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MarketWatch MarketPulse
Sep 15, 2019

'Very difficult' for China's economy to maintain 6% growth: report
China's Premier Li Keqiang said it will be "very difficult" for the country's economy to grow at an annual rate of 6% or more in the current global climate, Reuters reported Sunday. "For China to maintain growth of 6% or more is very difficult against the current backdrop of a complicated international situation and a relatively high base, and this rate is at the forefront of the world's leading economies," Li said in an interview with Russian media that was posted on China's official government website. China is aiming for GDP growth this year of 6% to 6.5%. In the second quarter, GDP rose 6.2%, its slowest rate in 27 years. Li said the global slowdown and trade protectionism contributed to "certain downward pressure" felt by China's economy.

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.



MarketWatch MarketPulse
Sep 15, 2019

Boeing committee set to recommend safety changes: report
Boeing Co.'s full board of directors is expected to hear a report this week detailing structural corporate changes that can be made to improve the safety of its planes following two fatal crashes of its 737 Max planes, the New York Times reported Sunday. The recommended changes from a small committee of board members include a new corporate reporting structure, creating a new safety group and building simpler cockpits, the Times said. Under one proposed change, engineers would reportedly report directly to the company's head engineer, rather than a business-unit leader who might favor production deadlines over fixing problems. Boeing reported a sharp dropoff in monthly aircraft production last week as the 737 Max remains grounded. Boeing shares are up 18% year to date, compared to the S&P 500's 20% gain.

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.



MarketWatch MarketPulse
Sep 15, 2019

Crude prices spike after attack on Saudi oil facilities
Brent crude prices shot up late Sunday following Saturday's attack on Saudi Arabian oil facilities. November Brent crude was last up more than $7 a barrel, or 12%, to $67.41, after initially spiking as much as 18%. The attacks shut down about half of Saudi oil production, and while the kingdom said that it expects to have aboutone-third of that back online by Monday, experts said it could take weeks to get back to full capacity. Prominent crude-oil strategist Phil Flynn at Price Futures Group told MarketWatch earlier on Sunday that the drone strike was a "big deal" that could result in a major spike in crude-oil prices, because of the potential disruption to global supplies.

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.



MarketWatch MarketPulse
Sep 13, 2019

Disney CEO Iger resigns from Apple board
Walt Disney Co. Chief Executive Bob Iger has resigned from the board of Apple Inc. , the Silicon Valley company said in a filing late Friday. Iger resigned on Tuesday, according to the filing, which contained no other information. Earlier this week, Apple revealed that it would charge $4.99 a month for its previously announced streaming service, set to launch Nov. 1, undercutting Disney as well as Netflix Inc.'s streaming businesses. Iger had joined the Apple board in 2011, according to Disney's website. Other Apple board members include Chief Executive Tim Cook, former Genentech Chief Executive Arthur Levinson, who is the board's chairman, and former Vice President Al Gore. Shares of Apple and Disney were flat in the extended session Friday after ending the regular trading day down 1.9% and 0.4% higher.

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.



MarketWatch MarketPulse
Sep 13, 2019

MoviePass-parent Helios & Matheson is set to shut down permanently on Saturday
MoviePass Inc.'s parent Helios & Matheson Analytics Inc. is set to close its business permanently on Saturday and is considering a sale of its assets, including its Moviefone and MoviePass Films business. Attempts to revive the embattled subscription-movie service have apparently failed, with the company on July 4 announcing that its service would be temporarily interrupted in order to work on an "improved version" of its mobile app Inc. The decision was a bad omen as it came during the busiest time for the movie business. In March, Helios & Matheson raised some $6 million in financing to support MoviePass, including its technology. The once-highflying company had lost nearly all of its value over the past year. Shares of HMNY, a reference to the company's trading symbol, are down 89% so far in the 2019, according to FactSet data. By comparison, the S&P 500 index is up nearly 20% so far this year and the Dow Jones Industrial Average is up 16.7% over the same period. HMNY acquired MoviePass in 2017, a service with just 20,000 subscribers at the time. The operator cut MoviePass's monthly fee to $9.95 from up to $50 a month, and its subscriber base ballooned, crossing the 3-million mark in June of 2018, MarketWatch reported last year. However, the burden of delivering cheap movies proved challenging for the company.

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.



MarketWatch MarketPulse
Sep 13, 2019

Stocks end mostly lower as Dow extends eight-day streak of gains
U.S. stocks closed mostly lower on Friday after easing trade tensions and central bank policy moves briefly buoyed investor sentiment earlier in the day. The S&P 500 was down less than 0.1% to end near 3,007. The Dow Jones Industrial Average advanced 36 points, or 0.1%, to finish around 27,219, based on preliminary numbers.The Nasdaq Composite fell 0.2% to end near 8,177. The blue-chip Dow clinched its eighth consecutive gain, its longest such streak since 2018. Both the Dow and the S&P remain less than a percentage point away from their all-time highs set in July. Retail sales rose faster than expected in August, increasing by 0.4%. Investors also saw signs that Washington and Beijing were moving towards a more constructive stance on trade negotiations. The European Central Bank announced a full stimulus package on Thursday, including rate cuts and the restart of an open-ended bond purchasing program.

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.



MarketWatch MarketPulse
Sep 13, 2019

Stocks end mostly lower as Dow extends seven-day streak of gains
U.S. stocks closed mostly lower on Friday after easing trade tensions and central bank policy moves briefly buoyed investor sentiment earlier in the day. The S&P 500 was down less than 0.1% to end near 3,007. The Dow Jones Industrial Average advanced 36 points, or 0.1%, to finish around 27,219, based on preliminary numbers.The Nasdaq Composite fell 0.2% to end near 8,177. The blue-chip Dow clinched its seventh consecutive gain, its longest such streak since 2018. Both the Dow and the S&P remain less than a percentage point away from their all-time highs set in July. Retail sales rose faster than expected in August, increasing by 0.4%. Investors also saw signs that Washington and Beijing were moving towards a more constructive stance on trade negotiations. The European Central Bank announced a full stimulus package on Thursday, including rate cuts and the restart of an open-ended bond purchasing program.

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.



MarketWatch MarketPulse
Sep 13, 2019

'Desperate Housewives' Felicity Huffman sentenced to 14 days in jail, fined $30K for role in college-admissions scandal: reports
Actress Felicity Huffman on Friday was sentenced to 14 days in jail and fined $30,000 for her involvement in the college-admissions cheating scheme, according to reports. Huffman, best known for her role in the TV series "Desperate Housewives," pleaded guilty guilty to conspiring to pay $15,000 to a fake charity that facilitated cheating when her daughter took college entrance examinations. The Wall Street Journal reported that Huffman's two-week stint in jail was about half of what prosecutors were seeking. Huffman also was sentenced to 250 hours of community service and a year of supervised release, the paper reported on its website.

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.



MarketWatch MarketPulse
Sep 13, 2019

Lumber Liquidator's stock tumbles, after former CEO sells stock as potential buyout is 'less prudent'
Shares of Lumber Liquidators Holdings Inc. tumbled 12% in active afternoon trading, and have now plunged 24% in three sessions since closing at 4-month high on Tuesday. Trading volume was 6.4 million shares, compared with the full-day average of 2.2 million shares. The selloff in the wood-flooring company's stock comes after founder and former CEO Thomas Sullivan and F9 Investments LLC disclosed that it now owned 461,895 Lumber Liquidator shares, or 1.6% of the shares outstanding, indicating Sullivan and F9 sold off 1.75 million shares in the past week, representing 6.1% of the shares outstanding, after Sullivan and F9 disclosed it had accumulated a 2,212,367-share stake, or 7.7% of the shares outstanding, in the weeks leading up to Sept. 5. Sullivan, currently the CEO of Cabinets to Go, said the reason for acquiring the large stake was to "explore various options and propose a transaction," including a potential purchase of Lumber Liquidators. On Friday, Sullivan said he sold the bulk of his holdings because after the recent "significant" rally, the stock was "no longer undervalued," making a potential acquisition "less prudent at these elevated levels." Since Aug. 20, when Sullivan first disclosed it acquired a 6.0% stake, through Sept. 5, the stock had soared 55%. The stock is now up 4.5% year to date, while the S&P 500 has run up 20.0%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Lumber Liquidator's stock tumbles, after former CEO sells stock as potential buyout is now 'less prudent'
Shares of Lumber Liquidators Holdings Inc. tumbled 12% in active afternoon trading, and have now plunged 24% in three sessions since closing at 4-month high on Tuesday. Trading volume was 6.4 million shares, compared with the full-day average of 2.2 million shares. The selloff in the wood-flooring company's stock comes after founder and former CEO Thomas Sullivan and F9 Investments LLC disclosed that it now owned 461,895 Lumber Liquidator shares, or 1.6% of the shares outstanding, indicating Sullivan and F9 sold off 1.75 million shares in the past week, representing 6.1% of the shares outstanding, after Sullivan and F9 disclosed it had accumulated a 2,212,367-share stake, or 7.7% of the shares outstanding, in the weeks leading up to Sept. 5. Sullivan, currently the CEO of Cabinets to Go, said the reason for acquiring the large stake was to "explore various options and propose a transaction," including a potential purchase of Lumber Liquidators. On Friday, Sullivan said he sold the bulk of his holdings because after the recent "significant" rally, the stock was "no longer undervalued," making a potential acquisition "less prudent at these elevated levels." Since Aug. 20, when Sullivan first disclosed it acquired a 6.0% stake, through Sept. 5, the stock had soared 55%. The stock is now up 4.5% year to date, while the S&P 500 has run up 20.0%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Cowen is bullish marijuana companies with CPG model, bearish on MedMen given retail reliance
Cowen analyst Vivien Azer initiated coverage Friday of five multi-state cannabis operators, saying she's bullish on those that rely on the consumer packaged goods model given the higher margins, especially relative to those relying on the retail model. Azer started Green Thumb Industries Inc. at outperform with a stock price target of $18.50, Curaleaf Holdings Inc. at outperform with a $10.50 target, and Cresco Labs Inc. at outperform with a $14 target. "We believe that the greatest shareholder value will be created through businesses that emulate a traditional CPG finished goods model, given its superior margin structure," Azer wrote in a note to clients. Meanwhile, Azer started MedMen Enterprises Inc. at underperform with a $1.50 price target. "[MedMen] is the clear leader in the [California] market, with a distinguished brand, reflecting an attractive retail concept," Azer wrote. "However, to us, retail is less attractive than wholesale. And, an over-reliance on retail revenues today, coupled with excessive spending and notable management turnover, make this a'show-me' story." Azer also started Acreage Holdings Inc. at market perform with a $9 target, saying consolidation a of a "disparate network of dispensaries" and launching a "nascent brand strategy" could prove challenging. The ETFMG Alternative Harvest ETF was up 0.4% in afternoon trading, but has lost 28.7% over the past three months, while the S&P 500 has gained 3.5% in three months.

