Breaking Stock Market and Financial News

CSX Corp. CEO is placed on medical leave

MarketWatch Market Pulse - Thu, 12/14/2017 - 21:43

CSX Corp. said Thursday that it's President and CEO E. Hunter Harrison has been placed on medical leave "due to unexpected complications from a recent illness." The board of directors named Chief Operating Officer James Foote as acting CEO. "Hunter is a good friend and has been a colleague of mine for many years. He is an icon in the industry and we pray for his speedy recovery," Foote said in a company press release. The company said it would update investors on the situation with a conference call Friday at 7:30 a.m. Eastern. CSX, based in Jacksonville, Fla., provides rail, intermodal and rail-to-truck services.

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Documentarian Morgan Spurlock steps down after admitting misconduct

Top Reuters News - Thu, 12/14/2017 - 20:16
LOS ANGELES (Reuters) - Award-winning U.S. documentary maker Morgan Spurlock stepped down from his production company on Thursday after saying on social media that he had engaged in sexual misconduct.

Murdoch bets live sports and news will boost new, smaller Fox

Top Reuters News - Thu, 12/14/2017 - 20:06
NEW YORK (Reuters) - Rupert Murdoch is banking on Americans' love of live sports and breaking news for a new, slimmed down version of his Fox TV business after selling the company's film studios and international operations to Walt Disney Co .

Airbus CEO to exit in 2019: report

MarketWatch Market Pulse - Thu, 12/14/2017 - 18:54

Airbus SE Chief Executive Tom Enders has told the board he will depart in 2019, The Wall Street Journal reported late Thursday. Airbus declined to comment on the changes, the Journal said. Fabrice Brégierand, the company's Chief Operating Officer will leave next year. Airbus faces turnover among senior executives as it is facing corruption allegations and other regulatory scrutiny in multiple countries including the U.S., France, U.K. and Germany, the Journal reported.

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Waste Management hikes dividend, OKs $1.25 billion in buybacks

MarketWatch Market Pulse - Thu, 12/14/2017 - 18:39

Waste Management Inc. shares ticked higher in the extended session Thursday after the trash disposal and recycling company's board hiked the quarterly dividend 9.4% and approved share buybacks. Waste management shares rose 1% to $85.47 after hours. The company raised its quarterly dividend to 46.5 cents a share from 42.5 cents a share. Also, Waste Management said it plans to buy back up to $1.25 billion in shares with the plan to go into effect immediately.

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Republicans join push to lift secrecy around misconduct in Congress

Top Reuters News - Thu, 12/14/2017 - 18:08
WASHINGTON (Reuters) - Prominent Republican senators on Thursday embraced a push to overhaul rules for addressing sexual harassment in the U.S. Congress, signing on to a bill that would protect victims and require lawmakers to pay for their own settlements.

Firefighter killed battling massive California blaze

Top Reuters News - Thu, 12/14/2017 - 17:45
LOS ANGELES (Reuters) - A firefighter was killed while battling a massive wildfire burning in Ventura and Santa Barbara counties, fire officials said on Thursday.

U.N. chief presses for release of arrested Reuters journalists in Myanmar

Top Reuters News - Thu, 12/14/2017 - 17:43
TOKYO/YANGON (Reuters) - The arrest of two Reuters journalists in Yangon this week was a signal that press freedom is shrinking in Myanmar and the international community must do all it can to get them released, U.N. Secretary-General Antonio Guterres said on Thursday.

Uber investor departs venture firm amid harassment claims

Top Reuters News - Thu, 12/14/2017 - 17:35
SAN FRANCISCO (Reuters) - Silicon Valley investor Shervin Pishevar, known for his early bet on Uber Technologies Inc, said on Thursday that he would sever ties with his venture capital company, Sherpa Capital, after being accused of sexual misconduct.

Jabil shares gain 4% after company reports better-than-expected earnings, sales

MarketWatch Market Pulse - Thu, 12/14/2017 - 16:44

Shares of Jabil Inc. rose more than 4% late Thursday after the St. Peterburg, Fla., company reported fiscal 2018 first-quarter earnings and sales above Wall Street forecasts. Jabil said it earned $64 million, or 35 cents a share, in the quarter, compared with $87 million, or 47 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 80 cents a share, compared with 69 cents a share a year ago. Revenue rose to $5.6 billion in the quarter, from $5.1 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 79 cents a share on sales of $5.5 billion. For the second quarter, Jabil said it expects revenue between $4.75 billion and $5.05 billion, and adjusted earnings of 50 cents to 74 cents a share. Jabil shares ended the regular trading session Thursday down 3.8%.

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Costco shares rise after retailer's Q1 earnings beat

MarketWatch Market Pulse - Thu, 12/14/2017 - 16:28

Shares of Costco Wholesale Corp. rose 1.1% late Thursday after the retailer reported fiscal first-quarter per-share earnings and revenue above Wall Street estimates. Costco said it earned $640 million, o $1.45 a share, in the quarter, compared with $545 million, or $1.24 a share, in the year-ago period. Revenue rose to $31.81 billion, compared with $28.1 billion a year ago. Analysts polled by FactSet had expected earnings of $1.33 a share on revenue of $31.13 billion. Comparable-store sales rose 10.5%, and e-commerce sales rose 43.5%, Costco said. The stock ended the regular Thursday session down 0.9%.

