Breaking Stock Market and Financial News

UPDATE 1-Burberry and Coach not in active merger talks - sources

Reuters Us Markets - Fri, 10/21/2016 - 09:42
PARIS, Oct 21 (Reuters) - Britain's Burberry and U.S. firm Coach > are not in active merger talks, sources familiar with the matter said on Friday, in reaction to a report that suggested the two...

CANADA FX DEBT-C$ weakens to 7-month low as data fuels rate cut bets

Reuters Us Markets - Fri, 10/21/2016 - 09:41
* Canadian dollar at C$1.3335, or 74.99 U.S. cents * Loonie touches its weakest since March 16 at C$1.3351 * Bond prices higher across the yield curve * Canada-U.S. 2-year spread hits...

CANADA STOCKS-TSX edges higher as resource stocks climb

Reuters Us Markets - Fri, 10/21/2016 - 09:40
TORONTO, Oct 21 (Reuters) - Canada's main stock index edged higher on Friday as gains for resource stocks offset a decline in the shares of plane and train maker Bombardier Inc following news it...

UK police arrest teenager on terrorism offences over item found on London train

Reuters Us Markets - Fri, 10/21/2016 - 09:38
LONDON, Oct 21 (Reuters) - British police said on Friday they had arrested a teenager on suspicion of terrorism offences following the discovery of a "suspicious item" on a London underground train.

Dow opens with triple-digit loss as dollar storms to 8-month high

MarketWatch Market Pulse - Fri, 10/21/2016 - 09:34

U.S. stocks opened firmly lower Friday, with the Dow industrials trading around 100 points lower, as a steadily rising dollar and earnings grabbed investors' attention. The Dow Jones Industrial Average was off 109 points, or 0.6%, at 18,057, while the S&P 500 index was down 9 points, or 0.4%, at 2,131. The Nasdaq Composite Index gave up about 8 points, or less than 0.2%, to stand at 5,237 -- its decline limited by a 5.1% rise in tech giant Microsoft Corp. . Over the week, the S&P 500 is on track for a 0.4% gain, while the Dow is on pace for a 0.1% rise, and the tech-heavy Nasdaq is tracking toward a 0.5% weekly climb. That would end two weekly declines in a row for the three main indexes. The dollar is up 0.4%, as gauged by the ICE U.S. Dollar Index , as the British pound and the euro have been under pressure. The greenback is on track for a 0.6% weekly return and a 3.4% advance for October, according to FactSet data. A stronger buck can weigh on quarterly results for multinational companies. Meanwhile, Microsoft opened at a record level after late Thursday reporting better-than-expected results.

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BRIEF-1st Constitution Bancorp Q3 earnings per share $0.33

Reuters Us Markets - Fri, 10/21/2016 - 09:34
* 1st Constitution Bancorp reports third quarter 2016 results

US STOCKS SNAPSHOT-S&P, Dow open lower as GE drags; Nasdaq flat

Reuters Us Markets - Fri, 10/21/2016 - 09:33
Oct 21 (Reuters) - The S&P 500 and the Dow opened lower on Friday as GE disappointing forecast weighed on industrial stocks and the dollar rose to a seven-month high, while the Nasdaq was little...

BRIEF-Bombardier shares fall 2.25 percent in early trade

Reuters Us Markets - Fri, 10/21/2016 - 09:33
* Bombardier shares fall 2.25 percent to C$1.74 in early trade after saying it will cut 7,500 jobs Further company coverage: (Reporting by Fergal Smith and Jeffrey Hodgson)

BRIEF-Discovery Communications increases number of directors serving on board

Reuters Us Markets - Fri, 10/21/2016 - 09:32
* Increased number of directors serving on board from 10 to 11, appoints Susan M. Swain to board, effective Dec. 7 -sec filing Source text: [http://bit.ly/2eeV1Nk] Further company coverage:

Dollar hits 7-month high against loonie after soft Canadian retail sales

MarketWatch Market Pulse - Fri, 10/21/2016 - 08:56

The U.S. dollar strengthened Friday against the Canadian dollar, rising to a seven-month high after sales at Canadian retailers fell in October for a third straight month. Meanwhile, consumer-price index climbed 1.3%, leaving inflation well below the Bank of Canada's 2% target. The dollar rose to C$1.3334, up 0.6% from C$1.3229, putting it on track for its largest daily drop against the dollar in just under a month. Canadian yields fell, with the 10-year down 3.3 basis points at 1.136%. Earlier in the week, the Bank of Canada revised down its growth and inflation forecasts, and pushed back its expectations for the closing of the country's productivity gap. The BOC's downbeat tone bolstered expectations that the central bank could cut its benchmark interest rate in the near future. "They've already been talking about a soft economy this week, and the low CPI means they have the ability to do so without worrying about inflation," said Colin Cieszynski, chief market strategist at CMC markets. "That's why the loonie is plunging today."

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Twilio shares drop after discounted pricing of follow-on offering

MarketWatch Market Pulse - Fri, 10/21/2016 - 08:55

Shares of Twilio Inc. plunged 7% in premarket trade Friday, the morning after it priced its follow-on offering. Twilio said late Thursday that the offering would encompass 7 million shares of Class A common stock at $40 a share, which is 9.4% below Thursday's closing price. Twilio will offer 641,222 shares and selling stockholders will sell 6.36 million. Twilio will not receive proceeds from the shares sold by stockholders. Underwriters have a 30-day option to purchase up to 1.05 million additional shares at the public offering price.