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.



MarketWatch MarketPulse
Sep 13, 2019

Gold futures settle below $1,500 an ounce, down 1.1% for the week
Gold futures fell on Friday, posting a loss of 1.1% for the week, as strength in U.S. bond yields dulled appetite for the haven metal, ahead of the Federal Reserve's decision on interest rates next week. December gold lost $7.90, or 0.5%, to settle at $1,499.50 on Comex.

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.



MarketWatch MarketPulse
Sep 13, 2019

Oil pares losses after Baker Hughes reports a 4th straight weekly decline in the U.S. oil-rig count
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by five to 733 this week. That followed three consecutive weekly declines in the oil-rig count. The total active U.S. rig count, meanwhile, also fell by 12 to 886, according to Baker Hughes. October West Texas Intermediate crude was down 8 cents, or 0.2%, at $55.01 a barrel. It was trading lower for the session at $54.96 before the rig data.

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.



MarketWatch MarketPulse
Sep 13, 2019

Nasdaq Composite's decline belies bullish exchange breadth data
The Nasdaq Composite fell 0.2% in midday trading, but a quick glance at market internals would suggest the index would be rallying. The number of stocks gaining ground on the Nasdaq exchange outnumbered decliners 1,726 to 1,118, while volume in advancing stocks represented 57.8% of total volume. Keep in mind the Nasdaq Composite is market-capitalization weighted, and shares of the three most valuable companies by market cap are all losing ground. Microsoft Corp.'s market cap is $1.05 trillion and the stock is down 0.1%; Apple Inc.'s market cap is $981.4 billion with the stock shedding 2.7%; and Amazon.com Inc. shares are down 0.3% to lower the market cap to $909.1 billion.

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.



MarketWatch MarketPulse
Sep 13, 2019

Cloudflare's stock surges at open, with first trade 20% above IPO price
Shares of Cloudflare Inc. debuted with some flair Friday, as they opened 20% above the initial public offering price. The first trade for the cloud-based network platform company's stock was $19 at 11:48 a.m. Eastern for 5.5 million shares. The stock has since extended its gains, to be 24% above the IPO price in recent trading. The IPO priced late Thursday at $15, above the expected pricing range of $12 to $14, which was raised earlier in the week from $10 to $12. The upbeat open for the Cloudflare's stock contrasts with SmileDirectClub Inc.'s debut on Thursday, as the teeth-straitening company's stock closed at Thursday at $16.67, or 27.5% below the $23 IPO price, which also priced above its expected range. The company's have gone public at a time that the Renaissance IPO ETF has lost 2.9% over the past three months while the S&P 500 has gained 4.2%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Old Navy's plan to nearly double the number of stores is both a growth opportunity and a challenge, analysts say
During the Gap Inc. investor meeting on Thursday Sonia Syngal, Old Navy's chief executive, said the brand has plans to nearly double the number of stores in its North American fleet to 2,000, focused mostly on smaller markets. Old Navy will spin off from Gap Inc. and operate as a standalone company. Syngal said, as a standalone, Old Navy will take steps to become a $10 billion brand. "We see ample growth opportunity at Old Navy, but it's not based on future independence," wrote MKM Partners' Roxanne Meyer in a note. "We see growth opportunities from store expansion (plans to nearly double the store fleet, with growth in smaller markets), new categories and larger sizes." MKM is taking a "wait-and-see" approach to the spinoff, maintaining its neutral rating for Gap stock and $18 fair value estimate. "[W]e do have worries that apparel, and especially the important women's apparel segments at both Gap and Old Navy are simply structurally tough categories," wrote Cowen analysts, in a note. "Women's apparel could be prone to multiple years of unforeseen, but likely, promotional risk." Cowen rates Gap stock market perform with a $22 price target. Gap stock has taken a 31% tumble over the past year while the S&P 500 index has gained 3.7% for the period.

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.



MarketWatch MarketPulse
Sep 13, 2019

Choice Hotels adds shares to its repurchase program
Choice Hotels International Inc. said Friday that it will add 2.3 million shares to what remains of its share repurchase program. In total, the program will include four million shares to repurchase. Choice Hotels also announced a dividend of $0.215 per share, paying on October 17, 2019 to stockholders of record as of October 2, 2019. Choice Hotels stock has rallied 32.1% for the year to date while the S&P 500 index is up 20.3% for the period.

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.



MarketWatch MarketPulse
Sep 13, 2019

Beyond Meat replaces grilled steak on the Just Salad menu
Just Salad, a New York City-based fast-casual chain, has added Beyond Meat to its menu, replacing grilled steak with Beyond Beef Meatballs. The plant-based alternative will be a feature of the Keto Zoodle Bowl, made with zucchini noodles, grape tomatoes and roasted balsamic mushrooms. Just Salad has a "Green Standard" sustainability initiative that aims to send zero waste to landfills by 2025 and save 100,000 pounds of plastic this year through the use of reusable bowls. Just Salad highlights data showing that beef is one of the least sustainable meat products. "The future of food is plant-based," said Janani Lee, Just Salad's chief sustainability officer. Beyond Meat has been introduced to a number of quick service and fast casual menus recently, including Dunkin' Brands Inc. and Uno Pizzeria. Beyond Meat stock has gained 9.6% over the last three months while the S&P 500 index is up 20.3% for the period.

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.



MarketWatch MarketPulse
Sep 13, 2019

Bank stocks rise again, with J.P. Morgan's stock headed for 8th-straight gain to record close
Bank stocks rallied Friday, with the sector set to post gains every day this week, boosted by the continued rise in Treasury yields. The SPDR Financial Select Sector ETF rose 0.7%, and has rallied 3.8% amid a 5-day win streak, and the SPDR S&P Bank ETF climbed 0.8% and has run up 7.4% this week. Among the more active bank stocks, J.P. Morgan Chase & Co.'s surged 1.2% toward a record high; the stock has shot up 9.9% amid an 8-day win streak. Elsewhere, shares of Bank of America Corp. rose 1.3% toward a 5th straight gain, Citigroup Inc. hiked up 1.5% and Wells Fargo & Co advanced 0.9%. The yield on the 10-year Treasury note rose 6.3 basis points toward a six-week high of 1.854% after upbeat data on retail sales. A rise in Treasury yields can help boost bank profits, as it can increase the spread what banks earn on longer-term assets that are funded with shorter-term liabilities. The financial ETF has gained 4.8% over the past three months and the S&P bank ETF has tacked on 4.0%, while the Dow Jones Industrial Average has advanced 4.3%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Hong Kong exchange says it wants to present rejected bid to LSE shareholders
Hong Kong Exchanges and Clearing Limited said shareholders of the London Stock Exchange , "should have the opportunity to analyse in detail both transactions and will continue to engage with them," an indication it may go hostile with its nearly $37 billion bid. The LSE earlier on Friday rejected the offer and said it wasn't interested in talks. "The Board of HKEX had hoped to enter into a constructive dialogue with the Board of LSEG to discuss in detail the merits of its proposal and are disappointed that LSEG has declined to properly engage. In particular, HKEX had hoped to demonstrate why it believes that the benefits of its proposal significantly outweigh those of the proposed acquisition of Refinitiv," the exchange said.

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.



MarketWatch MarketPulse
Sep 13, 2019

Aimmune's stock halted as FDA panel's decision awaited on peanut allergy treatment
Aimmune Therapeutics Inc.'s stock has been halted for news Friday, as the Food and Drug Administration's Allergenic Products Advisory Committee (APAC) is meeting about the efficacy and safety data of the biopharmaceutical company's treatment for peanut allergies, Palforzia. APAC is discussing whether the data supports licensure of Palforzia as a treatment to reduce the incidence and severity of allergic reactions, including anaphylaxis, after accidental exposure to peanuts in patients 4 through 17 years of age. The meeting had been scheduled from 8:30 a.m. Eastern to 4:30 p.m. Aimmune's stock had gained 25% this week through Thursday, and has advanced 3.1% year to date, while the iShares Nasdaq Biotechnology ETF has climbed 8.6% this year and the S&P 500 has run up 20.3%.

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.



MarketWatch MarketPulse
Sep 13, 2019

U.S. business inventories climb 0.4% in July
WASHINGTON (MarketWatch) - Business inventories in the U.S. rose 0.4% in July after no change in the prior month, the Commerce Department said Friday. Sales rose 0.3% in the month. The ratio of inventories to sales, meanwhile, was flat at 1.40. That's how many months it would take to sell all the inventory on hand. One year ago, the inventory-to-sales ratio was 1.35. An increase in inventories adds to gross domestic product while a decrease subtracts from it.

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.



