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MarketWatch MarketPulse
Oct 17, 2018

U.S. arrests FinCEN employee who allegedly leaked suspicious activity reports to news outlets
The U.S. has arrested a senior level official at the Financial Crimes Enforcement Network who allegedly sent suspicious activity reports to news organizations. Natalie Mayflower Sours Edwards, a 40-year-old senior advisor at FinCEN, was arrested Tuesday, according to the U.S. Attorney for the Southern District of New York and the FBI. "SARs, which are filed confidentially by banks and other financial institutions to alert law enforcement to potentially illegal transactions, are not public documents, and it is an independent federal crime to disclose them outside of one's official duties," said U.S. Attorney Geoffrey Berman in a statement. The illegally disclosed SARs pertained to, among other things, Paul Manafort, Richard Gates, the Russian Embassy, Mariia Butina, and Prevezon Alexander.

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MarketWatch MarketPulse
Oct 17, 2018

Commerce Secretary Ross says U.S., China trade talks on hiatus but not at impasse
Commerce Secretary Wilbur Ross told CNBC Wednesday that trade talks between the U.S. and China are on pause but not at an impasse. "It appears as though we may be in something of a hiatus now," Ross said in the televised interview. The commerce chief's comments came as the White House is moving ahead with plans for President Donald Trump to meet with Chinese leader Xi Jinping next month. The U.S. is preparing to release a report that's not expected to name Beijing a currency manipulator. Ross described talks between the two nations as saying, "I don't know that I would call it a continued impasse...we are where we are."

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MarketWatch MarketPulse
Oct 17, 2018

EIA reports a fourth straight weekly rise in U.S. crude supplies
The Energy Information Administration reported Wednesday that domestic crude supplies rose by 6.5 million barrels for the week ended Oct. 12. That followed three consecutive weeks of gains. Analysts surveyed by S&P Global Platts had forecast a rise of 1.88 million barrels, while the American Petroleum Institute on Tuesday reported a decline of 2.1 million barrels, according to sources. Gasoline stockpiles fell by 2 million barrels last week, while distillate stockpiles declined by 800,000 barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply declines of 1.52 million barrels in gasoline and 1.5 million barrels for distillates. November crude dropped $1.82, or 2.5%, to $70.10 a barrel on the New York Mercantile Exchange. That's down from $70.87 before the supply data.

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MarketWatch MarketPulse
Oct 17, 2018

Kudlow says Trump agrees with Powell about growth not causing inflation
National Economic Council Director Larry Kudlow on Wednesday argued that, despite a drumbeat of criticism, President Donald Trump actually agrees with Federal Reserve Chairman Jerome Powell. "I think the president actually agrees with Jay Powell of the Fed. We want growth, and growth does not cause inflation," Kudlow told Fox Business Network. "He's throwing out the Fed models, and that is very important. And Jay has said, many times, growth doesn't cause inflation, and that means implicitly, there is no need to spike up interest rates." Asked whether Trump should be making those comments in public, Kudlow replied: "It's a free country. Why shouldn't he?"

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MarketWatch MarketPulse
Oct 17, 2018

UPDATE: At least 10 dead and 50 injured in blast at school cafeteria in Crimea: reports
At least 17 people were killed and many more injured at a school in the Black Sea town of Kerch, Crimea on Wednesday, after a student shooter attacked fellow pupils and a blast in the cafeteria showered others with shrapnel, according to media reports. Russian officials initially described the attack as terrorism, but later changed that classification to mass murder. The shooter, who was identified by investigators as 18-year old Vladislav Roslyakov, was reported to have committed suicide. There were no apparent clues to possible motive. Most of the dead and injured were teenagers. Russian President Vladimir Putin, who was meeting in the southern Russian resort of Sochi with his Egyptian counterpart, held a moment's silence for the victims, Reuters reported. "This is a clearly a crime," he said. "The motives will be carefully investigated."

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MarketWatch MarketPulse
Oct 17, 2018

Home Depot, Lowe's stocks fall after analyst downgrades, downbeat housing data
Shares of Home Depot Inc. dropped 3.8% toward a five-month low and Lowe's Companies' stock slumped 3.3% toward a two-month low, in the wake is disappointing housing market data and after Credit Suisse downgraded the home improvement retailers, citing slowing earnings growth and less favorable valuation. Analyst Seth Sigman cut his rating on both companies to neutral from outperform, while lowering Home Depot's stock price target to $204 from $222 and Lowe's target to $111 from $115. "Our key concern is that home prices will continue to moderate, at least temporarily, as higher rates weigh on affordability, and inventory creeps up," Sigman wrote in a note to clients. He said research shows home prices are a key driver of big ticket projects, and therefore affect growth in average ticket and same-store sales. Separately, housing starts fell by a more-than-expected 5.3% in September to a seasonally adjusted annual rate of 1.201 million. The SPDR S&P Homebuilders ETF , of which Home Depot and Lowe's are components, slumped 2.2% with all 35 components losing ground. Over the past three months, shares of Home Depot have lost 7.3% and of Lowe's have gained 2.1%, while the homebuilders ETF has tumbled 15% and the Dow Jones Industrial Average has gained 1.8%.

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MarketWatch MarketPulse
Oct 17, 2018

SEC charged Ebay's former director of SEC reporting with insider trading
The Securities and Exchange Commission unsealed insider trading charges on Wednesday filed September 28 against Bryan B. Long, a CPA who was eBay Inc.'s former director of SEC reporting. Long allegedly traded ahead of Xoom Corporation's acquisition by PayPal Holdings, which at the time was owned by eBay. The SEC's complaint alleges that Long obtained material non-public information about PayPal's impending acquisition of Xoom in the course of his work preparing PayPal's SEC filings. Long allegedly purchased Xoom call options in late May 2015 shortly after PayPal made its initial acquisition offer and approximately one month later, after learning that the deal was moving forward and could be announced in "early July," he allegedly illegally traded again, purchasing additional Xoom call options that were due to expire in less than a month. Long allegedly made almost $36,000 by selling all of the options after PayPal announced it was acquiring Xoom on July 1, 2015, according to the SEC. The investigation is ongoing.

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MarketWatch MarketPulse
Oct 17, 2018

Pivotal Software stock slips as lockup expires
Shares of Pivotal Software Inc. [s; pvtl] are down 6.8% in Wednesday morning trading as a post-IPO share lockup expired. Pivotal said in its April 18 S-1 filing that 37,822,120 restricted shares would be eligible for sale 180 days after the initial public offering. The lockup prohibited insiders from selling shares during the 180-day window. Pivotal shares are up 25% from their IPO price of $15 after Wednesday's drop. The stock is down 27% over the past three months, while the S&P 500 has fallen 0.3%.

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MarketWatch MarketPulse
Oct 17, 2018

Dow falls to session lows as Home Depot Inc., IBM stocks deliver 110-point headwind
The Dow Jones Industrial Average early Wednesday was trading near sessions lows, as shares of Home Depot Inc. and International Business Machines Corp. combined to deliver a more-than 100-point headwind to the price-weighted equity gauge. The Dow was most recently down 215 points, or 0.8%, at 25,581. Shares of IBM were off 6.4% or $9.35 while those for Home Depot were down 4% or $7.73, which equates to a 114-point decline in the blue-chip index.

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MarketWatch MarketPulse
Oct 17, 2018

Trump to withdraw from postal treaty that has let China ship cheaply to U.S.
President Donald Trump plans to withdraw from a postal treaty that has allowed Chinese companies to ship small packages to the U.S. at a steeply discounted rate, the New York Times reported Wednesday. Under the Universal Postal Union treaty, China and other developing countries have since 1969 been assessed lower rates than wealthier nations. The Times says the decision to withdraw was made at the urging of Trump's trade adviser Peter Navarro. The National Association of Manufacturers said Trump deserved credit for his focus on eliminating what it called "the anti-U.S. manufacturer subsidy China receives from the U.S. Postal Service."

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MarketWatch MarketPulse
Oct 17, 2018

Marijuana stocks sink as full legalization in Canada fails to inspire investors
Shares of companies in the cannabis business were broadly, and in many cases sharply lower, despite marijuana becoming fully legal in Canada. The ETFMG Alternative Harvest ETF tumbled 6.5% in morning trade, with 27 of 37 components trading lower, to extend Tuesday's 3.7% pullback. Among the more active pot stocks, Canopy Growth Corp. dropped 8.2%, Tilray Inc. lost 6.0%, Aurora Cannabis Inc. plunged 15%, Cronos Group Inc. slumped 9.9%, New Age Beverages Corp. shed 9.0%, India Globalization Capital Inc. slid 7.3% and MedMen Enterprises Inc. lost 6.0%. As of Wednesday, Canada became only the second country in the world to legalize marijuana for recreational use. The pot sector ETF has now gained 39% over the past three months, while the S&P 500 has slipped 0.2%.

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



MarketWatch MarketPulse
Oct 17, 2018

IBM's stock is exacting a roughly 70-point toll on the Dow Jones Industrial Average
The Dow Jones Industrial Average on Wednesday was trading lower, mostly on the back of a sharp decline in shares of International Business Machines Corp. . Shares of the technology firm were down nearly 7% or about $10, contributing to a 70-point headwind for the Dow . A $1 decline in any one of the price-weighted Dow's components equates to a 6.89-point swing. The Dow was most recently trading 145 points, or 0.6%, lower at 25,656, a day after its best one-day point gain since late March. Meanwhile, the S&P 500 index was off 0.2% at 2,805, holding above a psychologically significant level at 2,800, while the Nasdaq Composite Index, known for its technology and internet-related constituents, was off 0.2% at 7,630. IBM's slide comes after the Armonk, N.Y.-based company late Tuesday topped Wall Street expectations for quarterly earnings but not for revenue, which declined again as it had done for years before 2018.

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MarketWatch MarketPulse
Oct 17, 2018

Dow opens more than 100 points lower after sharp Tuesday rebound
U.S. stocks posted a mostly lower open Wednesday, a day after major indexes saw their biggest one-day rise since late March. The Dow Jones Industrial Average was off 126 points, or 0.5%, at 25,672, while the S&P 500 shed 0.1% to 2,807.13. The Nasdaq Composite was up slightly, however, rising 0.1% to 7,653. All three indexes rose more than 2% on Tuesday, taking back some of last week's steep losses, as investors appeared to cheer upbeat earnings. The Nasdaq was buoyed by gains for Netflix Inc. , which rose more than 7% after reporting quarterly results late Tuesday.

