Breaking Stock Market and Financial News

GM's price target raised at Morgan Stanley

MarketWatch Market Pulse - Thu, 09/21/2017 - 12:29

Analysts at Morgan Stanley on Thursday raised their price target on General Motors Co. stock, saying the car maker "has an opportunity to unlock hidden strategic value." The analysts set their target to $43, from $40, representing a 10% upside from Thursday prices. They rate the stock their equivalent of buy, and moved it to their No. 3 pick in autos, making GM their highest-ranked U.S. auto maker. GM is likely to host an investor day before the end of the year, where it would explain key strategic priorities, and the analysts expect it to focus on value, a strategy for shared autonomy, and the company's long-term goals in China, they said in a note. "We see GM moving in the direction of (Fiat Chrysler) and Sergio Marchionne's philosophy of taking action to unlock value and opening up to partnerships with external firms on applied AI in mobility," they said. GM shares gained 0.2% and are up nearly 12% so far this year, mirroring the S&P 500 Index's gains in 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 CEO to testify before Senate as questions linger over scandal

Top Reuters News - Thu, 09/21/2017 - 11:47
WASHINGTON (Reuters) - Wells Fargo Chief Executive Tim Sloan is due to testify before Congress on Oct. 3 as the bank deals with fallout from a sales scandal a year ago that continues to spark new revelations.

Target next-day delivery service for essentials expanding to 8 new markets

MarketWatch Market Pulse - Thu, 09/21/2017 - 11:46

Target Corp. said Thursday that its Target Restock offering is expanding to eight new markets: Atlanta, Chicago, New York, Philadelphia, Los Angeles, St. Louis, San Francisco, and the Washington D.C./Baltimore area. Target Restock offers next-day delivery for essential items like baby products and cleaning supplies for about $5 per box. The service is now live in 10 markets, and will add San Francisco in mid-October. Target announced the pilot for the program in June in Minneapolis. It was expanded to Denver and Dallas in August. Target shares are down 1.5% in Thursday trading, and is down 19.2% for the year so far. The S&P 500 index is up nearly 12% for 2017 so date.

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.

Mexico rescuers labor against time to find trapped quake survivors

Top Reuters News - Thu, 09/21/2017 - 11:39
MEXICO CITY (Reuters) - Rescuers labored against the odds on Thursday to find survivors trapped beneath crumpled buildings in central Mexico following the country's deadliest earthquake in 32 years, as the search for a 12-year-old schoolgirl that transfixed the nation faced complications.

Republicans 'close' on healthcare's last chance: Pence

Top Reuters News - Thu, 09/21/2017 - 11:09
WASHINGTON (Reuters) - U.S. Vice President Mike Pence on Thursday urged fellow Republicans to get behind the party's "last best chance" to repeal and replace Obamacare as congressional leaders scrambled to secure enough support ahead of a planned vote next week.

GoPro shares bounce back after three-day losing streak

MarketWatch Market Pulse - Thu, 09/21/2017 - 10:55

Shares of GoPro Inc. were soaring 6% Thursday morning, bouncing back after losing 7.5% over the past three days. That led a a week-to-date drop of 2.4%, while the S&P 500 gained less than 1%. Shares of GoPro have gained 28% in the past month, outperforming the S&P 500 , which gained 3%. GoPro's stock closed at a 10.5 month high on Sept. 15, at a price of $11.52.

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.

Natural-gas prices extend losses as EIA reports U.S. supply rise of 97 billion cubic feet

MarketWatch Market Pulse - Thu, 09/21/2017 - 10:50

Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 97 billion cubic feet for the week ended Sept. 15. Analysts and traders expected inventories to grow by 89 billion cubic feet, according to Dow Jones. Total stocks now stand at 3.408 trillion cubic feet, down 136 billion cubic feet from a year ago, but 67 billion cubic feet above the five-year average, the government said. October natural gas was down 10.8 cents, 3.5%, from Wednesday's settlement to $2.986 per million British thermal units. It traded at $3.029 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.