MarketWatch MarketPulse
Sep 13, 2019

Apple's stock drops to pull market cap back below the trillion-dollar level
Shares of Apple Inc. dropped 1.1% in morning trading, enough to pull the technology behemoth's market capitalization back below the trillion-dollar threshold. Apple closed with a market cap above $1 trillion the past two sessions--at $1.013 trillion on Wednesday and at $1.008 trillion on Thursday--the first back-to-back closes above the trillion-dollar threshold since Nov. 1. Apple's stock has to close at or above $221.28 to maintain the $1 trillion market cap level. It is currently at $996.9 billion, below first-place Microsoft Corp. at $1.050 trillion. Microsoft's market cap has been above $1 trillion every day since June 7. The recent gains comes in the wake of Apple's iPhone launch event on Tuesday, with pre-orders for the new iPhone 11 now available. Apple's stock has climbed 13.6% over the past three months and Microsoft shares have tacked on 3.9%, while the Dow Jones Industrial Average has gained 4.4%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Stocks open mostly higher as S&P 500, Dow near all-time highs
U.S. stocks opened mostly higher on Friday, pushing the Dow and the S&P 500 closer to their all-time highs, as investors were buoyed by a combination of positive consumer data, receding U.S.-China trade tensions and a boost from easing central banks. The S&P 500 was up less than 0.1% to 3,011. The Dow Jones Industrial Average advanced 50 points, or 0.2%, to around 27,233. The Nasdaq Composite was down 0.1% to 8,187. The Commerce Department reported retail sales rose 0.4% in August, much higher than the 0.1% growth expected by economists. Trade tensions also appeared to wane after Beijing agreed to exempt U.S. agricultural goods from tariffs. In company news, shares of Broadcom Inc. fell 0.9% after the chip maker's outlook for annual revenues disappointed.

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.



MarketWatch MarketPulse
Sep 13, 2019

PG&E's stock surges after $11 billion settlement of wildfire claims
Shares of PG&E Corp. shot up 11% in premarket trading Friday, after the San Francisco-based utility said it has reached an agreement "in principle" with 85% of insurance claims to an $11 billion settlement relating to the 2017 and 2018 wildfires. The settlement will be implemented pursuant to PG&E's Chapter 11 plan of reorganization. The company affirmed the total $14 billion equity financing commitment target for the reorganization plan. "Today's settlement is another step in doing what's right for the communities, businesses, and individuals affected by the devastating wildfires," said Chief Executive Bill Johnson. The settlement follows the $1 billion settlement reached in June with a number of local public entities. The stock has tumbled 57.5% year to date through Thursday, while the Dow Jones Utility Average has climbed 19.7% and the Dow Jones Industrial Average has gained 16.5%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Etsy's stock jumps after Wedbush analyst turns bullish, bumps up price target
Shares of Etsy Inc. jumped 4.1% in premarket trading Friday, after Wedbush analyst Ygal Arounian turned bullish on the online crafts marketplace, citing a "critical mass" of new initiatives that is expected to drive growth and expand margins. Arounian raised the rating to outperform from neutral, and bumped the price target to $66 from $64, amid optimism over the outlook for Etsy Ads and free-shipping offering. "We particularly like the timing with both Etsy Ads and free shipping launching into the holiday season supported by Etsy's brand marketing push, where it is seeing early signs of strong [return on investment] on TV and social," Arounian wrote in a note to clients. The stock has tumbled 21.7% over the past three months through Thursday, while the Amplify Online Retail ETF has gained 5.4% and the S&P 500 has tacked on 4.1%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Weight Watchers to change legal name to WW later this month
Weight Watchers International Inc. said Friday it will change its legal name to WW International Inc., effective Sept. 29, following the rebranding to WW last year. The wellness company's stock ticker had already changed in April to "WW" from "WTW." The stock, which is still inactive in premarket trading, has soared 64.3% over the past three months while the S&P 500 has gained 4.1%.

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.



MarketWatch MarketPulse
Sep 13, 2019

Biogen's stock falls after co. and Eisai to discontinue late-stage trial of Alzheimer's treatment
Shares of Biogen Inc. fell 1.6% in premarket trading Friday, after the the biotechnology company and Tokyo-based Eisai Co. Ltd. said they will discontinue the phase 3 trial of an Alzheimer's disease (AD) treatment, citing data showing an unfavorable risk-benefit ratio. The decision was made after the Data Safety Monitoring Board's recommendation to discontinue the trials. The trial on the investigational oral beta amyloid cleaving enyzme (BACE) inhibitor elenbecestat in patients with early AD. The companies said as part of the decision to discontinue the phase 3 trial, the long-term extension of the phase 2 trial of elenbecestat will also be discontinued. Biogen's stock has dropped 22.8% year to date through Thursday and the U.S.-listed shares of Eisai have tumbled 34.6%, while the S&P 500 has gained 20.1%.

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.



MarketWatch MarketPulse
Sep 13, 2019

LSE rejects Hong Kong bid and says it doesn't want to hold merger talks
The London Stock Exchange on Friday rejected the preliminary, 29.6 billion pound ($37 billion) takeover bid from the Hong Kong Exchanges and Clearing and said it didn't want to engage in talks. "The Board has fundamental concerns about the key aspects of the Conditional Proposal: strategy, deliverability, form of consideration and value. Accordingly, the Board unanimously rejects the Conditional Proposal and, given its fundamental flaws, sees no merit in further engagement," the LSE said. LSE shares were last up 1.3% at 7344 pence.

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.



MarketWatch MarketPulse
Sep 13, 2019

Catalyst Pharmaceuticals stock jumps after stock offering is pulled
Shares of Catalyst Pharmaceuticals Inc. jumped 10% in premarket trading Friday, after the biopharmaceutical said it decided to pull its common stock offering. The company said it decided that completing an offering at current market prices "is not in the best interest of the company and its stock holders." After the stock closed at a record $7.43 on Wednesday, the company said it would sell 8 million shares to the public, which would increase the shares outstanding by 7.8%. After the announcement, the stock tumbled 17.5% on Thursday. The stock has more than tripled year to date (up 219.3%) through Thursday, while the iShares Nasdaq Biotechnology ETF has gained 8.0% and the S&P 500 has advanced 20.1%.

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.



MarketWatch MarketPulse
Sep 13, 2019

We Co. picks Nasdaq for IPO as it unveils corporate-governance changes
In a filing with the Securities and Exchange Commission, The We Co. said it has picked the Nasdaq as the stock exchange it will list on as it detailed a number of corporate-governance changes. The filing said it will name a lead independent director by the end of the year, the high-vote stock will decrease from 20 votes per share to 10 votes per share, and that no family member of CEO Adam Neumann will sit on the board. We and its advisers are targeting a valuation that could slip below $20 billion, The Wall Street Journal reported.

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MarketWatch MarketPulse
Sep 13, 2019

China to exclude soybeans, pork from tariffs: report
China's Customs Tariff Commission of the State Council will exclude some agricultural products including soybeans and pork from the additional tariffs on U.S. goods, The People's Daily said in a tweet, citing official sources.

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.



MarketWatch MarketPulse
Sep 12, 2019

Trump says he's open to interim trade deal with China
President Donald Trump on Thursday said he'd be open to a smaller-scale, interim trade deal with China. Speaking to reporters outside the White House before departing for a speech in Baltimore, Trump said: "If we're going to do the deal, let's get it done. A lot of people are talking about it, I see a lot of analysts are saying an interim deal -- meaning we'll do pieces of it, the easy ones first. But there's no easy or hard. There's a deal or there's not a deal. But it's something we would consider, I guess." Earlier in the day, there had been reports that the Trump administration was considering an interim deal, but White House officials had denied them.

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Sep 12, 2019

Cloudflare prices IPO shares at $15, higher than elevated range
Cloudflare Inc. priced shares in its initial public offering at $15 Thursday evening, higher than a target range that had already been raised. Cloudflare, a cloud-based network-security platform, initially aimed to sell shares at $10 to $12, but raised that target to $12 to $14 earlier this week. At the $15 share price, Cloudflare will raise at least $525 million at an initial market valuation of $4.4 billion. Underwriters -- led by Goldman Sachs, Morgan Stanley and JP Morgan -- have access to an additional 5.25 million shares that could push those totals higher. Cloudflare shares are expected to begin trading Friday on the New York Stock Exchange under the ticker symbol NET.

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Sep 12, 2019

Broadcom stock slips on earnings beat, unchanged outlook
Broadcom Inc. shares slipped in the extended session Thursday after the chip maker topped Wall Street earnings estimates but left its outlook unchanged. Broadcom shares declined 2.2% after hours, following a 0.8% rise in the regular session to close at $300.58. The company reported fiscal third-quarter net income of $715 million, or $1.71 a share, compared with $1.2 billion, or $2.71 a share, in the year-ago period. Adjusted earnings were $5.16 a share. Revenue rose to $5.52 billion from $5.06 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $5.13 a share on revenue of $5.52 billion. Broadcom expects full-year revenue of about $22.5 billion, while analysts had forecast on revenue of $22.61 billion. The company also said it reduced its share count by 3.5 million shares for $997 million over the quarter.

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Sep 12, 2019

Stocks end slightly higher after tariff delay, ECB stimulus
Stocks ended with small gains on Thursday, lifted after a further de-escalation of near-term U.S.-China trade tensions and a new round of stimulus measures by the European Central Bank. The Dow Jones Industrial Average ended around 45 points higher, up 0.2%, near 27,182, according to preliminary figures, while the S&P 500 gained around 9 points, or 0.3%, to settle near 3,010. The Nasdaq Composite closed near 8,194, up around 25 points, or 0.3%. President Donald Trump late Wednesday moved to delay an increase in tariffs on imports of Chinese goods by two weeks, while a report by Bloomberg News on Thursday said administration officials were weighing an interim deal with Beijing, though White House officials denied they were working on an agreement, according to other reports. Also Thursday, the ECB moved aggressively to shore up the eurozone's flagging economy and lift stubbornly low inflation back toward its target. The ECB cut its key rate further into negative territory and relaunched a program of monthly bond purchases, alongside other measures.

