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MarketWatch MarketPulse
Nov 17, 2018

Northrop Grumman spacecraft lifts off on ISS resupply mission
Northrop Grumman's [s:noc] Cygnus spacecraft is on its way to the International Space Station on a resupply mission after launching early Saturday from NASA's Wallops Flight Facility on Virginia's Eastern Shore, the space agency said in a press release. The spacecraft, carrying about 7,400 pounds of cargo, launched on an Antares 230 Rocket on Northrop Grumman's 10th cargo delivery flight, and is scheduled to arrive at the orbital laboratory Monday. The contract mission will support dozens of new and existing investigations, contributing to some 250 science and research studies. Highlights from the new experiments include a demonstration of 3D printing and recycling technology and simulating the creation of celestial bodies from stardust, NASA said.

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MarketWatch MarketPulse
Nov 17, 2018

J. Crew CEO steps down, replaced by 4-exec 'Office of the CEO'
J.Crew Group, Inc. said Saturday its CEO James Brett would step down immediately and be replaced by an Office of the CEO made up of four senior executives at the fashion retailer. A company press release said Brett's departure was by 'mutual agreement' of Brett and the company's board of directors. "Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept," said Brett. "However, despite the recent brand relaunch already showing positive results, the board and I were unable to bridge our beliefs on how to continue to evolve all aspects of the company." Brett's four replacements are Michael Nicholson, president and COO, Adam Brotman, president and chief experience officer, Lynda Markoe, chief administrative officer, and Libby Wadle, president of Madewell Brand. The Office of the CEO will manage the company's operations as the Board works to establish a permanent management structure, the company said. J. Crew is owned by a private-equity firm.

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MarketWatch MarketPulse
Nov 17, 2018

Trump says he can get Pelosi the votes to win House speaker post
President Donald Trump tweeted Saturday that he is willing to help Democrat Nancy Pelosi of California reclaim her position as speaker of the House following the Democrats' victory in midterm elections. "I can get Nancy Pelosi as many votes as she wants in order for her to be Speaker of the House. She deserves this victory, she has earned it -- but there are those in her party who are trying to take it away. She will win!" Pelosi as yet has no formal opposition to her bid, although a number of newly elected Democrats have called for a changing of the guard in party leadership. The Democratic caucus in the House will vote on its leadership team Nov. 28, following the Thanksgiving recess.

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MarketWatch MarketPulse
Nov 16, 2018

Beyond Meat files for IPO
Beyond Meat Inc. filed documents late Friday signalling plans to list its initial public offering on the Nasdaq under the symbol BYND. The El Segundo, Calif.-based food company reported third-quarter net losses of $9.3 million on sales of $26.3 million; its losses widened from $7.2 million on sales of $9.4 million in the year-earlier period. In the Securities and Exchange Commission filing, the company said it plans to raise $100 million, but that number is often a placeholder which it will update as it gets closer to listing the stock. Goldman Sachs, J.P. Morgan and Credit Suisse are among the banks listed as underwriters for the offering.

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MarketWatch MarketPulse
Nov 16, 2018

Pfizer to raise prices on 41 drugs: report
Pfizer plans to raise the list prices of 41 of its prescription drugs, or 10% of its portfolio, in January, The Wall Street Journal reported Friday, citing a person familiar with the matter. Most of the increases will be around 5% and would take effect Jan. 15, the person said, according to the WSJ. Pfizer rolled back some increases in July under criticism from President Donald Trump, but earlier this month Chief Executive Ian Read said Pfizer was likely to go back to price hikes in January. Shares of Pfizer rose 0.1% in the extended session Friday after ending the regular trading day up 0.7%.

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MarketWatch MarketPulse
Nov 16, 2018

TICS data shows outflows of $29.1 billion in September
There was a net outflow of $29.1 billion of U.S. securities in September, according to the latest Treasury International Capital data released Friday. Selling from what are called "official" foreign accounts of $52.7 billion offset inflows of $23.5 billion from foreign private accounts.

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MarketWatch MarketPulse
Nov 16, 2018

Stocks end mostly higher, but suffer weekly losses on tech weakness
Stocks ended mostly higher Friday, finding support after President Donald Trump said China "wants to make a trade deal" with the U.S. But major indexes still logged sizable weekly losses, dragged lower by weakness in tech shares and also pressured on renewed geopolitical worries. The S&P 500 rose 0.2% to end near 2,736, according to preliminary data, while the Dow Jones Industrial Average advanced around 123 points, or 0.5%. The Nasdaq Composite , however, was unable to shake off a weak performance by tech stocks, falling 0.2% to end near 7,248. For the week, the S&P 500 logged a 1.6% fall, while the Dow and Nasdaq each shed around 2.2%.

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MarketWatch MarketPulse
Nov 16, 2018

U.S. oil prices settle flat, down a sixth week in a row
U.S. oil futures settled unchanged on Friday, but posted a loss of 6.2% for the week, their sixth weekly loss in a row. Talk of reductions in crude output among major producers have only helped to temper price pressures from concerns about a potential global supply glut and a slowdown in energy demand. December West Texas Intermediate oil ended unchanged at $56.46 a barrel on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Nov 16, 2018

Seattle Genetics stock jumps 6% after new FDA approval for lymphoma treatment
Shares of Seattle Genetics Inc. rose more than 6% Friday, after the company said it had received a new approval for its Adcetris therapy as a treatment for previously untreated peripheral T-Cell Lymphoma. The U.S. Food and Drug Administration approved Adcetris in combination with CHP chemotherapy based on the successful outcome of its phase 3 ECHELON-2 clinical trial, the company said in a statement. The FDA used a new approval pathway that allowed it to come just two weeks after the company submitted data and just under two months since it announced topline data. "While this approval was widely anticipated given the Overall Survival benefit and positive trial (ECHELON-2), we believe SGEN shares will react favorably given that it suggests PTCL revenues are likely to start in Q4, and also dispels any risk from the upcoming American Society of Hematology (ASH) presentation, especially in regards to the broader, non-ALCL (anaplastic large cell lymphoma?) cohort, which were included in this label," said Leerink analyst Andrew Berens. Leerink was previously expected revenue to start in 2019. It is the sixth FDA-approved indication for Adcetris. Shares have gained 7% in 2018, while the S&P 500 has gained 2%.

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MarketWatch MarketPulse
Nov 16, 2018

Gold prices settle up by more than 1% for the week; palladium futures log another record
Gold prices climbed Friday to tally a 1.2% gain for the week. U.S. and European benchmark stock indexes declined and the dollar fell for the week, providing a boost to prices of the yellow metal. December gold climbed by $8, or 0.7%, to settle at $1,223 an ounce. Palladium futures, meanwhile, settled at another record on expectations for much stronger demand. R. Michael Jones, chief executive officer of Platinum Group Metals Ltd., said "100 million cars per year are expected by 2019" and China is "leading that growth with small gasoline engines." That requires more palladium, he said, which is used in pollution-control catalytic converters on gasoline-powered vehicles. December palladium added $17.20, or 1.5%, to finish at $1,154.60 an ounce.

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MarketWatch MarketPulse
Nov 16, 2018

Fed's Evans projects possibility of up to four interest-rate hikes in 2019
Chicago Federal Reserve President Charles Evans said Friday that he'd accept a Fed funds rate target that pushes slightly above what's still a "vague" idea of neutral policy. That means he sees a chance that the central bank raises rates three or four times next year; the official Fed forecast so far points to three rate hikes in 2019. Evans, who will vote on policy in 2019, thinks neutral is about 2.75% and he could comfortably see rates going to 3.25% assuming his outlook for continued GDP growth continues, he told reporters after speaking to the Fixed-Income Forum in Chicago. He did say that global growth concerns, trade policy uncertainty and a housing slowdown warrant watching and could change the comfort zone around neutral rates.

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MarketWatch MarketPulse
Nov 16, 2018

Google Cloud head Diane Greene to leave, be replaced by former Oracle exec
Alphabet Inc. is replacing its top Google Cloud executive with a former Oracle Corp. executive, the company announced Friday. Diane Greene, a VMWare Inc. co-founder, announced in a blog post Friday that she is leaving the company after three years in charge of the cloud-computing division of the tech giant. She will be replaced by Thomas Kurian, who mysteriously left Oracle at the end of September after the software company had claimed he was on a leave of absence. Kurian will join Google Cloud on Nov. 26 and officially transition to the top job in early 2019, when Greene will depart but remain on Alphabet's board of directors. "I'm excited to join the fantastic Google Cloud team at this important and promising time," Kurian said in Friday's announcement. "I'm looking forward to building on the success of recent years as it enters its next phase of growth."

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MarketWatch MarketPulse
Nov 16, 2018

Dow gains 100-point gain as Trump says 'doesn't want to put China in a bad position'
The Dow Jones Industrial Average swung to a firm gain Friday afternoon after President Donald Trump made upbeat remarks about the prospects of favorable developments between the U.S. and China on trade. During a pool spray at the White House, Trump said that the U.S. many not have to impose further tariffs on China, and that he doesn't want put "China in a bad position." The Dow rose 175 points, or 0.7%, at 25,463, the S&P 500 index climbed 0.4% at 2,739. The comments don't signal that a deal is at hand but the market is reading that a hard-line stance against Beijing may not play out, which has been viewed as a worst-case scenario for stock investors. Trump and Chinese President Xi Jinping are due to meet at the end of the month on the sidelines of the G-20 meeting. The Nasdaq Composite Index briefly turned positive, but was down 0.2% at 7,242, weighed by shares of chip maker Nvidia Corp. . However, the dollar didn't react to Trump's comments, holding down 0.5% at 96.47, as measured by the ICE U.S. Dollar Index . "I don't want to put them in a bad position. I want to put them in a great position... but we must have reciprocal trade," he said. Trump said that Beijing officials have submitted a long list of things that they are willing to do, which is a large list,"he said, adding that it may not be enough. "They have tremendous tariffs on us that we didn't have on them, but that's all changing now," Trump said. Hopefully, we'll make a deal and if we don't we're doing very very well," he said. "I think we will make a deal," he said.

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MarketWatch MarketPulse
Nov 16, 2018

American Girl and GameStop make gains after Toys 'R' Us closures
Specialty retailers have made foot traffic gains now that Toys 'R' Us stores have shuttered, with Mattel Inc.'s American Girl brand drawing the most new shoppers, according to data provided by inMarket, a digital advertising company that uses real-time consumer data. Also on the list are Sears Holding Corp.'s Kmart, Lego and The Disney Store . However, inMarket says "the small bump in traffic is unlikely to change the overall outlook of doom and gloom at the struggling [Kmart] chain." Walmart and Target are making a big push in toys this holiday season, but they shared crossover traffic with Toys 'R' Us, so these shoppers weren't new visitors. "For these chains, the challenge is less about attracting the displaced shoppers, and more about ensuring they spend those former Toys 'R' Us dollars in their stores," according to inMarket. But among those crossover retailers GameStop Corp. topped Walmart and Target. "GameStop will likely see a spike in sales from former Toys 'R' Us shoppers who have one less place to buy their video games and accessories," inMarket wrote.

