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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Jun 19, 2019

Grocery Outlet prices IPO at $22 a share, above high end of range
Grocery Outlet Holding Corp. announced late Wednesday it will price its initial public offering at $22 a share, well above the high end of its range. On Tuesday, the company hiked its expected range to $18 to $19 a share, from $15 to $17 a share. Grocery Outlet is offering 17,187,500 shares for sale, raising about $378 million. Shares of the California-based company, which has 323 stores across the West Coast and Pennsylvania, are expected to list on the Nasdaq under the ticker symbol "GO" starting Thursday.

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
Jun 19, 2019

Canadian pot producer Canopy Growth details U.S. CBD plans after Acreage deal approval
Canopy Growth Corp. said late Wednesday that the company has U.S. operations related to hemp and cannabidiol, or CBD, in seven states and when at full capacity will cover more than 4,000 acres. Canopy Growth said that was the equivalent of 11,072 hockey rinks or nearly American 3,268 football fields. The company said that it was currently planting a mix of high-CBD hemp plants and industrialized hemp suitable for textiles, proteins and bioplastics. The update on its CBD operations arrived after the company announced that the landmark deal to acquire the right to buy U.S.-based weed producer Acreage Holdings Inc. for $3.4 billion in paper, pending the relaxation of U.S. federal prohibition on marijuana. Canopy Growth stock was up 0.8% in after hours trading. The stock closed up 1.74% during the regular session, as the S&P 500 index [spx] rose 0.3%.

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



MarketWatch MarketPulse
Jun 19, 2019

Slack reference price set at $26 for non-IPO
Slack Technologies Inc. shares will have a reference price of $26, and are expected to begin trading Thursday morning on the exchange. Slack is listing its shares directly instead of performing an initial public offering, in which shares are priced for sale. Instead, a reference price is set for a direct listing, based on private placements and other factors, but the trading price can still be different. For example, when Spotify Technology SA entered the public markets through a direct listing, a reference price of $132 was set, but the stock opened at $165.90. Landing on an opening price seemed difficult in the Spotify listing, as shares did not begin trading till after midday, much later than typical for a company debuting after an IPO.

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
Jun 19, 2019

Canadian pot producer Canopy Grwoth details U.S. CBD plans after Acreage deal approval
Canopy Growth Corp. said late Wednesday that the company has U.S. operations related to hemp and cannabidiol, or CBD, in seven states and when at full capacity will cover more than 4,000 acres. Canopy Growth said that was the equivalent of 11,072 hockey rinks or nearly American 3,268 football fields. The company said that it was currently planting a mix of high-CBD hemp plants and industrialized hemp suitable for textiles, proteins and bioplastics. The update on its CBD operations arrived after the company announced that the landmark deal to acquire the right to buy U.S.-based weed producer Acreage Holdings Inc. for $3.4 billion in paper, pending the relaxation of U.S. federal prohibition on marijuana. Canopy Growth stock was up 0.8% in after hours trading. The stock closed up 1.74% during the regular session, as the S&P 500 index [spx] rose 0.3%.

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



MarketWatch MarketPulse
Jun 19, 2019

Mnuchin says he wants to lift debt limit for a year if there's no spending deal
Treasury Secretary Steven Mnuchin said Wednesday the administration wants to suspend the federal debt limit for a year if there isn't an agreement with congressional leaders on spending caps. Mnuchin and other officials met with leaders including House Speaker Nancy Pelosi on spending limits that would head off another government shutdown in the fall. The Treasury chief reportedly said if there's no deal the White House proposes a yearlong stopgap budget that would renew government funding at the same levels, in addition to a one-year debt-limit suspension.

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
Jun 19, 2019

U.S. trade regulator approves United Health, DaVita deal with condition
The Federal Trade Commission said late Wednesday UnitedHealth Group Inc. and DaVita Inc. have agreed to a settlement to resolve FTC allegations their $4.3 billion deal would stifle competition in the Las Vegas area. Under the proposed settlement, UnitedHealth would have 40 days to sell DaVita's healthcare provider in the Las Vegas region, known as HealthCare Partners of Nevada, to Intermountain Healthcare, a Utah-based healthcare provider and insurer. The acquisition was first announced in December 2017. UnitedHealth stock rose 0.6% and DaVita shares fell 0.1% in the extended session after ending the regular trading day up 1.8% and 3.1%.

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



MarketWatch MarketPulse
Jun 19, 2019

Smith & Wesson maker American Outdoor Brands stock soars after earnings beat
Smith & Wesson maker American Outdoor Brands Corp. shares soared more than 8% in the extended session Wednesday after the company beat consensus estimates for earnings and revenue. The company reported fiscal fourth-quarter net income of $9.8 million, or 18 cents a share, compared with $7.7 million, or 14 cents a share, in the year-ago period. Adjusted for items such as amortization of acquired intangible assets, among other things, earnings were 26 cents a share, versus 24 cents in the year-ago quarter. Revenue rose to $175.7 million from $172 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 16 cents a share on revenue of $169.2 million. For the fiscal first quarter, analysts model adjusted earnings of 10 cents a share on sales of $141.6 million. AOBC said it expected fiscal first-quarter adjusted earnings of 3 cents to 7 cents a share on sales of $120 million to $130 million. For fiscal 2020, analysts expect adjusted earnings of 82 cents a share on sales of $654.7 million; the company said it expects adjusted earnings of 76 cents to 84 cents a share on sales of $630 million to $650 million. AOBC stock has fallen 30% in the past year, with the S&P 500 index rising 5.6%.

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
Jun 19, 2019

Senate banking committee sets July date to hold hearing on Facebook Libra coin
The Senate Banking committee on Wednesday set July 16 as the date to hold a hearing centered on Facebook Inc.'s Libra coin, an ambitious cryptocurrency venture led by the social-media giant that is intended as a frictionless way to to make payments over the internet using blockchain technology. The hearing titled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations," comes after a number of Congressional lawmakers a day ago demanded that Facebook , which is leading the digital-payments venture, delay its attempt to roll out the cryptocurrency by the second half of 2020 as planned, while legislators review possible risks to consumers. House Financial Services Committee head Maxine Waters on Tuesday said Facebook "is continuing its unchecked expansion and extending its reach into the lives of its users." The social-media outfit is wrestling with privacy concerns following its Cambridge Analytica scandal. On Tuesday, Facebook said: "We look forward to responding to lawmakers' questions as this process moves forward." Facebook has been meeting with regulators about its cryptocurrency plans, according to the Wall Street Journal, which reported that Facebook officials have met with Securities and Exchange Commission as its prepares to kick off Libra Coin with more than two dozen partners, including payment company PayPal Inc. [sL PYPL], ride-hailing apps Uber Technologies Inc. and Lyft Inc. , as well as credit card company Mastercard Inc. among many others. Many view this crypto as a powerful way for Facebook to tap into its 2.5 billion monthly active users. Libra coin won't be owned by Facebook and will be governed by a consortium of qualified global partners, with the intention of creating an independent payment system that has the benefits of the immutable ledger technology behind cryptos but none of the price vagaries of bitcoin because the digital asset will be pegged to a basket of fiat currencies like the dollar and euro , for exam

MarketWatch MarketPulse
Jun 19, 2019

Oreo maker Mondelez to buy nutrition-bar company
Mondelez International Inc. said late Wednesday it has agreed to buy a majority interest in Perfect Snacks, a maker of refrigerated nutrition bars. Terms of the deal were not disclosed. Perfect Snacks had about $70 million in revenue last year and "strong" double-digit growth year-on-year, Mondelez said. Mondelez, the maker of Oreo cookies, Milka chocolate and other snack brands, said it plans to run Perfect Snacks as a separate business "in order to nurture its entrepreneurial spirit and maintain the authenticity of the brand." The deal is expected to close later this summer, the company said. Shares of Mondelez were flat in the extended session Wednesday after the stock ended the regular session up 0.9%.

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
Jun 19, 2019

Stocks end higher after Fed bolsters rate-cut hopes
U.S. stocks ended modestly higher Wednesday after the Federal Reserve left their benchmark interest rate unchanged at a range between 2.25% and 2.50%, but opened the door to rate cuts later this year. The S&P 500 was up 0.3% to end around 2,926. The Dow Jones Industrial Average advanced 29 points, or 0.1%, to finish near 26,504, based on preliminary numbers. The Nasdaq Composite was up 0.4% to finish around 7,987. The U.S. central bank took out the phrase "patience" from its policy statement, and said it stood ready to act appropriately if risks to the economic outlook reared their head. The Fed's interest-rate projections also showed close to half the members of the central bank's policy-making group anticipated two rate cuts this year. The 10-year Treasury note yield fell to 2.02%, its lowest since Nov. 8 2016. In company news, shares of CBS Corp. were up 1% after news reports said the media giant was readying an offer to buy Viacom Inc.

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
Jun 19, 2019

Dow gains about 60 points after Fed removes 'patient' from policy statement
U.S. stocks rose Wednesday afternoon after the Federal Reserve appeared to deliver a dovish update to its policy message. The central bank said it acknowledges that "uncertainties" have increased in the economy and opted to remove the word "patient" from its updated statement, even as it left benchmark rates at a range between 2.25%-2.50%. The vote was 9-1 to keep rates steady but the dot plot, a projection of estimates for future rate cuts by Fed members signals that a rate cut could be in the offing. The Dow Jones Industrial Average gained 60 points, or 0.2%, at 26,518, the S&P 500 index climbed 0.2% to 2,924, while the Nasdaq Composite Index rose 0.2% to 7,967. The 10-year Treasury note , meanwhile, was at 2.05%, falling from 2.09% earlier in the day. Fed Chairman Jerome Powell will hold a news conference to discuss the policy moves at 2:30 p.m. Eastern Time. The Fed remained generally optimistic about the economy, but the Fed acknowledged that inflation pressures have receded. The rate-setting Federal Open Market Committee cut its forecast for PCE inflation in 2019 to 1.5% from 1.8%, well below its 2% target. It left its GDP estimate at 2.1%. The FOMC's dot plot predicts one rate cut next year that drops the fed funds to 2.1%, with one increase in 2021 bringing it back up to the current 2.4% level. In another move, the Fed lowered its "longer run" forecast for its fed funds rate to a new low of 2.5% from 2.8%.

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
Jun 19, 2019

Sycamore cuts buyout bid for Chico's by 14%, cites 'deteriorating' performance
Private equity firm Sycamore Partners said Wednesday it was revising down its buyout bid for Chico's FAS Inc. by 14%, saying the women's apparel retailer has declined engage in discussions despite continued poor performance. Sycamore said it would pay $3.00 for each Chico's share outstanding, down from a previous bid made last month for $3.50 a share. The stock rose 3.2% in afternoon trade, after closing Tuesday at $3.11, or the lowest level since December 2008. Since Sycamore made its previous offer on May 10, the stock has tumbled 19.5%; on June 11, Chico's beat fiscal first-quarter profit and net sales expectations, but missed on same-store sales and cut its outlook. "Engaging with us so we can perform our due diligence will create an attractive and certain alternative for your shareholders, which we believe is in their best interest given the company's deteriorating performance and share price," Sycamore Managing Director Stefan Kaluzny wrote in a letter to Chico's Chairman David Walker. Chico's stock has tumbled 62.0% over the past 12 months, while the SPDR S&P Retail ETF has lost 15.4% and the Dow Jones Industrial Average has gained 7.3%.