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Sep 12, 2019

Oil futures end lower for a third session in a row
Oil futures finished lower for a third session in a row on Thursday. A meeting of the Organization of the Petroleum Exporting Countries and its allies in Abu Dhabi "ended without a deeper output cut" and with "a pledge to clean up compliance to lower collective output by several hundred thousand barrels per day over a two-month period," strategists at RBC Capital Markets wrote in a note Thursday. October West Texas Intermediate oil fell 66 cents, or 1.2%, to settle at $55.09 a barrel on the New York Mercantile Exchange. That was the lowest finish since Sept. 3, FactSet data show.

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Sep 12, 2019

Gap will begin franchising the Athleta and Janie & Jack brands
Gap Inc. said Thursday that it will begin franchising Athleta, the company's athleisure brand, and Janie & Jack, Gap's children's chain. Both Athleta and Janie & Jack have company-operated stores. Gap began franchising its brands in 2006 when it opened a franchised Gap location in Singapore. The company now has more than 500 Gap, Old Navy and Banana Republic franchised locations around the world, along with e-commerce sites. Both Athleta and Janie & Jack will begin with franchised online shops and store-in-store locations "in order to generate market awareness for these brands," the company said on its blog. Gap announced that it had acquired the Janie & Jack brand from Gymboree in March 2019. Gap stock has taken a 32.4% tumble over the past year while the S&P 500 index has gained 4.4% for the period.

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Sep 12, 2019

Treasurys extend selloff after tepid response to 30-year bond auction
The run-up in Treasury yields on Thursday accelerated after a lackluster U.S. debt auction for 30-year maturities weighed on prices for government paper. The 10-year Treasury note yield was up 5.8 basis points to 1.791%, while the 2-year note yield rose 4.7 basis points to 1.717%. The 30-year bond yield jumped 5.7 basis points to 2.264%. Bond prices move in the opposite direction of yields. The auction tailed by 1.3 basis points, a sign that the bond sale struggled to draw in sufficient demand. The tail is the amount by which the highest yield the Treasury sold in the auction exceeds the highest yield expected when the auction began. Earlier in the day, bond yields rose on reports that the Trump administration was looking into a limited trade deal with China.

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Sep 12, 2019

Dow, S&P 500 stand less than 0.2% from July record closes as stock market touches intraday high
U.S. stocks touched their best level of the session Thursday afternoon, putting key benchmarks withing shouting distance from records last hit in July. The Dow Jones Industrial Average was up 0.6% at 27,306.73, which is just 0.2% shy of its July 15 record at 27,359.16, while the S&P 500 index stood 0.6% higher near a session peak at 3,020.69, about 0.2% from its record at 3.025.86 hit on July 26.

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Sep 12, 2019

Soybean futures set to mark highest finish in a month as USDA cuts production forecast
Soybean prices climbed Thursday, poised to settle at their highest in roughly a month. The U.S. Department of Agriculture forecast U.S. soybean production for the 2019-2020 marketing year at 3.6 billion bushels, down 47 million from its previous forecast, citing a lower yield forecast of 47.9 bushels per acre. The USDA also forecast ending stocks of soybeans at 640 million bushels, down 115 million from last month's view. November soybeans traded at $8.86 3/4, up 20 1/4 cents, or 2.3%. A finish around that level would be the highest for a most-active contract since Aug. 13, according to FactSet data.

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Sep 12, 2019

SmileDirectClub's stock opens with a thud
Shares of SmileDirectClub Inc. didn't get off to a great start Thursday, as the teeth-straightening company's stock opened 10.7% below the $23 IPO price. The first trade was at $20.55 at 11:58 a.m. Eastern for 8.5 million shares. The stock has fallen further since, and was recently trading 15% below the IPO price. The decline was likely a surprise to the company and investors, as the IPO priced above the expected range of $19 to $22. The company has recorded a net loss of $52.9 million on revenue of $373.5 million in the six months ended June 30, compared with the losses of $32.8 million on revenue of $145.95 million in the same period a year ago. The company went public at a time that the Renaissance IPO ETF has slipped 1.0% over the past three months while the S&P 500 has gained 4.7%.

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Sep 12, 2019

Apple's stock heads for 4th straight gain to 11-month high
Shares of Apple Inc. rose 0.9% in midday trading, putting them on track for a fourth-straight gain. The stock, which has rallied 5.8% during the win streak, is also headed for the highest close since Oct. 9, 2018. The stock's gains come in the wake of the iPhone Launch Event on Tuesday. Apple rejoined the trillion-dollar market capitalization club on Wednesday for the first time since Nov. 1. The market cap was recently $1.02 trillion, just behind Microsoft Corp.'s first-place market cap of $1.05 trillion. Apple's stock has run up 43.0% year to date and Microsoft shares have hiked up 35.2%, while the Dow Jones Industrial Average has gained 16.8%.

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Sep 12, 2019

RH stock pares gains after plan to look into possible $300 million convertible note offering
Shares of RH , fomerly known as Restoration Hardware, pared gains in morning trading Thursday, after the home furnishings retailer said it plans to explore a potential $300 million convertible note offering, to qualified institutional buyers and due 2024. The stock resumed trading to be up 1.2%, after being up 3.2% prior to a trading halt on news. The company said it plans to use proceeds from a potential offering primarily to retire $200 million of second lien debt, reduce outstanding borrowings from its credit facility and pay net costs of the convertible note hedge. The company said retirement of the second-lien debt would lower interest expenses by $6.5 million in the second half of fiscal 2019, and $18 million on an annual basis, which would allow the company to raise 2019 adjusted EPS by about 20 cents to 25 cents and by 65 cents to 70 cents in fiscal 2020. The stock has rallied 41.1% year to date, while the S&P 500 has gained 20.1%.

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Sep 12, 2019

Stocks erase most gains after Gundlach sees no trade deal with China before presidential election
The Big 3 stock market indexes erased the bulk of their gains in morning trading Thursday, afterDoubleLine Chief Executive Jeffrey Gundlach said he didn't believe there will be a U.S.-China trade deal before the U.S. presidential election. The Dow Jones Industrial Average was recently up 26 points, after being up as much as 159 points earlier in the session. The S&P 500 pared earlier gains of as much as 0.6% to be up just 0.2%, and the Nasdaq Composite was up as much as 0.9% at its intraday high but was recently up just 0.4%.

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Sep 12, 2019

Powell will do bad job explaining Fed cut: Gundlach
Federal Reserve Chairman Jerome Powell will do a bad job explaining a 25-basis point interest rate cut next week, said Jeffrey Gundlach, chief executive of DoubleLine. Powell "ping pongs" around in his discussion of the economy rather than taking a longer-term view, he said. Powell will drop his "mid-cycle adjustment" language after that received an unfavorable market reaction, Gundlach forecasted.

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MarketWatch MarketPulse
Sep 12, 2019

RH plan to look into possible $300 million convertible note offering to pay off down second-lien debt
RH , fomerly known as Restoration Hardware, said Thursday it plans to explore a potential $300 million convertible note offering, to qualified institutional buyers and due 2024. The home furnishings retailer said it plans to use proceeds from a potential offering primarily to retire $200 million of second lien debt, reduce outstanding borrowings from its credit facility and pay net costs of the convertible note hedge. The company said retirement of the second-lien debt would lower interest expenses by $6.5 million in the second half of fiscal 2019, and $18 million on an annual basis, which would allow the company to raise 2019 adjusted EPS by about 20 cents to 25 cents and by 65 cents to 70 cents in fiscal 2020. The stock, which is currently halted for news, was up 3.2% prior to the halt. It has rallied 43.9% year to date, while the S&P 500 has gained 19.8%.

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Sep 12, 2019

Gundlach: There will be no U.S.-China trade deal
Jeffrey Gundlach, the chief executive of DoubleLine, said Thursday there will be no trade deal between the U.S. and China before the presidential election. At a presentation in London, Gundlach said President Trump is the "irresistible force" but that China has every incentive to attempt to wait out his presidency. Trump won't do a deal without intellectual property being addressed while China can't do such a deal, he said. Speaking about negative-yielding debt, Gundlach said it is only central banks or regulated pension and insurance funds that own the securities.

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MarketWatch MarketPulse
Sep 12, 2019

Dow, Nasdaq gains belie mixed market breadth readings
Despite the healthy gains in the Big 3 stock market indexes, market breadth data is providing a mixed reading. The number of advancing stocks was slightly above decliners 1,438 to 1,257 on the NYSE, but advancing volume made up less than half--47.6%--of total volume. On the Nasdaq exchange, gainers topped declines by just 1,363 to 1,344, while advancing volume was 57.3% of total volume. Meanwhile, the Dow Jones Industrial Average rose 98 points, or 0.4%, the S&P 500 hiked up 0.4% and the Nasdaq Composite advanced 0.6%.

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Sep 12, 2019

Men's Wearhouse parent looks to NFL, custom jacket linings and sportswear for turnaround
Tailored Brands Inc. says the road to its future growth is lined with florals, tropical patterns and NFL team logos. The company, whose portfolio of brands includes Men's Wearhouse and Joseph A. Bank, says its custom suiting business is on the rise, with unique, digitally-printed patterns for jacket linings becoming popular items. "We've seen a strong response since the launch of the program and the good news is, is that these digitally-printed linings have a short lead time, allowing us to test into new designs without needing to acquire significant inventory upfront," said Tailored Brands' Chief Executive Dinesh Lathi on the late Wednesday earnings call, according to a FactSet transcript. Tailored Brands has a multiyear licensing agreement with the National Football League, which will allow them to customize suits with images depicting fans' favorite teams. Tailored Brands is also focused on the more casual style of dress that has become standard nowadays. Lathi said the company had "challenging traffic trends" but "polished casual categories," like sportswear, dress coats, and short sleeve shirts did well. Tailored Brands announced last month that it sold its corporate apparel business. After the closing bell on Wednesday, the company gave weak earnings guidance and said it was halting its dividend to pay down debt. Tailored Brands stock has plummeted more than 23% in Thursday trading, and is down 77% for the last year. The S&P 500 index is down 4.4% for the past 12 months.

