in proceeds in the offering, though that is usually a placeholder figure that will be replaced in subsequent filings. The 8-year-old startup based in Denver has experienced strong revenue growth while losses have shrunk, according to its filing with the Securities and Exchange Commission. SendGrid reported annual revenue totals of $42.8 million, $58.5 million and $79.9 million for the past three full years, while annual net losses fell from $13 million to $5.9 million to $3.9 million. In the first six months of 2017, the company lost $3.1 million on revenue of $51.8 million, both improvements from the same period the year before, which puts it on track for a stated goal of $100 million in revenue along with an IPO this year. The company has raised more than $80 million in private investment, according to Crunchbase, and the SEC filing shows that venture capital investors own about 73% of the company, led by Foundry Group's stake of 29.6%. SendGrid plans to list on the New York Stock Exchange under the ticker symbol SEND, and the offering is being led by Morgan Stanley and JP Morgan.

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Blue Apron to lay off 6% of workforce

MarketWatch Market Pulse - 6 hours 35 min ago

Blue Apron Holdings Inc. has reduced its workforce by 6% to "support its strategic priorities," the company said in a filing Wednesday. The layoffs happened in Blue Apron's corporate offices as well as fulfillment centers. The company said it expects about $3.5 million in employee-related expenses, mostly in severance payments incurred in the fourth quarter. Blue Apron had 5,393 employees as of June. Blue Apron "did not take this decision lightly, and I want to assure you that we believe it was necessary as we focus the company on future growth and achieving profitability," Chief Executive Matthew Salzberg said in a letter to employees in the filing. Shares of Blue Apron fell 1% in late trading after ending the regular trading day down 1.5%. The stock debuted on the New York Stock Exchange in June.

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Canada's Quebec province to ban face coverings in public sector

Top Reuters News - 6 hours 40 min ago
QUEBEC CITY, Quebec (Reuters) - Quebec will ban face coverings for people giving or receiving provincial government services under a law passed on Wednesday that rights groups have criticized as marginalizing Muslim women in the mainly French-speaking Canadian province.

SEC names J.P. Morgan executive to lead trading and markets team

MarketWatch Market Pulse - 7 hours 3 min ago

The Securities and Exchange Commission said Wednesday it named Brett Redfearn, J.P. Morgan's global head of market structure for its investment bank, to be director of the regulator's division of trading and markets. Redfearn will oversee the major securities market participants and infrastructure including, among others, broker-dealers, self-regulatory organizations (including stock exchanges, the Financial Industry Regulatory Authority, the Municipal Securities Rulemaking Board, and clearing agencies), alternative trading systems, and transfer agents. Redfearn has also served on the boards of Bats Global Markets, the Chicago Stock Exchange, BIDS Trading, and the National Organization of Investment Professionals.

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Catalonia to declare independence if Spain cancels autonomy: report

MarketWatch Market Pulse - 7 hours 7 min ago

Catalonia could formally declare its independence from Spain on Thursday, should the Spanish government in Madrid rescind the regions' autonomy, Catalan president Carles Puigdemont said, according to a report by Reuters. The Spanish government set a deadline for Thursday to resolve the domestic political conflict caused by Catalonia's independence referendum in which residents voted overwhelmingly for secession amid low voter turnout. Following the vote Puigdemont refrained from formally declaring independence in favor of dialogue with Madrid. It would take three to five days for Catalonia's autonomy to get suspended after a decision in Madrid, the report said. The political turmoil is the focal point for currency traders who are assessing the overall health of the eurozone's shared currency. The euro last bought $1.1793, compared with $1.1766 late Tuesday.

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United Continental earnings beat despite weather-related cancellations

MarketWatch Market Pulse - 7 hours 22 min ago

United Continental Holdings Inc. reported better-than-expected third-quarter earnings Wednesday despite thousands of hurricane-related flight cancellations. The airline reported third-quarter net income of $637 million, or $2.12 a share, on revenue of $9.9 billion, which was basically even from the same quarter a year ago. After adjustments for special charges and tax effects, United claimed profit of $2.22 a share, down from $3.11 a share a year ago. Analysts on average expected adjusted earnings of $2.16 a share on revenue of $9.88 billion. United said it cancelled 8,300 flights in the quarter as the result of devastating hurricanes and other storms in Texas, Florida and the Caribbean, which reduced pre-tax income by an estimated $185 million. United said it set new company records for on-time performance in the quarter despite the difficulties. United stock declined less than 1% after the earnings were released, falling to $67.50 after closing with a 0.7% increase at $67.99.