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MarketWatch MarketPulse
Oct 17, 2018

The New York Times and Scribd launch joint subscription bundle
The New York Times Company is partnering with reading subscription service Scribd to offer a subscription bundle, the companies said Wednesday. Subscribers will get unlimited digital access to The New York Times and Scribd's library of books and audiobooks for a fee of $12.99 a month. Normally, a Scribd subscription costs $8.99 a month while a basic New York Times digital subscription costs $9.99 a month. The two companies have worked together before, teaming up in 2017 to offer a student bundle where students could access both Scribd and The New York Times for four months (or one semester). Scribd has over 750,000 subscribers and draws over 100 million unique visitors per month. Shares of the New York Times have gained 41% so far this year, while the S&P 500 has gained 5%.

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MarketWatch MarketPulse
Oct 17, 2018

Tesla's stock jumps after Elon Musk discloses plan to buy $20 million worth of shares
Shares of Tesla Inc. rallied 1.9% in premarket trade Wednesday, putting them on track for a fourth-straight gain, after the electric car maker disclosed that Chief Executive Elon Musk plans to buy $20 million worth of newly issued Tesla common stock during the next open trading window at market prices. Based on Tuesday's stock closing price of $276.59, Musk could buy about 72,300 shares. Separately, Tesla said a U.S. District Court approved the terms of a settlement, in connection with action taken by the Securities and Exchange Commission relating to Musk's take-private proposal. "As part of the settlement, there will be no restriction on Elon's ability to continue to serve as Tesla's CEO and there will also be no restriction on Elon's ability to serve as a director on Tesla's Board of Directors," the company said in a statement. Also included in the settlement, Tesla and Musk will each pay a civil penalty of $20 million, Musk will resign as chairman and two additional independent directors will be appointed to Tesla's board. Tesla's stock has lost 14.3% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 2.7%.

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MarketWatch MarketPulse
Oct 17, 2018

FSOC says Prudential Financial is no longer systemically important
The Financial Stability Oversight Council, the group of U.S. financial regulators, said Wednesday that it's removed the nonbank systemically important financial institution designation from Prudential Financial , saying it no longer believes the U.S. insurer "could pose a threat to U.S. financial stability." The Council approved the rescission of Prudential's designation unanimously, though FHFA Director Mel Watt said he was concerned there was no independent evaluation of the threat from Prudential's size, interconnectedness, scope and other factors. "The Council's decision today follows extensive engagement with the company and a detailed analysis showing that there is not a significant risk that the company could pose a threat to financial stability," said Treasury Secretary Steven Mnuchin in a statement. Prudential said it was pleased with the decision and that it will work with the New Jersey Department of Banking and Insurance in its expanded role as group-wide supervisor.

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MarketWatch MarketPulse
Oct 17, 2018

Del Taco shares sink 10% after revenue miss and analyst downgrade
Del Taco Restaurants Inc. shares sank 10.3% in Wednesday premarket trading after the chain reported a fiscal third quarter revenue miss and was downgraded to neutral from buy at BTIG. Late Tuesday, Del Taco reported net income of $5.9 million, or 15 cents per share, up from $5.1 million, or 13 cents per share, for the same period last year. Adjusted EPS was also 15 cents, ahead of the 14-cents FactSet consensus. Revenue totaled $117.8 million, up from $111.0 million, but below the $120.0 million, FactSet guidance. System-wide same-store sales grew 1.4%, below the FactSet estimate for 2.2% growth. Company-operated restaurant sales were up 0.3%, and franchised same-store sales were up 3%. Average check growth was 2.9%, but average transactions fell 2.6%. Del Taco Chief Executive John Cappasola said in a statement that the $1 chicken quesadilla "did not support check or transaction trends," but the company plans to "generate transaction momentum" with a shredded beef limited-time offer. In addition the Del Taco mobile app will launch next month and delivery will launch system-wide in 2019 after first starting in Los Angeles, with help from GrubHub. "The combination of negative traffic and rising food and labor inflation dampens prospects for the coming year and we struggle to see how the concept can outperform," wrote BTIG analysts in a note. "While optimistic that greater focus on mid-tier and premium promotions and delivery could help stem the transaction decline, we are concerned that heightened pricing could further discourage consumers. We no longer see enough compelling reasons to remain positive." Wedbush maintained its outperform stock rating, but lowered its price target to $15 from $17. Del Taco shares have fallen 29.5% for the past year while the S&P 500 index has gained 9.8% for the period.

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MarketWatch MarketPulse
Oct 17, 2018

Airline stocks set for broad rally after United's results back up Delta's upbeat report
Airline stocks are getting a big boost in premarket trade Wednesday, as better-than-expected earnings from UnitedContinental Holdings Inc. , in the wake of Delta Air Lines Inc.'s upbeat results last week, provided a bout of optimism for the host of companies reporting next week. United's stock soared 5.7% ahead of the open, after reporting results late Tuesday, while Delta shares surged 3.4%. Among the air carriers scheduled to report next week, shares of American Airlines Group Inc. ran up 4.1%, Southwest Airlines Co. climbed 2.2%, Southwest Airlines Co. rallied 2.2%, Alaska Air Group Inc. gained 0.4% and Spirit Airlines Inc. tacked on 1.7%. Also helping the group, crude oil futures fell 0.5%, after rising 5.1% over the past three months. Wednesday's sector rally comes as the NYSE Arca Airline Index has dropped 14.4% year to date, while the Dow Jones Transportation Average has edged up 1.3% and the Dow Jones Industrial Average has advanced 4.4%.

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MarketWatch MarketPulse
Oct 17, 2018

Abbott drops 2.3% premarket after in-line Q3 profit, narrowed 2018 outlook
Abbott Laboratories stock dropped 2.3% in Wednesday premarket trade after the company reported third-quarter profit that was in-line with the consensus but narrowed its 2018 profit outlook. Earnings for the latest quarter declined to $563 million, or 32 cents per share, from $603 million, or 34 cents per share, in the year-earlier period. Adjusted earnings-per-share were 75 cents, in line with the FactSet consensus. Revenue rose to $7.66 billion from $6.83 billion, above the FactSet consensus of $7.65 billion. Sales for the company's medical devices, nutrition and established pharmaceuticals units beat the FactSet consensus, while sales for diagnostics missed, at $1.82 billion to the FactSet consensus' $1.83 billion. Abbott now expects 2018 EPS from continuing operations of $1.33 to $1.35, compared with previous guidance of between $1.34 and $1.40. Abbott shares have surged nearly 13% over the last three months, compared with a 0.01% rise in the S&P 500 and a 2.7% rise in the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Oct 17, 2018

At least 10 dead and 50 injured in blast at school cafeteria in Crimea: reports
Russian anti-terrorism experts are investigating a blast at a school cafeteria in Crimea early Wednesday, that was reported to have killed at least 10 people and injured another 50, the Wall Street Journal and other media outlets reported. The injured were mostly teenagers and the incident was being treated as a terrorist attack, according to the deputy head of Russia's National Guard. Russian Presidential Spokesman Dmitry Peskov said President Vladimir Putin has ordered agencies, including the Federal Security Service to the scene. The blast was caused by a bomb that was packed with metal objects, Reuters reported, citing investigators.

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MarketWatch MarketPulse
Oct 17, 2018

Allergan plans to file for U.S. approval of new migraine drug by Q1 of 2019
Allergan PLC said early Wednesday that it plans to file for U.S. approval of its acute migraine drug, ubrogepant, by the first quarter of 2019. If all goes as expected, the company said it expects the drug will be "the first oral CGRP receptor antagonist submitted in the U.S. for the acute treatment of migraine with or without aura." A slew of new drugs have recently been approved to prevent migraine -- a chronic, debilitating condition that millions of Americans suffer from -- but Allergan's drug takes a different approach, and is intended to for so-called "acute relief," or easing the painful attacks as they occur. Existing alternatives in this space include general pain drugs and popular migraine medications called triptans. Allergan has previously said that it plans to file for Food and Drug Administration approval of ubrogepant next year; the recent completion of two clinical studies should allow it to file by the first quarter, the company said. Company shares rose 0.5% in Wednesday premarket trade. Shares have surged 7% over the last three months, compared with a 0.01% rise in the S&P 500 and a 2.7% rise in the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Oct 17, 2018

IBM's stock drop would shave nearly 50 points off the Dow's price
Shares of International Business Machines Corp. dropped 4.8% in premarket trade Wednesday, after the technology company reported third-quarter earnings that beat expectations but revenue that missed. The stock's price decline would shave about 48 points off the Dow Jones Industrial Average's price, and Dow futures were down 88 points. Stifel Nicolaus analyst David Grossman reiterated his buy rating, saying there was some good, some bad news in IBM's results. "We remain constructive on the stock as a defensive holding with catalysts, but acknowledge that while our positive thesis on services is playing out, stronger than expected software headwinds (higher margin/growth) may postpone broader shifts in sentiment and most likely underlies the relative weakness post close," Grossman wrote in a note to clients. The stock has gained 1.1% over the past three months through Tuesday, while the SPDR Technology Select Sector ETF has lost 1.6% and the Dow Jones Industrial Average has advanced 2.7%.

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MarketWatch MarketPulse
Oct 17, 2018

Workday stock gains after Bernstein upgrade
Shares of Workday Inc. are up 1.9% in premarket trading Wednesday after Bernstein analyst Mark Moerdler upgraded the stock to outperform from market perform. "We have determined that even if the [enterprise resource planning] market moves reasonably slowly to the cloud, it is large enough and the fact there are only a few vendors with a competitive SaaS [software-as-a-service] solution should allow Workday to continue to gain share," Moerdler wrote. He calculates that Workday could still expand its subscription revenue by 24% to 36% a year through 2022 even if the company doesn't pick up share from Oracle Corp. or SAP SE . Moerdler also sees room for the company to grow its margins. Workday shares are up 25% over the past 12 months, while the S&P 500 has gained 10%.