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MarketWatch MarketPulse
Sep 12, 2019

Dow and broader market stage early morning jump on Sino-American trade reports
U.S. stocks jumped early Thursday, driving the three main benchmarks to session highs amid hope of a near-term resolution between Beijing and Washington. The Dow Jones Industrial Average gained 116 points, or 0.4%, to 27,256, the S&P 500 index advanced 0.5% at 3,016, while the Nasdaq Composite Index traded 0.8% higher at 8,232. Gains for U.S. stocks coincided with a report from Bloomberg News, which cited unnamed Trump administration officials, indicating that the U.S. and China have discussed offering a limited trade agreement to China that could forestall some U.S. tariffs in exchange for Chinese commitments on intellectual property and agricultural purchases. The Bloomberg report comes amid a separate report from the Wall Street Journal, which said China is aiming to "narrow the scope of its negotiations with the U.S.," putting discussions about intellectual property rights on a separate track in a bid to achieve a trade resolution in some form. The news reports come after President Donald Trump late Wednesday said he would delay increasing tariffs until Oct. 15 on China products that were set to increase on Oct. 1, as a conciliatory act and avoid an increase on the 70th birthday of the formation of the People's Republic on Oct. 1. Separate reports implied that China was set to buy soybeans and pork from the U.S. again. American and Chinese representatives are slated to meet in early October to restart stalled trade negotiations and avert any further escalation of animosities between the economic superpowers.

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Sep 12, 2019

Natural-gas prices turn higher on smaller-than-expected weekly rise in supplies
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 78 billion cubic feet for the week ended Sept. 6. The average forecast of analysts polled by S&P Global Platts had called for an increase of 87 billion cubic feet. Total stocks now stand at 3.019 trillion cubic feet, up 393 billion cubic feet from a year ago, but 77 billion below the five-year average, the government said. October natural gas traded at $2.57 per million British thermal units, up 1.8 cents, or 0.7%, from Wednesday's settlement. It was trading at $2.539 before the data.

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Sep 12, 2019

Alta Mesa's stock sinks after declaring bankruptcy
Shares Alta Mesa Resources Inc. slid 14% to match its record closing price Thursday, after the Houston-based oil and gas development company said it filed for bankruptcy. The company said that despite progress in cutting costs and improving well results, it continued to operate against "a historically challenging commodity price environment" and a capital markets environment that is "highly constrained for energy companies." Separately, the company said it promoted Mark Castiglione to chief executive, replacing interim-CEO Jim Hackett, who resumed his role as executive chairman. Castiglione was previously interim executive vice president of strategy and corporate development. Alta Mesa's stock has lost 93% of its value this year, while the SPDR Energy Select Sector ETF has gained 5.9% and the S&P 500 has advanced 20%.

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Sep 12, 2019

Dow opens higher, set for longest win streak in a year as ECB launches major stimulus package
U.S. stocks opened modestly higher Thursday morning as market bulls appeared emboldened by easy-money policies enacted by the European Central and hope that it could influence the Fed. The European Central Bank cut its deposit rate from negative 0.4% to negative 0.5%, while announcing it would begin open-ended purchasing of long-term government bonds at a pace of €20 billion a month in an effort to further reduce long-term interest rates, in a bid to boost the sluggish eurozone economy. The central bank said rates would remain at "present or lower levels" until the inflation outlook "robustly" converges with its target of just below 2%. The Dow Jones Industrial Average rose 66 points, or 0.3%, at 27,207, while the S&P 500 index advanced 0.4% to 3,011 and the Nasdaq Composite Index rose 0.6% to 8,217. All three benchmarks stand within shouting distance of all-time records as investors bet that the ECB's move will influence the Federal Reserve, which gathers next week to decide on domestic monetary policy. Stocks had been headed higher before the ECB moves, after President Donald Trump said tariff hikes-from 25% to 30%-that were scheduled to take effect Oct. 1 will now go into effect Oct. 15. The president attributed the "gesture of goodwill", as he described it via Twitter, to the People's Republic's 70th anniversary commencing on Oct. 1. and came at the request of China's chief trade negotiator Vice Premier Liu He.

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Sep 12, 2019

Activision Blizzard stock gains after Instinet upgrade
Shares of Activision Blizzard Inc. are up 3.1% in Thursday trading after Instinet analyst Andrew Marok upgraded the stock to buy from neutral. "Last month's launch of 'World of Warcraft Classic' has driven strong, above-expectations engagement in the franchise (Twitch-record viewership, long wait times for matches)," Marok wrote. "In addition, 'Overwatch' has recently added new features (Workshop, role locks for more dynamic competitive matches) and last week announced a launch on the Nintendo Switch." He sees this leading to a favorable setup ahead of the company's BlizzCon convention in November, when the publisher is expected to reveal a 2020 "World of Warcraft" expansion and "at least one of" "Diablo 4" or "Overwatch 2." Activision's stock is up 26% in the past three months as the S&P 500 has climbed 4.2%.

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Sep 12, 2019

GE offers to buy back up to $5 billion worth of debt
General Electric Co. announced Thursday a tender offer to buy back up to $5 billion worth of its existing debt. The repurchase includes up to $2.5 billion for U.S. dollar-denominated debt and up to $2.5 billion of euro-denominated debt. The industrial conglomerate said it will continue to evaluate potential deleveraging actions, including pension funding and intercompany loan repayment from GE to GE Capital. The dollar-denominated debt subject to the tender offer include 2.700% notes due 2022, 3.375% notes due 2024, 4.125% notes due 2042 and 4.500% notes due 2044. GE's stock, which rose 0.6% in premarket trading, has lost 9.0% over the past three months but has gained 28.6% year to date, while the Dow Jones Industrial Average has tacked on 4.4% over the past three months and rallied 16.3% this year.

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Sep 12, 2019

Draghi to Trump: ECB policy makers 'do not target the exchange rate, period'
European Central Bank President Mario Draghi on Thursday responded to a tweet by U.S. President Donald Trump that said the central bank had introduced a sweeping new stimulus plan in a successful bid to weaken the euro versus the U.S. dollar. Asked about the tweet in a news conference following the ECB's policy decision, Draghi said: "We do not target the exchange rate, period." The euro fell versus the dollar, hitting a two-year low, after the ECB pushed its key interest rate further into negative territory, announced the relaunch of its bond-buying program and took other steps to stimulate a flagging eurozone economy. In a tweet, Trump said the ECB was "trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting U.S. exports." Trump repeated his criticism of the U.S. monetary policy makers, saying the Fed "sits, and sits, and sits. They get paid to borrow money, while we are paying interest!"

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Sep 12, 2019

Bank stocks dive as ECB's restart of QE tanks Treasury yields
Shares of bank and other financial stocks suffered broad declines in premarket trading Thursday, after the restart of quantitative easing by the European Central Bank sent U.S. Treasury yields sliding. The SPDR Financial Select Sector ETF fell 0.8% in premarket trading. Among the more active components, shares of Bank of America Corp. fell 1.2%, Citigroup Inc. shed 1.2%, J.P. Morgan Chase & Co. lost 1.0%, Wells Fargo & Co. declined 0.8% and Goldman Sachs Group Inc. gave up 0.7%. After the ECB's moves, the yield on the 10-year Treasury note declined 6.2 basis points to 1.671%. Lower longer-term yields can hurt bank profits, as it narrows the spread between what banks earn on longer-term assets, such as loans, that are funded with shorter-term liabilities. The financial ETF has gained 18.1% year to date through Wednesday while the Dow Jones Industrial Average has rallied 16.3%.

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MarketWatch MarketPulse
Sep 12, 2019

Walmart expanding grocery delivery subscription service to 1,600 stores
Walmart Inc. announced early Thursday that it will expand its Delivery Unlimited service to 1,600 stores across the country by the end of the year. Delivery Unlimited is a grocery delivery membership program that gives customers the option to pay $98 annually or $12.95 monthly for unlimited grocery delivery orders. Customers can also opt for per-order delivery without a membership. Walmart began piloting Delivery Unlimited in Houston, Miami, Salt Lake City and Tampa earlier this year. Today, it's available in 200 metropolitan areas. Grocery Pickup, which gives customers the option to order and pick up their groceries without leaving their car, is available in 3,000 stores. Walmart stock is up 24.6% for the year to date while the Dow Jones Industrial Average is up 16.3% for the period.

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Sep 12, 2019

Kroger stock rises after earnings beat
Kroger Co. stock rose 2.1% after the grocer reported second-quarter earnings that beat expectations. Net income totaled $297 million, or 37 cents per share, down from $508 million, or 62 cents per share, last year. Adjusted EPS of 44 cents beat the FactSet consensus for 41 cents. Sales of $28.17 billion were up from $28.01 billion but just below the FactSet guidance for $28.37 billion. Digital sales rose 31%. Same-store sales without fuel were up 2.2%, beating the 1.9% growth FactSet forecast. Kroger maintained its 2019 guidance for same-store sales growth of 2.0% to 2.25%, EPS of $2.30 to $2.40, and adjusted EPS of $2.15 to $2.25. FactSet is guiding for same-store sales growth of 1.9% and EPS of $2.17. Kroger stock has fallen 7% in 2019 while the S&P 500 index has rallied 19.7% for the period.

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Sep 12, 2019

Avaya's stock tumbles after company said strategic review is 'ongoing'
Shares of Avaya Holdings Corp. tumbled 11% in premarket trading Thursday, after the business communications company said its review of strategic alternatives is "ongoing" and remains in advanced discussions. The company had previously said it expected its review of strategic alternatives would be concluded in mid-September. The stock had rallied in mid-August after Bloomberg reported Avaya was considering a buyout bid from Canada-based rival Mitel Networks. Avaya's stock has gained 8.0% over the past three months but was down 10.2% year to date, while the S&P 500 has gained 4.2% the past three months and rallied 19.7% this year.

