Breaking Stock Market and Financial News

Senate Republicans appear to have votes to pave way to tax reform

Top Reuters News - 7 hours 43 min ago
WASHINGTON (Reuters) - U.S. Senate Republicans appeared to have enough votes on Wednesday to pass a budget measure that is crucial to President Donald Trump's hopes of enacting tax reform legislation before the end of the year.

Judge raises doubts over suit against Trump on foreign payments

Top Reuters News - 7 hours 44 min ago
NEW YORK (Reuters) - A federal judge in New York voiced skepticism on Wednesday over whether groups and individuals should be able to proceed with a lawsuit against President Donald Trump alleging that he violated the U.S. Constitution by accepting foreign payments through his hotels and other businesses.

Dow ends above 23,000 for the first time ever

MarketWatch Market Pulse - 7 hours 45 min ago

U.S. stock-market indexes closed at record levels on Wednesday with the Dow industrials ending above 23,000 for the first time. Analysts said stocks were supported by better-than-expected earnings results. The S&P 500 gained 1.90 points, or 0.1%, to 2,561.26, notching its 47th record close. The Dow Jones Industrial Average gained 160.16 points, or 0.7%, to 23,157.60, driven by a surge in shares of International Business Machine Inc. , which rose nearly 9%. The blue-chip index closed at a record for the 51st time this year. The tech-heavy Nasdaq Composite index ended fractionally higher at 6,624.22, also scaling a record.

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Ford to recall 1.34 million trucks in North America for door latch fix

Top Reuters News - 7 hours 47 min ago
WASHINGTON (Reuters) - Ford Motor Co said on Wednesday it would recall 1.34 million 2015-17 Ford F-150 and 2017 Ford Super Duty trucks in North America to add water shields to side door latches at a cost of $267 million.

On Iran, U.S. asks U.N. Security Council: 'Where's the outrage?'

Top Reuters News - 8 hours 25 min ago
UNITED NATIONS (Reuters) - The United States accused Iran on Wednesday of violating several United Nations Security Council resolutions, saying it would no longer "turn a blind eye" and asking the 15-member council of Tehran's behavior: "where's the outrage?"

Ulta Beauty shares downgraded on data showing spending declines among teens

MarketWatch Market Pulse - 9 hours 11 min ago

Ulta Beauty Inc. was downgraded to neutral from overweight at Piper Jaffray after findings from the firm's latest Teen Survey showed declines in spending on color cosmetics and skincare, as well as a trough in fragrance spending. The company's price target was slashed to $210 from $260. Ulta shares are down 1.7% in Wednesday trading. "[O]verall beauty wallet contracted low-double digits," analysts wrote in a Wednesday note. "While specialty is the primary share gainer within cosmetics, we did see broader signs of strength from Sephora--now the No. 1 preferred beauty format across upper and average-income females--unseating Ulta in average-income survey." Other popular names from the Teen Survey include Amazon.com Inc. , Adidas AG and Apple Inc. In addition to the survey results, Piper Jaffray analysts cite growing competition from Amazon, Sephora, as well as other up-and-comers in the beauty space, and moderating same-store sales for its downgrade. Ulta shares are down 23.2% for the last three months while the S&P 500 index is up 4.2% for the period.

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NFL will not insist that players stand for national anthem: commissioner

MarketWatch Market Pulse - 9 hours 17 min ago

NFL Commissioner Roger Goodell said Wednesday that the league's position remains that players should stand on the sideline during the pregame playing of the U.S.'s national anthem but will not revise its manual to require standing. In a televised New York news conference after a meeting with league owners, the commissioner suggested players directly involved in the protest of allegedly racially biased policing tactics and other forms of systemic racism now number less than 10. Goodell said the NFL is aware of fan and sponsor concerns over the protests, which typically have taken the form of kneeling in silence as the "Star-Spangled Banner" is played, but that players have intended no disrespect to the U.S. flag. He said it was not discussed at the league meeting whether individual teams could or should discipline protesting players. Asked whether he was concerned about polls showing those identifying as Republicans were turning against pro football, Goodell said the league did not intend to enter the political fray.

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Sessions refuses to discuss conversations with Trump on Russia

Top Reuters News - 9 hours 28 min ago
WASHINGTON (Reuters) - U.S. Attorney General Jeff Sessions refused on Wednesday to answer lawmakers' questions about his discussions with President Donald Trump on Russia and denied lying to Congress about his own contacts with Russians during the 2016 election campaign.