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Syrian army and Russian jets halt Aleppo bombardment for second day

Top Reuters News - Fri, 10/21/2016 - 08:55
BEIRUT (Reuters) - Syria's army and Russia's air force halted their bombardment of rebel-held eastern Aleppo on Friday, a monitoring group said, on the second of four consecutive daytime unilateral ceasefires in the city that have been rejected by insurgents.

Duterte didn't really mean 'separation' from U.S., Philippine officials say

Top Reuters News - Fri, 10/21/2016 - 08:44
MANILA (Reuters) - Philippine officials sought on Friday to play down comments by President Rodrigo Duterte who announced his "separation" from the United States a day earlier, saying their country will maintain U.S. trade and economic ties.

McDonald's sales beat estimates as turnaround gathers pace

Top Reuters News - Fri, 10/21/2016 - 08:33
(Reuters) - McDonald's Corp's turnaround gained momentum in the latest quarter as sales growth at established restaurants beat analysts' estimates, sending the company's shares up almost 4 percent in premarket trading on Friday.

Coach, Burberry shares jump after report on potential $20 billion merger

MarketWatch Market Pulse - Fri, 10/21/2016 - 08:17

Coach Inc.'s stock rose 3.5% in premarket action, while Burberry Group PLC's shares gained 7.7% in London trading, following a report Friday that the two luxury fashion companies could merge in a $20 billion deal. Coach is working with Evercore on a possible Burberry merger, said a report by Betaville citing sources. Betaville is a news website focused on deals and dealmakers.

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McDonald's shares rise after earnings beat

MarketWatch Market Pulse - Fri, 10/21/2016 - 08:10

McDonald's Corp. shares are up 3.5% in Friday premarket trading after the fast-food giant reported third-quarter results that beat estimates. The company had net income of $1.28 billion, or $1.50 per share, compared with $1.31 billion, or $1.40 per share, for the same period last year. The FactSet consensus was $1.48 per share. Revenue totaled $6.42 billion, down from $6.62 billion, but exceeding the $6.28 billion FactSet estimate. Global same-restaurant sales increased 3.5%, and same-restaurant sales in the U.S. grew 1.3%. McDonald's reported negative same-restaurant sales in China due to protests surrounding issues in the South China sea, and year-over-year strong comparisons. McDonald's stock is down 6.4% for the year to date, while the S&P 500 Index is up 4.8% for the same period.

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Stone Energy's stock plunges as RSA agreement contemplates bankruptcy

MarketWatch Market Pulse - Fri, 10/21/2016 - 07:47

Shares of Stone Energy Corp. lost half their value in premarket trade Friday, after the oil and gas company announced a restructuring support agreement (RSA) with certain convertible note holders as the company prepares for a bankruptcy filing. The RSA contemplates the company will file for chapter 11 on or before Dec. 9, the company said in a statement issued late Thursday. "The execution of the RSA is the culmination of months of hard work to right-size our balance sheet in response to a sustained period of low oil and natural gas commodity prices," said Chief Executive David Welch.

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Pentagon chief to stress Iraq sovereignty in Turkey talks

Top Reuters News - Fri, 10/21/2016 - 07:07
ANKARA (Reuters) - U.S. Defense Secretary Ash Carter said he would stress the need to respect Iraq's sovereignty during a visit on Friday to Turkey, which has been locked in a dispute with Baghdad over who should participate in the campaign to retake Mosul from Islamic State.

GE's stock slips after sales miss offsets profit beat

MarketWatch Market Pulse - Fri, 10/21/2016 - 07:02

Shares of General Electric Co. shed 0.7% in premarket trade Friday, after the industrial giant reported third-quarter sales that fell short of estimates, offsetting a profit that beat expectations. Earnings for the quarter ended Sept. 30 fell to $1.99 billion, or 22 cents a share, from $2.51 billion, or 25 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 32 cents, above the FactSet consensus of 30 cents. Revenue rose 4% to $29.3 billion from $28.0 billion, but missed the FactSet consensus of $29.6 billion, as misses by the power and aviation businesses offset a beat by healthcare. GE said it was increasing its stock buyback program by $4 billion, and narrowed its 2016 operating EPS outlook to $1.48 to $1.52 from $1.45 to $1.55, compared with the FactSet consensus of $1.49. The stock has lost 6.7% year to date through Thursday, while the Dow Jones Industrial Average has gained 4.2%.

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Honeywell sales fall short of estimates

MarketWatch Market Pulse - Fri, 10/21/2016 - 07:02

Honeywell Inc. said Friday it has net income of $1.24 billin, or $1.60 a share, in the third quarter, compared with $1.26 billion, or $1.62 a share, in the year-earlier period. Excluding a 7 cents per share restructuring charge, per-share earnings came to $1.67, ahead of the FactSet consensus of $1.60. Sales rose 2% to $9.611 billion from $9.804 billion, below the FactSet consensus of $9.786 billion. Chief Executive Dave Cote sad the company is on track for double-digit earnings growth in the fourth quarter and for 8% to 9% growth in 2016. The defense company funded about $250 million in restructuring in the quarter and expects to achieve more than $175 million of benefits in 2017. The company is now expecting 2016 sales of $39.4 billion to $39.6 billion and adjusted per-shares earnings of $6.60 to $6.64. The FactSet consensus is for 2016 sales of $39.6 billion and EPS of $6.61. Shares were down 0.9% premarket, but are up 5% in the year so far, slightly ahead of the S&P 500 , which is up 4.8%.

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