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MarketWatch MarketPulse
Oct 17, 2018

Winnebago's stock surges after profit, revenue rise above expectations
Shares of Winnebago Industries Inc. jumped 6.3% in premarket trade Wednesday, after the recreational vehicle maker reported fiscal fourth-quarter earnings and revenue that rose above expectations, boosted by strength in towable sales. Net income for the quarter to Aug. 25 rose to $29.8 million, or 94 cents a share, from $24.9 million, or 79 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 91 cents. Revenue increased 18% to $536.2 million, above the FactSet consensus of $499.2 million, as motorhome revenue rose 2.5% to $228.5 million to top the FactSet consensus of $224.6 million and towable revenue grew 26% to $288.7 million to beat expectations of $270.7 million. The stock, which closed at a 16-month low as recently at Oct. 10, has tumbled 24% year to date through Tuesday, while the S&P 500 is little changed.

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MarketWatch MarketPulse
Oct 16, 2018

IMF chief Christine Lagarde drops out of Saudi conference: report
Christine Lagarde, the managing director of the International Monetary Fund, will not attend an investment conference in Saudi Arabia later this month amid global condemnation over the disappearance and suspected murder of a Saudi journalist. An IMF spokesperson said Lagarde's trip "is being deferred," CNBC reported Tuesday night. The IMF did not give a reason for postponing the trip. Since the disappearance of Jamal Khashoggi two weeks ago, a number of prominent business leaders and media organizations have pulled out of the Future Investment Initiative conference in Riyadh. U.S. Treasury Secretary Steve Mnuchin is reportedly still planning to attend, though a final decision may be made this week.

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MarketWatch MarketPulse
Oct 16, 2018

SEC overturns NYSE, Nasdaq market data fee increases, Wall Street Journal reports
The Wall Street Journal reported Tuesday the Securities and Exchange Commission ruled on Tuesday that the country's largest stock exchanges didn't sufficiently justify increases in fees they charge for certain market-data products that brokers and traders consider to be essential to their business, according to a source. The SEC, in an order released late Tuesday, overturned prior fee increase approvals granted to the New York Stock Exchange and Nasdaq for specially designed data feeds they sell. Those data feeds reveal far more detail about market activity than the ticker tape that investors see on financial-news stations. The SEC's action now casts doubt on the ability of the big U.S. stock exchanges to extract additional profits from the rest of the financial industry by selling information on stock orders at ever-higher rates. The SEC's action comes in response to a long-running lawsuit that pitted Wall Street's largest brokerages against the exchanges selling market data.

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MarketWatch MarketPulse
Oct 16, 2018

Roku to resume sales in Mexico, stock gains in late trading
Roku Inc. shares gained almost 4% in late trading Tuesday after the company said it would resume sales in Mexico. Roku device sales had been banned in Mexico for more than a year amid a court battle resulting from hackers offering pirated content from HBO, ESPN and others through Roku devices. In an announcement Tuesday afternoon, Roku said that a ruling in the case opened the door for sales to resume. "We are grateful for our customers in Mexico who, despite the sales ban, continued to stream more and more hours; and for our retail partners and content providers who supported us throughout this past year," Roku General Counsel Stephen Kay said in the news release. "We look forward to launching the latest Roku devices in Mexico soon and giving customers an even richer streaming experience." Roku stock gained about 3.7% in late trading, which could have also been influenced by strong earnings results from Netflix Inc. , which helped develop Roku's streaming dongles before allowing the company to establish itself independently.

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MarketWatch MarketPulse
Oct 16, 2018

SEC to overturn NYSE, Nasdaq Market Data Fee Increases, Wall Street Journal reports
The Wall Street Journal reported Tuesday the Securities and Exchange Commission is expected to rule later Tuesday that the country's largest stock exchanges didn't sufficiently justify increases in fees they charge for certain market-data products that brokers and traders consider to be essential to their business, according to a source. The SEC, in an order to be released later Tuesday, is expected to overturn a prior fee increase approval granted to the New York Stock Exchange and Nasdaq for specially designed data feeds they sell. Those data feeds reveal far more detail about market activity than the ticker tape that investors see on financial-news stations. The SEC's action now casts doubt on the ability of the big U.S. stock exchanges to extract additional profits from the rest of the financial industry by selling information on stock orders at ever-higher rates. The SEC expected action comes in response to a long-running lawsuit that pits Wall Street's largest brokerages against the exchanges selling market data.

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MarketWatch MarketPulse
Oct 16, 2018

Oil futures climb in electronic trade as API data reportedly shows a decline in U.S. crude supply
Oil futures climbed in electronic trading late Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 2.1 million barrels for the week ended Oct. 12, according to sources. The API data also showed supplies of gasoline declined by 3.4 million barrels, while distillates fell 246,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday. Analysts polled by S&P Global Platts expect the EIA to report a climb of 1.88 million barrels in crude supplies. They also expect supply declines of 1.52 million barrels for gasoline, and 1.5 million barrels for distillates. November crude was at $72.23 a barrel in electronic trading, up from the $71.92 settlement on the New York Mercantile Exchange.

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MarketWatch MarketPulse
Oct 16, 2018

Lam Research stock gains on earnings optimism
Lam Research Corp. shares gained in late trading Tuesday after the chip-equipment company forecast strong earnings to come despite doubts about the sector. The chip-equipment sector has been volatile for months due to concerns about chip makers' plans for production, with Lam Research stock falling more than 21% so far this year. Shares gained more than 4% in after-hours action Tuesday, though, after the company reported fiscal first-quarter results and said it expects to beat expectations in the current quarter. Lam claimed income of $533 million, or $3.23 a share, on revenue of $2.33 billion, down from $2.38 billion a year ago. After accounting for amortization and other effects, the company claimed profit of $3.36 a share, down from $3.46 a share a year ago. Analysts on average expected Lam to report adjusted earnings of $3.22 a share on sales of $2.66 billion, according to FactSet. For the fiscal second quarter, Lam predicted adjusted earnings of $3.45 a share to $3.85 a share, well higher than analysts' average expectations of $3.29 a share. Lam expects revenue of $2.35 billion to $2.65 billion, while analysts were expecting revenue of $2.49 billion.

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MarketWatch MarketPulse
Oct 16, 2018

United stock up 4% after earnings
United Continental Holdings Inc. shares rose more than 4% in the extended session Tuesday, shaking off initial weakness after the airline reported third-quarter per-share profits that missed expectations but revenue that came in line with forecasts. United said it earned $836 million, or $3.06 a share, in the quarter, compared with $645 million, or $2.15 a share, in the year-ago period. The company reported adjusted net income of $837 million, or also $3.06 a share, in the quarter, compared with $677 million, or $2.25 a share, a year ago, it said. Total operating revenue rose 11% to $11 billion, from $9.9 billion a year ago. Analysts polled by FactSet had expected GAAP earnings of $3.09 a share and adjusted earnings of $3.07 a share on sales of $11 billion. "Tropical storms across the system are estimated to have reduced diluted earnings per share by approximately $0.07," and fuel costs rose steeply, United said in a statement. The airline said it expects full-year 2018 adjusted EPS between $8 and $8.75; the analysts surveyed by FactSet expect adjusted EPS of $8.15 for the year. United shares ended the regular trading day up 2.7%.

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Oct 16, 2018

IBM stock falls after revenue misses Street view
International Business Machines Corp. shares fell in the extended session Tuesday after the tech giant topped Wall Street expectations for quarterly earnings but not for revenue. IBM shares fell 4.1% after hours, following a 2.8% rise to close the regular session at $145.12. The company reported third-quarter net income of $2.69 billion, or $2.95 a share, compared with $2.73 billion, or $2.92 a share, in the year-ago period. Adjusted earnings were $3.42 a share. Revenue declined to $18.76 billion from $19.15 billion in the year-ago period. Analysts surveyed by FactSet had estimated $3.40 a share on revenue of $19.1 billion.

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Oct 16, 2018

Netflix shares jump in after-hours trade after earnings beat
Netflix Inc's stock shot up 13.5% in after-hours trade Tuesday after the streaming giant beat third-quarter subscriber growth expectations. The company announced it added a net of 6.96 million subscribers in the most recent quarter, beating the FactSet consensus of 5.32 million and Netflix's own forecast of 5.0 million. Net income rose to $403 million, or 89 cents a share, up from $129.6 million, or 29 cents a share, in the same quarter a year ago. The FactSet consensus for the third quarter was 68 cents a share. Revenue rose to $4.0 billion, beating the FactSet consensus of $3.986 billion and up from $2.985 billion a year ago. For the fourth quarter, the company expects adjusted EPS of 23 cents compared to the FactSet consensus of 50 cents, and subscriber net additions of 9.4 million.

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Oct 16, 2018

Dow ends more than 540 points higher as stocks soar on upbeat earnings
The Dow Jones Industrial Average rose more than 500 points Tuesday as stocks staged a sharp rally, buoyed by upbeat earnings that helped investors shake off last week's rout. The blue-chip gauge ended with a gain of around 548 points, or 2.2%, to end near 25,798, according to preliminary figures. The S&P 500 advanced 2.1% to end near 2,810, while the Nasdaq Composite advanced 2.9% to around 7,645. A round of upbeat earnings were credited with the rally. UnitedHealthGroup Inc. jumped 4.7% to lead Dow gainers after raising its full-year earnings outlook and beating third-quarter earnings and revenue expectations.

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Oct 16, 2018

Trump delivers another attack on Fed, calling central bank the biggest threat
President Donald Trump unleashed another attack on the Federal Reserve, calling the central bank his "biggest threat," in an interview he gave to Fox Business Network. "My biggest threat is the Fed," Trump said, according to excerpts released by the network ahead of an interview to air at 8 p.m. Eastern. "Because the Fed is raising rates too fast and it's independent so I don't speak to them but I'm not happy with what he's doing because it's going too fast because you looked at the last inflation numbers they are very low." When pointed out to Trump that he nominated Jerome Powell instead of Janet Yellen, the president said he wasn't blaming anyone. "I put him there and maybe it's right maybe it's wrong but I put him there." He also referenced the other nominees to the Fed he's made. "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people."

