Breaking Stock Market and Financial News

Car plows into pizzeria near Paris, killing 12-year-old girl

Top Reuters News - Mon, 08/14/2017 - 18:32
(Reuters) - A car plowed into the outdoor terrace of a pizzeria in the small town of Sept-Sorts east of Paris on Monday, killing a 12-year-old girl and seriously injuring several other people.

Costco to appeal ruling on violation of Tiffany trademark

MarketWatch Market Pulse - Mon, 08/14/2017 - 17:40

Costco Wholesale Corp. late Monday said it will appeal a ruling that it marketed diamond rings that infringed upon Tiffany & Co.'s trademark. In a statement, Costco said the ruling "is a product of multiple errors in pretrial, trial, and post-trial rulings." On Monday, a federal judge ruled that Tiffany could recover at least $19.4 million in damages from Costco, according to Reuters.

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Tepper's Appaloosa dumps Snap Inc., stake, loads up on tech, health care

MarketWatch Market Pulse - Mon, 08/14/2017 - 17:26

David Tepper's hedge fund Appaloosa Management unloaded its position in Snapchat-parent Snap Inc., and disclosed increases in the tech and health-care sectors at the end of the second quarter. As of June 30, Tepper's fund showed that his fund dumped 100,000 shares of of Snap Inc. , which has lost more than a third of its value since it debuted as a public entity in early March. Tepper had been one of a number of prominent investors who had vocally expressed support of the social-messaging company. On Monday, Snap's shares were among the most active, gaining about 6.5% to start the week. Elsewhere, Appaloosa showed new positions in the PowerShares QQQ Trust Series 1 , which mimics the technology laden Nasdaq-100 , purchasing 1.8 million shares of the so-called QQQs, valued at $249 million, representing about 3.7% of his overall portfolio, according to data from research provider Whalewisdom.com. The fund also more than doubled its Apple Inc. position to 625,000 shares worth about $90 million and those of Altaba Inc. , which he boosted to 5.1 million shares valued at $280 million. Appaloosa showed a fresh stake in Alibaba Group Holding Limited , scooping up 3.6 million shares worth $520 million. Tepper's investment vehicle added a new position in exchange-traded IBB , a prominent ETF tracking the biotech sector, and SPDR S&P Biotech ETF , which closely mimics the S&P 500's health-care sector. Tepper's firm bought 235,000 shares of IBB worth about $73 million and 330,000 shares of XBI valued at $34 million, as of the end of June. In other sales, Tepper & Co. unloaded all of its position in Teva Pharmaceutical Industries , Energy Transfer Partners L.P. and Pfizer Inc. among others. Related: Active-managers have a new favorite tool

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David Einhorn's Greenlight Capital bulks up tech holdings

MarketWatch Market Pulse - Mon, 08/14/2017 - 17:02

David Einhorn's Greenlight Capital bulked up its stakes in technology companies in the second quarter, boosting its holding in Micron Technology Inc. and adding Hewlett Packard Enterprise Co. to its portfolio, according to a 13F regulatory filing submitted Monday. The hedge fund raised its stake in Micron to 2.6 million shares at the end of June from 1.6 million shares in March and bought 4.5 million shares of Hewlett Packard Enterprise. It also purchased 4.3 million shares in Altaba Inc. , a company that was formed after Yahoo's internet business was bought by Verizon Communications Inc. , but trimmed its stake in Apple Inc. to 3.93 million shares in the second quarter from 3.98 million shares in the first quarter.

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Berkshire Hathaway drops GE, starts Synchrony position

MarketWatch Market Pulse - Mon, 08/14/2017 - 16:42

Warren Buffett's Berkshire Hathaway Inc. dropped its position in General Electric Co. and trimmed other positions, according to a Securities and Exchange Commission filing late Monday. Berkshire liquidated its position in GE, while trimming positions in International Business Machines Inc. , Costco Wholesale Corp. and Sirius XM Holdings Inc. . GE shares were off 0.3% after hours. Berkshire added a position of 17.5 million shares of Synchrony Financial , and shares were up 3.9% at $30.70 after hours.

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The Dow just marked its longest streak without a 1% move in either direction in 22 years

MarketWatch Market Pulse - Mon, 08/14/2017 - 16:29

The Dow Jones Industrial Average on Monday booked its longest period, 61 sessions, without a 1% swing in about 22 years, according to data from WSJ Market Data Group. The Dow closed up 0.6%, or 135 points, at about 21,994, marking its best daily advance since June 28th. But over a longer stretch, the blue-chip gauge has moved fairly placidly over the past three months, failing to post a gain or loss of at least 1% since May 17, when the gauge declined 1.8%. That's even after the Dow registered a 1.1% weekly drop last week on the back of heightened geopolitical worries, representing its worst weekly decline since the period ended March 24. At 61 sessions in a row, the Dow has logged the longest such succession of trades without a 1% swing since since the 69 trading days ended Oct. 25, 1995. Meanwhile, the S&P 500 index managed to notch a close of 1% at 2,465, while the Nasdaq Composite Index finished the session 1.4% higher at 6,340. --Ken Jimenez contributed to this article

