Breaking Stock Market and Financial News

State Dept revolt: Tillerson accused of violating U.S. law on child soldiers

Top Reuters News - Tue, 11/21/2017 - 12:58
WASHINGTON (Reuters) - A group of about a dozen U.S. State Department officials have taken the unusual step of formally accusing Secretary of State Rex Tillerson of violating a federal law designed to stop foreign militaries from enlisting child soldiers, according to internal government documents reviewed by Reuters.

Russia finds 1,000-times normal level of radioactive isotope after nuclear incident claims

Top Reuters News - Tue, 11/21/2017 - 12:52
MOSCOW (Reuters) - Russia’s meteorological service said on Tuesday it had measured pollution of a radioactive isotope at nearly 1,000 times normal levels in the Ural mountains, the first official Russian data supporting reports that a nuclear incident had taken place.

CBS News fires journalist Charlie Rose following sexual harassment accusations

MarketWatch Market Pulse - Tue, 11/21/2017 - 12:50

CBS News said on Tuesday that it has fired TV host, and journalist Charlie Rose, effective immediately. The news, announced in a memo to staff from CBS News President David Rhodes, comes after eight women accused Rose of sexual harassment and sexual assault. In the memo Rhodes said that "Despite Charlie's important journalistic contribution to our news division, there is absolutely nothing more important, in this or any organization, than ensuring a safe, professional workplace--a supportive environment where people feel they can do heir best work. We need to be such a place."

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Russia moves to shelter banks funding arms makers from sanctions

Top Reuters News - Tue, 11/21/2017 - 12:36
MOSCOW (Reuters) - Russia has proposed ending the publication of the names of banks which finance Russian state-controlled arms producers, in a possible sign that Moscow is preparing for new U.S. sanctions.

Iranian man charged in HBO 'Game of Thrones' hacking case

MarketWatch Market Pulse - Tue, 11/21/2017 - 10:51

Federal prosecutors on Tuesday charged an Iranian man with the hack into Time Warner Inc.-owned HBO's computer system, that led to unaired episodes of the network's hit show "Game of Thrones" being leaked online, according to news reports. HBO's systems were hacked over the summer, and handfuls of TV episodes, documents and company emails were leaked online. The hacker, Behzad Mesri, according to reports, demanded $6 million in bitcoin at the time. According to reports, Mesri is a member of the Turk Black Hat Security hacking team and has ties to the Iranian military, however, it's not believed that the HBO hack was on behalf of the Iranian government. Shares of Time Warner have declined nearly 8% in the year to date, while the S&P 500 index is up more than 16% and the Dow Jones Industrial Average is up close to 19%.

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Law likely on AT&T's side in Time Warner battle: analysts

Top Reuters News - Tue, 11/21/2017 - 10:24
(Reuters) - AT&T Inc is likely to emerge victorious from a legal fight with the United States Department of Justice over its $85.4 billion acquisition of Time Warner Inc, analysts said in a series of research notes on Tuesday.

Goldman Sachs growth plan hasn't convinced Instinet analyst, who prefers Morgan Stanley

MarketWatch Market Pulse - Tue, 11/21/2017 - 09:42

In the wake of a September investor presentation from Goldman Sachs , Instinet analyst Steven Chubak remains tepid on the stock, and prefers Morgan Stanley , he said in a note Tuesday. It will take Goldman time to realize higher earnings from its new strategies, Chubak noted, and about half of the anticipated revenue lift comes from segments that face long-term, structural headwinds, such as the shift from active asset management to passive. Goldman's businesses are now skewed toward "lower-multiple areas," such as fixed income, commodities and currency trading and consumer lending, while Morgan Stanley's earning mix is "higher quality." Goldman shares are down about 0.6% for the year to date, while Morgan Stanley's are up 16.2%. The Dow Jones Industrial Average has gained 18.6% in that time and the S&P 500 is up 15.9%.

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U.S. threatens to sue Harvard over admissions policy probe

Top Reuters News - Tue, 11/21/2017 - 09:41
BOSTON (Reuters) - The U.S. Justice Department has threatened to sue Harvard University to force it to turn over documents as it investigates whether the Ivy League school's admission policies violate civil rights laws.

