Breaking Stock Market and Financial News

Exclusive: Saudi exports to U.S. to fall by 300,000 barrels per day in March - official

Top Reuters News - Thu, 03/23/2017 - 15:43
DUBAI (Reuters) - Saudi Arabia's crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with OPEC's agreement to reduce supply, a Saudi energy ministry official said on Thursday.

Sportsman's Warehouse shares down 8% after earnings miss

MarketWatch Market Pulse - Thu, 03/23/2017 - 15:40

Shares of Sportsman's Warehouse Holdings Inc. fell 8% late Thursday after the retailer reported fourth-quarter earnings below expectations and missed sales forecasts. The company said it earned $10.5 million in the quarter, or 25 cents a share, compared with $11.4 million, or 27 cents a share, in the fourth quarter of fiscal 2015. Sales rose 6% to $221.4 million, the company said. Same-store sales fell 5%. Analysts polled by FactSet had expected earnings of 26 cents a share on sales of $228 million. Separately, the company said it appointed Jon Barker as president and chief operating officer, effective March 31. Barker was most recently an executive for Walmart. He will report to CEO John Schaefer, the company said.

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.

Market's 'fear gauge' reaches 2017 high as Republican health-care bill falters

MarketWatch Market Pulse - Thu, 03/23/2017 - 15:31

A popular gauge of expected volatility in U.S. stock markets reached its highest level of the year on Thursday as Republicans delayed a House vote on a bill to repeal and replace Obamacare. The CBOE Volatility Index, commonly referred to as the VIX, , finished Thursday's session at 13.07, its highest close since Dec. 30. The increase was driven by a late-day selloff in U.S. stocks, which finished lower for a second day after recording their largest selloff of the year on Wednesday. The S&P 500 shed 2.49 points, or 0.1%, to 2,345.96, while the Dow Jones Industrial Average lost 4.72 points, or less than 0.1%, at 20,656.58. The Nasdaq Composite Index [c: comp] shed 3.95 points, or 0.1%, to 5,817.69. The index had been relatively subdued as expectations that President Donald Trump would swiftly implement a slate of purportedly pro-business policies sent benchmarks to a series of closing records.

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.

GameStop shares down 9% after company reports falling sales

MarketWatch Market Pulse - Thu, 03/23/2017 - 15:18

GameStop Corp. shares tanked 9% late Thursday after the specialty retailer reported falling quarterly sales and said its video-game category was "weak," particularly in the second half of the year. The company said it earned $208.7 million, or $2.04 a share, in the fourth quarter, compared with $247.8 million, or $2.36 a share, in the year-ago period. Adjusted for one-time items, GameStop earned $243.8 million, or $2.38 a share, compared with $2.40 a share a year ago. Total sales fell 14% to $3.05 billion in the quarter, and comparable-store sales fell 16%. Analysts polled by FactSet had expected adjusted earnings of $2.29 a share on sales of $3.06 billion. Shares ended the regular trading session down 0.5%.

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.

Micron shares jump as demand for memory chips leads to earnings beat

MarketWatch Market Pulse - Thu, 03/23/2017 - 15:15

Micron Technology Inc. gained more than 7% in late trading Thursday after the chip maker reported better earnings than expected amid reported price hikes for its memory chips. The company reported fiscal second-quarter profit of $894 million, or 77 cents a share, on sales of $4.65 billion. After adjusting for stock-based compensation and other effects, the company claimed earnings of 90 cents a share. Analysts polled by FactSet expected on average for Micron to report adjusted earnings of 83 cents a share on sales of $4.64 billion. Tech giants have said that increased prices for memory chips squeezed their margins at the end of 2016, a trend that has benefited Micron. "Strong demand and limited industry supply for NAND and DRAM solutions, combined with significant progress on our cost reduction plan, produced excellent results for our second quarter," Micron Chief Executive Mark Furcan, who announced retirement plans last month, said in Thursday's announcement. Micron shares topped $28 in after-hours trading Thursday, after closing with a 1.6% increase at $26.47.

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.

