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MarketWatch MarketPulse
Aug 14, 2018

MoviePass parent company reports large losses, stock continues plunge
Helios and Matheson Analytics Inc. , the parent company of MoviePass, lost millions of dollars in the second quarter as the subscription-movie offering sought to change its rules. In a Tuesday afternoon filing with the Securities and Exchange Commission, Helios and Matheson reported a net loss of $83.7 million on revenue of $74.2 million in the quarter ended June 30. Because Helios and Matheson does not have full control of MoviePass, some of those losses were reduced, as the company reported a comprehensive loss attributable to shareholders of $63.4 million, or $132.47 a share. That was actually an improvement from the year before, when Helios and Matheson reported a loss of $198.68 a share, though the company had far fewer weighted average shares at that time -- 26,283 vs. the current 478,105, according to the filing. Helios and Matheson ended the quarter with $15.5 million in cash on hand, and maintained a going-concern warning that it would not be able to sustain for the next year with the funds it has on hand. MoviePass, which originally sold subscriptions for unlimited visits to theaters and purchased tickets to the films for subscribers, has had to change its approach while losing vast amounts of cash, and the shares have been hit hard. Helios and Matheson stock has dropped 99.97% in the past three months to close Tuesday at about a nickel a share, as the S&P 500 index has gained 4%. Shares declined to about 3.5 cents a share in after-hours trading Tuesday.

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MarketWatch MarketPulse
Aug 14, 2018

Soros Fund buys Facebook, Twitter but trims stakes in Alphabet and Amazon
Soros Fund Management LLC added Facebook Inc. and Twitter Inc. but trimmed stakes in Alphabet Inc. , and Amazon.com Inc. at the end of June, according to a regulatory filing Tuesday. The family office of billionaire George Soros also bought stakes in AT&T Inc. , Chevron Corp. , and T-Mobile US Inc. and divested stakes in Ebay Inc. , Nvidia Corp. , Snap Inc. and Paypal Holdings Inc. . Other notable adjustments include paring stakes in Netflix Inc. , Citigroup Inc. and Wells Fargo & Co. and boosting shares of Pandora Media Inc. and Salesforce.com Inc. .

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MarketWatch MarketPulse
Aug 14, 2018

Carl Icahn starts positions in Cigna, Dell, VMware
Activist investor Carl Icahn started a few new positions over the last quarter and added to his stakes in Icahn Enterprises LP and Herbalife Nutrition Ltd. , according to a filing with the Securities and Exchange Commission late Tuesday. In addition to adding to stakes in his own company and Herbalife, Icahn also increased his stake in Newell Brands Inc. . Icahn also started new positions in AmTrust Financial Services Inc. , Cigna Corp. , Energen Corp. , and Dell Technologies Inc. Class V shares along with shares of VMware Inc. . Icahn trimmed his stakes in Cheniere Energy Inc. and Xerox Corp. .

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
Aug 14, 2018

Bridgewater adds Alibaba, Amazon, Baidu, keeps large gold holdings
Hedge-fund giant Bridgewater Associates, with about $160 billion under management, has added 84,629 shares of Alibaba Group Holding Ltd. , worth some $15.7 million, to its holdings, according to a regulatory filing on Tuesday. Other notable additions to the fund, led by Ray Dalio, included 1,042 shares of Amazon.com Inc., worth $1.8 million, and 28,834 shares of Baidu Inc. , worth $7 million. Bridgewater lightened up on shares of Biogen Inc. , GameStop Corp. , and PG&E Corp. , among others, and kept large holdings in two major gold-backed ETFs, the iShares Gold Trust and SPDR Gold Trust.

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MarketWatch MarketPulse
Aug 14, 2018

Crude oil prices slide in electronic trade as U.S. supply rises
The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 3.66 million barrels for the week ended Aug. 10, according to sources. The API data also showed supplies of gasoline dropped 1.56 million barrels, while distillate stockpiles rose 1.94 million barrels. Supply data from the Energy Information Administration will be released Wednesday. September crude slid 0.6% to $66.63 a barrel in electronic trading, compared with settlement of $67.04 on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Aug 14, 2018

Bill Ackman's Pershing Square cuts stake in ADP
Bill Ackman's Pershing Square Capital Management said in a Tuesday filing with the Securities and Exchange Commission that it has cut its position in Automatic Data Processing Inc. to 4.2 million shares at the end of June from 8.8 million shares at the end of March. Ackman had built up a stake in ADP as a part of his failed proxy battle, where he attempted to secure three seats on the board. Pershing has built a position in United Technologies Corp. of 4.5 million shares at the end of June. Ackman has previously called for the breakup of United Technologies. Pershing also said it had upped its stake in Mondelez International Inc. to 16.4 million shares versus 13.9 million shares previously, and built up a position in Lowe's Companies Inc. of 7.7 million shares. The hedge fund's positions in companies such as Chipotle Mexican Grill Inc. were mostly unchanged.

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MarketWatch MarketPulse
Aug 14, 2018

Berkshire Hathaway ups Apple stake, shifts airline holdings
Berkshire Hathaway Inc. said it loaded up on shares of Apple Inc. while trimming its stake in American Airlines Group Inc. , according to a filing with the Securities and Exchange Commission late Tuesday. Berkshire also added to positions of Bank of New York Mellon Corp. , Delta Air Lines Inc. , Southwest Airlines Co. , and General Motors Co. . Berkshire reduced its stake in Phillips 66 , United Continental Holdings Inc. , and Wells Fargo & Co. .

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MarketWatch MarketPulse
Aug 14, 2018

Diamondback Energy agrees to buy Energen Corp. in $9.2 billion all-stock deal
Diamondback Energy Inc. has agreed to buy Energen Corp. in an all-stock deal valued at about $9.2 billion, including Energen's net debt of $830 million as of June, the companies said late Tuesday. Under the terms of the deal, Energen shareholders would receive 0.6442 shares of Diamondback common stock, representing an implied value to each Energen shareholder of $84.95 a share based on the closing price of Diamondback stock on Monday. The transaction was unanimously approved by each company's board of directors, they said in a statement. The deal would make Diamondback one of the largest independent energy companies in West Texas's Permian basin, and increase by 57% Diamondback's net acreage in the one of the most prolific U.S. "tight" oil and gas regions. The deal would be "immediately accretive" in 2019 on earnings per share, cash flow per share, net asset value, and other key metrics, the companies said. Shares of Diamondback were halted, and ended the regular trading day up 1.4%; Energen shares rallied 7.6%, and the shares ended the regular session up 2.5% at $73.14.

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
Aug 14, 2018

Dow, S&P 500 halt 4-session skid as Turkish lira angst takes a breather
U.S. stocks closed Tuesday's session solidly in the green, halting a multiday tumble for the three main equity benchmarks, which advanced as Turkey's currency slide abated, allowing investors to focus instead on a healthy domestic economy and strong corporate results. The Dow Jones Industrial Average rose 0.5% at 25,300 (on a preliminary basis), the S&P 500 index added 0.6% to 2,839, with all 11 sectors of the broad-based index finishing in positive territory. Both the Dow and the S&P 500 had fallen in the past four sessions. The technology-laden Nasdaq Composite Index , meanwhile, finished with a 0.7% higher at 7,871. In corporate news, shares of Tesla Inc. ended 2.3% lower after CEO Elon Musk late Monday said in a tweet that he was working with Goldman Sachs and private-equity firm Silver Lake on the electric-car maker's go-private plan. And shares of Shares of fashion retailer Tapestry Inc. jumped 11% after the parent of Coach and Kate Spade reported fiscal fourth-quarter earnings. The day's action was supported by a rebound in the Turkish lira which had fallen to a historic low against the dollar on Monday on intensifying concerns about the country's economic health.

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
Aug 14, 2018

Goldman, Silver Lake not officially on board with Musk's plan: report
Tesla Inc. Chief Executive Elon Musk hadn't officially tapped Goldman Sachs Group Inc. as its financial advisor when he revealed plans last week to take the car maker private and said he had secured funding for the deal, according to a Bloomberg News report that cited people with knowledge of the matter. The bank still hadn't signed on when Musk tweeted late Monday he was working with Goldman and Silver Lake, the people told Bloomberg. Conversations between Musk and Goldman Sachs representatives are ongoing, the report said. Silver Lake also is in a similar situation, Bloomberg said, citing one person familiar with the matter. Silver Lake isn't officially working for Musk and isn't being compensated, the report said. Musk last week stunned markets by saying he had plans to take Tesla private at $420 a share, and funding was "secured."

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
Aug 14, 2018

Julian Robertson's Tiger fund boosts equity bets in Q2 as it buys Spotify stock, adds to Twitter stake
Billionaire investor Julian Robertson's hedge fund, Tiger Global Management, bought a new 12.8 million share stake in Spotify Technology S.A. during the second quarter, according to the fund's latest 13F filing with the Securities and Exchange Commission. Spotify went public on April 3. Among some other changes Tiger made to its equity portfolio during the second quarter, the Twitter Inc. stake increased to 11.7 million shares from 9.5 million shares, the Redfin Corp. investment dropped to about 2.4 million shares from 7.7 million shares, the Alibaba Group Holding Ltd. stake increased to 4.4 million shares from 3.8 million shares, the entire 22,488-share stake in United Continental Holdings Inc. was sold off and the Facebook Inc. stake was increased to 5.3 million shares from 5.0 million shares. In all, the value of Tiger's equity holding increased 28% to $19.22 billion as of June 30 from $15.04 billion on March 31. Over the same time, the S&P 500 rose 2.9%.

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MarketWatch MarketPulse
Aug 14, 2018

Apple is looking to develop chip for health sensors: report
Apple Inc. is hiring engineers who could work on a custom chip designed for health applications, according to CNBC. The report cites job postings from the last few months and seeks engineers and ASIC architects. Apple already designs its own chips for the iPhone, iPad, Apple Watch, and AirPods according to CNBC. Tech giants have become increasingly interested in developing their own chips, including Alphabet Inc. , Facebook Inc. , and Tesla Inc. . Apple shares are up 31% over the past 12 months, while the Dow Jones Industrial Average , of which Apple is a component, has gained 15%.