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MarketWatch MarketPulse
Nov 16, 2018

U.K.'s May appoints Stephen Barclay as new top Brexit negotiator
British Prime Minister Theresa May on Friday appointed Stephen Barclay to be Brexit secretary, replacing Dominic Raab, who quit Thursday amid a string of resignations by cabinet members in protest of a controversial draft agreement on the terms of the country's exit from the European Union. Barclay, a Conservative member of parliament, is a former director at Barclays Bank and was a supporter of the "Leave" campaign in the runup to the June 2016 Brexit referendum, according to the BBC.

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MarketWatch MarketPulse
Nov 16, 2018

GE's stock extends plunge toward lowest close since March 2009
Shares of General Electric Co. tumbled 4.6% in midday trade Friday, putting them on track for the lowest close since March 2009, as investors shrugged off further efforts by the struggling industrial conglomerate to shrink its GE Capital business. The stock was headed for the 16th decline in the past 18 sessions, and has plunged TK% during that stretch. Earlier, GE said its GE Capital business sold its healthcare equipment finance portfolio for $1.5 billion to TIAA Bank. As part of the deal, the GE Healthcare Equipment Finance team, which will integrate into GE Healthcare in 2019, will have a co-branding arrangement with TIAA Bank. GE has said earlier this year that it plans to eventually spin off its healthcare division. "This is an excellent outcome for GE Capital, GE Healthcare and its customers," said Trevor Schauenberg, chief executive of GE Capital Industrial Finance, in a statement. The stock has plummeted 39% during the past 18 sessions, while the Dow Jones Industrial Average has inched up 0.3% over the same time.

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MarketWatch MarketPulse
Nov 16, 2018

White House says it's reinstating Acosta's pass and developing 'rules' for future news conferences
The White House is temporarily reinstating CNN reporter Jim Acosta's press credential in response to a judge's order, press secretary Sarah Sanders said Friday. Sanders added in a statement that the Trump administration will develop rules and processes to ensure "fair and orderly" news conferences in the future. District Judge Timothy Kelly, who was appointed by President Donald Trump, granted an emergency motion to restore Acosta's credential after the network sued.

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MarketWatch MarketPulse
Nov 16, 2018

Grassley says he will be chairman of the Senate Finance Committee
Sen. Chuck Grassley, the Iowa Republican, said he will move in January to be chairman of the Senate Finance Committee, the tax-writing committee he's led before. Grassley in the current Congress is the chairman of the Senate Judiciary Committee, where he oversaw the hearings putting Neil Gorsuch and Brett Kavanaugh onto the Supreme Court. The current head of the Senate Finance Committee, Sen. Orrin Hatch of Utah, is retiring.

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MarketWatch MarketPulse
Nov 16, 2018

PG&E stock gains 38% as bankruptcy fears ease
PG&E Corp. shares were poised to break a six-straight string of losses, rising nearly 40% Friday. The stock's climb came after California's Public Utilities Commission President Michael Picker late Thursday was quoted as saying it was not "good policy" to allow the company, facing potential liability from wildfires, to go bankrupt. PG&E shares closed at a 15-year low on Thursday. Friday gains brought weekly losses to 38%. The stock is down 46% this year, contrasting with gains of 2% for the S&P 500 index . PG&E, which owns Pacific Gas & Electric Co., said earlier this week some of its equipment could be involved in a massive fire still raging in Northern California. The death toll of the so-called Camp Fire has risen to at least 63 people, and the fire is 45% contained.

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MarketWatch MarketPulse
Nov 16, 2018

Facebook's stock tumbles toward 19-month low as analyst suggests management shake-up
Shares of Facebook Inc. tumbled 2.8% toward a 19-month low Friday, as credibility issues continue to grow following criticism over how the social media giant handled Russian attempts to interfere with U.S. elections. The stock has now plunged 36% since closing at a record $217.50 on July 25, while the S&P 500 has lost 4.0% over the same time. Analyst Scott Devitt at Stifel Nicolaus said Facebook's troubles rebuilding credibility with politicians and regulators has spread to investors and employees, as the company is now under increasing scrutiny following "months of negative stock returns, complicated messaging and existential questions regarding Facebook's place in the world." He suggests a shake-up of top management should be considered, as many of Facebook's issues appears to have been exacerbated by "questionable" leadership decisions. "In our view, Facebook's board and management team could accelerate the credibility rebuild by considering making change(s) at the top of the organization," Devitt wrote in a note to clients.

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MarketWatch MarketPulse
Nov 16, 2018

CNN wins court order restoring Jim Acosta's White House access
CNN has won a court order restoring the access of its White House reporter Jim Acosta. The judge in the case granted a temporary order for Acosta's credentials to be reinstated. The network, owned by AT&T , sued the White House after Acosta's credentials were revoked following a testy news conference with President Donald Trump.

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MarketWatch MarketPulse
Nov 16, 2018

Oscar-winning screenwriter William Goldman dies
Oscar-winning screenwriter William Goldman has died at the age of 87, according to media reports. Goldman won screenwriting Oscars for "All the President's Men" and "Butch Cassidy and the Sundance Kid," and wrote scripts for many well-known films, including "The Princess Bride," "The Stepford Wives," "A Bridge Too Far," Chaplin" and "Misery." He also contributed to "A Few Good Men" and "Indecent Proposal," though he did not take screen credit for them. A renowned memoirist, Goldman wrote "Adventures In The Screen Trade" on screenwriting and Hollywood, which since its publication in 1983 has become an industry classic.

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MarketWatch MarketPulse
Nov 16, 2018

Stocks open lower as chip makers weigh on tech
Stocks opened lower Friday, on pace to log weekly declines, as chip makers fell following disappointing earnings reports from Nvidia Corp. and other semiconductor companies. The tech-heavy Nasdaq Composite declined 1.1% to 7,181, while the Dow Jones Industrial Average shed 113 points, or 0.4%, and the S&P 500 lost 0.6%. Shares of Nvidia were off 19.5% in early action, while the PHLX Semiconductor Index dropped 2.6%. For the week, the S&P 500 was on track for a 2.4% fall, while the Dow and Nasdaq were headed for declines of more than 3%.

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MarketWatch MarketPulse
Nov 16, 2018

Fed's No.2 Clarida says there are signs global growth is slowing but doesn't think rate hikes are too rapid
Federal Reserve Vice Chairman Richard Clarida on Friday morning said he sees 'signs of slowing growth' and that sluggish expansion in the globe will be factored in the central bank's calculus as it attempts to normalize interest-rate policy. Clarida said during an nterview on CNBC that "we have to factor in to the global economy and there is some evidence of global slowing." Clarida, who was appointed by President Donald Trump, also offered a more dovish take on key features of policy maker's decision making in lifting interest rates, with a fourth rate hike in 2018 expected next month. However, Clarida disagreed with the notion that the Fed is hiking rates too quickly, a criticism leveled repeatedly by President Donald Trump. Clarida appeared to walk back comments that Fed Chairman Jerome Powell did a few weeks ago, when he declared that the central bank is nowhere near a rate of neutral, one that neither slows or boosts the economy. He said that "getting closer toward" the vicinity of that range. Clarida emphasized the strength of the U.S. economy and the labor market particularly. Futures for the Dow Jones Industrial Average briefly deepened losses, while those for the S&P 500 index also added to early gains. The Dow , the S&P 500 and the Nasdaq Composite Index are all expected to open lower on Friday. Bond yields also rolled back after Clarida's comments, with the 10-year Treasury note yield ticking back to 3.08%, while the dollar, as measured by the ICE U.S. Dollar Index , edged back, currently down 0.4% at 96.35.

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MarketWatch MarketPulse
Nov 16, 2018

Industrial production edges up in October after big upward revision
Industrial production edged up 0.1% in October, the Federal Reserve said Friday, but there was a big upward revision that moved third-quarter numbers significantly higher. Capacity utilization fell to 78.4% from 78.5% in September. Economists polled by MarketWatch expected a 0.2% gain in industrial production and 78.2% capacity utilization. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7% in the third quarter, appreciably above the gain of 3.3% reported initially, the Fed said.

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MarketWatch MarketPulse
Nov 16, 2018

Chip stocks set to tumble after Nvidia, AMD and Applied Materials pace losers
The semiconductor sector was headed for broad and sharp declines Thursday, after disappointing earnings reports from Nvidia Corp. and Applied Materials Inc. . The VanEck Vectors Semiconductor ETF dropped 3.7% in premarket trade, with all components trading losing ground. The biggest loser was Nvidia's stock, which plunged 18% toward a 14-month low, after the company reported late Thursday earnings that missed expectations and provided a downbeat outlook. The company also said the inventory issues that weighed on results was also affecting its competitors, and that send Advanced Micro Devices Inc.'s stock down 7.3% premarket. Applied Materials shares shed 9.5% after the chip equipment maker provided late Thursday disappointing guidance. Elsewhere, Intel Corp.'s stock slumped 1.2% and Micron Technology Inc. shares slid 3.5%. Meanwhile, S&P 500 futures dropped 0.5%. Over the past three months, the chip ETF has lost 7.4% through Thursday, while the S&P 500 has lost 3.9%.

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MarketWatch MarketPulse
Nov 16, 2018

Nvidia stock removed from Goldman Sachs Conviction List on increased near-term uncertainty
Goldman Sachs removed Nvidia Corp. stock from its Conviction List on Friday, citing increased near-term uncertainty after Thursday's quarterly earnings. The stock has fallen 15.5% since it was added to the list, while the S&P 500 has fallen just 1.4% analysts wrote in a note. "We were clearly wrong on the stock as we underestimated the magnitude of the channel inventory build in mid-range Gaming GPUs (typically ~1/3 of Gaming GPU revenue) and, to a lesser extent, the correction in game console SoCs," analysts led by Toshiya Hari wrote in a note. "While we view the inventory correction in Gaming as a one-time reset as opposed to a change in the long-term growth profile, we believe it could take a few quarters before the market regains confidence in the growth trajectory of the business, especially given the weak economic backdrop (which could adversely impact Gaming GPU sell-through and prolong the digestion process)." Still, the bank is sticking with its buy rating on the stock, which it views as one of the better growth opportunity players in semiconductors, with a clear competitive lead that remains unchallenged. Nvidia predicted a fall in revenue in the fourth quarter versus the third quarter and year-earlier one, because of an inventory backlog of its Pascal-based gaming cards. The company recently introduced new gaming cards based on its Turing architecture. Shares were down 18% premarket, but are up 4.6% in 2018, while the S&P 500 has gained 2.1%.