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



MarketWatch MarketPulse
Jun 19, 2019

Treasury yields turn lower after Fed policy update
Treasury yields fell from their session highs after the Federal Reserve announced it would leave interest rates unchanged at a range between 2.25% and 2.50%, as expected. The 10-year Treasury note yield fell 1.1 basis points to 2.047%, after trading at an intraday high of 2.099%. The 2-year note yield fell 5.5 basis points to 1.803%. The 30-year bond yield was virtually unchanged at 2.549%. Bond prices move in the opposite direction of yields. The Federal Open Market Committee dropped the phrase "patience" from its policy statement and said uncertainties around the economic outlook had increased. The central bank's projections for interest rates, or the dot plot, showed eight members of the FOMC anticipated at least one rate cut this year.

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
Jun 19, 2019

Stock market gains after Fed removes 'patient' from policy statement
U.S. stocks rose Wednesday afternoon after the Federal Reserve appeared to deliver a dovish update to its policy message. The central bank said it acknowledges that uncertainties have increased in the economy and opted to remove the word "patient" from its updated statement, even as it left benchmark rates at a range between 2.25%-2.50%. The vote was 9-1 to keep rates steady but the dot plot, a projection of estimates for future rate cuts by Fed members signals that a rate cut could be in the offing. The Dow Jones Industrial Average gained 80 points, or 0.3%, at 26,542, the S&P 500 index climbed 0.3% to 2,926, while the Nasdaq Composite Index rose 0.4% to 7,985. The 10-year Treasury note , meanwhile, was at 2.05%, falling from 2.09% earlier in the day. Fed Chairman Jerome Powell will hold a news conference to discuss the policy moves at 2:30 p.m. Eastern Time.

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
Jun 19, 2019

Gold futures settle lower, then move higher after Fed cites growing 'uncertainties'
Gold futures finished with a modest loss on Wednesday, easing back after settling a day earlier at their highest in 14 months. Prices for the precious metal then climbed in electronic trading after the U.S. Federal Reserve left key interest rates unchanged, but also said it will "closely monitor" the economy in light of growing "uncertainties." August gold was at $1,353 an ounce shortly after the Fed policy statement. The contract settled down $1.90, or 0.1%, at $1,348.80 on Comex, ahead of the Fed decision.

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
Jun 19, 2019

FOMC holds fed funds rate steady, will 'closely monitor' data
WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday left its short-term fed funds rate unchanged and said it "will closely monitor" the economy in light of growing "uncertainties." The so-called dot-plot projections signaled the Fed is unlikely to cut before 2020, though members were sharply divided. Nine senior Fed officials predicted no rate cuts this year while eight forecast one or two reductions. The vote to hold rates steady was 9-1, with St. Louis Fed President James Bullard dissenting in favor of a quarter-point rate cut. The central bank remained generally optimistic about the economy, but the Fed acknowledged "uncertainties" have increased and that inflation pressures have receded. The FOMC cut its forecast for PCE inflation in 2019 to 1.5% from 1.8%, well below its 2% target. It left its GDP estimate at 2.1%. The FOMC's dot plot predicts one rate cut next year that drops the fed funds to 2.1%, with one increase in 2021 bringing it back up to the current 2.4% level. In another move, the Fed lowered its "longer run" forecast for its fed funds rate to a new low of 2.5% from 2.8%.

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
Jun 19, 2019

Shopify stock gains after company announces new products at annual conference
Shopify Inc. shares are up 5% in midday trading Wednesday after the company announced a series of new products and features at its annual Shopfiy Unite partner conference. The company said that its Shopify Fulfillment Network, which lets merchants access fulfillment centers and use machine learning to time deliveries, was available for early access. The company also debuted the next generation of its in-store point-of-sale system and payments software. Shopify shares have climbed 131% so far this year, as the S&P 500 has gained 16%.

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
Jun 19, 2019

Upwork stock gains after Cantor Fitzgerald comes out bullish
Shares of Upwork Inc. are up 0.4% in Wednesday afternoon trading after Cantor Fitzgerald analyst Drew Kootman initiated coverage of the company with an overweight rating. The stock was up as much as 4.4% earlier in the session. "We believe Upwork is a compelling investment opportunity as the company's business model appears well-positioned to capitalize on the long-term demand for a flexible labor supply and to improve on its pole position in the freelance employment market," Kootman wrote. He expects the company to further penetrate the market for freelance services beyond its current share of less than 1%. The company is focusing more on enterprise clients, which Kootman predicts could add more top-line stability. He set a $19 price target on shares, which have fallen 16% so far this year as the S&P 500 has climbed 16%.

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
Jun 19, 2019

Shopfiy stock gains after company announces new products at annual conference
Shopify Inc. shares are up 5% in midday trading Wednesday after the company announced a series of new products and features at its annual Shopfiy Unite partner conference. The company said that its Shopify Fulfillment Network, which lets merchants access fulfillment centers and use machine learning to time deliveries, was available for early access. The company also debuted the next generation of its in-store point-of-sale system and payments software. Shopify shares have climbed 131% so far this year, as the S&P 500 has gained 16%.

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
Jun 19, 2019

Stoke Therapeutics shares soar 46% in trading debut
Stoke Therapeutics Inc. shares rocketed 46% in their trading debut Wednesday, after the company's initial public offering priced above its $14 to $16 price range. The company sold 7.9 million shares priced at $18 each to raise $142 million. Proceeds of the deal will be used to advance clinical trials of its lead product candidate STK-001, a treatment for the severe form of epilepsy Dravet syndrome. JPMorgan, Cowen, Credit Suisse and Canaccord were underwriters on the deal.

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
Jun 19, 2019

Oil prices turn higher as EIA reports first U.S. crude supply decline in 3 weeks
The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 3.1 million barrels for the week ended June 14. That followed two consecutive weeks of gains. Analysts polled by S&P Global Platts expected a decline of 2 million barrels in crude stocks, on average. The American Petroleum Institute on Tuesday reported an 812,000-barrel fall, according to sources. The EIA data also showed that gasoline inventories were down 1.7 million barrels, while distillate stockpiles edged lower by 600,000 barrels last week. The S&P Global Platts survey had shown expectations for supply increases of 1 million barrels each for gasoline and distillates. July West Texas Intermediate crude was up 36 cents, or 0.7%, to $54.26 a barrel on the New York Mercantile Exchange. It was trading at $53.48 before the supply data.

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



MarketWatch MarketPulse
Jun 19, 2019

Lighthizer says he expects to meet China trade official at G-20
U.S. Trade Representative Robert Lighthizer said Wednesday he will discuss trade with his Chinese counterpart in the next day and a half by phone, and meet in person at the G-20 summit in Osaka, Japan, next week. The U.S. trade chief has held several rounds of discussions with Chinese Vice Premier Liu He in an effort to resolve differences between Washington and Beijing. President Donald Trump said Tuesday he expected to have an "extended meeting" with Chinese President Liu He at the G-20, a comment that helped send stock indexes sharply higher. The U.S. is threatening fresh tariffs on Chinese goods in the absence of trade progress.

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
Jun 19, 2019

Apple considers moving 15% to 30% of production capacity out of China: report
Apple Inc. is considering moving 15% to 30% of its production capacity from China to Southeast Asia, according to a report from the Nikkei Asian Review, which said that the company has asked its suppliers to look into the costs of such a move. The story, which cites unnamed sources, said that trade tensions between the U.S. and China have Apple considering whether to shift some of its production outside of China but that the company may not turn back on its plans even if the trade disputes were settled since Apple sees heightened risks from its reliance on Chinese manufacturing. Apple declined to comment in the Nikkei Asian Review's report. Wedbush analyst Daniel Ives said that "in a best-case scenario," Apple would likely be able to shift 5% to 7% of its iPhone production to India within 12 to 18 months. "Moving 15% of its iPhone production from China to other regions (India and Vietnam would be top candidates) would take at least two to three years in our opinion given the complexity and logistics involved in such a gargantuan endeavor and clearly have its share of risks (e.g., supply chain disruption, higher costs)," he wrote. Apple shares have gained 29% so far this year. The Dow Jones Industrial Average has climbed 14% in that time.

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
Jun 19, 2019

Stocks open slightly higher as investors await Fed decision
Stocks saw a slightly higher start Wednesday ahead of the conclusion of a Federal Reserve meeting that's expected to leave interest rates unchanged but potentially signal that policy makers are moving toward an eventual rate cut. The S&P 500 rose 0.1% to 2,921.55, while the Dow Jones Industrial Average gained 45.98 points or 0.2%, to 26,511.52. The Nasdaq Composite was up 0.2% at 7,966.58. The Fed decision is due at 2 p.m. Eastern, followed by Chairman Jerome Powell's news conference at 2:30 p.m.

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
Jun 19, 2019

Melinta Therapeutics' stock rockets on heavy volume after FDA accepts sNDA for Baxdela
Shares of Melinta Therapeutics Inc. more than doubled (up 128%) on heavy volume Wednesday, after the antibiotics developer said its supplemental new drug application (sNDA) for Baxdela was accepted by the U.S. Food and Drug Administration. Trading volume spiked to over 4.7 million shares, compared with the full-day average of about 334,000 shares through Tuesday, and enough to make the stock the most actively traded ahead of the open. The company said the FDA has granted "priority review" status for Baxdela, in which the sNDA seeks to expand the current indication to include adult patients with community-acquired bacterial pneumonia (CABP). "BAXDELA's potency and activity against the most common bacterial pathogens seen in CABP indicate it could play a significant role in the treatment of this life-threatening illness, if approved," said Melinta Chief Medical Officer Sue Cammarata. "We look forward to working with the FDA to help evaluate bringing this potential option to people with CABP as soon as possible." The stock has tumbled 50% year to date through Tuesday, while the S&P 500 has gained 16%.

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
Jun 19, 2019

TripAdvisor stock rises after SunTrust upgrades to buy
TripAdvisor Inc. shares are up 3.2% in premarket trading Wednesday after SunTrust Robinson Humphrey analyst Naved Khan upgraded the stock to buy from hold. "Our buy thesis centers on our calculations that TRIP's rapidly ( 30% annual growth) expanding experiences segment now represents nearly a third of sales and a solid majority of the stock's intrinsic value, while the multiple on Ebitda appears to us to place far more emphasis on the slow-growing core," Khan said. "Experiences has now reached critical mass, which coupled with stabilization in core should help drive accelerating growth in overall top line in FY20/beyond, in our view." Khan maintained his $60 price target on the stock, which has dropped 14% so far this year as the S&P 500 has climbed 16%.