Iraq relocates hundreds of foreign wives and children of suspected Islamic State militants to Baghdad

Top Reuters News - Tue, 11/21/2017 - 09:36
ERBIL/BAGHDAD (Reuters) - Iraqi authorities have moved hundreds of foreign wives and children of suspected Islamic State militants from a detention center in northern Iraq to Baghdad, citing security concerns and the difficulties of keeping them in a remote location.

Zimbabwe's parliament starts impeachment process against Mugabe

Top Reuters News - Tue, 11/21/2017 - 09:35
HARARE (Reuters) - Zimbabwe's parliament began an impeachment process against President Robert Mugabe on Tuesday that looks set to bring his domination of a country he has ruled since independence nearly four decades ago to an ignominious end.

Nasdaq hits all-time high as stocks open higher

MarketWatch Market Pulse - Tue, 11/21/2017 - 09:34

Stocks opened higher higher Tuesday, with the Nasdaq hitting an all-time high and the Dow rising triple digits as investors focused on upbeat corporate earnings. The S&P 500 rose 0.4%, while the Dow advanced 112 points, or 0.5%. The Nasdaq rose 0.5%.

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Apple removes several apps, including Skype, in China

Top Reuters News - Tue, 11/21/2017 - 09:32
(Reuters) - Apple Inc said on Tuesday it has removed several apps including Skype, Microsoft Corp's internet phone call and messaging service, from its app store in China after the country's government pointed to violations of local laws.

Russia's Putin hosts Assad in fresh drive for Syria peace deal

Top Reuters News - Tue, 11/21/2017 - 09:03
MOSCOW/BEIRUT (Reuters) - Russian President Vladimir Putin hosted Syrian leader Bashar al-Assad late on Monday for three hours of talks to lay the groundwork for a new push by Moscow to end Syria's conflict now that Islamic State's territorial caliphate is overrun.

Stone Energy to merge with Talos Energy, to create a $1.9 billion market cap E&P company

MarketWatch Market Pulse - Tue, 11/21/2017 - 08:49

Stone Energy Corp. said Tuesday it will merge with privately held Talos Energy LLC, creating a company with an equity market capitalization $1.9 billion. The combined oil and gas exploration and production company will be named Talos Energy Inc., and is expected to be listed on the New York Stock Exchange with a stock ticker symbol of "TALO." Under terms of the deal, each Stone share outstanding will be exchanged for one share of Talos Energy Inc., and current Talos stakeholders will be issued a total of 34.2 million common shares. Talos stakeholders will own 63% of the combined company while Stone shareholders will own 37%. Talos Chief Executive Timothy Duncan will be CEO of the combined company. Stone's stock was halted for news. It has soared 40.6% over the past three months, but has shed 12.5% year to date. In comparison, the SPDR Energy Select Sector ETF has lost 10.7% this year and the S&P 500 has rallied 15.3%.

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Cytokinetics shares drop 31% on late-stage ALS drug failure

MarketWatch Market Pulse - Tue, 11/21/2017 - 08:46

Cytokinetics Inc. shares dropped 31% in premarket trade Tuesday after the company said its lead product candidate failed to meet primary or secondary endpoints in a late-stage clinical trial. The drug, tirasemtiv, was being developed for the progressive neurodegenerative disease amyotrophic lateral sclerosis (ALS); Cytokinetics said on Tuesday that it plans to suspend tirasemtiv's development. The company said it believes tirasemtiv's limitations "may be addressed with our next-generation fast skeletal muscle activator, CK-2127107," which is currently in mid-stage clinical trials, with phase 2 results expected next year. CK-212710, which is also called CK-107, is being developed to improve muscle function and physical performance for individuals with ALS, spinal muscular atrophy, chronic obstructive pulmonary disease and for elderly adults with limited mobility. Cytokinetics shares have declined 11.6% over the last three months, compared with a 6.3% rise in the S&P 500 and a 8% rise in the Dow Jones Industrial Average .