Nielsen shares gain more than 4% after company announces new Netflix ratings service

MarketWatch Market Pulse - 9 hours 33 min ago

Nielsen Holdings shares were up 4.4% during intraday trade on Wednesday after the data and analytics company said it is adding a service for its media clients that will give TV networks deeper insights into viewership on streaming platform Netflix Inc. . With Nielsen's new ratings service networks will know how many people watch their shows on Netflix and how many people are watching their rivals' shows. The industry has been clamoring for such insight into Netflix viewing, which the streamer notoriously keeps close to the vest. Eight networks, including Disney/ABC TV Group , NBCUniversal and Warner Bros. [s:TWX] have already signed up for the service. According to media reports, however, Netflix says the data Nielsen is reporting is not accurate and doesn't include streaming overseas, or on mobile devices. Shares of Nielsen are down less than 1% in the year to date, while the Dow Jones Industrial Average is up more than 16% and the S&P 500 index is up close to 15%.

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Chipotle stock slides 2.5% as analysts take bearish tone ahead of earnings

MarketWatch Market Pulse - 9 hours 36 min ago

Shares of Chipotle Mexican Grill Inc. fell 2.5% Wednesday, as analysts took a cautious view of the stock ahead of third-quarter earnings due next week. Wedbush analysts said they are expecting same-restaurant sales growth to fall below consensus of 2.2%, based on early October checks. "While we noted a benefit from the recent introduction of queso, we estimate the trend line was only up in the low-single digit range, and believe prior to the introduction was likely running in negative territory," they wrote in a note. "Should transaction trends remain pressured, we believe management may elect to forego the price increase we currently incorporate in our model in Q4." Bank of America downgraded the stock to underperform from neutral, according to Barron's. Chipotle shares are down 15% in 2017, while the S&P 500 has gained 14.5% and the Dow Jones Industrial Average has gained 17%.

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 lower, then edges up in electronic trade after Fed Beige Book

MarketWatch Market Pulse - 9 hours 36 min ago

Gold prices settled lower Wednesday, then edged a bit higher in electronic trading shortly after the release of the U.S. Federal Reserve's Beige Book. The report, which offers a snapshot of domestic economic activity, said U.S. growth was "split between modest and moderate," but the Fed appears to still be on track to raise interest rates by December. Gold futures for December delivery was at $1,283.70 an ounce in electronic trading. Prices had lost $3.20, or 0.3%, to settle at $1,283 an ounce for the session, their lowest since Oct. 6, according to FactSet data.

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.

Stock market buyers are about as calm as can be despite record rally

MarketWatch Market Pulse - 9 hours 49 min ago

Stock market internals are showing that, despite the apparent melt up in the major market indexes, with the Dow Jones Industrial Average's spiking into uncharted territory, the buying Wednesday is relatively calm, cool and collected. The Arms Index, which is a volume weighted breadth measure that usually declines when the market rises, inched up to just 1.071 for the NYSE and to 1.093 on the Nasdaq exchange. An Arms of 1.000 means the ratio of advancers over decliners is the same as the ratio of advancing volume over declining volume; basically, there's no sense of urgency to buy stocks that are rise. A decline in the Arms to 0.50 and below suggests panic-like buying. The Dow was up 160 points, joined with at a record high by both the S&P 500 and the Nasdaq Composite . But the number of advancing stocks outnumber decliners by just a 1,534-to-1,288 score on the NYSE and by a 1,674-to-1,000 on the Nasdaq. And advancing volume is just 52% of total volume on the NYSE and 59% of total volume on the Nasdaq.

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.

Dow industrials on track for best one-day gain in 5 weeks

MarketWatch Market Pulse - 10 hours 6 min ago

The Dow Jones Industrial Average Wednesday afternoon was climbing past the psychologically significant level of 23,000, propelled by a rally in shares of International Business Machines Corp. The rally was putting the blue-chip gauge in position to book its first close above 23,000 in history and its best one-day climb since Sept. 11, when it rose 259 points, or 1.2%, according to FactSet data. The Dow was up 157 points, or 0.7%, at 23,155, most recently. Wednesday's gain, which also saw the S&P 500 index and the Nasdaq Composite Index to intraday all-time highs, was supported by a healthy round of early earnings from U.S. corporations, and hope of market-boosting tax cuts. Meanwhile, IBM's stock was enjoying its best daily gain since 2009 after the tech giant posted better-than-expected quarterly results late 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.