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Pandora names former Sling TV executive its CEO

MarketWatch Market Pulse - Mon, 08/14/2017 - 16:20

Pandora Media Inc. late Monday announced that Roger Lynch will join the company as its CEO and president as well as a member the board of directors, effective Sept. 18. Naveen Chopra, who has served as Pandora's interim CEO since June, will continue in his role as chief financial officer. Lynch served as the founding CEO of Dish Network Corp.'s Sling TV, and prior to that was an executive at Dish . Pandora also announced it has also appointed Michael Lynton to its board of directors. Pandora's former CEO, Tim Westergren, stepped down in June. Shares of Pandora rose 5% after the announcement, and ended the regular trading day down 0.1%. Dish said it would shift the leadership of Sling TV into the portfolio of Erik Carlson, Dish's president and chief operating officer, effective Aug. 31. Shares of Dish were flat in late trading after ending the regular session up 0.4%.

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Stocks close higher as geopolitical fears ease

MarketWatch Market Pulse - Mon, 08/14/2017 - 16:08

U.S. stocks closed higher Monday led by gains in financial and technology shares as reactions to last week's war of words between North Korea and the U.S. found balance. The Dow Jones Industrial Average closed up 135.39 points, or 0.6%, to finish at 21,993.71, with shares of Visa Inc. , Apple Inc. and Microsoft Corp. leading blue chips higher with 1.5% or more gains. The S&P 500 index rose 24.52 points, or 1%, to close at 2,465.84, its largest one-day percentage gain since April 24, with 10 out of 11 sectors finishing higher and big gains in financial and tech shares. The Nasdaq Composite Index closed up 83.68 points, or 1.3%, at 6,340.23.

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Germany's Schaeuble decries ECB's low interest-rate policy

MarketWatch Market Pulse - Mon, 08/14/2017 - 15:55

German finance minister Wolfgang Schaeuble on Monday criticized the low interest-rate policy of the European Central Bank today. He added that he hoped for a a near-term rate hike, during a federal-election campaign event in Schleiz, near Erfurt, Germany. This isn't the first time Germany's officials have complained about ECB President Mario Draghi's monetary policy. In May, the ECB's Bostjan Jazbec said the central bank was not ready to unwind its quantitative easing policy. The euro weakened 0.3% against the dollar on Monday afternoon in New York, with one euro buying $1.1784.

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Trump signs memo directing probe into China's IP practices

Top Reuters News - Mon, 08/14/2017 - 15:40
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday signed a presidential memorandum authorizing an investigation into China's alleged theft of American intellectual property, declaring it "one big move."

Aetna in talks with Apple to offer Apple Watch to its 23 million members: report

MarketWatch Market Pulse - Mon, 08/14/2017 - 15:36

Apple Inc. and insurance company Aetna Inc. held talks late last week to bring Apple's fitness-tracking smartwatch to Aetna's 23 million members, according to a report from CNBC on Monday, citing unnamed sources. Shares of Aetna were up more than 2% during intraday trade on Monday, while Apple shares were up 1.5%. According to the report Aetna, which currently offers an Apple Watch to its 50,000 employees as part of a wellness program, is negotiating to offer free or discounted watches to members. For the first three months of the year the Apple Watch was the top-selling wearable tracker on the market, overtaking Fitbit Inc. . Shares of Fitbit were up about 2% on Monday as well. CNBC's report says Aetna's proposed timeline is for early next year. Shares of Aetna are up more than 25% in the year to date, while Apple shares are up more than 38%. By comparison, the S&P 500 index is up more than 10%.

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S&P 500 on track for best daily gain in about 4 months and only third 1% gain in 2017

MarketWatch Market Pulse - Mon, 08/14/2017 - 15:27

Stock markets Monday afternoon were enjoying a sharp rally, putting the S&P 500 index in position to post its best daily gain in about four months. The S&P 500 index was most recently up more than 1% at 2,466, which would represent the best daily gain for the broad-market benchmark since April 24, according to FactSet data. In fact, the S&P 500 has only seen a gain of at least 1% on two other occasions so far in 2017 (including March 1), with a rally today of at least that level marking the third such gain this year. Overall, the Dow Jones Industrial Average was up 0.7%, and the Nasdaq Composite Index was on pace for a 1.3% one-day rise, both their best daily advances since June 28.

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Google cancels domain registration for white-supremacy site the Daily Stormer

MarketWatch Market Pulse - Mon, 08/14/2017 - 15:14

Google Inc. said Monday that it had cancelled the domain registration for white-supremacy site the Daily Stormer. "We are cancelling Daily Stormer's registration with Google Domains for violating our terms of service," a Google spokesperson wrote in an email to MarketWatch. The Daily Stormer was kicked off of GoDaddy Inc. earlier Monday after the site had published an article demeaning Heather Heyer, a protester killed at the neo-Nazi rally in Virginia. GoDaddy gave the Daily Stormer 24 hours to move its domain to another web hosting company.