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CORRECTED: Big Rock Partners Acquisition prices IPO at $10 a share

MarketWatch Market Pulse - Tue, 11/21/2017 - 08:40

Big Rock Partners Acquisition Corp. priced its initial public offering at $10 a share late Monday, after upsizing the deal to 6 million units from 5 million, according to Renaissane Capital, a manager of IPO exchange-traded funds. The blank check company will list on the Nasdaq, under the ticker symbol BRPAU, and shares will start trading later Tuesday. Each unit sold consists of one share of common stock and one-half of one warrant, exercisable at $11.50.

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KSS enters definitive agreement to buy troubled Takata's assets in $1.588 billion deal

MarketWatch Market Pulse - Tue, 11/21/2017 - 08:11

Privately-held Key Safety Systems said Tuesday it has signed a definitive agreement to acquire almost all of the assets of Japanese car safety systems maker Takata Corp. in a deal worth $1.588 billion. The parties had already signed a memorandum of understanding in June. Takata has been battered by problems with its airbags, that have led to what the NHTSA has called the biggest and most complex recalls in the U.S. Sterling Heights, Michigan-based KSS will acquire all of Takata's assets apart from certain operations related to manufacturing and sales of phase-stabilized ammonium nitrate (PSAN) airbag inflators, the companies said in a statement. Takata's PSAN operations will remain with a reorganized Takata and eventually be wound down. KSS will become a business with pro forma sales of about $7 billion and about 60,000 employees in 23 countries. The deal will be financed with a mixture of debt and equity and is expected to close in the first quarter of 2018. Takata ADRs have fallen 6% in 2017, while the S&P 500 has gained 15%.

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Dollar Tree earnings and sales beat expectations

MarketWatch Market Pulse - Tue, 11/21/2017 - 07:56

Dollar Tree Inc. reported third-quarter net income of $239.9 million, or $1.01 per share, up $171.6 million, or 73 cents per share, for the same period last year. Sales totaled $5.32 billion, up from $5.00 billion last year. The FactSet consensus was for EPS of 90 cents and sales of $5.28 billion. Dollar Tree expects fourth-quarter sales to range from $6.32 billion to $6.43 billion and EPS in the range of $1.80 to $1.89. The FactSet consensus is for sales of $6.37 billion and EPS of $1.80. Full-year sales are expected to be in the range of $22.2 billion to $22.31 billion, compared with previous guidance in the range of $22.07 billion and $22.28 billion. EPS is expected to be in the range of $4.64 to $4.73, compared with previous guidance of $4.44 to $4.60. The FactSet estimate is for sales of $22.2 billion and EPS of $4.67. Dollar Tree shares are up 0.1% in Tuesday premarket trading, and up nearly 26% for the year so far. The S&P 500 index is up 15.3% for 2017 to date.

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Campbell Soup shares fall after earnings miss and profit warning

MarketWatch Market Pulse - Tue, 11/21/2017 - 07:37

Campbell Soup Co. shares fell 8.1% in Tuesday premarket trading after the food company reported fiscal first quarter earnings miss and a full-year profit warning. Net income was $275.0 million, or 91 cents per share, down from $292.0 million, or 94 cents per share, for the same period last year. Adjusted EPS was 92 cents. Sales totaled $2.16 billion, down from $2.2 billion last year. The FactSet consensus was for EPS of 97 cents and sales of $2.17 billion. Income was hurt by cost inflation, higher carrot costs and higher transportation and logistics costs tied to the hurricanes, according to Chief Executive Denise Morrison. The sales decline was due largely to Americas Simple Meals and beverages, which included a 9% decrease in soup sales. Pepperidge Farm Goldfish and cookies saw increases. Campbell still expects full fiscal year sales to be flat to down 2%, and full-year EPS to fall 1% to 3%. Previously, the company expected EPS to be flat to up 2%, or $2.95 to $3.02. The change is due largely to gross margin performance. Campbell shares are down 9.3% for the past year while the S&P 500 index is up 17.5% for the period.

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Special Report: In modernizing nuclear arsenal, U.S. stokes new arms race

Top Reuters News - Tue, 11/21/2017 - 07:27
WASHINGTON (Reuters) - President Barack Obama rode into office in 2009 with promises to work toward a nuclear-free world. His vow helped win him the Nobel Peace Prize that year.

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