Native American tribe holding patents sues Amazon and Microsoft

Top Reuters News - 10 hours 9 min ago
(Reuters) - A Native American tribe sued Amazon.com Inc and Microsoft Corp in federal court in Virginia on Wednesday for infringing supercomputer patents it is holding for a technology firm.

Bipartisan Senate deal on stabilizing Obamacare runs into trouble

Top Reuters News - 10 hours 25 min ago
WASHINGTON (Reuters) - A bipartisan deal from two U.S. senators to stabilize Obamacare by restoring subsidies to health insurers ran into trouble on Wednesday with President Donald Trump sending mixed signals and the speaker of the House indicating no interest in taking it up.

Shares of large generic drugmakers fall

MarketWatch Market Pulse - 11 hours 22 min ago

Shares of several large generic drugmakers fell in Wednesday midday trade. Mylan NV shares dropped 2.7%, Teva Pharmaceutical Industries Ltd. shares dropped 2.1% , Taro Pharmaceutical Industries Ltd. shares fell 2.2% and Perrigo Co. Plc shares fell 0.6%. Generic drugs prices have been under pressure this year, and although it appears to be stabilizing of late, "we recognize that a new wave of pricing pressure could emerge again later this year," said Jefferies analyst Brian Tanquilut. This past summer, Teva's earnings report sparked a wider and extended sell off in industry shares. Teva is scheduled to report third-quarter earnings on Nov 2. The VanEck Vectors Generic Drugs ETF was not active in Wednesday trade. Shares have risen 3.2% over the last three months, compared with a 4% 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.

IBM's stock provides a 90-point tailwind to Dow's record climb

MarketWatch Market Pulse - 11 hours 32 min ago

The Dow Jones Industrial Average on Wednesday was looking at its second-best daily gain in October, with shares of International Business Machines Corp. powering more than half its rally. Shares of IBM were rally 9.4% or $13.81. That translates to a more than 90-point lift to the price-weighted Dow after the tech giant posted better-than-expected quarterly results. A $1 move in any one of the Dow's 30 components equates to a 6.89-point swing. The daily surge for the Armonk, N.Y.-based tech giant, if it holds, would be the best since Jan. 21, 2009, according to FactSet. However, the stock is still down about 3.6% so far this year. IBM's gain was powering the Dow above 23,000, with the blue-chip gauge up 146 points, or 0.6%, at 23,144, on track for its best daily gain since Oct. 2. The other main benchmarks' moves were more muted. The S&P 500 index was up 0.1% at 2,561, while the Nasdaq Composite Index also was trading flat at 6,627.

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.

HP shares climb to highest level since Feb. 2011 as RBC hikes estimates and price target

MarketWatch Market Pulse - 11 hours 39 min ago

Shares of HP Inc. rose to their highest level since Feb. of 2011 early Wednesday, after RBC raised earnings estimates and its stock price target to incorporate new company guidance. "We think HPQ's FY18 guide is inherently conservative and could enable sustained beats/raises over the next few quarters," analysts led by Amit Daryanani wrote in a note. RBC raised its stock price target to $26 from $22, and lifted its fiscal 2018 EPS estimate to $1.81 from $1.74 and its revenue estimate to $52.0 billion from $50.8 billion. The company said it expects a flat year for printing and a down year for PCs, where it will mainly focus on adjacent markets and share gains. "Commodity markets should remain challenging but likely peak in FQ4 (October); that headwind should be offset by cost-reduction initiatives," said the note. Shares were last trading up 0.9% and have gained about 45% in 2017, while the S&P 500 has gained 14%.

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.

Ford to recall about 1.3 million trucks in North America for door latch fix

Top Reuters News - 11 hours 57 min ago
WASHINGTON (Reuters) - Ford Motor Co said on Wednesday it would recall about 1.3 million 2015-17 Ford F-150 and 2017 Ford Super Duty trucks in North America to add water shields to side door latches at a cost of $267 million.

Three dead in shooting at Maryland workplace: sheriff

Top Reuters News - 11 hours 59 min ago
(Reuters) - Three people were killed and two wounded on Wednesday in a shooting at an Edgewood, Maryland, stone countertop company, Harford County Sheriff Jeffrey Gahler said.

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