Amazon hiring 2,000 workers in New York including IT and finance pros, opening Manhattan office

MarketWatch Market Pulse - Thu, 09/21/2017 - 10:49

Amazon.com Inc. said Thursday that it will create 2,000 jobs in New York City over the next three years, and open a new Manhattan office in 2018. The office will be the primary New York location for Amazon Advertising and cover 360,000 square feet. The jobs will be in areas like IT, finance and design, and these new staffers will support the aforementioned advertising business, Amazon Web Services, Amazon Fashion, and other divisions. Amazon already has 1,800 employees in Manhattan, and recently announced a new fulfillment center in Staten Island. Amazon is searching for a city to house its second headquarters. Amazon shares are down 1.1% in Thursday trading, but up 28.4% for the year so far. The S&P 500 index is up 11.7% for 2017 to date.

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.

Janney downgrades Calgon Carbon stock to sell, says Kuraray is overpaying for company

MarketWatch Market Pulse - Thu, 09/21/2017 - 10:33

Janney analysts downgraded the stock of water and air purification products provider Calgon Carbon Inc. to sell from neutral Thursday, after the company was acquired by Japan's Kuraray Co. Ltd. in a deal with an equity value of $1.1 billion. The deal offers a roughly 60% premium, and the stock shot up about 61% in early trade. "Our quick thoughts are that Kuraray overpaid for shares," analysts wrote in a note. "Additionally, we see risk given that CCC has a specialty carbon business that supplies the U.S. military with gas masks and other personal protection items, so a foreign buyer could be an issue for U.S. government approval." Janney is recommending investors sell the stock and buy Rexnord Corp. or Mueller Water Products Inc. , which they described as their best value picks in the industrial space. Rexnord shares were down slightly, while Mueller shares were up 0.1%. The S&P 500 was flat.

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.

Whole Foods launching plant-based tuna alternative for sushi

MarketWatch Market Pulse - Thu, 09/21/2017 - 10:15

Whole Foods announced Wednesday that it's launching a plant-based tuna alternative for the raw tuna in sushi on November 1 in select locations in New York City and Los Angeles. The vegan alternative, Ahimi, is made with tomatoes and "umami-rich" ingredients and was created by Ocean Hugger Foods,, which specializes in making plant alternatives to seafood. Ahimi will be available in the Ahimi Nigri and Roll Combo and the Ahimi California Roll. Whole Foods was acquired by Amazon.com Inc. this summer. Amazon shares are down 0.7% in Thursday trading and up 28.8% for the year so far. The S&P 500 index is up 11.7% for 2017 so far.

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.

Trump says U.S. will put more sanctions on North Korea

MarketWatch Market Pulse - Thu, 09/21/2017 - 10:06

President Donald Trump said Thursday the U.S. "will be putting more sanctions on North Korea." He was responding to a shouted question by a reporter at a meeting with the president of Afghanistan and did not elaborate. Trump is holding a final day of meetings at the United Nations and is expected to focus his attention on North Korea in meetings with the leaders of Japan and South Korea. Treasury Secretary Steven Mnuchin, whose agency oversees sanctions, is scheduled to brief reporters at 3 p.m. Eastern, the White House said without specifying a topic.

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.

Apple's stock drop weighs on Dow industrials for a 2nd session

MarketWatch Market Pulse - Thu, 09/21/2017 - 10:04

The Dow Jones Industrial Average was retreating from record territory on Thursday morning, weighed by a sharp fall in shares of Apple. Apple Inc. shares were down 1.5%, or $2.28, cutting about 15 points from the price-weighted Dow and threatening to lead blue-chip laggards for a second straight session. On Wednesday, shares of the Cupertino, Calif-based iPhone maker skidded on reports that the tech giant was experiencing connectivity problems with the latest iteration of its iWatch. The Dow was off 30 points, or 0.1%, at 22,382, after briefly touching an all-time high at 22,419.51. The S&P 500 index , meanwhile, was down 7 points, or 0.3%, at 2,500, while the technology-laden Nasdaq Composite Index was off 34 points, or 0.5%, at 6,421.

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.

