Breaking Stock Market and Financial News

Head of Islamic State in Afghanistan killed: Pentagon

Top Reuters News - Fri, 07/14/2017 - 14:54
WASHINGTON (Reuters) - The head of Islamic State in Afghanistan, Abu Sayed, was killed in a strike on the group's headquarters in Kunar province earlier this week, the Pentagon said on Friday.

Oil ends higher for the session to tally a gain of more than 5% for the week

MarketWatch Market Pulse - Fri, 07/14/2017 - 14:43

Oil prices climbed Friday to finish near a two-week high, buoyed by reports of a setback for Nigerian crude supplies and a recent forecast for higher oil demand this year. For the week, the price for U.S. benchmark oil rose roughly 5.2%. August West Texas Intermediate crude rose 46 cents, or 1%, to settle at $46.54 a barrel on the New York Mercantile Exchange for the session.

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 marks highest settlement of the month, up 1.5% for the week

MarketWatch Market Pulse - Fri, 07/14/2017 - 13:56

Gold prices climbed Friday to mark their highest finish since June 30 as weak U.S. economic data dulled prospects for another interest-rate hike this year. Prices finished the week up roughly 1.5%, after posting five-straight weeks of losses, according to data from FactSet, tracking the most-active contracts. August gold added $10.20, or 0.8%, to settle at $1,227.50 an ounce.

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.

House backs massive increase in defense spending

Top Reuters News - Fri, 07/14/2017 - 13:39
WASHINGTON (Reuters) - The U.S. House of Representatives passed its version of a massive annual defense bill on Friday, leaving out controversial amendments on transgender troops and climate policy but backing President Donald Trump's desire for a bigger, stronger military.

Baker Hughes data shows U.S. oil-rig count edged up this week

MarketWatch Market Pulse - Fri, 07/14/2017 - 13:09

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil edged higher by two to 765 rigs this week. That follows a weekly rise of seven rigs. The total active U.S. rig count, which includes oil and natural-gas rigs, was unchanged at 952, according to Baker Hughes. August West Texas Intermediate crude rose 47 cents, or 1%, to $46.55 a barrel on the New York Mercantile Exchange, little changed from the $46.57 level it traded at before the 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.

Nutanix shares soar as analyst calls it 'a once-in-a-decade' opportunity

MarketWatch Market Pulse - Fri, 07/14/2017 - 13:04

Shares of Nutanix Inc. were soaring 9% Friday afternoon after Goldman Sachs added the stock to their conviction list, saying it has an estimated 53% return potential to their $31 price target. Goldman Sachs calls Nutanix, a hyperconverged infrastructure company, a "once-in-a-decade tech infrastructure story," as they see strong adoption of the technology among chief information officers. According to their June survey, 18% of CIOs expected to move to hyperconverged systems in the next two years, with Nutanix as the leader in the field. Additionally, they see Nutanix on a path for long-term double-digit growth, high gross margins and large operating leverage. In the shorter-term, Nutanix should benefit from changed accounting rules that will move its software revenues, which are currently deferred, to its profit and loss statement. "We estimate that the new accounting methodology could increase FY18/FY19 revenues by 12%/13%,"wrote Simona Jankowski, the lead analyst on the note. There is also the possibility of Nutanix as an acquisition target, given its unique position in the space and its 17% year-to-date stock drop. The analysts have a buy rating and $31 price target on the stock. Shares of Nutanix have gained 26% in the past month, compared to the S&P 500's gain of 1%.

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.

Russian-American lobbyist met with Trump Jr., Russian lawyer: NBC News

Top Reuters News - Fri, 07/14/2017 - 12:05
WASHINGTON (Reuters) - A lobbyist who was once a Soviet counter-intelligence officer participated last year in a meeting with senior aides to U.S. President Donald Trump, including his son, and a Russian lawyer, NBC News reported on Friday, adding to allegations of possible connections between Moscow and the November election.

White House official takes issue with judge's travel ban ruling

Top Reuters News - Fri, 07/14/2017 - 11:24
WASHINGTON (Reuters) - The White House on Friday took issue with a judge's ruling that said President Donald Trump's travel ban cannot be applied to grandparents of U.S. citizens and refugees already being processed by resettlement agencies.

U.S. lawmaker calls for hearing on Amazon's Whole Foods deal

Top Reuters News - Fri, 07/14/2017 - 10:56
WASHINGTON (Reuters) - U.S. Representative David Cicilline, the top Democrat on the House of Representatives Judiciary Committee's antitrust panel, has urged the subcommittee to hold a hearing on Amazon.com Inc's plan to buy Whole Foods Market Inc .

