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 President Donald Trump reshuffled his legal team Thursday amid a swarm of potentially damaging news. CNN reported Thursday night that Marc Kasowitz, Trump's longtime personal attorney, would be taking a reduced role related to the investigation led by special counsel Robert Mueller into Russian election meddling and possible collusion with Trump's staff. CBS News went further, reporting that Kasowitz was 'out as @POTUS attorney.' CNN reported that attorney Ty Cobb would take over the lead White House role on the Russia probe, and attorneys John Dowd and Jay Sekolow would be Trump's primary personal outside lawyers. In a related development, Mark Corallo, the spokesman for Trump's legal team, resigned Thursday, according to multiple reports. The shakeup comes as the Washington Post reported Thursday that Trump's legal team was talking to the president about his pardon powers, and was said to be working to undermine Mueller's investigation. In a separate report, the Wall Street Journal reported former Trump campaign manager Paul Manafort was being investigated for possible money laundering related to the Russia probe. Thursday's developments came a day after a revealing interview with the New York Times, in which Trump admitted he had regrets about hiring Attorney General Jeff Sessions and that Sessions' recusal from the Russia probe was 'unfair' to him, accused former FBI Director James Comey of lying, and threatened Mueller not to look into his personal finances.
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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U.S. stock-market indexes opened lower on Friday but looked set to book modest weekly gains. Investors focused on earnings results from heavyweights such as General Electric Co. and Honeywell International Inc. The S&P 500 was down by 5 points, or 0.2%, to 2,468. The Dow Jones Industrial Average was off by 50 points, or 0.2%, to 21,558. The Nasdaq Composite index ticked 10 points, or 0.1%, lower to 6,380. Among early movers, GE shares dropped sharply as Chief Executive Jeff Immelt hosted his last post-results conference call, before handing the reins to incoming CEO John Flannery, and gave a downbeat outlook.
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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Bloomberg
General Electric Co. said it's trending toward the bottom end of its profit forecast this year as the manufacturer faces ongoing challenges in the oil and gas market. Shares plunged in premarket trading after the company said it's facing hurdles in the
GE stock skids after earnings report shows 12% drop in yearly revenueCNBC
GE profit falls 59 percent; cash flow up in quarterReuters
General Electric profit falls less than expectedMarketWatch
Investorplace.com -Wall Street Journal (subscription) -Investor's Business Daily -
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Newspaper publisher McClatchy Co. reported second-quarter earnings before the market opened on Friday and said digital-only subscribers grew nearly 14% from the previous year's first quarter. The company reported a net loss of $37.4 million, or $4.91 per share for the second quarter, compared with a loss of $14.7 million, or $1.89 per share during the same quarter a year ago. The adjusted loss per share was 79 cents. McClatchy's revenue hit $225.1 million in the quarter, down 7% compared with the prior year. Total advertising revenue revenues were down 11% compared with the same quarter last year, while digital-only advertising revenue grew by 10%. The company said that the rate of decline in total advertising slowed in the quarter. 'As I have mentioned before, achieving a normalized operating environment takes some time in digital transitions,' McClatchy Chief Executive Craig Forman said in a statement. 'While we continue to see strong headwinds in print advertising, we also are seeing our digital efforts in all aspects of the business moderate those headwinds.' McClatchy's average total unique visitors to the company's online products grew close to 15% to 66 million in the quarter. Shares of McClatchy were inactive in morning trade on Friday, but have declined more than 34% in the year to date, while the S&P 500 index have gained more than 10%.
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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 European stocks searched for firm direction Friday, with the euro trading at a two-year high against the dollar while corporate earnings results weighed on a string of companies including Philips Lighting NV.
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Though Sears surged on news that it would sell Kenmore appliances on Amazon, its stock could still tumble.
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A record run for tech stocks is in jeopardy as U.S. stock futures struggle for traction with results rolling in from General Electric Co., and Honeywell International Inc.
