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MarketWatch MarketPulseSep 19, 2019
Bank of England holds rates as it says excess supply has reemerged
The Bank of England voted unanimously to hold interest rates at 0.75% and maintain its government purchases at £435 billion. The Bank of England said underlying growth has slowed, but remains slightly positive, and that a degree of excess supply appears to have opened up within companies. "Entrenched Brexit uncertainties and slower global growth have led to the re-emergence of a margin of excess supply. Increased uncertainty about the nature of EU withdrawal means that the economy could follow a wide range of paths over coming years. The appropriate response of monetary policy will depend on the balance of the effects of Brexit on demand, supply and the sterling exchange rate," the central bank 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 MarketPulseSep 19, 2019
Marathon CEO says 'there's a bubble in corporate credit'
The chief executive officer of Marathon Asset Management Bruce Richards said "there's a bubble in corporate credit," at the CNBC Institutional Investor Delivering Alpha conference on Thursday. He said the level of debt on the balance sheets of U.S. corporations was "unprecedented," pointing to the rapid growth of the leveraged loan sector, bank loans made out to sub-investment grade corporations. Richards said he was "setting up for the next distressed cycle" and that the run-up in corporate debt performance was overextended.

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 MarketPulseSep 19, 2019
Microsoft stock hits new high after dividend hike, new buyback program
Microsoft Corp. shares are on track to close at a new record high on Thursday following the company's announcement of an 11% dividend increase and the approval of a new $40 billion stock buyback program. The stock hit a new intraday high of $141.83 and is currently trading above its previous record close of $141.32 from July 26. "Given $133 billion in cash (~$60 billion in net cash), the move to increase the dividend and share buy-backs should be welcomed by investors," Oppenheimer analyst Timothy Horan said in a note to clients. Microsoft is leading the Dow Jones Industrial Average higher on Thursday, and its dividend hike puts the stock's implied yield at 1.47%, above Apple Inc.'s 1.38%. Microsoft's stock is up 40% so far this year, while Apple shares are up 41% and the Dow is up 17%.

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 MarketPulseSep 19, 2019
Man Group CEO says fears around banks no longer providing liquidity is 'overstated'
Man Group CEO Luke Ellis said complaints about the shrinkage of banks' trading operations after the financial crisis was "overstated," at the CNBC Institutional Investor Delivering Alpha conference on Thursday. He said "the markets have moved beyond banks providing liquidity." Market participants have worried that the falling size of Wall Street dealer balance sheets means corporate credit markets are starved of liquidity when they come under stress. "There is an amazing amount of client capital around when anything backs up in yield," said Ellis, suggesting there were plenty of investors who would scoop up securities when their prices cheapened.

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 MarketPulseSep 19, 2019
Stocks open slightly higher, buoyed by tech rally
Stocks opened slightly higher Thursday, with tech shares leading gains. The Dow Jones Industrial Average rose 73 points, or 0.2%, to 27,220, while the S&P 500 gained 8 points, or 0.3%, to 3,015. The Nasdaq Composite was up 32 points, or 0.4%, at 8,209. Shares of Microsoft Corp. rose 1.9% to lead Dow gainers and set the pace for the tech sector after announcing an 11% dividend hike and approving a $40 billion stock-repurchase 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 MarketPulseSep 19, 2019
Microsoft's stock leads Dow gainers after dividend hike lifts yield above Apple's
Shares of Microsoft Corp. rose 1.3% to pace the premarket gainers among the Dow Jones Industrial Average's components, after the software behemoth announced an 11% dividend hike and approved a $40 billion stock repurchase program. Based on Wednesday's stock closing price of $138.52, the new annual dividend rate of $2.04 raises Microsoft's implied dividend yield to 1.47% from 1.33%, to leapfrog Apple Inc.'s yield of 1.38% into 25th place among the Dow's 30 components. Apple's stock edged up 0.1% ahead of the open. The premarket stock gains indicates Microsoft will stretch its lead as the largest U.S. company by market capitalization, which was $1.06 trillion as of Wednesday's close, above second-place Apple at $1.01 trillion.

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 MarketPulseSep 19, 2019
Datadog's stock to debut after IPO prices above expected range
Shares of Datadog Inc. are expected to start trading Thursday, after the digital transformation and cloud migration software company's initial public offering priced late Wednesday above the expected range. The company said the IPO priced at $27 a share, above the expected pricing range of $24 to $26, which was raised earlier this week from $19 to $22. The company offered 24 million Class A shares in the IPO to raise $648 million, and could raise as much as $745.2 million if the underwriters exercise options granted to buy up to an additional 3.6 million shares. The stock will be listed on the Nasdaq exchange under the ticker symbol "DDOG." The company is going public at a time that the Renaissance IPO ETF has lost 5.6% over the past three months while the S&P 500 has gained 3.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseSep 19, 2019
CannTrust shares slide anew after AGLC says it will return C$1.3 million of its cannabis
CannTrust Holdings Inc. U.S.-listed shares fell about 8% in premarket trade Thursday, after the Canadian cannabis company said the Alberta Gaming, Liquor and Cannabis Commission (AGLC) has informed it that it will return all of company's products sold to it, which are valued at about C$1.3 million ($979,000). Under the terms of the supply agreement that CannTrust has with the AGLC, it can return goods sold for any reason and the company will be responsible for the cost of the goods and all other expenses related to the return, CannTrust said in a statement. The AGLC is responsible for wholesale distribution of cannabis products to licensed cannabis retailers in Alberta and operates independently of Health Canada, the Canadian health ministry. CannTrust, which earlier this week had its cannabis license suspended after it was found to be growing cannabis in unlicensed rooms, said it remains focused on achieving complete regulatory compliance. Shares have fallen 74% in 2019, while the ETFMG Alternative Harvest ETF has fallen about 4% and the S&P 500 has gained 20%.

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 MarketPulseSep 18, 2019
Ping Identity prices IPO shares at $15
Ping Identity Holding Corp. priced its initial public offering at $15 a share Wednesday evening, valuing the software company at more than $1 billion. Ping said it planned to sell at least 12.5 million shares at that price to raise at least $187.5 million at an initial valuation of about $1.16 billion. Vista Equity Partners acquired Ping in 2016 for an undisclosed sum, though The Information reported that Vista paid $600 million for the company. Vista will retain control of the company, holding more than 80% of the shares after the IPO. Underwriters - led by Goldman Sachs, BofA Merrill Lynch, RBC Capital Markets and Citigroup - have access to an additional 1.88 million shares that could drive the totals higher. Ping Identity is expected to begin trading Friday morning on the New York Stock Exchange under the ticker symbol PING.

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.



MarketWatchSep 18, 2019
Market Snapshot: U.S. stocks close mixed after Fed cuts rates but casts doubt on future stimulus
U.S. stocks ended Wednesday flat to higher, after the Federal Reserve announced it would cut its benchmark federal funds rate a quarter percentage point, in line with market expectations, but called into question whether there will be another rate cut this year or next.
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