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S.&P. Downgrades China’s Debt, Citing a Surge in Lending
The firm’s move, spurred by a borrowing spree that it said threatens the world’s No. 2 economy, comes just before a sensitive Communist Party meeting.
U.S. Commerce chief: U.S. content falling in Mexican, Canadian imports
WASHINGTON (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Thursday a new study by his department shows that U.S. value-added content is declining for manufactured goods imported from Mexico and Canada, arguing that this required tougher rules of origin in the North American Free Trade Agreement.
Facebook says it will release Russian-linked ads to Congress
Facebook Inc. said it will release ads to Congress that appeared to have come from Russia and were aimed at influencing the U.S. election. Facebook had already announced it was handing them over to Special Counsel Robert Mueller but had resisted providing them to Congress. But Facebook still won't release them to the public. "We believe the public deserves a full accounting of what happened in the 2016 election, and we've concluded that sharing the ads we've discovered, in a manner that is consistent with our obligations to protect user information, can help," Facebook General Counsel Colin Stretch said in a statement. 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.
Warren Buffett predicts the Dow will hit 1 million and that may actually be bearish
The Dow, a widely watched index, has been hitting records lately at around 22,375. Buffett acknowledges he won't be around to take a victory lap on his prediction.
Anadarko's stock surges to lead S&P 500 gainers after share buyback announcement
Shares of Anadarko Petroleum Corp. soared 8.2% in afternoon trade Thursday, enough to make them the biggest gainers in the S&P 500 , after the oil and gas company said it plans to buy back $1 billion worth of its stock over the next 3 1/2 months. The stock, on track to close at three-month high, was also headed for the biggest one-day percentage gain since Nov. 30, 2016. The company said late Wednesday that set a $2.5 billion stock repurchase program, that extends through the end of 2018. At Wednesday's closing price of $44.81, the program represents about 10% of the shares outstanding. Chief Executive Al Walker said the initial target is to buy $1 billion worth of shares before the end of the year. Filings show Anadarko repurchased a total of $36.65 million worth of its stock during the first two quarters of 2017. The stock has rallied 6.9% over the past three months, but was still down 30.5% year to date. In comparison, the SPDR Energy Select Sector ETF has lost 11.2% this year, while the S&P 500 has gained 11.9%.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.
AMD's stock surges on heavy volume after report Tesla was working with the chipmaker
Shares of Advanced Micro Devices Inc. surged 1.3% on heavy volume in premarket trade Thursday, after a report that Tesla Inc. was working with the chipmaker on Tesla's Autopilot driver-assistance system, in an effort to reduce the reliance on Nvidia Corp. . Trading volume topped 6.4 million shares in recent trade, enough to make the stock the most actively. The stock was on track to open at the highest level seen during regular session hours since Aug. 2. Nvidia's stock slumped 1.8% ahead of the open. CNBC reported late Wednesday, citing a source familiar with the matter, that more than 50 people are working under Jim Keller, the head of Autopilot, and Tesla has brought on several former AMD employees to work on the project. AMD's stock has lost 1.7% over the past three months through Wednesday, while Nvidia shares have soared 16.5%, the PHLX Semiconductor Index has climbed 5.6% and the S&P 500 has gained 3.0%.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.
Manafort offered to brief Russian billionaire on Trump campaign: report
Former Trump campaign chairman Paul Manafort offered to provide private briefings on how the campaign was progressing to a Russian billionaire with close ties with President Vladimir Putin, according to a Washington Post report late Wednesday. Manafort made the offer to Oleg Deripaska, an aluminum magnate and one of the richest men in Russia, who had done business with Manafort in the past, the Post reported. It reportedly occurred two weeks before Trump accepted the Republican presidential nomination, when Manafort was still leading his campaign. The exchange was in a series of emails that were turned over to congressional investigators and special counsel Robert Mueller. The Post said Manafort was seeking to cash in on his growing reputation, asking "How do we use to get whole?" The Post said there was no evidence the briefings actually took place, and Manafort's spokesman said the dealings were "innocuous," according to NBC News, which corroborated the Post's report.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.