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
Jun 19, 2019

PG&E to pay $1 billion to resolve wildfire claims held by 18 public entities
Shares of Pacific Gas and Electric Co. rose 1.6% in premarket trading Wednesday, after the bankrupt utility said it reached agreements to pay $1 billion to resolve claims related to the 2015, 2017 and 2018 wild fires. The claims are held by 18 local public entities, including cities, counties, districts and public agencies, hurt by the Butte Fire in 2015, the Northern California fires in 2017 and last year's Camp Fire. The payment of the claims is subject to confirmation by the bankruptcy court. "This is an important first step toward an orderly, fair and expeditious resolution of wildfire claims and a demonstration of our willingness to work collaboratively with stakeholders to achieve mutual acceptable resolutions," said PG&E Chief Executive Bill Johnson. The stock has lost 19.4% year to date through Tuesday, while the SPDR Utilities Select Sector ETF has gained 14.1% and the Dow Jones Industrial Average has advanced 13.5%.

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



MarketWatch MarketPulse
Jun 19, 2019

Gilead strikes deal with Nurix Therapeutics to tackle disease-causing proteins
Gilead Sciences Inc. is partnering with Nurix Therapeutics, a biotech working on drugs to destroy disease-causing proteins, the companies announced Wednesday. Under the terms of the multi-year deal, Gilead will have the option to license certain drug candidates from Nurix, and Nurix will have the option to develop up to two programs with Gilead in the U.S., splitting the costs, U.S. sales and losses of those drugs. The deal excludes Nurix's lead drug program, for which Nurix will retain all rights. Nurix will receive an upfront payment of $45 million and is eligible to receive up to approximately $2.3 billion in additional milestone payments and royalties, the companies said. "There are many molecular targets involved in disease pathways that have traditionally been challenging to manipulate using conventional approaches," said John McHutchison, Gilead's chief scientific officer and head of research and development. "Nurix's innovative protein degradation discovery technology provides Gilead with a new strategy to interrogate these drug targets, as we continue to build a pipeline of small molecule therapeutics for patients with cancers and other diseases." Nurix's drug platform targets the ubiquitin system, a natural way the body degrades normal and disease-associated proteins. The company is working on ways to manipulate this system to fight diseases in immuno-oncology and hematology. Shares of Gilead have gained 9% so far this year, while the S&P 500 has gained 16.4%.

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



MarketWatch MarketPulse
Jun 19, 2019

Adobe stock upgraded at Stephens after earnings
Shares of Adobe Systems Inc. are up 4.7% in premarket trading Wednesday after the company reported better-than-expected results the prior afternoon but delivered a disappointing outlook. Stephens analyst James Rutherford upgraded the stock to overweight from equal weight following the report. "We believe the strong showing in digital media will help quiet any investor worries about a near-term slowdown in that business," he wrote. "Second, based on our field work and the report last night, we have become convinced that the Marketo and Magento acquisitions will be material drivers of revenue growth in the near-term as that cross-selling motion heats up." Rutherford argued that while Adobe's quarterly outlook was "a touch light on revenue and EPS," the company looks well positioned through the rest of the year. Adobe shares have climbed 22% so far in 2019, as the S&P 500 has risen 16%.

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
Jun 19, 2019

Energizer's stock falls toward 3-year low after J.P. Morgan turns bearish, slashes price target
Shares of Energizer Holdings Inc. dropped 5.6% toward a more-than 3-year low in premarket trading Wednesday, after J.P. Morgan turned bearish on the battery maker, citing evidence of deteriorating Rayovac battery sales. Analyst Andrea Teixeira cut her rating to underweight from neutral, and slashed her price target to $36 from $45. Teixeira said that based on recent Nielsen data, worsening retailer shelf-space losses for Rayovac will likely continue to hurt results until at least Energizer's fiscal third quarter, which she believes could hurt gross margins and the company's ability to achieve its full-year guidance. Teixeira said what could put further pressure on Energizer's stock is Spectrum Brands Holdings Inc.'s 7.6% share stake in the company, as the lock-up agreement expires in January 2020. The stock, which is on track to open at the lowest price seen during regular-session hours since March 2016, has tumbled 32.2% over the past 12 months, while the Dow Jones Industrial Average has gained 7.2%.

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



MarketWatch MarketPulse
Jun 19, 2019

Barnes & Noble sales slump further but losses narrow
Barnes & Noble Inc. reported a fiscal fourth-quarter net loss of $18.7 million, or 26 cents per share, after a loss of $21.1 million, or 29 cents per share last year. Sales totaled $755.4 million, down from $786.1 million last year. The FactSet consensus, which is based on a single analyst, was for a loss of 24 cents per share and sales of $759 million. Nook sales fell to $20.7 million from $25.1 million last year. Barnes & Noble will not host an earnings conference call following news on June 7 that it will be taken private by hedge fund Elliott Advisors UK Ltd. in a $683 million all-cash deal. Barnes & Noble shares edged down 0.2% in premarket trading, and have fallen nearly 6% for the year to date. The S&P 500 index has rallied 16.4% for the period.

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Jun 19, 2019

Tempur Sealy to add about 700 new jobs in the U.S. to meet demand for its mattresses
Tempur Sealy International Inc. said Wednesday it is planning to add about 700 new jobs in the U.S. to meet growing demand for its Tempur-Pedic, Stearns & Foster and Sealy mattresses. The announcements comes a day after Lexington, Ky.-based Tempur Sealy announced new retail agreements with Big Lots Inc. and Mattress Firm Inc. The new jobs include management roles, operations and logistics and sales and will be spread across the U.S. Shares were not yet active premarket, but have gained 70% in 2019, while the S&P 500 has gained 16%.

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Jun 19, 2019

Mattel shares fall after MGA CEO says toymaker 'cannot be salvaged'
Mattel Inc. shares fell 2.5% in Wednesday premarket trading after MGA Entertainment Inc.'s Chief Executive Isaac Larian announced he was abandoning pursuit of a merger deal. "With close to $4 billion in debt at an average interest rate of 6.58% (as of March 2019), a staggering 42% in operating expenses, and a major legal liability for having sold a faulty Fisher Price Rock 'n Play Sleeper for years even as multiple baby fatalities occurred, there is simply too much mess to clean up at Mattel," the statement said. "It is my opinion that Mattel cannot be salvaged at this point and most certainly not under the current, hostile board and management." In April, Mattel recalled the Fisher Price Rock 'n Play Sleeper, which had been tied to infant deaths. Analysts estimated that the recall could cost Mattel $40 million to $60 million. Fisher Price stood by the safety of the product at that time. Last week there were reports that Mattel rejected the merger offer, which sent shares higher. Mattel shares have sunk 16% over the past three months, but have gained 20.7% for the year to date. The S&P 500 index is up 16.4% for 2019 so far.

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Jun 19, 2019

CannTrust to enter U.S. via hemp joint venture with California's Elk Grove Farming
Canadian cannabis company CannTrust Holdings Inc. said Wednesday it is establishing a U.S. operation in a joint venture with Elk Grove Farming Co. LlC, a farming company with operations in California, to secure low-cost hemp with a high CBD content. CBD, or cannabidiol, is the non-intoxicating ingredient in cannabis that is widely held to have wellness properties. The two companies will own 50% of the venture with Elk Grove providing access to more than 3,000 acres of farmland for hemp production. "The opportunity in the U.S. for CannTrust is to become a trusted supplier of consistent, standardized and high-quality hemp-derived CBD formulations at scale," the company said in a statement. The company will process, formulate and sell hemp-derived CBD product in U.S. markets that allow it and expects to start cultivation in 2020. Hemp was legalized in the 2018 Farm Bill, although CBD remains under the regulatory purview of the U.S. Food and Drug Administration, which is working to establish rules before it can be added to food or drinks. CannTrust shares rose 2.3% in premarket trade, and have gained 2.2% in 2019 through Tuesday, while the S&P 500 has gained 16%.

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Jun 19, 2019

Winnebago's stock set to fall after profit beats, but revenue misses on weak motorhome sales
Winnebago Industries Inc. reported Wednesday a fiscal third-quarter profit that beat expectations but revenue that missed, as weakness in its motorhome business offset strength in towables. The stock was indicated down more than 1% in the premarket. Net income for the quarter to May 25 rose to $36.2 million, or $1.14 a share, from $32.5 million, or $1.02 a share, in the year-ago period. The results include a 6-cents-per-share benefit from tax reform. The FactSet EPS consensus was $1.00. Revenue fell 5.9% to $528.9 million, below the FactSet consensus of $569.4 million. Motorhome revenue tumbled 34.6% to $160.2 million, well below the FactSet consensus of $219.7 million, while towable revenue rose 10.8% to $346.8 million, to beat expectations of $314.8 million. Chief Executive Michael Happe said the materials cost environment remains "volatile," as newly implemented and pending tariffs start to impact costs in the back half of 2019. The stock has soared 25.0% over the past three months through Tuesday, while the S&P 500 has gained 3.0%.

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Jun 19, 2019

Axalta shares soar 10% premarket after company says it's reviewing strategic options
Axalta Coating Systems Ltd. shares soared 10% in premarket trade Wednesday, after the paint company said its board has started a review of its strategic options, including a possible sale. The board has formed a committee that will be chaired by its independent presiding director Mark Garrett and will include Chief Executive Robert Bryant and independent director Samuel Smolik. "Axalta's Board is committed to maximizing value for all shareholders and has initiated a comprehensive review of strategic alternatives, including a potential sale of the Company, changes in capital allocation, and ongoing execution of our strategic plan," Garrett said in a statement.The board has hired Evercore and Barclays as financial advisers and Morrison & Foerster LLP as legal advisor to help with the review. Shares have gained 10% in 2019 through Tuesday, while the S&P 500 has gained 16%.

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Jun 19, 2019

Qatar Airways orders additional 5 Boeing 777 freighters in deal valued at $1.8 billion
Qatar Airways has committed to purchase an additional five Boeing 777 freighters valued at $1.8 billion at list prices, the airline announced on Wednesday. The deal was unveiled at the Paris Air Show and will increase the airline's 777 fleet by 20%, according to His Excellency Jassim Saif Ahmed Al-Sulaiti, Qatari Minister of Transport and Communications. Qatar Airways currently owns 23 freighters, 16 of which are Boeing 777 aircraft. Boeing shares were up 0.4% premarket and have gained about 8% this week as the aerospace giant has announced a flurry of deals from the Paris Air Show. The news comes after two fatal accidents involving Boeing's 737 Max aircraft shook confidence in the company. Shares have gained about 16% in 2019, while the Dow Jones Industrial Average has gained 13% and the S&P 500 has gained 16.4%.