AMD's stock bounces; options traders prep for volatile post-earnings move

MarketWatch Market Pulse - Fri, 07/14/2017 - 10:29

Shares of Advanced Micro Devices Inc. rallied 1.5% in active Friday morning trade, as it bounced after the previous session's 5.3% tumble. MKM Partners derivatives strategist Jim Strugger said in a note to clients that AMD was among the S&P 500 stocks with the largest implied one-day post-earnings moves, and more than the historical average. The options market is pricing the stock to move 11.7% in either direction the day after second-quarter results are released, compared with a historical average of 10.4%. AMD is scheduled to report results on July 25, after the closing bell. AMD's stock has been rather volatile of late, without making much progress. The average one-day move for the stock over the past five months has been 2.8%, while the stock has gained 3.5%. In comparison, the PHLX Semiconductor Index has rallied 14% the past five months and the S&P 500 has gained 4.8%.

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.

Snap shares fall after a downgrade to market perform

MarketWatch Market Pulse - Fri, 07/14/2017 - 10:14

Shares of Snap Inc. were falling 1.6% Friday morning after the stock was downgraded to market perform from outperform at Cowen Research. John Blackledge, lead analyst on the note, downgraded the stock based on increased competition for advertising dollars from Facebook Inc. as well as Pinterest. Snap's advertising dollars are also hurt by seasonality in the business and a slower-than-expected ramp up of Snap's direct response and self-serve products. Snap's direct response and self-serve advertising products will likely not be meaningful until the second half of 2017 or early 2018, he wrote. This is the second downgrade of Snap this week, after Morgan Stanley analysts also reported delays in Snap's ad products and increased competition from Instagram Stories. However, Snap also saw an upgrade from Stifel analysts who said competitive threats were not as bad as feared. Blackledge cut his price target to $17, which was Snap's issue price at its initial public offering, from $21. Snap has a relatively large social audience and could expand its base and monetization efforts overseas, but as it stands Blackledge said its current strategy is "not a slam dunk." Shares of Snap have lost 13.7% in past month, while the S&P 500 has gained 0.5%.

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.

Snap shares fall after a downgrade to market perform

MarketWatch Market Pulse - Fri, 07/14/2017 - 10:14

Shares of Snap Inc. were falling 1.6% Friday morning after the stock was downgraded to market perform from outperform at Cowen Research. John Blackledge, lead analyst on the note, downgraded the stock based on increased competition for advertising dollars from Facebook Inc. as well as Pinterest. Snap's advertising dollars are also hurt by seasonality in the business and a slower-than-expected ramp up of Snap's direct response and self-serve products. Snap's direct response and self-serve advertising products will likely not be meaningful until the second half of 2017 or early 2018, he wrote. This is the second downgrade of Snap this week, after Morgan Stanley analysts also reported delays in Snap's ad products and increased competition from Instagram Stories. However, Snap also saw an upgrade from Stifel analysts who said competitive threats were not as bad as feared. Blackledge cut his price target to $17, which was Snap's issue price at its initial public offering, from $21. Snap has a relatively large social audience and could expand its base and monetization efforts overseas, but as it stands Blackledge said its current strategy is "not a slam dunk." Shares of Snap have lost 13.7% in past month, while the S&P 500 has gained 0.5%.

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.

Goldman, J.P. Morgan's early stock slump cuts 30 points from Dow

MarketWatch Market Pulse - Fri, 07/14/2017 - 10:07

The Dow Jones Industrial Average on Friday was being pressured by sharp drops in components J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. Declines in the shares of Goldman and J.P. Morgan were taxing the price-weighted Dow by nearly 30 points, with the lion's share of pressure coming from Goldman's share decline. The weakness in the banking sector came after J.P. Morgan Chase, Wells Fargo & Co. , Citigroup Inc. and PNC Financial Services Group Inc. reported second-quarter results that mostly beat Wall Street expectations but bank officials pointed to weakness in areas including trading of bonds and stocks. Still, the Dow was managing to trade flat, as gains in Boeing Co. helped to offset some of the pressure from the banks.

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.

U.S. stocks open flat on bank weakness, on track for week of solid gains

MarketWatch Market Pulse - Fri, 07/14/2017 - 09:32

U.S. stocks opened flat on Friday as investors digested a mixed batch of quarterly earnings out of a trio of major banks. The Dow Jones Industrial Average fell 14 points, or 0.1%, to 21,536. The S&P 500 was up by less than 1 point to 2,448. The Nasdaq Composite Index was up 13 points, or 0.2%, to 6,286. J.P. Morgan Chase & Co. , Citigroup Inc. , and Wells Fargo & Co. all posted results on Friday, with the three topping expectations, although Citigroup's results also indicated a slowdown in trading revenue. Shares of J.P. Morgan fell 2.6% while Citigroup lost 1.6% and Wells shed 2.4%. The Financial Select Sector SPDR ETF was down 1.5%. For the week, the Dow is up 0.6% while the S&P is up 1% and the Nasdaq is up about 2.2%. In the latest economic data, the consumer price index was unchanged in June, while retail sales fell 0.2%.