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Oct 16, 2018

North Dakota Sen. Heitkamp apologizes for sex-abuse ad
North Dakota Sen. Heidi Heitkamp on Tuesday apologized for a campaign ad that included the identities of alleged victims of sexual assault who did not give permission for their names to be used. In a local radio interview, the Democratic senator said her campaign's use of the women's names was "incompetent and "should have never happened." Heitkamp appears to have fallen sharply behind a Republican rival in her big for reelection in the conservative-leaning state. The ad in question took aim at her opponent, Kevin Kramer, criticizing comments he made after Brett Kavanaugh was narrowed approved by the Senate for a seat on the Supreme Court. Heitkamp voted against Kavanaugh. Kramer has defended Kavanaugh and said he would have voted for him.

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Oct 16, 2018

Dow jumps by more than 500 points at peak, putting blue chips on track for best day since March
The Dow Jones Industrial Average was trading sharply higher midday Tuesday, putting blue chips on track to book the best one-day gain since March. The Dow was up about 492 points, or 2%, at 25,739. If it holds the gain would represent the best point and percentage climb since March 26. Tuesday's rally was partly on the back of a surge in shares of component UnitedHealth Group Inc., which was delivering a roughly 70-point jolt to the price-weighted equity gauge. Share rises for UnitedHealth come after the health-care company raised its full-year earnings outlook and said it continues to see growth in health-care plan membership and premiums. Meanwhile, the S&P 500 index was climbing 2% at 2,804 and the Nasdaq Composite Index advanced by 2.6% to 7,620. Wall Street investors appear to be focusing upbeat earnings, including those from Goldman Sachs Group Inc. , Johnson & Johnson and Morgan Stanley .

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Oct 16, 2018

Kroger offering wine delivery in select markets
Kroger Co. says it launched wine delivery "within the past week" through a partnership with Drinks, an online wine marketplace. Kroger has a website for wine ordering, with delivery available in 14 states including Florida, Nevada and New Hampshire. Last Thursday, Kroger announced the October roll out of Wine Society canned wine to select Ohio and Kentucky stores. Kroger shares are up 33% for the past year, outpacing the S&P 500 index , which is up 9.7% for the period.

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Oct 16, 2018

Wall Street's 'fear index' on track to fall by the most in a one day since mid February
The Cboe Volatility Index VIX, a measure of implied volatility on Wall Street, fell nearly 16% to just below 18 on Tuesday, putting the index on pace for its sharpest daily drop since February, according to FactSet data. The decline in the VIX to around 17.94 puts its on pace to mark the largest one-day stumble since Feb. 14. The move comes after the VIX hit its highest level in months to close at 24.98 amid a broad rout for equity benchmarks. Wall Street's so-called "fear index" is a measure of bearish and bullish options bets on S&P 500 in the coming 30 days and tends to fall as stocks rise and vice versa. Both implied and realized volatility have been surging in recent days. Tuesday's gains came as the Dow Jones Industrial Average jumped 500 points, the S&P 500 index climbed 1.9% and the Nasdaq Composite Index was trading more than 2%. Last week, investors reacted to a recent surge in government bond yields, with the 10-year Treasury note yielding 3.26%.

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Oct 16, 2018

U.S. oil benchmark settles higher on U.S.-Saudi tensions and tight supply concerns
The U.S. oil benchmark edged higher on Tuesday, finding support as traders watched developments tied to tensions between the U.S. and Saudi Arabia over a missing Saudi journalist, which could lead the Saudis to curtail crude output. Prices also got a boost after S&P Global Platts reported, citing sources close to the project, that talks between Saudi Arabia and Kuwait over two shared oil fields have broken down. The breakdown of the talks is equivalent to the Saudis and Kuwaitis agreeing to cut production by 500,000 barrels a day, said Phil Flynn, senior market analyst at Price Futures Group. S&P Global Platts said that the fields were expected to produce some 500,000 barrels of oil a day. November West Texas Intermediate oil rose 14 cents, or 0.2%, to settle at $71.92 a barrel on the New York Mercantile Exchange.

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Oct 16, 2018

Viacom sues Netflix for poaching exec: report
Viacom has filed suit against Netflix Inc. , accusing the streaming company of poaching a TV production executive, according to a report in Variety. Netflix announced last week it had hired Viacom veteran Momita SenGupta as vice president of physical production for its original series, but Viacom alleges in the suit that Netflix induced her to break her contract, which ends in 2020. "Netflix has signaled that it has no intention of complying with the law, and that its illegal attempts to induce Viacom employees to break their contracts without consequence will not be limited to SenGupta," Viacom attorney Anthony J. Oncidi alleged. This isn't a first for Netflix; in 2016, 20th Century Fox also sued Netflix for hiring two of its employees before their contracts ended. Netflix has argued that Fox's contracts are unenforceable under California law, and the case will go to trial next year.

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Oct 16, 2018

S&P 500 retakes 2,800 mark intraday amid broad stock-market surge
The S&P 500 Tuesday afternoon regained its purchase atop a psychologically significant level at 2,800, on the back of a health-care and technology-inspired stock rally. The S&P 500 , most recently, was up 1.9% at 2,802, returning to a level the broad-market benchmark lost grip on during a nasty Oct. 10 rout. The S&P 500 has declined seven of the past eight sessions (not including Tuesday). Tuesday's gains were broad based with all 11 of its sectors trading solidly higher. The day's rally comes amid apparent enthusiasm surrounding a batch of quarterly corporate results from UnitedHealth Group Inc. , Goldman Sachs Group Inc. and others that were seen as upbeat and reaffirming the vitality of earnings and an economic expansion that has thus far underpinned market gains. However, last week investors drove shares lower on fears of rapidly rising interest rates, which equate to higher borrowing costs for companies.

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Oct 16, 2018

Dow surges more than 450 points and is poised for best day in about 8 months
The Dow Jones Industrial Average was trading sharply higher midday Tuesday, putting blue chips on track to book the best one-day gain since early February. The Dow was up about 450 points, or 1.8%, at 25,700. That gain was partly on the back of a surge in shares of component UnitedHealth Group Inc., which was delivering a roughly 70-point jolt to the price-weighted equity gauge. Share gains for UnitedHealth come after the health-care company raised its full-year earnings outlook and said it continues to see growth in health-care plan membership and premiums. Meanwhile, the S&P 500 index was climbing 1.8% at 2,800 and the Nasdaq Composite Index advanced by 2.4% to 7,610. Wall Street investors appear to be focusing upbeat earnings, including those from Goldman Sachs Group Inc. , Johnson & Johnson and Morgan Stanley .

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Oct 16, 2018

A popular health-care fund is on pace for its best day since President Trump's election
A popular way to bet on the health-care sector, the Health Care Select Sector SPDR ETF , Tuesday afternoon was on track for its best daily gain since November of 2016. The exchange-traded fund was up 2.2% in afternoon action, putting it on pace for its sharpest single-session rise since a 3.4% surge on Nov. 9, according to Dow Jones Market Data. That was the day after Trump was elected. Tuesday's moves for the so-called "XLV" fund, a reference to its ticker symbol, is supported by a jump in shares of UnitedHealth Group Inc. , which posted better-than-expected quarterly results before the official start of trading, along with Johnson & Johnson . Gains in health-care were helping to lift the broader market (along with information technology), with the Dow Jones Industrial Average gaining more than 400 points or 1.6%, the S&P 500 index up by 1.6% and the Nasdaq Composite Index advancing by 2.2%.

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Oct 16, 2018

All 11 sectors of the S&P 500 trade firmly higher in tech-inspired afternoon rally
All of the S&P 500 index sectors on Tuesday were trading in positive territory, and 10 of those sectors boast gains of at least 1%, led by 2.3% surge in the information technology sector. The S&P 500 index was up 1.6% at 2,794, trading at around session highs, with the tech sector up 2.5%, and health-care stocks rallying by 2.2%. The tech-heavy Nasdaq Composite Index , meanwhile, was up 2.1% at 7,589 and the Dow Jones Industrial Average climbed by more than 400 points or 1.6% at 25,656. A day earlier technology and internet-related shares led U.S. stocks to modest losses. On Tuesday, Wall Street stocks, after a mostly downbeat stretch for equity benchmarks, were rising on the back of a strong round of quarterly corporate resulst from banks Goldman Sachs Group Inc. , Morgan Stanley , and health-care names UnitedHealth Group Inc. and Johnson & Johnson .

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Oct 16, 2018

U.S. sanctions businesses supporting Iranian paramilitary force
The Treasury Department on Tuesday announced sanctions on a network of corporations and banks that provides financial support to a paramilitary force associated with Iran's Islamic Revolutionary Guard Corps. In announcing the sanctions the Treasury said the IRGC's Basij Resistance Force trains and deploys child soldiers to fight in conflicts across the region. Among the entities sanctioned are Mehr Eqtesad Bank and the Iran Tractor Manufacturing Company. The sanctions freeze all property of the designated banks and companies that is in the U.S., and bar Americans from dealing with them.

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Oct 16, 2018

Dow surges more than 400 points and is poised for best day in about 6 months
The Dow Jones Industrial Average was trading sharply higher midday Tuesday, putting blue chips on track to book the best one-day gain since April . The Dow was up about 411 points, or 1.6%, at 25,658. That gain was partly on the back of a surge in shares of component UnitedHealth Group Inc., which was delivering a roughly 68-point jolt to the price-weighted equity gauge. Share gains for UnitedHealth come after the health-care company raised its full-year earnings outlook and said it continues to see growth in health-care plan membership and premiums. Meanwhile, the S&P 500 index was climbing 1.6% at 2,795 and the Nasdaq Composite Index advanced by 2.1% to 7,587. Wall Street investors appear to be focusing upbeat earnings, including those from Goldman Sachs Group Inc. , Johnson & Johnson and Morgan Stanley .

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Oct 16, 2018

Dollar Tree shares jump 5.5% after Icahn stake revealed
Dollar Tree Inc. shares jumped 5.5% after the New York Post reported that Carl Icahn has taken a "significant" stake in the discount retailer. Plans for the stake haven't been disclosed, but the Post highlights the Family Dollar stake that Icahn took in 2014 that led to $200 million in profit for Icahn and Family Dollar's acquisition by Dollar Tree, an $8.5 billion deal. The deal has made it difficult for Dollar Tree to invest in its stores, the Post said. Dollar Tree shares are down 20.6% for the year to date while the S&P 500 index is up 4.4% for the period.

