Breaking Stock Market and Financial News

Box shares climb after former Apple exec named as chief operating officer

MarketWatch Market Pulse - Wed, 07/12/2017 - 16:19

Shares of Box Inc. were climbing 2% in after-hours trade Wednesday after the cloud storage company announced former Apple Inc. executive Stephanie Carullo as its new chief operating officer. Carullo will be taking over for Dan Levin, who has been in the position since 2010 and is also president of Box. He will remain on the board. Carullo comes to Box after leading U.S. sales for Apple's education business. Before that, Carullo led the data center and virtualization architecture group at Cisco Systems Inc. . Shares of Box have gained 12% in the past three months, compared to the S&P 500's gain of 4%.

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.

Box shares climb after former Apple exec named as chief operating officer

MarketWatch Market Pulse - Wed, 07/12/2017 - 16:19

Shares of Box Inc. were climbing 2% in after-hours trade Wednesday after the cloud storage company announced former Apple Inc. executive Stephanie Carullo as its new chief operating officer. Carullo will be taking over for Dan Levin, who has been in the position since 2010 and is also president of Box. He will remain on the board. Carullo comes to Box after leading U.S. sales for Apple's education business. Before that, Carullo led the data center and virtualization architecture group at Cisco Systems Inc. . Shares of Box have gained 12% in the past three months, compared to the S&P 500's gain of 4%.

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 close higher on dovish Yellen, Dow ends at record

MarketWatch Market Pulse - Wed, 07/12/2017 - 16:01

U.S. stocks closed higher on Wednesday after Federal Reserve Chairwoman Janet Yellen emphasized the central bank's gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony. The Dow Jones Industrial Average ended up 125 points, or 0.6%, to 21,534, a new closing record. The S&P 500 closed up 17.9 points, or 0.7%, to 2,443.5. The Nasdaq Composite Index jumped 67.9 points, or 1.1%, to 6,261. The day's gains were broad, with all 11 of the S&P 500's primary sectors ending higher on the day. Seeing particular strength were tech shares, which rose 1.3%. Among the biggest gainers of the day, Microsoft Corp ended up 1.7% while Facebook Inc. advanced 2.3%.

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 charges 13 for telemarketing stock fraud targeting elderly

MarketWatch Market Pulse - Wed, 07/12/2017 - 15:51

The Securities and Exchange Commission on Wednesday charged 13 individuals with fraud for alleged cold calling scams that took more than $10 million from more than one hundred victims using lies and high-pressure to sell penny stocks. The SEC alleged that sales personnel-some unregistered- used boiler room-style call centers to lie to and threaten victims - many of whom were senior citizens - into purchasing penny stocks. Victims were allegedly harassed and threatened when they complained about losses, according to the SEC's complaint. One sales representative allegedly said, "I am tired of hearing from you. Do you have any rope at home? If so tie a knot and hang yourself or get a gun and blow your head off." According to the SEC's complaint, telemarketers would direct victims to place trades and tell them how many shares to purchase and at what price and then placed opposing sell orders to dump their own shares. Victims lost millions of dollars, including retirement savings while the accused realized more than $14 million in illegal proceeds. SEC investigators learned of the alleged scheme from investor complaints and used technological tools and innovative investigative approaches to build evidence - within a matter of months from receiving the complaints - against the defendants who went to great lengths to evade detection. In a parallel action, the U.S. Attorney's Office for the Eastern District of New York announced criminal charges. In a speech on Wednesday to the Economic Club of New York, SEC Chairman Jay Clayton promised the agency would continue to prosecute stock scams, including those that target vulnerable seniors.

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.

PayPal shares on track for record close after Apple partnership

MarketWatch Market Pulse - Wed, 07/12/2017 - 15:14

Shares of PayPal Holdings Inc. were on track to close at a record high Wednesday after the company announced a partnership with Apple Inc . Under the partnership, consumers can use PayPal to pay for items in Apple's App Store, Apple Music, iTunes and iBooks. The ability to pay with PayPal is available across 12 countries, including the U.S., UK and Australia. The option is available on all Apple devices. PayPal shares were climbing 4% Wednesday afternoon, reaching an intraday high of $57.44. PayPal's highest close so far was $53.74 on June 26. PayPal shares have been on the uptick recently, with shares gaining 34% in the past three months, compared with the S&P 500's gain of 4.3%.

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.

Oil prices end at their highest level in nearly a week

MarketWatch Market Pulse - Wed, 07/12/2017 - 14:52

Oil prices rose Wednesday, settling at their highest level in nearly a week after the Energy Information Administration reported a second-straight weekly drop in U.S. crude supplies. Prices, however, finished below the session's best levels as the EIA data also showed a weekly rise in U.S. production and a monthly report from the Organization of the Petroleum Exporting Countries revealed a rise in member production in June. August WTI crude rose 45 cents, or 1%, to settle $45.49 a barrel on the New York Mercantile Exchange, following gains in each of the last two sessions.

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Former Brazilian President Lula found guilty of corruption

Top Reuters News - Wed, 07/12/2017 - 14:04
BRASILIA (Reuters) - Former Brazilian leader Luiz Inacio Lula da Silva, who rose from childhood poverty to become a two-term president, was convicted on corruption charges on Wednesday in the first of five graft trials he faces.

