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Yahoo BusinessOct 16, 2019
GM's Tentative Deal With UAW Paves Way for Crucial Strike Vote
(Bloomberg) -- General Motors Co. and the United Auto Workers reached a tentative agreement on a new contract, clearing the way for a union vote Thursday on whether to continue a more than month-long strike.The accord, announced by the UAW on Wednesday, may bring an end to the union's first national walkout against the carmaker in a dozen years. It includes $9 billion in investment in U.S. plants, signing bonuses exceeding the $8,000 workers got four years ago, and annual pay raises and lump-sum bonuses over the life of the contract, people familiar with the matter said."The number one priority of the national negotiation team has been to secure a strong and fair contract that our members deserve," UAW Vice President Terry Dittes said in a statement. He said the union's bargaining committee recommends that the GM National Council -- comprised of presidents and chairmen of locals around the country -- vote in favor of putting the deal up for a ratification vote.GM confirmed a tentative agreement had been reached, but neither the company nor the union provided details on what's included in the deal. GM shares rose as much as 2.6% to $37.22, the highest intraday in two weeks.The stakes were rising for both sides as the strike entered a fifth week, costing GM billions, forcing workers to live on $275 a week and denting the economy in Michigan and the Midwest. Analysts at Bank of America Merrill Lynch estimate the strike has cost GM about $2 billion of earnings, and its striking workers may have lost $2,000 of

Yahoo BusinessOct 16, 2019
Chief of Exelon's Utility Business Retires During Federal Probe
(Bloomberg) -- The head of Exelon Corp.'s utility unit has abruptly retired amid a federal probe involving its lobbying in Illinois.Anne Pramaggiore, senior executive vice president and chief executive officer of Exelon Utilities, is leaving "effective immediately," the company said in a statement Tuesday. Calvin Butler Jr., chief of Exelon's Baltimore Gas and Electric utility, was named as her interim replacement.Pramaggiore's departure comes less than a week after Exelon disclosed in a regulatory filing that it received a subpoena from federal prosecutors asking for information related to communications with Illinois State Senator Martin Sandoval. In July, Exelon disclosed it received a subpoena related to its lobbying activities in Illinois.Exelon fell as much as 1.9% Wednesday.The Chicago Tribune reported earlier this month that federal agents had raided Sandoval's office and were searching for information related to concrete and construction businesses and lobbyists and public officials. Officials were also looking for "items related to any official action taken in exchange for a benefit," the Tribune reported, citing documents released by the Illinois Senate.Exelon's statement on Pramaggiore's retirement Tuesday didn't reference the subpoenas. Nor did it give a reason for her departure."We thank Anne for her valuable service," Exelon CEO Chris Crane said in the statement. "We are confident this will be a smooth transition."(Updates shares in fourth paragraph.)\--With assistance from Will

KiplingerOct 16, 2019
The Best American Funds for 401(k) Retirement Savers
American Funds is the third-largest fund family in the country, with $1.6 trillion in mutual fund assets. Many of its mutual funds are among the biggest in the land, too. So it should come as no surprise that fund company's portfolios are popular in 401(k) plans.

In fact, eight actively managed American Funds portfolios and five of the firm's target-date funds rank among the top 100 funds with the most 401(k) assets - a list prepared by financial data company BrightScope.

You don't read much about American Funds on Kiplinger.com or in Kiplinger's Personal Finance magazine because until recently the firm's funds were sold only through advisers, and with a hefty sales charge, too. At Kiplinger, we favor funds you can buy for no transaction fee. But American Funds recently launched a no-load F1-share class that do-it-yourself investors can buy through a handful of online brokers, including Fidelity and Schwab. (In your 401(k) plan, of course, you don't pay a sales charge to buy shares in any American Funds portfolio.)

American Funds runs its portfolios in a unique way called the Capital System. Managers are encouraged to invest their own money in the funds they run, and most do. Every fund is run by multiple managers - each gets a slice of the fund's assets and applies his or her own style and investment philosophy to choose stocks or bonds. The thinking is, a multimanager approach can enhance diversification, lower overall volatility and drive returns. But as assets have grown, the impact each manager is able to make appears to have diminished, at least in recent years.