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MarketWatch MarketPulse
Oct 16, 2018

Dow rallies by 370 points and is poised for best day in about 2 months as earnings shine
The Dow Jones Industrial Average was trading sharply higher midday Tuesday, putting blue chips on track to book the best one-day gain since mid August. The Dow was up about 370 points, or 1.5%, at 25,620. That gain was partly on the back of a surge in shares of component UnitedHealth Group Inc., which was delivering a roughly 64-point jolt to the price-weighted equity gauge. Share gains for UnitedHealth come after the health-care company raised its full-year earnings outlook and said it continues to see growth in health-care plan membership and premiums. Meanwhile, the S&P 500 index was climbing 1.5% at 2,792 and the Nasdaq Composite Index advanced by 2% to 7,579. Wall Street investors appear to be focusing upbeat earnings, including those from Goldman Sachs Group Inc. , Johnson & Johnson and Morgan Stanley .

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Oct 16, 2018

Netflix price target slashed at Morgan Stanley
Morgan Stanley cut Netflix's 12-month price target to $450 from $480 on Tuesday ahead of the streaming giant's earnings announcement, saying a stronger dollar and rising interest rates could increase costs for the company. This follows similar cuts by Raymond James, which lowered its price target to $400 from $445 on Monday, and Goldman Sachs, which lowered its price target to $430 from $470 on Friday. Despite the cut, Morgan Stanley maintained its overweight rating for Netflix, saying long-term prospects for the company are still bright, especially overseas. "European success reinforces view that Netflix, given time, can scale historically challenging pay-TV markets," analyst Benjamin Swinburne wrote in a note to investors. Netflix shares fell 2.8% last week among a broader market selloff, though they have gained 74% so far this year. The S&P 500 has gained 4%.

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MarketWatch MarketPulse
Oct 16, 2018

Dow surges 330 points, on pace for best day in about two months
The Dow Jones Industrial Average was trading sharply higher in late-morning action Tuesday, putting blue chips on track to book the best one-day gain since mid August. The Dow was up about 330 points, or 1.3%, at 25,579. That gain was partly on the back of a surge in shares of component UnitedHealth Group Inc. , which was delivering a roughly 64-point jolt to the price-weighted equity gauge. Share gains for UnitedHealth come after the health-care company raised its full-year earnings outlook and said it continues to see growth in health-care plan membership and premiums. Meanwhile, the S&P 500 index was climbing 1.2% at 2,784 and the Nasdaq Composite Index advanced by 1.5%. Wall Street investors appear to be focusing upbeat earnings, including those from Goldman Sachs Group Inc. , Johnson & Johnson and Morgan Stanley .

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Oct 16, 2018

Judge approves Elon Musk, Tesla settlements with SEC
A federal judge has approved settlements of Tesla Inc. and its Chief Executive Elon Musk with the U.S. Securities and Exchange Commission, boosting the company's stock and closing a chapter many investors in the Silicon Valley car maker would rather forget. Musk agreed to settle charges of misleading investors when he tweeted in August he had "funding secured" to take Tesla private at $420 a share. Terms of the settlement include Musk resigning from his chairman role, Tesla to add independent directors to its board, and each Tesla and Musk paying a $20 million fine. Tesla shares rose 3.7% on Tuesday, extending gains for a third session. The stock has lost 14% in the year, versus advances of 3.7% and 3% for the S&P 500 index and the Dow Jones Industrial Average .

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Oct 16, 2018

Noodles & Co. shares jump 12% after upgrade on strength of 'zoodles' platform
Noodles & Co. was upgraded to buy from hold at SunTrust Robinson Humphrey on the strength of "zoodles," zucchini noodles that offer a low-calorie, healthy alternative. SunTrust raised its price target to $15 from $11. Shares are up nearly 12% in Tuesday trading. SunTrust analysis shows that zoodles have been popular since its launch in May. Analysts led by Jake Bartlett say the item drove a same-store sales increase of 5.4% in the second quarter. The FactSet consensus was for a 2.3% increase. "The 'zoodles' platform appears to be the game-changer that management said it would be," wrote analysts in a note. "In tandem with the 'zoodles' launch, Noodles & Co. also rolled out a new menu design and in-store merchandising, which appear to have resonated with consumers." Noodles & Co. announced new limited-time noodle and zoodle dishes last week, zucchini spicy peanut saute and zucchini truffle mac, along with expanded delivery and pickup options. The stock has rallied 189% for the past year while the S&P 500 index is up 8.5% for the period.

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Oct 16, 2018

Technology sector ETF surges with all 65 components gaining ground, led by Adobe
The technology sector's bounce Tuesday was practically unanimous, as the SPDR Techology Select Sector ETF rose 1.6% with all 65 equity components gaining ground. The top gainer was Adobe Inc.'s stock , which rose 7.1% after the software company provided an upbeat outlook. The other top gainers are shares of Arista Networks Inc. , up 2.8%, and Autodesk Inc. , up 2.7%. Among the most active components, Advanced Micro Devices Inc.'s stock tacked on 0.4%, Micron Technology Inc. shares rose 1.2% and Microsoft Corp. shares advanced 2.0%. The technology ETF was still down 2.2% over the past three months, while the Nasdaq Composite has lost 3.6% and the S&P 500 has slipped 0.7%.

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Oct 16, 2018

Dow opens up by more than 200 points, but Wall Street remains skittish
U.S. stock benchmarks on Tuesday kicked off trade firmly higher as investors focused on strong corporate results, which have helped to lift otherwise shaky sentiment. The Dow Jones Industrial Average rose 235 points, or 0.9%, at 25,480, the S&P 500 index advanced 0.7% at 2,770, while the Nasdaq Composite Index added 1.1% at 7,507, after technology and internet-related firms helped to undercut tepid optimism in the previous session. In corporate news, Goldman Sachs Group Inc. reported better-than-expected earnings per share of $6.28, versus analysts expectations of $5.38. Shares helped to lift the Dow. Morgan Stanley posted a 20% increase in profits to $2.15 billion. The retail brokerage's revenue grew to $4.4 billion for the quarter, 4% higher year-over-year. Shares also rose. However, the atmosphere around equity markets remain skittish amid rising geopolitical tensions and a rapid run-up in bond yields last week that fostered a brutal sell-off.

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Oct 16, 2018

Dow's earnings reporters providing a 92-point boost to futures' rally
Of the 30 Dow Jones Industrial Average components, 29 are trading higher in the premarket, with the three that reported third-quarter earnings accounting for nearly a half of the gains in Dow futures . Of the other reporters, shares of UnitedHealth Group Inc. climbed 3.2%, Goldman Sachs Group Inc. rose 2.2% and Johnson & Johnson gained 0.4%. The stocks' price gains are adding about a combined 92 points to the Dow's price, and futures are up 227 points. The most active Dow stock was Apple Inc.'s , which rose 0.9%. The lone Dow decliner Coca-Cola Co.'s stock , which lost 0.6%.

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MarketWatch MarketPulse
Oct 16, 2018

Green Organic Dutchman's stock surges after receipt of medical cannabis sales license
Shares of Green Organic Dutchman Holdings Ltd. surged 5.3% in premarket trade Tuesday, after the organic medical cannabis company said it received its medical sales license from Health Canada. The license is in accordance with the Access to Cannabis for Medical Purposes Regulations for the Canada-based company's Ancaster, Ontario facility. "As we prepare for our Founders Club product launch in January 2019, this is a critical step in our path to becoming the global leading organic cannabis brand," said Chief Executive Brian Athaide. "We have been perfecting our organic grow methodology in Ancaster and are prepared for the Q1 launch to medical patients across Canada followed by the launch in adult use markets in Q2." The stock has gained 0.5% over the past three months, while the ETFMG Alternative Harvest ETF has rallied 52.5% and the S&P 500 has slipped 1.7%.

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MarketWatch MarketPulse
Oct 16, 2018

Sears bonds fall deep into distressed territory after bankruptcy filing
Sears Holdings Corp.'s junk bonds sold off sharply Monday, after the iconic retailer filed for bankruptcy after years of declining sales and profit. The spread on the company's most active bonds, the 7.000% notes that mature in June of 2032, widened 207 basis points Monday to 1,786 basis points over comparable Treasurys, putting them deep in distressed territory. The bonds' price fell below 38 cents on the dollar, sending the yield up to 21.016%. The 6.750% notes that mature in January of 2028 were trading at 36.175 cents on the dollar to yield 24.430%, or at a spread of 2,127 basis points over Treasurys. On the equity side, the stock fell 24% Monday to 31 cents.

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Oct 16, 2018

Marvell Technology's stock jumps after stock repurchase program increased to over $1 billion
Shares of Marvell Technology Group Ltd. rallied 2.1% in premarket trade Tuesday, after the semiconductor company increased how much it could spend on stock repurchases to over $1 billion. The company added $700 million to its buyback program, which had about $307 million remaining from a previous authorization. At Monday's stock closing price of $18.12, the company could buy back up to about 59.1 million shares, or about 9% of the shares outstanding. The stock has shed 14.3% over the past three months through Monday, while the PHLX Semiconductor Index has lost 7.3% and the S&P 500 has slipped 1.7%.

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MarketWatch MarketPulse
Oct 16, 2018

Tilray's stock surges after Benchmark starts coverage with bullish rating, $200 target
Shares of Tilray Inc. shot up 5.7% in premarket trade Tuesday, after Benchmark analyst Mike Hickey started coverage of the Canada-based medical cannabis and cannabinoid company with a buy rating and $200 price target. Hickey's price target is 21% above Monday's closing price $165.64. Hickey said his bullish view is based on the company's early leadership in the medical cannabis market in Canada, the upcoming full legalization of recreational marijuana in Canada and its strategic alliance with Novartis AG and supply agreements with Canadian pharmacies, international growth opportunities and a "meaningful" capital infusion from its initial public offering in July. "We believe establishing an early first mover advantage is critically important in the emerging cannabis market, particularly when it comes to building national and global scale, leading brands, and developing innovative products and form factors that use cannabis as an active ingredient," Hickey wrote in a note to clients. The stock has rocketed more than 7-fold since closing at $22.39 on its first day listed on the Nasdaq on July 19, while the ETFMG Alternative Harvest ETF has run up 55% and the S&P 500 has lost 1.9% over the same time.