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Jun 19, 2019

Coach parent Tapestry names former Abercrombie & Fitch executive as its CFO
Shares of Coach and Kate Spade parent Tapestry Inc. said Wednesday it named Joanne Crevoiserat as its chief financial officer, effective Aug. 1. Crevoiserat was most recently Abercrombie & Fitch Co.'s chief operating officer from February 2017 to June 2019. Crevoiserat will succeed interim CFO Andrea Resnick, who held the helm after Kevin Wills departed in February 2019. "As we continue to implement our portfolio strategy, I am confident that Joanne is the right leader and strategic business partner to our teams as we drive Tapestry's next chapter of growth as a global house of brands," said Chief Executive Victor Luis. Tapestry's stock, which was still inactive in premarket trading, has lost 10.2% year to date, while Abercrombie shares have tumbled 21.5%, the SPDR S&P Retail ETF has gained 3.5% and the Dow Jones Industrial Average has advanced 13.5%.

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Jun 19, 2019

Southwest raises RASM guidance, extends expected timeline for 737 Max 8 grounding
Shares of Southwest Airlines Co. were little changed in premarket trading Wednesday, after the air carrier raised its second-quarter unit revenue guidance while extending the length of time it expects its 737 Max 8 aircraft will be grounded. The company also cuts its capacity guidance to reflect a lower-than-expected completion factor and the grounding of all 34 of its 737 Max 8 aircraft made by Boeing Co. through Aug. 5. "As the timeline remains uncertain for the MAX aircraft to return to service, the Company is revising its flight schedule to remove all MAX flights through September 2, 2019," the company said in a statement. Southwest now expects revenue per available seat mile (RASM) to rise 6.5% to 7.5% from a year ago, compared with previous guidance of 5.5% to 7.5%. Available seat miles (ASMs) is expected to decline 3.5%, compared with the previous outlook of a 2%-to-3% decline. Meanwhile, the company raised its growth outlook for costs per available seat mile (CASM) to 11.5% to 12.5% from 10.5% to 12.5% and lowered its guidance range for ASMs per gallon, or fuel efficiency, to a decrease of 1% to 2% from flat to down 1%. The stock has gained 11.2% year to date, while the NYSE Arca Airline Index has climbed 13.5% and the S&P 500 has advanced 16.4%.

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Jun 18, 2019

U.S. Steel guides for lower Q2 profit, idles furnaces
Natural disasters and softer steel prices are taking a toll at U.S. Steel Corp. , which on Tuesday forecast lower-than-expected second-quarter profit and said it was idling three furnaces. U.S. Steel said it expects second-quarter adjusted earnings of about 40 cents a share. Analysts polled by FactSet expect adjusted earnings of 51 cents a share. The company said its flat-rolled business is being hit by falling steel prices and softening end-market demand. In addition, second-quarter shipments are lower than it expected due to flooding in the southern U.S. limiting the availability of barges and hampering product shipment in the past few weeks. The company also cited "market headwinds" for its business in Europe. U.S. Steel said it will idle two blast furnaces in the U.S. and one in Europe to adjust to the market conditions. "We believe that the investments being made to improve costs and expand product capabilities will create a more differentiated and agile company, combining our competitive advantages with state-of-the-art sustainable steel technology to create long-term value for our stockholders, customers and employees," U.S. Steel said in a statement. Shares rose 0.2% in the extended session after ending the regular session up 4.4%.

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Jun 18, 2019

Oil prices gains as sources say API reports a modest weekly fall in U.S. crude stocks
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 812,000 barrels for the week ended June 14, according to sources. The API also reportedly showed a stockpile climb of 1.5 million barrels in gasoline, while distillate supplies edged down by 50,000 barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories fell by 2 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. The survey also forecast an increase of 1 million barrel each for gasoline and stockpiles. July West Texas Intermediate crude was at $54.09 a barrel in electronic trading, up from the contract's $53.90 settlement on the New York Mercantile Exchange.

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Jun 18, 2019

Trump on potential Powell demotion: 'Let's see what he does'
President Donald Trump, asked by reporters Tuesday if he still wants to demote Federal Reserve Chairman Jerome Powell, replied: "Let's see what he does." Trump said he was not getting a "level playing field" with other countries, noting that the European Central Bank has a "much different stance" than the Fed. The questions were prompted by a Bloomberg News report that the White House counsel explored the legality of stripping Powell of his chairmanship and leaving him on the board as a governor.

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Jun 18, 2019

La-Z-Boy stock tanks after company's quarterly sales miss
Shares of La-Z-Boy Inc. fell more than 14% in the extended session Tuesday after the furniture maker reported fiscal fourth-quarter sales that were below Wall Street expectations. La-Z-Boy said it earned $1.5 million, or 3 cents a share, in the quarter, compared with $34 million, or 72 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $30 million, or 64 cents a share, compared with 72 cents a share a year ago. Sales rose 8% to $453.8 million in the quarter, La-Z-Boy said. Analysts polled by FactSet had expected adjusted profit of 64 cents a share on sales of $457 million.

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Jun 18, 2019

Adobe stock ticks higher as quarter beats Street, outlook doesn't
Adobe Inc. shares rose in the extended session Tuesday, after a brief dip, as the software company's quarterly results beat Wall Street estimates but its outlook did not. Adobe shares were last up 2.8% after hours, following a 0.4% rise to close the regular session at $276.78. The company reported fiscal second-quarter net income of $632.6 million, or $1.29 a share, compared with $663.2 million, or $1.33 a share, in the year-ago period. Adjusted earnings were $1.83 a share. Revenue rose to $2.74 billion from $2.2 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.78 a share on revenue of $2.7 billion. Adobe expects earnings of about $1.95 a share on revenue of about $2.8 billion, while analysts had forecast $2.05 a share on revenue of $2.83 billion.

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Jun 18, 2019

S&P 500 ends around 1% short of record after Trump touts U.S.-China trade meeting
U.S. stocks ended higher on Tuesday, after President Trump touted a positive phone call with his Chinese counterpart Xi Jinping about next week's trade meeting at the G-20 summit in Japan. The Dow Jones Industrial Average rose 355 points, or 1.4%, to end around 26,466. The S&P 500 index was up almost 1% to finish near 2,918, while Nasdaq Composite Index climbed 1.4% to 7,954. The S&P 500 ended the day close to 1% away from its all-time closing record. Trump said on Twitter that he will hold an "extended meeting" with President Xi at the G-20, with markets hoping that they can hash out a deal to avert further tariffs on Chinese imports. ECB President Mario Draghi also said on Tuesday that the euro-area central bank would keep its options open about cutting rates in the coming weeks.

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MarketWatch MarketPulse
Jun 18, 2019

S&P 500 ends around 1% of record after Trump touts U.S.-China trade meeting
U.S. stocks ended higher on Tuesday, after President Trump touted a positive phone call with his Chinese counterpart Xi Jinping about next week's trade meeting at the G-20 summit in Japan. The Dow Jones Industrial Average rose 355 points, or 1.4%, to end around 26,466. The S&P 500 index was up almost 1% to finish near 2,918, while Nasdaq Composite Index climbed 1.4% to 7,954. The S&P 500 ended the day close to 1% away from its all-time closing record. Trump said on Twitter that he will hold an "extended meeting" with President Xi at the G-20, with markets hoping that they can hash out a deal to avert further tariffs on Chinese imports. ECB President Mario Draghi also said on Tuesday that the euro-area central bank would keep its options open about cutting rates in the coming weeks.

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Jun 18, 2019

Yeti shares rise after sneak peek of new products
Shares of Yeti Holdings Inc. rose 4.5% in Tuesday trading after the company's chief executive presented new products to the audience at the Jefferies Consumer Conference. Among the items was the Rambler Jr., a 12-ounce bottle, an $80 lunch box and a dog bed, which launched today for $300. The products will be available around September 1 with a strategy to build up as the holidays approach. Yeti stock has soared 88.1% in 2019 to date, far outpacing the S&P 500 index , which is up 16.4% for the period.

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Jun 18, 2019

Fifth Third's stock rallies after boosting dividend, setting new 100 million share buyback program
Shares of Fifth Third Bancorp rallied 2.2% in afternoon trading Tuesday, after Ohio-based bank said it was increasing its dividend by 9% and setting a new 100 million share repurchase program. The new quarterly dividend of 24 cents a share, up from 22 cents, will be payable July 15 to shareholders of record on June 28. Based on current stock prices, the new annual dividend rate implies a dividend yield of 3.48%, well above the yield for the SPDR S&P Financial Select Sector ETF of 1.92% and the implied yield for the S&P 500 of 1.97%, according to FactSet. The banker said the new share buyback program replaces the previous program that had 22 million shares remaining. The current program represents about 13.6% of the shares outstanding. The stock has rallied 17.2% year to date, while the financial ETF has climbed 14.9% and the S&P 500 has advanced 16.5%.

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Jun 18, 2019

U.S. oil prices mark highest finish in more than a week
U.S. oil futures rallied Tuesday as a tweet from President Donald Trump hinted at progress in U.S.-China trade talks, easing the market's worries about a potential slowdown in energy demand. The news also contributed to a sharp climb among benchmark U.S. stock indexes, lifting risk-on sentiment in the market. July West Texas Intermediate oil rose $1.97, or 3.8%, to settle at $53.90 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since June 7, according to FactSet data.

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Jun 18, 2019

Grocery Outlet boosts expected IPO pricing, lifting valuation to up to $1.6 billion
Grocery Outlet Holding Corp. raised on Tuesday the expected pricing range of its initial public offering, which could now value the extreme-value retailer of name-brand consumables and fresh products at up to $1.63 billion. The company said it now expects the IPO to price between $18 and $19 a share, up from a filing last week showing an expected pricing of $15 to $17 a share. The company is offering 17,187,500 shares for sale to the public, to raise up to $362.6 million. Shares of the California-based company, with 323 stores across the West Coast and Pennsylvania, are expected to list on the Nasdaq under the ticker symbol "GO." The lead underwriters are BofA Merrill Lynch, Morgan Stanley, Deutsche Bank Securities and Jefferies. The company reported net income of $15.9 million on net sales of $2.29 billion in 2018, after a profit of $20.6 million on sales of $2.08 billion in 2017. The company is looking to go public at a time the Renaissance IPO ETF has gained 4.5% over the past three months while the S&P 500 has tacked on 3.1%.

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Jun 18, 2019

Gold futures settle at a 14-month high
Gold futures climbed Tuesday to settle at their highest in 14 months, as comments from European Central Bank President Mario Draghi set the stage for lower interest rates, ahead of the U.S. Federal Reserve's monetary policy decision Wednesday. "We certainly don't think the Fed will cut [rates], although it is very likely to prepare the markets for a July trim," said Fawad Razaqzada, technical analyst at Forex.com. August gold rose $7.80, or 0.6%, to settle at $1,350.70 on Comex-the highest most-active contract finish since April 18, 2018, according to FactSet data.