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Shares of Colgate-Palmolive Co. tumbled 3.6% in premarket trade Friday, after the personal care products company matched second-quarter profit expectations but missed on sales. Net profit fell to $524 million, or 59 cents a share, from $600 million, or 67 cents a share, in the same period a year ago. Excluding non-recurring items, earnings per share came to 72 cents, in line with the FactSet consensus of 72 cents. Revenue fell to $3.83 billion from $3.85 billion, below the FactSet consensus of $3.90 billion. Oral, personal and home care revenue slipped to $3.25 billion from $3.27 billion, missing the FactSet consensus of $3.32 billion, while pet nutrition revenue was flat at $572 million and missed expectations of $577 million. 'As we look ahead, uncertainty in global markets and slowing category growth worldwide remain challenging,' said Chief Executive Ian Cook. 'Based on current spot rates, we continue to expect a low-single-digit net sales increase for 2017, and given our slower than expected first half, we are now planning for low-single-digit organic sales growth for 2017.' The stock has gained 10.2% year to date through Thursday, while the SPDR Consumer Staples Select Sector ETF has tacked on 6.3% and the S&P 500 has advanced 10.5%.
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.
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Reuters
HONG KONG (Reuters) - Baidu Inc (BIDU.O) and JD.com (JD.O) will join other big Chinese technology firms, including Tencent Holdings (0700.HK), to jointly invest about $12 billion into state-owned mobile carrier China Unicom, two people with direct ...
China announces goal of leadership in artificial intelligence by 2030CBS News
China Is Set on Becoming the World's Leader in AIeMarketer
World dominance in three steps: China sets out road map to lead in artificial intelligence by 2030South China Morning Post
New York Times -WTOP -Bloomberg -
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 * Paysafe surges on 2.86 billion pound bid
(Updates with price moves)
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U.S. stock indexes opened lower on Friday, as industrial heavyweight General Electric's tepid results weighed on investor sentiment.
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A European Central Bank building in Frankfurt was evacuated Friday as a precautionary measure directed by local authorities, a spokeswoman at the central bank said Friday. The directive was made under precaution related to a construction site near the ECB's Japan Center building, the spokeswoman said. A 'limited' number of staff were affected. She was unable to say if the matter was terrorism related.
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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 GE's stock turns sharply lower after CEO Immelt gives downbeat outlook
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The U.S. Treasury Department slapped Exxon Mobil Corp. with a $2 million fine for allegedly expanding its business ties with the Kremlin in violation of U.S. sanctions on Russia.
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 LONDON/DUBLIN (Reuters) - Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc.
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The euro strengthened further on Friday, hovering at a two-year high against the dollar even as European Central Bank President Mario Draghi struck a dovish tone about monetary policy during the previous session.
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Exxon Mobil has filed a complaint in a Texas court, seeking to toss the fine imposed for what the U.S. Treasury Department called a 'reckless disregard' of U.S. sanctions on Russia while Secretary of State Rex Tillerson was CEO.
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Reuters
LONDON (Reuters) - The euro's surge to an almost two-year high dominated financial markets on Friday, with most major stock exchanges consolidating after a second strong week of gains while those in mainland Europe dipped. Investors seem largely to ...
Euro could hit $1.20 by year end as Draghi spurs rally: analysts sayCNBC
Euro sits at 2-year high as hawkish view on ECB dominatesMarketWatch
Euro Rally Shows Few Signs of Stopping as Draghi Appears UnfazedBloomberg
Business Insider -Nasdaq -DailyFX -
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(Reuters) - General Electric Co's profit fell nearly 60 percent in the second quarter, largely due to the sale of its appliances business, but cash flow rose, sales topped expectations and its shares were slightly lower.
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PARIS (Reuters) - Britain risks losing clout in the aerospace industry, one of its largest skilled employers, due to concerns over its departure from the European Union, a corporate overhaul at Airbus and a new Franco-German push on defense, industry insiders say.