WideOpenWest, 6th largest cable provider, files to go public

MarketWatch Market Pulse - Thu, 03/23/2017 - 15:03

WideOpenWest Inc., a cable TV provider, filed to go public Thursday in an offering of up to $100 million. The cable provider, which says it is the sixth largest in the U.S., reported revenue of $1.24 billion in 2016, up from $1.22 billion in 2015. It swung to a profit of $26.3 million in 2016, from a loss of $48.7 million in 2015. WideOpenWest plans to list under the symbol "WOW" and has not yet designated an exchange. The company has not yet set a price range and the $100 million is likely a placeholder amount. UBS Investment Bank and Credit Suisse are the underwriters on the offering.

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.

Stocks slide after health-care vote is delayed

MarketWatch Market Pulse - Thu, 03/23/2017 - 15:01

U.S. stocks closed lower on Thursday after House Republicans delayed a vote on the American Health Care Act, dealing a blow to President Donald Trump who had heavily lobbied for the bill. Analysts had said the passage of the bill would bolster confidence in Trump's ability to enact his pro-growth agenda. The S&P 500 fell 2 points, or 0.1%, to close at 2,346 while the Dow Jones Industrial Average shed 3 points to end at 20,657. The Nasdaq Composite dropped 3 points to close at 5,817.

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.

Health-care stocks swing lower following the delay of a key vote on a new health bill

MarketWatch Market Pulse - Thu, 03/23/2017 - 14:55

The health-care sector late Thursday afternoon turned decidedly lower, dragging the broader market into negative territory, on the heels of reports that House Republicans shelved a key vote on repealing and replacing the Affordable Care Act. The Health Care Select Sector SPDR ETF was off 0.4%, led by sharp decline 4% drop in Centene Corp. and health-care provider Humana Inc. [HUM], off 1.6%. Shares of UnitedHealth Group Inc., were off 1.1% and cutting about 12 points from the Dow Jones Industrial Average . The S&P 500 index was off 0.1% at 2,345, while the Nasdaq Composite Index was down 0.1% at 5,815. The iShares Nasdaq Biotechnology ETF which trades on the Nasdaq exchange was off 0.5%, pressuring the index. The major U.S. equity benchmarks had been trading higher throughout much of the day as hopes rode higher that President Donald Trump would be able to secure the necessary names to pass a vote to overhaul President Barack Obama's signature health-care law. Market participants have been fretting that Trump's focus on revamping so-called Obamacare will delay the implementation of a raft of pro-growth policies, including tax cuts and an increases to infrastructure spending, which had underpinned a multimonth rally in equities since Trump's Nov. 8 election victory. Thursday's downturn represents relatively modest move lower, with some hoping that a vote may occur on Friday or in coming days as the president aims to collect the needed votes to get the bill taken up by the Senate.

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.

Republican Nunes apologizes over handling of Trump surveillance claim

Top Reuters News - Thu, 03/23/2017 - 14:48
WASHINGTON (Reuters) - The Republican head of the U.S. House of Representatives Intelligence Committee apologized on Thursday for the way he handled sensitive allegations about U.S. spy agency surveillance of President Donald Trump's team.

House shelves Thursday vote on health care, reports say

MarketWatch Market Pulse - Thu, 03/23/2017 - 14:34

House Republican leaders shelved a vote on the American Health Care Act planned for Thursday, reports said. Politico said a vote was still possible Friday. President Donald Trump has been lobbying hard for the bill but he and GOP leaders are meeting continued resistance from conservatives unhappy with the measure.

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 fall for a third session in a row

MarketWatch Market Pulse - Thu, 03/23/2017 - 13:52

Oil prices settled lower on Thursday, down a third straight session. Record U.S. stockpiles of crude oil fed concerns over a global glut of supplies, despite expectations that U.S. demand for gasoline is set to grow in the run up to the summer driving season. May West Texas Intermediate crude lost 34 cents, or 0.7%, to settle at $47.70 a barrel, with the contract marking its lowest finish since late November.

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.

Betting market suggests health bill won't get passed Thursday

MarketWatch Market Pulse - Thu, 03/23/2017 - 13:51

Trading on the political betting site PredictIt suggests the American Health Care Act won't be approved by the House on Thursday. The market was pricing in a 93% chance of fewer than 215 votes, where 218 votes are needed.

