Breaking Stock Market and Financial News

Trump's Virginia remarks frustrate Republicans' tax push

Top Reuters News - Wed, 08/16/2017 - 16:52
SANTA BARBARA, Calif. (Reuters) - U.S. congressional Republican leaders were set to promote their tax reform goals at a special gathering in California on Wednesday, but their plans were overshadowed by growing furor over President Donald Trump's controversial statements on Virginia protests that turned deadly.

Valeant Pharma works to resolve FDA concerns at Tampa plant

MarketWatch Market Pulse - Wed, 08/16/2017 - 16:49

Valeant Pharmaceuticals International Inc. shares ticked higher in the extended session Wednesday after the drugmaker said that issues from a Food and Drug Administration inspection were being resolved. Valeant shares rose 1% to $14.30 after hours. Valeant said an inspection of its Bausch & Lomb plant in Tampa, Fla., turned up some "manufacturing uncertainties" but a collaboration with FDA inspectors to resolve the issues will result in a Voluntary Action Indicated certification, where objectionable concerns were observed by inspectors but were not significant from a regulatory standpoint.

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Twitter shutters accounts of U.S. white supremacy website

Top Reuters News - Wed, 08/16/2017 - 16:43
SAN FRANCISCO (Reuters) - Twitter Inc on Wednesday suspended accounts linked to the neo-Nazi website Daily Stormer, keeping up pressure from Silicon Valley on white supremacists after weekend violence in Charlottesville, Virginia.

Synopsis shares slide after in-line quarterly earnings

MarketWatch Market Pulse - Wed, 08/16/2017 - 16:25

Synopsys Inc. shares declined in the extended session Wednesday even after the software company's quarterly results fell within Wall Street expectations and its outlook was slightly above the consensus view. Synopsys shares fell 3.2% to $76.56 after hours. The company reported fiscal third-quarter net income of $116.6 million, or 75 cents a share, compared to $64.7 million, or 42 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share. Revenue rose to $695.4 million from $615.2 million in the year-ago period. Analysts surveyed by FactSet had estimated 92 cents a share on revenue of $691.2 million. For the fiscal fourth quarter, Synopsys estimates adjusted earnings of 55 cents to 58 cents a share on revenue of $642 million to $657 million. Analysts expect earnings of 55 cents a share on revenue of $639.8 million.

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Dow books 4th straight gain, but Trump, Fed make for bumpy stock-market ride

MarketWatch Market Pulse - Wed, 08/16/2017 - 16:23

U.S. stocks ended a volatile session slightly higher on Wednesday, following what might have seemed to some like a torrent of political drama, economic reports and minutes from the Federal Reserve that showed that the central bank is contending with sluggish inflation. The Dow Jones Industrial Average finished up 0.1% at about 22,025, marking its fourth straight advance, the S&P 500 index closed 0.1% higher at 2,468, and the Nasdaq Composite Index advanced 0.2% to end at 6,345. Markets traded unsteadily Wednesday afternoon, reflecting uncertainty about the strategic path for the central bank and political tensions facing President Donald Trump that could upend his pro-growth agenda. President Trump announced the dissolution of a pair of business advisory panels following a wave of high-profile departures of corporate leaders after widespread criticism over the president's reaction and late-Tuesday remarks to violence in Charlottesville, Va., over the weekend. Meanwhile, the Fed's minutes revealed a dovish posture, indicating that some members are concerned about sluggish inflation and wanted to move cautiously. In economic news, housing starts fell 5.6% in July weaker than expected. In corporate news, shares of retailing giant Target Corp. rose after it reported an increase in same-store saales and lifted its guidance for the full-year 2017. The Fed's minutes had a pronounced effect on the yields of 10-year Treasurys, driving prices higher and yields down by the most in 3 weeks, while the ICE U.S. Dollar Index , which measures the buck against a basket of six rivals, declined precipitously due to a combination of shaky economic reports and news about turmoil in Washington.

