Latest News

Massive California verdict expands J&J's talc battlefield

reuters.com - Business News - 34 min 58 sec ago
NEW YORK (Reuters) - A massive California verdict in a lawsuit alleging Johnson & Johnson's talc-based products cause cancer has opened a new front in the litigation, upending the company's hopes that the cases were only gaining traction in Missouri, legal experts said.
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Trump won't pardon Arizona's Sheriff Arpaio on Tuesday, spokeswoman Sanders says

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:55

President Donald Trump won't take action Tuesday to pardon controversial former Maricopa County, Ariz., Sheriff Joe Arpaio, White House press secretary Sarah Huckabee Sanders told reporters. Sanders said that "there will be no discussion of that today," ahead of a Trump rally in Phoenix. Trump told Fox News last weekend that he was "seriously considering" a pardon for Arpaio, who was convicted of contempt of court.

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As tax debate heats up, Republicans tweak business interest plan

reuters.com - Business News - Tue, 2017-08-22 23:54
WASHINGTON (Reuters) - Congressional Republicans, seeking to address the complaints of small businesses, are floating changes to their controversial proposal to eliminate business tax deductions for debt interest payments, business lobbyists said on Tuesday.
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Ultragenyx shares drop as muscle-disease drug study fails

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:49

Ultragenyx Pharmaceutical Inc. shares fell in the extended session Tuesday after the biotech company said a late-stage clinical trial for its severe muscle disease treatment did not reach its goals. Shares of Ultragenyx dropped 10% to $52.96 after hours following a brief halt. The company said its Phase 3 clinical trial for extended-release aceneuramic acid did not significantly improve strength in patients with GNE Myopathy, a rare disease where muscles cannot modify proteins and fats because of an enzyme deficiency.

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API data show fall in U.S. crude supply, rise in gasoline stockpiles: sources

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:43

Oil prices edged lower late Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell 3.6 million barrels for the week ended Aug. 18, but gasoline stockpiles unexpectedly climbed by 1.4 million barrels, according to sources. The API data also showed that inventories of distillates rose nearly 2.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3.7 million barrels in crude inventories. October crude was at $47.63 a barrel in electronic trading, down from the new front-month contract’s settlement of $47.83 on the New York Mercantile Exchange.

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La-Z-Boy shares tank after earnings miss

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:39

Shares of La-Z-Boy Inc. fell more than 15% late Tuesday after the furniture maker reported fiscal first-quarter 2018 earnings and sales below Wall Street expectations and Chief Executive Kurt L. Darrow said the company was "disappointed" with the results. La-Z-Boy said it earned $11.7 million, or 24 cents a share, in the quarter, compared with $13.8 million, or 28 cents a share, in last year's first quarter. Sales rose 5% to $357.1 million, from $340.8 million in last year's first quarter. Analysts polled by FactSet had expected earnings of 29 cents a share on sales of $358 million. Much of the consolidated sales increase in the quarter "related to acquired sales which did not add volume to our upholstery manufacturing operations," the company's most profitable segment, Darrow said in a statement. "Lower volume throughout our plants made it difficult to absorb fixed costs and this, combined with the normal seasonal slowdown and continued investments across the business, impacted our upholstery operating margin for the period," and expenses increased in the quarter, he said. Shares had ended the regular trading session up 0.3%.

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Twice-convicted ex-Jefferies trader faces prison after losing bail request

reuters.com - Business News - Tue, 2017-08-22 23:36
NEW YORK (Reuters) - A federal appeals court on Tuesday rejected former Jefferies Group mortgage bond trader Jesse Litvak's request to stay out of prison while he appeals his second conviction and two-year sentence for defrauding customers on bond prices.
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Google touts Titan security chip to market cloud services

reuters.com - Business News - Tue, 2017-08-22 23:33
SAN FRANCISCO (Reuters) - Alphabet Inc’s Google this week will disclose technical details of its new Titan computer chip, an elaborate security feature for its cloud computing network that the company hopes will enable it to steal a march on Amazon.com Inc and Microsoft Corp.
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GoDaddy CEO to step down

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:32

GoDaddy Inc. Chief Executive Blake Irving plans to retire at the end of the year, the company announced Tuesday, and will be replaced by President and COO Scott Wagner. "After more than three decades in technology, I've decided it's time to retire and begin the next phase of my life," Irving said in Tuesday's announcement. Irving, a former Yahoo executive, took over the CEO role in 2013 and led the domain-hosting company through its initial public offering in 2015. He will remain on GoDaddy's board through June 2018, the company said. Wagner was a part of KKR & Co. when it invested in GoDaddy in 2011, and became CFO and COO when Irving took over; he was promoted to president in 2016. GoDaddy shares, which have been trading at all-time highs this year, lost about 0.5% in late trading after the announcement Tuesday.

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Intuit stock down after hours on fourth-quarter earnings and CFO change

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:26

Intuit Inc. shares edged down in the extended session Tuesday after the company's fourth-quarter earnings beat Wall Street expectations. Intuit shares fell just over 1% to $136.44 after hours. The financial software provider's net income grew to $24 million, or 9 cents a share, with a loss of $40 million, or 16 cents a share, in the year-ago period. Adjusted earnings were 20 cents a share. Revenue increased 12% to $842 million from $754 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 17 cents a share on revenue of $809 million. Intuit also announced its Chief Financial Officer R. Neil Williams will step down in January, to be replaced by Michelle Clatterbuck. Executives issued first-quarter sales guidance of between $840 million and $860 million, and adjusted earnings of 3 cents to 5 cents per share. Analysts model first-quarter adjusted earnings of 11 cents a share on sales of $851 million. Intuit stock has gained more than 20% year-to-date, while the S&P 500 index has gained 9.5%.