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Oil prices settle at lowest level in three weeks

MarketWatch Market Pulse - Mon, 08/14/2017 - 14:57

Oil prices settled Monday at their lowest level in three weeks, pressured by concerns over growing production from OPEC members and U.S. shale-oil producers. Separate reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency last week showed a monthly rise in crude output from OPEC members. A report issued Monday from the Energy Information Administration also revealed expectations for a 117,000-barrel rise in next month’s U.S. shale-oil production. September West Texas Intermediate crude fell $1.23, or 2.5%, to settle at $47.59 a barrel on the New York Mercantile Exchange.

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Google paying Apple billions to remain default search on iOS, analyst says

MarketWatch Market Pulse - Mon, 08/14/2017 - 14:49

Alphabet's Google is paying Apple billions of dollars a year to remain the default search engine on iOS devices such as the iPad and iPhone, according to a research note from Bernstein. Citing court documents that indicate Google paid Apple $1 billion in 2014, Bernstein analyst A.M. Sacconaghi Jr. made a case that the number will triple in fiscal 2017 to $3 billion. Because the payments to Apple are "nearly all profit," Sacconaghi said Google may account for 5% of the iPhone maker's total operating profit this year, and has accounted for 25% of operating-profit growth over the past two years. The analyst cautioned that at some point in the future Google could decide that its search business is secure and no longer needs to pay the licensing fee. But, as Apple's customer base continues to grow, as well as its search usage, Apple may be able to generate additional licensing revenue through "other advertising-intensive apps," according to the Bernstein note. Sacconaghi has a $175 price target for Apple stock, which is up 1.6% in late-afternoon trading. Google shares are up nearly 1%.

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Fed's Dudley wants to keep raising interest rates slowly

MarketWatch Market Pulse - Mon, 08/14/2017 - 14:23

New York Fed President William Dudley said Monday that he is in favor of continuing to slowly raise short-term interest rates even with inflation below the central bank's 2% target. In an interview with the Associated Press, Dudley listed two reasons to continue to raise short-term rates, saying financial conditions have eased even though the Fed has been tightening and the current level of short term rates is "pretty low." "I would be in favor of doing another rate hike later this year," if the economy performs as expected, Dudley said.

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U.S. shale oil output expected to rise by 117,000 barrels a day in September: EIA

MarketWatch Market Pulse - Mon, 08/14/2017 - 14:20

Shale crude-oil production from seven major U.S. oil plays is expected to see a monthly climb of 117,000 barrels a day in September to 6.149 million barrels a day, according to a monthly report from the Energy Information Administration released Monday. The report has shown increases in shale-oil output every month so far this year. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 64,000 barrels a day. September West Texas Intermediate oil continued to trade lower, down $1.02, or 2.1%, for the session at $47.80 a barrel, a few minutes before the settlement on the New York Mercantile Exchange.

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Nasdaq's broad rally tarnished as new lows exceed new highs

MarketWatch Market Pulse - Mon, 08/14/2017 - 13:54

Although the Nasdaq Composite's 1.3% surge Monday brought the technology friendly index within range of its record high, and more than 25% above its 52-week low, but the number of its components hitting new lows outnumbered those reaching new highs. The number of advancing stocks on the Nasdaq exchange outnumbered decliners by a 2,075-to-672 score, but the number of stocks hitting fresh 52-week highs trailed new lows by a 49-to-45 margin. Meanwhile, the Nasdaq Comp was 1.3% below its July 26 record close of 6,422.75, but 25.6% above its Nov. 4, 2016 52-week closing low of 5,046.37. On the NYSE, advancers led decliners by a score of 2,287 to 615, but new highs topped new lows by just 47 to 46. The Nasdaq Composite has now rallied 17.7% year to date, while the S&P 500 has gained 10.1%.

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Gold prices mark first loss in four sessions

MarketWatch Market Pulse - Mon, 08/14/2017 - 13:46

Gold prices on Monday finished lower for the first time in four sessions, as tensions between the U.S. and North Korea appeared to ease, the dollar strengthened and U.S. equities climbed--dulling investment demand for the precious metal. December gold fell $3.60, or 0.3%, to settle at $1,290.40 an ounce. Prices had tallied a gain of more than 2% over the past three sessions.

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'El Chapo' Guzman allowed to meet relative in U.S. jail: lawyer

Top Reuters News - Mon, 08/14/2017 - 12:55
NEW YORK (Reuters) - Joaquin Guzman, the Mexican drug lord known as "El Chapo" who is jailed awaiting trial in the United States, may meet with a relative to discuss ways to pay for his defense, a lawyer for Guzman said on Monday.

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