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MarketWatch MarketPulse
Aug 14, 2018

Intel stock slips after new disclosure of chip vulnerability
Intel Corp. shares declined slightly Tuesday after the chip maker provided additional details about a vulnerability that could allow hackers into unauthorized computer areas. The chip maker released information on a "high" severity rating vulnerability called an "L1 Terminal Fault" where a computer's cache data may be accessed by an attacker. Intel identified three variants of the attack that could "potentially allow unauthorized disclosure of information residing in the L1 data cache, a small pool of memory within each processor core designed to store information about what the processor core is most likely to do next." Intel said the exploits are "highly sophisticated" and that it is not aware of any real-world attacks. Intel shares were last down 0.3% at $48.33, after trading as high as $48.77 earlier in the session, compared with a 0.6% gain in the S&P 500 index and a 0.5% gain in the Dow Jones Industrial Average . Intel has been on high alert for security vulnerabilities all year ever since reports of the Spectre and Meltdown exploits surfaced in January.

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MarketWatch MarketPulse
Aug 14, 2018

Gold logs first gain in the past 4 sessions, but holds near 1 1/2-year low
Gold futures on Tuesday booked a slight gain, but held near their lowest level of the past 18 months, as a currency crisis spurred by worries about Turkey's lira took a back seat. A flight to U.S. dollars was fueled by fears that Turkey's problems could infect other markets, with the buck rising to a 14-month peak and weighing on bullion prices. December gold settled up $1.80, or 0.2%, at $1,200.70 an ounce Tuesday afternoon, a day after ending at a 1 1/2-year low. That's even as the ICE U.S. Dollar Index , a measure of the buck's strength against a basket of six currencies, gained 0.3% at 96.71. A stronger dollar tends to make dollar-pegged assets more expensive to buyers using other monetary units.

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MarketWatch MarketPulse
Aug 14, 2018

Kroger's stock spikes up after report of Alibaba partnership
Shares of Kroger Co. spiked up 2.8% in afternoon trade Tuesday, after The Wall Street Journal reported that the grocery chain will start selling groceries in China by way of a partnership with e-commerce giant Alibaba Group Holding Ltd. . Kroger's stock was up 1.1% just before the report. Alibaba shares were down 2.5% in recent trade. The partnership is Kroger's first move into overseas sales, the WSJ report said. Kroger's stock has rallied 24% over the past three months, while the S&P 500 has gained 4.0%.

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MarketWatch MarketPulse
Aug 14, 2018

SEC charges two firms, 18 individuals with municipal bond kickback and 'flipping' scheme
The Securities and Exchange Commission charged two firms, Core Performance Management LLC and RMR Asset Management Co., and 18 individuals on Tuesday in a scheme to allegedly improperly divert new issue municipal bonds to broker-dealers at the expense of retail investors. From at least 2009 to 2016 the defendants allegedly posed as retail investors, using fictitious business names, falsely linking their orders to ZIP codes within the issuer's jurisdiction, and splitting orders among dozens of accounts to acquire the bonds and then "flipped" them to broker-dealers, typically for a fixed, pre-arranged commission. They also often sought to hide the flipping activity from issuers and underwriters by manipulating sales tickets, according to the SEC. Core Performance and managing director James P. Scherr, RMR and its president, Ralph Riccardi, and 13 of their associates settled the SEC's charges without admitting or denying the allegations, and agreed to injunctions, to return allegedly ill-gotten gains with interest, and to pay civil penalties. Charles Kerry Morris, the former head of municipal underwriting at broker-dealer NW Capital Markets Inc, who allegedly took kickbacks from Scherr and engaged in a parking scheme in which Morris allocated new issue bonds to Scherr with the understanding that Morris would repurchase them, settled charges with the SEC by agreeing to an industry bar and to pay a fine of $254,009. NW Capital agreed to be censured and pay a total of $87,065. The SEC's case against RMR associates, Richard C. Gounaud, Jocelyn M. Murphy, and Michael S. Murphy is ongoing.

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MarketWatch MarketPulse
Aug 14, 2018

Match Group stock falls after Tinder employees sue company
Shares of Match Group Inc. are down 3.3% in Tuesday trading after a group of former Tinder employees sued the company for undermining the value of Tinder. The lawsuit also alleges sexual misconduct by former Match Group Chief Executive Gregory Blatt. The plaintiffs argue that Match and IAC/InterActiveCorp. executives delayed implementing new monetizable Tinder features, inflated Tinder's expenses, and stripped early Tinder employees of their options. The plaintiffs seek damanges of at least $2 billion. IAC is the majority owner of Match, and Tinder was created within Hatch Labs, a venture group that IAC helps fund. IAC and Match didn't immediately return MarketWatch's request for comment. Match shares are up 151% over the past 12 months, while the S&P 500 has gained 15%.

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
Aug 14, 2018

SEC fines, bars alleged fraudulent ICO promoter
The Securities and Exchange Commission permanently barred David T. Laurance, the founder of Tomahawk Exploration LLC, on Tuesday from ever being an officer or director of a public company and from participating in any offering of a penny stock or in promoting the purchase or sale of any penny stock. The SEC alleged Laurance attempted to raise money through the sale of fraudulent blockchain-based digital tokens called "Tomahawkcoins." The promotional materials for the ICO used inflated projections of oil production that were contradicted by the company's own internal analysis and misleadingly suggested that Tomahawk possessed leases for drilling sites when it did not. Laurance has a prior criminal conviction for his role in fraudulent securities offerings but was described in the ICO offering as having a "flawless background." Tomahawk issued tokens through a "Bounty Program" in exchange for online promotional services, however, the ICO failed to raise any money. Tomahawk and Laurance neither admitted not denied the allegations but consented to a cease and desist order and Laurance consented to a $30,000 penalty and the bars.

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MarketWatch MarketPulse
Aug 14, 2018

Diebold Nixdorf's stock extends bounce off 38-year low after 'constructive' talks with lenders
Shares of ATM maker Diebold Nixdorf Inc. ran up 7.9% in morning trade Tuesday, to extend their sharp bounce off last week's 38-year closing low, after the company said it has held "constructive and productive" discussion with its lenders. The stock had run up 16.5% on Monday, after the company said it expected to reach a resolution in the near term. On Aug. 1, the shares plummeted after the company reported a surprise loss and cut its outlook, prompting the company to look to amend credit agreements. On Friday, the stock closed at $3.95, the lowest closing price since Oct. 27, 1980. The stock has plunged 70% year to date, while the S&P 500 has gained 6.2%.

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MarketWatch MarketPulse
Aug 14, 2018

Household debt now 19% above crisis low after 16th straight gain
Household debt grew for the 16th consecutive quarter in the April-to-June period, rising by 0.6%, or $82 billion, to $13.29 trillion, the New York Fed reported Tuesday. Overall household debt is now 19.2% above the post-financial-crisis trough. Though up slightly from the prior quarter, over the year there's been a 2.5 percentage point decline in student debt that's 90-plus days delinquent or in default, which the report attributed to an improved labor market and increased participation in various income-driven repayment plans. The overall consumer flow to delinquency stayed at 2.3% in the second quarter.

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MarketWatch MarketPulse
Aug 14, 2018

Alibaba, JD.com among China names trading lower
Shares of various Chinese internet names are down sharply in Tuesday's session, after several companies delivered disappointing earnings commentary and as the Turkey crisis continues to weigh on emerging markets. Alibaba Group Holding Ltd.'s stock is down 3.1% in Tuesday trading, while JD.com Inc.'s shares are off 3.8%. Vipshop Holdings Ltd. , a Chinese e-commerce platform, delivered a third-quarter outlook below the FactSet consensus. Also on Tuesday, China's National Bureau of Statistics released data on total retail sales in China. Total retail sales grew 8.8% in July, according to the data, which came in lower than the 9% economists were forecasting, according to Stifel analyst Scott Devitt. "Despite the Chinese government's efforts to boost lending over the past month, it appears U.S. tariffs are having a larger impact on the retail landscape than we had previously anticipated," he wrote. JD.com reports results on Thursday, Aug. 16 and Alibaba follows a week later. China internet names were pressured as well on Tuesday, after analysts cited margin concerns in conjunction with game-streaming company Huya Inc.'s latest earnings report. Shares of iQiyi Inc. are off 6.2%, while shares of Bilibili Inc. are down 2.7%. The Invesco Golden Dragon China ETF is down 2.8% in the session.

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MarketWatch MarketPulse
Aug 14, 2018

Huya stock plunges after earnings
Shares of Chinese game-streaming company Huya Inc. are down 15% in Tuesday morning trading after the company posted in-line results, but analysts said that the company's margins may be a concern in the near future. "Increased marketing expense in SE Asia and eSports content acquisition (e.g. exclusive broadcasting of LCK Summer) may cause near-term margin pressure," Jefferies analyst Karen Chan wrote in a note about YY, which spun off Huya earlier this year. Benchmark analyst Fawne Jiang expects the company to "maintain robust growth momentum given the significant opportunities in game live streaming and e-sports" but also predicts that rising content costs and marketing could hit margins. Huya shares are down 24% over the past month, while the S&P 500 has gained 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
Aug 14, 2018

Coca-Cola's stake in BODYARMOR is good for Coke and hurts Pepsi and Keurig Dr Pepper, analyst says
Shares of Coca-Cola Co. rose 0.3% in morning trade Tuesday, after the beverage and snack giant said it bought a minority stake in premium sports drink company BODYARMOR, and will have the option to increase the stake in the future. The investment, details of which were not disclosed, will make Coke the second largest shareowner in BODYARMOR, behind Co-founder Mike Repole. The deal gives BODYARMOR the opportunity to gain access to Coke's bottling system. Wells Fargo analyst Bonnie Herzog said BODYARMOR is "one of the most exciting and fastest growing brands in the sports drink category," and she believes the deal gives Coke the opportunity to innovate and accelerate growth across its portfolio. Meanwhile, she said the deal is negative for both Keurig Dr Pepper Inc. and PepsiCo Inc. , as it puts more pressure on Pepsi's Gatordade. Keurig's stock shed 1.1% and Pepsi shares lost 0.2%. Year to date, Coke's stock has edged up 0.2%, Pepsi shares have lost 6.0% and the Dow Jones Industrial Average has tacked on 2.0%.

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MarketWatch MarketPulse
Aug 14, 2018

Switch stock tumbles as analysts downgrade after earnings
Shares of Switch Inc. are down 26% in Tuesday morning trading after the company reported weaker-than-expected earnings and delivered a disappointing forecast. Several analysts downgraded the stock, including BTIG's Edward Parker, who lowered his rating to neutral from buy. "We believe the company is well positioned to ride secular trends towards high-end [colocations] and that strong new logo additions and low customer churn suggest the long-term story is fundamentally sound," Parker wrote. "However, Switch needs to deliver results consistently in order to regain the investor confidence it has lost over these past two quarters." J.P. Morgan's Richard Choe also downgraded the stock to neutral, writing that his "higher-growth thesis appears to be pushed out and lowered for 2019." Choe lowered his price target to $13 from $17. Switch shares are down 44% so far this year, while the S&P 500 has gained 5.9%.