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 settle lower, pulling back after a 5-session rise

MarketWatch Market Pulse - Thu, 03/23/2017 - 13:06

Gold prices settled with a loss on Thursday, easing back after a streak of gains that spanned five sessions. Prices for the metal had recently climbed on the back of a sharp slump in global equities and weakness in the U.S. dollar, but global stock markets traded mostly higher and the greenback strengthened a bit Thursday. April gold declined by $2.50, or 0.2%, to settle at $1,247.20 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.

Fed's Williams says central bank may raise rates three more times this year

MarketWatch Market Pulse - Thu, 03/23/2017 - 13:05

WASHINGTON (MarketWatch) - The Federal Reserve could raise short-term interest rates three more times this year, said San Francisco Fed President John Williams on Thursday. "Three or even four increases as your total makes sense," Williams said in an interview with the Wall Street Journal. "I think the economy is in a good place right now," he said. The Fed raised interest rates last week and penciled in two more quarter-point hikes.

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.

State Dept to approve Keystone pipeline permit: Politico

Top Reuters News - Thu, 03/23/2017 - 12:42
WASHINGTON (Reuters) - The U.S. State Department will approve by Monday the permit needed to proceed with construction of the Canada-to-United States Keystone XL oil pipeline, a project blocked by former President Barack Obama, according to Politico.

Russia may be helping supply Taliban insurgents: U.S. general

Top Reuters News - Thu, 03/23/2017 - 12:32
WASHINGTON (Reuters) - The top U.S. general in Europe said on Thursday that he had seen Russian influence on Afghan Taliban insurgents growing and raised the possibility that Moscow was helping supply the militants, whose reach is expanding in southern Afghanistan.

Trump, conservatives fail to strike deal on health bill

MarketWatch Market Pulse - Thu, 03/23/2017 - 12:31

Members of the House Freedom Caucus say there's no deal yet on supporting the House Republican health-care bill after a meeting with President Donald Trump on Thursday afternoon. Trump has been lobbying skeptical Republicans for the bill ahead of a planned vote on Thursday. But there were signs negotiations were ongoing as a vote time was still not set. "We're trying to get to yes," said Freedom Caucus Chairman Mark Meadows, a North Carolina Republican.

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.

Credit Suisse shares drop 2% on reports of $3 billion share sale

MarketWatch Market Pulse - Thu, 03/23/2017 - 11:46

Shares of Credit Suisse Group AG fell 2% in Zurich on Thursday after media reports the Swiss banking giant is considering a share sale to boost its capital buffers. Bloomberg said the company may issues shares representing 10% of its outstanding stock, equivalent to about 3.1 billion francs ($3.12 billion). The rights issue would happen instead of a separate listing of Credit Suisse's Swiss banking division, according to the reports. A representative from Credit Suisse wasn't immediately available to comment.

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.

Republican health-care bill disapproved by 56%-to-17% margin: poll

MarketWatch Market Pulse - Thu, 03/23/2017 - 11:26

American voters disapprove the Republican health-care bill 56% to 17%, with 26% undecided, according to a Quinnipiac University national poll released Thursday. The bill may be voted on as early as Thursday as a group of conservatives negotiate with Speaker Paul Ryan and others. The bill is unpopular enough that 46% of voters say they will be less likely to vote for a senator or representative that votes for the bill. One out of every seven Americans, 14%, think they will lose their health insurance under the Republican plan, the poll finds.

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.K. police identify London attack suspect as 52-year old Khalid Masood

MarketWatch Market Pulse - Thu, 03/23/2017 - 10:47

The Metropolitan Police in London have identified the suspect of the deadly Wednesday attack in London as 52-year-old Khalid Masood. The suspected assailant was not the subject of any current investigations and "there was no prior intelligence about his intent to mount a terrorist attack," Scotland Yard said. However, he was known to police before and has a range of previous convictions for assault, possession of offensive weapons and public order offenses. Masood, also known by a number of aliases, was born in Kent in the southeast of England, but detectives believe he was most recently living in the West Midlands.

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.

Pages