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MarketWatch MarketPulse
Nov 16, 2018

Stop lumping Netflix in with the other FAANG stocks, Imperial analyst says
Investors should stop lumping Netflix in with the rest of the FAANG stocks, Imperial Capital analyst David Miller wrote in a note to investors Friday. Netflix beat consensus metrics in its latest earnings, but its stock is back to where it was mid-April. "We believe the reason for that is either poor market psychology surrounding the rest of 'FAANG,' and/or 3Q financial results from the rest of 'FAANG,' which came up short of expectations," Miller wrote. FAANG stands for Facebook, Apple, Amazon, Netflix and Google, and Miller thinks recent events that have sent the other companies' stocks down have nothing to do with Netflix. Apple shares are down from their previous high because of the company's recent decision not to issue unit sales data for several products and because iPhone sales were essentially flat year-to-year, he wrote, while shares of Facebook are down because the company reported earnings that missed Wall Street revenue and daily active user estimates. These have nothing to do with Netflix, he argued. "We would advise investors ignore the noise around 'FAANG,' and instead, focus on core fundamentals, which for Netflix, are quite healthy," Miller wrote, while reiterating Imperial's outperform rating and price target of $459. Netflix stock is trading at $290 a share, and has gained 51% in the year to date. The S&P 500 has gained 2.1%.

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MarketWatch MarketPulse
Nov 16, 2018

Kraton CFO Tremblay has stepped down after 10 years in the role
Kraton Corp. disclosed Friday that Chief Financial Officer Stephen Tremblay has stepped down, effective Nov. 14, after about 10 years in the role. He will remain with the company through a transition period ending by the end of 2018, the polymers producer said in a filing with the Securities and Exchange Commission. The company said Tremblay's departure "was not the result of any dispute or disagreement" with the company on accounting practices or financial statements. The company named Chief Accounting Officer Christopher Russell as interim CFO until a successor is found. The stock was still inactive in premarket trade. It has tumbled 41% over the past three months, while the S&P 500 has lost 3.9%.

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MarketWatch MarketPulse
Nov 16, 2018

Viacom stock up 4% after earnings beat
Shares of Viacom Inc. rose 4% in premarket trade Friday after the media company reported fourth-quarter earnings that beat profit and revenue expectations. Profit for the latest quarter rose to $394 million, or 96 cents a share, down from $674 million, or $1.67 a share in the year-earlier quarter. Adjusted EPS was 99 cents, beating the FactSet consensus of 96 cents. Revenue was $3.485 billion, beating the FactSet consensus of $3.374 billion, and up 5% from $3.319 billion one year ago. Revenue from the company's filmed entertainment segment, which includes its theatrical, licensing and home entertainment businesses was $984 million, up 25% from a year ago. The company said the segment benefited from the success of "Mission: Impossible - Fallout," "A Quiet Place" and "Book Club." Its media networks segment brought in $2.52 billion, a 1% decrease from the year prior. The company said affiliate growth helped offset lower worldwide advertising revenue, while the foreign exchange drove lower international revenues. Shares of Viacom have gained 3.3% in the year to date, while the S&P 500 has gained 2.1%.

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MarketWatch MarketPulse
Nov 16, 2018

Shoe Carnival shares soar after profit and sales beat expectations
Shoe Carnival Inc. shares soared 14.1% in Friday premarket trading after the retailer reported third-quarter profit and sales that beat expectations in after-hours. Net income totaled $12.0 million, or 76 cents per share, up from $10.7 million, or 66 cents per share, last year. The FactSet EPS consensus was 58 cents. Sales totaled $269.2 million, down from $287.5 million last year, but ahead of the $266.0 million FactSet guidance. Same-store sales growth of 4.5% beat the 4.1% FactSet outlook. The company now sees fiscal 2018 sales in the range of $1.020 billion and $1.022 billion, up from $1.016 billion to $1.020 billion; EPS in the range of $2.36 and $2.38, up from previous guidance of $2.07 to $2.15; and same-store sales growth of 3.5%. The FactSet consensus is for EPS of $2.31, sales of $1.020 billion, and a same-store sales increase of 3.5%. Wedbush analysts praise the company's decision to close underperforming stores, with 14 store closings expected for the year. And says Shoe Carnival "is making the right bets on merchandise." Wedbush rates Shoe Carnival shares outperform with a $47 price target, up from $45. Shoe Carnival shares have rallied 38.7% for the year to date while the S&P 500 index is up 2.1% for the period.

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MarketWatch MarketPulse
Nov 16, 2018

Hormel's Jennie-O recalls nearly 46 tons of ground turkey for possible salmonella contamination
Hormel Foods Corp.'s Jennie-O Turkey Store Sales LLC said it is recalling about 91,388 pounds, or nearly 46 tons, of raw ground turkey products due to a possible link with an outbreak of salmonella contamination. The product items, which were produced on Sept. 11, 2018, subject to recall are 1 pound packages of "Jennie-O Ground Turkey 93% Lean, 7% Fat, with use-by dates of Oct. 1 and Oct 2; 1 pound packages of "Jennie-OTaco Seasoned Ground Turkey with a use-by date of Oct. 2; 1 pound packages of "Jennie-O Ground Turkey 85% Lean, 15% Fat, with a use-by date of Oct. 2; and 1 pound packages of "Jennie-O Seasoned Ground Turkey, with a use-by date of Oct. 2. The Center for Disease Control has been investigating a Salmonella outbreak in which 164 people from 35 states have been reported infected with Salmonella as of Nov. 5, with 63 people hospitalized and 1 death reported in California. The recall of Jennie-O turkey comes as CDC and other public health officials have been conduction "traceback" activities for a sample of Jennie-O ground turkey, in an intact, unopened package from a salmonella case-patient's home. The patient test positive for salmonella, and the sample from the ground turkey matches the outbreak strain. Hormel's stock was still inactive in premarket trade. It has rallied 20% over the past three months and the S&P 500 has lost 3.9%.

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Nov 15, 2018

Northern California wildfire toll rises: 63 dead, more than 600 missing
The death toll from California's most destructive wildfire ever continued to rise Thursday, and the number of missing dramatically surged. Officials late Thursday said at least 63 were dead, and 631 missing in the wake of the Camp Fire, which devastated the small town of Paradise. Authorities also raised the number of homes destroyed, to 9,700. More than 52,000 people have been displaced by the Northern California blaze, and more than 5,000 firefighters continue to battle it. The Camp Fire is about 40% contained, and officials don't expect full containment until the end of the month. Smoke from the fire choked Northern California, with San Francisco Bay Area air quality at hazardous levels. Many schools and events have been canceled for Friday.

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Nov 15, 2018

Tesla aims to produce 7,000 Model 3's a week by end of month: report
Tesla Inc. is aiming to produce 7,000 Model 3 sedans a week by the end of November, according to a report by the auto blog Electrek on Thursday. According to an internal email from CEO Elon Musk to employees, which was obtained by Electrek, Musk will be walking the Model 3 assembly line Nov. 27 and 28. "By the 28th, all Model 3 production subsytems need to be at 50 UPH steady, which is what's needed for a true 1000 vehicles per day rate," the email reportedly said. Tesla did not immediately respond when asked to confirm the report. Tesla has not given exact current production numbers in a while. In July, Tesla said it hit its goal of producing 5,000 Model 3's a week, and in an interview earlier this month, Musk said the company was working on raising the number to 6,000 and then eventually 7,000 a week. Musk tweeted on July 1 that it had hit 7,000 units in a week, but that apparently was not a sustained effort.

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Nov 15, 2018

Ex-hedge fund exec Magerman funded anti-Facebook campaign: report
Philanthropist and former hedge-fund executive David Magerman -- not George Soros -- was the initial donor behind an effort urging regulators to break up Facebook Inc. , Axios reported Thursday. On Wednesday, a New York Times report said Facebook hired a Republican-linked public-relations firm that tried to tie billionaire Soros to funding the "Freedom from Facebook" campaign. Magerman confirmed to Axios that he was behind the campaign. He told Axios that Facebook had a "huge financial disincentive to protect users' data," and his goal was to get users to rethink their reliance on the social-media giant. Magerman said he's given $425,000 to the campaign.

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Nov 15, 2018

AMD stock drops 6% after hours, following Nvidia GPU inventory issues
Advanced Micro Devices Inc. stock fell 6.5% in the extended session Thursday after Nvidia Corp. released earnings that included graphics processing unit inventory issues. On its conference call late Thursday, Nvidia said that its GPU inventories were building up, creating a backlog of unsold cards and chips. The inventory issue was also affecting competitors, Nvidia said. "I think the channel has more than 12 weeks of inventory between us and the other brand," Nvidia Chief Executive Jensen Huang said in the conference call Thursday. "The amount of inventory is not just us it's also the other brands. And our ability to see the other brand's inventory is just much harder. We try our best to estimate it but obviously we didn't estimate it well enough. And so the answer to your question is yes I think there's about, from our perspective, about 12 weeks of our inventory to sell-through at this point." Nvidia stock has fallen 17% in the extended session and closed up 2.6% to $202.39 in regular trading. The S&P 500 index closed up 1.1% Thursday.

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Nov 15, 2018

Intel board OKs $15 billion share buyback
Intel Corp. said late Thursday its board of directors has approved a $15 billion share buyback program. Intel had $4.7 billion remaining under an existing repurchase program as of Sept. 29. Intel "focuses on building value by first investing in itself and growing its capabilities. The company then looks to supplement and strengthen its capabilities through acquisition and strategic investments. Finally, Intel provides the return realized by these investments to its shareholders through its dividend program and opportunistic stock repurchases," the company said in a statement. Shares of Intel were 1% lower in the extended session after ending the regular trading day up 2.2%.

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Nov 15, 2018

Tesla cuts prices on solar-power systems to push sales: report
Tesla Inc. has slashed prices on its residential solar-power systems by as much as 25% in an effort to boost sales, Reuters reported Thursday, citing Sanjay Shah, the company's senior vice president of energy operations. Effective immediately, price quotes for potential solar customers will be between $3,000 and $5,000 lower on average, Shah said, according to Reuters. Tesla last month told investors it had deployed 93 megawatts of solar-energy systems in the third quarter, up 11% from the second quarter but down from 109 MW in the third quarter of 2017.