Facebook signs huge office-space lease in San Francisco: report
Facebook Inc. has signed a huge office lease in San Francisco with room for 2,000 to 3,000 employees, the San Francisco Business Times reported Wednesday. The social media giant, which is headquartered 35 miles south in Menlo Park, will occupy 50 floors -- 436,000 square feet -- of a skyscraper that is still under construction. The 70-story tower at 181 Fremont is scheduled to open by the end of the year, and is close neighbors with the Salesforce Tower, now the city's tallest building. Facebook's office-space deal is reportedly the largest in San Francisco in the past three years. Facebook is the latest tech giant to make a significant footprint in San Francisco. Just this year, Salesforce.com Inc. , Amazon.com Inc. and Alphabet Inc.'s Google have signed office-space deals in the city.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.
Tesla working with AMD on Autopilot chip: CNBC
Tesla Inc. is working with Advance Micro Devices Inc. to produce a chip for its Autopilot, the car maker's suite of advanced driver-assistance systems, aiming to reduce Tesla's reliance on Nvidia Corp. , according to a CBNC report that cited a source familiar with the matter. The report cited the same source saying more than 50 people are working under Jim Keller, the head of Autopilot, and Tesla has brought on several former AMD employees to work on the project, CNBC said. Tesla has developed its own ADAS software and related systems and relies on an onboard Nvidia AI "supercomputer." AMD shares rose 1.5% late Wednesday, while Tesla shares and Nvidia shares fell 0.1% and 0.6%. 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.
Oil prices top $50 to mark highest finish in about 4 months
Oil climbed Wednesday, with U.S. prices topping $50 a barrel for their highest finish in about four months. Support from expectations that major oil producers will extend their output-cut deal further into next year outweighed pressure from a bigger-than-expected weekly rise in U.S. crude inventories. Tensions in the Middle East tied to President Donald Trump's comments on Iran's nuclear deal also supported prices. October West Texas Intermediate crude , which expired at the settlement, rose 93 cents, or 1.9%, to settle at $50.41 a barrel on the New York Mercantile Exchange. That was the highest finish since for a front-month contract since May 24, according to FactSet data. November WTI settled at $50.69, up 79 cents, or 1.6%.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.
Apple admits issues with Apple Watch connectivity, stock falls
Apple Inc. shares declined Wednesday morning after the tech company reportedly admitted there are issues with connectivity of its new Apple Watch Series 3. The new Apple smartwatch is the first to connect to cellular networks on its own, without having to be electronically tethered to an iPhone, but reviewers had issues staying connected while reviewing the new device. According to The Verge, Apple admitted an issue in an official statement, saying, "We have discovered that when Apple Watch Series 3 joins unauthenticated Wi-Fi networks without connectivity, it may at times prevent the watch from using cellular. We are investigating a fix for a future software release." The new Apple Watch, which costs at least $399 for versions with a cellular connection, opened for preorders last Friday and will begin reaching customers Sept. 22. Apple stock fell more than 1% in early trading Wednesday, and is down 0.4% in the past month, as the S&P 500 index has gained 3.3%.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.
UPDATE: Alnylam shares jump 24% on positive results from late-stage trial of hATTR amyloidosis treatment
Sanofi and Alnylam Pharmaceuticals Inc. on Wednesday reported positive results in a late-stage trial of a treatment for Hereditary ATTR (hATTR) Amyliodosis patients with polyneuropathy. Alnylam shares jumped 24% after resuming trading following a halt. In a joint statement, the companies said an investigational RNAi therapeutic met its primary and secondary endpoints. The disease is an inherited one that is progressively debilitating and often fatal and is caused by mutations in the TTR gene. TTR protein is produced in the liver and usually acts as a carrier for vitamin A. Mutations can cause proteins to accumulate and damage organs and tissue, including the heart. About 50,000 people worldwide suffer from the disease, which currently has no approved treatment apart from liver transplant. Patients typically have a life expectancy of 2.5 to 15 years after the first symptoms appear. "This is a significant milestone that supports our belief that RNAi therapeutics have the potential to become an innovative new class of medicines for patients with rare genetic diseases," said Elias Zerhouni, M.D., president, global R&D at Sanofi in a statement. Alnylam shares had gained 100.4% in 2017 through Tuesday, while the S&P 500 has gained 12%. 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.
