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MarketWatchMay 22, 2019
Market Snapshot: Stocks end lower as lingering trade woes overshadow Fed minutes
U.S. stocks finish lower Wednesday as lingering trade woes overshadow the release of the minutes from the Federal Reserve's policy meeting that was largely interpreted as accommodative.

MarketWatch MarketPulseMay 22, 2019
Dow ends with triple-digit loss as weak retailer earnings offset Fed minutes
U.S. stocks ended lower at the closing bell on Wednesday after a raft of weaker-than-expected earnings from retailers overshadowed the Federal Reserve's minutes where it reiterated the central bank's patient stance. The S&P 500 fell 0.3% to finish around 2,856. The Dow Jones Industrial Average retreated 101 points, or 0.4%, to end near 25,776. The Nasdaq Composite was down 0.4% to finish around 7,751. Shares of Lowe's Cos. and Nordstrom Inc. fell 9% and 12%, respectively, after both delivered worse-than-expected first-quarter earnings. The Fed's minutes from its most recent meeting showed officials were comfortable with the central bank's accommodative policies, though they were split on the outlook for interest rates. Trade tensions continued to linger in investors' horizons even as China's ambassador to the U.S. said late Tuesday Beijing was open to renewing trade negotiations.

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 MarketPulseMay 22, 2019
Avon shares skyrocket after Brazil's Natura plans all-stock acquisition
Shares of Avon Products Inc. rose more than 15% in the extended session Wednesday after Brazilian cosmetics and skin care company Natura & Co. said it planned to buy the iconic U.S. counterpart in an all-stock deal that would create the fourth largest pure-play beauty group in the world. Natura takes a page from Avon's roots in peer-to-peer sales and an army of consultants, and the combined company is expected to have annual gross revenue of more than $10 billion, employ more than 40,000 associates, and be present in 100 countries. "By adding Avon to a portfolio that already includes Natura, The Body Shop and Aesop, Natura & Co will enhance its ability to better serve its different consumer profiles and distribution channels and expand into new geographies," Natura said in a statement. The deal values Avon around $3.7 billion, and the combined group would have an enterprise value of about $11 billion. Natura plan to list American depositary shares on the New York Stock Exchange after the deal is completed, which is expected in early 2020.

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.



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MarketWatch MarketPulseMay 22, 2019
Putin put Trump at disadvantage, Tillerson reportedly tells House panel
President Donald Trump was at a severe disadvantage during a 2017 meeting with Russian President Vladimir Putin because Trump wasn't prepared, former Secretary of State Rex Tillerson told lawmakers this week, the Washington Post reported Wednesday. Tillerson said the two-hour meeting in Hamburg, Germany, was only supposed to be a brief conversation, but Putin seized the initiative and "created an unequal footing" by discussing a range of global issues, the Post reported. Tillerson spoke Tuesday to a bipartisan group of House Foreign Affairs Committee members and staffers. Trump has, in the past, boasted that he does not need to prepare for meetings with foreign leaders because he relies on instinct. Tillerson, who was fired by Trump last year, also said he did not share Trump's values, though he said both had U.S. interests at heart, the Post said. He also detailed clashes with Trump's son-in-law, Jared Kushner, who he said did not follow diplomatic protocol, did not communicate enough with the State Department and put himself at risk of being outmaneuvered by foreign officials, the Post reported.

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 MarketPulseMay 22, 2019
Dallas Fed's Kaplan: 'Agnostic' whether next interest rate move will be 'up or down'
Dallas Fed President Robert Kaplan said Wednesday that he is solidly in the "patient" camp on interest rates and had no position on whether the next interest rate policy move will be to ease or tighten. Asked on the Fox Business Network if the next move by the Fed would be a rate cut, Kaplan replied: "We're basically, I think, at the right policy setting. I'm sort of agnostic at this point between about moving rates up or down." Kaplan said he would need to see something "compelling" that would cause him to end this patient stance. Financial stability concerns was one reason not to cut rates now, he said. "I'm hesitant while we're at or past full employment and the economy is running at solid rates... that adding further accommodation to the economy could create excesses and imbalances that could be painful to deal with in the years ahead," Kaplan said. While he is not a voter, Kaplan is influential given that he is a member of a small subcommittee of Fed officials that focuses on communication strategy.

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 MarketPulseMay 20, 2019
Carvana launches debt, equity offer
Carvana Co. said late Monday it launched an offering of shares and debt for general corporate purposes. The used-car buying online company is looking to sell 3.5 million shares plus rights for the underwriters to buy additional shares. Wells Fargo Securities and Citigroup are among the underwriters. Carvana is also offering $250 million of additional 8.875% senior notes due 2023 in a private offering, the company said. Shares of Carvana fell more than 4% in the extended session after ending the regular session down 1.4%.

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.


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