Breaking Stock Market and Financial News

J.C. Penney's stock drops after Credit Suisse downgrade, while upgrade boosts Nordstrom shares

MarketWatch Market Pulse - 9 hours 59 min ago

Shares of J.C. Penney Co. Inc. slumped 1.3% in active premarket trade Wednesday, after Credit Suisse turned bearish on the department store chain, citing expectations of limited sales growth amid store closures and stagnant apparel and accessories merchandising. Analyst Christian Buss cut his rating to underperform from neutral. He also downgraded fellow discount department store chain Kohl's Corp. to underperform from neutral on concerns over deteriorating store margins, sending the stock down 1.8% in premarket trade. Separately, Nordstrom Inc.'s stock surged 1.6% premarket, after Buss upgraded the high-end department store chain to outperform from neutral, citing expectations of relatively strong earnings growth as a result of investments in speed of execution and ecommerce. He raised his stock price target to $58, which is 31% above Tuesday's closing price of $44.38, from $48. J.C. Penney's stock had tumbled 18% over the past three months through Tuesday, while Kohl's shares have slipped 3.9% and Nordstrom's stock has dropped 17% and the S&P 500 has gained 6%. The SPDR S&P Retail ETF has tacked on 3.8% over the past three months.

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U.S. sues JPMorgan for alleged mortgage discrimination

Top Reuters News - 10 hours 19 min ago
NEW YORK (Reuters) - The United States on Wednesday sued JPMorgan Chase & Co, accusing the bank of discriminating against minority borrowers by charging them higher rates and fees on home mortgage loans between 2006 and at least 2009.

Citigroup revenue falls slightly short in latest quarter

MarketWatch Market Pulse - 10 hours 55 min ago

Citigroup Inc. said Wednesday it had net income of $3.57 billion, or $1.14 a share, in the fourth quarter, up from $3.34 billion, or $1.02 a share, in the year-earlier period. Revenue fell to $17.0 billion from $18.5 billion a year ago. The FactSet consensus was for EPS of $1.12 and revenue of $17.3 billion. Shares were slightly higher premarket, but have gained 37% in the last 12 months, while the S&P 500 has gained 20.6%.

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Brazil's finance minister says not concerned about strong dollar

Reuters Us Markets - 11 hours 27 min ago
DAVOS, Jan 18 (Reuters) - Brazil is not concerned about a strong dollar as domestic factors have prevailed in local exchange markets, Finance Minister Henrique Meirelles said on Wednesday at a press...

BRIEF-New York Mortgage Trust announces upsizing and pricing of public offering

Reuters Us Markets - 11 hours 28 min ago
* New York Mortgage Trust Inc says pricing of $120.0 million aggregate principal amount of 6.25 pct senior convertible notes due 2022

Trump's protectionist policies top risk to U.S. economy in 2017: Reuters poll

Top Reuters News - 11 hours 30 min ago
(Reuters) - The top risk to U.S. growth would come if U.S. President-elect Donald Trump keeps his protectionist promises, according to a Reuters poll that shows economists have not joined in the market exuberance since the shock November vote.

BRIEF-TD Ameritrade Q1 earnings per share $0.41

Reuters Us Markets - 11 hours 32 min ago
* Q1 earnings per share view $0.41 -- Thomson Reuters I/B/E/S

SoftBank stock bumped to buy as Vision Fund grows

MarketWatch Market Pulse - 11 hours 32 min ago

Shares of SoftBank Group Corp. , the Japanese software service provider responsible for Pepper the robot, were upgraded to buy from hold at Deutsche Bank on Wednesday. Analyst Peter Milliken said the upgrade reflected the company's new $100 billion Vision Fund, an international tech fund the telecom giant established with a Saudi Arabia sovereign wealth fund last October that includes a $1 billion contribution from Apple Inc. . Should the fund receive fees of 1% of committed capital, it'd immediately become "a significant profit contributor" to SoftBank, he said. Once all $100 billion is committed, the fund would have the potential to lift earnings by an estimated 9%, according to the Deutsche Bank analysis. The brokerage raised its price target on the stock to 9,200 yen from 7,000. Shares of SoftBank traded up 0.8% to 8242 yen on Wednesday. They've risen 24% in the past three months and 61% in the past year.

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.

FOREX-Dollar recovers some ground after five days of falls

Reuters Us Markets - 11 hours 33 min ago
LONDON, Jan 18 (Reuters) - The dollar rebounded on Wednesday after falling for five days in a row against its currency basket, as investors awaited a speech by the head of the Federal Reserve later...