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MarketWatch MarketPulse
Oct 16, 2018

Domino's Pizza shares slide 5.7% premarket after revenue miss
Domino's Pizza Inc. shares slid 5.7% in premarket trade Tuesday, after the company missed revenue estimates for the third quarter. Ann Arbor, Michigan-based Domino's said it had net income of $84.1 million, or $1.95 a share, in the quarter, up from $56.4 million, or $1.18 a share, in the year-earlier period. Adjusted per-share earnings also came to $1.95, ahead of the FactSet consensus of $1.75. But revenue of $785.9 million, up from $643.6 million, fell short of the $790.0 million FactSet consensus. Domestic same-store sales rose 6.3%, while international same-store sales were up 3.3%. Shares have gained 44% in 2018, while the S&P 500 has gained 2.9%.

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MarketWatch MarketPulse
Oct 16, 2018

StoneCo sets IPO terms, expects to sell up to $1.1 billion worth of stock
StoneCo set terms for it initial public offering, in which the Brazil-based financial technology expects to sell up to $1.10 billion of stock to the public, and to value the company at about $2.59 billion. The company is offering 47.73 million Class A shares, and the IPO is expected to price between $21 and $23 a share. Of the total, the company is offering 40.91 million shares and selling shareholders are offering 6.82 million shares. StoneCo applied to list its stock on the Nasdaq Global Market under the ticker symbol "STNE." Warren Buffett's Berkshire Hathaway Inc. has expressed interest in buying 13.71 million shares in the IPO. For the six months ended June 30, the company had net income of the equivalent of $23.5 million on revenue of $170.2 million, compared with a loss of $20.3 million on revenue of $88.8 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has lost 10.5% over the past three months and the S&P 500 has slipped 1.7%.

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MarketWatch MarketPulse
Oct 16, 2018

Morgan Stanley's stock jumps after profit, revenue rise above expectations
Shares of Morgan Stanley rallied 1.9% in premarket trade Tuesday, after the investment bank reported third-quarter profits and revenue that rose above expectations. Net income rose to $2.02 billion, or $1.17 a share, from $1.69 billion, or 93 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.01. Total revenue increased 7% to $9.87 billion, above the FactSet consensus of $9.54 billion, as 13% growth in institutional securities revenue to $4.93 billion beat the FactSet consensus of $4.59 billion and the 4% rise in wealth management revenue to $4.40 billion topped expectations of $4.36 billion. Equity sales and trading revenue rose to $2.0 billion from $1.9 billion, in line with the FactSet consensus, while fixed income sales and trading revenue was unchanged at $1.2 billion, just above expectations of $1.15 billion. Tangible book value per common share was $35.50, compared with the FactSet consensus of $35.68. The stock has tumbled 17.2% year to date through Monday, while the SPDR Financial Select Sector ETF has lost 5.7% and the S&P 500 has gained 2.9%.

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MarketWatch MarketPulse
Oct 16, 2018

Wells Fargo seeks investment firm licence from French regulator as part of Brexit strategy
Wells Fargo & Co. said Tuesday it is seeking an investment firm licence from the French regulator as part of its Brexit strategy. "With Brexit on the horizon, Wells Fargo is committed to providing a transition, which is as seamless as possible, for its markets and investment banking customers within the European Union (EU) and European Economic Area (EEA)," said Alicia Reyes, head of Wells Fargo Securities in Europe, Middle East and Africa. The U.K. decision to leave the European Union is forcing non-U.K. bank to relocate some of their operations to countries that are still in the E.U. as they can no longer have a single licence to operate across the trading block from a U.K. base. The bank said it will make further announcements on its Brexit strategy in the near future. Shares were slightly lower premarket and have fallen 12.3% in 2018, while the S&P 500 has gained 2.9%.

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MarketWatch MarketPulse
Oct 16, 2018

Johnson & Johnson reports Q3 profit, revenue beats
Johnson & Johnson reported third-quarter profit and revenue beats early Tuesday. Earnings for the latest quarter rose to $3.93 billion, or $1.44 per share, after $3.76 billion, or $1.37 per share in the year-earlier period. Adjusted earnings per share were $2.05, above the FactSet consensus of $2.03. Revenue rose to $20.3 billion from $19.7 billion, above the FactSet consensus of $20.1 billion. Sales for the company's consumer and pharmaceutical segments beat the FactSet consensus, while sales for its medical device unit missed. The company also raised its 2018 revenue guidance from between $80.5 billion to $81.3 billion to a range of $81 billion to $81.4 billion, in line with the FactSet consensus of $81.2 billion. Johnson & Johnson also now expects 2018 adjusted EPS of $8.13 to $8.18, an increase from previous guidance of $8.07 to $8.17 and in line with the FactSet consensus of $8.14. Company shares rose a scant 0.1% in premarket trade. Shares have surged 7.4% over the last three months, compared with a 1.7% decline in the S&P 500 and a 0.7% rise in the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Oct 16, 2018

Walmart's stock falls after earning outlook cut
Shares of Walmart Inc. sinks 1.1% in premarket trade Tuesday, after the discount retail giant cut its profit outlook for the current fiscal year, but provided an upbeat sales outlook for the following year. For fiscal 2019 the company cut its net earnings per share guidance range to $2.65 to $2.80 from $2.90 to $3.05 and its adjusted EPS guidance to $4.65 to $4.80 from $4.90 to $5.05. The FactSet EPS consensus is $4.82. For fiscal 2020, the company expects U.S. sales growth to be 3% or greater and U.S. same-store sales growth of 2.5% to 3.0%. The FactSet net sales consensus for 2020 of $530.4 billion implies 2.9% growth and the FactSet same-store sales consensus is for a 2.4% rise. E-commerce sales growth for 2020 is expected to be 35%. The stock has rallied 7.1% over the past three months while the SPDR S&P Retail ETF has lost 3.6% and the Dow Jones Industrial Average has edged up 0.7%.

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MarketWatch MarketPulse
Oct 15, 2018

Microsoft co-founder Paul Allen dies at 65
Paul Allen, the co-founder of Microsoft Corp. , died Monday from complications of non-Hodgkin's lymphoma. He was 65. "While most knew Paul Allen as a technologist and philanthropist, for us he was a much-loved brother and uncle, and an exceptional friend," his sister, Jody Allen, said in a statement. Allen announced earlier this month that his cancer, which he had been treated for in 2009, had returned.

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Oct 15, 2018

Facebook to ban false information on voting in U.S. midterm elections: report
Facebook Inc. has embarked on another effort to curb voter manipulation, with executives telling Reuters that the company will ban misinformation about voting requirements and untrue reports of conditions at polling sites that could prevent people from showing up to vote, such as long poll lines or violence at polling stations, ahead of and during next month's U.S. midterm elections. The ban was set to be widely announced later Monday, Reuters reported. Facebook executives are also weighing whether to follow Twitter Inc. and ban posts linking to hacked materials, the report said. Facebook last week removed hundreds of U.S.-based pages and accounts it said were spreading false or misleading political content ahead of the elections.

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Oct 15, 2018

Palo Alto Networks names Google's Amit Singh president
Palo Alto Networks Inc. shares declined in the extended session Monday after the cybersecurity company named a new president and reiterated its first-quarter guidance. Palo Alto shares fell 1.6% after hours, following a 1.3% decline to close at $209.20 in the regular session. The company said Amit Singh will succeed Mark Anderson as president on Nov. 1. Singh most recently served as Alphabet Inc.'s vice president of business and operations in emerging computing platforms at Google. Anderson will remain on in an advisory role until May 1, 2019, Palo Alto said. Singh's appointment comes a little over four months after Nikesh Arora became chief executive and chairman. Palo Alto reiterated its first-quarter adjusted earnings outlook of $1.04 to $1.06 a share on revenue of $625 million to $635 million. Analysts surveyed by FactSet expect earnings of $1.06 a share on revenue of $632.6 million.

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MarketWatch MarketPulse
Oct 15, 2018

Twilio agrees to buy SendGrid for $2 billion, SendGrid shares jump 17%
SendGrid Inc. stock jumped 17% in the extended session Monday after Twilio Inc. said it has agreed to buy the Denver-based email platform company for $2 billion in an all-stock deal. Under the terms of their agreement, a Twilio subsidiary will be merged with and into SendGrid, with SendGrid surviving as a wholly owned subsidiary of San Francisco-based Twilio, the companies said. At the closing, expected for the first half of 2019, each share of SendGrid stock will be converted into the right to receive 0.485 shares of Twilio stock, representing a per-share price for SendGrid stock of $36.92 based on Twilio's closing price on Monday. Both boards will have to approve the deal. The companies will report third-quarter results on Nov. 6, but they said Monday they both have exceeded their guidances provided earlier in the year. Guidance for a combined company will be provided after the deal is closed, the companies said. Shares of Twilio fell 4% after ending the regular trading day up 1.5%; SendGrid shares ended 0.2% lower.

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MarketWatch MarketPulse
Oct 15, 2018

Jeld-Wen shares drop following cut outlook, CFO departure
Jeld-Wen Holding Inc. shares dropped in the extended session Monday after the door and window maker cut its outlook and announced a new chief financial officer. Jeld-Wen shares fell 16% after hours, following a 0.2% decline to close the regular session at $21.31. The company said it expects adjusted third-quarter earnings before interest, tax, depreciation and amortization of $130 million to $135 million, down from its previous forecast of $143 million to $153 million, on revenue of $1.13 billion to $1.14 billion. Analysts surveyed by FactSet had estimated adjusted EBITDA of $146.5 million on revenue of $1.16 billion. For the year, Jeld-Wen expects adjusted EBITDA of $455 million to $470 million, down from its prior range of $500 million to $520 million, while analysts expect $503.8 million. The company also said that CFO L. Brooks Mallard is leaving the company to pursue other interests and will be succeeded on Nov. 8 by John Linker, who is currently senior vice president of corporate development and investor relations.

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MarketWatch MarketPulse
Oct 15, 2018

Adobe stock gains after company sees better 2019
Adobe Inc. shares rose nearly 4% in the extended session Monday after the software company reaffirmed its 2018 sales and profit targets and said it expects revenue 20% higher for 2019. Adobe said it was on track to reach fiscal fourth-quarter revenue of $2.42 billion, GAAP fourth-quarter per-share earnings of $1.42, and adjusted EPS of $1.87. The targets do not reflect Adobe's pending acquisition of Marketo, the company said. Adobe said it plans to report fourth-quarter earnings on Dec. 13. Shares ended the regular trading day down 4.3%.

