Breaking Stock Market and Financial News

Home shopping network parent HSNI names Rod Little CFO

MarketWatch Market Pulse - Mon, 11/28/2016 - 08:09

HSN Inc. , operator of the home shopping network, said Monday it has named Rod Little as chief financial officer, effective Jan. 3. Little was previously CFO of Elizabeth Arden Inc. . The executive is replacing Judy Schmeling, who was named president of HSNI division Cornerstone Brands in August 2016. Schmeling is also chief operatiog officer of HSN. Shares were not yet active in premarket trade, but are down 20% in the year so far, while the S&P 500 has gained 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.

Panera Bread's stock set to fall after analyst downgrade

MarketWatch Market Pulse - Mon, 11/28/2016 - 07:54

Shares of Panera Bread Co. were indicated down more than 1% in premarket trade Monday, after the fast casual restaurant chain was downgraded at Wedbush Securities, which cited concerns over valuation. Analyst Nick Setyan cut his rating to neutral, after being at outperform since March 2014. The stock had rocketed 15% since the election to close Friday at $217.16, or just 1.3% below Seytan's price target of $220. "We continue to believe drivers of sustained [same-store sales] growth outperformance relative to peers exist," Seytan wrote in a note to clients. "Nevertheless, we caution against the street's current optimism relative to our 2017 estimates." He said unless there are further upward revisions to same-store sales and earnings per share, upside in the stock could prove limited. Seytan forecasts fiscal 2016 EPS of $6.71, matching the FactSet consensus, while his 2017 estimate of $7.45 is below the FctSet consensus of $7.69. The stock has rallied 11% year to date, while the S&P 500 has gained 8.3%.

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.

Bank stocks pull back sharply

MarketWatch Market Pulse - Mon, 11/28/2016 - 07:32

Bank stocks dropped Monday, as weakness in the broader market and declines in Treasury yields prompted a pullback from the recent record run. Among the sector heavyweights, shares of Bank of America Corp. slumped 1.1% in active premarket trade. The stock had rocketed 23% since the election to close Friday at an eight-year high. Elsewhere, Citigroup Inc.'s stock shed 1.3%, shares of Wells Fargo & Co. slid 1% and Goldman Sachs Group Inc. shares lost 0.7%. The SPDR Financial Select Sector ETF fell 0.4%, after closing Friday at an 8 1/2-year high. The XLF has run up 12% since the election through Friday, while the Dow has climbed 4.5% to a record high. Dow futures were down over 60 points ahead of the open, while U.S. bond futures gained 0.4%, meaning yields fell. Lower long-term interest rates narrows the spread between what banks earn by funding longer-term loans with shorter-term liabilities.

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.

Online shopping on Black Friday isn't just a U.S. event anymore--IBM

MarketWatch Market Pulse - Mon, 11/28/2016 - 07:09

International Business Machines Corp. said Monday that online sales for U.S. retailers on Thanksgiving jumped 12% from a year ago, and while Black Friday sales rose 10%. Globally, retailers saw online sales increase 24% on Thanksgiving and 28% on Black Friday. Online sales for the four-day weekend rose 9% for U.S. retailers and 20% globally. IBM expects global online Cyber Monday sales to grow in the double-digit percentage range, and projects overall online sales for the November-to-December period rising 14%. "It is clear, online shopping during the US holiday period has become a global phenomenon and more than ever companies are turning to IBM as a trusted technology provider and supporter to help them succeed during this critical period," said Harriet Green, general manager at IBM Commerce. IBM's stock has climbed 19% year to date, while the SPDR S&P Retail ETF has gained 7.9% and the Dow Jones Industrial Average has climbed 9.9%.

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.

Barnes & Noble offering 15% discount on entire online order for Cyber Monday

MarketWatch Market Pulse - Mon, 11/28/2016 - 07:08

Barnes & Noble Inc. said it is offering a 15% discount on an entire online order as part of its Cyber Monday promotion. The offer applies to books, as well as toys and games, gift items, music and DVDs and more, the company said in a statement. The book seller is also offering its new 7 inch Nook tablet at $49.99. Shares were not yet active in premarket trade, but are up 49% in the year so far, while the S&P 500 has gained 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.

BRIEF-IheartCommunications announces consent solicitations to holders of its five series of priority guarantee notes

Reuters Us Markets - Mon, 11/28/2016 - 06:49
* IheartCommunications, Inc. announces consent solicitations to holders of its five series of priority guarantee notes and senior notes due 2021 Source text for Eikon: Further company coverage:

Uber drivers in U.S. cities to join planned worker protests

Top Reuters News - Mon, 11/28/2016 - 06:49
LOS ANGELES (Reuters) - Drivers for ride service company Uber will join planned nationwide protests on Tuesday, when activists and low-wage workers renew their call for better pay and the right to join a union in the wake of Donald Trump's U.S. presidential election win, organizers said.