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Adobe shares rally after company outlook

MarketWatch Market Pulse - 7 hours 24 min ago

Shares of Adobe Systems Inc. rose more than 5% late Wednesday after the company announced fiscal 2018 revenue and earnings targets slightly above Wall Street expectations. Adobe said it expects revenue of about $8.7 billion for fiscal 2018, a 20% increase over fiscal 2017 sales, and adjusted earnings of $5.50 a share for the year. Analysts polled by FactSet expect fiscal 2018 earnings of $5.20 a share on sales around $8.6 billion. The company also called for a 20% year-over-year growth for its cloud bookings. The outlook reflects "our continued momentum and leadership," Chief Executive Shantanu Narayen said in a statement. Adobe said it was on track for fiscal 2017 fourth-quarter revenue of $1.95 billion and fourth-quarter adjusted earnings of $1.15 a share. The analysts surveyed by FactSet expect fourth-quarter earnings of $1.16 a share on sales of $1.95 billion.

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AmEx's Stephen Squeri to succeed Chenault as CEO, chairman

MarketWatch Market Pulse - 7 hours 25 min ago

American Express Co. said late Wednesday that Stephen Squeri, the current vice-chairman, will become chief executive and chairman on Feb. 1. Squeri, who leads the company's Global Commercial Services group, succeeds Kenneth Chenault. Shares of American Express declined 0.6% to $91.55 after hours. The announcement followed AmEx's release of quarterly earnings, which topped Wall Street estimates.

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EBay shares plunge after third-quarter results

MarketWatch Market Pulse - 7 hours 27 min ago

EBay Inc. shares plunged in the extended session Wednesday day after the company reported third-quarter earnings. EBay shares fell 4.2% to 36.40 after hours. The company reported third-quarter net income of $514 million, or 48 cents a share, compared to $509 million, or 36 cents a share, in the year-ago period. Adjusted earnings were also 48 cents a share. Revenue rose to $2.4 billion from $2.22 billion in the year-ago period. Analysts surveyed by FactSet had estimated 33 cents a share on revenue of $2.37 billion. For the fourth-quarter, analysts model earnings of 60 cents a share on revenue of $2.58 billion. EBay stock has gained 27.9% this year, with the S&P 500 index rising 14.3%.

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White House says Trump opposes Senate's bipartisan Obamacare deal

Top Reuters News - 7 hours 37 min ago
WASHINGTON (Reuters) - A bipartisan deal from two senators to stabilize Obamacare by restoring subsidies to health insurers suffered major setbacks on Wednesday with the White House saying President Donald Trump now opposes it and senior Republicans speaking out against it.

Alcoa misses on earnings but beats on revenue

MarketWatch Market Pulse - 7 hours 37 min ago

Alcoa Corp. profit came in lighter than expected for the aluminum company's third quarter on Wednesday, but revenue was a slight beat. Alcoa reported net income of $113 million, or 60 cents a share, on sales of $3 billion; after adjustments for "special items," the company claimed earnings of 72 cents a share. Analysts on average expected adjusted earnings of 74 cents a share on sales of $2.93 billion, according to FactSet. In the year-ago quarter, Alcoa posted adjusted earnings of 96 cents a share on revenue of $5.2 billion, before a corporate split separated the Alcoa raw-aluminum business from other, faster-growing endeavors. Alcoa also said it increased its forecast for adjusted ebitda for the full year, to $2.4 billion. Shares bounced between slight gains and losses after the announcement, after closing at $47.75.

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American Express shares wobble after hours following earnings beat

MarketWatch Market Pulse - 7 hours 40 min ago

American Express Co. shares traded between slight gains and losses in the extended session Wednesday after the company topped Wall Street estimates for the quarter and raised its guidance. AmEx shares, which earlier had traded up 1%, were last down 0.5% to $91.65 after hours. The company reported third-quarter net income of $1.36 billion, or $1.50 a share, compared to $1.14 billion, or $1.20 a share, in the year-ago period. Revenue rose to $8.45 billion from $7.77 billion in the year-ago period. Analysts surveyed by FactSet had estimated $1.48 a share on revenue of $8.3 billion. For the year, AmEx estimates earnings of $5.80 to $5.90 a share, while analysts expect earnings of $5.74 a share.

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Visa raises dividend rate by 18%

MarketWatch Market Pulse - 7 hours 42 min ago

Visa Inc. said late Wednesday its board of directors declared a dividend of 19.5 cents a share of class A common stock, an 18% dividend rate increase. The dividend is payable on Dec. 5 to shareholders of record as of Nov. 17. Shares of Visa were flat in late trading after ending the regular trading day up 0.2%.

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