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MarketWatch MarketPulse
Oct 15, 2018

Stocks end lower as tech weakness mutes rebound attempt
Stocks ended a choppy session lower Monday, with weakness in the tech sector proving a drag as investors assessed the fallout from last week's U.S.-led equity rout. The S&P 500 ended 0.6% lower near 2,750.79, according to preliminary figures. The Dow Jones Industrial Average sank to a session low just ahead of the closing bell, declining nearly 90 points, or 0.4%, to end near 25,250 after rising by more than 140 points at its session high. The tech-heavy Nasdaq Composite declined 0.9%. The S&P 500 tech sector continued the bloodletting seen last week, falling 1.6% to leave it down around 7.5% so far in October.

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Oct 15, 2018

Saudi Arabia preparing to admit Khashoggi was killed after interrogation: CNN
Saudi Arabia is preparing to admit that Jamal Khashoggi's death was the result of an interrogation that went wrong, CNN reported, citing unnamed sources. The report said Saudi Arabia will admit that Khashoggi, a Washington Post columnist critical of the kingdom, was killed in its Istanbul consulate. Saudi Arabia will also admit that they were planning to abduct Khashoggi, the report said.

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MarketWatch MarketPulse
Oct 15, 2018

U.S. shale oil output forecast to climb by 98,000 barrels a day in November: EIA
Crude-oil production from seven major U.S. shale plays is expected to see a climb of 98,000 barrels a day in November to 7.714 million barrels a day, according to a report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 53,000 barrels a day in November from October. The data were released ahead of the oil-price settlement Monday. November West Texas Intermediate oil rose 44 cents, or 0.6%, to settle at $71.78 a barrel.

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MarketWatch MarketPulse
Oct 15, 2018

Whirlpool says there will be 'very limited' impact from Sears bankruptcy
Whirlpool Corp. said Monday morning that the Sears Holdings Corp. bankruptcy "will have a very limited impact" on the appliance maker's results. Whirlpool said that about $30 million, or 1%, of its aggregate accounts receivable exposure was with Sears as of Sept. 30. And Sears sales represents less than 2% of global net sales. The company does not anticipate any impact to full-year 2018 earnings per share. Whirlpool stock is up 2% in Monday trading, but down 37.2% for the year to date. The S&P 500 index is up 3.3% for 2018 so far.

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MarketWatch MarketPulse
Oct 15, 2018

U.S. business inventories rise sharply again in August
WASHINGTON (MarketWatch) - Business inventories in the U.S. rose 0.5% in August, the Commerce Department said Monday. Sales also increased 0.5% in the month. The ratio of inventories to sales, meanwhile, was unchanged at 1.34. That's how many months it would take to sell all the inventory on hand. One year ago, the inventory-to-sales ratio was a higher 1.39. An increase in inventories adds to gross domestic product and is usually a sign of an expanding economy. The increase in inventories in July was raised to 0.7% from an original 0.6%.

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MarketWatch MarketPulse
Oct 15, 2018

Lululemon upgraded on analytics and e-commerce strength
Lululemon Athletica Inc. was upgraded to outperform from neutral at Wedbush on the company's strong fundamentals, including data analytics and technology, that puts them on the path to growth. Wedbush has a $176 price target on Lululemon. Wedbush analyst Jen Redding says in a note that the athleisure retailer has potential for e-commerce growth, a bigger men's business, and international expansion as well. "We look for a strong holiday season ahead across U.S. retail, and we see Lululemon as well positioned to capitalize on it," the note said. Wedbush stock is up nearly 2% in early Monday trading, and up more than 147% for the past year. The S&P 500 index is up 8.2% for the period.

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MarketWatch MarketPulse
Oct 15, 2018

Dow resumes slide as Sears files for bankruptcy, B.of A. reports results
U.S. stock benchmarks fell at the start of trade on Monday, resuming a retreat for the major benchmarks that resulted in the worst weekly losses since March. The decline for stocks come after an iconic retailer announced that it was filing from protection from creditors and as banks rolled out third-quarter results. The Dow Jones Industrial Average slipped by 52 points, or 0.2%, at 25,289, the S&P 500 index declined by about 0.2% at 2,758. Meanwhile, the Nasdaq Composite Index fell about 0.7% to 7,443. In corporate news, Bank of America Corp. reported third-quarter results that beat expectations ahead of the market's official open. Separately, retailer Sears Holdings Corp. filed for bankruptcy as had been widely expected. Last week's decline in stocks were partly fueled by a surge in government bond yields, which can translate to higher borrowing costs for corporations and individuals.

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MarketWatch MarketPulse
Oct 15, 2018

KLA-Tencor stock drops after Evercore downgrade
Shares of KLA-Tencor Corp. are down 1.2% in premarket trading Monday after Evercore ISI analyst C.J. Muse downgraded the stock to in-line from outperform. He had upgraded the stock to outperform last month, but he now argues that KLA-Tencor will have the "largest peak-to-trough decline of the front-end equipment suppliers." Muse now expects that the March quarter will be the trough for equipment sales, given that his latest round of channel checks showed "an even more meaningful cut to KLAC's build than originally anticipated due to continuing memory weakness." Muse cut his price target to $100 from $140. His downgrade comes one day before fellow chip-equipment company Lam Research Corp. reports September-quarter earnings. Muse has an outperform rating on Lam shares. KLA-Tencor's stock has fallen 12% over the past 12 months, while the S&P 500 has gained 8.4%.

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MarketWatch MarketPulse
Oct 15, 2018

Trump sending Pompeo to Saudi Arabia after king denies Khashoggi knowledge
President Donald Trump said Monday Saudi Arabia's King Salman denied knowing what may have happened to missing Saudi journalist Jamal Khashoggi. Trump said on Twitter he spoke to the king Monday morning and that he is "immediately" sending Secretary of State Mike Pompeo to meet with him. Executives including JPMorgan Chase & Co.'s Jamie Dimon have dropped out of an upcoming investment conference in Saudi Arabia following Khashoggi's disappearance.

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MarketWatch MarketPulse
Oct 15, 2018

Netflix target price lowered to $400 from $445 by Raymond James
Raymond James is lowering its target price for Netflix to $400 from $445 "to reflect higher discount rates in a rising interest rate environment," analyst Justin Patterson wrote in a note Monday morning. Netflix shares were down 0.7% in premarket trading Monday, after falling over 6% last week amid a broader selloff over concerns about rising interest rates and trade tensions. Shares of Netflix have gained 76% in the year to date, while the S&P 500 has gained 3.5%. Patterson maintained the streaming giant's outperform rating, saying he remains "bullish" amid large "upside drivers to revenue" and light competition. The company announces third-quarter earnings on Tuesday after market close, and investors will be looking at whether the company will hit subscriber growth expectations after missing them last quarter.

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MarketWatch MarketPulse
Oct 15, 2018

Ross Stores reaches store growth goals with 40 new locations
Ross Stores Inc. said Monday that it has reached its fiscal 2018 store growth goals with 40 new locations opening in September and October. The off-price retailer's aim was to open 99 new stores in the fiscal year. The company now operates nearly 1,500 Ross stores and more than 230 dd's Discounts, according to a statement from Jim Fassio, Ross Stores' chief development officer. The company now has long-term growth goals of 2,400 Ross locations and 600 dd's stores. Ross Stores shares have rallied nearly 52% over the last year, outpacing the S&P 500 index , which is up 8.4% for the period.

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MarketWatch MarketPulse
Oct 15, 2018

Cheesecake Factory downgraded on same-store sales concerns
Cheesecake Factory Inc. was downgraded to neutral from buy at Kalinowski Equity Research based on checks that prompted a 40-basis-point decline in its third-quarter same-store sales guidance, to 1.8% growth. The FactSet consensus is for same-store sales growth of 2.2%. "[O]ur checks suggest to us that the potential for upside relative to consensus for Q3E and/or Q4E has diminished to a meaningful degree," the note said. Cheesecake Factory shares are up 4.2% for the year to date while the S&P 500 index has gained 3.5% for the period.

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MarketWatch MarketPulse
Oct 15, 2018

Alnylam shares drop 1.8% on new FDA approval strategy for rare disease drug
Alnylam Pharmaceuticals Inc. shares dropped 1.8% in Monday premarket trade after the company announced that it intends to apply for full U.S. approval of its rare disease drug, rather than a faster-than-usual approval, signifying a more extended approval timeline for the therapy. The drug, givosiran, is currently in a phase 3 clinical trial, with preliminary results expected in early 2019. Alnylam plans to submit a "rolling" new drug application with the Food and Drug Administration starting this year, with full clinical trial results from the phase 3 trial to be submitted in mid-2019. Givosiran is intended for acute hepatic porphyria, a group of rare genetic diseases characterized by attacks that can be life-threatening, as well as chronic and painful symptoms. Alnylam's decision to go for full approval is "not a surprise to us: this plan is, in our opinion, a byproduct of faster than expected enrollment of the phase III Envision trial, and we'd be buying the stock on any weakness that ensues," said Stifel analyst Paul Matteis, who noted that company management had previously suggested that this might happen. Alnylam shares have dropped 23.8% over the last three months, compared with a 1.2% decline in the S&P 500 and a 1.3% rise in the Dow Jones Industrial Average .

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MarketWatch MarketPulse
Oct 15, 2018

Zillow to include Canadian listings on its mobile app and website
Real-estate marketplace Zillow Group Inc. said Monday it is expanding a marketing agreement with Realty Executives International to include listings from Canada on its mobile app and website. The company said it has more than 100 million visits from non-U.S. home seekers a year, a large number of whom are from Canada. Listings from several Canadian brokerages will soon be live on Zillow with a description and photos of each property with listing agent. Zillow shares were not yet active premarket, but have fallen 5.8% in 2018, while the S&P 500 has gained 3.5%.

