Breaking Stock Market and Financial News

Exclusive: U.S. forces to stay in Syria for decades, say militia allies

Top Reuters News - Thu, 08/17/2017 - 10:37
AIN ISSA, Syria (Reuters) - Washington's main Syrian ally in the fight against Islamic State says the U.S. military will remain in northern Syria long after the jihadists are defeated, predicting enduring ties with the Kurdish-dominated region.

ADP's stock could more than double in less than 4 years, Ackman's Pershing Square says

MarketWatch Market Pulse - Thu, 08/17/2017 - 10:01

Shares of Automatic Data Processing Inc. could more than double in less than four years, if the payroll services company fulfill's its potential, according to hedge fund Pershing Square Capital Management, which is run by billionaire activist investor Bill Ackman. In a presentation to investors, Pershing said the value of ADP's stock, which was down 1.4% at $109.54 in morning trade, can rise to $221 to $255 a share by June 21, with "not changes in the credit rating, capital structure, dividend policy, or clients funds investment strategy." Pershing said ADP's "buy" instead of "build" strategy has led to weak product offerings, most notably in enterprise, and inefficient legacy back-end infrastructure. "ADP's focus on 'hitting the numbers' has led to value-destructive decisions with negative long-term consequences," Pershing wrote in the presentation. ADP diclosed earlier this month that Pershing, which owns 36.8 million ADP shares, or an 8.3% stake, was seeking to take five board seats and change the CEO. In an interview on CNBC last week, ADP CEO Carlos Rodriguez called Ackman "a spoiled brat." stock has gained 22% over the past 12 months, while the S&P 500 has rallied 13%.

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Stocks open lower as investors weigh political turmoil, data

MarketWatch Market Pulse - Thu, 08/17/2017 - 09:33

U.S. stocks opened lower Thursday as investors weighed concerns about President Donald Trump's ability to pursue pro-business policies amid a continued controversy over his response to weekend violence in Charlottesville, Va., and sorted through a mixed bag of economic data. The S&P 500 fell 0.3%, while the Nasdaq Composite shed 0.4%. The Dow Jones Industrial Average declined 47 points, weighed down in part as shares of components Wal-Mart Stores Inc. , down 2.8%, and Cisco Systems Inc. [CSCO], off 1.8%, declined following earnings.

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Turner Sports plans new streaming service for 2018, with UEFA soccer leagues at the center

MarketWatch Market Pulse - Thu, 08/17/2017 - 09:14

Time Warner Inc.-owned Turner Sports is planning to launch a new sports streaming platform in 2018 the company said on Thursday. Turner acquired exclusive multi-platform rights to two of the world's premier soccer competitions, the UEFA Champions League and the UEFA Europa League. Those two competitions will be the foundation for Turner's direct-to-consumer streaming service. The three-year deal with UEFA, the governing body of European football, begins in 2018 with the launch of Turner's streaming service. Walt Disney Co.'s premier cable sports network ESPN also recently announced it will launch a streaming service in 2018. Turner President David Levy said the deal with UEFA and the coming streaming platform aligns with the broadcaster's strategy to expand the distribution of its content. Turner also plans to use Bleacher Report to offer access to live games, along with year-round clips and content to focus on reaching millennial audiences. Shares of Time Warner have gained 5.6% in the year to date, while the S&P 500 index is up 10.2%.

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Wal-Mart, Cisco stock selloffs would shave about 20 points off the Dow

MarketWatch Market Pulse - Thu, 08/17/2017 - 09:08

Shares of Wal-Mart Stores Inc. and Cisco Systems Inc. are acting as a drag on the Dow Jones Industrial Average in premarket trade Thursday, in the wake of the companies' earnings reports. Wal-Mart's stock slumped $2.00, or 2.5%, ahead of the open, after the discount retail giant beat overall revenue expectations but Sam's Club sales came up short. That would take about 14 points off the Dow's price. Cisco shares fell 87 cents, or 2.7%, in premarket trade, after a downbeat outlook, which would shave about 6 points off the Dow. The combined drag on the Dow was 20 points, while Dow futures were down 63 points.