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Jun 18, 2019

Allergan stock jumps 3.8% after Evercore ISI analyst says company is likely heading toward a split
Shares of Allergan Plc shot up 3.8% Tuesday afternoon after Evercore ISI analyst Umer Raffat said a call with the drugmaker's general counsel left him "with the sense that Allergan is heading towards a split and may likely lay out timelines." He added in a note to clients that he thinks the company will give an update in the next couple of months. Analysts have long called for a split and activist investors have long pushed for the company to also separate out its chairman and chief executive roles, which are both held by Brent Saunders. Allergan has been dealing with some significant issues in the past year -- investors are worried about the future of Botox, the company's biggest earner, as it faces competition in the anti-wrinkle and injectable migraine treatment markets. Investors were also rattled by the failure of depression drug rapastinel -- once considered by many to be Allergan's next big blockbuster drug -- in clinical trials earlier this year. In May, Saunders said he had heard investors' concerns "loud and clear," adding that "everything is on the table," including the possibility of splitting the company up. Shares of Allergan have fallen 10.6% in the year to date, while the S&P 500 has gained 16.4%.

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Jun 18, 2019

Trump says Shanahan withdraws nomination to be defense secretary
Acting Defense Secretary Patrick Shanahan won't go forward with the confirmation process, and Army Secretary Mark Esper will replace him in an acting capacity, President Donald Trump tweeted. There had been reports that Trump had soured on Shanahan. Over two tweets, Trump said Shanahan had decided to spend more time with his family.

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Jun 18, 2019

Best Buy launches line of connected fitness products
Best Buy Co Inc. announced Tuesday that it has launched a line of connected fitness products, including bikes and rowing machines. The collection comes via collaboration with companies like Flywheel Sports, Hydrow, and NordicTrack. Items are available online now and will be on sale in a dedicated space for fitness items that will be in 100 stores by the end of the year. Best Buy stock is up 3.4% in Tuesday trading and has rallied more than 30% for the year to date. The S&P 500 index is up 16.5% for the period.

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Jun 18, 2019

Lululemon launches line of personal care products
Lululemon Athletica Inc. said Tuesday that it is launching a line of personal care products for men and women online, in 50 Lululemon stores, at select North American studio partners and on Sephora.com. The Selfcare line includes deodorant, dry shampoo and face moisturizer with items for men and women. Lululemon's Chief Product Officer Sun Choe called the new line another way to respond to "feedback that transitioning from sweat to life isn't always easy." The Selfcare line is a product of a two-year research and development process. Lululemon stock is up 1.4% in Tuesday trading and up nearly 53% for the year so far. The S&P 500 index has gained 16.5% for the period.

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Jun 18, 2019

RH shares soar as new Beach House collection shows promise
RH shares have leapt almost 36% for the month to date after earnings beat expectations and the home retailer said the new Beach House collection is showing promise. RH reported fiscal first quarter net income of $35.7 million, or $1.43 per share, up from $25.5 million, or $1.01 cents per share, last year. Adjusted EPS of $1.85 blew past the FactSet consensus of $1.53. Revenue of $598.4 million was ahead of the $557.4 million reported last year and the FactSet estimate of $584.0 million. The company now expects fiscal 2019 adjusted EPS of $8.76 to $9.27, up from previous guidance for $8.05 to $8.69. "The top line is the primary story for Q1 in our opinion," wrote Stifel analysts in a note. Stifel rates RH shares buy with a $140 price target. "Confidence in underlying trends as well as new product lines such as RH Beach House led the company to materially raise full-year guidance by more than the Q1 beat," wrote Wedbush analysts, who rate RH stock outperform with a $160 price target. About 70% of the RH Beach House collection is new products. And Cowen analysts note that RH Chief Executive Gary Friedman seems pleased with the early indications on the collection's book. "We believe RH is redefining the $143 billion U.S. home furnishing market by using its scale and unique lifestyle approach to offer superior quality product at value unmatched by competitors," said Cowen. Analysts there maintain their market perform stock rating with a $120 price target. RH is up 2.2% in Tuesday trading, and down 3.5% for the year to date. The S&P 500 index is up 16.6% for the year to date.

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Jun 18, 2019

White House explored demoting Powell: Bloomberg
The White House explored the legality of demoting Fed Chairman Jerome Powell in February, according to a report by Bloomberg Television. Citing people familiar with the matter, the report said the White House general counsel's office weighed the legality of stripping Powell of his chairmanship of the central bank, and leaving him as just a Fed governor. The review came after President Donald Trump spoke of firing Powell, the report said. Bloomberg said it didn't know the result of the administration's review.

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Jun 18, 2019

Draghi to Trump: ECB doesn't target euro exchange rate
The European Central Bank's policy actions are aimed at achieving its inflation target and not at the euro's exchange rate, ECB President Mario Draghi said Tuesday, hours after U.S. President Donald Trump accused the institution of working to unfairly weaken the shared currency. "We don't target the exchange rate," Draghi said in a panel discussion at an ECB-sponsored forum in Portugal, hours after he delivered a speech that indicated the central bank could move to provide additional monetary stimulus as early as next month. Those remarks prompted a tweet from Trump, who said a weaker euro would make it "unfairly easy for them to compete against the U.S.A." Later, Trump again tweeted that Germany's DAX stock index was "way up due to stimulus remarks from Mario Draghi. Very unfair to the United States." Draghi, in the panel discussion, said the ECB is committed to meeting its inflation mandate and will use all the tools it has available. Inflation has remained stubbornly below the bank's annual target of near but just below 2%. The euro was down 0.3% versus the dollar at $1.1188, while the ICE U.S. Dollar Index , a gauge of the U.S. currency against a basket of six major rivals, was up 0.1% at 97.70. Global equities received an added boost Tuesday after Trump tweeted plans for an "extended meeting" with Chinese leader Xi Jinping at the Group of 20 summit at the end of the month. Germany's DAX index was up 2.1%, while the pan-European Stoxx 600 was up 1.7%. The S&P 500 was 1.1% higher, while the Dow Jones Industrial Average advanced more than 330 points, or 1.3%.

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Jun 18, 2019

Lighthizer says Pelosi has been 'constructive' on USMCA talks
U.S. Trade Representative Robert Lighthizer on Tuesday said House Speaker Nancy Pelosi has been "constructive" in talks to address her concerns about the U.S.-Canada-Mexico Agreement. Testifying before the Senate Finance Committee, the U.S. trade chief said the California Democrat has been "completely fair and above board" in discussions with the administration. Acting White House chief of staff Mick Mulvaney said last week the deal to replace the North American Free Trade Agreement has a "better than two-thirds chance" of passing Congress this year. But Pelosi has signaled she won't allow a vote on the USMCA without changes including easier enforcement of new rules to strengthen labor rights. "I hope over the next couple of weeks we can make substantial progress," Lighthizer said. President Donald Trump in May said Pelosi didn't understand the deal and had to "get up to snuff."

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Jun 18, 2019

AMD's stock surges toward first gain in 6 days amid broad chip-sector rally
Shares of Advanced Micro Devices Inc. shot up 5.6% in very active trading Tuesday morning, putting them on track for their first gain in six days amid a broad rally in chip stocks. Volume of 37.4 million shares made AMD's stock the most actively traded on major U.S. exchanges. The stock had tumbled 12% over a five-session losing streak through Monday. AMD's rally comes as the PHLX Semiconductor Index climbed 4.6%, with all 30 components gaining ground, led by the 6.5% jump in Micron Technology Inc. shares. Meanwhile, chipmaker Intel Corp.'s stock rallied 3.7% to pace the Dow Jones Industrial Average's gainers.

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Jun 18, 2019

Walmart adding wireless experts by the holidays, part of consumer electronics push
Walmart Inc. said Tuesday that it will add wireless experts to 600 more stores by the holidays, part of an overall push to upgrade consumer electronics departments. More than 3,000 Walmart stores will have dedicated wireless experts. Walmart also announced that, starting with AT&T Inc. customers, Walmart shoppers will be able to purchase a complete "postpaid" cell phone on the Walmart website. Each carrier will ultimately have its own page for cell phone purchases. Walmart plans to improve its consumer electronics offering nationwide with live product demos, more accessories and additional enhancements. Walmart stock is up 17% for the year to date while the Dow Jones Industrial Average has gained 13.2% for the period.

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Jun 18, 2019

Dow surges 350 points as Trump tweets of 'extended meeting' with President Xi on trade
U.S. stocks took a fresh leg higher Tuesday morning after President Donald tweeted that he had a productive call| with Chinese President Xi Jinping related to tariffs. "Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting." The Dow Jones Industrial Average rose 350 points, or 1.4%, at 26,465, the S&P 500 index climbed 1.3% at 2,927, while the Nasdaq Composite Index advanced 1.8% to 7,985. The two leaders are slated to meet at the sidelines of the Group of 20 meeting in Tokyo, where it is expected that they will talk about resolving the protracted Sino-American trade war that has roiled global stocks. Markets had already been buoyant at the open on remarks made by European Central Bank President Mario Draghi, who said further stimulus in Europe might be needed if the economy continues to show weakness and inflation doesn't regain its footing. Those comments come as the Federal Reserve is set to kick off a two-day policy meeting where investors hope a rate cut is hinted.

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Jun 18, 2019

Trump announces 'extended meeting' with Xi at the G-20
U.S. President Donald Trump on Tuesday said over Twitter that there will be an "extended meeting" with President Xi Jinping of China at the Group of 20 meeting in Japan. U.S.-Chinese trade talks have stalled, and there had been some doubt over whether there would be talks between the two sides, with the U.S. threatening an additional 25% tariff on more than $300 billion worth of Chinese goods. U.S. stocks extended early gains after the Trump tweet.

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Jun 18, 2019

Beyond Meat's stock shoots above $200 intraday before paring some gains
Shares of Beyond Meat Inc. shot above the $200 mark for the first time in early trading Tuesday, before paring some gains, as the maker of plant-based meat alternative extended its rocket ride since going public about seven weeks ago. The stock was up as much as 19% at its intraday high of $201.88, but was recently up 9.7% at $186.47, which was more than 7-times the $25 IPO price, as bearish investors have been forced to flee despite some concerns over competition. Last week, Tyson Foods Inc. unveiled its first alternative-meat products. The stock's rally comes as the Renaissance IPO ETF has gained 4.6% over the past three months and the S&P 500 has tacked on 3.0%.