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 Elon Musk doesn't see himself as a business person and instead spends 80% of his time on engineering and design developing next generation products.
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We examine what options Senate Republicans have left if they want to repeal and replace the Affordable Care Act. The country's oldest civil rights organization, the NAACP, is looking for a new leader.
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While Rex W. Tillerson, now the secretary of state, led the energy giant, 'Exxon Mobil demonstrated reckless disregard for U.S. sanctions requirements,' the Treasury Department said.
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The German company has accused a Russian customer of moving power generation machinery to the disputed territory of Crimea against its wishes.
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Investors have to choose which bank has bet best on future of FICC trading
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Reuters
FRANKFURT/MOSCOW (Reuters) - Germany's Siemens (SIEGn.DE) tried to distance itself from a Crimean sanctions scandal on Friday, halting deliveries of power equipment to Russian state-controlled customers and reviewing supply deals. The industrial ...
Russia to Press Ahead With Crimea Power Plants Despite Siemens Row: RIANew York Times
Siemens to exit Russian power joint ventureBBC News
Siemens halts deliveries to Russian firms over Crimea caseWashington Post
The National -City A.M. -TheStreet.com -
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TheStreet.com
Stock futures were signaling that Wall Street would open lower on Friday, July 21, even as earnings reports continued to surprise to the upside. S&P 500 futures were flat, Dow Jones Industrial Average futures were down 0.1%, and Nasdaq futures fell 0.13%.
Microsoft stock gyrates after earnings beatCNBC
Microsoft Forges Ahead In Cloud -- WSJFox Business
Microsoft Regains Turnaround Momentum on Strong Cloud GrowthBloomberg
Reuters -VentureBeat -Forbes -
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Schlumberger Ltd. shares rose 0.7% premarket Friday, after the energy giant posted second-quarter numbers that beat estimates. The Paris-based company said it had a net loss of $74 million, or 5 cents a share, in the quarter, narrower than the loss of $2.16 billion, or $1.56 a share, posted in the year-earlier period. Adjusted per-share earnings came to 35 cents, ahead of the FactSet consensus of 30 cents. Revenue rose to $7.46 billion from $7.16 billion, also ahead of the FactSet consensus of $7.24 billion. 'Beyond seasonal effects, revenue grew in all of our Groups and Areas,' Chief Executive Paul Kibsgaard said in a statement. The CEO said the outlook for the second half in North America 'remains robust,' but that the company is also seeing positive signs in international market with activity and projects picking up in several markets. Shares are down 21.2% in 2017, while the S&P 500 has gained 10.5%.
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.
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Bloomberg
A strong euro still spooks European stock traders, even when Mario Draghi starts talking up the region's economy. That's been the takeaway this week, with the Euro Stoxx 50 Index sliding 0.9 percent as the currency soared to near its highest level
Euro could hit $1.20 by year end as Draghi spurs rally: analysts sayCNBC
Euro at two-year high, Asian shares barely budgeReuters
Stocks waver as earnings and central-bank news dominate attentionLos Angeles Times
Forbes -Nasdaq -Business Insider&nbs
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Reuters
SAN FRANCISCO (Reuters) - Microsoft on Thursday reported strong fourth-quarter earnings on the back of its fast-growing cloud computing business, stoking optimism that the once-stagnant company has found a new groove. The results were the clearest ...
Microsoft's cloud business continues to offset weaker operationsVentureBeat
Microsoft beats earnings expectations with $24.7B in revenue as stock reaches all-time highGeekWire
Microsoft's sales of Office 365 beat out traditional Office for first timeSeattle Times
SuperSite for Windows -MarketWatch -
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The S&P is staying on track for its third up week in a row, largely shrugging off Russia-related shuffles in Washington and the big strikeout on health care. Today''s call says buy health-care stocks despite the uncertainty.