Health care sector falls as likelihood of ACA repeal rises; UnitedHealth's stock leads Dow losers
The health care sector traded broadly lower Tuesday, amid concerns over the potential effects of the Graham-Cassidy bill, which some analysts say is becoming increasingly likely to repeal and replace the Affordable Care Act. The SPDR Health Care Select Sector ETF shed 0.9% in afternoon trade, with 56 of its 62 components trading lower. Among the XLV's most heavily-weighted components, UnitedHealth Group's stock dropped 1.8% to pace the Dow Jones Industrial Average's decliners. The price decline of $3.61 was shaving 25 points off the Dow, which was up 44 points. Analyst Ana Gupte at Leerink Research said the bill could lead to "greater earnings downside in the near term than previous House and Senate bills for ACA-levered stocks." Among companies that Gupte said are at particular risk, shares of Centene Corp. slumped 4.6% and Molina Healthcare Inc. gave up 6.1%. Elsewhere, shares of Aetna Inc. fell 3.4%, Humana Inc. slid 3.2%, Cigna Corp. declined 1.9% and Anthem Inc. was down 2.0%. Gupte said diversified managed care organizations (MCOs) like Humana and Cigna are more defensive, though exposure should be manageable for UnitedHealth, Aetna and Anthem. The XLV has gained 4.3% over the past three months, while the S&P 500 has tacked on 2.2%.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.
'Saturday Night Live' sticks with live coast-to-coast airings after it boosts viewership
Comcast Corp.-owned broadcast network NBC said on Tuesday that its Emmy-winning sketch-comedy show "Saturday Night Live" will remain live from coast-to-coast for its upcoming 43rd season. The program began testing the live coast-to-coast airings in April for the previous season and experienced an 11% bump in viewership compared with the prior season. Each episode of "SNL," starting with the Sept. 30 premiere featuring Ryan Gosling as host and Jay-Z as the musical guest, will air at 11:30 p.m. Eastern, 10:30 p.m. Central, 9:30 p.m. Mountain and 8:30 p.m. Pacific. "SNL," after what many claim was one of its best seasons in a while, won four Emmy Awards, including outstanding variety sketch series. Shares of Comcast have gained 8% in the year to date, while the S&P 500 index is up 12%.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.
Mexico City registers 7.1 earthquake: reports
Mexico City has been hit by a powerful earthquake, which has been registered as a magnitude 7.1, according to the US Geological Survey. According to reports the tremors caused "buildings to sway sickeningly on the anniversary of a 1985 quake that did major damage to the capital." Tuesday's earthquake follows a separate quake in Mexico about two weeks ago. The extent of damage or injuries wasn't immediately clear, according to the reports. Mexico's peso was little changed after reports of the earthquake, with the dollar buying 17.7652 pesos. 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.
Massachusetts sues Equifax as hack concerns spread to Canada
(Reuters) - Massachusetts Attorney General Maura Healey filed a lawsuit on Tuesday against credit reporting firm Equifax Inc following a breach that exposed the personal data of up to 143 million people, including 3 million in the state.
CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions
The Justice Department said on Monday that CitiFinancial Credit Co. — a successor to CitiFinancial Auto Corp. — will pay $907,000 to resolve allegations that it violated the Servicemembers Civil Relief Act. Between 2007 and 2010, CitiFinancial repossessed 164 cars owned by SCRA-protected servicemembers without first obtaining the required courtRead More
Massachusetts sues Equifax for not protecting state residents
(Reuters) - Massachusetts Attorney General Maura Healey filed a lawsuit on Tuesday against credit reporting firm Equifax Inc following a breach that exposed the personal data of as many as 143 million people, including 3 million in the state.