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Jun 18, 2019

Dow jumps 270 points in early action as Draghi comments spark fresh hope for Fed rate cuts
U.S. stocks on Tuesday climbed, extending Monday's gains, as investors awaited the start of the Federal Reserve's two-day policy meeting, set to kick off later Tuesday morning. Comments by European Central Bank President Mario Draghi about his view that rate cuts may be necessary if the economic climate in Europe worsens and if inflation fails to rise closer to the ECB's annual target at or near 2%. The Dow Jones Industrial Average rose 266 points, or 1%, at 26,368, the S&P 500 index climbed 0.9% to 2,915, while the Nasdaq Composite Index jumped 1.3% at 7,943. Draghi said ECB policy makers would consider "in the coming weeks" how to adapt their policy tools "commensurate to the severity of the risk" to the economic outlook, which was taken as an indication that the central bank might consider further easing measures. Draghi's comments sent the euro falling against the dollar and sent global debt yields tumbling, with the 10-year Treasury note falling to its lowest in about 21 months at 2.03%. In economic news, a report on housing starts, a measure of home-building in the U.S., fell 0.9% in May from the prior month to a seasonally adjusted annual rate of 1.269 million, the Commerce Department. In corporate news, investors were focused on shares of Facebook Inc. after the social-media giant announced plans to roll out a cryptocurrency called Libra coin.

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Jun 18, 2019

Bank of America's stock gains after BMO analyst's bullish call
Shares of Bank of America Corp. gained 0.4% in premarket trading Tuesday, after a bullish call from BMO Capital analyst James Fotheringham, who said Street expectations and valuations "look too low." Fotheringham raised his rating to outperform, after being at market perform for at least the past three years, while keeping his price target at $37, which is 33% above Monday's stock closing price of $27.93. Fotheringham said about one-third of the potential upside to his price target is based on expected upward revisions of consensus earnings expectations, on the back of higher fees and share repurchases and lower tax rates. The remaining two-thirds of the potential gain is from an expected "rerating" of price-to-earnings valuations, given that the stock is currently trading at a 15% discount to average valuations that have historically been seen during benign economic conditions. He said even if the Federal Reserve lowers interest rates, an increase in consensus earnings expectations should more than offset any dilution to net interest margin. The FactSet 2019 EPS consensus of $2.85 is down from $2.90 at the end of March, but is up from $2.61 a year ago. The stock has lost 6.3% over the past three months, while the SPDR Financial Select Sector ETF has edged up 0.3% and the Dow Jones Industrial Average has gained 2.0%.

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Jun 18, 2019

Kellogg to book $35 million in pretax charges to overhaul North America after sale of cookies business
Kellogg Co. announced a reorganization plan on Tuesday that will mostly affect its North American operations. The move comes ahead of the sale of the company's selected cookies, fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses to Ferrero International SA, which is expected to close the end of July. "The reorganization plan is designed to simplify the organization that supports the remaining North America business after the divestiture and related transition," the company said in a regulatory filing. "The overall project is expected to be substantially completed by December 31, 2020." Kellogg is expecting to book pretax charges of about $35 million, including about $20 million to cover the costs of severance and other benefits. Shares were up about 0.5% premarket, but have fallen 0.8% in 2019 through Monday, while the S&P 500 has gained 15%.

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Jun 18, 2019

Oracle downgraded at Macquarie ahead of earnings
Oracle Corp. shares are off 0.65 in premarket trading Tuesday after Macquarie analyst Sarah Hindlian downgraded the stock to neutral from outperform ahead of the company's Wednesday afternoon earnings report. "Our checks for the FQ4 suggest that Oracle was able to close the quarter and the year in the final weeks, with some pockets of success like Cloud ERP, but it was a struggle," she wrote. "Along with several leading partners seeing softening of the pipeline, we believe there is a step function lower in demand for Oracle and it is appropriate to re-evaluate." She argued that stock buybacks were driving Oracle's recent outperformance. Shares are up 18% so far this year, as the S&P 500 has gained 15%.

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Jun 18, 2019

Ebix approves up to five bankers for EbixCash IPO next year
Ebix Inc. said Tuesday that it had approved the appointment of up to five investment bankers as it aims for an initial public offering of its EbixCash business in the second quarter of 2020. Ebix makes software for e-commerce businesses, while EbixCash offers tools that help with international money remittance, foreign exchange, and gift cards. Ebix announced that it expects to conduct the EbixCash IPO on Indian stock exchanges and that the company is in the "advanced stages" of picking bankers for the deal. Ebix shares dropped 13% in Monday's session but are inactive in premarket trading Tuesday. The stock has risen 10% so far this year, as the S&P 500 has risen 15%.

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Jun 18, 2019

Pinterest stock gains after Wedbush joins the bull camp
Shares of Pinterest Inc. are up 2.3% in premarket trading Tuesday after Wedbush analyst Ygal Arounian initiated coverage of the stock with an outperform rating and $33 target. "Pinterest is unique to any other media platform in its visual search and discovery toolset and that advertising actually improves the consumer experience," he wrote. "We view Pinterest as well positioned to capture greater wallet share due to the commerce intent-rich nature of the platform." Arounian said that Pinterest is early in its efforts to monetize the platform and has opportunities to grow the base of international markets that it makes money from. "Many key initiatives like its self-serve ad platform, international localization, shopping, and its catalogues product aren't expected to have meaningful impact until 2020," he wrote of the company's broader efforts. Pinterest shares have gained 4.3% over the past month, as the S&P 500 has risen 1.1%.

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MarketWatch MarketPulse
Jun 18, 2019

Kellogg to book $35 million in pretax charges to overhaul North America after sale of snacks business
Kellogg Co. announced a reorganization plan on Tuesday that will mostly affect its North American operations. The move comes ahead of the sale of the company's selected cookies, fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses to Ferrero International SA, which is expected to close the end of July. "The reorganization plan is designed to simplify the organization that supports the remaining North America business after the divestiture and related transition," the company said in a regulatory filing. "The overall project is expected to be substantially completed by December 31, 2020." Kellogg is expecting to book pretax charges of about $35 million, including about $20 million to cover the costs of severance and other benefits. Shares were up about 0.5% premarket, but have fallen 0.8% in 2019 through Monday, while the S&P 500 has gained 15%.

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Jun 18, 2019

Digital Ally's stock rocked after disappointing ruling in Axon patent dispute
Shares of Digital Ally Inc. plummeted 45% toward a record low in premarket trading Tuesday, after the maker of video surveillance products for law enforcement and homeland security received an unfavorable ruling in its years-long patent dispute with Axon Enterprise Inc. Axon shares gained 1.5% ahead of the open. Axon said the U.S. District Court for Kansas found that Axon's signal technology did not infringe on Digital Ally's patent, and dismissed the case in its entirety. Digital Ally said it intends to appeal the court's ruling, saying the court had accepted Axon's "incorrect and mistaken interpretation" of Digital Ally's patent claims. "Axon misled this Court and convinced the judge to take an overly narrow view of our patent," said Digital Ally Chief Executive Stanton Ross. "We highly doubt the Court of Appeals for the Federal Circuit will be similarly misled." Digital Ally's stock was on track to open below its record close of $1.75 on Nov. 2 and Nov. 3 of 2017. It has tumbled 23.5% over the past three months through Monday, while Axon shares have shot up 36.3% and the S&P 500 has gained 2.0%.

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Jun 18, 2019

Cowen beefs up cannabis team with two new hires
Cowen Inc. said Tuesday it is adding Dan Schnurman and Townsend Ziebold to its investment banking team as managing directors as it moves to beef up its cannabis practice. Schnurman, who was most recently at PricewaterhouseCoopers where he worked on strategic deals in the life sciences sector, will focus on advising medical cannabis clients and others interested in investing in the global sector. Zeibold, who was most recently at Cascadia Capital LLC, where he served as managing director for beverages and cannabis, will focus on M&A in the cannabis and beverages sectors. Both bankers will be based in New York. Cowen shares were not yet active premarket, but have gained 21.5% in 2019, while the S&P 500 has gained 15.3%.

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MarketWatch MarketPulse
Jun 18, 2019

Snap stock gains after BTIG hikes target
Shares of Snap Inc. are up 3.7% in premarket trading Tuesday after BTIG analyst Rich Greenfield raised his price target on the stock to $20 from $15. "We believe street expectations for user growth and revenues/Ebitda are simply too low, with far too many investors continuing to ignore Snapchat's recovery, driven by repeated overpromising/missing expectations during Snapchat's first two years as a public company," he wrote. Greenfield is upbeat about Snap's increasing embrace of third parties, new Snapchat filters that have been gaining traction, as well as the company's launch of new in-app games. Snap shares have climbed 146% so far this year, as the S&P 500 has risen 15%.

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Jun 18, 2019

Amazon to lease 15 more Boeing 737-800s through GECAS, to support one-day shipping
Amazon.com Inc. said Tuesday it will lease 15 737-800 cargo aircraft made by Boeing Co. , through a partnership with General Electric Co.'s GE Capital Aviation Services (GECAS). The 15 aircraft will be in addition to the five Boeing 737-800s already leased from GECAS, announced earlier this year. "These new aircraft create additional capacity for Amazon Air, building on the investment in our Prime Free One-Day program," said Dave Clark, senior vice president of worldwide operations at Amazon. "By 2021, Amazon Air will have a portfolio of 70 aircraft flying in our dedicated air network." Amazon's stock rose 0.9% in premarket trading, while Boeing shares climbed 1.3% and GE's stock tacked on 0.9%. The shares gains come as futures for the Dow Jones Industrial Average rallied 144 points.

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Jun 18, 2019

Starbucks is being served at two Amazon Go stores
Starbucks Corp. announced that its coffee is being brewed at the new New York City Park Avenue Amazon Go store, as well as at the 300 Boren Avenue North Seattle location. The Park Avenue location is the second New York City Go store; the first opened in May. Starbucks stock has rallied about 29% for the year to date while the S&P 500 index is up 15.3% for the period.

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Jun 18, 2019

Tempur Sealy shares climb 5% premarket after company unveils deals with Mattress Firm, Big Lots
Tempur Sealy International Inc.'s shares rose 5% in premarket trade Tuesday, after the mattress company said it has added two new retailers to its network and expanded its relationship with an existing one. The Lexington, Ky.-based company said it expects the new agreements too boost sales by more than $400 million on an annual run rate basis. It expects the sales lift to add $75 million to $100 million to annual adjusted EBITDA from 2020. The new retailers are Mattress Firm Inc., which will reintroduce Tempur-Pedic, Stearns & Foster and Sealy branded products at about 2,500 stores across the U.S. That deal is expected to start in the fourth quarter and to be completed early in the first quarter of 2020. The second retailers is Big Lots Inc., which has 1,400 stores in the U.S. The company is extending its agreement with Beter Bed Holding, a European retailer. Tempur Sealy shares have gained 63% in 2019, while the S&P 500 has gained 15%.

