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Reuters Company NewsJul 17, 2019
Nikkei ends lower on U.S.-China trade uncertainty; financials up
Japan's Nikkei edged lower on Wednesday after U.S. President Donald Trump's comments on trade soured risk sentiment, while tech shares slid in step with their U.S. counterparts.

MarketWatch MarketPulseJul 17, 2019
Dow slips and the stock market treads water at the open as investors digest earnings from B.of A.
U.S. stock indexes tread water at the start of trading Wednesday, with investors finding few reasons to take benchmarks further into record territory, amid a round of earnings from U.S. corporations. The Dow Jones Industrial Average edged 17 points, or less than 0.1%, lower at 27,316, the S&P 500 index retreated less than 0.1% at 3,003, while the Nasdaq Composite Index inched less than 0.1% lower at 8,224. Bank of America reported better-than-expected results, with earnings per share for the quarter at 74 cents, compared with estimates for 71 cents. But expectations for lower profits, in an environment of falling interest rates, have put some pressure on shares of the second-largest bank by assets. Meanwhile, shares of CSX Corp. were down after the rail company cut its full-year sales projections, citing economic uncertainty and a recent shutdown of a major oil refinery it served.

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 MarketPulseJul 17, 2019
Cannabis company Curaleaf to buy GR Cos. in a cash and stock deal valued at $875 million
Massachusetts-based cannabis company Curaleaf Holdings Inc. said Wednesday it was buying multi-state operator GR Companies Inc. in a deal valued at $875 million in cash and stock. Under terms of the deal, Curaleaf will pay $75 million in cash and provide 102.8 million subordinate voting shares and $40 million worth of shares. The acquisition, which is expected to close in early 2020, will increase Curaleaf's presence to 19 states from 12, including Illinois, which legalized adult-use cannabis in June. The combined company will have 131 dispensary licences, 68 operational locations, 20 cultivation sites and 26 processing facilities. Curaleaf's U.S.-listed shares have tumbled 35.1% over the past three months, while the ETFMG Alternative Harvest ETF has lost 11.7% and the S&P 500 has gained 3.6%.

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 MarketPulseJul 17, 2019
Comerica's stock falls after profit and NII miss, downbeat outlook
Shares of Comerica Inc. dropped 2.0% in premarket trading Wednesday, after the Texas-based regional bank reported a second-quarter profit and net interest income (NII) that missed expectations, and provided a downbeat NII outlook. Net income was $298 million, or $1.94 a share, after earnings of $326 million, or $1.87 a share, in the year-ago period. Adjusted EPS rose to $1.94 from $1.90, but was below the FactSet consensus of $2.00. NII increased to $603 million from $590 million, but missed the FactSet consensus of $609 million, as an increase in deposit costs and higher levels of funding to support loan growth offset an increase in average loans and an additional day in this year's quarter. For 2019, the company NII growth of 2%, while the FactSet consensus of $2.42 billion implies 2.8% growth. The stock has shed 9.5% over the past three months, while the SPDR S&P Regional Banking ETF has slipped 3.8% and the S&P 500 has gained 3.6%.

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.



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MarketWatch MarketPulseJul 17, 2019
Goldman Sachs downgrades Levi Strauss, Ralph Lauren and Calvin Klein parent PVH on department store concerns
Concerns about the wholesale channel sparked downgrades of Levi Strauss & Co. , Ralph Lauren Corp , and Calvin Klein parent PVH Corp. at Goldman Sachs. The downgrades sent each of the apparel stocks down, with Levi Strauss tumbling 4%, Ralph Lauren falling 3.7% and PVH down 3.4% in Wednesday trading. Goldman expects headwinds for the wholesale channel to ramp up in the second half of the year. "The combination of persistently tough first-half retail trends and an optimistic spring ordering season has driven inventory overhangs at several multibrand retailers," the Goldman note said. "These retailers are thus tightening up ordering as we head into the critical back-to-school and holiday season. We thus see incremental sell-in risk for apparel brands, particularly those with high exposure to department stores." Goldman expects growth at PVH's Tommy Hilfiger brand to "fade," thinks Ralph Lauren's wholesale troubles will be amplified by brand challenges at Polo and Lauren, and is worried that growth in Levi's tops business will decline. Levi stock is down 19% over the last three months, Ralph Lauren is down nearly 16%, and PVH is down 32.2%. The ProShares Decline of the Retail Store ETF has climbed nearly 11% over the last three months and the S&P 500 index has gained 3.5% for the period.

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.



FT.com - USJul 17, 2019
Lower US interest rates squeeze bank lending margins
Wells Fargo shares fall, Goldman Sachs rises as investors focus on Fed's impact

MarketWatch MarketPulseJul 17, 2019
Apple to test out some AirPods production in Vietnam: report
Apple Inc. plans to start trial production of its AirPods product in Vietnam, according to a new report from the Nikkei Asian Review, as it looks to reduce its dependence on Chinese manufacturing. One of the company's contract manufacturers will start testing its production processing for the next iteration of AirPods at a Vietnam facility, said the report, which cites multiple anonymous sources, though the initial trials would be very small. Apple declined to comment in the Nikkei Asian Review's story. Its shares are down 0.3% in Wednesday trading. They've gained 29% so far this year, as the Dow Jones Industrial Average has risen 17%.

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



MarketWatch MarketPulseJul 17, 2019
Abbott stock rises after earnings beat, full-year guidance boost
Shares of Abbott Laboratories gained 0.8% in premarket trade Wednesday after the medical-device maker reported second-quarter earnings that topped Wall Street expectations and raised full-year guidance, though the company missed expectations for revenue. Profit for the latest quarter rose to $1.465 billion, or 56 cents a share, from $733 million, or 41 cents a share, from the year-earlier quarter. Adjusted EPS was 82 cents, topping the FactSet consensus of 80 cents. Revenue rose 2.7% to $7.979 billion from $7.767 billion a year ago. Analysts polled by FactSet had expected $7.997 billion in sales. Sales of the company's nutrition unit rose 0.9% to $1.875 billion, while the diagnostics sales rose 1.7% to $1.905 billion. Sales of the established pharmaceuticals business fell 1.8% to $1.108 billion, while sales of the medical devices unit rose 6.4% to $3.075 billion, boosted by strong sales of the company's FreeStyle Libre glucose monitoring system and MitraClip. Abbott raised its full-year EPS to between $3.21 and $3.27 from between $3.15 and $3.25. "Our sales growth accelerated and is sustainable," Abbott's Chief Executive Miles D. White said in a statement. "We have great momentum and are raising our guidance above the strong outlook we previously set for the year." Shares of Abbott have gained 15% so far this year through Tuesday, while the S&P 500 has gained 19.8%.

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.



USA Today MoneyJul 16, 2019
KeyCorp shares fall after Cleveland bank uncovers $90 million fraud by customer
Shares of KeyCorp fell on Tuesday after the regional bank disclosed it discovered fraudulent activity that could cost the company up to $90 million.       
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