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Gold prices mark lowest settlement in more than a week

32 min ago

Gold prices fell below $1,300 an ounce on Tuesday to finish at their lowest level in more than a week on the back of strength in the U.S. dollar and inflation growth in the United Kingdom. December gold lost $16.80, or 1.3%, to settle at $1,286.20 an ounce. That was the lowest finish since Oct. 9 and biggest one-day percentage decline since Sept. 21, according to FactSet data.

Trump Fed chief choice seen being made before Asia trip, reports say

2 hours ago

President Trump will announce his pick to head the Federal Reserve before he leaves for his Asian trip that starts Nov. 3, multiple news outlets including The Wall Street Journal reported Tuesday. The candidates appear to be those whose names who have been widely circulated: the current Fed chair, Janet Yellen, as well as Fed Gov. Jerome Powell, former Fed Gov. Kevin Warsh, National Economic Council Director Gary Cohn and Stanford professor John Taylor.

Dow's record rise belies bad market breadth

2 hours ago

The Dow Jones Industrial Average broke through 23,000 for the first time in intraday trade Tuesday, and remained in positive territory in midday trade, but broader market internal readings are decidedly negative. The number of declining stocks outnumbered advancers by a 1,529-to-1,204 score on the NYSE and by a 1,344-to-1,162 margin on the Nasdaq exchange. And declining volume was 58.0% of total volume on the Big Board and 53% of total volume in the Nasdaq. Even within the Dow, 21 of 30 components are declining, but the Dow was still up 18 points. It was up as much as 45.24 points earlier at an all-time intraday high of 23,002.20 earlier. The Dow was up Tuesday, primarily because of the $9.42, or 4.9%, gain in UnitedHealth Group Inc.'s stock after better-than-expected earnings, which added about 65 points to the Dow's price.

UnitedHealth's stock heads toward biggest price rise in its 33-year history

3 hours ago

Shares of UnitedHealth Group Inc.'s stock extended their post-earnings gains, to put them on track for the biggest one-day price gain since they went public 33 years ago. The stock was up $10.30, or 5.3%, at a record high in morning trade, after reporting profits that beat expectations. That tops the previous biggest one-day price gain of $9.26 on Oct. 18, 2016. The company went public in October 1984. The stock's gain Tuesday was adding about 71 points to the price of the Dow Jones Industrial Average , which was up 21 points. UnitedHealth's stock has run up 27% year to date, while the SPDR Health Care Select Sector ETF has rallied 20% and the Dow has climbed 16%.

Health-care ETF rallies, boosted by UnitedHealth and J&J results

3 hours ago

The largest exchange-traded fund to track the health-care sector rallied on Tuesday, boosted by strong results in some of its largest components. The Health Care Select Sector SPDR ETF rose 0.9%, the largest one-day percentage for the ETF since Oct. 2. The move follows three straight days of losses for the fund, which is up 20% thus far this year. The day's gains were fueled by UnitedHealth Group Inc. , which rose 5.3% as the biggest gainer among the fund's components. The rise came after UnitedHealth reported third-quarter earnings that beat expectations and raised its full-year profit outlook. Separately, Johnson & Johnson gained 2.1% after it raised its sales and earnings outlook for the third straight quarter. Tuesday is set to be the biggest one-day rise for UnitedHealth's stock in about a year and its biggest point move in its history.

Neothetics's stock rockets on heavy volume after merger deal

4 hours ago

Shares of Neothetics Inc. more than doubled Tuesday on heavy volume, after the specialty pharmaceutical company announced an agreement in which a wholly-owned subsidiary of Neothetics will merge with privately held Evofem Biosciences. An affiliate of Invesco Asset Management Ltd., an existing investor in Evofem, has agreed to acquire an additional $20 million worth of common stock of the combined company. Neothetics's stock ran up as much as 138% in intraday trade, before paring gains to be up 91%. Volume was 12.8 million shares, compared with the full-day average of about 724,000 shares. Once the merger is completed, which is expected to occur in January 2018, Neothetics will be renamed Evofem Biosciences Inc., and will be led by Evofem Chief Executive Saundra Pelletier. Under terms of the deal, $171.4 million in value of Neothetics common stock will be issued to Evofem shareholders, while $28.6 million worth of common stock will be retained by Neothetics shareholders.