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Jun 18, 2019

Boeing's stock climbs, after commitments for Dreamliners announced
Shares of Boeing Co. rose 1.1% in premarket trading Tuesday, after the aerospace and defense giant announced a commitment from aircraft leasing company Air Lease Corp. to buy five 787-9 Dreamliners valued at $1.5 billion. "We are thrilled that ALC has decided to add more 787 Dreamliners to its elite portfolio of airplanes that they place with customers across the globe," said Ihssane Mounir, senior vice president of commercial sales and marketing at Boeing. This follows an announcement at the Paris Air Show earlier Tuesday from Boeing, Korean Air and Air Lease (ALC) that Korean Air has committed to buying 10 new 787-10s and 10 additional 787-9 airplanes valued at $6.3 billion, and will lease 10 787-10s from ALC. Boeing's stock has gained 10.1% year to date through Monday and Air Lease shares have rallied 28.0%, while the Dow Jones Industrial Average has advanced 11.9%.

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MarketWatch MarketPulse
Jun 18, 2019

Facebook's stock set to rise more than 2% after official launch of cryptocurrency Libra coin
Facebook Inc. on Tuesday said it will roll out its highly anticipated digital currency next year, intended to be used to make payments over the internet as well as on its social-media platform. The cryptocurrency called Libra coin uses blockchain, the digital-ledger technology that underpins cryptocurrencies like bitcoin to create its digital currency. However, unlike bitcoin the digital asset will be pegged to hard currencies like the dollar and the euro to make it less prone to the wild prices swings associated with bitcoin and other cryptocurrencies. The move is widely viewed as an implicit endorsement of the blockchain technology and to a lesser extent crypto assets, which were first created back in 2009 when a person or persons known as Satoshi Nakamoto minted the first bitcoin. The Facebook digital payment venture will be backed by more than two dozen companies, including Mastercard Inc. and PayPal Holdings Inc. , as well as Uber Technologies Inc. and Spotify Technology . The cryptocurrency will be overseen by a Geneva-based company called Libra Association, with many of the aforementioned backers serving as members of the independent organization. Facebook is also creating a digital wallet called Calibra that allows users to safely store their Libra coins. Shares of Facebook were climbing more than 2% in premarket trade Tuesday, while futures for the Dow Jones Industrial Average , S&P 500 index and the Nasdaq-100 were also rising, setting up modest opening gains for the U.S. stock market.

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Jun 18, 2019

Euro drops, global equities rise as ECB's Draghi hints of more stimulus
The euro fell against the dollar on Tuesday, while European stocks and U.S. stock futures rose after European Central Bank President Mario Draghi indicated the bank is ready for more stimulus if the euro-area economy doesn't improve, at a conference in Portugal. Draghi said the risk outlook for the European economy "remains tilted to the downside, and indicators for the coming quarters point to lingering softness," in prepared remarks for an ECB Forum in Sintra. "In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required," he said. The euro [s:eurusd] was last down 0.3% against the dollar to $1.182, while the Stoxx Europe 600 index rose 0.7% and Dow Jones Industrial Average futures gained 75 points, or 0.3%, to 26,208. S&P 500 futures rose 8.95 points or 0.3%. Gold prices gained $6.70, or 0.5%, to $1,349 an ounce.

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Jun 17, 2019

WarnerMedia reportedly near $500 million deal with J.J. Abrams
AT&T's WarnerMedia is close to a deal worth around $500 million with Hollywood hit maker J.J. Abrams, the New York Times reported Monday. Abrams' Bad Robot Productions has been behind popular TV shows such as "Lost," "Alias" and "Westworld," and blockbuster movies such as "Star Trek: Beyond" and "Mission: Impossible -- Rogue Nation." Abrams also directed the Walt Disney Co.'s "Star Wars: The Force Awakens" and the upcoming "Star Wars: The Rise of Skywalker." Under the deal, WarnerMedia would reportedly get the right of first refusal for Abrams' future productions. It is unclear if Abrams will still be able to direct films for other studios. WarnerMedia is expected to launch a streaming service later this year, and is seeking content creators for future competition with Netflix Inc. and Disney Plus, among others.

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Jun 17, 2019

Blockchain company Ripple invests in MoneyGram to power cross-border payments, shares explode higher
Blockchain company Ripple announced an investment in and partnership with MoneyGram International Inc. Monday afternoon, sending MoneyGram shares soaring more than 100%. Ripple, which is known for its XRP cryptocurrency and blockchain technology, agreed to purchase $30 million worth of freshly created MoneyGram shares at $4.10 apiece, and can purchase another $20 million more at its discretion at a minimum of $4.10. MoneyGram shares closed Monday at $1.45, but exploded higher after the announcement, recently topping $3 in after-hours trading. The cost of an XRP coin jumped more than 5% immediately after the announcement. MoneyGram will use Ripple's XRP technology to handle cross-border transfers of digital funds for at least two years under the deal. "Through this strategic partnership, MoneyGram will be able to settle key currencies and match the timing of funding with its settlement requirements, reducing operating costs, working capital needs and improving earnings and free cash flow," MoneyGram said in the announcement.

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Jun 17, 2019

Social-media stocks, telecom shares lead stock market to narrow win ahead of Fed meeting
U.S. stocks eked out modest to slight gains on Monday, powered by a climb in shares of technology-related and communication services shares. The Dow Jones Industrial Average closed up 0.1% at 26,112, picking up 23 points, the S&P 500 index rose 0.1% to 2,890, while the Nasdaq Composite Index advanced 0.6% to 7,845. The gains came as a gauge of manufacturing activity in the New York area, the Empire State manufacturing index, plummeted 26.4 points to negative 8.6 in June, a record decline. Economists had expected a reading of positive 10, according to a survey by Econoday. The weak survey data come as the Federal Reserve commences its two-day policy meeting Tuesday, where the central bank may indicate its willigness to reduce benchmark borrowing costs amid fears of the fallout from global trade tensions and a slowdown in the economy. In corporate news, shares of Facebook Inc. gained as interest grew around its reported cryptocurrency offering, Libra coin, set to debut on Tuesday.

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Jun 17, 2019

FDA approves non-insulin Type 2 diabetes drug for kids, the first to hit market in 20 years
The U.S. Food and Drug Administration on Monday approved Novo Nordisk's Victoza, a liraglutide injection, for the treatment of young patients 10 years or older with Type 2 diabetes. Although Victoza has been FDA-approved to treat adults with Type 2 diabetes since 2010, it is the only non-insulin drug approved for children other than metformin, which was approved for pediatric use in 2000. "Victoza has now been shown to improve blood sugar control in pediatric patients with Type 2 diabetes. The expanded indication provides an additional treatment option at a time when an increasing number of children are being diagnosed with this disease," said Lisa Yanoff, acting director of the Division of Metabolism and Endocrinology Products in the FDA's Center for Drug Evaluation and Research. Type 2 diabetes occurs when the pancreas is unable to make enough insulin to keep blood sugar at normal levels. It's the most common form of diabetes, normally occurring in patients 45 years or older. However, in the past two decades, its prevalence among younger patients has dramatically risen. More than 5,000 new cases of Type 2 diabetes are now diagnosed each year in the U.S. among people younger than age 20, according to the Centers for Disease and Control and Prevention. Shares of Novo Nordisk have gained 10.8% so far this year, while the SPDR S&P Pharmaceuticals ETF has gained 3%. The Dow Jones Industrial Average has gained 11.8% and the S&P 500 has gained 15.3%.

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Jun 17, 2019

Hibbett Sports stock falls after disclosing failure to file 10-Q on time
Shares of Hibbett Sports Inc. tumbled 9.3% in afternoon trading Monday, after the athletic gear retailer said it would be unable to file its 10-Q quarterly report with the Securities and Exchange Commission on time, as it needs to further review its accounting. The company in a filing late Friday said the need for further review follows the recent adoption of the Financial Accounting Standards Board's new accounting standards regarding leases. The quarterly report in question is for Hibbett's fiscal first-quarter ended May 4, in which the company reported an adjusted profit, revenue and same-store sales that beat expectations, and raised its earnings and same-store sales guidance. The company does not expect any material changes in results. The stock has still climbed 8.1% over the past three months, while the SPDR S&P Retail ETF has lost 4.8% and the Dow Jones Industrial Average has gained 1.1%.

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Jun 17, 2019

EIA forecasts U.S. shale oil output to climb by 70,000 barrels a day in July
Crude-oil production from seven major U.S. shale plays is forecast to climb by 70,000 barrels a day in July to 8.520 million barrels a day, according to a report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see an increase of 55,000 barrels a day in July from June. Shale oil output from the Anadarko and Eagle Ford regions, however, are expected to see slight monthly declines, the report showed. The July contract for West Texas Intermediate oil was trading down 54 cents, or 1%, at $51.97 a barrel ahead of its settlement on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Jun 17, 2019

AMD's stock slumps toward longest losing streak in 8 months
Shares of Advanced Micro Devices Inc. dropped 3.0% in afternoon trading Monday, putting them on course to suffer a fifth-straight decline. That would be the longest losing streak since the five-session stretch ending Oct. 8, 2018. The current streak started after the stock closed at a 13-year high on June 10, after Microsoft Corp. said its next-generation Xbox gaming console will use AMD chips. Helping push the stock lower was Broadcom Inc. cutting its full-year revenue outlook late Thursday. AMD shares have shed 11.4% during its losing streak, compared with a 15.8% decline during its previous 5-day streak. AMD shares have still run up 60% year to date, while the PHLX Semiconductor Index has climbed nearly 18% and the Dow Jones Industrial Average has gained 12%.

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MarketWatch MarketPulse
Jun 17, 2019

BridgeBio Pharma to raise up to $240 million, as terms set for IPO
BridgeBio Pharma Inc. disclosed Monday that it set terms for its initial public offering, in which the drug discovery company to treat genetic diseases is expected to raise up to $240 million and be valued at about $1.84 billion. The Palo Alto, Calif.-based company is offering 15 million shares in the IPO, which is expected to price between $14 and $16 a share. If the underwriters, led by J.P. Morgan, Goldman Sachs, Jefferies, SVB Leerink and KKR, exercise all options to buy additional shares, BridgeBio could raise up to $276.0 million and be valued at up to $1.88 billion. The stock is expected to list on the Nasdaq under the ticker symbol "BBIO." After the IPO, the company will have about 115 million shares outstanding. The company recorded a net loss of $144.0 million in 2018, after a loss of $36.2 million in 2017. The company is looking to go public at a time that the Renaissance IPO ETF has gained 35.6% year to date and the S&P 500 has advanced 15.5%.

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MarketWatch MarketPulse
Jun 17, 2019

Adaptive Biotechnologies sets terms for IPO, to raise up to $212.5 million
Adaptive Biotechnologies Corp. set terms for its initial public offering Monday, in which the developer of immune-system derived disease treatments is expected to raise up to $212.5 million and be valued at about $2.01 billion. The Seattle-based company is offering 12.5 million shares in the IPO, which is expected to price between $15 and $17 a share. If the underwriters, led by Goldman Sachs, J.P. Morgan and BofA Merrill Lynch, exercise all options to buy 1.875 million additional shares, the company could raise up to $244.4 million and be valued at up to $2.05 billion. The stock is expected to list on the Nasdaq under the ticker symbol "ADPT." The underwriters are led by Goldman Sachs, Citigroup and Wells Fargo Securities. After the IPO, the company will have about 118.5 million shares outstanding. The company recorded a net loss of $46.3 million on revenue of $55.7 million in 2018, after a loss of $42.5 million on $38.4 million in revenue in 2017. The company is looking to go public at a time that the iShares Nasdaq Biotechnology ETF has gained 10% year to date and the S&P 500 has advanced 15%.