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Nov 15, 2018

Manual recount ordered in Florida race for U.S. Senate
Florida's secretary of state has ordered a manual recount, with the current tally showing Republican Rick Scott, the state's governor, with a 12,603-vote lead over Bill Nelson, the Democratic incumbent.

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Nov 15, 2018

Post reports disappointing earnings, announces IPO for Active Nutrition
Post Holdings Inc. late Thursday reported its fiscal fourth-quarter results and announced that it will pursue an initial public offering for its Active Nutrition business. Post reported it swung to a fourth-quarter loss of $15.6 million, or 26 cents a share, from a profit of $8 million, or 7 cents a share, a year earlier. On an adjusted basis, it would have earned $1.08 a share. Revenue rose to $1.63 billion from $1.45 billion a year ago. Analysts surveyed by FactSet had forecast earnings of $1.17 a share on revenue of $1.64 billion. The company best known for its Grape-Nuts and Fruity Pebbles brands also said it plans to sell about 20% of Active Nutrition via an IPO in the second half of fiscal 2019 and has already appointed Darcy Horn Davenport, current president of Active Nutrition, as the board chairman of the company once it has gone public. Post shares were flat in Thursday's extended session after falling 0.8% to close at $90.94.

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Nov 15, 2018

Carl Icahn to withdraw from Dell proxy fight, calls it 'unwinnable'
Carl Icahn said late Thursday that he plans to withdraw litigation and dropping the proxy fight involving Dell Technologies Inc. and its attempt to go private. "In connection with the revised deal, it appears that stockholders representing 17% of the stock have decided to switch over and support Dell," Icahn said in a statement, adding that the proxy fight would be unwinnable as a result. Icahn also said he believes a "far better deal could have been obtained" for Dell stockholders. Shares in DVMT, which is meant to track Dell's stake in VMware Inc. , rose 0.4% in after-hours and closed down 0.6% to $105.06. The S&P 500 index closed up 1.1% Thursday. which is meant to track Dell's stake in VMware Inc. .

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Nov 15, 2018

Williams-Sonoma stock falls 12% after Q3 revenue miss
Shares of Williams-Sonoma Inc. fell 12% in the extended session Thursday after the retailer beat adjusted per-share earnings by a penny and reported revenue slightly below Wall Street expectations. Williams-Sonoma earned $81.5 million, or $1 a share, in the quarter, compared with $71.3 million, or 84 cents a share, in the year-ago period. Adjusted for one-time items, the retailer earned 95 cents a share. Revenue rose 4.4% to $1.36 billion from $1.30 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 94 cents a share on sales of $1.37 billion. Williams-Sonoma shares ended the regular trading day down 2%.

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Nov 15, 2018

Nvidia stock drops 15% as earnings, outlook miss
Nvidia Corp. shares plunged in the extended session Thursday after the chipmaker's earnings and outlook fell short of Wall Street estimates. Nvidia shares plunged 16% after hours, following a 2.6% rise to close the regular session at $202.39. The company reported third-quarter net income of $1.23 billion, or $1.97 a share, compared with $838 million, or $1.33 a share, in the year-ago period. On a fully adjusted basis, which strips out stock compensation, earnings were $1.84 a share. Revenue rose to $3.18 billion from $2.64 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast fully adjusted earnings of $1.93 a share on revenue of $3.24 billion. For the fourth quarter, Nvidia expects revenue of $2.65 billion to $2.75 billion, while analysts had forecast revenue of $3.4 billion.

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Nov 15, 2018

Nordstrom stock down 13% after mixed quarterly earnings
Shares of Nordstrom Inc. tanked 13% in the extended session Thursday after the retailer reported mixed third-quarter earnings and tweaked its fiscal 2018 sales and adjusted profit forecasts. Nordstrom earned $67 million, or 39 cents a share, in the quarter, compared with $114 million, or 67 cents a share, in the same period in fiscal 2017. Revenue rose to $3.75 billion from $3.63 billion a year ago. Analysts polled by FactSet had expected EPS of 67 cents a share on sales of $3.70 billion. Comparable-store sales rose 2.3%, in line with expectations. Nordstrom is "on track to achieve an inflection point for profitable growth in fiscal 2018," the company said in a statement. It forecast net sales between $15.5 billion and $15.6 billion for the year, compared with a previous forecast of sales between $15.4 billion to $15.5 billion. The analysts surveyed by FactSet expect revenue of $15.91 billion for the year. It guided for adjusted EPS between $3.55 to $3.65, from previous company expectations of $3.50 a share to $3.65 a share and analyst expectations of $3.61.

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Nov 15, 2018

Sonos stock surges after earnings show strong start for Beam
Sonos Inc. shares jumped more than 10% in after-hours trading Thursday following an earnings report that showed record revenue and a strong start for the speaker company's latest product. In its second earnings report since an initial public offering, Sonos revealed a net loss of $1.7 million, or 2 cents a share, on sales of $272.9 million, up from $214.1 million a year ago. The company reported adjusted Ebitda of $20.1 million, about four times the total from the same quarter last year, which was $4.5 million. In a letter to shareholders, Sonos executives credited strong performance from the launch of the company's Beam soundbar. "Beam exceeded our forecast, capturing the No. 1 position by dollar share with 8% of the U.S. soundbar category in the third calendar quarter according to NPD, despite only being launched in mid-July," they wrote. Sonos stock closed with a 1.7% gain at $14.16, but was trading for more than $15.50 in after-hours trading immediately following the report's release.

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Nov 15, 2018

Applied Materials stock falls after earnings, weak guidance
Applied Materials Inc. shares fell 4% in the extended session Thursday after the company met Wall Street earnings expectations but issued weaker-than-expected guidance. The company reported fiscal fourth-quarter net income of $876 million, or 89 cents a share, compared with $982 million, or 91 cents a share, in the year-ago period. Adjusted for items related to acquisitions, among other things, earnings were 97 cents a share. Revenue rose to $4.01 billion from $3.99 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 97 cents a share on revenue of $4 billion. For the fiscal first quarter, analysts model earnings of 92 cents a share on sales of $3.94 billion. The company said it expects adjusted earnings of 75 cents to 83 cents a share and sales of $3.56 billion to $3.86 billion. Applied Materials stock has fallen 32% this year, with the S&P 500 index rising 1.1%.

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Nov 15, 2018

Dow ends four-day losing streak as stocks finish higher in choppy session
U.S. stocks snapped a multi-day skid, finishing higher on Thursday buoyed by renewed hopes the U.S. and China can strike a compromise on trade. It was topsy-turvy session for equities that opened in the red as Brexit fears lingered, but news of easing trade tensions pushed stocks into the green. The tech-dominant Nasdaq Composite snapped a five-day losing streak, closing up 1.7%, the S&P 500 ended its own five-day skid, finishing Thursday up 1.1% and the blue-chip Dow Jones Industrial Average ended a run of four consecutive losing sessions, closing up 200 points, or 0.8%. In economic news, retail sales for October rose 0.8%, topping economists polled by MarketWatch and in company news, Walmart shares fell 2.2% after the retailer reported third-quarter earnings which beat on profit but missed on revenue.

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Nov 15, 2018

Minneapolis Fed President Kashkari says interest rates shouldn't go up further
Minneapolis Fed President Neel Kashkari on Thursday reiterated his view that interest rates shouldn't rise further. The dovish central banker says it would be time to raise rates if inflation shows up, and said the Fed is pretty close to neutral right now. He said there were no signs the economy was overheating. The Federal Open Market Committee, on which Kashkari doesn't have a vote until 2020, is expected to lift rates next month.

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Nov 15, 2018

U.S. oil prices end higher, but off session high
U.S. oil futures settled higher on Thursday, clawing back from the nearly one-year low it settled at earlier this week. Prices, however, ended off the session's best level as U.S. government data revealed that domestic crude supplies rose for an eighth straight week and output reached another record. The Energy Information Administration reported a hefty 10.3 million-barrel rise in crude stockpiles and pegged output at 11.7 million barrels a day for the week ended Nov. 9. December West Texas Intermediate oil added 21 cents, or 0.4%, to settle at $56.46 a barrel on the New York Mercantile Exchange_down from the intraday high of $57.26. It rose Wednesday, but settled at $55.69 on Tuesday, the lowest finish for a front-month contract since Nov. 16, 2017, according to FactSet data.

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Nov 15, 2018

Senate confirms Michelle Bowman to be Fed governor
By a 64-to-34 margin, the Senate confirmed Michelle Bowman to be a Federal Reserve governor. Bowman, the banking commissioner of Kansas, is getting a role on the Fed specifically earmarked for either a community banker or a community bank regulator. Bowman, a former aide to Sen. Bob Dole, also was an executive at a Kansas bank.

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Nov 15, 2018

CFRA says Dillard's margin pressure a worry given Trump's planned tariffs
CFRA said Thursday it is sticking with its hold rating on Dillard's Inc. stock , after the company missed profit estimates for its fiscal third quarter by a wide margin. The miss overshadowed better-than-expected revenue, as Chief Executive bemoaned a "disappointing quarter" in which discounts hurt margins. "While we commend comp sales performance, which climbed 3.0% in the quarter, we hold concerns over Oct-Q's gross margin deterioration, which, in our view, can become more pressured if President Trump's tariff on $200 billion worth of Chinese imports, effective September 24, rises to 25% on January 1.," CFRA analyst Camilla Yanushevsky wrote in a note. She cut her 12-month stock price target to $65 from $85 and lowered EPS estimates. Shares were down 14.6% in afternoon trade and are up about 5% in 2018, while the S&P 500 has gained 2.3%.

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Nov 15, 2018

Fed says it will review strategies, communication policies next year
The Federal Reserve said next year it will review the strategies, tools, and communication practices it uses to pursue its congressionally-assigned mandate of maximum employment and price stability. The Fed will sponsor a research conference June 4-5, 2019, at the Chicago Fed, and regional Fed banks will host a series of public events around the country to hear from a wide range of stakeholders, the central bank said. Beginning around the middle of 2019, Federal Reserve policymakers will discuss the perspectives offered during the outreach events, and at the end of the process, policymakers will report their findings.

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Nov 15, 2018

Tesla to speed up Model 3 deliveries in the U.S., start sedan's delivery in China
Tesla Inc. likely will start delivering Model 3 sedans in China by March, Chief Executive Elon Musk tweeted Thursday. Responding to a Twitter user who asked whether Musk could confirm Model 3 deliveries in the first quarter of 2019, Musk said "probably some deliveries in March, but April is more certain." In separate tweets, Musk said U.S. residents would be able to order a Model 3 by Nov. 30 and get it delivered by Dec. 31, and that the company would be roll-on, roll-off ships to speed up deliveries in Europe and Asia in the first quarter. Tesla shares rose 0.3% Thursday. The stock is up 11% this year, outstripping gains of 1.6% for the S&P 500 index in the same period.