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.

Democrats renew efforts to link banks, Trump and Russia

Top Reuters News - Fri, 07/14/2017 - 09:24
FRANKFURT (Reuters) - A small group of Democrat members of the U.S. Congress have renewed their efforts to find possible links between banks such as Germany's Deutsche Bank , U.S. President Donald Trump and Russia.

Exclusive: North Korea may have more bomb fuel than thought - U.S. think tank

Top Reuters News - Fri, 07/14/2017 - 09:03
WASHINGTON (Reuters) - Thermal images of North Korea's main nuclear site show Pyongyang may have reprocessed more plutonium than previously thought that can be used to enlarge its nuclear weapons stockpile, a U.S. think tank said on Friday.

J.P. Morgan's Dimon says 'bad policies' stalling U.S. economic growth

MarketWatch Market Pulse - Fri, 07/14/2017 - 09:03

J.P. Morgan Chase & Co.'s outspoken CEO Jamie Dimon said the U.S. economy is being held in check by a lack of policy momentum in Washington D.C. that has failed to deliver a spate of pro-growth legislation that could help to boost an otherwise sluggish economy. "We have to focus on policy that is good for all Americans," Dimon said speaking Friday morning on a call with reportrs to discuss second-quarter earnings. Dimon said the inability to make headway on legislation is "holding us back and it is hurting the average American," he said. "It isn't a Republican issue, it is not a Democratic issue," he said. Dimon said U.S. gross domestic product has been accelerating at an annual rate of about 1.5% to 2% and said "bad policies" are to blame for this pace that is considered muted for an economy that is in the ninth year of recovering from a financial crisis. Dimon said continued gridlock may not further weigh on growth but said better policies could deliver a jolt higher to the economy. "We need infrastructure reform, we need regulatory reform." He declined to say whether President Donald Trump's administration was moving fast enough on those issues and called out the media for failing to call cover those issues. Shares of J.P. Morgan were trading 1.6% lower despite reporting second-quarter results that beat expectations, as investors focused on a trading slowdown. So far this year, J.P. Morgan's stock has gained 7.9%, while the S&P 500 index has risen 9.3% and the Dow Jones Industrial Average has climbed 9.1% over the same period.

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.

Wells Fargo's profit beats on higher interest income

Top Reuters News - Fri, 07/14/2017 - 08:51
(Reuters) - Wells Fargo & Co posted a better-than-expected quarterly profit as the third-largest U.S. bank by assets benefited from higher interest income and set aside less money to meet future loan losses.

Boeing's stock rally adds more to Dow than J.P. Morgan's decline erases

MarketWatch Market Pulse - Fri, 07/14/2017 - 08:49

The gain in Boeing Co.'s stock in premarket trade Friday after an analyst upgrade would add more to the price of the Dow Jones Industrial Average than the selloff in J.P. Morgan Chase & Co. shares would erase. Boeing's stock rose $1.77, or 0.9%, ahead of the open, after J.P. Morgan upgraded the aerospace giant to overweight from neutral. The stock's price gain would add about 12.1 points to the price of the Dow. Meanwhile, J.P. Morgan Chase's stock slumped $1.50, or 1.6%, after the banking giant beat second-quarter profit and revenue expectations, but missed on net interest income and as trading revenue declined. That would shave about 10.3 points off the Dow. E-mini Dow futures were up 3 points in recent trade.

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.

Ulta Beauty shares rise after Goldman upgrade

MarketWatch Market Pulse - Fri, 07/14/2017 - 08:46

Ulta Beauty Inc. shares are up 3% in Friday premarket trading after the company was upgraded to buy from neutral at Goldman Sachs. The price target was cut to $310 from $321. Analysts say they're "positive" after a recent sell-off and same-store sales growth that they call "sector-leading." Moreover, Goldman thinks the company won't be impacted by Amazon.com Inc. "We do not believe price competition will derail Ulta's core value proposition, or that Amazon yet offers a compelling alternative to the consumer," the note said. With a focus on convenient locations, an assortment that mixes mass and prestige items, and service rather than price, Goldman analysts "expect continued share gains, reflecting incremental sales captured from department stores, upside from the rollout of new brands and boutiques, and growth in Ulta's membership program, also a powerful source of valuable data." Ulta shares are up 1% for the year so far, while the S&P 500 index is up 9.3% for the period.

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.

Pages