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 Learn to delegate more efficiently and think more clearly about what to do next.
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Shares of EBay Inc. tumbled 5.1% in premarket trade Friday, after the e-commerce company's second-quarter results disappointed investors who were looking for a lot more than just matching analyst estimates. The stock had shot up 9.3% in two weeks to a record close ahead of the results, which were released after Thursday's close. Analyst Shyam Patil at Susquehanna recommended investors 'buy the pullback' as the results show the turnaround is on track and given expectations of an expected growth acceleration in the second half of the year. Patil raised the stock price target to $41 from $40. J.P. Morgan nalyst Doug Anmuth said the results reflect 'improving fundamentals,' and therefore raised his stock price target to $38 from $34, but acknowledged that 'expectations were elevated' given the recent rally. 'Overall, we do not think the bull or bear thesis changes much with this print,' Anmuth wrote in a note to clients. The stock has run up 25.2% year to date through Thursday, while the SPDR Technology Select Sector ETF has climbed 19.0% and the S&P 500 has gained 10.5%.
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.
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 Honeywell tops sales and profit estimates, raises full-year sales outlook
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Bid to stop fine for allegations it behaved with ‘reckless disregard’ for violating Russian sanctions while Rex Tillerson, now US secretary of state, was chief in 2014
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Probably not beyond how Snap share prices affect his personal net worth.
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Both companies have been feeling pressure resulting from changing consumer habits. One looks like a compelling opportunity, while the other could be more like the proverbial falling knife.
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The financier is expected to take the job, which has been vacant since May. Separately, Donald Trump''s personal attorney is likely to take a lesser role on the president''s outside legal team, which is crafting a strategy to deal with Special Counsel Robert Mueller''s probe.
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 Want to craft a more impressive and memorable elevator pitch? Start by asking yourself these three questions.
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 Remote.co, the leading resource for remote work, lists hundreds of remote companies offering work from home jobs with unlimited vacation time.
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Anthony Scaramucci, who successfully rebutted a CNN story about the Trump campaign''s ties to Russia, may lead the White House''s communications strategy.
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The German automaker, along with its rivals Daimler and BMW, is trying to fend off inquiries related to the emissions scandal.
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Sacramento Bee
T. Boone Pickens, who is suffering from a series of strokes, took a "Texas-sized fall" that put him in the hospital last week. In a posting to LinkedIn, the corporate raider and legendary oilfield wildcatter said that he is still mentally strong but
T. Boone Pickens: 'My health is in decline'ABC10
Energy titan T Boone Pickens says his health is declining, still 'mentally strong'CNBC
The private world of T. Boone Pickens: Get an exclusive look at oil magnate's massive Panhandle ranchDallas News
Tulsa World -MarketWatch -
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* Shares down 4.6 pct in early trading
(Adds detail about forecast, bullet points, and updates share
price)
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July 20 (Reuters) - The U.S. government on Thursday dealt
Arista Networks Inc a loss in its technology dispute
with Cisco Systems Inc and refused to set aside an
order blocking importation of some of Arista's network switches.
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Spanish exporters are getting a boost from stronger euro zone demand.
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USA TODAY
In the century before there was Amazon.com, it was Sears that was the everything store. With its vast inventory of tools, toys and even firearms, it upended local retailers. With its catalog model and nationwide delivery system, it promised to bring
Amazon's latest assault wipes $12.5 billion off Home Depot, other appliance-seller stocksCNBC
Sears is giving shoppers even fewer reasons to go to its storesWashington Post
Wall Street is questioning if Home Depot is Amazon-proofBusiness Insider
Fortune -The Boston Globe -Chicago Tribune -
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The St. Louis Federal Reserve Financial Stress Index decreased last week to -1.51. The S&P 500 increased 1.4%, closing the week at a record high despite uncertainty over the Senate healthcare bill. Meanwhile, the VIX moved sharply lower. The yield on the 10-year Treasury fell 5 basis points.