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MarketWatch MarketPulse
Aug 14, 2018

Electronic Arts to lose its chief design officer, shares fall
Shares of Electronic Arts Inc. slid 1.1% in morning trade Tuesday, after the digital interactive games developer disclosed that Chief Design Officer Patrick Soderlund will leave, effective Oct. 30, after two decades with the company. In a blog post on the company's website, the company said Soderlund was leaving to "begin a new chapter later this year." Among changes being made as a results of Soderlund's departure, the company said its SEED team, led by Johan Andersson, will join its studios group, and that it was welcoming Jason Wozencroft to its studios team to lead a unified user experience approach for games and services. "We're going to lean into the talent and expertise that all of our teams bring, and collectively own creative at Electronic Arts as a central element of our strategy going forward," Chief Executive Andrew Wilson wrote in the blog post. The stock has rallied 24% year to date, while the S&P 500 has gained 5.9%.

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MarketWatch MarketPulse
Aug 14, 2018

U.S. stocks aim to snap multisession skid as Turkish currency worries take a breather
U.S. stock indexes opened modestly higher early Tuesday after the steep drop in the Turkish lira seen over the past few days lost momentum, easing concerns that the country's currency crisis had further room to run. The S&P 500 rose 7 points, or 0.3%, to 2,829. The Dow Jones Industrial Average advanced 64 points, or 0.2%, to 25,252. The Nasdaq Composite Index opened higher by 26 points, or 0.3%, to 7,846. Investors have closely eyed the weakness in Turkey's currency after it sparked widespread selling in emerging-markets funds and European bourses, on rampant fears of contagion from Ankara's monetary problems. However, investors appear focused on the health of the U.S. economy and a stretch of corporate quarterly results that have been healthy. Notably, Home Depot Inc. reported better-than-expected second-quarter results earlier in the session, helping to lift investor sentiment.

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MarketWatch MarketPulse
Aug 14, 2018

Perry Ellis's stock sinks buyout discussions with Randa Accessories terminated
Shares of Perry Ellis International Inc. sank 5.2% in morning trade Tuesday, after the apparel and accessories company said it terminated discussions with Randa Accessories Leather Goods LLC regarding Randa's $28.90-per-share buyout proposal, and said it remains committed to the $27.50-per-share bid led by founder George Feldenkreis. Perry Ellis said after discussions with its "key inbound licensor," it became clear that the precondition to Randa's proposal is not likely to be satisfied, and Randa is not prepared to waive the precondition. "As such, the special committee determined to terminate discussions with Randa regarding its proposal," Perry Ellis said in a statement. Perry Ellis's stock has gained 6.1% over the past three months, while the S&P 500 has tacked on 3.6%.

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MarketWatch MarketPulse
Aug 14, 2018

Bridge collapse kills at least 22 in Genoa, Italy
A highway bridge collapsed Tuesday in Genoa, Italy, killing at least 22 people, according to multiple published reports. Transportation official Danilo Toninelli said he was "following with great apprehension what seems like an immense tragedy," according to a Reuters report.

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MarketWatch MarketPulse
Aug 14, 2018

Tesla's board forms special committee to evaluate potential going-private deal
Tesla Inc. said its board of directors has formed a special committee to evaluate Chief Executive Elon Musk's consideration to take the company private. The stock rose 0.5% in premarket trade. The committee, which consists of three independent directors, said it has not yet received a formal proposal from Musk, and it has not yet reached any conclusion regarding the advisability or feasibility of a deal. "The special committee's grant of authority provides that no Going Private Transaction will be consummated without the approval of the special committee," the electric car company said in a statement. "The special committee expects to provide a further update concerning the process associated with Mr. Musk's proposal as soon as practicable." Late Monday, Musk said he was working with financial advisors Silver Lake and Goldman Sachs on a potential deal, after saying earlier in the day that he had been approached by the Saudi Arabian sovereign wealth fund about a deal. The stock has climbed 22% over the past three months, while the S&P 500 has gained 3.4%.

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MarketWatch MarketPulse
Aug 14, 2018

Square stock rises after Instinet boosts target
Shares of Square Inc. are up 1.8% in premarket trading Tuesday after Instinet analyst Dan Dolev raised his price target to $86 from $82. Dolev is upbeat about Square's peer-to-peer Cash app, which he said now has more cumulative downloads than PayPal Holdings Inc.'s Venmo. Through his analysis of downloads, he estimates the Square Cash is growing three times faster than Venmo. Dolev said that Square is also having success monetizing the Cash app. "We estimate that the Cash App's 11 million to 12 million active users could drive $30 million to $40 million or 2% to 3% of adjusted net revenue in 2018, primarily via collecting unregulated debit interchange and instant deposit fees, with revenues potentially growing to $100 million by 2020," he wrote. Square's stock is up 187% over the past 12 months, while the S&P 500 has gained 14%.

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MarketWatch MarketPulse
Aug 14, 2018

McDonald's announces nearly $3 billion investment in store remodels nationwide
McDonald's Corp. said Tuesday that the company and its franchisees will invest nearly $3 billion to modernize and remodel restaurants nationwide in 2018 and 2019. In a series of press releases, the company outlined hundreds of store revamps that include new dining rooms, digital self-order kiosks, new menu boards and parking spots designated for curbside pickup. Among the announcements are $390 million to remodel more than 550 California restaurants; $448 million for 840 restaurants in Texas; $317 million for 410 restaurants in Illinois; and $320 million for 360 restaurants in New York. McDonald's has been transforming its restaurants with technology and other features through a program called Experience of the Future, which was introduced in November 2016. On August 9, the company unveiled a new flagship restaurant in Chicago that included the digital kiosks, table service, mobile-order-and-pay, and other enhancements promised by the program. The Chicago location also includes sustainable features, like 70 trees, a floating glass garden, and solar panels. McDonald's says it plans to revamp nearly all of its 5,000 U.S. restaurants by 2020. McDonald's shares are down 8.1% for the year to date while the Dow Jones Industrial Average has gained nearly 2% and the S&P 500 index is up 5.6% for the period.

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MarketWatch MarketPulse
Aug 14, 2018

Allegheny Technologies CEO Richard Harshman to retire, after 41 years at the company
Allegheny Technologies Inc. said Tuesday that Richard Harshman plans to retire after over seven years in the role, and 41 years at the company, to spend more time with his family. The specialty materials and components company said it appointed Robert Wetherbee, who joined ATI in April 214, as CEO, effective Jan. 1, 2019. Wetherbee is currently executive vice president of flat rolled products. Diane Creel, who has been ATI's lead independent director since 2011, will become chairman following Harshman's retirement. The stock, which was still inactive in premarket trade, has lost 7.7% over the past three months, while the S&P 500 has gained 3.4%.

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Aug 14, 2018

Starbucks launches plant-based cold brew beverage
Starbucks Corp. announced the Protein Blended Cold Brew, a plant-based beverage available in almond and cacao, selling in select U.S. stores. The beverage is made with cold brew coffee, alternative milk, and plant-based proteins. The drink can be customized with items like extra protein or coffee. The 16-ounce grande size is priced at $5.95. Starbucks shares are down 9.8% for the year so far while the S&P 500 index has gained 5.6% for the period.

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Aug 14, 2018

Tapestry's stock surges after profit and sales top expectations
Shares of Tapestry Inc. rallied 2.2% in premarket trade, after the Coach and Kate Spade parent reported fiscal fourth-quarter earnings and sales that rose above expectations, and provided an upbeat outlook. Net income for the quarter to June 30 increased to $211.7 million, or 73 cents a share, from $151.7 million, or 53 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 60 cents, above the FactSet consensus of 57 cents. Net sales rose to $1.48 billion from $1.13 billion, topping the FactSet consensus of $1.47 billion. Coach sales rose 5% to $1.1 billion, beating the FactSet consensus of $969.2 million, while Kate Spade sales of $312 million exceeded expectations of $269.2 million. Stuart Weitzman sales fell to $73 million from $88 million, missing the FactSet consensus of $83.9 million. For fiscal 2019, the company expects revenue of $6.1 billion to $6.2 billion, compared with the FactSet consensus of $6.09 billion. The stock has climbed 7.3% year to date through Monday, while the S&P 500 has gained 5.6%.

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Aug 14, 2018

Advance Auto Parts' stock surges after earnings and sales rise above expectations
Advance Auto Parts Inc.'s stock shot up 4.4% toward a 15-month high in premarket trade Tuesday, after the auto parts retailer beat second-quarter earnings and revenue expectations and announced a new stock repurchase program. Net income rose to $117.8 million, or $1.59 a share, from $87.0 million, or $1.17 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.97, above the FactSet consensus of $1.86. Sales rose to $2.33 billion from $2.26 billion, topping the FactSet consensus of $2.27 billion, as same-store sales growth improved to 2.8% from flat to beat expectations of 0.1% growth. The company said it raised its 2018 revenue guidance range to reflect "improving industry trends," to $9.30 billion to $9.50 billion, which surrounds the FactSet consensus of $9.38 billion. Separately, the company said it targets returning $100 million to $200 million to shareholders through new stock buybacks during the second half of the year. The stock has run up 45.3% year to date through Monday, while the S&P 500 has gained 5.6%.

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Aug 14, 2018

Home Depot's stock rises after earnings and sales beat, raised outlook
Shares of Home Depot Inc. rose 1.2% in premarket trade Tuesday, after the home improvement retailer reported fiscal second-quarter earnings and revenue that beat expectations, and raised the full-year outlook. Net income for the quarter to July 29 increased to $3.51 billion, or $3.05 a share, from $2.67 billion, or $2.25 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.85. Revenue rose 8.4% to $30.46 billion, above the FactSet consensus of $30.03 billion, as an 8.0% increase in same-store sales beat expectations of 6.7% growth. The company raised its fiscal 2018 sales growth guidance to up 7.0% from 6.7% and its same-store sales outlook to 5.3% from 5.0%. The EPS growth outlook was increased to 29.2% from 28.0%. The stock has gained 2.4% year to date through Monday, while the SPDR S&P Retail ETF has climbed 12.2% and the Dow Jones Industrial Average has advanced 1.9%.

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Aug 14, 2018

NFIB small-business sentiment climbs in July to second-highest level in history
The National Federation of Independent Business small business optimism index rose 0.7 points in July to 107.9. The NFIB said it was the second-highest level in history and just under the 1983 peak. Eight of the ten components, led by plans to increase employment, expectations for rising sales and for expansion, increased; those for current inventories and plans to increase inventories declined. The single most important issue flagged by small businesses were concerns about the quality of labor, with a net 23% saying so.

