Breaking Stock Market and Financial News

Mattress maker Select Comfort shares fall 5% after earnings miss

MarketWatch Market Pulse - Tue, 10/17/2017 - 16:30

Shares of Select Comfort Corp. fell more than 5% late Tuesday after the mattress maker reported third-quarter earnings and sales below expectations. The company said it earned $25.6 million, or 62 cents a share, in the quarter, compared with $25.7 million, or 56 cents a share, a year ago. Sales reached $403 million, up from $368 million a year ago. Analysts polled by FactSet had expected earnings of 68 cents a share on sales of $414 million. The stock ended the regular session down 0.6%.

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.

Senate presses ex-Trump aide's son for documents in Russia probe: source

Top Reuters News - Tue, 10/17/2017 - 16:25
(Reuters) - The U.S. Senate Intelligence Committee has asked the son of President Donald Trump's former national security adviser to provide documents and testimony as part of the panel's probe into Russian meddling in the 2016 U.S. election, a source familiar with the congressional matter told Reuters.

Lam Research shares slip after earnings beat

MarketWatch Market Pulse - Tue, 10/17/2017 - 16:19

Lam Research Corp. shares slipped in the extended session Tuesday even after the chip-making equipment company's quarterly results topped Wall Street estimates. Lam shares declined 0.4% to $193.87 after hours, following a 1.1% rise in the regular session. Shares are up 84% for the year. The company reported fiscal first-quarter net income of $590.7 million, or $3.21 a share, compared to $263.8 million, or $1.47 a share, in the year-ago period. Adjusted earnings were $3.46 a share. Revenue rose to $2.48 billion from $1.63 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $3.27 a share on revenue of $2.46 billion.

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.

Dow misses 23,000 by less than 40 cents

MarketWatch Market Pulse - Tue, 10/17/2017 - 16:18

The Dow Jones Industrial Average technically missed its first close at or above 23,000 by less than 40 cents. The Dow closed at 22,997.44, or 2.56 points below 23,000. Based on the Dow's "divisor," which the keepers of the Dow use to calculate the price of the index, the Dow would have reached 23K if the shares of the 30 components closed higher by a combined total of 37 cents (37.2 cents to be exact). The Dow is a price-weighted index, meaning price changes are determined by changes in price of its components' stocks. For many other indexes like the S&P 500 , percentage changes of components with higher market capitalizations are weighted more than moves of components with lower market caps.

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.

Cree shares fall after company's outlook disappoints

MarketWatch Market Pulse - Tue, 10/17/2017 - 16:18

Shares of Cree Inc. fell more than 6% late Tuesday after the company met expectations for adjusted earnings and sales in the fiscal first quarter but provided a disappointing outlook for its second quarter. Cree said it lost $20 million, or 20 cents a share, in the quarter, versus a net income of $566,000, or a penny a share, in the first quarter of fiscal 2017. Adjusted for one-time items, the Durham, N.C., company earned $4 million, or 4 cents a share, compared with $15 million, or 15 cents a share, in the year-ago period. Revenue reached $360 million, down 3% from the $371 million in the first quarter of fiscal 2017. Analysts polled by FactSet had expected Cree to report an adjusted profit of 4 cents a share on sales of $360 million. Cree forecast second-quarter revenue in a range of $340 million to $360 million; the FactSet analysts predict $369 million. The company targeted its adjusted results in a range of $1 million loss to a $4 million profit, or 1 cent loss a share to 4 cents earnings a share. The analysts surveyed by FactSet expect adjusted earnings of 7 cents a share. Cree shares ended the regular trading day up 0.2%.

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.

Dow, S&P 500 close at records

MarketWatch Market Pulse - Tue, 10/17/2017 - 16:03

The S&P 500 and Dow industrials closed at all-time highs on Tuesday, with modest gains driven by a rally in the health-care sector. The S&P 500 health-care sector rose 1.4% following better-than-expected earnings from insurance companies. The S&P 500 gained 1.71 points, or less than 0.1%, to 2,559.35. The Dow Jones Industrial Average gained 39.73 points, or 0.2%, to 22,996.69, failing to close above the psychologically important level at 23,000. The tech-heavy Nasdaq Composite index ended fractionally lower at 6,623.66. Shares of UnitedHealth Group Inc. jumped 5.6% after third-quarter earnings results.

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.

Instead of midterm elections, Sanders focuses on local, state races

Top Reuters News - Tue, 10/17/2017 - 16:01
WASHINGTON (Reuters) - Senator Bernie Sanders will focus on getting liberal candidates elected to state and local offices ahead of next year's midterm elections rather than on higher-profile U.S. congressional races, to help build a national progressive movement from the ground up.

Senators reach bipartisan deal on short-term Obamacare fix

Top Reuters News - Tue, 10/17/2017 - 15:59
WASHINGTON (Reuters) - Two U.S. senators on Tuesday announced a bipartisan breakthrough to shore up Obamacare, an agreement that would revive federal subsidies for health insurers, and President Donald Trump voiced support for the deal.

Venezuela's Maduro defends disputed vote, opposition divided

Top Reuters News - Tue, 10/17/2017 - 15:42
CARACAS (Reuters) - President Nicolas Maduro defended Venezuela's "secure" election system on Tuesday as opponents struggled to present a united front over allegations of fraud in a nationwide vote surprisingly won by the ruling socialists.

