Breaking Stock Market and Financial News

Presidents Bush and Clinton: Be humble in victory, responsible with power

Top Reuters News - Thu, 07/13/2017 - 22:36
DALLAS (Reuters) - Former U.S. presidents George W. Bush and Bill Clinton told a forum in Dallas on Thursday that they were able to forge mutual bonds of respect and friendship because the other had been gracious in victory and respectful of presidential power.

U.S. House may be near deal on stalled Russia sanctions bill

Top Reuters News - Thu, 07/13/2017 - 20:41
WASHINGTON (Reuters) - U.S. congressional negotiators are making progress on resolving a dispute that has stalled a bill to impose new sanctions on Russia, congressional aides said on Thursday, and one lawmaker said the matter could be resolved as soon as Friday.

Trump to get a range of options to curb steel imports: senators

Top Reuters News - Thu, 07/13/2017 - 19:45
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Thursday he will present to President Donald Trump a range of options to restrict steel imports on national security grounds, according to senators who met with Ross.

Akcea Therapeutics prices IPO below expected range

MarketWatch Market Pulse - Thu, 07/13/2017 - 18:39

Akcea Therapeutics Inc. priced its initial public offering well below the expected range late Thursday, with shares expected to trade Friday. Akcea priced its 15.6 million share offering at $8 a share, according to IPO Boutique. In late June, the biotech drug developer had forecast an IPO pricing range of $12 to $14 a share for an offering of 9.6 million shares. Akcea shares begin trade on Friday on the Nasdaq under the ticker symbol "AKCA".

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Trump says wall may not need to cover entire U.S.-Mexico border

Top Reuters News - Thu, 07/13/2017 - 18:06
PARIS (Reuters) - President Donald Trump said the wall he wants to build on the 2,000-mile (3,200-km) U.S.-Mexico frontier may not need to cover the entire border because of existing natural barriers, according to remarks released by the White House on Thursday.

CEO of Martin Shkreli's old company likens him to 'Pied Piper'

Top Reuters News - Thu, 07/13/2017 - 17:33
(Reuters) - The CEO of Retrophin Inc, the drug company that Martin Shkreli founded and is now accused of conspiring to defraud, compared Shkreli to the Pied Piper on Thursday as he tried to explain to jurors why he stuck with the company in its early days despite misgivings.

Mylan shares rise as FDA advisors recommend breast-cancer drug approval

MarketWatch Market Pulse - Thu, 07/13/2017 - 17:26

Mylan NV shares rose in the extended session Thursday after the drug maker said a Food and Drug Administration advisory committee recommended approval of its generic version of Roche's breast-cancer drug Herceptin. Mylan shares rose 1.3% to $39.55 after hours. The FDA's Oncologic Drugs Advisory Committee voted 16 to 0 recommending that the agency approve trastuzumab, a biologically similar version of Roche's breast-cancer drug Herceptin, Mylan said. Mylan and partner Biocon Ltd., based in Bengaluru, India, developed the drug. The FDA is not obligated to follow the recommendations of its advisory committees but generally does.

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Trump says he would invite Putin to White House, but not now

Top Reuters News - Thu, 07/13/2017 - 17:10
PARIS/WASHINGTON (Reuters) - U.S. President Donald Trump, who is fighting off allegations of ties between his election campaign and Moscow, said he would invite Russian President Vladimir Putin to the White House but that now was not the right time for that.

A10 Networks tanks on disappointing second-quarter results

MarketWatch Market Pulse - Thu, 07/13/2017 - 16:59

Shares of A10 Networks Inc. tanked in Thursday's extended session after the data network company posted weak quarterly results. A10 Networks reported a preliminary second-quarter loss per share of 12 cents to 13 cents. On an adjusted basis, it lost 5 cents a share to 6 cents a share, compared with the 2 cents a share profit projected by analysts in a FactSet survey. Revenue came in between $52.5 million to $53.5 million, falling short of its own guidance and analysts' average estimate of $62.8 million. A10 Networks shares slumped 18% after hours.