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Aug 14, 2018

Turkey's lira rallies vs. the dollar on Tuesday
Turkey's beaten-down currency gained on the U.S. dollar early Tuesday, rebounding somewhat from Monday's all-time low against the buck. One dollar recently bought 6.4535 lira, down from 6.8846 late Monday in New York. The greenback is still up sharply against Turkey's currency in August, showing a 31% gain, and it's up 70% on the lira in the year to date.

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Aug 13, 2018

NIO, potential Tesla rival from China, files for $1.8 billion U.S. IPO
NIO Inc. , a Chinese startup developing premium all-electric cars, filed for an initial public offering for American depository shares Monday. NIO named a target raise of $1.8 billion, though the target listed on a first filing is typically an estimate used to determine expected fees and is updated with a more solid number in subsequent filings. Reports from earlier this year suggested that NIO had secretly filed for an IPO and was hoping to raise up to $2 billion. The company just began showing revenue this year, reporting $6.7 million in vehicle sales and $7 million in total revenue in the first six months of 2018, when it lost more than $500 million. The company reported a loss of $758.8 million in 2017. NIO has faced many comparisons with Tesla Inc. , especially with its focus on premium electric automobiles, and NIO mentioned Tesla 13 times in its first filing with the Securities and Exchange Commission. The company expects to list its ADS on the New York Stock Exchange under the ticker symbol NIO, and has enlisted Morgan Stanley, Goldman Sachs and JP Morgan as underwriters.

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Aug 13, 2018

Switch stock plunges 19% after earnings miss, lower guidance
Switch Inc. shares plunged 19% in the extended session Monday after the company missed Wall Street earnings estimates and lowered its guidance for the year. The company reported second-quarter net income attributable to Switch of $821,000, or 2 cents a share, compared with $14.9 million, or 7 cents a share, in the year-ago period. Revenue rose to $201.2 million from $92.1 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 4 cents a share on revenue of $102.8 million. For the third quarter, analysts expect earnings of 5 cents a share on sales of $110.3 million. Switch said that as a result of several deals closing later than originally anticipated, it was lowering its full year guidance to sales of $405 million to $408 million from $423 million to $440 million. Switch stock has fallen 23% this year, as the S&P 500 index has gained 6%.

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Aug 13, 2018

RH appoints new CFO
RH , formerly known as Restoration Hardware, said late Monday that it had appointed Ryno Blignaut president and chief financial and accounting officer. RH stock was down 1.2% in after-hours trading. Blignaut previously served as Xoom CFO when it was acquired by PayPal Inc. The company said current CFO Karen Boone decided to step down to spend more time with her family and will work through a transition period. Blignaut will start in the new role Tuesday. RH rose 5% to $151.62 as the S&P 500 index lost 0.4% during the regular session Monday.

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Aug 13, 2018

Stocks end lower as Turkey currency woes continue
U.S. stocks ended lower Monday, pressured as Turkey's currency crisis dampened global investor appetite for equities and other assets perceived as risky. The S&P 500 fell 0.4% to close near 2,821.93, according to preliminary figures, while the Nasdaq Composite lost 0.2% to close near 7,819.71. The Dow Jones Industrial Average shed around 125.44 points, or 0.5%. The energy sector led losses for the S&P 500, falling 1.2% as oil prices fell sharply before ending lower but off of session lows. The materials and financial sectors each fell by 1%.

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Aug 13, 2018

Oil futures end lower but pare decline
Oil futures ended with a loss but off session lows on Monday. West Texas Intermediate crude for September delivery on the New York Mercantile Exchange ended 43 cents lower at $67.20 a barrel, a drop of 0.6%, after trading as low as $65.71. Weakness was tied to a report showing a pickup in OPEC oil production last month and a private forecast for a rise in crude stored at the U.S. futures delivery hub, as well as a stronger dollar.

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Aug 13, 2018

Planet Fitness stock pulls back from record after J.P. Morgan downgrade, on valuation
Shares of Planet Fitness Inc. dropped 4.5% in afternoon trade Monday to pull back sharply from the previous session's record close, after J.P. Morgan analyst John Ivankoe downgraded the fitness center operator, citing concerns over valuation. Ivankoe cut his rating to neutral, after being at overweight since he started covering the company in August 2015, just weeks after it went public. He slashed his stock price target to $38 from $50. Ivankoe said that while "fundamentals remain strong," he doesn't believe current valuation supports expectations of earnings per share growth in the coming years. On Friday, the stock shot up 6.5% to close at a record $51.94 after the company reported second-quarter results. The company has beat the FactSet consensus for both earnings per share and revenue every quarter since it started reported results in September 2015.

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MarketWatch MarketPulse
Aug 13, 2018

Amazon's stock rallies toward for 1st close above $1,900, 21 days after surpassing $1,800
Shares of Amazon.com Inc. rallied 0.9% in afternoon trade, putting them on track for the first close above the $1,900 level, on their second attempt in three sessions. The stock had ran up to an intraday high of $1,914.57 on Thursday, before paring gains to end the regular session at the current record close of $1,898.52. The stock slipped 0.6% on Friday. On Monday, Amazon's stock ran up as much as 2.1% to an intraday high of $1,925.00 before paring some gains. Earlier, Piper Jaffray analyst Micheal Olson said he believes profit at Amazon's advertising business will surpass its AWS profits within three years. A close above $1,900 would come 21 sessions after the stock first closed above $1,800. The first close above $1,800--at $1,813.03 on July 13, also came 21 sessions after the first close above $1,700, at $1,704.86 on June 13; that was 26 sessions after it first closed above $1,600, at $1,600.14 on May 7. Amazon extended its lead as the second-largest U.S. company by market capitalization, with a market cap of $928.71 billion. In first is Apple Inc. at $1.01 trillion, while third is Alphabet Inc. at $871.24 billion. Amazon shares have fun up 62.8% year to date, while the Nasdaq Composite has advanced 13.5% and the S&P 500 has gained 5.7%.

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Aug 13, 2018

Gold ends below $1,200 for the first time since late January as dollar holds gains
Gold futures on Monday tumbled below a psychological, round-number level at $1,200 an ounce for the first time since late January, as the dollar weighed on the precious metal. Gold for December delivery settled down $20.10, or 1.6%, at $1,198.90 an ounce, representing the lowest level for the contract since Jan. 30, according to FactSet data. Monday's decline also marked its steepest one-session fall since June 15. The slide in bullion comes as the dollar, as measured by the ICE U.S. Dollar Index , has been trading around a 14-month high at 96.36 on the back of worries about Turkey's currency, the lira , as investors worry about the financial health of the country. A stronger buck can make purchasing dollar-pegged assets, like gold, less appealing to investors using other monetary units.

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Aug 13, 2018

FBI agent Peter Strzok has been fired: Washington Post
FBI Agent Peter Strzok, who helped lead the investigation into Russian interference in the 2016 election as well as into Hillary Clinton's email server until his anti-Trump tweets were discovered, has been fired, The Washington Post reported, citing Strzok's lawyer. His lawyer told the newspaper that the head of the FBI office that handles employee discipline had recommended a 60-day suspension and demotion but not a firing.

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Aug 13, 2018

H&M launches revamped website in the U.S.
H&M Hennes & Mauritz AB said Monday that it has launched a new e-commerce site and mobile app in the U.S. Both platforms have features including visual search, which allows for search using images; a scan-and-find function that allows store shoppers to scan the price tag and search for an item online; and gives shoppers the chance to rate items they've bought online. Earlier this year, H&M revamped its ladies sizing in order "to be more reflective of the North American industry standard," the company said in a release. H&M shares are down 1.5% in Monday trading, and are down more than 24% for the year so far. The S&P 500 index has gained 6.3% for 2018 to date.

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MarketWatch MarketPulse
Aug 13, 2018

Twitter stock gains after Citron goes long, sets $52 price target
Shares of Twitter Inc. are up 3.4% in Monday trading after Citron Research turned bullish on the stock, setting a $52 price target. "Twitter is more relevant now than it has ever been and in media, dollars follow relevancy," Citron analysts wrote. "While Twitter is commonly bucketed with Facebook and Snap , Citron believes Twitter actually sits alone, with no direct competitor in the exchange of thoughts." The analysts argue that there are a number of platforms for posting vacation photos, but prominent people overwhelmingly turn to Twitter to share their thoughts. "Musk had only one digital-age option to break his LBO news," the analysts wrote, referring to Tesla Inc. Chief Executive Elon Musk's tweet last week announcing his interest in taking Tesla private. Citron's Andrew Left previously made a short call on Twitter. Shares are up 109% over the past 12 months, compared with a 16% rise for the S&P 500 .

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MarketWatch MarketPulse
Aug 13, 2018

First Data's stock falls after KKR fund plans sale of $1.55 billion worth of shares
Shares of First Data Corp. shed 1.8% in morning trade Monday, to pull back from the record close reached last week, after the payment technology and services company said KKR & Co. Inc.'s New Omaha Holdings L.P. plans to sell 64 million Class A shares in a secondary offering. Based on current share prices, that value of the offering is about $1.55 billion. The sale would lower New Omaha's stake in First Data to 374.04 million shares, or 40% of the shares outstanding, from 438.04 million shares, or 47% of the shares outstanding. If the underwriters of the offering exercise all the options to buy an add 9.6 million shares, New Omaha's stake would decline to 364.44 million shares, or 39%. After the offering, New Omaha will still have 86% of the voting power. First data will not receive any proceeds from the offering. First Data's stock has run up 45% year to date, reaching a record close of $24.70 on Aug. 9, while the S&P 500 has tacked on 6.3%.

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Aug 13, 2018

Office Depot to pilot co-working space in California store location
Office Depot Inc. said Monday that it is piloting its first-ever co-working space in its recently opened Los Gatos, Calif. store. The space will offer the company's current suite of products and services along with workspace for small business owners, remote workers and others. The co-working space is one bit of the company's expanded Workonomy platform that goes beyond office supplies to offer business services for small-to-medium sized businesses. Other new additions include tech service kiosks at 141 stores across Georgia, Florida and Texas by the end of August, and pack-and-ship services online and in stores. Office Depot shares have sunk 15.7% for 2018 so far, while the S&P 500 index has gained 6.2% for the period.