Massachusetts sues Equifax for failing to protect state residents
WASHINGTON (Reuters) - Massachusetts Attorney General Maura Healey filed a lawsuit on Tuesday against credit reporting firm Equifax following a breach that exposed personal data about up to 143 million people, 3 million in Massachusetts.
Best Buy aims for revenue of $43 billion in 2021
Best Buy Co. Inc. set long-term financial goals and updated its "Best Buy 2020: Building the New Blue" growth strategy ahead of its investor day event, which begins at 2 p.m. ET Tuesday. Best Buy set a goal of $43 billion in revenue for fiscal 2021, versus $39.4 billion in fiscal 2017. The adjusted earnings per share goal is $4.75 to $5.00. The company plans to drive $600 million in annualized cost savings by the end of fiscal 2021. By the end of October, Best Buy will enhance the smart home area in all its stores, roll out the Best Buy Smart Home by Vivint home automation and security product to 450 stores and add 1,500 employees dedicated to smart home. And in two markets, the retailer is piloting a service, Assured Living, that allows adult children to check in on their aging parents. Best Buy shares are up 0.7% in premarket trading, and up 34.4% for the year so far. The S&P 500 index is up nearly 12% for 2017 to date.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.
FBI was wiretapping ex-Trump campaign chairman Manafort as late as this year: report
Former Trump campaign chairman Paul Manafort was secretly wiretapped by the FBI before and after the presidential election, CNN reported late Monday. The report said the surveillance continued until early this year, a time period when Manafort and President Donald Trump were still communicating, though it was not immediately clear if his conversations with Trump had been captured. CNN said special counsel Robert Mueller's investigative team has been given details of Manafort's intercepted communications. While sources told CNN the evidence may not be not conclusive, FBI investigators were reportedly concerned that Manafort was encouraging Russian meddling in the election. The secret surveillance order was first approved by the Foreign Intelligence Surveillance Act court in 2014, and renewed at some point last year. Earlier this summer, Manafort's home was raided by the FBI and his spokesman subpoenaed by the Mueller investigation. In late August, it was reported that Mueller was working with New York Attorney General Eric Schneiderman in his Manafort investigation to share potential evidence of financial crimes. In a separate report Monday, the New York Times said Mueller's investigators told Manafort during the raid on his house that they planned to indict him.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.
Chinese micro-lender Qudian files for U.S. initial public offering
Qudian Inc. has filed for its U.S. initial public offering Monday, according to Securities and Exchange Commission documents. The documents say the micro-lending company will list stock on the New York Stock Exchange via American Depository Shares under the symbol "QD." The Chinese company offers small loans that average between $134 and $184 and is targeting young, mobile-active customers who desire access to credit for discretionary spending, much of which is tied to electronics purchasing, the filing said. For the first two quarters of 2017 Qudian logged net income of $143 million on revenue of $270 million and last year the company booked net income of $85 million on sales of $212 million. In the first half of 2017 the company said that it facilitated $5.6 billion in transactions to seven million active borrowers. The company operates exclusively online and disburses the funds to the vast majority of customers via Alibaba Group Holding Ltd.'s Alipay technology.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.
Supernus shares decline on drug study change
Supernus Pharmaceuticals Inc. shares declined late Monday after the drug maker said it has altered a study of a child aggression treatment under advice from a third-party statistician. Supernus shares declined 5.5% to $46.91 following a brief halt after hours. The company said it has decided to eliminate a low-dose, or 18 mg, option of its SPN-810 drug to treat impulsive aggression in children aged 6 to 12 years who have attention deficit hyperactivity disorder, while keeping the higher, 36 mg dose in the studies. The decision to make the change came from an early analysis from an independent third-party statistician, the company said. "Moving forward, all patients will be randomized to either the 36 mg dose arm or placebo until the predetermined total number of patients are enrolled without changing the size of the trials," Supernus said in a statement, adding that it "believes that this will maximize the probability of reaching a statistically significant outcome for the 36 mg dose."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.