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MarketWatch MarketPulse
Jun 17, 2019

Karuna Therapeutics sets IPO terms, to be valued at up to $363 million
Karuna Therapeutics Inc. set terms Monday for its initial public offering, in which the biopharmaceutical company developing treatments for neuropsychiatric conditions is expected to raise up to $74.4 million and be valued at about $363.3 million. The company is offering 4.375 million shares in the IPO, which is expected to price between $15 and $17 a share. The stock is expected to list on the Nasdaq under the ticker symbol "KRTX." The company said some existing shareholders and directors have expressed interest in buying up to a combined $30 million of shares at the IPO price. The underwriters are led by Goldman Sachs, Citigroup and Wells Fargo Securities. After the IPO, the company will have about 21.4 million shares outstanding. The company recorded a net loss of $17.5 million on no revenue in 2018, after a loss of $6.0 million on no revenue a year ago. The company is looking to go public at a time that the iShares Nasdaq Biotechnology ETF has lost 7.2% over the past three months, while the Renaissance IPO ETF has gained 3.2% and the S&P 500 has gained 2.5%.

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MarketWatch MarketPulse
Jun 17, 2019

REIT sector rallies toward 4th-straight record as Treasury yields fall
The real estate investment trust (REIT) sector rallied again toward a record high in midday trading Monday, boosted by a rally in 10-year Treasurys that pushed the yield down toward a near 2-year low. The SPDR Real Estate Select Sector ETF climbed 0.6%, as 27 of 32 components gained ground, and as 12 components reached 52-week highs, to put it on track for a 4th-straight record close. Among the more-active components, shares of Ventas Inc. climbed 1.8%, Kimco Realty Corp. rose 1.7%, HCP Inc. gained 0.9% and Host Hotels & Resorts Inc. hiked up 0.9%, while Weyerhaeuser Co. fell 0.6%. The REIT sector is often viewed as a defensive bond proxy given its relatively high dividend yield, so disappointing data that pushed Treasury yields lower can attract investors. On Monday, disappointing manufacturing and home builder sentiment data knocked the 10-year Treasury yield down 1.3 basis points to 2.080%, or well below the REIT ETF's dividend yield of 3.14%. The ETF has now rallied 7.0% over the past three months while the Dow Jones Industrial Average , which has an implied dividend yield of 2.07%, has gained 1.1%.

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MarketWatch MarketPulse
Jun 17, 2019

Dow transports drop to buck broader stock market gains after disappointing data
The Dow Jones Transportation Average slumped 0.5% in midday trading Monday, to buck the broader stock market's gains, to track surprise declines in manufacturing data and home builder sentiment. The Dow transports were led lower by shares of railroad operators Norfolk Southern Corp. , down 1.4%; Union Pacific Corp. , which was 1.3% lower; and Southwest Airlines Co. , which fell 1.2%. Earlier, the Empire State manufacturing index for June posted the largest-ever drop into negative territory, despite expectations of a positive reading, while the National Association of Home Builders' index of home builder confidence fell 2 points to 64 in June, missing expectations of a 1-point increase. That led the yield on the 10-year Treasury note to decline 0.7 basis points to 2.086%. Many on Wall Street view the Dow transports as a proxy on economic growth. Meanwhile, the Dow Jones Industrial Average rose 57 points, or 0.2%. The broader market may be boosted by expectations that the Federal Reserve will confirm this week that recent data supports the notion that the next rate move will be down.

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MarketWatch MarketPulse
Jun 17, 2019

Symantec stock gains after Mizuho upgrade
Symantec Corp. shares are up more than 3% in Monday morning trading after Mizuho's Gregg Moskowitz upgraded the stock to buy from neutral, arguing that the risk/reward profile is "too attractive to ignore" as Symantec has been "a massive underperformer over the last many months." The shares are down nearly 30% since the start of 2018, compared with an 8% rise for the S&P 500 in that time. "First and foremost, we believe that the new management team, consisting of Interim CEO Rick Hill and CFO Vincent Pilette, will be much more focused on margin improvement--particularly within Enterprise Security--as compared with prior management," Moskowitz wrote. "If we are correct about Symantec's increased focus on optimization, it is difficult to see how more earnings power doesn't translate to share price improvement." Shares are up 6% so far this year, as the S&P 500 has gained 15%.

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MarketWatch MarketPulse
Jun 17, 2019

SEC fines KPMG $50 million for illegal use of regulatory data and cheating on internal exams
The Securities and Exchange Commission settled charges with KPMG LLP for altering past audit work after receiving stolen information about inspections of the firm that would be conducted by its regulator, the Public Company Accounting Oversight Board or PCAOB. The SEC's order also finds that numerous KPMG audit professionals cheated on internal training exams by improperly sharing answers and manipulating test results. Five former KPMG officials were charged last year in the case that alleged they schemed to interfere with the PCAOB's ability to detect audit deficiencies at KPMG. Two have pleaded guilty, two were found guilty and one is still pending trial. The SEC's order also finds that KPMG audit professionals, including lead audit engagement partners sent exam answers related to mandatory continuing professional education, ethics and integrity, and training mandated by a prior SEC order finding audit failures to other partners, and also solicited answers from and sent answers to their subordinates to help them also attain passing scores. In addition to paying a $50 million penalty, KPMG is required to evaluate its quality controls relating to ethics and integrity, identify audit professionals that violated ethics and integrity requirements in connection with training examinations within the past three years, and comply with a cease-and-desist order. The SEC's order requires KPMG to retain an independent consultant to review and assess the firm's ethics and integrity controls and its investigation.

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MarketWatch MarketPulse
Jun 17, 2019

Eventbrite stock jumps after William Blair starts coverage with bullish rating
Shares of Eventbrite Inc. gained 10% in Monday morning trading after William Blair analyst Ryan Sundby initiated coverage with an outperform rating. "We project Eventbrite to increase revenue at a double-digit rate over the medium term as it attracts and retains new creators onto the platform, adds capabilities to better serve specific categories and countries, develops incremental revenue streams via complementary services, and continues to opportunistically lead industry consolidation," Sundby wrote. Shares have fallen about considerably after the company warned that integrating its Ticketfly acquisition was proving more challenging than expected, but Sundry said the pullback creates "an attractive entry point for long-term investors" given the company's growth potential. Eventbrite shares have dropped 37% so far this year, as the S&P 500 has climbed 12%.

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MarketWatch MarketPulse
Jun 17, 2019

IMDb TV to triple free streaming content and launch in Europe later this year
Film and TV website IMDb said Monday it is planning to triple the content on IMDb TV, a free streaming video channel that was formerly called IMDb Freedive, and will launch the service in Europe later this year. From July 1, IMDb TV will include the Oscar-winning La La Land and Oscar-nominated Captain Fantastic, after the company entered deals with studios including Warner Bros., Sony Pictures Entertainment and MGM Studios. The service will also offer a range of TV shows across genres that include comedy, reality TV and documentaries.

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MarketWatch MarketPulse
Jun 17, 2019

Blue Apron's stock price surges after reverse split takes effect
Blue Apron Holdings Inc.'s stock was trading at $8.92 in morning trade, up 8.1% above its new split-adjusted price. On Friday, the stock closed at 55 cents, or at $8.25 after a 1-for-15 reverse stock split took effect on Monday. The meal kit delivery company said on Friday that it was enacting the reverse split in an effort to regain full compliance with NYSE listing standards and to improve the marketability and liquidity of the Class A common shares. The company said the move reduces the number of Class A shares outstanding to 6.7 million from 99.9 million. As of Friday, the stock had fallen 46% year to date to closed a record low, while the S&P 500 had gained 15%.

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MarketWatch MarketPulse
Jun 17, 2019

Stocks mixed as Fed meeting comes into view
U.S. stocks struggled for direction on Monday after the opening bell as investors hoped to glean clues from the Federal Reserve later this week on the likelihood of rate cuts this year. The S&P 500 was up less than 0.1% to 2,888. The Dow Jones Industrial Average was down 9 points to 26,081. The Nasdaq Composite rose 0.3% to 7,821. The U.S. central bank is under pressure to issue dovish language at the upcoming policy update on Wednesday, with a minority of analysts expecting a rate cut as soon as this week. Dealing a sharp blow to economic sentiment, a plunge in the Empire State manufacturing survey in June to -8.6, from a reading of 17.8 in May, underlined the concerns around slowing growth momentum in the U.S. In company news, shares of Array BioPharma Inc. surged 59% after the biopharmaceutical company agreed to be bought by Pfizer Inc.

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MarketWatch MarketPulse
Jun 17, 2019

Kinder Morgan's stock falls after Stifel Nicolaus backs away from long-time bullish call, citing valuation
Shares of Kinder Morgan Inc. slipped 0.2% in premarket trade Monday, after the oil and gas pipeline operator was downgraded at Stifel Nicolaus, citing concerns over valuation. Analyst Selman Akyol cut his rating to hold, after being at buy for more than three years. He kept his stock price target at $22, which is 7.2% above Friday's closing price; Stifel defines a hold rating as a total return of -5% to 10% over the next 12 months. The stock has soared 33.5% year to date, while the S&P 500 has gained 15%. Akyol said he continues to view Kinder Morgan favorably, given its more moderate leverage, high coverage and dividend growth, but he said the valuation already reflects the positive catalysts. Kinder Morgan's dividend yield at Friday's closing price was 4.87%, which was above the SPDR Energy Select Sector's payout of 3.39% and the S&P 500's implied yield of 1.99%, according to FactSet.

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
Jun 17, 2019

Sotheby's stock soars after $3.7 billion buyout deal with Altice Chairman Patrick Drahi
Shares of Sotheby's soared 60% toward an 11-month high in premarket trading Monday, after the auction house announced a deal to be acquired by BidFair USA, which is owned by telcom and media entrepreneur and art collector Patrick Drahi, in a deal valued at $3.7 billion. Under terms of the deal, Sotheby's shareholders will receive $57 in cash for each Sotheby's stock they own, which is 61% above Friday's closing price of $35.39 and represents a market capitalization of $2.66 billion. Drahi is Chairman and controlling shareholder of Altice USA Inc. . The deal is expected to close in the fourth quarter. "This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment," said Sotheby's Chief Executive Tad Smith. "It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner." Sotheby's stock has dropped 40% over the past 12 months through Friday, while the Dow Jones Industrial Average has gained 4%.

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



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