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MarketWatch MarketPulse
Aug 13, 2018

Stocks open slightly higher as Wall Street attempts to shake off Turkish currency-crisis worries
U.S. stock-index benchmarks edged higher early Monday, but continuing turmoil in Turkey remained in focus. The Dow Jones Industrial Average traded up 43 points to reach 25,352,a gain of 0.2%, the S&P 500 index rose 5 points to 2,838, a rise of 0.2%. Meanwhile, the Nasdaq Composite Index added 0.2% to reach 7,861. U.S. investors have kept their attention trained on developments in Turkey. The Turkish central bank pledged to provide "all the liquidity the banks need" in a statement Monday, coming after Turkey's lira lost 14% of its value against the dollar on Friday, raising concerns that the emerging market could infect European financial institutions and other developed-world markets. However, market participants in the U.S. appear poised to shake off those worries to focus on what has been a healthy stretch of corporate quarterly results and a domestic economy that has offered signs of strength.

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Aug 13, 2018

Elon Musk explains 'funding secured' statement related to going private tweets
Shares of Tesla Inc. gained 0.8% in morning trade Monday, after Chief Executive Elon Musk said the reason he said "funding secured" to take the electric car maker private, was because the Saudi Arabia sovereign wealth fund that owns a near 5% stake in the company "strongly expressed" support for funding a going private transaction. Musk said in a Tesla blog post that the Saudi fund has approached him multiple times about taking Tesla private in the past couple years, including a meeting on July 31 after the fund bought the Tesla stake. "During the meeting, the Managing Director of the fund expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time," Musk wrote. "I left the July 31st meeting with no question that a deal with the Saudi sovereign fund could be closed, and that it was just a matter of getting the process moving." Musk's comments come after The Wall Street Journal reported that securities regulators have inquired about announcement that he might take Tesla private, and whether his claim that funding was secured was factual. The stock has run up 19% over the past three months, while the S&P 500 has gained 4%.

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Aug 13, 2018

Netflix Chief Financial Officer David Wells to step down
Netflix shares dipped 1.8% in premarket trade Monday after the company announced Chief Financial Officer David Wells would be stepping down. Wells, who joined Netflix in 2004 and has been in the CFO role since 2010, will help Netflix choose his successor and stay on until the new CFO takes over. "I intend my next chapter to focus more on philanthropy and I like big challenges but I'm not sure yet what that looks like," Wells said. "David has been a valuable partner to Netflix and to me," said Netflix Chief Executive Reed Hastings. "I look forward to working with him during the transition as we identify a new CFO who will help us continue to pursue our ambitious goals," he added. Netflix shares have gained a whopping 80% so far this year, while S&P 500 has gained 6%.

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Aug 13, 2018

Hollister brand to launch collaboration with musical artist Khalid
Hollister, Abercrombie & Fitch Co.'s Gen Z brand, said Monday that it will launch a collaboration with musician Khalid in stores and online on September 13. The collection debuted Sunday during a Khalid performance at the televised Teen Choice Awards. Khalid won in the R&B/Hip-Hop Song of the Year category. The collection, which will have one release in the fall and a second for the holidays, is influenced by the 90s, including fleece hoodies and nylon pants. Abercrombie shares have gained more than 176% in the past year while the S&P 500 index is up 16% for the period.

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MarketWatch MarketPulse
Aug 13, 2018

Viavi Solutions stock gains after Needham upgrades to buy
Shares of Viavi Solutions Inc. are up 2.7% in premarket trading Monday after Needham analyst Alex Henderson upgraded the stock to buy from hold. "3D has been priced in at Lumentum , II-VI and Finisar , we think it's less in the numbers at Viavi due to the slow start," Henderson wrote. "We think 3D volumes are likely to double in CY19 from CY20 and Viavi believes it has a lock on the business with patents." He estimates that 3D sensing could contribute at least 3 cents to 5 cents in incremental EPS between fiscal 2018 and fiscal 2019, as well as in fiscal 2020. He set a $13.50 price target on the stock. Shares are up 0.9% over the past 12 months, while the S&P 500 has gained 16%.

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MarketWatch MarketPulse
Aug 13, 2018

Amazon's ad business to be a 'major driver,' topping AWS profits by 2021
While investors are focused on Amazon.com Inc.'s core retail, growth of its AWS cloud business and grocery and pharmaceuticals businesses, Piper Jaffray analyst Michael Olson said he believes the advertising business will be Amazon's next big business, with profits potentially surpassing that of AWS within three years. Amazon shares rose 0.5% in premarket trade. He expects ad revenue of about $8 billion in 2018, potentially contributing greater than $3 billion to operating profit. "By 2020, we expect Amazon ad revenue of $16 billion and by 2021, beyond the scope of our current model, we believe it is highly likely that profits contributed from advertising will exceed those from ASW," Olson wrote in a note to clients. "Said differently, investors should be focused on Amazon advertising now; this is a major driver to results and valuation today and continuing in coming quarters and years." He reiterated his overweight rating on Amazon's stock and his $2,100 price target. The stock has run up 18% over the past three months through Friday, while the S&P 500 has gained 3.9%.

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Aug 13, 2018

Intel target lowered to $49 at Cowen
Cowen & Co. analyst Matthew Ramsay lowered his price target on Intel Corp. shares to $49 from $52 on Sunday, following a data summit hosted by the company last week. Though Ramsay was impressed with Intel's talk of its datacenter silicon offerings, he wrote that "important silicon roadmap questions remain unanswered...and gross margin headwinds remain top of mind." In particular, Ramsay still wants updates on the timetable for Intel's 10-nanometer and 7-nanometer technologies and he wonders whether the increasingly competitive chip landscape will force the company to make "big product roadmap changes." Ramsay rates the stock at market perform. Shares are up 0.8% in premarket trading after falling 2.6% in Friday's session in the wake of a Goldman Sachs downgrade. The stock is up 36% over the past 12 months, while the Dow Jones Industrial Average has climbed 16%.

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MarketWatch MarketPulse
Aug 13, 2018

Hologic's stock drops after suspension of marketing of Vitalia TempSure device
Shares of Hologic Inc. fell 2.9% in premarket trade Monday, after the company said its Cynosure division will suspend marketing and distribution of its Vitalia TempSure device for heating of vaginal tissue, while it considers the Food and Drug Administration's concerns over "vaginal rejuvenation" procedures using energy-based devices. Cynosure received a letter from the FDA relating to its MonaLisa Touch laser, but although the letter didn't mention Vitalia, has elected to consider the concerns and is asking customers to return purchased devices. The company said it has had no reports of adverse effects associated with the Vitalia device and has not been made aware of any patient harm. The stock has lost 4.9% year to date through Friday, while the S&P 500 has gained 6%.

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MarketWatch MarketPulse
Aug 13, 2018

Dycom's stock plunges after profit, sales warning
Shares of Dycom Industries Inc. tumbled 21% toward a 20-month low in premarket trade Monday, after the specialty contracting services company slashed its fiscal second-quarter profit and sales outlook. The company now expects to report revenue of $799.5 million for the quarter to July 28, below its previous guidance range of $830 million to $860 million. The outlook for adjusted earnings per share was cut to $1.05 to $1.08 from $1.13 to $1.28. The FactSet consensus was for adjusted EPS of $1.19 and for revenue of $843 million. The stock has tumbled 19.5% year to date through Friday, while the S&P 500 has gained 6.0%.

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MarketWatch MarketPulse
Aug 13, 2018

Sysco's stock rallies after earnings, revenue top expectations
Shares of Sysco Corp. hiked up 5.1% in premarket trade Monday, after the food distribution giant reported a fiscal fourth-quarter profit and revenue that topped expectations. The shares were on track to open above the July 26 record closing price of $71.74. Net income for the quarter to June 30 rose to $448.9 million, or 85 cents a share, from $305.2 million, or 57 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 94 cents, above the FactSet consensus of 93 cents. Revenue rose 6.2% to $15.32 billion, just above the FactSet consensus of $15.30 billion, as U.S. foodservice revenue grew 6.1% to $10.4 billion and international foodservice revenue increased 7.9% to $2.9 billion. The stock has rallied 33% over the past 12 months, while the S&P 500 has gained 16%.

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MarketWatch MarketPulse
Aug 13, 2018

Amazon's ad business to be a 'major driver,' topping AWS profits by 2020
While investors are focused on Amazon.com Inc.'s core retail, growth of its AWS cloud business and grocery and pharmaceuticals businesses, Piper Jaffray analyst Michael Olson said he believes the advertising business will be Amazon's next big business, with profits potentially surpassing that of AWS within three years. He expects ad revenue of about $8 billion in 2018, potentially contributing greater than $3 billion to operating profit. "By 2020, we expect Amazon ad revenue of $16 billion and by 2021, beyond the scope of our current model, we believe it is highly likely that profits contributed from advertising will exceed those from ASW," Olson wrote in a note to clients. "Said differently, investors should be focused on Amazon advertising now; this is a major driver to results and valuation today and continuing in coming quarters and years." He reiterated his overweight rating on Amazon's stock and his $2,100 price target. The stock ticked up less than 0.1% in premarket trade. It has run up 18% over the past three months while the S&P 500 has gained 3.9%.

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MarketWatch MarketPulse
Aug 13, 2018

Vans and Wrangler parent VF Corp. to spin off jeans business into publicly traded company
VF Corp. said Monday it plans to spin off its jeans business, which includes the Wrangler and Lee brands, as part of its plan to separate into two independent publicly traded companies. The stock was still inactive in premarket trade. The announcement confirms a report in The Wall Street Journal on Friday that the company was exploring strategic options for its denim business. The two companies will include VF Corp., which apparel and footwear brands include Vans, The North Face and Timberland, and a company not yet named that will include VF's jeans and outlet businesses. "Our Jeans platform is a successful, sustainable business with iconic global brands and a clear path to value creation as a standalone entity," said Chief Executive Steve Rendle. Separately, VF said it will move its headquarters to the metro Denver area, from North Carolina. The stock has rallied 30% year to date, while the S&P 500 has tacked on 6%.

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MarketWatch MarketPulse
Aug 11, 2018

Rep. Chris Collins, tagged with insider trading charge, will now suspend reelection campaign
Rep. Chris Collins, the New York Republican charged this week with insider trading using family members holding the stock of an Australian biotech firm on whose board he served, said Saturday he will now suspend his pursuit of reelection in November. Collins, who has said he will fight the charges brought by the SEC, had first said this week that he would stick to the race as the Republicans fight to maintain a thin edge in the House. "Democrats are laser focused on taking back the House, electing Nancy Pelosi Speaker and then launching impeachment proceedings against President Trump," Collins, considered the first member of Congress to endorse a candidate Trump, said in a tweeted statement. "They would like nothing more than to elect an 'Impeach Trump' Democrat in this District, which is something that neither our country or my party can afford." It wasn't immediately clear if the party would be able to remove his name from the ballot.

