Breaking Stock Market and Financial News

Exclusive: North Korea has no fear of U.S. sanctions move, will pursue nuclear arms - envoy

Top Reuters News - Tue, 03/21/2017 - 15:44
GENEVA (Reuters) - North Korea has nothing to fear from any U.S. move to broaden sanctions aimed at cutting it off from the global financial system and will pursue "acceleration" of its nuclear and missile programs, a Pyongyang envoy told Reuters on Tuesday.

FedEx reports mixed quarterly results, foresees 'moderate economic growth'

MarketWatch Market Pulse - Tue, 03/21/2017 - 15:30

Shares of FedEx Corp. fell nearly 4% late Tuesday after the logistics and delivery company reported mixed quarterly results. FedEx said it earned $562 million, or $2.07 a share, in the fiscal third quarter, compared with $507 million, or $1.84 a share, in the third quarter of fiscal 2016. Adjusted for one-time items, FedEx earned $638 million, or $2.35 a share, in the quarter, compared with $692 million, or $2.51 a share, in the year-ago period. Revenue rose to $15 billion, from $12.7 billion a year ago. Analysts polled by FactSet had expected FedEx to post adjusted earnings of $2.62 a share on sales of $15 billion. The company said it was unable to provide GAAP guidance for fiscal 2017 as it can't forecast year-end, pension-related adjustments. Before such adjustments, FedEx projected earnings between $10.80 to $11.30 per diluted share for fiscal 2017. "This forecast includes TNT Express results and assumes moderate economic growth," FedEx said in a statement. Shares had ended the regular trading session down 0.2%.

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Nike earnings healthily beat expectations, but stock falls

MarketWatch Market Pulse - Tue, 03/21/2017 - 15:29

Nike Inc. easily surpassed earnings expectations in its quarterly report Tuesday, but revenue was a bit lighter than expected and shares fell in late trading. The athletic apparel company reported fiscal third-quarter net income of $1.14 billion, or 68 cents a share, on sales of $8.43 billion. Analysts polled by FactSet expected on average for Nike to report earnings of 53 cents a share on sales of $8.47 billion. In its announcement, the company attributed the better-than-expected profit performance to "selling and administrative expense leverage, higher other income (net), a lower effective tax rate and a lower average share count." Nike promised to provide information on futures orders, a closely watched metric that reflects promised retail orders, in its conference call later Tuesday, which should provide more insight into concerns about growing competition. Nike stock, which closed with a 1.1% decline in the worst day for Wall Street so far this year, fell more than 1% in immediate after-hours action.

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Steelcase board raises dividend, company earnings disappoint

MarketWatch Market Pulse - Tue, 03/21/2017 - 15:11

Furniture maker Steelcase Inc. said late Tuesday its board of directors has declared a dividend of 12.75 cents a share, an increase of 0.75 cents compared with the third quarter, to be paid on or before April 14 to shareholders of record on March 31. The Grand Rapids, Mich., company reported a net income of $25.8 million, or 21 cents a share, in the fourth quarter on sales of $769 million, up 3% from the fourth quarter of 2015. Analysts polled by FactSet had expected the company to report per-share earnings of 23 cents a share on sales of $753 million. Shares of Steelcase fell 0.6% in the extended session after ending the regular trading day down 2.8%.

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U.S. stocks suffer worst drop in five months

MarketWatch Market Pulse - Tue, 03/21/2017 - 15:06

U.S. stocks closed sharply lower Tuesday, with the S&P 500 and Dow industrials posting their biggest one-day losses since Oct. 11, 2016. Investors turned risk averse after the first hour of trading, as financials and industrials sold off sharply. The financial sector dropped 3%, while industrials fell nearly 2%. Shares of Bank of America Corp dropped 5.8%. The S&P 500 declined 29.45 points, or 1.2%, to 2,344.02, with 10 of the 11 main sectors closing lower. The Nasdaq Composite , which set an intraday record shortly after the open, closed down 107.70 points, or 1.8%, at 5,793.83. The Dow Jones Industrial Average dropped 237.85 points or 1.1%, to 20,668.01. The Russell 2000 index of small stocks fell more than 2.5% to close at 1,349, erasing year-to-date gains.

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Dow transports' tumble below January low portends weakness for Dow industrials--Dow Theory

MarketWatch Market Pulse - Tue, 03/21/2017 - 14:54

The Dow Jones Transportation Average dropped 1.9% in afternoon trade, putting it on the verge of closing at the lowest level since Nov. 22. Falling below the January low is a worrisome sign for chart watchers, as not only does it break the pattern of rising highs and rising lows, but falling below the valley between two significant peaks--the Dec. 8 closing high of 9,421.08 and the March 1 high of 9,593.95--gives the look of a bearish double-top reversal pattern. That bodes badly for the Dow Jones Industrial Average , as the century-old Dow Theory of market analysis suggests the two average have a symbiotic relationship. "The underlying fundamentals of the theory hold that the industrials make and the transports take," according to S&P Dow Jones Indices. "If the transports aren't taking what the industrials are making, it portends economic weakness and market problems, Dow Theorists maintain." The Dow industrials were down 237 points at 20,669, but were well above the Jan. 19 closing low of 19,732.40.