UnitedHealth, J&J stock rallies keeping Dow positive while Goldman drags

4 hours ago

Earnings reports are giving a nearly 60-point boost to the Dow Jones Industrial Average , as the rallies in the shares of UnitedHealth Group Inc. and Johnson & Johnson are offsetting the selloff in Goldman Sachs Group Inc.'s stock to keep the blue-chip barometer in positive territory. The Dow was up 15 points in morning trade, while 19 of 30 components lost ground. That's because UnitedHealth stock was up $9.67, the second-biggest price gain in the insurer's public history, and J&J shares were up $2.54, which combined added about 84 points to the Dow's price. Meanwhile, the other Dow component that reported results before the open was Goldman, and the stock tumbled $3.67, which shaved about 25 points off the Dow's price.

U.S. stocks open flat despite strong bank earnings

4 hours ago

U.S. stocks were little changed at the open on Tuesday, as investors continued to look through the latest corporate earnings to determine whether the near-record level of major indexes were justified by economic fundamentals. The Dow Jones Industrial Average rose 17 points, or 0.1%, to 22,915. The S&P 500 lost 2.5 points to 2,554, a decline of 0.1%. The Nasdaq Composite Index slid 8 points, or 0.1%, to 6,113. Bank stocks were in particular focus after Morgan Stanley and Goldman Sachs Group Inc both reported better-than-expected results. Shares of Morgan rose 1.9% while Goldman climbed 0.6%. Separately, Johnson & Johnson rose 1.5% after its results topped forecasts, while UnitedHealth Group Inc. was up 2.3% after its own profits came in ahead of consensus expectations.

CSX's stock falls after results, outlook

5 hours ago

CSX Corp.'s stock fell 1.6% in premarket trade, after the railroad and trucking company reported third-quarter sales that were just shy of expectations, but indicated that several markets continue to be impacted by specific headwinds. Net income rose to $459 million, or 51 cents a share, from $455 million, or 48 cents a share, in the same period a year ago. Adjusted earnings per share of 51 cents matched the FactSet consensus. Revenue increased 1% to $2.74 billion, compared with the FactSet consensus of $2.78 billion. The company said it expects 2017 adjusted EPS to rise 20% to 25% from 2016's $1.81, while the FactSet EPS consensus of $2.22 implies growth of 22.7%. On the post-earnings conference call with analysts, Chief Executive H. Hunter Harrison several markets continue to be impacted by specific headwinds, "most notably the anticipated decline in North America light vehicle production, the evaporation of unit train shipments of crude oil and the secular challenges of domestic utility call," according to a transcript provided by FactSet. The stock has lost 3.3% over the past three months through Monday, while the Dow Jones Transportation Average has gained 1.6% and the Dow Jones Industrial Average has climbed 6.1%.

Marino drops out as drug czar candidate, Trump says

5 hours ago

Rep. Tom Marino has withdrawn his name from consideration as President Donald Trump's head of the Office of National Drug Control Policy, Trump said in a tweet Tuesday morning. The Pennsylvania Republican's decision to pull out followed reporting from the Washington Post and CBS that he championed legislation that hamstrung the government's efforts to fight opioid abuse. "Tom is a fine man and a great Congressman!" Trump said.

MongoDB raises expected pricing range for IPO, could now raise up to $202.4 million

5 hours ago

MongoDB said Tuesday in a filing that its initial public offering is now expected to price between $20 to $22 a share, up from an expected range of $18 to $20 a share. The database software company could raise as much as $202.4 million from the offering, as it still plans to offer 8.0 million shares to the public, and have granted the underwriters options to buy an additional 1.2 million shares to cover overallotments. The company said Tuesday that its stock has been approved for listing on the Nasdaq Global Market under the ticker symbol "MDB." The company is looking to go public at a time when the SPDR Technology Select Sector ETF has rallied 6.8% over the past three months and the S&P 500 has gained 4.0%.

W.W. Grainger shares jump 3.9% premarket after profit beat

5 hours ago

WW Grainger Inc. shares climbed 3.9% in premarket trade Tuesday, after the supplier of maintenance, repair and operating products posted better-than-expected third-quarter profit. The company said it had net income of $162 million, or $2.79 a share, down from $186 million, or $3.05 a share, in the year-earlier period. Adjusted per-share earnings came to $2.90, wall ahead of the FactSet consensus of $2.56. Sales rose 3% to $2.6 billion, matching the FactSet consensus. "Our U.S. business had strong volume in the quarter driven by our strategic pricing initiatives and an improving demand environment," Chief Executive DG Macpherson said in a statement. "We saw a solid response from digital marketing activities that began in mid-August, particularly from our mid-sized customers." The company said it is sticking with the midpoint of full-year EPS guidance, despite challenges in Canada and the U.S. specialty business sales, he said. The company is expecting full-year sales growth of 1.5% to 2.5% and EPS of $10.40 to $10.90, compared with previous guidance of sales growth of 1% to 4% and EPS of $10 to $11.30. Shares have fallen 21% in 2017, while the S&P 500 has gained 14%.