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Aug 11, 2018

Alnylam rare drug gets FDA approval, to cost $345,000 on average
Alnylam Pharmaceuticals Inc.'s rare disease drug Onpattro has been approved by the Food and Drug Administration, marking the first approval of a therapy that employs the RNA interference (RNAi) gene-silencing technique. Onpattro, also called patisiran, is also the first FDA-approved drug for the rare and progressive disease hereditary ATTR amyloidosis with polyneuropathy, or malfunction of bodily nerves. It was shown in clinical trials to improve polyneuropathy and other symptoms. The drug will have an average annual list price of $450,000, though the average effective net price will be around $345,000 when factoring in various discounts, the company said, citing the small patient population affected -- or fewer than 3,000 patients currently diagnosed in the U.S. -- among other factors. Alnylam also said it has agreed to agreements with major health insurers in which payment depends on how well Onpattro performs; it expects to make the therapy available to ship to health care providers within two days. Friday's approval marks a milestone for Alnylam as well as the RNAi field, which began about 20 years ago but has been marked by a number of prominent failures. Alnylam was one of few companies that persisted in RNAi development in spite of the field's difficulties, and has described the therapy as a 15-year journey. Company shares surged nearly 52% after positive late-stage trial results for Onpattro; the stock lifted 3.3% in Friday trade before the halt. Shares have declined nearly 1% over the last three months, compared with a nearly 4% rise in the S&P 500 and a 2% rise in the Dow Jones Industrial Average .

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Aug 10, 2018

Microsoft CEO Nadella sells $35.9 million in company stock
Microsoft Corp. Chief Executive Satya Nadella sold $35.9 million of the tech titan's stock, according to a Securities and Exchange Commission filing late Friday. The 328,000 shares was not part of a pre-planned stock sale and represents roughly one third of Nadella's previous total holdings. Nadella now holds 778,596 Microsoft shares. The company did not immediately respond to a request for comment. Microsoft stock is up less than 0.1% in after hours trading Friday. It closed down 0.6% to $109 during the regular session as the S&P 500 index dropped 0.7%.

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Aug 10, 2018

Dan Loeb's Third Point trims Facebook stake but buys more Microsoft shares
Dan Loeb's Third Point LLC trimmed its stake in Facebook Inc. by a million shares to 3 million and added 1.7 million shares of Microsoft Corp. to bring its total holding to 2.25 million shares at the end of June, according to a regulatory filing Friday. It also built up its Adobe Systems Inc. stake by 300,000 shares to 700,000 and raised its interest in Salesforce.com Inc. by 175,000 shares to 625,000 shares. The hedge fund's 13F also showed new stakes in Agilent Technologies Inc. and Campbell Soup Co. . Third Point had previously disclosed its stake in Campbell Soup and called on the company to boost shareholders' value through a sale. The fund also completely sold out of Google's parent Alphabet Inc. and AT&T Inc.'s Time Warner.

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Aug 10, 2018

Turkey's ETF logs worst daily plunge in about 10 years as country's currency unravels
The largest exchange-traded fund to track Turkey's equity market plummeted on Friday after the European Central Bank raised questions about a possible contagion from Turkey's embattled currency, according to a report form the Financial Times. President Recep Tayyip Erdogan won reelection in a snap vote in June and his growing power in Ankara has unsettled investors because he threatens the independence of the country's central bank. The iShares MSCI Turkey ETF closed down by about 14.5%, marking its worst day since Oct. 15, 2008, according to FactSet data. The ETF had been down by as much as 21% earlier Friday. The country-specific fund has extended a recent decline that has seen it drop 51% since the start of 2018. The Turkish lira sank against the U.S. dollar, down by about 13%, after losing a fifth of its value against the dollar earlier in the session. The currency crisis has spilled over in to broader markets as President Donald Trump said in a tweet on Friday that he has authorized the doubling of existing steel and aluminum tariffs on imports from Turkey. The Dow Jones Industrial Average fell 0.8% on Friday, the S&P 500 ended down by 0.7%, while The Nasdaq Composite Index fell 0.7%.

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Aug 10, 2018

Confirmation hearings for Supreme Court nominee Kavanaugh to start Sept. 4
Confirmation hearings for President Donald Trump's Supreme Court nominee Brett Kavanaugh are scheduled to begin on Sept. 4, Senate Judiciary Committee Chairman Charles Grassley said Friday. Grassley said he expects hearings to last for three or four days. Earlier Friday, Senate Majority Leader Mitch McConnell said in a radio interview he hopes to have Trump's nominee confirmed "before the first Monday in October."

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Aug 10, 2018

Stocks close lower: S&P 500, Dow book weekly losses
U.S. stocks closed solidly lower on Friday, joining a global equity market selloff, as the mounting currency crisis in Turkey raised the alarm for possible contagion into other markets. Friday's losses turned what would have been weekly gains into losses. Implied volatility as measured by the Cboe Volatiliy Index jumped 19% to 13.41, its highest in a week. The S&P 500 fell 20.30 points, or 0.7%, to 2,833.28 and posted a 0.3% weekly loss, breaking a five-week advance. The Dow Jones Industrial Average dropped 196.16 points, or 0.8%, to 25,313.07 and booked a 0.6% weekly loss. The Nasdaq Composite Index declined 52.67 points, or 0.7% to 7,839.11, but managed to end the week with a 0.4% gain.

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MarketWatch MarketPulse
Aug 10, 2018

Alnylam rare drug gets FDA approval, to cost $345,000 on oaverage
Alnylam Pharmaceuticals Inc.'s rare disease drug Onpattro has been approved by the Food and Drug Administration, marking the first approval of a therapy that employs the RNA interference (RNAi) gene-silencing technique. Onpattro, also called patisiran, is also the first FDA-approved drug for the rare and progressive disease hereditary ATTR amyloidosis with polyneuropathy, or malfunction of bodily nerves. It was shown in clinical trials to improve polyneuropathy and other symptoms. The drug will have an average annual list price of $450,000, though the average effective net price will be around $345,000 when factoring in various discounts, the company said, citing the small patient population affected -- or fewer than 3,000 patients currently diagnosed in the U.S. -- among other factors. Alnylam also said it has agreed to agreements with major health insurers in which payment depends on how well Onpattro performs; it expects to make the therapy available to ship to health care providers within two days. Friday's approval marks a milestone for Alnylam as well as the RNAi field, which began about 20 years ago but has been marked by a number of prominent failures. Alnylam was one of few companies that persisted in RNAi development in spite of the field's difficulties, and has described the therapy as a 15-year journey. Company shares surged nearly 52% after positive late-stage trial results for Onpattro; the stock lifted 3.3% in Friday trade before the halt. Shares have declined nearly 1% over the last three months, compared with a nearly 4% rise in the S&P 500 and a 2% rise in the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Aug 10, 2018

Mesa Air's stock falls in its public debut
Shares of Mesa Air Group Inc. fell in their debut, and were trading 4.2% below the initial public offering price of $12 in afternoon trade Friday. The regional air carrier's IPO priced late Thursday below the expected range of $14 to $16. The first trade was at $12 at 10:50 a.m. Eastern, and it has traded in a range of $11.50 to $12 since then. The air carrier has gone public at a time that the NYSE Arca Airline Index has lost 2.0% over the past three months and the S&P 500 has gained 3.8%.

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MarketWatch MarketPulse
Aug 10, 2018

Alnylam shares halted on approval of 'first-of-its kind' treatment
Alnylam Pharmaceuticals Inc. shares were halted in Friday trade before news that its rare disease drug Onpattro was approved by the Food and Drug Administration, marking the first approval of a therapy that employs the RNA interference (RNAi) gene-silencing technique. Onpattro, also called patisiran, is intended for the rare and progressive disease hereditary ATTR amyloidosis with polyneuropathy, or malfunction of bodily nerves, and was shown in clinical trials to improve polyneuropathy and other symptoms. Alnylam expects to make the therapy available to ship to health care providers within two days. Friday's approval marks a milestone for Alnylam as well as the RNAi field, which began about 20 years ago but has been marked by a number of prominent failures. Alnylam was one of few companies that persisted in RNAi development in spite of the field's difficulties, and has described the therapy as a 15-year journey. Company shares surged nearly 52% after positive late-stage trial results for Onpattro; the stock lifted 3.3% in Friday trade before the halt. Shares have declined nearly 1% over the last three months, compared with a nearly 4% rise in the S&P 500 and a 2% rise in the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Aug 10, 2018

Oil ends session higher, but posts sharp weekly tumble, underlining bumpy stretch for crude
Crude-oil prices finished sharply higher on Friday, but the benchmark notched an overall decline for the week as a forecast for rising global crude demand, and supply boosts from Russia, offset lingering concerns about trade tensions cutting global consumption of energy products. September crude oil ended up 82 cents, or 1.3%, to settle at $67.63 a barrel. For the week, the benchmark contract registered a weekly loss of 1.3%, based on the most-active contract's finish last Friday.

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Aug 10, 2018

Facebook to require authorization to post on pages with large U.S. audiences
Facebook Inc. said Friday there will be new requirements for those who manage Facebook pages with a "large U.S. audience," in an effort to make it more difficult to administer fake accounts. "Our goal is to prevent organizations and individuals from creating accounts that mislead people about who they are or what they're doing," Facebook said. The people managing the pages will be asked to complete an authorization process to keep posting, asking them to secure the account with two-factor authentication and to confirm their primary country location. Those viewing the pages will see more details of the people managing the pages in the Info and Ads section. And in the coming weeks, Instagram will also introduce features that allow people to see more information about the accounts with large audiences. The move comes after the company has faced a backlash over the use of fake accounts to influence elections and user privacy concerns. The stock slumped 1.8% in afternoon trade, amid a broad-market selloff. It has slipped 3.1% over the past three months, while the Nasdaq Composite has gained 5.7% and the S&P 500 has tacked on 3.9%.

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MarketWatch MarketPulse
Aug 10, 2018

Dow's 270-point tumble puts benchmark at risk of worst day in 6 weeks amid Turkey contagion fears
The Dow Jones Industrial Average was trading solidly lower in Friday afternoon trading, with the day's losses putting the benchmark on the verge of logging its worst daily decline since late June. The Dow was down 268 points, or 1.1% at 25,242, which would represent the worst point and percentage drop, should the decline hold, since June 25 when the gauge tumbled by 328 points or 1.33%, according to FactSet data. The slump for the price-weighted gauge, underlining a broad so-called risk off environment on Wall Street, comes amid growing concerns about the economic health of currency under President Recep Tayyip Erdogan, who was re-elected in a snap vote in June and whose growing power has raised questions about the independence of the country's central bank. Meanwhile, the S&P 500 index was down 0.9% at 2,828, while the Nasdaq Composite Index slumped by 0.8% at 7,826. Turkey's lira was trading at a fresh low against the dollar, with its declines intensifying after President Donald Trump earlier in the session said he would authorize doubling tariffs on steel and aluminum imports from the country.