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Arms Index suggests stock market selling is no where near panic levels

MarketWatch Market Pulse - Tue, 03/21/2017 - 14:32

The stock market's internal readings suggest that while bears are dominating bulls, the selling remains relatively calm and collected, which might suggest that many investors aren't so worried about the market yet. On the New York Stock Exchange, declining stocks outnumbered advancers by a 2,224 to 715 margin. Meanwhile, the NYSE Arms Index, a volume-weighted measure of market breadth many use to measure selling intensity, rose to 1.338. That was only slightly above the equilibrium level of 1.000, which would suggest the intensities of buyers and sellers was in perfect balance, and well below the 2.000 level, that many technicians believe implies panic selling, or capitulation by bull. The S&P 500 slumped 1%, putting it on track to snap a 109-session streak that it closed without a 1% decline.

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Oil settles lower; April contracts expire ahead of U.S. supply data

MarketWatch Market Pulse - Tue, 03/21/2017 - 13:54

Oil prices settled lower on Tuesday, with the April futures contracts expiring at their lowest level since November. The contract expiration on the New York Mercantile Exchange contributed to volatility ahead of the latest weekly data on U.S. crude supplies. Analysts polled by S&P Global Platts forecast an increase of 2 million barrels in crude stockpiles. April West Texas Intermediate crude lost 88 cents, or 1.8%, to settle at $47.34 a barrel. May WTI crude , which is now the front-month contract, lost 67 cents, or 1.4%, to end at $48.24 a barrel.

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Regional bank stocks suffer broad, sharp selloff

MarketWatch Market Pulse - Tue, 03/21/2017 - 13:35

Regional bank stocks were pummeled Tuesday, as investors reset expectations of the benefits of rising interest rates and of any potential boost from President Donald Trump's fiscal plan. The SPDR Regional Banking ETF (KRE) tumbled 5.2% toward the lowest close since Nov. 30, with all 99 of its components trading lower by at least 2%. Seven of the 10 biggest one-day percentage losers in the S&P 500 were KRE components. Among the biggest decliners on Tuesday, shares of California-based Pacific Premier Bancorp Inc. plunged 8.8%, of Arkansas's Bank of the Ozarks Inc. shed 7.6% and of South Dakota's Great Western Bancorp Inc. slumped 7.4%. The best performer was Massachusetts-based Bekrshire Hills Bancorp Inc.'s stock , which lost 2.0%. The KRE has now lost 4.8% year to date, while the S&P 500 has gained 5%.

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Gold prices mark fourth straight session climb

MarketWatch Market Pulse - Tue, 03/21/2017 - 12:58

Gold futures tallied a fourth straight session climb on Tuesday, with dollar-denominated prices for the metal buoyed by a drop in the U.S. Dollar Index to its lowest level in about seven weeks. Euro-dollar gained after France's first televised presidential debate left pro-euro candidate Emmanuel Macron on solid footing, according to polls, while the British pound gained ahead of the launch of the U.K.'s exit from the European Union. April gold rose $12.50, or 1%, to settle at $1,246.50 an ounce.

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Bank of America's stock tumbles on heavy volume toward biggest selloff in 9 months

MarketWatch Market Pulse - Tue, 03/21/2017 - 12:53

Shares of Bank of America Corp. dropped $1.46, or 6%, to a 1 1/2-month low in active afternoon trade Tuesday, enough to make them the biggest percentage decliner within the S&P 500, amid a selloff in the financial sector and broader stock market as investors started resetting expectations for a boost from President Donald Trump's policies. Volume spiked to 180.4 million shares, nearly double the full-day average of 92.4 million shares, and enough to make the stock the most actively traded on the NYSE. The stock was on track to suffer the biggest one-day percentage decline since June 27, 2016, and the biggest one-day price drop since Aug. 8, 2011. The stock was underperforming the SPDR Financial Select Sector ETF , which shed 2.7%, and the S&P 500 , which slumped 1.1%.

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Supreme Court reins in president's appointment powers

Top Reuters News - Tue, 03/21/2017 - 12:52
(Reuters) - The U.S. Supreme Court on Tuesday put new restrictions on presidential powers, limiting a president's authority to staff certain top government posts in a case involving an appointment to the National Labor Relations Board.

Twitter suspends more than 636,000 accounts to tackle extremism

Top Reuters News - Tue, 03/21/2017 - 11:38
(Reuters) - Twitter Inc said on Tuesday it had suspended more than half a million accounts since the middle of 2015 as the company steps up efforts to tackle "violent extremism" on its microblogging platform.