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Sep 12, 2019

Tocagen's stock plunges toward record low after late-stage trial of cancer treatment misses primary endpoint
Shares of Tocagen Inc. plummeted 82% on heavy volume toward a record low, enough to pace all premarket decliners Thursday, after the gene company said a late-stage trial of its brain cancer treatment failed to meet its primary endpoint of survival compared with standard of care treatment. Trading volume of 975,000 shares ahead of the open was already more than triple the full-day average of about 253,000 shares. The company said all secondary endpoints of the phase 3 trial evaluating Toca 511 and Toca FC in patients with recurrent high grade glioma undergoing resection showed no meaningful difference between the arms of the trial. The company said further analysis of the trial data is underway. The stock is on track to open below the $1 mark, below the previous record low close of $3.00. It had already tumbled 49.1% year to date through Wednesday, while the S&P 500 [: spx] had gained 19.7%.

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Sep 12, 2019

Universal Display stock falls after Susquehanna turns bearish
Universal Display Corp. shares are off 5% in premarket trading Thursday after Susquehanna analyst Mehdi Hosseini downgraded the stock to negative from neutral. "With a share price that's near $200, this already dials in our view of 'best case' cash earnings of $10, which seems to have been pushed out further due to slower penetration into the smartphone end market," he wrote. While Hosseini thinks China could help lower the cost of organic light-emitting diode (OLED) screens in smartphones, he doesn't predict that happening before 2021. Universal Display shares have doubled on the year, while the S&P 500 has risen 20%.

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MarketWatch MarketPulse
Sep 12, 2019

Euro falls to 2-year low in wake of ECB decision
The euro fell to a two-year low in wake of the European Central Bank decision to cut interest rates and restart bond purchases. The euro fell to as low as $1.0954 from $1.1010 on Wednesday.

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Sep 12, 2019

Saks Fifth Avenue parent reports wider losses, sales miss
Hudson's Bay Co. reported a second-quarter net loss of C$984 million, including discontinued operations, or C$5.35 per share, after a loss of C$280 million, or C$1.45 per share, for the same period last year. Net loss from continuing operations was C$462 million, or C$2.51 per share. Revenue of C$1.85 billion was down from C$1.86 billion last year. The FactSet consensus was for a loss of C$0.57 per share and sales of C$2.13 billion. Hudson's Bay's portfolio includes its namesake chain and the luxury department store Saks Fifth Avenue. Hudson's Bay announced in late August that it was selling Lord & Taylor to clothing rental subscription company Le Tote for US$132.7 million. Consolidated same-store sales fell 0.4%, though same-store sales for Saks Fifth Avenue rose 0.6%. The Hudson's Bay chain reported a 3.4% same-store sales decline. FactSet forecast a 0.7% same-store sales drop. "With the Lord & Taylor sale agreement, our focus is now squarely on Saks Fifth Avenue and Hudson's Bay - businesses that have the greatest potential for HBC amid the consolidating industry," said Chief Executive Helena Foulkes, in a statement. Hudson's Bay stock has gained 40% for the year to date while the S&P 500 index is up 19.7% for the period.

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MarketWatch MarketPulse
Sep 12, 2019

Europe stocks turn higher while bund yield falls post ECB decision
European stocks turned higher after the European Central Bank announced a series of measures to help the eurozone economy, including a 10 basis point decline in the deposit rate and a plan to restart bond purchases in November. The Stoxx Europe 600 rose 0.5%. The yield on the benchmark 10-year bund however weakened, down to -0.63%, a loss of 7 basis points on the day.

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MarketWatch MarketPulse
Sep 12, 2019

ECB cuts deposit rate, restarts bond-buying program
The European Central Bank on Thursday cut its deposit rate further into negative territory, decreasing it by 10 basis points to negative 0.5%, while also announcing it would restart its monthly bond-buying program as it attempts to lift a moribund eurozone economy. Among other measures, the ECB also extended its so-called forward guidance on rates, saying they wold remain at "present or lower levels" until the inflation outlook "robustly" converges with the bank's target inflation rate of near but just below 2%. Previously, the ECB said it intended rates to remain at present or lower levels through the first half of next year. The ECB also made adjustments to its targeted long-term refinancing operations to further encourage lending and, in a bid to ease pressure on bank profitability from a lower deposit rate, announced it would introduce a tiered system that would exempt a chunk of excess reserves parked by banks with the ECB from the negative rate. ECB President Mario Draghi's news conference is scheduled to begin at 8:30 a.m. Eastern.

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MarketWatch MarketPulse
Sep 12, 2019

Walgreens to give customers using Apple's Apple Card 3% cash back on purchases
Walgreens Boots Alliance Inc. said Thursday customers who use Apple Inc.'s Apple Card with Apple Pay on eligible purchases will receive 3% cash back. Apple's stock rose 0.6% in premarket trading and Walgreens shares were still inactive. The eligible purchases will include prescription bought in Walgreens and Duane Reade stores and those made on the Walgreens app and its website. Walgreens said it will also expand the number of stores carrying Apple accessories, such as lightning cables, EarPods and iPhone cases to 2,600 stores nationwide. "We know our customers love Apple Pay and they're looking for convenient ways to shop and pay for their purchases at Walgreens," said Walgreens' Chief Merchandising Officer Joe Hartsig. Year to date, Walgreens's stock has lost 15.0% and Apple shares have run up 41.8%, while the Dow Jones Industrial Average has gained 16.3%.

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MarketWatch MarketPulse
Sep 12, 2019

Amazon to create 300 jobs in Texas with opening of new air hub
Amazon.com Inc. said Thursday it will create 300 new jobs as its new Dallas-Fort Worth regional air hub is scheduled to open in October. The air hub was designed to support the larger-scale regional needs of Amazon Air, including sortation capabilities and infrastructure to handle multiple daily flights. "We are excited to start flying to and from our new facility at the Fort Worth Alliance Airport very soon -- this facility will allow us to offer even more selection and faster delivery to our customers," said Sarah Rhoads, vice president at Amazon Global Air. Amazon's stock, which rose 0.8% in premarket trading, has climbed 21.4% year to date through Wednesday, while the Dow Jones Industrial Average has gained 16.3%.

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MarketWatch MarketPulse
Sep 12, 2019

Aurora Cannabis stock to be pressured by need for 'significant' capital raise, analyst says
The U.S.-listed shares of Aurora Cannabis Inc. sank 9.2% in premarket trading, ahead of the cannabis company's post-earnings conference call scheduled for 9 a.m. Eastern. The company reported late Wednesday fiscal fourth-quarter revenue that missed expectations that had already been lowered. Stifel Nicolaus analyst Andrew Carter reiterated his hold rating, saying he believed the stock will remain under pressure given expectations of a capital raise in the coming months. "We believe Aurora will have to come to the capital markets by calendar 1Q20 for a significant ask to fund the aggressive growth agenda," Carter wrote in a note to clients. He believes that is likely to weigh on investors sentiment. The stock has lost 16.3% over the past three months, while the ETFMG Alternative Harvest ETF has slumped 20.8% and the S&P 500 has gained 4.2%.

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MarketWatch MarketPulse
Sep 12, 2019

Turkey's central bank cuts key rate by 3.25 percentage points
Turkey's central bank dramatically cut interest rates by 3.25 percentage points, cutting its key rate to 16.5% from 19.75%. "Recently, advanced economy central banks have started to adopt more expansionary policies as global economic activity weakened and downside risks to inflation heightened. While these developments support the demand for emerging market assets and the risk appetite, rising protectionism and uncertainty regarding global economic policies are closely monitored in terms of their impact on both capital flows and international trade," the central bank said. The dollar fell to 5.6810 lira from 5.7512.

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MarketWatch MarketPulse
Sep 12, 2019

JetBlue's August load factor falls, as capacity growth outpaces rise in traffic
JetBlue Airways Corp. reported a near two percentage point drop drop in August load factor, as growth in supply of seats outpaced the increase in demand. The air carrier said load factor was 86.9% last month, down from 88.7% a year ago. Capacity rose 6.1% to 5.64 billion available seat miles, while traffic increased 3.9% to 4.91 billion revenue passenger miles. Year to date, load factor has declined to 85.2% from 86.3%. The company affirmed its third-quarter guidance for revenue per available set mile (RASM) of -2.0% and flat. The stock, which was still inactive in premarket trading, has lost 10.0% over the past three months while the NYSE Arca Airline Index has slipped 2.1% and the S&P 500 has gained 4.2%.

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MarketWatch MarketPulse
Sep 12, 2019

Hertz's stock rises after Icahn discloses stake increased to over 30%
Shares of Hertz Global Holdings Inc. rose 4.1% in premarket trading Thursday, after billionaire investor Carl Icahn disclosed that he increased his stake in the car rental company to 30.1% of the shares outstanding. In a 13D filing with the Securities and Exchange Commission, Icahn and funds he controlled said they owned 42.77 million Hertz shares, up from 41.90 million shares, or 29.5% of the shares outstanding in mid-July. Icahn Associates Holding LLC is by far Hertz's largest shareholder, according to FactSet. Hertz's stock has gained 20.5% year to date but has lost 17.1% over the past 12 months, while the S&P 500 has tacked on 3.9% over the past year.

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MarketWatch MarketPulse
Sep 12, 2019

Alphabet's Google ordered by NLRB to assure employees they can speak out on political, workplace issues--WSJ
Google, a unit of Alphabet Inc. , has been ordered by federal regulators to assure its employees that they are allowed to speak out on workplace and political issues, according to a report in The Wall Street Journal. The report, which cited people familiar with the matter, said the National Labor Relations Board's (NLRB) move comes after current and former employees complained that they were retaliated against for raising concerns about equality and freedom of speech. Alphabet's stock edged up 0.3% in premarket trading. It has rallied 16.8% year to date, while the S&P 500 has advanced 19.7%.