Here is our look at the best American Funds options for your 401(k), as well as its other popular offerings that don't quite hit the mark. We analyzed the eight American Funds portfolios, as well as its target-date series, that rank among the top 100 401(k) funds, rating each Buy, Sell or Hold.

SEE ALSO: The 25 Best Low-Fee Mutual Fund


MarketWatch MarketPulseOct 16, 2019
Bank of America's stock rises toward 6-day win streak earnings beat, upbeat CEO comments on the economy
Shares of Bank of America Corp. rallied 2.3% toward a sixth straight gain in morning trading Wednesday, after the bank beat third-quarter earnings expectations and provided an upbeat outlook on the U.S. economy. That would match the 6-day win streak ending Jan. 18. Chief Executive Brian Moynihan said on the post-earnings conference call with analysts that despite repeated discussions around a potential recession and concerns over the impact of the U.S.-China trade war, the bank's activities suggests the U.S. economy is in "solid shape" and the consumer continues to benefit by strong employment prospects." Moynihan said he should know, since BofA's annual customer outgoing payments of nearly $3 trillion represents about 15% of the U.S. economy. He said consumer payments are up 6% year to date from the same period a year ago. In addition, Moynihan said commercial loans grew 6%, including 6% growth in the small-business segment. "These are tangible examples that the U.S. economy is in solid shape despite the worries about trade wars, capital investment slowdowns and other global macro conditions," Moynihan said, according to a FactSet transcript. Moynihan did say, however, the bank managed to generate operations savings despite a lower interest rate environment and "other revenue challenges with a slowing economy." The stock has gained 6.6% over the past 12 months, while the Dow Jones Industrial Average has advanced 4.7%.

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 MarketPulseOct 16, 2019
McKesson, Cardinal Health, AmerisourceBergen stocks surge after WSJ report of $18 billion settlement talks
Shares of McKesson Corp. rallied 5.7% in midday trading Wednesday, enough to pace all of its larger-capitalization health care peers, after The Wall Street Journal reported that the drug distributor, and two others, were in talks to pay $18 billion to settle all litigation brought by state and local governments blaming the companies for fueling the opioid crisis. Of the other two drug distributors, shares of AmerisourceBergen Corp. climbed 4.7% and Cardinal Health Inc. hiked up 3.7%. Shares of Johnson & Johnson rose 2.4% after the WSJ report out late Tuesday, citing people familiar with the situation, said the company was also involved in the discussions to contribute additional money. The four companies' stocks topped the list of gainers in the SPDR Health Care Select Sector ETF , which inched up 0.1%, while the S&P 500 slipped 0.2%.

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.



Yahoo BusinessOct 16, 2019
Netflix Results Will Test Investors' Mettle as Competition Looms
(Bloomberg) -- The stakes are often high when Netflix Inc. reports results: Stock swings of 10% or more aren't uncommon. But with the shares down more than a fifth since the streaming giant disappointed investors in July, the risk of another plunge may be lower this time around.When Netflix posts results after markets close Wednesday, analysts expect an increase of about 800,000 U.S. subscribers for the third quarter and about 6 million internationally. Whether or not the company hits those targets may depend on how much Netflix's new programming resonated with viewers.The timing of Netflix's latest shows probably helped subscriber growth, said Third Bridge's Scott Kessler, who cited the new season of "Stranger Things" as a potential driver. Netflix also may have gotten a boost from a competitor's show, HBO's "Game of Thrones," ending its run.Gerber Kawasaki Inc., a Netflix investor, also expects "a pop from the people moving from HBO and resubscribing," thanks to "Stranger Things."Still, Gerber investment adviser Nick Licouris said the firm has been reducing its position because of looming competition from Apple Inc., Walt Disney Co., AT&T Inc. and Comcast Corp. The Santa Monica, California-based wealth manager holds more than 12,000 shares valued at almost $3.7 million, according to a June regulatory filing.The earnings report this afternoon "is a heavily debated setup, the trickiest one in a while," said Lynx Equity analysts KC Rajkumar and Jahanara Nissar. The firm called it "a high-wire act" where "much could go wrong."Given that Netflix has been growing so much faster internationally, analysts will be eyeing the company's progress -- and spending -- in key
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