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Sangamo shares rise as metabolic drugs given FDA fast-track status

MarketWatch Market Pulse - Thu, 07/13/2017 - 16:50

Sangamo Therapeutics Inc. shares rose in the extended session Thursday after the gene therapy company said the Food and Drug Administration will fast track expediting of marketing applications for two of its drugs meant to treat rare metabolic disorders. Sangamo shares rose 3.7% to $9.85 after hours. The company said the FDA granted fast-track designations to the drugs SB-318 and SB-913, where the agency will communicate frequently with the company to help streamline the approval process. SB-318 is meant to treat Mucopolysaccharidosis Type I and SB-913 Mucopolysaccharidosis Type II, both genetic diseases where enzymes needed to break down large sugar chains in bodily tissues are not present and subsequently damage the tissue.

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Exclusive: U.S. asks nations to provide more traveler data or face sanctions

Top Reuters News - Thu, 07/13/2017 - 16:37
WASHINGTON (Reuters) - The U.S. State Department will require all nations to provide extensive data to help it vet visa applicants and determine whether a traveler poses a terrorist threat, according to a cable obtained by Reuters.

Vanguard CEO McNabb to step down in 2018, CIO Buckley named as successor

MarketWatch Market Pulse - Thu, 07/13/2017 - 16:29

Vanguard Group said late Thursday that Chief Executive Bill McNabb will step down at the beginning of 2018, and be succeeded by Chief Investment Officer Tim Buckley. McNabb, who has been CEO since 2008, will continue to serve as chairman of the board, Vanguard said. Privately held Vanguard manages about $4.4 trillion in assets worldwide.

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Retail ETF has best day since November on raised Target outlook

MarketWatch Market Pulse - Thu, 07/13/2017 - 16:25

The largest exchange-traded fund to track the retail sector rallied on Thursday, posting its biggest one-day advance since November after one of its largest components raised its outlook. The SPDR S&P Retail ETF closed 2.3% higher, its biggest one-day move since Nov. 22. More than 9.2 million shares exchanged hands, twice its 4.1 million 30-day average. The move came after Target Corp. forecast a surprise "modest increase" in same-store sales for the fiscal second quarter, citing improved traffic and sales trends. The stock rose 4.8% and boosted a number of brick-and-mortar retail stocks, which have been under pressure this year. Among other notable retailers, Wal-Mart Stores Inc. gained 1.5% and Macy's Inc. was up 4.1%. Despite the move on the day, the ETF remains down 9.4% on the year.

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CyberArk shares down 15% as company lowers guidance

MarketWatch Market Pulse - Thu, 07/13/2017 - 16:21

Shares of CyberArk Software Ltd. fell more than 15% late Thursday after the company predicted smaller sales and profits in the second quarter. CyberArk said it expects total revenue in the range of $57 million to $57.5 million, compared with previous guidance $61 million to $62 million. The company forecast GAAP operating income in the range of $700,000 to $1.1 million, and non-GAAP operating income in the range of $8.5 million to $8.9 million, compared to a prior forecast of between $10.9 million and $11.7 million. CyberArk said it will provide full financial results and updated guidance on Aug. 8. CyberArk is "disappointed that our results for the second quarter will be below the guidance we provided in May," CyberArk CEO Udi Mokady said in a statement. The primary reason for the revenue shortfall was the company's performance in the Africa and Middle East region, "where certain deals that we anticipated would close did not close by the end of the quarter," the company said. Shares ended the regular session up 1.1%.