EU's Dombrovskis sees swift completion of second Greek bailout review

Reuters Us Markets - Mon, 11/28/2016 - 06:44
BRUSSELS, Nov 28 (Reuters) - European Commission Vice President Valdis Dombrovskis said on Monday that "a lot of progress" had been made on the second review of Greece's euro zone bailout and that he...

Silverback Exploration to sell oil and gas assets for $855 mln

Reuters Us Markets - Mon, 11/28/2016 - 06:44
Nov 28 (Reuters) - Privately held Silverback Exploration LLC will sell oil and gas assets for $855 million to Centennial Resource Development Inc, which is backed by energy private equity fund...

Trump policies could boost U.S. and global growth, but tariffs pose risks: OECD

MarketWatch Market Pulse - Mon, 11/28/2016 - 06:39

The rough fiscal-stimulus outline offered by President-elect Donald Trump could lift U.S. economic growth to 2.3% in 2017, the Organization for Economic Cooperation and Development said Monday. That's up from the Paris-based OECD's projection for 1.9% growth in 2017 sans Trump plans. The OECD projected a growth boost to 3%, from 2.2%, in 2018. Trump pledged to add $1 trillion to U.S. infrastructure but has yet to provide details on how those proposals would be financed. He has also promised corporate and personal income-tax cuts. The OECD now pegs global economic growth at 3.3%, up from 3.2%, in 2017, and lifted its outlook to 3.6%, from 3.3%, for 2018. The OECD said the biggest risk to its outlook hinges on a shift toward protectionism, especially pledged U.S. tariffs on imports from China and Mexico, which could offset the boost from higher government spending and lower taxes. The OECD is the first international economic policy agency to publish an estimate of the likely impact of Trump's proposals.

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.

BRIEF-Athene Holding sees IPO of 23.8 mln Class A common shares priced between $38-$42 each

Reuters Us Markets - Mon, 11/28/2016 - 06:36
* Athene Holding Ltd sees IPO of 23.8 million Class A common shares priced between $38.00 and $42.00 each - SEC filing

UPDATE 1-China approves $36-bln railway plan for Jing-Jin-Ji megacity

Reuters Us Markets - Mon, 11/28/2016 - 06:28
* Plan will span nine projects, with total length of 1,100 km

BRIEF-Yingli Green Energy announces Q3 preliminary financial results

Reuters Us Markets - Mon, 11/28/2016 - 06:22
* Yingli Green Energy announces preliminary financial results for third quarter 2016

BRIEF-Edwards enters into agreement to acquire Valtech Cardio

Reuters Us Markets - Mon, 11/28/2016 - 06:20
* Purchase price of Valtech is $340 million in stock and cash at closing,

BRIEF-Great canadian gaming announces appointment of CFO

Reuters Us Markets - Mon, 11/28/2016 - 06:18
* Says Andreas Thompson appointed CFO Source text for Eikon: Further company coverage:

BRIEF-Toro Oil & Gas reports Q3 net comprehensive loss per share of $0.02

Reuters Us Markets - Mon, 11/28/2016 - 06:17
* Toro Oil & Gas reports third quarter 2016 financial and operating results

BRIEF-Autocanada announces the acquisition of Guelph Hyundai

Reuters Us Markets - Mon, 11/28/2016 - 06:16
* As part of transaction, Co will purchase dealership lands and 29,726 square foot facility with a 14 car showroom and 14 service bays Source text for Eikon: Further company coverage:

OPEC makes last-ditch bid to save oil deal as tensions grow

Top Reuters News - Mon, 11/28/2016 - 05:18
VIENNA (Reuters) - OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement.

Eyes on divided French Socialists as conservatives rally behind Fillon

Top Reuters News - Mon, 11/28/2016 - 03:56
PARIS (Reuters) - France's ruling Socialist party found itself in the spotlight on Monday after the decisive choice of a presidential candidate of the center-right piled pressure on President Francois Hollande's left to find a champion of its own.

UPDATE 1-Italy's Yoox Net-A-Porter enters Middle East online luxury venture

Reuters Us Markets - Mon, 11/28/2016 - 03:44
* Alabbar last year bought 4 percent stake in YNAP (Adds detail, context)

Pages