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MarketWatch MarketPulse
Oct 15, 2018

Yeti Holdings refiles for IPO after scrapping earlier plans
Yeti Holdings , a maker of coolers and drinking equipment, refiled for an initial public offering on Monday, saying it plans to offer 20 million shares priced at $19 to $21 each. The company had filed for an IPO in 2016, but scrapped those plans earlier this year, citing market conditions. BofA Merrill Lynch, Morgan Stanley and Jefferies are lead underwriters on the deal with another nine banks acting as co-managers. The company would raise $400 million at the midpoint of its price range. It plans to list on the New York Stock Exchange under the ticker symbol "YETI".

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MarketWatch MarketPulse
Oct 15, 2018

Kimco Realty expects to get better lease prices for its 14 Sears locations
Mall real estate investment trust Kimco Realty Corp. said Monday it expects to benefit from the bankruptcy filing by Sears Holdings Corp. . The company said its exposure to Sears is limited to 14 leases, eleven of which are for Kmart stores, equal to about 1.9% of its total gross leasable area. "Today's announcement may afford us the long-awaited opportunity to recapture boxes with significant mark-to-market potential in our core markets, and sparks several new redevelopment opportunities within our portfolio," Kimco Chief Executive Conor Flynn said in a statement. Sears and Kmart pay among the lowest rents of any tenant in Kimco's portfolio, he said, at an average base rent of $5.25 per square foot, compared with the portfolio average of $15.95. The 14 locations have good demographics, with a population of 129,000 within a three-mile radius and average household income of $88,000. Kimco shares were not yet active premarket, but have fallen 18.4% in 2018, while the S&P 500 has gained 3.5%.

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MarketWatch MarketPulse
Oct 15, 2018

EyePoint Pharma shares jump on FDA approval of Yutiq implant
EyePoint Pharmaceuticals Inc. shares soared 8% in premarket trade Monday, after the company said the U.S. Food and Drug Administration has approved its Yutiq implant for the treatment of uveitis, a leading cause of blindness. Yutiq is a micro-insert that is designed to release fluocinolone acetonide over a three-year period and that can be administered in a doctor's office. :Chronic non-infectious uveitis affecting the posterior segment of the eye is the third leading cause of blindness in the U.S.," Chief Executive Nancy Lurker said in a statement. The company is expecting to launch the product in the first quarter of 2019. EyePoint shares have gained 199% in 2018, while the S&P 500 has gained 3.5%.

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MarketWatch MarketPulse
Oct 15, 2018

Canopy Growth to acquire IP and other assets of Colorado-based hemp company Ebbu
Canadian pot company Canopy Growth Corp. said Monday it has agreed to acquire the assets of Colorado-based Ebbu Inc., a hemp research company, for CAD25 million plus 6.2 million shares. The deal will "complement and accelerate multiple core verticals operating under Canopy Growth's group of companies," Canopy said in a statement. Canopy will take over IP and research and development conducted by Ebbu for its hemp and THC-rich cannabis genetic breeding program and its cannabis-infused beverage capabilities. The company is expecting to cut the cost of CBD production using Ebbu's IP. The news comes just two days before Canada fully legalizes cannabis on Oct. 17. The deal is expected to close in November, subject to regulatory approvals by the TSE and NYSE. Shares rose 2.8% premarket and have gained 110.5% in 2018, while the S&P 500 has gained 3.5%.

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MarketWatch MarketPulse
Oct 13, 2018

Jared Kushner hasn't paid federal income taxes in years: New York Times
Although Jared Kushner's net worth has quintupled to nearly $324 million in the last decade, he appears to have dodged federal income taxes for several years now, according to a New York Times investigation published Saturday. Kushner, a senior White House adviser and President Trump's son-in-law, managed to avoid hefty tax bills thanks to millions of dollars in losses he recorded. Those losses stemmed from depreciation on Kushner and his company's real-estate holdings. The New York Times [S: NYT] based its findings on confidential financial documents it obtained. Earlier this month, another New York Times investigation alleged that President Trump received at least $413 million from his father's real estate empire, contradicting the president's claims that he built his business on just a $1 million loan from his father.

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MarketWatch MarketPulse
Oct 13, 2018

President Trump to meet with freed pastor Brunson Saturday
President Donald Trump plans to meet Saturday afternoon with American pastor Andrew Brunson in the Oval Office. On Twitter [S: TWTR], Trump called Brunson "a great Christian who has been through such a tough experience." He also thanked Turkish President Recep Tayyip Erdogan for his role in freeing Brunson, but noted that no deal was made in conjunction with the pastor's release. Brunson had been in jail for nearly two years for allegedly participating in a coup attempt and collaborating with terrorist groups.

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MarketWatch MarketPulse
Oct 12, 2018

Papa John's appoints COO, unveils new structure for company
Papa John's International Inc. said late Friday that it had appointed Mike Nettles as chief operating and growth officer and a new structure for the company. Nettles previously served as the company's chief information officer and joined the company in 2017, Papa John's said. As part of the reorganization the company also named Justin Falciola as chief analytics and technology officer and Melissa Richards-Person as chief brand officer, among other executive appointments. Papa John's is currently embroiled in an ongoing battle with the company's founder, John Schnatter, who was ousted from the chief executive position following a series of controversies. Papa John's stock fell 0.4% after hours and closed up 0.9% to $52.91 during the regular session. The S&P 500 index closed up 1.4% Friday.

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MarketWatch MarketPulse
Oct 12, 2018

Walmart acquires intimates brand Bare Necessities
Walmart Inc. announced late Friday that it has acquired Bare Necessities, an online women's lingerie retailer, for an undisclosed amount. Bare Necessities will continue to operate as a standalone site. The company's chief executive, Noah Wrubel, will lead the intimates category across Jet.com and the Walmart e-commerce site. Bare Necessities' team of more than 170 employees and its co-founder Bill Richardson will remain based in Edison, N.J. Other recent Walmart acquisitions include Bonobos, an online men's retailer; Modcloth, an online women's retailer; and Eloquii, a plus-size retailer. Walmart shares are down 4% for the year to date while the Dow Jones Industrial Average [S: djia] has gained 2.5% for the period.

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MarketWatch MarketPulse
Oct 12, 2018

Broadcom gets final antitrust approval, clearing way for CA acquisition
Broadcom Inc. said late Friday it received approval from European authorities for its acquisition of CA Inc. . In a filing with the Securities and Exchange Commission, Broadcom said the antitrust clearance from the European Union was the last hurdle to close the deal after having received approval from Japanese regulators on Oct. 2. Broadcom said it expects to close the deal by Nov. 5, the first day of its fiscal year 2019. In July, Broadcom announced an $18.9 billion bid for CA, which knocked Broadcom's stock down 14% the next trading day. Broadcom shares were up less than 0.1% after hours, while CA shares were up 0.5%.

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MarketWatch MarketPulse
Oct 12, 2018

Hurricane Michael caused as much as $5 billion in insured property damage, CoreLogic says
Residential and commercial properties in Florida sustained between $3 billion and $5 billion in damage, including from storm surge and wind, according to an estimate out late Friday from real estate data provider CoreLogic. "At this time, it is unlikely that inland flooding will be a major contributor to loss totals, but CoreLogic will continue to evaluate this as the storm unfolds," the company said. Approximately 192,000 residential properties, mostly in Florida but a few in Georgia, were affected by the storm, CoreLogic said.

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MarketWatch MarketPulse
Oct 12, 2018

Stocks finish higher but leave intact biggest weeklong slump since March
U.S. stocks end higher on Friday, nonetheless leaving equity benchmarks with the steepest weekly slump since March, as risk assets attempted to make a comeback. The S&P 500 picked up 38 points, or 1.4%, to around 2,767. The Dow Jones Industrial Average advanced 279 points, or 1.1%, to around 25,331. The Nasdaq Composite climbed 168 points, or 2.3%, to around 7,497. For the week, the S&P fell 4.1%, the Dow fell 4.2%, and the Nasdaq slipped 3.7%. The Dow and the S&P booked their third straight weekly loss, while the Nasdaq booked its second. This week, equities struggled with the implications of rising bond yields, though they partially retraced their climb this week. In corporate news, JPMorgan Chase & Co. and Citigroup's earnings came ahead of expectations but their stocks still closed mixed.

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
Oct 12, 2018

DOJ charges three traders, two plead guilty, to spoofing and commodities fraud
The Department of Justice filed criminal charges Thursday against three former commodities traders for their alleged participation in a commodities fraud and spoofing conspiracy that resulted in more than $60 million in losses to investors. Krishna Mohan of New York, and Kamaldeep Gandhi of Chicago agreed to plead guilty to conspiracy to engage in wire fraud, commodities fraud and spoofing. Yuchun "Bruce" Mao, a citizen of the People's Republic of China, co-led a commodities trading team at an unnamed trading firm with operations in Chicago and New York and was also indicted on one count of conspiracy to commit commodities fraud, two counts of commodities fraud and two counts of spoofing. Mao is contesting the charges. From March 2012 through March 2014, Mao and others allegedly conspired to mislead the markets for E-Mini S&P 500 and E Mini NASDAQ 100 futures contracts traded on the Chicago Mercantile Exchange and E-Mini Dow futures contracts traded on the Chicago Board of Trade by placing thousands of orders that they did not intend to execute, or "spoof orders," in order to create the false and misleading appearance of increased supply or demand. Market participants that traded futures contracts in these three markets while the spoof orders distorted market prices incurred market losses of over $60 million.

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
Oct 12, 2018

U.S. oil benchmark settles higher, still loses 4% for the week
The U.S. oil benchmark inched up on Friday, paring its weekly loss to about 4%. Prices for the commodity got a boost as the U.S. stock market climbed in the wake of two sessions of sharp losses that had sparked concerns over the outlook for energy demand. November West Texas Intermediate oil rose 37 cents, or 0.5%, to settle at $71.34 a barrel on the New York Mercantile Exchange. The decline for the week followed four consecutive weeks of gains.

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
Oct 12, 2018

Gold prices fall for the session, settle higher for a second straight week
Gold prices fell on Friday, but scored a gain of more than 1% for the week. The precious metal saw prices jump to their highest settlement in more than two months on Thursday as steep declines in the global and U.S. stock markets lured investors to the perceived safety of gold. Benchmark stock indexes climbed during gold's session Friday, however, prompting the metal's decline for the session. December gold fell $5.60, or 0.5%, to settle at $1,222 an ounce. The most-active contract climbed by 1.4% for the week, according to FactSet data.

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



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