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White House's Kudlow hopeful on U.S.-China trade talks, agriculture buys

reuters.com - Business News - 34 min 15 sec ago
White House economic adviser Larry Kudlow on Tuesday said it was a good sign top U.S. officials would travel to China for in-person talks about reviving stalled trade talks, and said he expected Beijing to start buying U.S. agriculture products soon.
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Facebook to settle FTC privacy allegations, adopt new policies: sources

reuters.com - Business News - 1 hour 9 min ago
The Federal Trade Commission is set to announce on Wednesday that Facebook Inc has agreed to a sweeping settlement of allegations it mishandled user privacy and pay roughly $5 billion, two people briefed on the matter said.
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Trump sues House committee and New York to protect state tax returns

MarketWatch.com - MarketPulse - 1 hour 22 min ago

President Donald Trump on Tuesday sued the House Ways and Means Committee and New York state officials in an effort to protect his state tax returns from being turned over to the congressional panel, the Wall Street Journal reported. The lawsuit seeks to block the application of a New York law that enables the committee chairman to obtain Trump's state taxes, the Journal said. The lawsuit was filed in federal court in Washington.

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Wall Street approaches record high on earnings optimism

reuters.com - Business News - 1 hour 33 min ago
The S&P 500 and Nasdaq approached record highs on Tuesday, lifted by upbeat quarterly reports from Coca-Cola and United Technologies, while a debt ceiling and budget deal between President Donald Trump and Congress also buoyed sentiment.
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U.S. oil futures settle higher on crude-supply decline expectations, reports of upcoming U.S.-China trade talks

MarketWatch.com - MarketPulse - 1 hour 39 min ago

U.S. oil futures gave up earlier losses Tuesday to finish with a gain, ahead of government data that are expected to reveal a fall in domestic crude supplies for a sixth week in a row. Analysts polled by S&P Global Platts forecast a decline of 4.4 million barrels in crude stocks for the week ended July 19. Oil prices also got a late-session boost from news that "the British military has approached its [European Union] allies to discuss [a] mission of protecting ships traveling through the Strait of Hormuz, and news of face-to-face, U.S.-China trade negotiations next week," said Tyler Richey, co-editor at Sevens Report Research. September West Texas Intermediate oil rose 55 cents, or 1%, to settle at $56.77 a barrel on the New York Mercantile Exchange.

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Lockheed to move F-35 jet parts sourcing to U.S. from Turkey

reuters.com - Business News - 1 hour 56 min ago
Lockheed Martin Corp said on Tuesday it was working to establish alternate supply sources for F-35 parts in the United States after the Pentagon decided last week to remove Turkey from the fighter jet program.
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Oil flat, Brent around $63/bbl as demand concerns weigh

reuters.com - Business News - 2 hours 2 min ago
Oil prices were largely flat around $63 a barrel on Tuesday as expectations of lower U.S. crude supplies were offset by weaker demand forecasts and the full restart of Libya's largest oil field.
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Colombia orders Uber to improve data security after 2016 breach

reuters.com - Business News - 2 hours 8 min ago
Colombia has given ride-hailing app Uber Technologies Inc four months to improve its data security, the commerce regulator said on Tuesday, after a 2016 data breach affected more than 260,000 of the South American country's residents.
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Stocks rise on upbeat earnings, sterling drops on Brexit prospects

reuters.com - Business News - 2 hours 19 min ago
A host of strong earnings boosted U.S. stocks on Tuesday and world stocks edged higher in anticipation of central bank easing, while sterling fell after Brexit hardliner Boris Johnson won the leadership of Britain's Conservative Party, clearing the way for him to become prime minister.
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Bed Bath & Beyond cuts 7% of corporate staff, including COO

reuters.com - Business News - 2 hours 22 min ago
Furnishing retailer Bed Bath & Beyond Inc said on Tuesday its chief operating officer was departing as part of a 7% cut in its corporate staff, following a review of office costs.
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Gold logs biggest 1-day loss in nearly 2 weeks; silver ends at 1-year high

MarketWatch.com - MarketPulse - 2 hours 26 min ago

Gold futures settled lower on Tuesday, posting their biggest single-session decline for a most-active contract since July 11. "Traders have already factored in [an] interest rate cut by the Federal Reserve next week," said Chintan Karnani, chief market analyst at Insignia Consultants, but the "war-like situation, if any, in the Middle East needs to be closely tracked." August gold fell $5.20, or 0.4%, to settle at $1,421.70 on Comex. Silver, meanwhile, saw its September contract tack on 6.5 cents, or 0.4%, to settle at $16.476 an ounce-marking its highest settlement since mid-June, 2018.