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MarketWatch MarketPulse
Sep 12, 2019

Ligand Pharmaceuticals approves new $500 million stock buyback program
Ligand Pharmaceuticals Inc. disclosed Thursday that a new program to repurchase up to $500 million worth of stock over the next three years was approved by the company's board. Based on Wednesday's stock closing price of $91.80, the biopharmaceutical company could buy back up to 5.45 million shares, or 28.6% of the shares outstanding as of Aug. 7. The company said its previous $350 million stock repurchase program was terminated after it had bought back 2.97 million shares for about $350 million. Separately, Ligand disclosed that it had entered into a commercial platform license agreement with Hong Kong-based Kira Pharmaceuticals, which is focused on treatments for immunological diseases and cancer immunotherapy, in which Kira will be able to use OmniAb platform rodents and birds to discover fully human mono- and bispecific antibodies. Ligand will be eligible to receive milestone payments and tiered royalties for each product delivering an OmniAb antibody. The stock, which was still inactive in premarket trading, has slumped 32.4% year to date while the S&P 500 has gained 19.7%.

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MarketWatch MarketPulse
Sep 12, 2019

ValueAct reports it's taken a 5.2% stake in LKQ
Activist investor ValueAct Capital has taken a 5.2% stake in LKQ Corp. , the auto parts company, according to a Securities and Exchange Commission filing.

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MarketWatch MarketPulse
Sep 12, 2019

China could start buying U.S. soybeans, pork again: report
China may allow for U.S. imports of soybeans and pork, amid steps by both countries to ratchet down trade-war tensions, Bloomberg News reported, citing sources. China's Ministry of Commerce said companies have begun to ask about prices for some U.S. farm products, the report said. U.S. stock futures rose early Thursday after President Donald Trump tweeted that he will delay pushing through higher tariffs on $250 billion of Chinese goods for two weeks as a "gesture of good will." China placed retaliatory tariffs on soybeans, pork and other items last year, pressuring American farmers and forcing the Trump administration to funnel billions in aid to the sector.

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MarketWatch MarketPulse
Sep 12, 2019

Non-OPEC supply boost will lessen need for OPEC output, IEA says
U.S. expansion, plus big gains from Norway and Brazil, is set to boost non-OPEC supply growth in 2020 to 2.3 million barrels a day from 1.9 million barrels a day this year, the International Energy Agency said in its monthly outlook. The non-OPEC surge will cut the need for OPEC crude to 28.3 million barrels a day, which is 1.4 million barrels a day below its August output. The IEA kept its 2019 and 2020 global oil demand growth forecasts unchanged at 1.1 million barrels a day and 1.3 million barrels a day.

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MarketWatch MarketPulse
Sep 12, 2019

Anheuser-Busch InBev shares rally on plans for slimmed-down Hong Kong IPO
Anheuser-Busch InBev shares jumped 4.6% in Belgium on Thursday amid reports the parent of beer giant Budweiser is planning to list a slimmer version of its Asia unit. The company is planning to raise $5 billion in an initial public offering for its Budweiser Brewing Co. APAC LTD. unit in a Hong Kong offering that could be done by the end of September, said sources cited by The Wall Street Journal. The news comes two months after the European beer giant called off that listing.

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MarketWatch MarketPulse
Sep 12, 2019

Alstom shares tumble after Bouygues sells stake
Shares of Alstom SA tumbled nearly 5% on Thursday after telecoms group Bouygues SA said it has sold a 13% stake in the French multinational group. Bouygues said it remains Alstom's main shareholder with a 14.7% stake even after that sale. Shares of Bouygues rose 0.8% in Paris.

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MarketWatch MarketPulse
Sep 11, 2019

Yahoo Japan looks to buy Japan's Zozo for $3.7 billion: reports
Yahoo Japan Corp. intends to buy a majority stake in Japanese online fashion retailer Zozo Inc. for about $3.7 billion, according to multiple reports Wednesday. Nikkei Asian Review reported Yahoo Japan plans to purchase 50.1% of Zozo and make it a subsidiary. Zozo founder and CEO Yusaku Maezawa has stepped down, and Reuters reported he will sell his 30% stake in the company. The move will allow Yahoo Japan to compete in e-commerce with Amazon.com Inc. and Japan-based Rakuten Inc. . Reports said the billionaire Maezawa will shift his focus to pursuing his many personal interests. In 2017 he bought a Basquiat painting for a record $110.5 million, and last year SpaceX announced he will be the first space tourist to fly to the moon.

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MarketWatch MarketPulse
Sep 11, 2019

Trump to delay tariff hikes on $250 billion in Chinese goods until Oct. 15
President Donald Trump announced late Wednesday that he will delay implementing higher tariffs on $250 billion of Chinese goods for two weeks. In a series of tweets, Trump said the tariff hikes -- from 25% to 30% -- that were scheduled to take effect Oct. 1 will now go into effect Oct. 15. Trump said he's doing so at the request of China's top trade negotiator, Liu He, and "due to the fact that the People's Republic of China will be celebrating their 70th Anniversary." U.S. and Chinese trade negotiators will reportedly meet in early October, and the delay could be a sign of goodwill before the talks. U.S. stock market futures shot up immediately after the tweets, with Dow Jones Industrial Average futures up about 150 points.

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MarketWatch MarketPulse
Sep 11, 2019

SmileDirectClub prices IPO at $23 a share for valuation of $10 billion
SmileDirectClub Inc. announced Wednesday afternoon that it will sell shares in its initial public offering for $23 apiece, higher than it previously expected. The company, which sells clear teeth aligners, had targeted a range of $19 to $22, but said Wednesday that it will sell 58.5 million shares at $23 to raise about $1.35 billion at an initial market valuation of about $10 billion. Underwriters, led by JP Morgan and Citigroup, have access to an additional 8.8 million shares that could push those totals higher. SmileDirect shares are expected to begin trading Thursday morning on the Nasdaq Global Select Market under the ticker symbol SDC.

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MarketWatch MarketPulse
Sep 11, 2019

Yelp stock gains after report of Groupon acquisition interest
Shares in Yelp Inc. gained in after-hours trading Wednesday following a report that Groupon Inc. could attempt to acquire the company. The Wall Street Journal reported Wednesday afternoon that Groupon is seeking a large acquisition amid unrest from some prominent investors. Two anonymous sources told the Journal that Yelp could be the target, even though Yelp is worth substantially more than Groupon. At Wednesday's close, Yelp had a market capitalization of $2.46 billion, while Groupon was worth $1.71 billion, according to FactSet. One investor, Robert Chapman of Chapman Capital LLC, told the Journal that he sold his 1.5% stake in Groupon on Tuesday because he considered the path of a large acquisition too risky, and had been trying to convince management to instead buy back more stock or sell itself. Yelp shares gained about 3.5% after the report hit Wednesday afternoon, while Groupon shares were not immediately affected.

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MarketWatch MarketPulse
Sep 11, 2019

DXC Technology stock falls after CEO retires
DXC Technology Co. shares declined in the extended session Wednesday after the IT services company said Mike Lawrie retired as president and chief executive and was succeeded by Mike Salvino. DXC shares fell 6.8% after hours, following a 1.3% rise to close at $36.49 in the regular session. DXC said Lawrie will remain on as chairman until the end of the year. DXC said Salvino most recently served as a managing director at tech private-equity firm Carrick Capital Partners.

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MarketWatch MarketPulse
Sep 11, 2019

Tommy Bahama parent Oxford Industries falls after Q2 earnings
Shares of Oxford Industries Inc. fell nearly 10% in the extended session Wednesday after the parent company of Tommy Bahama, Lilly Pulitzer and other brands reported fiscal second-quarter earnings that fell short of Wall Street expectations and tweaked its guidance for the year. Oxford Industries said it earned $29.9 million, or $1.76 a share, in the second quarter, compared with $1.61 a share in the year-ago period. Adjusted for one-time items, Oxford earned $1.84 a share, compared with $1.83 a share a year ago. Sales fell to $302 million, compared with $302.6 million a year ago. Analysts polled by FactSet had expected Oxford Industries to report adjusted earnings of $1.86 a share on sales of $308 million. The company changed its fiscal 2019 guidance to account for "additional tariffs" in the second half of the year, it said. GAAP EPS is seen between $4.15 and $4.35, and adjusted EPS is expected to be between $4.25 and $4.45. Sales are seen between $1.135 billion and $1.155 billion, the company said. Oxford Industries had ended the regular trading day up 1.8%.

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MarketWatch MarketPulse
Sep 11, 2019

Oracle stock slips as revenue comes up short, Hurd takes leave
Oracle Corp. shares declined in the extended session Wednesday after the database giant reported revenue short of Wall Street estimates and said one of its co-chief executives was taking a leave of absence. Oracle shares declined 3.9% after hours, following a 1.5% rise in the regular session to close at $56.29. The company reported fiscal first-quarter net income of $2.14 billion, or 63 cents a share, compared with $2.27 billion, or 57 cents a share, in the year-ago period. Adjusted earnings were 81 cents a share. Revenue rose to $9.22 billion from $9.19 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 81 cents on revenue of $9.29 billion. Oracle said that co-CEO Mark Hurd will be taking a leave of absence ddue to health reasons, and that co-CEO Safra Catz and Chairman Larry Ellsion will cover Hurd's duties. The company also said its board increased its share repurchase authorization by $15 billion. Oracle had previously scheduled its earnings report for Thursday after the bell.