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Aug 10, 2018

FDA clears digital contraceptive 'Natural Cycles' to be marketed in U.S.
Natural Cycles, a mobile phone application that can be used to prevent pregnancy, was cleared by the Food and Drug Administration on Friday for direct-to-consumer marketing in the U.S. The app has been described as "digital contraception" by its maker, the privately-held, Sweden-based NaturalCycles Nordic AB. It uses temperature readings from a basal body thermometer to track a woman's menstrual cycle, as minor temperature rises occur around the time of ovulation. The app tells women when they are fertile, and they should avoid sex or use contraception during that time, according to the FDA. That strategy is an old one, sometimes called "natural family planning" or "the rhythm method," but Natural Cycles says its special approach, which uses a "smart algorithm," is highly effective. According to the FDA, clinical studies involving about 15,600 women found that when used perfectly, the failure rate - meaning women getting pregnant - was 1.8%, while with typical use, or women sometimes not using the app correctly, the failure rate was 6.5%. Women in the study used the app for an average of eight months. By way of comparison, condoms have a perfect use failure rate of 2% and a typical use failure rate of 18%; for IUDs, typical and perfect use failure rates are all below 1%. The FDA compared Natural Cycles' effectiveness to that of any other contraceptive, with Terri Cornelison, assistant director for the health of women in the FDA's Center for Devices and Radiological Health, noting that "no form of contraception works perfectly, so an unplanned pregnancy could still result from correct usage of this device." But a number of alarms have been raised about the app resulting in unintended pregnancies, including in a recent Guardian report whose author reported getting pregnant while using the app. Natural Cycles requires users input temperature data into the app, making it, like other forms of contraception, highly prone to human error. And, importantly, the app cannot

MarketWatch MarketPulse
Aug 10, 2018

Financial sector takes a broad beating as yields fall
The financial sector was the hardest hit of the S&P 500's 11 key sectors, as banks stocks were weighed down by a sharp drop in longer-term Treasury yields. The SPDR Financial Select Sector ETF dropped 1.3% in afternoon trade, with 63 of its 68 equity components trading lower. Among the sector tracker's most heavily weighted banks, shares of J.P. Morgan Chase & Co. fell 1.5%, Bank of America Corp. gave up 1.6%, Wells Fargo & Co. shed 0.5%, Citigroup Inc. lost 2.6% and Goldman Sachs Group Inc. slid 1.8%. The yield on the 10-year Treasury note declined 7.1 basis points (0.071 percentage points) to 2.864%, as economic distress in Turkey, and the spillover effect it is having on Europe, drove investors into buying safe-haven U.S. Treasurys. Yields fall as bond prices rise. Falling longer-term yields can hurt banks' profits ss the spread made between rates tied to longer-term assets, like loans, and shorter-term liabilities narrow. The financial ETF has lost 1.2% over the past three months while the Dow Jones Industrial Average has gained 2.2%.

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MarketWatch MarketPulse
Aug 10, 2018

Dow's 260-point drop puts benchmark at risk of worst day in 6 weeks amid Turkey contagion fears
The Dow Jones Industrial Average was trading solidly lower in Friday afternoon trading, with the day's losses putting the benchmark on the verge of logging its worst daily decline since late June. The Dow was down 260 points, or 1% at 25,252, which would represent the worst point and percentage drop, should the decline hold, since June 25 when the gauge tumbled by 328 points or 1.33%, according to FactSet data. The slump for the price-weighted gauge, underlining a broad so-called risk off environment on Wall Street, comes amid growing concerns about the economic health of currency under President Recep Tayyip Erdogan, who was re-elected in a snap vote in June and whose growing power has raised questions about the independence of the country's central bank. Meanwhile, the S&P 500 index was down 0.8% at 2,830, while the Nasdaq Composite Index slumped by 0.7% at 7,835. Turkey's lira was trading at a fresh low against the dollar, with its declines intensifying after President Donald Trump earlier in the session said he would authorize doubling tariffs on steel and aluminum imports from the country.

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MarketWatch MarketPulse
Aug 10, 2018

Gold closes slightly lower as dollar's jump outweighs Turkey contagion fear
Gold futures settled slightly lower Friday as a brewing crisis in Turkey jolted global stocks lower, but delivered a firm boost to the U.S. dollar, weighing on bullion. Gold futures for December delivery on Comex finished down 90 cents, or less than 0.1%, at $1,219 an ounce. The dollar, meanwhile, as measured by the ICE U.S. Dollar Index was up 0.9% at 96.408, marking the highest level in about a year for the dollar gauge. The move comes as the Turkish lira tumbled to a new record low against the buck amid questions about the potential for a crisis in Turkey to spillover into global markets. A stronger dollar can make buying dollar-pegged commodities, like gold, more expensive for buyers using other monetary units. Fears about Turkey contagion were outweighed by the surge in the dollar, market participants said.

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MarketWatch MarketPulse
Aug 10, 2018

Oil holds sharp gain after Baker Hughes weekly rig count data show oil rigs jumped by 10
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil increased by 10 to 869 for the week, coming after the report showed a decline of 2 in the earlier period. September West Texas Intermediate crude traded at $67.55 a barrel, up 75 cents, or 1.1%, in Friday action, little changed from trade prior the report. The total active U.S. rig count, which includes oil and natural-gas rigs, increased by 13 to 1,057 from 1,044, according to Baker Hughes.

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MarketWatch MarketPulse
Aug 10, 2018

Cost to insure Turkish debt spikes as Turkey teeters on brink of currency crisis
Credit default swaps--the cost to insure debt--on Turkey have spiked on Friday as the country's financial woes spooked global investors. The spread on 5-year credit default swaps on Turkey widened to 450 from 378 on Thursday, according to data from IHS Markit. A CDS spread of 450 means it would cost $450,000 annually to insure $10 million in debt against default for five years. Gavan Nolan, a director at IHS Markit, said Turkey's sovereign debt has been under pressure for some time given the lack of confidence in how President Recep Erdoga's government is handling the economy. The missteps have led to double-digit inflation and an ailing currency. The Turkish lira slumped to a record low against the U.S. dollar with the greenback buying 6.505 lira versus 5.550 in the previous session.

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MarketWatch MarketPulse
Aug 10, 2018

GE preparing to sell power-conversion unit, for a lot less than what it paid for the assets--Bloomberg
Shares of General Electric Co. fell 1% in midday trade Friday, after Bloomberg reported the industrial conglomerate is preparing to sell its power-conversion business for a lot less than what it paid for it. Citing people familiar with the matter, the report said the unit, formerly known as Converteam, could fetch about $1.5 billion, while GE paid about $3.2 billion for the assets in 2011. The sale process could begin as soon as next month, Bloomberg reported. GE's stock has slumped 49% over the past 12 months, while the SPDR Industrial Select Sector ETF has gained 11% and the S&P 500 has climbed 16%.

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MarketWatch MarketPulse
Aug 10, 2018

Campbell's stock falls after J.P. Morgan downgrades, dashes hopes of a merger
Shares of Campbell Soup Co. slid 1.2% in midday trade Friday, after J.P. Morgan analyst Ken Goldman turned bearish on the convenience foods company, on the belief that optimism surrounding a potential buyout may be unwarranted. The stock had rallied 2.5% to a near 4-month high on Aug. 3, after The Wall Street Journal reported that Kraft Heinz Co. opened exploratory talks about acquiring Campbell. On Thursday, the stock rose 0.7% after activist investor Dan Loeb's Third Point LLC hedge fund disclosed a large stake and urged a sale of the company. On Friday, Goldman cut his rating to underweight, after being at neutral since January 2016. "Although we agree with Third Point that [Campbell's] best option is to sell, we see a sale as an unlikely outcome," Goldman wrote in a note to clients. He said if he's wrong and a sale takes place, he questions how much of a premium a suitor is willing to pay. "If a sale does not happen, we see meaningful downside to the stock price given shaky fundamentals and a levered balance sheet," he wrote. The stock has lost 13% year to date, while the SPDR Consumer Staples Select Sector ETF has declined 6.2% and the S&P 500 has gained 6.2%.

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MarketWatch MarketPulse
Aug 10, 2018

Tiffany's stock sells off after analyst downgrade, on concerns over dollar strength
Shares of Tiffany & Co. shed 2% in morning trade Friday, after the high-end jewelry seller was downgraded at Oppenheimer, which cited concerns over the negative impact of a rising dollar. Analyst Brian Nagel cut his rating to perform from outperform. Nagel said he still looks "very favorably" on Tiffany's longer-term prospects, as a noted activist investor, new senior leadership and an underlying improved backdrop should help drive profitability. "In the nearer term, we are simply concerned that recent shifts in global currencies could weigh on domestic sales to foreign tourists and knock shares from now peakish valuations," Nagel wrote in a note to clients. The U.S. Dollar Index surged 0.7% toward a 13-month high Friday, making U.S. products more expensive to foreign tourists. Tiffany's stock has run up 29% year to date, while the SPDR S&P Retail ETF has advanced 13% and the S&P 500 has gained 6.3%.

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MarketWatch MarketPulse
Aug 10, 2018

Roku stock rises to record high
Roku Inc. stock rose to a record high in late morning trading Thursday, two days after the company released second-quarter earnings that handily beat Wall Street expectations. Roku stock is up 4.3% as of 11:11 a.m. Eastern time to $59.80 as the S&P 500 index has slid 0.6%. The move comes after Roku said it planned to launch its ad-supported free streaming offering called the Roku Channel on the web, playable on desktops and mobile devices; one analyst has said that aspect of the business could be worth $1 billion in market valuation on its own. Roku currently enjoys a market capitalization of roughly $6 billion, according to FactSet.

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MarketWatch MarketPulse
Aug 10, 2018

Dow tumbles more than 200 points as a currency crisis in Turkey rattles Wall Street
U.S. stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets. The Dow Jones Industrial Average fell by 210 points, or 0.8%, at 25,29, the S&P 500 index fell 0.6% at 2,833, while the Nasdaq Composite Index dropped 0.6% at 7,847. The drop for stocks to close out the week comes amid a steep decline in the Turkish lira after the European Central Bank expressed concern about the country, where President Recep Tayyip Erdogan was re-elected in a snap vote in June and whose growing power has raised questions about the independence of the country's central bank. Meanwhile, newly announced U.S. sanctions against Russia added to the turmoil. The the ruble shed as much as 5% against the dollar on Thursday and stock averages there plunged. In corporate news, shares of Dropbox Inc. were lower after a second-quarter earnings report, which also included news that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on shares would expire earlier than previously planned.