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Cisco shares fall after company predicts another drop in sales

MarketWatch Market Pulse - Wed, 08/16/2017 - 16:21

Shares of Cisco Systems Inc. fell more than 1% late Wednesday after the networking company reported fiscal fourth-quarter revenue and adjusted earnings in line with expectations but predicted another drop in revenue in the next quarter. Cisco said it earned $2.4 billion, or 48 cents a share, in the fiscal fourth quarter, compared with $2.8 billion, or 56 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $3.1 billion, or 61 cents a share, in the quarter, compared with $3.2 billion a year ago. Revenue fell 4% to $12.1 billion in the quarter, from $12.6 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 61 cents a share on sales of $12.1 billion. Cisco said it expects fiscal first-quarter revenue to fall between 3% and 1% year-over-year, and GAAP per-share earnings of 48 cents to 53 cents and adjusted per-share earnings between 59 cents and 61 cents for the quarter. The analysts surveyed by FactSet expect adjusted earnings of 60 cents a share in the fiscal first quarter. Cisco shares ended the regular session up 0.8%.

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SEC and DOJ file insider trading charges against seven who used stolen bank data

MarketWatch Market Pulse - Wed, 08/16/2017 - 16:19

The Securities and Exchange Commission charged seven individuals on Wednesday with insider trading in what it said was a wide-ranging scheme that generated millions in profits by trading on confidential information about dozens of impending mergers and acquisitions. The SEC says Daniel Rivas, a former IT employee of a large bank, allegedly misused his access to his former employer's computer system to tip four individuals who traded on confidential information about upcoming transactions and others who also traded and passed along the tips. According to the SEC, the traders profited on market-moving news related to 30 impending corporate deals from October 2014 to April 2017. Rivas also allegedly tipped his girlfriend's father, James Moodhe, who traded on the information and used coded conversations and in-person meetings to relay the tips to his friend, Michael Siva, a financial advisor at a brokerage firm. Siva allegedly used the confidential information to make profitable trades for his brokerage firm clients, earning commissions for himself in the process, and he passed numerous tips along to a client who traded on them. Siva also allegedly traded on behalf of himself and his wife based on two of the tips he got from Moodhe, a former financial services company treasurer. Two of Rivas's friends in Florida, Roberto Rodriguez and Rodolfo Sablon, allegedly discussed tips on an encrypted, self-destructing smartphone messaging application and used shell companies to carry out their insider trading. Rodriguez and Sablon allegedly converted less than $100,000 into more than $2 million in profits by making aggressive options trades based on the confidential information. Rodriguez also is alleged to have passed several tips to one of his friends who also traded. A third alleged trading ring involved Jhonatan Zoquier who profited by trading on inside information communicated through the encrypted messaging application. New Jersey-based Zoquier allegedly passed confidential information to Jeffrey Rogiers of Oakland, California more than once. Rogiers allegedly placed several illegal trades for himself and tipped others to trade. The traders allegedly attempted to evade detection by using shell companies, code words, and an encrypted, self-destructing messaging application. However, the SEC Market Abuse Unit's Analysis and Detection Center used data analysis tools to detect suspicious patterns such as the improbably successful trading across different securities over time. The SEC's investigation is continuing. The U.S. Attorney's Office for the Southern District of New York also filed criminal charges on Wednesday against the same seven individuals.

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Data-storage company NetApp shares edge up on first-quarter earnings beat

MarketWatch Market Pulse - Wed, 08/16/2017 - 16:18

NetApp Inc. shares edged up over 1% in the extended session Wednesday after the company's first-quarter earnings beat expectations. The data-storage company's net income rose to $136 million, or 49 cents a share, compared to $64 million, or 23 cents a share, in the year-ago period. Adjusted earnings were 62 cents a share. Revenue rose 2% to $1.33 billion from $1.29 billion in the year-ago period. Analysts surveyed by FactSet had estimated 37 cents a share on revenue of $1.32 billion. Executives issued second-quarter sales guidance of $1.31 billion to $1.46 billion. Analysts model second-quarter sales of $1.37 billion. NetApp stock has gained 20% year-to-date, while the S&P 500 index has gained 10.2%.

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Trump administration to make August Obamacare cost-sharing payments

MarketWatch Market Pulse - Wed, 08/16/2017 - 15:58

The Trump administration plans to make the Affordable Care Act's cost-sharing reduction payments this month, a White House spokesman told MarketWatch on Wednesday. The news comes the day after a Congressional Budget Office report found that withholding the payments would increase the federal deficit by $194 billion between 2017 and 2026 and increase gross premiums for certain ACA plans. President Trump has previously threatened to not make the payments, which are scheduled for August 21. The cost-sharing reduction payments pay back health insurers for the increased cost of certain plans on the ACA's marketplaces.