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Trump blasts Republican senators over Charlottesville criticism

Top Reuters News - Thu, 08/17/2017 - 08:58
WASHINGTON (Reuters) - Donald Trump on Thursday fired back at a growing number of fellow Republicans who denounced his response to the Charlottesville, Virginia violence, further fueling the latest controversy to engulf his seven-month-old presidency.

Wal-Mart's margins fall on price cuts, spending on e-commerce

Top Reuters News - Thu, 08/17/2017 - 08:34
CHICAGO (Reuters) - Wal-Mart Stores Inc on Thursday reported lower quarterly margins after it cut prices and invested heavily on expanding its e-commerce operations, and its shares fell nearly 3 percent.

Alibaba's stock rallies on heavy volume toward record high

MarketWatch Market Pulse - Thu, 08/17/2017 - 08:32

Shares of Alibaba Group Holdings Ltd. rallied toward a record high on heavy volume in premarket trade Thursday, as investors cheered the China-based e-commerce giant's better-than-expected results. The stock traded up 4.9% at $167.27 ahead of the open, above Wednesday's record close of $159.50 and all-time intraday high of $158.32. Volume topped 4.5 million shares an hour before the open, enough to make the stock the most actively traded in the premarket. The full-day average volume over the past 30 days is 14.7 million shares, according to FactSet. Alibaba reported earlier fiscal first-quarter earnings and revenue that beat expectations. The stock has rocketed 81.6% year to date through Wednesday, while shares of U.S.-based e-commerce giant Amazon.com Inc. have run up 30.5% and the S&P 500 has gained 10.2%.

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Ex-Yahoo entity Altaba's stock soars toward 17-year high

MarketWatch Market Pulse - Thu, 08/17/2017 - 08:11

Shares of Altaba Inc. , formerly known as Yahoo, ran up 4.6% in premarket trade Thursday, on the heels of Alibaba Group Holding Ltd.'s better-than-expected quarterly results. The stock was on track to open at the highest price seen during regular session hours since Aug. 28, 2000. Altaba was Yahoo until the company completed the sale of its operating business to Verizon Communications Inc. in June, but is now a closed-end management investment company that owns a "substantial" Alibaba stake. Alibaba's stock surged 5.5% ahead of the open after the China-based e-commerce giant beat fiscal first-quarter profit and revenue expectations. Altaba's stock has soared 57% year to date through Wednesday, while Alibaba shares have rocketed 82% and the S&P 500 has gained 10%.

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Wal-Mart's stock falls after overall sales beat, but Sam's Club disappoints

MarketWatch Market Pulse - Thu, 08/17/2017 - 07:19

Wal-Mart Stores Inc. reported second-quarter net income of $2.90 billion, or 96 cents per share, down from $3.78 billion, or $1.21 per share, for the same period last year. Adjusted EPS was $1.08, ahead of the FactSet $1.07 consensus. Revenue was $123.4 billion, up from $120.9 billion and ahead of the $122.8 billion. Same-store sales were up 1.8%, with traffic growing 1.3% for the quarter. E-commerce sales at Walmart U.S. grew 60%. Sam's Club sales were $14.9 billion, up from $14.5 billion last year, but below the FactSet consensus of $14.8 billion. Same-store sales, excluding fuel, were up 1.2%. Wal-Mart sees full year EPS of $4.18 to $4.28, and adjusted EPS of $4.30 to $4.40. The company sees third-quarter EPS of 90 cents to 98 cents. The FactSet consensus is for full-year earnings of $4.36 and third-quarter EPS of 97 cents. Wal-Mart shares are down 1.8% in Thursday premarket trading, but up 17.2% for the year so far. The S&P 500 index is up 10.2% for 2017 to date. The Dow Jones Industrial Average is up 11.5% for 2017 so far.

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.