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Cree shares fall after company calls for lower Q1 adjusted profit

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:18

Shares of Cree Inc. fell nearly 6% late Tuesday after the Durham, N.C., lighting products maker reported fiscal fourth-quarter results above Wall Street expectations but called for lower per-share profits in the fiscal first quarter. Cree said it lost $6 million, or 6 cents a share, in the fiscal fourth quarter, compared with a net loss of $11 million, or 11 cents a share, in the fourth quarter of fiscal 2016. Adjusted for one-time items, Cree earned $4 million, or 4 cents a share, compared with $19 million, or 19 cents a share, in the year-ago period. Revenue fell to $359 million, from $388 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 4 cents a share on sales of $350 million for the company. Cree said it expects fiscal first-quarter 2018 revenue in a range of $353 million to $367 million, and adjusted earnings of 2 cents to 6 cents a share in the quarter. The analysts surveyed by FactSet forecast adjusted earnings of 11 cents a share on sales of $361 million for Cree's fiscal first quarter.

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Salesforce beats on earnings and increases guidance, but stock falls

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:17

Salesforce.com Inc. produced better earnings than expected in its fiscal second quarter and increased its expectations for profit and revenue for the full year Tuesday, but shares still declined in late trading. The cloud-software company said that it had net income of $17.7 million, or 2 cents a share, on total revenue of $2.56 billion in the second quarter of its 2018 fiscal year, a sales increase of more than 25% from the year-ago quarter. After adjusting for stock-based compensation and other effects, the company claimed earnings of 33 cents a share, up from 24 cents a share a year ago. Analysts on average expected Salesforce to report adjusted earnings of 32 cents a share on sales of $2.52 billion, according to FactSet. The company raised its forecast for the full year, adding a penny to its profit projection to make it $1.29 to $1.31 a share and $100 million to its revenue guidance, which is now $10.35 billion to $10.4 billion. Salesforce stock dipped about 3% in late trading.

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Dow enjoys best day in 4 months as stock market rallies to the close

MarketWatch.com - MarketPulse - Tue, 2017-08-22 23:11

The Dow Jones Industrial Average on Tuesday registered its best day in about four months on the back of a resurgence in buying appetite, led by gains in technology and health-care stocks. The Dow closed nearly 200 points higher, or 0.9%, at about 21,900, representing its best single-session rise since April 25, when it climbed 232 points, or 1.1%, according to FactSet data. The price-weighted gauge's advance was supported by climbs in components Boeing Co. , Apple Inc. , and Goldman Sachs Group Inc. . Tuesday's uptrend also appeared to be bolstered by renewed enthusiasm in risk assets, like equities, following a tough past few weeks for stock benchmarks and worries about turmoil within President Donald Trump's administration, which could undermine the president's ability to push through previously pledged, business-friendly legislation. The Nasdaq Composite Index surged 1.4% at 6,297, snapping a 4-session slump and booking its best daily advance since June 28, while the S&P 500 index gained 1% at 2,452.Some market participants attributed the recent rally to a Politico report that said Trump's policy team was making progress on a plan for changes to tax law. In other corporate news, shares of DSW Inc. had its best gain in the shoe-retailer's history after strong quarterly results.

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U.S. regulators propose delaying stricter rules for smaller banks

reuters.com - Business News - Tue, 2017-08-22 23:10
WASHINGTON (Reuters) - U.S. bank regulators proposed on Tuesday holding off on implementing stricter capital rules for smaller banks while the agencies review ways to simplify requirements for less complex institutions.
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Trump rejects cry for help from coal execs

money.cnn.com - Markets - Tue, 2017-08-22 23:03
The Trump administration has rejected a frantic cry for help from coal execs requesting an emergency order that would protect coal-fired power plants from being closed.
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Berkshire Hathaway no longer faces risk of S&P downgrade

reuters.com - Business News - Tue, 2017-08-22 22:15
(Reuters) - Warren Buffett's failure to clinch a $9 billion takeover of the Texas utility Oncor prompted S&P Global Ratings on Tuesday to say the billionaire's Berkshire Hathaway Inc is no longer at risk of a credit rating downgrade.
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Oil settles higher as analysts forecast a weekly decline in U.S. crude supplies

MarketWatch.com - MarketPulse - Tue, 2017-08-22 21:45

Oil prices settled higher Tuesday, getting a lift from expectations that U.S. government data set for release Wednesday will show an eighth weekly decline in a row for crude stockpiles. September West Texas Intermediate crude rose 27 cents, or 0.6%, to settle at $47.64 a barrel on the New York Mercantile Exchange on the contract's expiration day. The new front-month October contract tacked on 30 cents, or 0.6%, to settle at $47.83.

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Blackstone explores IPO of Gates Global: sources

reuters.com - Business News - Tue, 2017-08-22 21:20
(Reuters) - Private equity firm Blackstone Group LP is exploring an initial public offering (IPO) of Gates Global LLC, three years after it acquired the U.S. auto parts and building products maker for $5.4 billion, people familiar with the matter said on Tuesday.
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Fed banks unanimous in keeping discount rate unchanged in July: minutes

reuters.com - Business News - Tue, 2017-08-22 21:03
WASHINGTON (Reuters) - All of the Federal Reserve's 12 regional banks wanted to hold steady the rate commercial banks are charged for emergency loans ahead of the U.S central bank's last policy meeting, minutes from a discussion of the discount rate showed on Tuesday.
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Chevron CEO John Watson to step down: WSJ

reuters.com - Business News - Tue, 2017-08-22 20:53
(Reuters) - Chevron Corp Chief Executive John Watson is stepping down from his post atop the nation's second-largest oil company, according to a report from the Wall Street Journal.
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