Gold tallies a third-consecutive session gain

MarketWatch Market Pulse - Wed, 07/12/2017 - 14:01

Gold ended higher Wednesday, buoyed by U.S. political uncertainty fueled by Donald Trump Jr.'s release of email exchanges linked to a meeting with a Russian lawyer last year. Investors also digested Congressional testimony from Federal Reserve Chairwoman Janet Yellen, who reiterated the central bank's "gradual" approach to raising interest rates. August gold rose $4.40, or 0.4%, to settle at $1,219.10 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.

Corn prices poised for lowest finish month to date

MarketWatch Market Pulse - Wed, 07/12/2017 - 13:30

Corn prices fell Wednesday, set to mark their lowest settlement in the month to date, after the U.S. Department of Agriculture raised its U.S. production outlook for the commodity. In its July report, the USDA said it expects domestic output of nearly 14.1 billion bushels for 2017/2018 crop year, up 190 million bushels from the forecast a month earlier. September corn fell 4% to $3.85 a bushel in Chicago. A settlement around this level would be the lowest since June 30, according to FactSet 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.

Generali puts $50 billion German life portfolio on block: sources

Top Reuters News - Wed, 07/12/2017 - 13:01
FRANKFURT/LONDON (Reuters) - Italy's Generali has put its 44 billion euro ($50 billion) German life insurance portfolio up for sale as it restructures in Europe, sources close to the matter said.

Trump's pick to head FDIC withdraws from consideration

MarketWatch Market Pulse - Wed, 07/12/2017 - 12:45

President Donald Trump's choice to head the Federal Deposit Insurance Corporation, James Clinger, has withdrawn from consideration, a White House spokeswoman told MarketWatch. Trump announced his intent to appoint Clinger on June 16.

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Tech firms protest proposed changes to U.S. net neutrality rules

Top Reuters News - Wed, 07/12/2017 - 11:49
NEW YORK/WASHINGTON (Reuters) - Facebook, Twitter, Alphabet Inc and dozens of other major technology companies are participating in an online protest on Wednesday to oppose proposed changes to U.S. net neutrality rules that prohibit broadband providers from giving or selling access to certain internet services over others.

Trump's FBI nominee Wray pledges independence

Top Reuters News - Wed, 07/12/2017 - 11:44
WASHINGTON (Reuters) - Christopher Wray, President Donald Trump's nominee to head the FBI, pledged on Wednesday to lead the agency with independence and without regard to partisan politics as he testified during his U.S. Senate confirmation hearing.

UK government declines to publish review on funding of extremism

Top Reuters News - Wed, 07/12/2017 - 11:43
LONDON (Reuters) - The British government said on Wednesday it would not publish in full its report on the sources of funding of Islamist extremism in Britain, prompting opposition charges that it was trying to protect its ally Saudi Arabia.

U.S. Democrats in new bid to push Russia and Iran sanctions bill

Top Reuters News - Wed, 07/12/2017 - 11:29
WASHINGTON (Reuters) - U.S. House of Representatives Democrats said they would introduce a new version of a Russia and Iran sanctions bill on Wednesday, in a new bid to move legislation that has been mired in partisan squabbling for almost a month.

Wall St. rises on Yellen's dovish rate hike view

Top Reuters News - Wed, 07/12/2017 - 11:17
(Reuters) - U.S. stocks were higher in late morning trading on Wednesday, with the Dow hitting a record, after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and will not have to rise much further to reach the neutral rate.

Murray beaten in Wimbledon quarter-finals by Querrey

Top Reuters News - Wed, 07/12/2017 - 11:16
LONDON (Reuters) - Andy Murray's Wimbledon title defence ended in a 3-6 6-4 6-7(4) 6-1 6-1 quarter-final defeat to Sam Querrey on Wednesday as the hip injury that has dogged the world number one throughout the tournament finally got the better of him.

Verizon CEO says company is not eyeing deal to buy Disney

MarketWatch Market Pulse - Wed, 07/12/2017 - 11:13

Verizon Communications Inc. Chief Executive Lowell McAdam told journalists during the annual media and technology summit in Sun Valley, Idaho that "No," the telecommunication and media company will not buy Walt Disney Co. , according to media reports. Last week the New York Post reported that rumors had been circling that Verizon was eyeing a purchase of the Mouse House empire. Analysts were quick to the denounce the report and now Verizon's chief executive has said the company isn't looking at a potential deal. Verizon recently completed its acquisition of Yahoo Inc.. And the narrative looming in the media industry has been that media companies would be attractive targets for tech and telecom companies. The industry has been waiting to see if Facebook Inc. , or Apple Inc. would look to acquire a media company to help their push into TV, and Verizon rival AT&T Inc. is currently in midst of a deal for Time Warner Inc. . Verizon shares have declined more than 19% in the year to date, while Disney shares are down less than 1% and the S&P 500 index is up 9% during the same period.

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Fed's Yellen says rate and portfolio plans on track, cautions on inflation

Top Reuters News - Wed, 07/12/2017 - 11:10
WASHINGTON (Reuters) - The U.S. economy is healthy enough for the Fed to move forward with plans to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway, Fed Chair Janet Yellen said on Wednesday.

Giant iceberg breaks off Antarctica

Top Reuters News - Wed, 07/12/2017 - 11:08
LONDON (Reuters) - One of the biggest icebergs on record has broken away from Antarctica, scientists said on Wednesday, creating an extra hazard for ships around the continent as it breaks up.

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