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Fed's Mester says U.S. rate hikes should continue despite weak inflation

Top Reuters News - Wed, 08/16/2017 - 15:45
NEW YORK (Reuters) - Cleveland Federal Reserve Bank President Loretta Mester said the recent weakness in U.S. inflation has not convinced her the Fed should delay plans for further interest rate hikes in an economy she feels remains on track for steady growth and rising wages.

Venezuela mulls 'law against intolerance,' aimed at dissenters

Top Reuters News - Wed, 08/16/2017 - 15:40
CARACAS (Reuters) - Venezuelans who express "hate or intolerance" will be jailed for up to 25 years under a bill pending in the country's newly-formed constituent assembly, a measure the opposition fears will be used by the government to further crack down on dissent.

Trump's stance on Virginia violence shocks America's allies

Top Reuters News - Wed, 08/16/2017 - 15:29
BERLIN/LONDON (Reuters) - America's closest allies condemned U.S. President Donald Trump in unusually strong and personal terms on Wednesday after he put part of the blame for violent clashes in the state of Virginia on those marching against gun-brandishing neo-Nazis.

ABC signs former 'Lost' showrunner Carlton Cuse to multi-year deal to create new shows

MarketWatch Market Pulse - Wed, 08/16/2017 - 14:52

Walt Disney Co. TV network ABC said on Wednesday it's signed a multi-year deal with former "Lost" co-showrunner Carlton Cuse to create and produce new shows across all network, cable and streaming platforms. The news comes days after "Grey's Anatomy" and "Scandal" creator Shonda Rhimes was poached by Netflix Inc. from ABC, which was expected to be a blow to the network. "Forming a partnership with a writer/producer/director as talented and prolific as Carlton Cuse is a major victory for ABC Studios," president of ABC Studios Patrick Moran said in a statement. The Hollywood Reported wrote that the deal is said to be a worth more than $20 million, plus a percentage of the back-end on programming created under the partnership. Cuse spent six years at ABC with "Lost" and has since created shows such as "Bates Motel" and "The Strain." His current show "The Colony" was recently renewed for a second season on USA, and he also wrote the screenplay for "San Andreas," starring Dwayne Johnson. This new partnership comes as Disney gears up to launch its own stand alone streaming service to house its content by 2019. "I am very excited to be working alongside wonderful and iconic Disney brands like Marvel, Pixar and Lucasfilm to create and bring entertaining and compelling stories to the screen." Cuse said in a statement. "The very best part of my job is working with other writers to come up with cool ideas, solve story problems and get stories made." Shares of Disney are down 2% in the year to date, while the S&P 500 index is up more than 10%.

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Dollar takes it on the chin as Trump dissolves business advisory panels

MarketWatch Market Pulse - Wed, 08/16/2017 - 14:32

A popular gauge of the dollar reversed course on Wednesday, turning negative, following afternoon news that a pair of advisory council's to President Donald Trump was being disbanded amid a wave of high-profile CEO departures. The ICE dollar index , which measures the buck against six major currencies, dropped 0.3% to 93.5170, falling into negative territory as reports of the dissolution of the advisory panels, consisting of top Wall Street executives, broke. CEOs, including Merck & Co.'s head Kenneth Frazier, quit one of the president's manufacturing panels in reaction to Trump's Saturday response to a white-supremacist rally in Charlottesville, Va., over the weekend, which resulted in the death of one woman. Late Tuesday, the president placed blame on "both sides" for the violent clashes, fomenting concerns that he is implicitly advocating for white nationalists and leading to additional departures on Wednesday. Trump announced that both the manufacturing council and the strategy & policy forum will be terminated in a tweet, after reports that suggested that discussions about their dissolution were already in the works. The dollar gauge's losses accelerated after Fed minutes were released on at 2 p.m. Eastern, suggesting that the central bank was hesitant to commit to dollar-boosting policy amid sluggish inflation.