Target recalls 7,500 ottomans made in China for a choking hazard

MarketWatch Market Pulse - Tue, 10/17/2017 - 14:51

Target Corp. said Tuesday it was voluntarily recalling 7,500 Room Essentials black leather pouf ottomans, made in China, for a choking hazard. There were no incidents of injuries reported. The ottomans were sold in Target stores nationwide and online from June 2017 through August 2017, for about $35. "The zippers on the pouf ottomans can be opened by children who can then suffocate or choke on the pouf's polystyrene beads," the statement on the U.S. Consumer Product Safety Commission's website said. Target said consumers will get a full refund when the ottomans are returned to a Target store. Target's stock eased less than 0.1% in afternoon trade. It has rallied 12% over the past three months, while the SPDR S&P Retail ETF has slipped 0.5% and the S&P 500 has gained 4.0%.

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.

Senators reach bipartisan deal to stabilize Obamacare markets

MarketWatch Market Pulse - Tue, 10/17/2017 - 14:41

Sens. Lamar Alexander and Patty Murray reached a deal to stabilize Obamacare markets, Murray announced Tuesday. Reports said the two-year deal would allow subsidies to health insurers to begin again. However, the deal would need to get through Congress. At a news conference, President Donald Trump called it a "short-term deal" and said Obamacare was "virtually dead." He said a bill allowing block grants to states is the answer. Shares of Humana , Aetna and Cigna were trading higher following the announcement.

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.

Gold prices mark lowest settlement in more than a week

MarketWatch Market Pulse - Tue, 10/17/2017 - 13:56

Gold prices fell below $1,300 an ounce on Tuesday to finish at their lowest level in more than a week on the back of strength in the U.S. dollar and inflation growth in the United Kingdom. December gold lost $16.80, or 1.3%, to settle at $1,286.20 an ounce. That was the lowest finish since Oct. 9 and biggest one-day percentage decline since Sept. 21, 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.

U.S. indicts major Chinese traffickers for selling fentanyl online

Top Reuters News - Tue, 10/17/2017 - 13:45
WASHINGTON (Reuters) - The U.S. Department of Justice has indicted two major Chinese drug traffickers on charges of making illegal versions of fentanyl and selling the highly addictive drug to Americans over the internet and through international mail.

Trump likely to name Fed chair by early November: source familiar

Top Reuters News - Tue, 10/17/2017 - 13:22
WASHINGTON (Reuters) - U.S. President Donald Trump has a pool of five candidates to choose from for the next chair of the Federal Reserve and is likely to announce his choice before going to Asia in early November, a source familiar with the situation said on Tuesday.

New cancer drugs help J&J top profit estimates

Top Reuters News - Tue, 10/17/2017 - 13:00
(Reuters) - Johnson & Johnson posted better-than-expected third-quarter earnings, raising its full-year forecast due to growth from new cancer drugs and high-margin treatments picked up in its $30 billion acquisition of Actelion earlier this year.

Wall Street banks look beyond trading to drive profits

Top Reuters News - Tue, 10/17/2017 - 12:51
NEW YORK (Reuters) - Wall Street rivals Goldman Sachs Group Inc and Morgan Stanley topped analyst expectations on Tuesday, reporting third-quarter earnings gains from a range of products and services despite an industry-wide decline in bond trading.

Trump Fed chief choice seen being made before Asia trip, reports say

MarketWatch Market Pulse - Tue, 10/17/2017 - 12:20

President Trump will announce his pick to head the Federal Reserve before he leaves for his Asian trip that starts Nov. 3, multiple news outlets including The Wall Street Journal reported Tuesday. The candidates appear to be those whose names who have been widely circulated: the current Fed chair, Janet Yellen, as well as Fed Gov. Jerome Powell, former Fed Gov. Kevin Warsh, National Economic Council Director Gary Cohn and Stanford professor John Taylor.

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.

After victory in Raqqa over IS, Kurds face tricky peace

Top Reuters News - Tue, 10/17/2017 - 11:53
RAQQA, Syria/BEIRUT (Reuters) - Kurdish groups who led the fight against Islamic State in its former capital Raqqa must navigate a complex peace to avoid ethnic tension with the city's Arab majority and to secure critical U.S. aid.

Dow's record rise belies bad market breadth

MarketWatch Market Pulse - Tue, 10/17/2017 - 11:45

The Dow Jones Industrial Average broke through 23,000 for the first time in intraday trade Tuesday, and remained in positive territory in midday trade, but broader market internal readings are decidedly negative. The number of declining stocks outnumbered advancers by a 1,529-to-1,204 score on the NYSE and by a 1,344-to-1,162 margin on the Nasdaq exchange. And declining volume was 58.0% of total volume on the Big Board and 53% of total volume in the Nasdaq. Even within the Dow, 21 of 30 components are declining, but the Dow was still up 18 points. It was up as much as 45.24 points earlier at an all-time intraday high of 23,002.20 earlier. The Dow was up Tuesday, primarily because of the $9.42, or 4.9%, gain in UnitedHealth Group Inc.'s stock after better-than-expected earnings, which added about 65 points to the Dow's price.

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.

FCC chairman rejects Trump suggestion on broadcast licenses

Top Reuters News - Tue, 10/17/2017 - 11:36
WASHINGTON (Reuters) - The U.S. Federal Communications Commission's chairman said Tuesday the agency does not have authority to revoke broadcast licenses, despite suggestions from President Donald Trump.

Pages