Apple's stock turns lower after sharp pullback from record highs

MarketWatch Market Pulse - Tue, 03/21/2017 - 11:32

Apple Inc.'s stock has turned lower in midday trade, following a sharp pullback in the broader stock market. Apple share had been up as much as 0.9% at an all-time intraday high of $142.80 soon after the open, but has trended lower since, to be down 0.3%. The earlier gains came in the wake of updates to the tech giant's iPhone and iPad offerings. In comparison, the Dow Jones Industrial Average shed 154 points, or 0.7%, after being up 64 points earlier, while the Nasdaq Composite fell 1.1% after being up 0.4% earlier.

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S&P 500, Dow threaten to snap 109-day streak without a 1% decline

MarketWatch Market Pulse - Tue, 03/21/2017 - 11:01

The Dow and the S&P 500 index on Tuesday are on the verge of halting a monthslong streak without a 1% decline. The Dow Jones Industrial Average was off 176 points or 0.9% at 20,722, while the S&P 500 index was down 0.9% at 2,351. The two main stock-market gauges have gone a history-setting 109 trading days, since Oct. 11, without posting a 1% drop, but a sudden late-morning slide is threatening to push the indexes sharply lower. The S&P 500 needs to decline by about 23 points to register its 1% decline, while the Dow would require a fall of more than 200 points for a 1% tumble. The catalyst for Tuesday's slump wasn't clear but financial stocks were among the worst decliners with Goldman Sachs Group delivering the biggest blow to the blue-chip Dow gauge and financials weighing heavily on the S&P 500. The broad-market S&P 500's streak without a 1% down day is the longest since May 18, 1995 and the longest since Sept. 20, 1993, for the Dow, according to Dow Jones data.

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S&P 500's selloff on track for biggest 4-day decline since before the election

MarketWatch Market Pulse - Tue, 03/21/2017 - 10:28

The S&P 500 slumped 0.8% in morning trade, putting the large-cap benchmark index on track for its biggest one-day point and percentage decline so far this year, with 393 of 505 components losing ground. The index was also headed for a fourth-straight loss, matching the four-session losing streak ending Jan. 31. The S&P 500 has lost 30.57 points, or 1.28%, during its current streak, which would be the biggest four-day point and percentage loss since before the election, when it lost 40.97 points, or 1.93%, over the four sessions ending Nov. 4. Tuesday's selloff is also in danger of snapping a 109-session streak without a 1% decline.

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Financial ETFs tumble as stock market pivots lower; led by Goldman

MarketWatch Market Pulse - Tue, 03/21/2017 - 10:18

Exchange-traded funds that track financials on Tuesday were helping to drag the stock market firmly lower in late-morning trade, with the three main benchmarks shaking off early opening gains. The Financial Select Sector SPDR ETF was off 1.5%, led by nearly losses of at least 3% from Bank of America Corp. , KeyCorp , and Fifth Third Bancorp . The exchange-traded SPDR S&P Bank ETF, which tracks smaller banks, was off nearly 3%, topped by a nearly 5% slide in shares of SVB Financial Group and Bank of the Ozarks Inc. . A 2% tumble in shares of Goldman Sachs Group was cutting more than 30 points from the Dow Jones Industrial Average , which was off about 128 points. Meanwhile, the S&P 500 index was down 0.6% at 2,358 led by financials losses. The Nasdaq Composite Index was down 0.8% at 5,854. The slide came as the yield in the 10-year Treasury note [BX:TMUBMUSD10Y] were at 2.44%. Bond prices and yields move in opposite directions. Lower yields tend to be bad news for banks because it the money they can make from borrowing short-term and lending on a long-term basis.

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U.K. poised to ban electronics on Mideast flights, following U.S. move

MarketWatch Market Pulse - Tue, 03/21/2017 - 10:18

The U.K. is on track to ban laptops and other electronic devices on U.K.-bound flights from Middle Eastern countries, said a Telegraph report on Tuesday citing security sources. The British restrictions may differ from the U.S. Department of Homeland Security's new ban, which affects laptops and tablets, said a BBC report. U.S. officials have banned passengers from carrying most electronics larger than a cellphone into the cabin on direct flights arriving from eight countries in the Middle East and North Africa. A key House Democrat who has heavily criticized President Donald Trump is backing the electronics ban affecting Muslim-majority countries.

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Trump to address Republican lawmakers in latest healthcare push

Top Reuters News - Tue, 03/21/2017 - 09:47
WASHINGTON (Reuters) - U.S. President Donald Trump was set to meet with House Republicans on Tuesday to shore up support for the party's healthcare bill to replace Obamacare, increasing pressure to pass his first major legislative initiative despite rifts within their ranks.

Goldman to move hundreds of staff from London pre-Brexit: Europe CEO

Top Reuters News - Tue, 03/21/2017 - 09:42
LONDON (Reuters) - Goldman Sachs will begin moving hundreds of people out of London before any Brexit deal is struck as part of its contingency plans for Britain leaving the European Union, the Wall Street firm's Europe CEO said.

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