Breaking Stock Market and Financial News

Exclusive: Microsoft responded quietly after detecting secret database hack in 2013

Top Reuters News - Tue, 10/17/2017 - 11:24
(Reuters) - Microsoft Corp's secret internal database for tracking bugs in its own software was broken into by a highly sophisticated hacking group more than four years ago, according to five former employees, in only the second known breach of such a corporate database.

UnitedHealth's stock heads toward biggest price rise in its 33-year history

MarketWatch Market Pulse - Tue, 10/17/2017 - 10:44

Shares of UnitedHealth Group Inc.'s stock extended their post-earnings gains, to put them on track for the biggest one-day price gain since they went public 33 years ago. The stock was up $10.30, or 5.3%, at a record high in morning trade, after reporting profits that beat expectations. That tops the previous biggest one-day price gain of $9.26 on Oct. 18, 2016. The company went public in October 1984. The stock's gain Tuesday was adding about 71 points to the price of the Dow Jones Industrial Average , which was up 21 points. UnitedHealth's stock has run up 27% year to date, while the SPDR Health Care Select Sector ETF has rallied 20% and the Dow has climbed 16%.

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Health-care ETF rallies, boosted by UnitedHealth and J&J results

MarketWatch Market Pulse - Tue, 10/17/2017 - 10:40

The largest exchange-traded fund to track the health-care sector rallied on Tuesday, boosted by strong results in some of its largest components. The Health Care Select Sector SPDR ETF rose 0.9%, the largest one-day percentage for the ETF since Oct. 2. The move follows three straight days of losses for the fund, which is up 20% thus far this year. The day's gains were fueled by UnitedHealth Group Inc. , which rose 5.3% as the biggest gainer among the fund's components. The rise came after UnitedHealth reported third-quarter earnings that beat expectations and raised its full-year profit outlook. Separately, Johnson & Johnson gained 2.1% after it raised its sales and earnings outlook for the third straight quarter. Tuesday is set to be the biggest one-day rise for UnitedHealth's stock in about a year and its biggest point move in its history.

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Neothetics's stock rockets on heavy volume after merger deal

MarketWatch Market Pulse - Tue, 10/17/2017 - 10:26

Shares of Neothetics Inc. more than doubled Tuesday on heavy volume, after the specialty pharmaceutical company announced an agreement in which a wholly-owned subsidiary of Neothetics will merge with privately held Evofem Biosciences. An affiliate of Invesco Asset Management Ltd., an existing investor in Evofem, has agreed to acquire an additional $20 million worth of common stock of the combined company. Neothetics's stock ran up as much as 138% in intraday trade, before paring gains to be up 91%. Volume was 12.8 million shares, compared with the full-day average of about 724,000 shares. Once the merger is completed, which is expected to occur in January 2018, Neothetics will be renamed Evofem Biosciences Inc., and will be led by Evofem Chief Executive Saundra Pelletier. Under terms of the deal, $171.4 million in value of Neothetics common stock will be issued to Evofem shareholders, while $28.6 million worth of common stock will be retained by Neothetics shareholders.

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U.S. indicts two Chinese in major fentanyl trafficking case

Top Reuters News - Tue, 10/17/2017 - 10:21
WASHINGTON (Reuters) - The U.S. Department of Justice said on Tuesday it has indicted two major Chinese drug traffickers on charges of making and selling highly addictive fentanyl to Americans over the internet.

UnitedHealth, J&J stock rallies keeping Dow positive while Goldman drags

MarketWatch Market Pulse - Tue, 10/17/2017 - 10:06

Earnings reports are giving a nearly 60-point boost to the Dow Jones Industrial Average , as the rallies in the shares of UnitedHealth Group Inc. and Johnson & Johnson are offsetting the selloff in Goldman Sachs Group Inc.'s stock to keep the blue-chip barometer in positive territory. The Dow was up 15 points in morning trade, while 19 of 30 components lost ground. That's because UnitedHealth stock was up $9.67, the second-biggest price gain in the insurer's public history, and J&J shares were up $2.54, which combined added about 84 points to the Dow's price. Meanwhile, the other Dow component that reported results before the open was Goldman, and the stock tumbled $3.67, which shaved about 25 points off the Dow's price.

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Trump's drug czar nominee withdraws from consideration

Top Reuters News - Tue, 10/17/2017 - 09:46
WASHINGTON (Reuters) - President Donald Trump said on Tuesday that Tom Marino, his pick as the U.S. drug czar, has withdrawn after it became public that the congressman advocated for legislation undermining the government's ability to crack down on pharmaceutical companies that play a role in the nation's opioid crisis.