Russia says will target U.S.-backed fighters in Syria if provoked

Top Reuters News - Thu, 09/21/2017 - 10:03
MOSCOW (Reuters) - Russia warned the United States it would target areas in Syria where U.S. special forces and U.S.-backed militia were operating if its own forces came under fire from them, which it said on Thursday had already happened twice.

Mexico races to save 12-year-old girl as quake toll hits 237

Top Reuters News - Thu, 09/21/2017 - 09:51
MEXICO CITY (Reuters) - Rescuers labored against the odds as dawn broke on Thursday to save a 12-year-old schoolgirl and other possible survivors trapped beneath crumpled buildings in central Mexico following the country's deadliest earthquake in 32 years.

Myanmar protesters try to block aid shipment to Muslim Rohingya

Top Reuters News - Thu, 09/21/2017 - 09:36
SITTWE, Myanmar (Reuters) - Buddhist protesters in Myanmar threw petrol bombs to try to block a shipment of aid to Muslims in Rakhine state, where the United Nations has accused the military of ethnic cleansing, before police fired in the air to disperse them.

Starbucks Maple Pecan Latte joins the pumpkin spice latte on the fall menu

MarketWatch Market Pulse - Thu, 09/21/2017 - 09:35

Perhaps even Starbucks Corp. thinks maple will be the flavor of the season? The coffee chain announced that it will introduce the maple pecan latte starting Friday, a second fall flavor to share the menu with the ever-popular pumpkin spice latte. In a release, Starbucks points out that it has offered variations on the maple coffee drink, including the maple macchiato in the U.S. and Canada and the Golden Maple Latte in Singapore. Starbucks is also launching the Dark Mocha Frappuccino in the U.S. and Canada on Friday, a cold drink served with cocoa and topped with whipped cream. Starbucks shares are down 0.2% in early Thursday trading, and down 8.2% for the last three months. The S&P 500 index is up nearly 3% for the past three months.

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 off slightly after Fed keeps rate path

MarketWatch Market Pulse - Thu, 09/21/2017 - 09:32

U.S. stock-market indexes opened marginally lower on Wednesday, retreating from recent all-time highs. The S&P 500 opened 2 points, or 0.1%, lower at 2,505. The Nasdaq Composite index inched 9 points, or 0.1% lower to 6,446. The Dow Jones Industrial Average was nearly unchanged at 22,411 at the open. Among the best performers on Wall Street, Advanced Micro Devices, Inc. surged after reports that Tesla was working with the chipmaker.

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.

SEC says hackers may have traded using stolen insider information

Top Reuters News - Thu, 09/21/2017 - 09:24
WASHINGTON (Reuters) - The top U.S. markets regulator said on Wednesday that hackers accessed its corporate disclosure database and may have illegally profited by trading on the insider information stolen.

Maria drenches Dominican Republic after hammering Puerto Rico

Top Reuters News - Thu, 09/21/2017 - 09:13
SAN JUAN, Puerto Rico (Reuters) - Hurricane Maria lashed parts of the Dominican Republic with heavy rain and high winds and headed northwest in the Caribbean on Thursday after making a direct hit on Puerto Rico that caused severe flooding and cut power to the entire island.

Mattel amends credit agreement with banks after Toys 'R' Us bankruptcy

MarketWatch Market Pulse - Thu, 09/21/2017 - 09:09

Mattel Inc. has amended its credit agreement to remove the ratio of consolidated debt to consolidated earnings before interest, taxes, depreciation and amortization that's required for fiscal third quarter 2017, in the wake of the Toys 'R' Us bankruptcy. The amendment also increased the ratio that Mattel is required to maintain during a covenant modification period to 4.50 to 1.00 for the fiscal fourth quarter and 4.25 to 1.00 for each quarter thereafter. The covenant modification period begins on September 20 and continues through the fiscal fourth quarter, at a minimum. After that, Mattel will have to request a termination of the covenant and demonstrate a debt to EBITDA ratio of 3.75 to 1.00 or less for the period including the preceding four consecutive fiscal quarters. Mattel is one of Toys 'R' Us' biggest trade creditors at $135.6 million. Mattel shares are down 45.5% for the year so far while the S&P 500 index is up 12% 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