Goldman's stock rally set to deliver 20-point boost to Dow industrials' push to 23,000

5 hours ago

The Dow Jones Industrial Average was set to open up slightly higher on Tuesday, inching closer to a key level at 23,000, with Goldman Sachs Group Inc. delivering the lion's share of that upswing. Shares of the investment banking powerhouse were set to provide the Dow a 20-point jolt after it reported third-quarter results early Tuesday that beat market expectations. Goldman reported third-quarter net revenue of $8.3 billion, or $5.02 a share, up from $8.2 billion and $4.88, in the year-ago quarter. The company still produced a weak performance in its bread-and-butter business of fixed-income trading, but that weakness was in line with its rivals. Goldman is one of the more influential components of the price-weighted Dow by dint of its more than $200 share price. In premarket trade, Goldman shares traded $2.89 or 1.2%. That equates to a roughly 20-point gain for the Dow because a $1 move in any one of the gauge's 30 components translates to a swing of 6.89. Dow futures were up 21 points, or 0.1%, at 22,920. Elsewhere, the market looked to open little changed, with the S&P 500 index futures trading flat, while futures for the Nasdaq-100 were trading near breakeven levels. All three benchmarks, the Nasdaq Composite , the Dow, and the S&P 500 closed at records.

U.S. import prices surge 0.7% in September

5 hours ago

WASHINGTON (MarketWatch) - The cost of imported goods jumped 0.7% in September in the biggest gain in more than a year, led by fuel prices and industrial supplies. Excluding fuel, import prices rose a smaller 0.3%. Over the past 12 months the import price index has risen 2.7%, up from 2.1% in the prior month, the government said Tuesday. That's still well below a recent high of 4.7% in February. Export prices rose 0.8% last month.

Cintas raises annual dividend 22%

6 hours ago

Cintas Corp. said Tuesday it will raise its annual dividend by 22% to $1.62 a share from $1.33 a share. The new dividend will be payable Dec. 8 to shareholders for record on Nov. 10. At Monday's stock closing price of $151.22, the new dividend would represent a dividend yield of 1.07%, compared with the implied aggregate yield for the S&P 500 of 1.95%. The uniforms seller said it has increased its dividend every year since it went public in 1983. The stock, which rose 1.1% in light premarket trade, has rallied 31% year to date through Monday, while the S&P 500 has gained 14%.

Synchronoss's stock shoots up after subsidiary sale, equity investment

6 hours ago

Shares of Synchronoss Technologies Inc. shot up 14% in premarket trade Tuesday, after the software company announced a deal to sell a subsidiary and receive another equity investment from its largest shareholder. The company said that after completing a review of strategic alternatives, it decided to sell its wholly-owned subsidiary Intralinks Holdings Inc. to private-equity firm Siris Capital Group LLC for $1 billion. As part of the agreement, Siris will make a $185 million investment in convertible preferred equity of Synchronoss, which would be convertible into 19.8% of Synchronoss's shares outstanding. Recent filings show Siris Capital was Synchronoss's largest shareholder with a stake of 6.0 million shares, or 12.9% of the shares outstanding as of Oct. 5, according to FactSet. The deal with Siris will allow Synchronoss to focus on its core communications and media business. The stock had plunged 64% year to date through Monday, while the SPDR Technology Select Sector ETF had climbed 26% and the S&P 500 had rallied 14%.

Impax Laboratories and Amneal Pharmaceuticals to merge, creating the 5th-largest U.S. generics business

6 hours ago

Impax Laboratories Inc. and privately-held Amneal Pharmaceuticals LLC announced Tuesday an agreement to merge in a all-stock deal, forming a new publicly traded company named Amneal Pharmaceuticals Inc. Impax shareholders will own 25% of the new company's shares and Amneal Holdings member will own 75%. The companies said the new company will have the fifth largest generics business in the U.S. Impax's market capitalization was $1.48 billion at Monday's stock closing price. In connection with the deal, Amneal Holdings member have entered into private-placement agreements with TPG and Fidelity management & Research Co. to sell 46.8 million unregistered common shares at $18.25 a share. The companies expects annual synergies of $200 million within three years after the deal closes, which is expected in the first half of 2018. Separately, Impax affirmed its 2017 financial guidance. Impax's stock, which is currently halted for news, had run up 51% year to date, while the SPDR S&P Pharmaceuticals ETF had gained 9.3% and the S&P 500 had advanced 14%.