U.S. stocks open flat despite strong bank earnings

MarketWatch Market Pulse - Tue, 10/17/2017 - 09:33

U.S. stocks were little changed at the open on Tuesday, as investors continued to look through the latest corporate earnings to determine whether the near-record level of major indexes were justified by economic fundamentals. The Dow Jones Industrial Average rose 17 points, or 0.1%, to 22,915. The S&P 500 lost 2.5 points to 2,554, a decline of 0.1%. The Nasdaq Composite Index slid 8 points, or 0.1%, to 6,113. Bank stocks were in particular focus after Morgan Stanley and Goldman Sachs Group Inc both reported better-than-expected results. Shares of Morgan rose 1.9% while Goldman climbed 0.6%. Separately, Johnson & Johnson rose 1.5% after its results topped forecasts, while UnitedHealth Group Inc. was up 2.3% after its own profits came in ahead of consensus expectations.

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Catalonia refuses to renounce independence, anti-government protests form

Top Reuters News - Tue, 10/17/2017 - 09:32
MADRID/BARCELONA (Reuters) - Catalonia refused on Tuesday to bow to the Spanish government's demand that it renounce a symbolic declaration of independence, setting it on a political collision course with Madrid later this week.

Powell likely next Fed chief, though Yellen best suited: economists

Top Reuters News - Tue, 10/17/2017 - 09:28
LONDON (Reuters) - Jerome Powell likely will be the next Federal Reserve chairman, according to a slim majority of economists in a Reuters poll - but most of them said current Fed Chair Janet Yellen would be the best option.

CSX's stock falls after results, outlook

MarketWatch Market Pulse - Tue, 10/17/2017 - 09:12

CSX Corp.'s stock fell 1.6% in premarket trade, after the railroad and trucking company reported third-quarter sales that were just shy of expectations, but indicated that several markets continue to be impacted by specific headwinds. Net income rose to $459 million, or 51 cents a share, from $455 million, or 48 cents a share, in the same period a year ago. Adjusted earnings per share of 51 cents matched the FactSet consensus. Revenue increased 1% to $2.74 billion, compared with the FactSet consensus of $2.78 billion. The company said it expects 2017 adjusted EPS to rise 20% to 25% from 2016's $1.81, while the FactSet EPS consensus of $2.22 implies growth of 22.7%. On the post-earnings conference call with analysts, Chief Executive H. Hunter Harrison several markets continue to be impacted by specific headwinds, "most notably the anticipated decline in North America light vehicle production, the evaporation of unit train shipments of crude oil and the secular challenges of domestic utility call," according to a transcript provided by FactSet. The stock has lost 3.3% over the past three months through Monday, while the Dow Jones Transportation Average has gained 1.6% and the Dow Jones Industrial Average has climbed 6.1%.

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Special Report: They fled danger for a high-stakes bet on U.S. immigration courts

Top Reuters News - Tue, 10/17/2017 - 09:11
OAKLAND, California (Reuters) - The two Honduran women told nearly identical stories to the immigration courts: Fear for their lives and for the lives of their children drove them to seek asylum in the United States.

Marino drops out as drug czar candidate, Trump says

MarketWatch Market Pulse - Tue, 10/17/2017 - 08:49

Rep. Tom Marino has withdrawn his name from consideration as President Donald Trump's head of the Office of National Drug Control Policy, Trump said in a tweet Tuesday morning. The Pennsylvania Republican's decision to pull out followed reporting from the Washington Post and CBS that he championed legislation that hamstrung the government's efforts to fight opioid abuse. "Tom is a fine man and a great Congressman!" Trump said.

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MongoDB raises expected pricing range for IPO, could now raise up to $202.4 million

MarketWatch Market Pulse - Tue, 10/17/2017 - 08:48

MongoDB said Tuesday in a filing that its initial public offering is now expected to price between $20 to $22 a share, up from an expected range of $18 to $20 a share. The database software company could raise as much as $202.4 million from the offering, as it still plans to offer 8.0 million shares to the public, and have granted the underwriters options to buy an additional 1.2 million shares to cover overallotments. The company said Tuesday that its stock has been approved for listing on the Nasdaq Global Market under the ticker symbol "MDB." The company is looking to go public at a time when the SPDR Technology Select Sector ETF has rallied 6.8% over the past three months and the S&P 500 has gained 4.0%.