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Nov 15, 2018

Palladium futures settle at a record
Palladium futures rallied Thursday to their highest settlement on record as growing global demand for the industrial metal continued to highlight the potential for tighter supplies. "China needs for palladium [are] starting to show up," R. Michael Jones, chief executive officer of Platinum Group Metals Ltd., told MarketWatch Thursday. "We have been predicting this for some time. December palladium [plz8] added $27.20, or nearly 2.5%, to settle at $1,137.40 an ounce. The finish was the highest based on FactSet records dating back to November 1984, topping the previous record settlement of $1,122.80 from Oct. 23.

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Nov 15, 2018

Atlanta Fed's Bostic says Fed needs to balance risks as it moves to neutral policy
Atlanta Fed President Raphael Bostic told an audience in Madrid that the interest-rate setting Federal Open Market Committee needs to balance the risks of stopping short of full normalization, which could lead to an overheated environment, and going too far, which could short-circuit the economic expansion. Conditions warrant the final steps in adopting a neutral stance of monetary policy, Bostic said. "I don't think we are too far from a neutral policy, and neutral is where we want to be. We may not be there quite yet, but I am inclined to think that a tentative approach as we proceed would be appropriate," said Bostic, who's a voting FOMC member this year.

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Nov 15, 2018

Blue Apron downgraded after customer losses though a strategic shift is well-received
Blue Apron Holdings Inc. was downgraded to hold from buy at Canaccord Genuity following a third-quarter revenue miss and reporting fewer customers. Canaccord cut its price target to $3 from $6. Blue Apron said it had 856,000 customers, down from 646,000 last year. The company is also cutting its workforce by 4% as it shifts strategy to "deepen engagement" with the 30% of Blue Apron customers who are responsible for more than 80% of the company's revenue. "Despite the several positives, given the guidance for continued revenue declines next year, we feel a hold rating is more appropriate for now," wrote Canaccord in a note. Blue Apron shares have plummeted more than 71% for the year to date while the S&P 500 index is up 1.2% for the period.

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Nov 15, 2018

White House looking to remove Erdogan foe Gulen: report
The White House is looking for ways to remove an enemy of Turkish President Recep Erdogan, cleric Fethullah Gulen, in order to placate Turkey over the murder of journalist Jamal Khashoggi, NBC News reported, citing two senior U.S. officials and two other people briefed on the requests. The effort includes directives to the Justice Department and FBI that officials reopen the case for Gulen's extradition, as well as a request to the Homeland Security Department for information about his legal status, according to the report. Gulen lives in Pennsylvania.

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Nov 15, 2018

PG&E stock downgraded to neutral by Morgan Stanley
Analysts at Morgan Stanley on Thursday downgraded PG&E Corp. stock to their equivalent of neutral and slashed their price target on the shares, citing "major investment uncertainties" about the company, including questions around liquidity and "persistent" fire risk. The analysts, led by Stephen Byrd, cut their price target to $31 from $67. PG&E has confirmed an outage in the area of Butte County, Calif., where the so-called Camp Fire is understood to have started. The fire is 40% contained as of Thursday, and the death toll has risen to 56, with about 100 people missing. "We think the frequency and extent of severely damaging fires, as well as the financial market's loss of confidence in the (California) utility stocks, highlights the urgent need for new legislation to better protect utilities from the risk of financial distress and utility shareholders from potentially unlimited fire liabilities," the Morgan Stanley analysts said. "However there is no clear path to new legislation in the near-term." PG&E shares fell 23% Thursday, bringing weekly losses to 51%. The stock has lost 56% this year, contrasting with gains of 1.1% for the S&P 500 index in the same period.

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Nov 15, 2018

Pelosi tells potential challengers 'come on in' as she says she has support for House speaker bid
Rep. Nancy Pelosi said Thursday she has "overwhelming support" among House Democrats and she intends to win the speakership with her party's votes. Democrats opposed to the Californian's bid for the speaker position have said they are confident about blocking it, and Ohio Rep. Marcia Fudge is considering challenging Pelosi. Asked about a possible challenge by Fudge, Pelosi told reporters, "I say it to everybody: 'come on in, the water's warm.'"

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Nov 15, 2018

Italian bond yields pull back after League's Borghi denies making anti-euro comments
Yields for Italian government bonds came off their session highs after the economic spokesman of Italy's League party Claudio Borghi denied having made remarks saying Italy would leave the European Union if his party attained a majority in the next general election, Reuters reported. The 10-year Italian government bond yield traded mostly flat at 3.50%, after having risen to an intraday high of 3.54%. Bond prices move in the opposite direction of yields. This comes after Italy refused to hand in a revised draft of the 2019 budget to Brussels, sticking to its initial spending targets in an earlier outline eventually rejected by the European Commission. Investors worry the budget clash between Rome and Brussels could undermine the euro.

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Nov 15, 2018

U.K.'s May to hold news conference at 12 p.m. Eastern as Brexit crisis deepens: reports
U.K. Prime Minister Theresa May will hold a news conference at 12 p.m. Eastern, 5 p.m. local, amid escalating Brexit turmoil, according to multiple local reports. After May said she had secured cabinet backing for a draft Brexit deal on Wednesday, U.K. assets rallied as investors breathed a sigh of relief, just to be met with a slew of resignations, including Brexit Secretary Dominic Raab, on Thursday. Multiple calls for a vote of no confidence for May's embattled premiership also surfaced on Thursday. The British pound , in response, was logging its worst one-day drop since Oct. 2016, according to Dow Jones Data Group last buying $1.2749, down 1.8%. The British stock benchmark FTSE 100 was meanwhile down 0.6% .

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Nov 15, 2018

EIA reports 8th straight weekly rise in U.S. crude supplies
U.S. oil prices pared earlier gains on Thursday after the Energy Information Administration reported that domestic crude supplies rose for an eighth straight week. They climbed by 10.3 million barrels for the week ended Nov. 9. Data were released a day later than usual because of Monday's Veterans Day holiday. Analysts surveyed by S&P Global Platts had forecast a rise of 2.3 million barrels, while the American Petroleum Institute on Wednesday reported an increase of 8.8 million barrels, according to sources. Gasoline stockpiles declined by 1.4 million barrels last week, while distillate stockpiles fell by 3.6 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply declines of 894,000 barrels in gasoline and 2.7 million barrels for distillates. December crude was up 43 cents, or 0.8%, at $56.68 a barrel on the New York Mercantile Exchange. It was trading at $56.87 before the supply data.

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Nov 15, 2018

FDA chief pushes to ban menthol cigarettes, restrict many flavored e-cigarettes
U.S. Food and Drug Administration Commissioner Scott Gottlieb announced on Thursday plans to ban menthol in products like cigarettes and cigars and restrict the sale of many types of flavored electronic nicotine systems like e-cigarettes in order to prevent youth use. The news sent shares of tobacco companies, many of whom also make electronic systems, down. Gottlieb also proposed banning flavored cigars "to ensure that we're taking a comprehensive approach," he said. Use of e-cigarettes has become extremely popular in recent years among young people; the products are safer than e-cigarettes but do contain addictive nicotine and bear other health concerns. The FDA chief has been warning about youth use of e-cigarettes for some time, and previously forecasted the agency's plans to take additional steps in November. But Gottlieb also said on Thursday that "if the policy changes that we have outlined don't reverse this epidemic, and if the manufacturers don't do their part to help advance this cause, I'll explore additional actions." The new policy, should it be finalized, would only allow the sale of flavored electronic nicotine systems in "age-restricted, in-person locations and, if sold online, under heightened practices for age verification," according to the FDA statement, and would not apply to tobacco, mint and menthol flavors and non-flavored products. British American Tobacco shares dropped 2.3% on Thursday, Altria Group shares dropped 1.3% and Philip Morris shares slumped 0.5%.

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Nov 15, 2018

Dow trades near sessions low, down 300 points at intraday nadir, as Boeing and Home Depot stocks sink
The Dow Jones Industrial Average early Thursday was trading near sessions lows, with Home Depot and Boeing Co. shares producing the stiffest headwind for blue chips. The Dow was down about 293 points at the day's nadir, with a decline in components Home Depot Inc. and Boeing Co. exacting a roughly 90-point toll on the price-weighted Dow. Most recently, the Dow was down 202 points, or 0.8%, at 24,879. Turmoil in Britain's plan to exit from the European Union, fears about further rate hikes from the Federal Reserve amid signs of slowing growth were among a number of factors fueling uncertainty in domestic markets. The S&P 500 index was off 0.8% at 2,679, while the technology-laden Nasdaq Composite Index retreated by 0.5% to reach 7,105. Tensions over trade relations between China and the U.S. also remain a concerns for investors.

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Nov 15, 2018

Natural-gas futures drop further with weekly U.S. supply up 39 billion cubic feet
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 39 billion cubic feet for the week ended Nov. 9. Analysts polled by S&P Global Platts had forecast a climb of 38 billion cubic feet, while the average over the last five years for the same week was a rise of 19 billion. Total stocks now stand at 3.247 trillion cubic feet, down 528 billion cubic feet from a year ago, and 601 billion below the five-year average, the government said. December natural gas traded at $4.275 per million British thermal units, down 55.9 cents, or 11.5%, from Wednesday's settlement. It was trading at $4.323 before the supply data.

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MarketWatch MarketPulse
Nov 15, 2018

Treasury sanctions 17 Saudi officials over Khashoggi killing
The U.S. Treasury announced sanctions Thursday on 17 individuals for their roles in the killing of Jamal Khashoggi, a Saudi journalist who was critical of his country's government. Those sanctioned include Saud Al-Qahtani, a senior Saudi government official who Treasury named as being part of the planning that led to Khashoggi's killing in the consulate in Istanbul in October. The sanctions freeze U.S. assets of the 17 individuals and also bar Americans from engaging in transactions with them. "These individuals who targeted and brutally killed a journalist who resided and worked in the United States must face consequences for their actions," said Treasury Secretary Steven Mnuchin in a statement. Khashoggi was a Washington Post columnist.