Alibaba's stock jumps after profit, revenue rise above expectations

MarketWatch Market Pulse - Thu, 08/17/2017 - 06:58

Shares of Alibaba Group Holding Ltd. shot up 4.6% in active premarket trade Thursday, after the China-based e-commerce giant reported fiscal first-quarter profit and sales that rose above expectations. Net income for the quarter to June 30 increased 99% to the equivalent of $2.58 billion, while earnings per share rose 92% to 83 cents. Excluding non-recurring items, adjusted EPS came to $1.17, beating the FactSet consensus of 93 cents. Revenue grew 56% to $7.40 billion, above the FactSet consensus $7.12 billion. Mobile monthly active users increased 24% to 529 million. Cloud computing revenue rose 96% to $359 million, as cloud computing paying customers increased 75% to 1.01 million. "Our technology is driving significant growth across our business and strengthening our position beyond core commerce," said Chief Executive Daniel Zhang. The stock has soared 82% year to date through Wednesday, while the S&P 500 has gained 10%.

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Apple's Cook says he disagrees with Trump, vows donations to rights groups

Top Reuters News - Thu, 08/17/2017 - 05:50
(Reuters) - Apple Inc (AAPL.O) CEO Tim Cook has joined a chorus of business leaders who have voiced their opposition to President Donald Trump after he blamed white nationalists and anti-racism activists equally for violence in Virginia over the weekend.

Hong Kong democracy leader defiant as three jailed for months

Top Reuters News - Thu, 08/17/2017 - 04:59
HONG KONG (Reuters) - An appeals court jailed three leaders of Hong Kong's democracy movement for six to eight months on Thursday, dealing a blow to the Chinese-ruled city's youth-led push for universal suffrage and prompting accusations of political interference.

Hostage-taking at Dutch radio station ends peacefully

Top Reuters News - Thu, 08/17/2017 - 03:50
AMSTERDAM (Reuters) - A man held a woman hostage at a radio station in the Netherlands for a little more than an hour on Thursday before he released her and was arrested, Dutch police said.

Fed's Fischer says move to unwind bank regulation 'dangerous': FT

Top Reuters News - Thu, 08/17/2017 - 03:47
LONDON (Reuters) - Efforts by the United States government to loosen regulations on banks are "dangerous and extremely short-sighted", one of the U.S. central bank's top policymakers said in an interview with the Financial Times published late on Wednesday.

China military criticizes 'wrong' U.S. moves on Taiwan, South China Sea

Top Reuters News - Thu, 08/17/2017 - 03:09
BEIJING (Reuters) - The "wrong" actions of the United States on Taiwan, its South China Sea patrols and deployment of an advanced anti-missile system in South Korea have had a large, negative influence on military trust, a senior Chinese officer said on Thursday.

What will Kim do next? Sixth nuclear test seen critical for North Korea

Top Reuters News - Thu, 08/17/2017 - 03:07
SEOUL/WASHINGTON (Reuters) - North Korea says it has developed intercontinental missiles capable of targeting any place in the United States.

Assad's march east compounds West's Syria dilemma

Top Reuters News - Thu, 08/17/2017 - 02:11
BEIRUT/AMMAN (Reuters) - Syria's war has entered a new phase as President Bashar al-Assad extends his grip in areas being captured from Islamic State, using firepower freed by Russian-backed truces in western Syria.

Australia's Hanson wears burqa to parliament in bid to ban them

Top Reuters News - Thu, 08/17/2017 - 02:04
CANBERRA (Reuters) - Australian far-right senator Pauline Hanson wore a burqa to parliament on Thursday as part of her campaign to ban the all-enveloping garment worn by some Muslim women, drawing a quick rebuke from the government and Muslims.

South Korea's Moon says North Korean nuclear-tipped ICBM is a 'red line'

Top Reuters News - Thu, 08/17/2017 - 00:50
SEOUL (Reuters) - North Korea would be "crossing a red line" if it put a nuclear warhead on an intercontinental ballistic missile, South Korea's president said on Thursday, but the United States had promised to seek Seoul's approval before taking any military action.

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