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(Reuters) - The president of the United Auto Workers union said on Thursday the union is talking with General Motors Co about the potential threat to plants and jobs from slumping U.S. car sales.
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Press Herald
WASHINGTON — Exxon Mobil Corp. must pay a $2 million fine for showing 'reckless disregard' for U.S. sanctions on Russia while Secretary of State Rex Tillerson was the oil giant's CEO, the Treasury Department said Thursday. Exxon sued the U.S. ...
ENFORCEMENT INFORMATION FOR JULY 20, 2017 Information concerning the civil penalties process ... - Treasury.govTreasury.gov
Treasury Department - Houston ChronicleHouston Chronicle
Rex Tillerson - Houston ChronicleHouston Chronicle
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Senate Republicans, scrambling to win support for their health-care bill, pushed a measure Thursday that they said could ease the impact of the bill''s Medicaid cuts on low-income people.
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 NEW YORK (Reuters) - U.S. fund investors shifted $7.6 billion to the safe harbor of taxable bonds during the most recent week, Lipper data showed on Thursday, as Republicans efforts to pass major...
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Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers fast, smart news on mobile for London. Download for iPhone or Android. Here''s essential reading on today''s developments. MUST READS FROM WSJ CITY ECB President Mario Draghi said the bank has not discussed withdrawing stimulus and will be ‘in the market for a long time.'' […]
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CNBC
Corning plans to "immediately" invest $500 million and create 1,000 new jobs in the United States making a new glass for medical products, CEO Wendell Weeks told CNBC. The initiative is a collaboration with Merck and Pfizer and was announced at a ...
Trump unveils companies' $500 million US drug packaging projectReuters
Remarks by President Trump at Pharmaceutical Glass Packaging Initiative AnnouncementThe White House (blog)
Corning to add 1K jobs, invest $500M as part of 'Made in America' weekFox Business
UPI.com -Daily Mail
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CNBC
Stocks of retailers that sell appliances were hit hard Thursday after Amazon said it would sell Sears' Kenmore-brand appliances. Whirlpool, which makes appliances under the Whirlpool and Maytag brands, was also slammed, but the company also makes ...
Sears is giving shoppers even fewer reasons to go to its storesWashington Post
Sears hops on Alexa bandwagon in move to spruce up appliancesCBS News
Why Sears Soared Today and Best Buy, Lowe's, and Home Depot FellMotley Fool
TechCrunch -MarketWatch -
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Bloomberg
Mario Draghi said policy makers are still waiting for inflation to catch up with the economy's recovery, as they put off any discussion on winding back stimulus until after the summer. 'We are finally experiencing a robust recovery where we only have
Draghi's opening statement at the ECB in fullMarketWatch
ECB sends a dovish message but markets don't buy itCNBC
ECB sticks to easy money pledge despite better growthReuters
New York Times -USA TODAY -Washington Post
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SEOUL, July 21 (Reuters) - South Korea's LG Chem Ltd
is slated to exclusively provide batteries for
Apple's iPhone 9 which is likely to be launched next
year, a Korean newspaper reported on Friday.
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 The U.S. International Trade Commission refused to rescind its May 4th ruling that found Arista's switches infringed two Cisco patents and banned Arista from importing the infringing products into the US. After the ITC released that decision a different agency, the U.S. Patent and Trademark Office, said the two Cisco patents are invalid.
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Attorney General Jeff Sessions said Thursday he loves his job and will continue in it as long as 'appropriate,' a day after President Donald Trump made critical comments about him in an interview. Trump told the New York Times that he would not have appointed Sessions if the president had known he would recuse himself from the Russia investigation.
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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 Shares of United Airlines' parent tumbled Wednesday on the company's weak forecast about revenue trends for the rest of the summer. United said that a revenue measure that often mirrors average fares would ...
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Britain for the first time concedes it will have to pay to leave the European Union
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