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Dow industrials nabs record as techs gain for fifth day

MarketWatch Market Pulse - Thu, 07/13/2017 - 16:07

The Dow industrials closed at a second record in as many sessions Thursday as tech stocks pushed higher for a fifth day as Federal Reserve Chairwoman Janet Yellen reiterated a dovish stance in her second day of congressional testimony. The Dow Jones Industrial Average closed higher for a third-straight day, rising 20.95 points, or 0.1%, to finish at record 21,553.09, with shares of Wal-Mart Stores Inc. , Apple Inc. and Goldman Sachs Group Inc. leading blue chips higher with more than 1% gains. The S&P 500 index rose 4.58 points, or 0.2%, to close at 2,447.83, with financials, energy and tech shares leading the benchmark higher. The Nasdaq Composite Index closed up 13.27 points, or 0.2%, at 6,274.44, for a fifth day of gains.

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Trump says he is considering quotas, tariffs on Chinese steel dumping

Top Reuters News - Thu, 07/13/2017 - 15:57
(Reuters) - U.S. President Donald Trump said he is considering quotas and tariffs to deal with the "big problem" of steel dumping from China and others.

AMD's stock reverses sharply lower on heavy volume, as ethereum prices extend selloff

MarketWatch Market Pulse - Thu, 07/13/2017 - 15:35

Shares of Advanced Micro Devices erased earlier gains to turn sharply lower in active trade Thursday, bucking the gains in the broader tech sector. What may be weighing on the chip maker, the price of cryptocurrency ethereum was plunging 10% from Thursday's close, and has plummeted 35% so far this month. AMD's graphics chips are the "gold standard" for mining ethereum, according to RBC Capital analyst Mitch Steves, and rocketing ethereum prices through mid June had propelled AMD shares sharply higher this year. On Thursday, with ethereum prices rising early in the session before sinking, AMD's stock was up as much as 1.4% within the first few minutes after the open, then declined steadily to be down as much as 6.0% in afternoon trade, before paring some losses. It was recently down 4.6% at $13.64. Volume reached 100 million shares about 30 minutes before the close, enough to make the stock the most actively traded on the major U.S. exchanges. AMD's stock has now climbed 20.3% year to date, while rival Nvidia Corp. shares has shot up 50.5%, the PHLX Semiconductor Index has rallied 20.4% and the S&P 500 has gained 9.3%.

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Steel company stocks rally on reports Trump would consider quotas and tariffs on imports

MarketWatch Market Pulse - Thu, 07/13/2017 - 15:34

Shares of steel companies spiked in afternoon trading on Thursday, after President Donald Trump reportedly said he would consider quotas and tariffs on steel imports into the United States. AK Steel Holding Corp. spiked 7.6%, sharply extending a gain it had had prior to the report. United States Steel Corp. gained 4.6%, while Nucor Corp. was up 2.5%. The VanEck Vectors Steel ETF , which has a heavy weighting toward foreign steel companies, was 0.5% higher. Despite the gains on the day, both U.S. Steel and AK Steel are down sharply for 2017, dropping more than 25%. In the broader market, the Dow Jones Industrial Average rose 0.1%, while both the S&P 500 and the Nasdaq Composite Index were up 0.2%.

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For women at the U.S. Congress: the right to bare arms?

Top Reuters News - Thu, 07/13/2017 - 15:27
WASHINGTON (Reuters) - After an Internet-fueled furor over rules barring women in sleeveless attire, U.S. House of Representatives Speaker Paul Ryan pledged on Thursday that House officials would review and perhaps modernize the chamber's dress code.

FanDuel, DraftKings call off merger after FTC pressure

MarketWatch Market Pulse - Thu, 07/13/2017 - 15:22

Daily-fantasy startups DraftKings and FanDuel called off their attempted "merger of equals" on Thursday, after the Federal Trade Commission moved to block the deal. DraftKings Chief Executive Jason Robins confirmed the decision with a statement, saying, "We believe it is in the best interests of our customers, employees, and investors to terminate our agreement." FanDuel Chief Executive Nigel Eccles also issued a statement, saying, "There is still enormous, untapped market opportunity for FanDuel, and we will continue to execute our strategy to grow our business and further expand the fantasy sports industry." The FTC said last month that it would seek to block the merger, which would have combined two dominant and highly valued startups that face challenges to their business model from some states.

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