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MarketWatch MarketPulse
Aug 10, 2018

Dow tumbles 222 points as a currency crisis in Turkey rattles Wall Street
U.S. stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets. The Dow Jones Industrial Average fell by 222 points, or 0.9%, at 25,286, the S&P 500 index fell 0.7% at 2,833, while the Nasdaq Composite Index dropped 0.8% at 7,831. The drop for stocks to close out the week comes amid a steep decline in the Turkish lira after the European Central Bank expressed concern about the country, where President Recep Tayyip Erdogan was re-elected in a snap vote in June and whose growing power has raised questions about the independence of the country's central bank. Meanwhile, newly announced U.S. sanctions against Russia added to the turmoil. The the ruble shed as much as 5% against the dollar on Thursday and stock averages there plunged. In corporate news, shares of Dropbox Inc. were lower after a second-quarter earnings report, which also included news that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on shares would expire earlier than previously planned.

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MarketWatch MarketPulse
Aug 10, 2018

Turkey's ETF on track for worst day ever--down 18%--as country's currency unravels
The largest exchange-traded fund to track Turkey's equity market plummeted on Friday after the European Central Bank raised questions about a possible contagion from Turkey's embattled currency, according to a report form the Financial Times. President Recep Tayyip Erdogan won reelection in a snap vote in June and his growing power in Ankara has unsettled investors because he threatens the independence of the country's central bank. The iShares MSCI Turkey ETF was down about 18%, at last check but had been down by about 21% earlier. The ETF has extended a recent decline that has seen it drop more than 55% since the start of 2018. At current levels, it is on track for its lowest close since March of 2009, according to FactSet data. The Turkish lira sank against the U.S. dollar, down about 20%. The currency crisis has spilled over in to broader markets as President Donald Trump said in a tweet on Friday that he has authorized the doubling of existing steel and aluminum tariffs on imports from Turkey. The Dow Jones Industrial Average fell 0.6% in Friday morning trade, the S&P 500 was down 0.5%, while The Nasdaq Composite Index fell 0.5%.

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MarketWatch MarketPulse
Aug 10, 2018

Taco Bell parent Yum Brands authorizes share buybacks of up to $2 billion
Yum Brands Inc. , whose portfolio of fast-food chains includes Taco Bell, KFC and Pizza Hut, said Friday that it has authorized up to $2 billion in share buybacks through the end of 2019. This is in addition to the remaining $329 million from previous authorizations. Yum Brands shares are down 0.7% in early Friday trading, but up 0.8% for the year to date. The S&P 500 index has gained 6.1% for the period.

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MarketWatch MarketPulse
Aug 10, 2018

Intel's stock sinks after Goldman turns bearish, slashes price target
Shares of Intel Corp. took a 3.1% dive in premarket trade Friday, after Goldman Sachs turned bearish on the semiconductor giant, citing competition and margin concerns. Analyst Toshiya Hari cut the rating to sell, after being at neutral for the past 2 1/2 years. Hari lowered the stock price target to $44, which is 12% below Thursday's closing price of $50.14, from $53. Hari said he believes Intel's struggles with 10 nanometer process technology will have ramifications in terms of its competitive position, across a broad set of products, which will affect Intel's ability to sustain margins and grow earnings. "While the 10nm push is well publicized at this point, we believe Intel's manufacturing issues could potentially be deeper-rooted than what most think and could potentially be deeper rooted than what most think and could have sustained impact on market share and/or spending levels as Intel competes with growing/stronger TSMC eco-system," Hari wrote in a note to clients. Intel shares have gained 8.6% year to date through Thursday, while the PHLX Semiconductor Index has rallied 11% and the S&P 500 has gained 6.7%.

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MarketWatch MarketPulse
Aug 10, 2018

Trump says he's doubling Turkish tariffs as lira slides
President Donald Trump said in a tweet Friday he authorized doubling existing tariffs on steel and aluminum imports from Turkey, after the Turkish lira dropped more than 10%. Levies on aluminum would be 20% and steel 50%, per the tweet. Trump previously had called out trade partners' weak currencies versus the strong greenback, openly favoring a weaker U.S. currency. U.S.-Turkish relations have been rocky of late over the detention of a U.S. pastor by Turkish authorities. One dollar last bought 6.2826 lira, up 13.3% from Thursday, a fresh historic low, according to FactSet.

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MarketWatch MarketPulse
Aug 10, 2018

Nordson boosts dividend by 17%
Nordson Corp. said Friday it will raise its quarterly dividend by 17% to 35 cents a share from 30 cents a share. The maker of products used to dispense adhesives and coatings said the new dividend will be payable Sept. 4 to shareholders of record on Aug. 21. Based on Thursday's stock closing price of $133.08, the new annual dividend rate implies a dividend yield of 1.05%, compared with the implied dividend yield for the S&P 500 of 1.89%, according to FactSet. Nordson's stock, which was still inactive in premarket trade, has lost 9.1% year to date, while the S&P 500 has gained 6.7%.

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 MarketPulse
Aug 10, 2018

U.S. government bonds yields retreat after CPI
U.s. government bonds on Friday retreated after a report on consumer prices for July indicated that inflation was percolating slightly--moderating an early morning rally in Treasuries. The 10-year Treasury note was yielding 2.903% from 2.893% just before the release of the closely watched consumer-price index. The 30-year Treasury note rate was at 3.052% from 3.047% before the reading, while the 2-year Treasury note yield was at 2.629%, compared with 2.621% earlier. Bond prices fall as yields rise. The CPI reading--a broad measure of U.S. citizens' expenses, rose 0.2% from a month earlier, the Labor Department said Friday. Excluding volatile food and energy, core CPI rose 0.2%. Earlier in the session, bonds were being bought as worries sparked by turmoil in Turkey's currency, which spread across European markets, fueled a flight to the perceived safety of government paper.

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
Aug 10, 2018

Turkish lira at fresh session low as Erdogan calls for citizens to sell foreign currencies
The Turkish lira extended its slide on Friday as President Recep Tayyip Erdogan in a speech called on his population to exchange dollars and gold for lira. Having called for this before, Erdogan added that it would be an effective response to the West. He also said "Turkey won't surrender to economic hitmen." U.S.-Turkish relations have been strained over the detention of a U.S. pastor in Turkey. The lira hit a historic low against the U.S. dollar and the euro on Friday and spiked to session lows during the president's speech. The country will introduce its 2019-2023 economic program in early September. One dollar last bought 6.1323 lira, up 10.5%, while the euro fetched 7.0223 lira, up 9.8%, 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
Aug 10, 2018

U.S. CPI up 0.2% in July, core prices also up 0.2%
The consumer price index rose 0.2% in July, the Labor Department said Friday. After stripping out volatile gas and food, the more closely followed core rate of inflation also rose 0.2% last month. The gains are in line with forecasts of economists surveyed by MarketWatch. The increase in the CPI over the past 12 months was 2.9%, unchanged from June. The 12-month rate of core inflation rose to 2.4%, the highest rate since September 2008. Shelter costs boosted inflation in July. The cost of food rose 0.1%, while energy prices fell 0.5%

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
Aug 10, 2018

Dish Network's CFO resigns, to join Brookdale Senior Living
Dish Network Corp. disclosed Friday that Chief Financial Officer Steve Swain has resigned, effective Aug. 22, after about seven years with the company. The satellite pay-TV company did not give more details on the resignation. Swain, who joined the satellite pay-TV company in 2011 as vice president of corporate financial planning and analysis, also served as principal financial officer of both Dish Network and Dish DBS. Separately, Brookdale Senior Living Inc. named Swain as CFO, effective Sept. 4. Dish said it designated Paul Orban, who has been chief accounting office since December 2015, as the principal financial officer of Dish Network and Dish DBS, effective Aug. 22. The stock, which was still inactive in premarket trade, has shed 23% year to date, while the S&P 500 has gained 6.7%.

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 MarketPulse
Aug 10, 2018

JetBlue July load factor rises, as traffic growth outpaces capacity
JetBlue Airways Corp. reported Friday July load factor that increased to 88.9% from 87.1% a year ago, as passenger demand growth outpaced an increase in seat supply. Traffic increased 6.2% to 4.76 billion revenue passenger miles, while capacity grew 4.1% to 5.35 billion available seat miles. Revenue passengers increased 5.0% to 3.94 million, while departures rose 1.9% to 32,705. The stock was little change in premarket trade. It has lost 1.7% over the past three months, while the NYSE Arca Airline Index has slipped 0.8% and the S&P 500 has gained 4.8%.

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
Aug 10, 2018

Meredith revenue rises above expectations, but outlook is below
Meredith Corp. reported fiscal fourth-quarter revenue rose above expectations, as a circulation revenue beat helped offset a advertising miss. The stock was little changed in light premarket activity. For the quarter to June 30, net earnings fell to $16.8 million from $43.3 million a year ago. On a per-share basis, the company swung to a loss of 6 cents from a profit of 95 cents. Excluding special items, earnings from continuing operations fell to $31 million from $49 million. Revenue rose 77% to $788.1 million, above the FactSet consensus of $787.1 million. Advertising revenue rose to $375.5 million from $230.4 million but missed the FactSet consensus of $399.9 million, while circulation revenue increased to $190.4 million from $90.2 million to beat expectations of $178.1 million. For fiscal 2019, the company expects revenue of $3.0 billion to $3.2 billion, compared with the FactSet consensus of $3.25 billion. The stock has slumped 19% year to date through Thursday, while the S&P 500 has advanced 6.7%.

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 MarketPulse
Aug 10, 2018

Ericsson to increase 5G and AI investments in U.S., employing over 280 people
Sweden-based network infrastructure company Telefon AB L.M. Ericsson is ramping up its investment in the U.S. to support the buildout of 5G and artificial intelligence initiatives. The company expects 5G subscriptions will reach 150 million in North America by the end of 2023, accounting for 48% of all mobile subscriptions. Ericsson opened a design center in Austin, Tex. in late 2017, which will have 80 employees when fully staffed, and plans to open a new software development center employing more than 200 engineers this year. And Ericsson said it will employ around 100 specialists in North America by the end of the year in AI to accelerate automation and explore new business opportunities. The company plans to begin manufacturing in the U.S. in the fourth quarter of 2018, to make 5G products available as soon as possible. The U.S.-listed shares were indicated down less than 1% in premarket trade. They have run up 18% year to date, while the S&P 500 has gained 6.7%.

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.



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