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Bed Bath & Beyond cuts corporate staff, including elimination of COO

MarketWatch.com - MarketPulse - 2 hours 30 min ago

Bed Bath & Beyond Inc. said Tuesday that it has reduced its corporate workforce at its Union, N.J. headquarters by about 7%, including the elimination of the chief operating officer position. Eugene A Castagna, the company's former COO, left the company today. Job cuts were also made at select locations where corporate associates were employed. These associates have been offered severance packages. Bed Bath & Beyond estimates that the organizational changes will yield future annual pre-tax savings of $30.7 million. For the remainder of fiscal 2019, the savings is forecast to be about $18.9 million. The company expects to incur a restructuring charge of about $12 million in fiscal 2019. Bed Bath & Beyond reiterated its forecast for full-year earnings per share at the lower end of the $2.11-to-$2.20 range. The FactSet consensus is for EPS of $1.91. Bed Bath & Beyond stock edged down 0.2% in Tuesday trading, but has fallen more than 51% over the last year. The S&P 500 index is up 7% for the past 12 months.

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GNC stock tanks 10% after sales miss, will close as many as 900 stores

MarketWatch.com - MarketPulse - 2 hours 54 min ago

GNC Holdings Inc. stock has tanked 10.6% in Tuesday trading after the struggling health-and-wellness retailer reported second-quarter sales that missed expectations and said that it will close as many as 900 stores in the coming months. Net income totaled $16.1 million, or 11 cents per share, after net income of $13.3 million, or 16 cents per share, last year. Adjusted EPS was 13 cents, beating the FactSet consensus for 12 cents per share. Sales of $534.0 million was down from $617.9 million last year and below the FactSet guidance for $553.0 million. Domestic same-store sales fell 4.6%, deeper than the 2% FactSet forecast. GNC Chief Executive Kenneth Martindale said deteriorating mall traffic, a trend for the past several year, "accelerated" during the last few quarters. More than a quarter (28%) of GNC stores are in malls while 61% are in strip centers, which he said are "relatively" stable. "We remain on pace to achieve our 2019 and 2020 cost savings targets and the results from our store optimization effort continue to meet our expectations," he said on the call, according to a FactSet transcript. "As a result of the current mall traffic trends, it's likely that we will end up closer to the top end of our original optimization estimate of 700 to 900 store closures." The company is also battling headwinds on Amazon.com Inc. and says it's working closely with the e-commerce giant to drive sales in a "different" marketplace environment. GNC shares fell 25% over the past three months, and more than 48% over the past year. The S&P 500 index is up 6.7% for the past 12 months.

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U.S. home sales tumble as prices surge to record high

reuters.com - Business News - 2 hours 55 min ago
U.S home sales fell more than expected in June as a persistent shortage of properties pushed prices to a record high, indicating the housing market was struggling to regain speed since hitting a soft patch last year.
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Upbeat earnings from Coca-Cola, United Tech lift Wall Street

reuters.com - Business News - 3 hours 1 min ago
U.S. stocks rose on Tuesday, boosted by upbeat earnings and forecasts from Coca-Cola and United Technologies, while a two-year debt ceiling and budget deal between President Donald Trump and Congress buoyed sentiment.
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Mark Esper confirmed as defense secretary in 90-8 Senate vote

MarketWatch.com - MarketPulse - 3 hours 14 min ago

The Senate on Tuesday confirmed Mark Esper as defense secretary in a vote of 90-8. Esper is a former lobbyist for Raytheon Co. and served in the U.S. Army and National Guard. Esper will be sworn in by the end of the day, writes the Associated Press.

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U.S. will deal with Huawei waiver applications within weeks: Ross

reuters.com - Business News - 3 hours 33 min ago
The Trump administration plans to handle applications from tech companies seeking waivers over Huawei Technologies Co Ltd's blacklisting within the next few weeks, U.S. Commerce Secretary Wilbur Ross told Bloomberg Television on Tuesday.
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Sales to emerging markets a bright spot for Harley Davidson

reuters.com - Business News - 3 hours 34 min ago
Harley-Davidson Inc on Tuesday reported stronger sales in China and other Asian markets and said U.S. sales should improve in the second half of the year, positive news that offset a cut to its full-year motorcycle forecast and sent shares up 4.5 percent.
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Oil slips, Brent around $63/bbl as Iran concerns fade

reuters.com - Business News - 4 hours 5 min ago
Oil edged down, with Brent at around $63 a barrel on Tuesday under pressure from weaker global demand forecasts and the full restart of Libya's largest oil field despite continuing supply worries stemming from Iran's capture of a British oil tanker.
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Wall St. boosted by upbeat earnings

reuters.com - Business News - 4 hours 34 min ago
U.S. stocks rose on Tuesday, boosted by upbeat earnings and forecasts from Coca-Cola and United Technologies, while a two-year debt ceiling and budget deal between President Donald Trump and Congress buoyed sentiment.
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