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MarketWatch MarketPulse
Sep 11, 2019

Sanmina names Hartmut Liebel its new CEO
Sanmina Corp. said late Wednesday its board of directors has named Hartmut Liebel the company's new chief executive, effective Sept. 30. Liebel will succeed Michael Clarke, who will have an advisory role through the transition, the electronics maker said. Liebel joined Sanmina in July as president and chief operating officer, and prior to that held positions at iQor and Jabil Inc. Shares of Sanmina were flat in the extended session Wednesday after ending the regular trading day up 3.4%.

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MarketWatch MarketPulse
Sep 11, 2019

Tailored Brands stock down 33% after resuming trading
Tailored Brands Inc. fell 33% in the extended session Wednesday after the stock was halted at the last hour of the regular trading following the retailer's second-quarter earnings. Tailored Brands, the owner of Men's Wearhouse and other apparel brands, reported mixed second-quarter earnings, halted its dividend, and called for lower profits in the third quarter. For the third quarter, the company said it expects adjusted EPS between 40 cents and 45 cents, compared with an analyst expectation of 88 cents a share, according to FactSet. Tailored also called for sales declines across the board in the quarter, including a fall between 3% and 5% in same-store sales at Men's Wearhouse. Tailored Brands said it expects a net closure of seven stores across Men's Wearhouse and Jos. A. Bank for the quarter. The company halted its dividend to pay down debt, it said. The stock has lost 47% this year, versus gains of 20% for the S&P 500 index.

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MarketWatch MarketPulse
Sep 11, 2019

Dow ends within 1% of record but small-caps wallop broader market on the day with a 2% surge
The Dow Jones Industrial Average on Wednesday matched its longest win streak since June and small-capitalization stocks surged by 2% as hope of easy-money policies provided a boost for stock buying. The European Central Bank will deliver a policy decision on Thursday morning, which could influence the Federal Reserve's actions next week, market participants said. The Dow closed up 228 points, or 0.9%, at 27,137, marking its sixth straight gain, the longest win streak since a similar rally ended June 10 and putting blue-chips 0.8% away from its July 15 record at 27,359. The S&P 500 closed at a psychologically important level above 3,000, up 0.7% at 3,000.93, putting the broad-market benchmark also 0.8% shy of its recent high on July 26, while the Nasdaq Composite Index rose 1.1% to 8,170, putting the index about 1.9% short of its recent peak. But the best performance has been among small-caps, as measured by the Russell 2000 index , which was up more than 2% on Wednesday and has gained 4.6% so far this week, besting all three main stock benchmarks for the day and week.

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MarketWatch MarketPulse
Sep 11, 2019

Tailored Brands calls for lower profit in Q3, halts dividend
Tailored Brands Inc. stock was halted late Wednesday after the retailer, which owns Men's Wearhouse and other apparel brands, reported mixed second-quarter earnings, halted dividend, and called for lower profits in the third quarter. Tailored said it earned $34 million, or 68 cents a share, in the quarter, compared with $49 million, or 97 cents a share, a year ago. Adjusted for one-time items, Tailored earned $42 million, or 82 cents a share, compared with $1.07 a share a year ago. Sales fell 4.1% to $789.5 million, Tailored said. Analysts polled by FactSet had expected Tailored Brands to report a GAAP and adjusted EPS of 74 cents a share on sales of $789.2 million. For the third quarter, the company said it expects adjusted EPS between 40 cents and 45 cents, compared with an analyst expectation of 88 cents a share, according to FactSet. Tailored also called for sales declines across the board in the quarter, including a fall between 3% and 5% in same-store sales at Men's Wearhouse. Tailored Brands said it expects a net closure of seven stores across Men's Wearhouse and Jos. A. Bank for the quarter. The company is halting its dividend to pay down debt, it said. The stock rose 7% before the halt, and has lost 47% this year, versus gains of 20% for the S&P 500 index.

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MarketWatch MarketPulse
Sep 11, 2019

Mallinckrodt's stock falls, as credit downgrade takes some shine off recent surge
Shares of Mallinckrodt PLC slumped 14% in afternoon trading Wednesday, to pullback after they more than doubled over the past three sessions. On Wednesday, S&P Global Ratings cut the troubled specialty drug company's long-term credit rating by two notches to CCC from B , while maintaining a negative outlook. The downgrade moves Mallinckrodt's credit further into "junk," or speculative-grade status. According to S&P, debt rated at CCC is regarded as being "vulnerable to nonpayment," and is dependent on favorable business, financial and economic conditions to meet financial commitments. "While Mallinckrodt continues to generate positive free cash flow, we think the company's ability to access capital markets to refinance debt maturities is limited given uncertainty around the company's ultimate exposure to opioid liabilities, which we think could be significant. Given the maturity schedule and current debt trading levels, we think the risk of a distressed exchange is high," S&P said Wednesday. The stock ran up 85% on Tuesday, to bring its 3-day bounce off a record low to 144%, after Mallinckrodt announced a deal to sell its BioVectra subsidiary for $250 million. But the stock had closed at a record low as recently as Sept. 5, after Bloomberg reported the company had explored the possibility of bankruptcy ahead of federal opioid trials next month. The stock has plummeted 79% year to date, while the S&P 500 has gained 19%.

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MarketWatch MarketPulse
Sep 11, 2019

Exxon Mobil's stock slips, in danger of snapping longest win streak in 9 years
Shares of Exxon Mobil Corp. eased 0.2% in afternoon trading Wednesday, as crude oil prices sold off. While the oil giant's stock decline was fractional, it was significant because it would the first decline in 10 sessions. The nine-session win streak through Tuesday was the longest such streak since it rose for 11-straight days through Nov. 11, 2010. Crude oil futures fell 2.7%, as a Bloomberg report that President Trump was considering easing sanctions on Iran and a weaker demand outlook from OPEC offset a report of a a big draw down in supplies. Exxon Mobil's stock had gained 7.3% during its win streak, but was still down 3.9% over the past three months, while the Dow Jones Industrial Average has gained 3.8% the past three months.

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MarketWatch MarketPulse
Sep 11, 2019

U.S. oil futures settle at the lowest in over a week
Oil futures fell Wednesday, with U.S. prices settling at their lowest in just over a week, as a report that President Donald Trump discussed easing sanctions on Iran raised the potential return of Iranian oil to the global market. Also contributing to the oil-price decline, the Organization of the Petroleum Exporting Countries cut its oil demand forecasts for this year and next, in a monthly report issued Wednesday. October West Texas Intermediate oil fell $1.65, or 2.9%, to settle at $55.75 a barrel on the New York Mercantile Exchange. That was the lowest finish since Sept. 3, FactSet data show.

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MarketWatch MarketPulse
Sep 11, 2019

T. Boone Pickens, renowned energy executive and entrepreneur, dies at 91
T. Boone Pickens, the renowned American energy executive, died Wednesday at the age of 91, reports said. The Dallas Morning News said he died of natural causes at his home.

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MarketWatch MarketPulse
Sep 11, 2019

Trump says 'strong action' may be needed on vaping to protect children
President Donald Trump said Wednesday that "very, very strong action" may be needed on vaping to protect "innocent children." A White House pool report said Trump was joined in the Oval Office by top U.S. health officials and that the administration is attempting to ban non-tobacco flavored vaping products from the market. Shares of Altria Group Inc. , which owns a 35% stake in Juul, were down fractionally as Trump's comments came out.

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MarketWatch MarketPulse
Sep 11, 2019

Tesla stock jumps nearly 5%, its best in seven weeks
Shares of Tesla Inc. on Wednesday hovered at their best in seven weeks and extended their gains to a third straight session. The stock is up more than 8% in September, a contrast with losses of nearly 7% in August. Chief Executive Elon Musk late Tuesday tweeted the Model S, Tesla's luxury sedan, had just set a record for the fastest four-door sedan "ever," promising a video of the alleged feat later today. Tesla shares have lost 26% this year, in contrast with gains of more than 19% for the S&P 500 index.

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MarketWatch MarketPulse
Sep 11, 2019

Oil prices suffer a sharp drop on report that Trump has discussed easing sanctions on Iran
Oil prices suffered a sharp move lower Wednesday after Bloomberg News reported that President Donald Trump discussed easing sanctions on Iran in a move to secure a meeting with Iranian President Hassan Rouhani later this month. That could lead to more oil on the market. The move comes a day after Trump announced that National Security Adviser John Bolton, who had argued to push Iranian oil exports to zero, would step down. October West Texas Intermediate oil fell $1.15, or 2%, to $56.24 a barrel on the New York Mercantile Exchange. November Brent oil fell $1.26, or 2%, to $61.12.

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MarketWatch MarketPulse
Sep 11, 2019

Apple's stock surge boosts market cap to above $1 trillion
The surge in Apple Inc.'s stock has propelled the technology giant's market-capitalization back into trillion-dollar territory for the first time in 10 months. The stock surged 2.6% in midday trading, in the wake of Apple's iPhone launch event on Tuesday. Based on 4.52 billion shares outstanding as of July 19, that would lift Apple's market cap to $1.004 trillion. The last time Apple's market-cap closed above $1 trillion was Nov. 1, 2018. Apple is still just the second-most valuable U.S. company by market cap, behind first-place Microsoft Corp.'s $1.035 trillion. Apple is well ahead of third-place Amazon.com Inc. , which is currently worth $904.7 billion. Apple's stock has now run up 41% year to date, while the Dow Jones Industrial Average has gained 16%.

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MarketWatch MarketPulse
Sep 11, 2019

Dow retakes perch at 27,000 as blue-chip index attempts to stretch gains to 6th session
The Dow Jones Industrial Average late-morning Wednesday was extending a multiday climb that has pushed it above the psychologically significant of 27,000 for the first time in weeks. The Dow , most recently was up 80 points, or 0.3%, at 26,991, but had hit an intraday peak at 27,003.69, marking its first trade above the round-number milestone since August 1 on an intraday basis and July 30 on a closing basis, according to FactSet data. The index is on track to match its longest win streak--six consecutive days-- since the period ended June 10.

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