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Oracle shares slump as earnings beat, but cloud growth misses Street view

MarketWatch Market Pulse - Thu, 12/14/2017 - 16:21

Oracle Corp. shares declined in the extended session Thursday after the enterprise software company topped broader Wall Street estimates but fell short of the mark on cloud revenue estimates. Oracle shares fell 4% to $48.20 after hours. The company reported fiscal second-quarter net income of $2.23 billion, or 52 cents a share, compared with $2.03 billion, or 48 cents a share, in the year-ago period. Adjusted earnings were 70 cents a share. Revenue rose to $9.62 billion from $9.04 billion in the year-ago period, or to $9.63 billion from $9.07 billion adjusted. Analysts surveyed by FactSet had estimated earnings of 68 cents a share on revenue of $9.57 billion. Total cloud revenue rose 44% to $1.52 billion while software-as-a-service revenue grew 55% to $1.12 billion. Analysts had forecast total cloud revenue of $1.56 billion, and forecast SaaS revenue of $1.14 billion.

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Adobe shares rise after fourth-quarter earnings beat

MarketWatch Market Pulse - Thu, 12/14/2017 - 16:16

Adobe Systems Inc. shares rose in the extended session Thursday after the software maker beat Wall Street sales and earnings expectations. Adobe stock rose 3.5% to $181.23 after hours. The company reported fiscal fourth-quarter net income of $501.6 million, or $1 a share, compared with $399.6 million, or 80 cents a share, in the year-ago period. Adjusted earnings were $1.26 a share. Revenue rose to $2.01 billion from $1.61 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.16 a share on revenue of $1.95 billion. For the first fiscal quarter of 2018, analysts model adjusted earnings of $1.25 a share on revenue of $2.04 billion. Adobe stock has gained 71% this year, with the S&P 500 index rising 19%.

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Russell 2000 closes down 1.1% on tax uncertainty

MarketWatch Market Pulse - Thu, 12/14/2017 - 16:07

The Russell 2000 index of small capitalization shares fell sharply on Thursday, seeing a steeper drop than the overall market. The index fell 1.1%, its biggest one-day percentage decline since Nov. 7. The decline accelerated after a report that Senator Marco Rubio would vote against the Republican tax bill unless it includes a larger expansion of the child tax credit, which added to the uncertainty over the bill's prospects for passing. The Russell is seen as having a higher correlation with the prospects of tax reform, as small companies tend to pay higher rates than their larger, multinational peers. The S&P 500 closed down by 0.4% on Thursday while the Dow Jones Industrial Average ended off 0.3%. The Nasdaq Composite Index dipped 0.3%. Thus far this year, the Russell is up 11%, compared with the 18.5% gain of the S&P, and less than half the Dow's 24% advance.

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Dow snaps five-day winning streak as market takes a breather

MarketWatch Market Pulse - Thu, 12/14/2017 - 16:02

The Dow Jones Industrial Average snapped a five-day winning streak Thursday with the market taking a breather after several record-breaking sessions. Materials and health care sectors topped the losses while consumer discretionary shares were the sole gainers. The Dow fell 67 points, or 0.3%, to close at 24,517. The S&P 500 dropped 10 points, or 0.4%, to end at 2,652 while the Nasdaq Composite Index shed 19 points, or 0.3%, to close at 6,856.

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Homegrown attacks rising worry in U.S. as Islamic State weakens abroad

Top Reuters News - Thu, 12/14/2017 - 16:01
NEW YORK (Reuters) - The online video's message was clear: Supporters of Islamic State who could not travel overseas to join the militant group should carry out attacks wherever they were in the United States or Europe.

Disney buying Fox film, TV units for $52 billion in digital push

Top Reuters News - Thu, 12/14/2017 - 16:01
(Reuters) - Walt Disney Co has struck a deal to buy film, television and international businesses from Rupert Murdoch's Twenty-First Century Fox Inc for $52.4 billion in stock, giving the world's largest entertainment company an arsenal of shows and movies to combat growing digital rivals Netflix Inc and Amazon.com Inc.

SEC charges therapist with insider trading on confidential patient disclosures

MarketWatch Market Pulse - Thu, 12/14/2017 - 15:58

The Securities and Exchange Commission filed charges in federal court in San Francisco on Thursday for insider trading against a licensed therapist, Kenneth Peer. Peer is charged with trading in the shares of Zulily, Inc. based on nonpublic information disclosed in confidence by his patient, a Zulily employee. During a session with the therapist, the patient revealed that Zulily would be acquired by Liberty Interactive Corp.. Peer used this material information to place illegal trades in Zulily securities before the acquisition was announced to the public. Zulily announced before the market opened on August 17, 2015 that it had agreed to be acquired by Liberty Interactive for $18.75 per share in a tender offer. Zulily stock rose by 49% from the previous day's close on the day of the announcement. Peer sold the Zulily securities that he had purchased before the announcement and reaped illegal profits of $10,228.11. Licensed counselors in the state of Washington are also bound by state laws, Washington Department of Health rules, and codes of ethics of their professional organizations to keep information shared by patients confidential.

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As Republican tax vote nears, more senators waver

Top Reuters News - Thu, 12/14/2017 - 15:52
WASHINGTON (Reuters) - President Donald Trump's drive to win passage of a sweeping Republican tax bill in the U.S. Congress hit potential obstacles on Thursday as two more Republican senators insisted on changes, joining a list of lawmakers whose support is uncertain.

U.S. regulators ditch net neutrality rules as legal battles loom

Top Reuters News - Thu, 12/14/2017 - 15:48
WASHINGTON (Reuters) - The U.S. Federal Communications Commission voted along party lines on Thursday to repeal landmark 2015 rules aimed at ensuring a free and open internet, setting up a court fight over a move that could recast the digital landscape.

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