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Gold settles higher, then gains more ground after Fed meeting minutes

MarketWatch Market Pulse - Wed, 08/16/2017 - 14:13

Gold prices settled higher Wednesday after a late-session turn to gains amid the disbanding of two White House business advisory groups. Several chief executives have announced their departure from an advisory forum following President Donald Trump's remarks about the violence at a white-supremacist rally in Charlottesville, Va. December gold rose $3.20, or 0.3%, to settle at $1,282.90 an ounce. Minutes from the U.S. Federal Reserve’s July meeting late Wednesday hinted that officials may wait until the September meeting to unveil a selloff of the central bank's $4.5 trillion in bond holdings. Gold prices edged up from the settlement after the minutes to $1,284.30 in electronic trading.

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Fed eyes September debt drawdown; some want 'patient' on rates

MarketWatch Market Pulse - Wed, 08/16/2017 - 14:00

WASHINGTON (MarketWatch) - Most senior Federal Reserve officials wanted to wait until an "upcoming" meeting to unveil a long-awaited selloff of the central bank's $4.5 trillion in bond holdings, hinting at an announcement in September, according to minutes of the Fed's meeting in July. The Fed also engaged in a deep debate over surprisingly low inflation readings, with some saying the bank could 'afford to be patient" before raising interest rates again. The Fed's staff in July slightly reduced its 2017 forecast for inflation, as many senior officials saw a greater likelihood that "inflation might remain below 2% for longer than they currently expected." The Fed had been on track to raise rates one more time this year, but now a majority of Wall Street investors believe the bank will hold off until early 2018. A few Fed officials also suggested that any economic stimulus in Washington would be smaller and take longer to enact than previously expected.

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U.S. stocks pare gains as Trump disbands advisory panels on CEO exodus

MarketWatch Market Pulse - Wed, 08/16/2017 - 13:45

U.S. stocks trimmed gains on Wednesday as President Donald Trump tweeted that he is disbanding a pair of advisory panels following the departure of more corporate leaders. Chief executives of Campbell Soup Co. and 3M co. announced their decisions to quit the panel after widespread criticism over Trump's comments on the violence in Charlottesville, Va. The S&P 500 rose 3 points, or 0.2%, to 2,468 while the Dow Jones Industrial Average gained 28 points, or 0.1%, to 22,030. The Nasdaq climbed 12 points, or 0.2%, to 6,345.

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Twitter latest to send white-supremacist Daily Stormer site packing

MarketWatch Market Pulse - Wed, 08/16/2017 - 13:36

The Twitter account of the white-supremacist website the Daily Stormer is no longer on Twitter Inc. after the social-media platform apparently suspended it for violating its policies. Twitter said it is not able to comment on individual accounts, but the account is listed as suspended on the platform. "The Twitter Rules prohibit violent threats, harassment, hateful conduct, and multiple account abuse, and we will take action on accounts violating those policies," a Twitter spokesperson said in response to a MarketWatch inquiry on the account. The suspension comes after the site was banned from the domain-registry company GoDaddy and Alphabet Inc.'s Google , which reportedly led the site to re-register under a Russian domain name. Facebook Inc. took down an event page related to the white-supremacy march in Charlottesville, Va.,. and also said it was removing links related to a Daily Stormer post that demeaned Heather Heyer, a counterprotester who was killed in Charlottesville, according to the Guardian.

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Trump business advisory groups dissolve amid wave of CEO exits

MarketWatch Market Pulse - Wed, 08/16/2017 - 13:28

After the departure of several chief executives from a White House business group, President Donald Trump said he is disbanding it and another one. CEOs have backed away from Trump following his remarks about the violence at a white-supremacist rally in Charlottesville, Va. "Rather than putting pressure on the businesspeople of the manufacturing council and strategy and policy forum, I am ending both," Trump said in a tweet.

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Policy forum dissolves after Trump's Charlottesville remarks: report

MarketWatch Market Pulse - Wed, 08/16/2017 - 13:06

President Donald Trump's so-called strategic and policy forum has disbanded, CNBC reported, citing a member. The council of business leaders is separate from a manufacturing advisory group that several CEOs including the head of Campbell Soup have left in the wake of Trump's remarks about violence at a white-supremacist rally in Charlottesville, Va. The White House did not immediately reply to a request for comment about the strategic and policy forum.

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