BRIEF-Primoris services says unit Rockford Corp awarded $680 mln pipeline construction award

Reuters Us Markets - 11 hours 34 min ago
* Primoris services corporation provides update on $680 million pipeline construction award

BRIEF-Goldmoney says appoints Josh Crumb CFO

Reuters Us Markets - 11 hours 34 min ago
* Goldmoney Inc - appointed Josh Crumb as company's chief financial officer, replacing Katie Sokalsky Source text for Eikon: Further company coverage:

BRIEF-Goldman Sachs Group Q4 results press release

Reuters Us Markets - 11 hours 38 min ago
Please click on the link below for Goldman Sachs Group Inc's Q4 earnings press release: Source text: (http://bit.ly/2j8s6rj)

BRIEF-Access Industries Management LLC reports 8.15 pct stake in Loxo Oncology as of Jan 10 - SEC Filing

Reuters Us Markets - 11 hours 40 min ago
* Access Industries Management, LLC reports 8.15 percent stake in Loxo Oncology Inc as of January 10, 2017 - SEC Filing Source text: [http://bit.ly/2iPWNDW] Further company coverage:

BRIEF-Parker-Hannifin says waiting period under Hart-Scott-Rodino act with respect to pending Clarcor deal expired

Reuters Us Markets - 11 hours 41 min ago
* Parker-Hannifin says waiting period under Hart-Scott-Rodino act with respect to pending Clarcor deal expired Source text for Eikon: Further company coverage:

BRIEF-Versar says Grant Thornton indicated communications from co appeared to restrict audit scope or procedures in a manner not acceptable to Grant Thornton

Reuters Us Markets - 11 hours 42 min ago
* Versar says Grant Thornton indicated communications from co appeared to restrict audit scope or procedures in a manner not acceptable to Grant Thornton

Target cuts fourth-quarter profit and sales outlook after disappointing holiday sales

MarketWatch Market Pulse - 12 hours 4 min ago

Target Corp. shares slid about 5% in premarket trade Wednesday, after the retailer cut its fourth-quarter sales and profit guidance following weaker-than-expected holiday sales. The company said same-store sales fell 1.3% in the November to December holiday period. Total sales fell 4.9%, including the impact of the Dec. 2015 sale of the company's pharmacy and clinic business. "While we were pleased with Black Friday sales, December digital sales growth of more than 40 percent and continued strength in our signature categories, these results were offset by early season sales softness and disappointing traffic and sales trends in our stores," said Brian Cornell, chairman and CEO of Target. The company is now expecting GAAP per-share earnings from continuing operations of $1.45 to $1.55, down from prior guidance of $1.55 to $1.75. Full-year EPS is forecast at $4.57 to $4.67, compared with prior guidance of $4.67 to $4.87. Same-store sales are expected to decline 1.5% to 1.0% for the quarter. Shares have gained 1.2% in the last 12 months, while the S&P 500 has gained 20.6%.

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CoLucid's stock soars after $960 million buyout deal with Eli Lilly

MarketWatch Market Pulse - 12 hours 17 min ago

Shares of CoLucid Pharmaceuticals Inc. soared 31% in premarket trade Wednesday, after the developer treatments for acute migraines agreed to be acquired by Eli Lilly & Co. for $960 million in cash. Under terms of the deal, Eli Lilly will pay $46.50 for each CoLucid share outstanding, representing a 33% premium to Tuesday's closing price of $34.90. Eli Lilly expects to record a charge of $850 million, or 80 cents a share, in the first quarter of 2017, as an acquired in-process research and development charge. The deal is expected to close by the end of the first quarter. CoLucid's key drug is lasmiditan, which was originally discovered at Eli Lilly and was out-licensed to CoLucid in 2005. CoLucid's stock has rocketed five-fold over the past 12 months through Tuesday, while Eli Lilly shares have lost 5.4% and the S&P 500 has gained 21%.

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Business euphoria over Trump gives way to caution, confusion

Top Reuters News - 13 hours 7 min ago
WASHINGTON (Reuters) - Early optimism among business lobbyists and executives that Donald Trump's election heralded better days has slowly given way to uncertainty as the president-elect fires off mixed and sometimes confusing messages on healthcare, taxes and trade.

Former President George H.W. Bush admitted to hospital: report

MarketWatch Market Pulse - 13 hours 52 min ago

Former U.S. President George H.W. Bush has been hospitalized, KHOU 11 News reported Wednesday, citing his office chief of staff Jean Becker. Bush, who is 92 years old, is "doing fine," Becker told the CBS affiliate station. No reason was given for Bush's admission to the Methodist Hospital in the Texas Medical Center, but the former U.S. leader has previously been treated for a neck fracture, shortness of breath and fever. He regularly uses a wheelchair and suffers from a form of Parkinson's Disease, according to KHOU. Bush served a term as president from 1989 to 1993 and before that, was vice president to Ronald Reagan from 1981 to 1989.

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Istanbul nightclub attacker says was directed by Islamic State: report

Top Reuters News - 14 hours 4 min ago
ISTANBUL (Reuters) - An Uzbek gunman who killed 39 people in an Istanbul nightclub on New Year's Day told police he had to change target at the last minute to avoid heavy security and acted with direct orders from Islamic State in Syria, a newspaper said on Wednesday.

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