CitiFinancial pays $907,000 for repossessing U.S. military servicemembers’ vehicles
WASHINGTON, Sept 18 (Reuters) - CitiFinancial Credit Co, a
unit of Citigroup Inc, has agreed to pay $907,000 to
resolve allegations that it illegally repossessed 164 cars owned
by U.S. military servicemembers without first obtaining the
required court orders, the U.S. Justice Department said on
Equifax executives subject to criminal probe: report
The U.S. Justice Department has begun a criminal investigation into sales of stock by Equifax Inc. executives, Bloomberg News reported, citing people familiar with the investigation. The probe will look into the stock sales of its chief financial officer, John Gamble; its president of U.S. information solutions, Joseph Loughran; and its president of workforce solutions, Rodolfo Ploder. The Securities and Exchange Commission is working with the Justice Department on the investigation into whether they violated insider trading laws by selling stock after the company discovered it had been hacked but before disclosing the breach to the public, the report said. The transactions were not disclosed in regulatory filings for pre-scheduled trading activities. Lawmakers, state attorneys general and several regulators are scrutinizing the breach that compromised the privacy of 143 million U.S. consumers, according to Equifax statements. Equifax shares have fallen 35% since the breach was disclosed on Sept. 7 after the market close. The company and the executives didn't immediately respond to Bloomberg's requests for comment.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.
U.S. stocks open higher; Dow, S&P 500 hit records
U.S. stocks opened higher on Friday, with major indexes trading at or near records as concerns over the political situation with North Korea appeared to ease. The Dow Jones Industrial Average rose 52 points, or 0.2%, to 22,327. The S&P 500 added 3 points, or 0.1%, to 2,504. The Nasdaq Composite Index added 11 points to 6,458, a rise of 0.1%. Both the Dow and the S&P 500 hit intraday records in early trading, while the Nasdaq was within a few points of its own. Recent trading has had a pronounced upward bias, though uncertainty pertaining to North Korea has been a headwind. That issue appeared to ease after U.S. Secretary of State Rex Tillerson said the U.S. seeks a "peaceful solution" and wants to "bring North Korea to the table for constructive, productive dialogue," speaking in an interview on CBS's "Face the Nation." Among the day's biggest movers, Orbital ATK Inc. gained 20% after Northrop Grumman Corp. agreed to buy it for $7.8 billion in cash. Northrop fell 0.7%.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.
Ultragenyx proposes to buy all Dimension Therapeutics outstanding common stock for $138 mln
Ultragenyx Pharmaceutical Inc. said early Monday that it has proposed to buy all outstanding common stock of Dimension Therapeutics Inc. for $5.50 per share, or about $138 million. The offer would be offered in cash at close to be effectuated via a tender offer, Ultragenyx said. Dimension Therapeutics shares, which were valued at $4.20 as of Friday's close, were halted in premarket trade Monday. REGENXBIO Inc. said in late August that it planned to buy Dimension Therapeutics for about $3.41 per share, and that the board of directors of both companies had signed on. But Ultragenyx said that its offer represents "premiums of 24% and 48% over the implied value of the all-stock consideration" offered by REGENXBIO. "As such, the proposal would provide Dimension stockholders with an immediate and certain return on their investment in Dimension and constitutes a superior alternative to the REGENXBIO transaction," Ultragenyx said. Dimension Therapeutics shares have surged 236% over the last three months, compared with a 2.8% rise in the S&P 500 . 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.
UPDATE 2-Northrop Grumman nears deal to purchase Orbital -source
NEW YORK, Sept 17 (Reuters) - Northrop Grumman Corp
neared an agreement to buy Orbital ATK Inc in a
transaction that could be announced as soon as Monday, according
to a person familiar with the transaction.
Northrop Grumman nears deal to purchase Orbital: source
NEW YORK (Reuters) - Northrop Grumman Corp neared an agreement to buy Orbital ATK Inc in a transaction that could be announced as soon as Monday, according to a person familiar with the transaction.
UPDATE 1-Northrop Grumman nears deal to purchase Orbital -source
NEW YORK, Sept 17 (Reuters) - Northrop Grumman Corp
neared an agreement to buy Orbital ATK Inc in a
transaction that could be announced as soon as Monday, according
to a person familiar with the transaction.
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