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MarketWatch MarketPulseJan 16, 2019
Stocks open modestly higher as earnings season come into focus
Stocks rose at the opening bell on Wednesday as investors turned their attention to a raft of better-than-expected earnings from banks. The S&P 500 rose 0.2% to 2,615. The Dow Jones Industrial Average advanced 68 points, or 0.3%, to 24,133. The Nasdaq Composite was up 0.2% to 7,039. The bullish tone comes as heads of U.S. corporations pronounce their optimism over the economy's health in recent company guidance. Also giving equities a boost, the People's Bank of China injected a record $83 billion into the country's banks as Beijing attempts to arrest its own slowdown. Shares for Bank of America Corp. rose after the financial institution reported revenue and profits higher than analysts' expectations.

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 MarketPulseJan 16, 2019
Bank of America cut its workforce last year, but personnel costs per employee rose
Bank of America Corp. trimmed its workforce by 2.3% to 204,489, as of Dec. 31, after remaining relatively unchanged at around 209,000 the past two years. At the same time, personnel expense slipped just 1.6% to $31.88 billion, which lifts the personnel expense per employee by 2.2% to $155,901 from $152,506. The workforce cut comes as the number of financial centers in the U.S. fell 3.0% to 4,341, while the number of branded automated teller machines (ATMs) rose 1.3% to 16,255 after a 0.7% increase in ATMs in 2017. Overall, 2018 noninterest expenses declined 2.5% from 2017 to $53.38 billion. Axel Pierron, managing director of capital markets at consultancy Opimas, praised BofA's cost-cutting moves. "Bank of America's quarterly results demonstrate the bank's ability to adapt its expense structure to market conditions," Pierron said in an emailed comment to MarketWatch. "While there is still room for further improvement, the bank is nevertheless addressing the necessity of having a more flexible cost structure head-on." The stock surged 5.4% in premarket trade, after BofA beat fourth-quarter earnings and revenue expectations. The stock has declined 15.0% over the past 12 months through Tuesday, while the S&P 500 has slipped 6.0%.

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.



Google Business NewsJan 16, 2019
Goldman Sachs Earnings, Bank Of America Earnings Beat; Bank Stocks Rise - Investor's Business Daily
Goldman Sachs Earnings, Bank Of America Earnings Beat; Bank Stocks Rise  Investor's Business DailyGoldman Sachs shares surge after fourth-quarter profit tops expectations  CNBCGoldman Sachs, Bank of America earnings beat expectations, shares jump  Yahoo FinanceWhat's moving markets today: Live updates  CNNGoldman Sachs reports higher fourth-quarter trading revenue  Yahoo FinanceView full coverage on Google News

MarketWatch MarketPulseJan 16, 2019
Sears Chairman Eddie Lampert prevails with strengthened bid in bankruptcy auction: Reuters
Sears Holdings Corp. Chairman Eddie Lampert prevailed in a bankruptcy auction for the struggling department store chain with an improved takeover bid of roughly $5.2 billion, Reuters reported early Wednesday, citing people familiar with the dealings. The move, if confirmed, would allow the 126-year-old retailer to keep its roughly 425 stores across the U.S. open. Lampert's bid, boosted from an earlier $5 billion, won out after a weeks-long process and a days-long auction held behind closed doors. The billionaire's latest proposal, made through his hedge fund ESL Investments, includes more cash and assumes more liabilities, the sources said, according to Reuters.

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 MarketPulseJan 16, 2019
Nordstrom downgraded at Goldman Sachs as full-price same-store sales decelerate, shares tumble 8%
Goldman Sachs downgraded Nordstrom Inc. to neutral from buy as same-store sales growth on full-priced merchandise decelerates. Goldman has a $50 price target on Nordstrom stock. The downgrade follows the luxury retailer's holiday season sales announcement, which shows full-price same-store sales increased 0.3% compared with 1.9% growth for the third-quarter year-to-date. Nordstrom said full-price sales were below expectations. "Following two releases in which full-price comps have disappointed versus our expectations, we have fading confidence in the outlook for the core department store business, and see choppy gross margins as likely offsetting good news on costs as the company cycles generational investments," Goldman analysts led by Alexandra Walvis wrote in a note. The news follows disappointing results from retailers including Macy's Inc. . Nordstrom shares have sunk 8.4% in Wednesday premarket trading, and are down 24.5% over the past three months. The S&P 500 index has lost 7.1% in the last 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.



Google Business NewsJan 16, 2019
Goldman Sachs Q4 earnings results - Yahoo Finance
Goldman Sachs Q4 earnings results  Yahoo FinanceGoldman Profit Climbs on Deal Activity  Wall Street JournalGoldman Sachs shares surge after fourth-quarter profit tops expectations  CNBCWhat's moving markets today: Live updates  CNNGoldman Sachs reports higher 4Q profit  Fox BusinessView full coverage on Google News

Reuters Company NewsJan 16, 2019
GLOBAL MARKETS-World stocks hold nerve after May's Brexit defeat, pound steady
* MSCI world equity index down 0.1 pct, European stocks up 0.2 pct

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Market Snapshot: U.S. stocks poised for tepid gains as earnings roll out, partial shutdown enters 26th day (MarketWatch)

MarketWatch MarketPulseJan 16, 2019
Top Democrat Pelosi asks Trump to delay State of the Union
WASHINGTON (MarketWatch) - House Speaker Nancy Pelosi on Wednesday urged President Trump to postpone the State of the Union speech because of the government shutdown or submit his address in writing. In a letter, Pelosi pointed out that the U.S. Secret Service, the agency responsible for handling security, has not been funded during the 26-day shutdown. "Sadly, given the security concerns, and unless the government opens this week, I suggest we work together to determine another suitable date after the government has re-opened for this address or for you to consider delivering your State of the Union address in writing to the Congress on January 29th," she wrote.

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.



Reuters BusinessJan 15, 2019
Oil rises about 3 percent on economic stability hopes
Oil prices rose about 3 percent on Tuesday, along with world stock markets, supported by China's plan to introduce policies to stabilize a slowing economy, reversing the previous session's losses due to grim data in the world's second-largest economy.

RELATED ARTICLES
Oil rises 2 percent on hopes for China economic stimulus (Reuters Business)
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