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MarketWatch MarketPulse
Nov 15, 2018

Nike opens latest hi-tech retail experience in NYC on Thursday
Nike Inc. is opening is latest retail experience, Nike NYC, on Thursday on Manhattan's Fifth Avenue. The shop offers benefits and features like the Speed Shop, which offers locals swift access to popular items and the ability to pick up items that NikePlus members reserve on the Nike app, personal service in the Nike Expert Studio, and a customized visit based on app in-store features. On Tuesday, Nike announced that Craig Williams has been named president of the Jordan brand. Williams joins from Coca-Cola Co. where he was senior vice president and president of the McDonald's division where he was responsible for growing the strategic partnership with the fast-food giant . He succeeds Larry Miller, who will become chairman of the new Jordan brand advisory board. Nike shares have gained 17.7% for the year so far while the Dow Jones Industrial Average is up 1% for the period.

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MarketWatch MarketPulse
Nov 15, 2018

MoviePass parent Helios and Matheson reports net losses tripled in third quarter
Beleaguered MoviePass parent Helios and Matheson Analytics Inc. reported third-quarter results Thursday morning. The company reported a loss of $129.6 million, or a loss of 20 cents per share, compared to a loss of $43.5 million, or a loss of $5.79 per share, in the year-earlier quarter. Helios chalked up the increase in net loss to its acquisitions of MoviePass, Moviefone assets and forming MoviePass Ventures and MoviePass films. Revenue for the quarter was $81.34 million, up from $1.17 million a year ago. Shares of Helios are trading at a mere 2 cents a share, despite the company's 1-to-250 reverse stock split in July. The company proposed a second split in September of 1-for-500 shares in an effort to avoid delisting of its stock, but revealed earlier this week it did not have enough support for the plan. The spectacular rise and fall of MoviePass, its movie subscription service, has Helios looking for ways to solve its Wall Street woes, including a plan to split off the MoviePass business into an independent entity. Helios stock has effectively lost all of its value in the year to date, while the S&P 500 has gained 0.7%.

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MarketWatch MarketPulse
Nov 15, 2018

PG&E shares slide another 19% as wildfire liability concerns deepen
Shares of PG&E Corp. tumbled another 19% in early trade Thursday, bringing their week-to-date losses to 48%, as the utility continued to suffer from concerns about its liability in California's deadliest wildfire. The stock slid 22% on Wednesday, after the company warned that its insurance will not cover the potential losses from the fire, which may have been caused by an outage on one of its transmission lines. The company confirmed in a regulatory filing that the outage happened in the area of Butte County near the city of Paradise where the fire is understood to have started. The company's insurance coverage is for about $1.4 billion and analysts are expecting the bill to be much higher. Shares are now down 55% in 2018, while the S&P 500 has gained 0.7%.

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MarketWatch MarketPulse
Nov 15, 2018

Apple's stock bounces after Morgan Stanley recommends buying the dip
Shares of Apple Inc. rallied 1.0% in morning trade Thursday, which would put them on track to snap a 5-session losing streak, after Morgan Stanley analyst Katy Huberty said the recent selloff on concerns over iPhone unit sales was an overreaction. The stock has tumbled 11% the previous 5 sessions to close Wednesday at a 4-month low, as revenue warnings from a number of smartphone components suppliers, which list Apple as a large customer, followed Apple's disappointing outlook for the current quarter. "Weaker supplier guidance reflects Apple's already more cautious Nov. 1 guidance, and importantly, doesn't impact our services growth forecast, which is tied to installed base rather than new shipments," Huberty wrote in a note to clients. "We're buyers on unit-driven pullback given services and share repurchases drive future earnings." She reiterated her overweight rating and $253 stock price target. The stock has shed 10.3% over the past three months, while the Dow Jones Industrial Average has slipped 0.8%.

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MarketWatch MarketPulse
Nov 15, 2018

Dow opens nearly 200 points lower, on track for longest skid in about 5 months as Brexit rattles investors
U.S. stock benchmarks on Thursday opened modestly lower as investors wrestled with the implications of a hard Brexit for domestic financail markets--the latest in a series of nagging concerns for the market. Prime Minister Theresa May's attempt at staging an orderly exit from the European Union is in jeopardy after several resignations of high-level officials and mounting questions about her leadership. A so-called hard Brexit for the U.K. could roil global financial markets, market participants fear. The Dow Jones Industrial Average was down 174 points, or 0.7%, at 24,918, the S&P 500 index fell 0.8% at 2,681, while the Nasdaq Composite Index declined 0.4% at 7,107.

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MarketWatch MarketPulse
Nov 15, 2018

Energizer to buy Spectrum's auto care business for $1.25 billion, amends deal to buy battery business
Energizer Holdings Inc. announced Thursday a deal to buy Spectrum Brands Holdings Inc.'s global auto care business in a cash and stock deal valued at $1.25 billion. Spectrum's stock was up 0.7% in premarket trade, while Energizer' stock was still inactive. The battery maker also said it has amended its agreement with Spectrum regarding the proposed $2.0 billion acquisition of Spectrum's battery and portable lighting business, and proposed a remedy to the European Commission's concerns over the acquisition. Energizer said its proposal to the EC includes divesting the Europe-based Varta consumer battery business, which would reduce the expected purchase price to $1.4 billion to $1.5 billion. The purchase of the auto care business will be financed through $938 million in cash and $312 million worth of newly issued shares. Earlier, Energizer reported a fiscal fourth-quarter profit that topped expectations but sales that missed. Energizer's stock has rallied 17% year to date through Wednesday, while Spectrum shares have plunged 39% and the S&P 500 has gained 1.1%.

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MarketWatch MarketPulse
Nov 15, 2018

Amazon's Black Friday 'Week' begins Nov. 16
Amazon.com Inc. said Thursday that its "Black Friday Deals Week" will kick off tomorrow, on Nov. 16, and run through Nov. 23. The e-commerce giant said some of the deals will include up to 40% savings on toys from Barbie, Hot Wheels and Fisher-Price. Among Amazon devices, an all-new Echo Dot will cost only $24 and the Fire TV Stock 4K with Alexa voice remote will be $34.99. Amazon's stock fell 0.6% in premarket trade. It has tumbled 15% over the past three months while the S&P 500 has slipped 4.1%.

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MarketWatch MarketPulse
Nov 15, 2018

Mixed directions for Empire State, Philly Fed manufacturing indexes in November
The Empire State manufacturing index in November rose 2.2 points to 23.3 -- above the Econoday-compiled consensus for a 20 reading-- with sizable gains in the indexes for inventories and average workweek. The Philadelphia Fed manufacturing index however declined to a reading of 12.9 vs. 22.2. Economists polled by MarketWatch expected a reading of 20 for the Philly Fed index. Any reading above zero for these indices indicates improving conditions.

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MarketWatch MarketPulse
Nov 15, 2018

Cost of imported goods climb 0.5% in October
WASHINGTON (MarketWatch) - The import price index in October rose by 0.5%. Rising gas prices was a big contributor. Excluding fuel, prices of imported goods rose a smaller 0.2%, the government said Thursday. The increase in import prices over the past 12 months moved up to 3.5% from 3.1%. If fuel is omitted, the increase in import prices over the past year was a milder 0.7%. Earlier this week the government said the U.S. consumer price index climbed 0.3% in October, with higher gas prices accounting for more than one-third of the increase. Yet oil prices have tumbled globally, likely leading to lower prices of imported fuel and gas at the pump in the next few months.

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MarketWatch MarketPulse
Nov 15, 2018

Ashland agrees to sell composites business and butanediol facility to INEOS in deal valued at $1.1 billion
Ashland Global Holdings Inc. has agreed to sell its composites business and butanediol manufacturing facility in Marl, Germany, to privately-owned INEOS Enterprises in a deal valued at $1.1 billion, the companies announced Thursday. The two segments have combined sales of more than $1.1 billion a year and have around 1,300 employees, said Ashland. Ashland also said it will use the expected net proceeds of the sale, which it expects to be around $1 billion, to reduce outstanding debt. The deal is expected to close before the end of the June 2019 quarter. Shares of Ashland have gained 14% in the year to date, while the S&P 500 has gained 1%.

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MarketWatch MarketPulse
Nov 15, 2018

J.C. Penney shares sink nearly 11% after sales miss
J.C. Penney Co. Inc. shares sank nearly 11% in Thursday premarket trading after the department store retailer reported third-quarter sales missed that expectations. J.C. Penney reported a loss of $151 million, or 48 cents per share, after a loss of $125 million, or 40 cents per share, last year. Adjusted losses were 52 cents per share ahead of the 56-cents-per-share loss FactSet forecast. Sales totaled $2.65 billion, down from $2.82 billion last year and below the $2.76 billion FactSet guidance. Same-store sales fell 5.4%, well below the 0.7% decline FactSet expected. J.C. Penney now expects same-store sales for fiscal 2018 to be down low-single digits, compared with previous guidance for flat same-store sales. J.C. Penney shares have tumbled more than 61% for the year to date while the S&P 500 index has gained 1.1% for the period.

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MarketWatch MarketPulse
Nov 15, 2018

Walmart to overtake Apple on list of biggest e-commerce retailers
Walmart Inc. , including the namesake retailer, Sam's Club and Jet.com, will overtake Apple Inc. to take the number three spot on the ranking of the world's largest e-commerce retailers, according to eMarketer data. In 2017 Apple had 3.8% of sales share, ahead of Walmart's 3.3% of share. For 2018, Walmart is poised to claim 4.0%, swapping places with Apple, which will have 3.9% of share. The top two e-commerce retailers for 2018 will be Amazon.com Inc. with 48% and eBay Inc. with 7.2%. "Importantly, Walmart has one of the fastest growing e-commerce businesses," eMarketer wrote, with 39.4% online sales while Apple's e-commerce growth will be a little more than 18%. Walmart's third-quarter e-commerce sales grew 43%, the company announced on Thursday. Walmart shares have gained nearly 3% for the year to date, Apple stock is up 10.4%, the Amplify Online Retail ETF has rallied 7.7%, and the Dow Jones Industrial Average is up 1.5% for the period.

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MarketWatch MarketPulse
Nov 15, 2018

UPDATE: Dillard's profit falls in 'disappointing' quarter, stock falls 8% premarket
Dillard's Inc. shares slid 8% in premarket trade Thursday, after the company missed profit estimates for its latest quarter and said discounts weighed on margins. The department store chain said it had net income of $7.4 million, or 27 cents a share, in its fiscal third quarter to Nov. 3, down from $14.5 million, or 50 cents a share, in the year-earlier period. Sales rose to $1.419 billion from $1.355 billion. The FactSet consensus was for EPS of 56 cents and sales of $1.397 billion. Same-store sales rose 3% to beat the FactSet consensus of 1%. "While we are encouraged by our 3% comparable sales performance, this was a disappointing quarter as markdowns weighed heavily on gross margin, particularly in the first month," Chief Executive William Dillard said in a statement. "However, operating performance improved as the quarter progressed and sales turned positive." Shares have gained 22.9% in 2018 through Wednesday's close, while the S&P 500 has gained 1.1%.