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W.W. Grainger shares jump 3.9% premarket after profit beat

MarketWatch Market Pulse - Tue, 10/17/2017 - 08:46

WW Grainger Inc. shares climbed 3.9% in premarket trade Tuesday, after the supplier of maintenance, repair and operating products posted better-than-expected third-quarter profit. The company said it had net income of $162 million, or $2.79 a share, down from $186 million, or $3.05 a share, in the year-earlier period. Adjusted per-share earnings came to $2.90, wall ahead of the FactSet consensus of $2.56. Sales rose 3% to $2.6 billion, matching the FactSet consensus. "Our U.S. business had strong volume in the quarter driven by our strategic pricing initiatives and an improving demand environment," Chief Executive DG Macpherson said in a statement. "We saw a solid response from digital marketing activities that began in mid-August, particularly from our mid-sized customers." The company said it is sticking with the midpoint of full-year EPS guidance, despite challenges in Canada and the U.S. specialty business sales, he said. The company is expecting full-year sales growth of 1.5% to 2.5% and EPS of $10.40 to $10.90, compared with previous guidance of sales growth of 1% to 4% and EPS of $10 to $11.30. Shares have fallen 21% in 2017, while the S&P 500 has gained 14%.

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Goldman's stock rally set to deliver 20-point boost to Dow industrials' push to 23,000

MarketWatch Market Pulse - Tue, 10/17/2017 - 08:41

The Dow Jones Industrial Average was set to open up slightly higher on Tuesday, inching closer to a key level at 23,000, with Goldman Sachs Group Inc. delivering the lion's share of that upswing. Shares of the investment banking powerhouse were set to provide the Dow a 20-point jolt after it reported third-quarter results early Tuesday that beat market expectations. Goldman reported third-quarter net revenue of $8.3 billion, or $5.02 a share, up from $8.2 billion and $4.88, in the year-ago quarter. The company still produced a weak performance in its bread-and-butter business of fixed-income trading, but that weakness was in line with its rivals. Goldman is one of the more influential components of the price-weighted Dow by dint of its more than $200 share price. In premarket trade, Goldman shares traded $2.89 or 1.2%. That equates to a roughly 20-point gain for the Dow because a $1 move in any one of the gauge's 30 components translates to a swing of 6.89. Dow futures were up 21 points, or 0.1%, at 22,920. Elsewhere, the market looked to open little changed, with the S&P 500 index futures trading flat, while futures for the Nasdaq-100 were trading near breakeven levels. All three benchmarks, the Nasdaq Composite , the Dow, and the S&P 500 closed at records.

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U.S. import prices surge 0.7% in September

MarketWatch Market Pulse - Tue, 10/17/2017 - 08:37

WASHINGTON (MarketWatch) - The cost of imported goods jumped 0.7% in September in the biggest gain in more than a year, led by fuel prices and industrial supplies. Excluding fuel, import prices rose a smaller 0.3%. Over the past 12 months the import price index has risen 2.7%, up from 2.1% in the prior month, the government said Tuesday. That's still well below a recent high of 4.7% in February. Export prices rose 0.8% last month.

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Cintas raises annual dividend 22%

MarketWatch Market Pulse - Tue, 10/17/2017 - 08:25

Cintas Corp. said Tuesday it will raise its annual dividend by 22% to $1.62 a share from $1.33 a share. The new dividend will be payable Dec. 8 to shareholders for record on Nov. 10. At Monday's stock closing price of $151.22, the new dividend would represent a dividend yield of 1.07%, compared with the implied aggregate yield for the S&P 500 of 1.95%. The uniforms seller said it has increased its dividend every year since it went public in 1983. The stock, which rose 1.1% in light premarket trade, has rallied 31% year to date through Monday, while the S&P 500 has gained 14%.

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Synchronoss's stock shoots up after subsidiary sale, equity investment

MarketWatch Market Pulse - Tue, 10/17/2017 - 08:15

Shares of Synchronoss Technologies Inc. shot up 14% in premarket trade Tuesday, after the software company announced a deal to sell a subsidiary and receive another equity investment from its largest shareholder. The company said that after completing a review of strategic alternatives, it decided to sell its wholly-owned subsidiary Intralinks Holdings Inc. to private-equity firm Siris Capital Group LLC for $1 billion. As part of the agreement, Siris will make a $185 million investment in convertible preferred equity of Synchronoss, which would be convertible into 19.8% of Synchronoss's shares outstanding. Recent filings show Siris Capital was Synchronoss's largest shareholder with a stake of 6.0 million shares, or 12.9% of the shares outstanding as of Oct. 5, according to FactSet. The deal with Siris will allow Synchronoss to focus on its core communications and media business. The stock had plunged 64% year to date through Monday, while the SPDR Technology Select Sector ETF had climbed 26% and the S&P 500 had rallied 14%.

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Russian opposition leader's fraud conviction arbitrary, Europe's top rights court says

Top Reuters News - Tue, 10/17/2017 - 07:54
STRASBOURG, France (Reuters) - Europe's top human rights court ruled on Tuesday that Russian opposition leader Alexei Navalny's conviction for fraud in 2014 had been "arbitrary and manifestly unreasonable" and ordered Russia to pay him compensation.

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