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MarketWatch MarketPulse
Nov 15, 2018

Google parent Alphabet's stock set to produce bearish 'death cross' pattern at the open
Google parent Alphabet Inc.'s stock edged up 0.4% in premarket trade Thursday, but the price chart is on track to producea bearish "death cross" pattern, which some technicians believe marks the spot a short-term decline morphs into a long-term downtrend. The stock's 50-day moving average is poised to open at $1,129.585 while the 200-day moving average is set to open at $1.129.95, according to FactSet. Meanwhile, the last "death cross" appeared on June 24, 2016, which was one day before the stock bottomed at a correction low of $681.14. Alphabet's stock would become the second "FANG" stock to produce a death cross, after Facebook Inc.'s death cross appeared on Sept. 20. Netflix Inc.'s stock is close, with a death cross likely to appear early next week, while Amazon.com Inc.'s stock could be weeks away at the current pace of decline for its 50-day MA. The S&P 500 is also weeks away from producing a death cross.

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MarketWatch MarketPulse
Nov 15, 2018

J.C. Penney shares sink 11.5% after sales miss
J.C. Penney Co. Inc. shares sank 11.5% in Thursday premarket trading after the department store retailer reported third-quarter sales missed that expectations. J.C. Penney reported a loss of $151 million, or 48 cents per share, after a loss of $125 million, or 40 cents per share, last year. Adjusted losses were 52 cents per share ahead of the 56-cents-per-share loss FactSet forecast. Sales totaled $2.65 billion, down from $2.82 billion last year and below the $2.76 billion FactSet guidance. Same-store sales fell 5.4%, well below the 0.7% decline FactSet expected. J.C. Penney now expects same-store sales for fiscal 2018 to be down low-single digits, compared with previous guidance for flat same-store sales. J.C. Penney shares have tumbled more than 61% for the year to date while the S&P 500 index has gained 1.1% for the period.

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MarketWatch MarketPulse
Nov 15, 2018

J.P. Morgan's stock jumps after Warren Buffett's Berkshire Hathaway adds 1.1% stake
Shares of J.P. Morgan Chase & Co. surged 1.6% in premarket trade Thursday, after Warren Buffett's Berkshire Hathaway Inc. disclosed a new stake of 35.66 million shares in the banking giant as of Sept. 30. The new stake represents 1.1% of the shares outstanding. At the same time, Berkshire boosted its stake in Goldman Sachs Group Inc. by 5.1 million shares, while trimming its Wells Fargo & Co. investment by 9.65 million shares. Goldman's stock rose 0.6% in premarket trade, while Wells shares edged up 0.1%. Berkshire also sold off the 1.39 million shares of Walmart Inc. during the quarter, but the stock tacked on 1.7% premarket after the discount retail behemoth reported fiscal third-quarter earnings that beat expectations and raised its full-year outlook, while revenue came up short. J.P. Morgan's stock has edged up 0.4% year to date and Walmart's stock has gained 2.8% through Wednesday, while Wells shares have shed 14%, Goldman's stock has tumbled 20.5% and the Dow Jones Industrial Average has gained 1.5%.

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MarketWatch MarketPulse
Nov 15, 2018

Walmart reports Q3 adj. profit beat, revenue miss
Walmart Inc. reported a third-quarter adjusted profit beat and revenue miss early Thursday. Company shares declined 0.5% in premarket trade. Earnings for the latest quarter came to $1.71 billion, or 58 cents per share, representing a 2% decline from the year-earlier period. Adjusted earnings-per-share were $1.08, compared with the FactSet consensus of $1.01, which excludes a 48 cent loss on an equity investment in JD.com, a 3 cent charge for foreign currency after the sale of a majority stake in Walmart Brazil and a 1 cent benefit related to tax reform. Revenue rose to $124.89 billion from $123.18 billion, below the FactSet consensus of $125.42 billion. Walmart now expects fiscal year 2019 adjusted EPS of $4.75 to $4.85, in line with the FactSet consensus of $4.80 and representing an increase from a previous guidance cut announced in mid-October. Walmart shares have risen 12.5% over the last three months, compared with a 4.1% decline in the S&P 500 .

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MarketWatch MarketPulse
Nov 15, 2018

Dell Technologies sweetens offer for tracking stock
Dell Technologies Inc. said Thursday it is sweetening its proposed offer to buy out an affiliate and return to public markets, after facing strong pushback from shareholders. The company said shareholders of DVMT, which is meant to track Dell's stake in the fast-growing VMware Inc. software unit, will now be offered $120 in cash, subject to a cash cap of $14 billion, or 1.5043 to 1.8130 Class C shares for each share owned. The move increase the aggregate implied value to Class V shareholders by about $2.2 billion, the company said in a statement, confirming an earlier report in the Wall Street Journal. The company has binding agreements to vote in favor of the sweetened deal from Dodge & Cox, Elliott Management, Canyon Partners and Mason Capital Management, which between them own about 17% of the Class V common stock. "Given there will be no public market for Dell Technologies Class C shares prior to closing, the variable exchange ratio is specifically designed to provide protection to Class V stockholders on the value of the Class C stock consideration," said the statement. The $120 implied value per share implies a market cap of $23.9 billion for the tracking stock. The Class V shareholders will end up owning about 17% to 33% of Dell Technologies, depending on the cash and stock elections and final exchange ratio. The company will fund the sweetened offer with debt financing. It will further enhance governance rights for the Class C shareholders by allowing them to elect one director starting at the company's 2020 annual meeting. The vote for the deal is still scheduled for Dec. 11 and is expected to close by year-end. Shares rose 1.1% premarket and have gained 30% in 2018, while the S&P 500 has gained 1.1%.

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MarketWatch MarketPulse
Nov 15, 2018

3M's stock set for gains after providing 2019 financial guidance, 5-year targets
Shares of 3M Co. were indicated up over 1% in premarket trade Thursday, after the diversified industrial and consumer products company set 2019 financial targets, as well as 5-year objectives. For next year, the company expects sales growth of 1% to 3%, while the FactSet sales consensus of $33.56 billion implies 2.5% growth over the 2018 consensus of $32.73 billion. The company, which brands include Post-It Notes and Scotch tape, expects 2019 net earnings per share of $10.60 to $11.05, surrounding the FactSet consensus of $10.74. For 2018, 3M expects adjusted EPS of $9.90 to $10.00, compared with expectations of $9.96. The company said it plans share repurchases of $2 billion to $4 billion in 2019 and to spend $2 billion in research and development, along with $1.7 billion to $2 billion in capital expenditures. The company targets 8% to 11% EPS growth over the next 5 years, 3% to 5% organic local currency sales growth and 100% free cash flow conversion. The stock has slipped 1.7% over the past three months through Wednesday, while the Dow Jones Industrial Average has eased 0.3%.

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MarketWatch MarketPulse
Nov 15, 2018

European banks, U.K. especially, crushed after Brexit minister quits
News that the U.K. Brexit minister has quit sent a ripple of shock through European stock markets on Thursday. Dominic Raab announced his decision on Twitter a day after U.K. Prime Minister Theresa May got her draft plan to exit the European Union approved, but in a decision that split her cabinet. As the British pound plunged on the news, the FTSE 100 index rose 0.3%, but banks pulled in the other direction, with Royal Bank of Scotland PLC [S: rbs] slumped nearly 7%, while European banks such as Deutsche Bank AG down 1.8%, and the Stoxx Europe 600 index down 0.4% as the banking sector slumped. Carlo Alberto De Casa, chief analyst at ActivTrades, said the market reaction shows fears of growing risk for the government "with Theresa May's majority now looking extremely vulnerable. Moreover, this departure could put at risk the Brexit deal and traders are selling the British currency due to growing uncertainty about the future of the U.K."

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MarketWatch MarketPulse
Nov 15, 2018

Sterling tumbles after Brexit Secretary Dominic Raab resigns
The British pound fell sharply on Thursday after the resignation of U.K. Brexit Secretary Dominic Raab, who announced his decision in a Twitter message. The pound sank to $1.2830, a drop of more than 1% on the session, from a late New York close of $1.2991 on Wednesday. His decision comes after U.K. Prime Minister Theresa May got her draft plan to exit the European Union approved Wednesday, but in a split decision that saw several ministers opposed to the deal. The U.K. is due to leave the EU in March, and will be left with a hard Brexit if it fails to secure an agreement over leaving. "Sterling previously moved on clarity rather than positive and negative headlines. This has now changed and it seems sterling is now a barometer of the PM's ability to hold onto her job," James Hughes, chief market analyst at Axi Trader, in a note to clients.

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MarketWatch MarketPulse
Nov 14, 2018

PayPal named a 'top pick' at Barclays
Barclays analyst Ramsey El-Assal labeled PayPal Holdings Inc. his top pick in payments and processing late Wednesday in initiating coverage of the category. "PayPal remains a scarce asset levered to most dynamic parts of the payments industry," wrote El-Assal, who began coverage of the stock with an overweight rating and $110 price target. He sees PayPal shares as attractive given that the company has a market capitalization of roughly $100 billion but is growing organic revenue by about 20%. El-Assal wrote that PayPal has significant exposure to "tech-enabled" online channels as well as fast-growing international markets. He's also upbeat about opportunities from Venmo. "Given Venmo revenue historically has carried no profit, even modest uptake of monetization should have an outsized earnings impact," he said. El-Assal also assigned overweight ratings to shares of Visa Inc. , Mastercard Inc. , and Square Inc. , among other payments names. PayPal's stock ended Wednesday's regular session up 0.3% and was up 0.4% in after-hours trading. The S&P 500 dropped 0.8% on Wednesday.

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MarketWatch MarketPulse
Nov 14, 2018

White House reassigns Deputy NSA Mira Ricardel after first lady calls for firing
Deputy National Security Adviser Mira Ricardel has been forced out of her job but not out of the Trump administration, a day after reports that first lady Melania Trump had urged her firing. "Mira Ricardel will continue to support the President as she departs the White House to transition to a new role within the Administration," White House press secretary Sarah Sanders said in a statement late Wednesday. "The President is grateful for Ms. Ricardel's continued service to the American people and her steadfast pursuit of his national security priorities." Her new position was not immediately known. In a statement Tuesday, the first lady's spokesperson, Stephanie Grisham, said of Ricardel: "It is the position of the Office of the First Lady that she no longer deserves the honor of serving in this White House."

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MarketWatch MarketPulse
Nov 14, 2018

AMS joins list of Apple suppliers trimming outlooks
AMS AG cut its forecast late Wednesday, adding to a number of Apple Inc. suppliers cutting outlooks because of lower-than-expected sales. AMS said it sees fourth-quarter revenue of $480 million to $520 million, down from its forecast of $570 million to $610 million made in late October, because of "recent demand changes from a major consumer customer." Analysts surveyed by FactSet had estimated revenue of $617.6 million. Over the week, suppliers Lumentum Holdings Inc. and Qorvo Inc. warned of lower-than-expected sales.

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MarketWatch MarketPulse
Nov 14, 2018

Warren Buffett's Berkshire buys new stake in JPMorgan and ups Apple holding
Warren Buffett's Berkshire Hathaway Inc. bought a new stake in JPMorgan Chase & Co. and increased its holding in Apple Inc. at the end of September, according to a 13F filings with the Securities and Exchange Commission released on Wednesday. Berkshire acquired 35.664 million shares of JPMorgan valued at about $4 billion as of Sept. 30, filings showed, and the firm boosted its stake in Apple, adding 522,902 shares, bringing the firm's total stake in the iPhone maker to $56.994 million, according to the filings. Apple's stock on Wednesday closed down 2.8% and is on the verge of a bear market, defined as a decline of at least 20% from a recent peak. Berkshire's purchase in JPMorgan comes as the banking sector has been on a downtrend despite the Federal Reserve's rate hikes, which hasn't benefited the group as much as bulls had anticipated. Shares of JPMorgan closed down 2.1% on Wednesday but shares are holding on to a sight gain of about 0.4% for the year, making JPMorgan among the better performers among its peers. Buffett's firm also increased its shares of Goldman Sachs Group Inc. , adding 5.1 million, bringing the total value of its stake to $4.1 billion. Concerns about Goldman's involvement in a Malaysian scandal has battered the investment bank's shares. Meanwhile, Berkshire reduced its position in embattled Wells Fargo Inc. , shrinking its position by 9.6 million shares, with the investment firm's position in Wells at $23.25 billion. In technology, Berkshire bought a new stake in Oracle Corp. , 41.4 million shares worth $2.1 billion as of the end of September. Large investors must disclose long stock positions held at the end of a quarter 45 days later in a 13F filing with the SEC. Berkshire Class A and B shares are up nearly 9% so far this year, compared with a 1.5% year-to-date gain for the Dow Jones Industrial Average and a 1.1% gain for the S&P 500 index thus far in 2018, according to FactSet data. The technology-laden Nasdaq Composite Inde

MarketWatch MarketPulse
Nov 14, 2018

Oil prices fall as API data reportedly show a hefty rise in U.S. crude supplies
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 8.8 million barrels for the week ended Nov. 9, according to sources. The API data, which was released a day later than usual because of Monday's Veterans Day holiday, also showed gasoline supplies edged up by 188,000 barrels while distillate stockpiles fell 3.2 million barrels, sources said. Inventory data from the Energy Information Administration will be released Thursday. Analysts polled by S&P Global Platts expect the EIA to report a climb of 2.3 million barrels in crude supplies. They expect supply declines of 894,000 barrels for gasoline, and 2.7 million barrels for distillates. December West Texas Intermediate crude was at $55.85 a barrel in electronic trading, down from the $56.25 settlement on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Nov 14, 2018

Pot-producer CannTrust doubles revenue, plans U.S. listing on NYSE
CannTrust Holdings Inc. said late Wednesday that it is taking steps to list shares on the New York Stock Exchange and reported third-quarter earnings. The Canada-based pot producer reported third-quarter net income of C$421,240, or zero cents a share, compared with profits of C$655,309 or a penny a share in the year-ago period. Revenue rose to C$12.6 million from C$6.1 million in the year-ago period. The company said it sold 266 kilograms worth of wholesale weed, and 699 kilograms of dried medical cannabis equivalents. The average net selling price per gram was C$8.37. CannTrust stock has gained 5.7% in the past three months, as the ETFMG Alternative Harvest ETF has gained 17%.

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MarketWatch MarketPulse
Nov 14, 2018

NetApp stock falls after earnings show revenue miss
NetApp Inc. shares declined more than 5% in after-hours trading Wednesday following an earnings report that came up short of expectations on sales. The data-storage company reported fiscal second-quarter net income of $241 million, or 91 cents a share, on sales of $1.52 billion, up from $1.42 billion a year ago. After adjustments for stock-based compensation and other effects, the company claimed earnings of $1.06 a share. Analysts on average expected adjusted earnings of 99 cents a share on revenue of $1.6 billion. NetApp projected fiscal third-quarter adjusted earnings of $1.12 a share to $1.18 a share on sales of $1.55 billion to $1.65 billion, while analysts on average were expecting adjusted earnings of $1.12 a share on sales of $1.6 billion, according to FactSet. NetApp shares closed with a 1.1% decline at $78.03, and have gained 41.1% so far this year, as the S&P 500 index has gained 1.8%.

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MarketWatch MarketPulse
Nov 14, 2018

Bill to protect Mueller investigation stymied in Senate
A motion to get a vote on a bill that would protect Special Counsel Robert Mueller's investigation into the connection between the Trump presidential campaign and Russia failed after an objection from Senate Majority Leader Mitch McConnell. Unanimous consent was needed to get the bill to the floor. Sen. Jeff Flake, the Arizona Republican, said he won't vote to advance or confirm any judicial nominee until his bill gets a vote.

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MarketWatch MarketPulse
Nov 14, 2018

Dow stages U-turn to end 200 points lower as Apple's stock nears bear market
The Dow Jones Industrial Average gave up a more than 200-point opening gain early Wednesday and turned negative, as shares of Apple Inc. slumped. The Dow had opened the session with an advance of as many as 214 points but closed down 206 points, or 0.8%, at 25,080. The index logged a four-session skid, which represents its longest string of declines since Aug. 13, according to FactSet data. Shares of Apple closed down 2.8%, or $5.43, to $186.80 on Wednesday and are down 19.5% since hitting a peak in early October. A 20% drop would meet the traditional Wall Street definition of a bear market for Apple. Since that Oct. 3rd peak, which took Apple to a value over $1 trillion, the Cupertino, Calif-based tech giant has given up $216.6 billion in value to $886.4 billion, according to FactSet data. Meanwhile, the S&P 500 index finished down 0.8% at 2,702, while the Nasdaq Composite Index ended down 0.9% at 7,136.

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MarketWatch MarketPulse
Nov 14, 2018

Cisco stock ticks higher on earnings beat
Cisco Systems Inc. shares advanced in the extended session Wednesday after the network giant topped Wall Street estimates for the quarter. Cisco shares rose 1.3% after hours, following a 1.8% decline to close the regular session at $44.33. The company reported fiscal first-quarter net income of $3.55 billion, or 77 cents a share, compared with $2.39 billion, or 48 cents a share, in the year-ago period. Adjusted earnings were 75 cents a share. Revenue rose to $13.07 billion from $12.14 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 72 cents a share on revenue of $12.86 billion. For the second quarter, Cisco expects adjusted earnings of 71 cents to 73 cents a share on 5% to 7% year-over-year revenue growth, or $12.48 billion to $12.72 billion, while analysts have forecast 72 cents a share on revenue of $12.54 billion. Cisco said its outlook includes divestiture of its Service Provider Video Software Solutions unit, which may not have been taken into account in some analyst estimates.

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MarketWatch MarketPulse
Nov 14, 2018

Wingstop to pay second special dividend this year, borrow $320 million
Wingstop Inc. said late Wednesday it had borrowed $320 million and planned a $3.05-a-share special dividend. Wingstop stock was flat in after-hours trading. The company said the special dividend will be payable on Dec. 3 to stockholders of record as of Nov. 26. The special dividend announced Wednesday is the second the company has paid this year. The first was for $3.17 a share in February. Wingstop stock rose 70% this year, as the S&P 500 index rose 1.1%.

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MarketWatch MarketPulse
Nov 14, 2018

Dow's 205-point drop marks longest skid for blue chips in 3 months, amid Brexit and falling bank and Apple shares
The Dow Jones Industrial Average on Wednesday finished solidly lower in a day of whipsawing action for all major indexes, buffeted by a decline in shares of financial firms, a tumble in Apple and developments tied to Britain's exit from the European Union. The Dow Jones Industrial Average closed down 205 points, or 0.8%, at 25,080, the S&P 500 index ended down 0.8% at 2,702, while the Nasdaq Composite Index closed off 0.9% at 7,136. Prime Minister Theresa May secured cabinet approval for her Brexit deal Wednesday evening, which has been a source of underlying concern for Wall Street because a disruptive exit from the EU could have negative implications for financial markets across the globe. May still has work to do to get her Brexit plan passed through Parliament. Meanwhile, a decline in shares of Apple Inc. also was in focus as the largest company by market value fell 2.8% and flirted with a descent into bear-market territory, defined as a drop of at least 20% from a recent peak. Earlier in the day, financial names dropped as Democrat Rep. Maxine Waters said she would fight back against any rollback in bank regulations. Her remarks come after the Democrats won control of the House in the midterm elections. A gauge of financial firms, the Financial Select Sector SPDR ETF, ended the session down 1.2%. Worries about trade tensions between China and the U.S. continue to run against that backdrop of concerns. In all, Wednesday's session was notable for its violent moves, with the Dow gaining as many as 214 points at the open and falling by as many as 350 points at the low. Meanwhile, crude-oil prices stabilized, halting a 12-session skid, with the downdraft in the commodity serving as a source of concern for market participants worried about signs of sluggish global growth.

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
Nov 14, 2018

Uber revenue grew 38% as losses widened in third quarter
Uber Technologies Inc. reported late Wednesday widening third-quarter losses due to growth in its food-delivery service Uber Eats and other businesses. The San Francisco-based company reported third-quarter net losses of $1.07 billion, widening from $891 million in the prior quarter. Revenue grew 38% to $2.95 billion compared with the year-earlier period and 5% from the prior quarter; Uber reported gross bookings grew 34% to to $12.72 billion, compared with the year-earlier period and 6% compared with the prior quarter. Gross bookings is the total cash haul Uber takes in without subtracting driver fees and other costs. "As we look ahead to an IPO and beyond, we are investing in future growth across our platform, including in food, freight, electric bikes and scooters, and high-potential markets in India and the Middle East where we continue to solidify our leadership position," Uber Chief Financial Officer Nelson Chai wrote in a statement. Uber's financial statements are not audited.

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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