Goldman Sachs stock jumps as earnings crush estimates

6 hours ago

Shares of Goldman Sachs Group, Inc. jumped more than 1 percent in pre-market trading after the bank reported third-quarter results that handily beat market expectations. Goldman said it had third-quarter net revenue of $8.3 billion, or per-share earnings of $5.02, up from $8.2 billion and $4.88, in the year-ago quarter. Analysts surveyed by FactSet had forecast revenues of $7.5 billion and EPS of $4.17. Investment banking revenue was 17% higher than in the third quarter of 2016, the bank said. But revenues from trading of fixed income, currencies and commodities sank 26% for the year. For the year to date, the stock has gained only 1.2%, compared to a 16% increase for the Dow Jones Industrial Average , and 15.8% for rival Morgan Stanley .

Harley-Davidson reports profit and revenue decline

7 hours ago

Harley-Davidson Inc. reported third-quarter net income of $68.2 million, or 40 cents per share, down from $114.1 million, or 64 cents per share, for the same period last year. The FactSet consensus was 39 cents. Revenue totaled $962.1 million, down from $1.09 billion last year but ahead of the $952.0 million FactSet estimate. Harley-Davidson noted that while its U.S. motorcycle sales were down 8.1% year-over-year, the overall U.S. industry was down 9.2% for the period. The company continues to expect to ship 241,000 to 256,000 motorcycles to dealers around the world in 2017 down 6% to 8% from last year. In the fourth quarter the company expects to ship 46,700 to 51,700 in the fourth quarter compared with 42,414 last year. Harley-Davidson shares are inactive in Tuesday premarket trading, and down 20.2% for the year so far. The S&P 500 index was up 14.2% for 2017 so far.

UnitedHealth Group reports Q3 earnings beat, revenue miss

7 hours ago

UnitedHealth Group Inc. reported a third-quarter earnings beat and revenue miss early Tuesday. Earnings for the latest quarter rose to $2.56 billion, or $2.51 per share, from $1.98 billion, or $2.03 per share in the year-earlier period. Adjusted earnings-per-share were $2.66, above the FactSet consensus of $2.56. Revenue rose to $50.32 billion from $46.29 billion, below the FactSet consensus of $50.37 billion. The latest results include $1.6 billion less in year-over-year consolidated revenues, related to the company's withdrawals from Affordable Care Act markets, which the company said affects comparability of 2017 results with prior periods. Results also include the negative impact of health insurance tax deferral, the company said, and a 17% increase in revenues related to medical benefit products for seniors and Medicare products. The company's pharmacy-benefit manager unit, Optum, also grew revenues year-over-year by 8%. UnitedHealth now expects 2017 EPS to approach $9.45 per share and adjusted net earnings to approach $10.00 per share, compared with previous 2017 net earnings guidance of $9.20 to $9.35 per share and adjusted net earnings of $9.75 to $9.90 per share. UnitedHealth shares were not active in premarket trade. Shares have risen 3.7% over the last three months, compared with a 4% rise in the S&P 500 .

Johnson & Johnson's stock jumps after profit and sales beat, raised outlook

7 hours ago

Shares of Johnson & Johnson rallied 1.4% in premarket trade Tuesday, after the drug and consumer products company beat third-quarter earnings expectations and raised its full-year outlook. Net income fell to $3.76 billion, or $1.37 a share, from $4.27 billion, or $1.53 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.90, above the FactSet consensus of $1.80. Revenue rose to $19.65 billion from $17.82 billion, beating the FactSet consensus of $19.29 billion. Pharmaceutical sales increased 15% to $9.7 billion, topping the FactSet consensus of $9.3 billion, while consumer sales growth of 2.9% to $3.4 billion matched expectations. The company raised its 2017 revenue outlook to a range of $76.1 billion to $76.5 billion from $75.8 billion to $76.1 billion and its adjusted EPS outlook to $7.25 to $7.30 from $7.12 to $7.22. The stock has rallied 18.2% year to date through Monday, while the SPDR Health Care Select Sector ETF has climbed 19.0% and the Dow Jones Industrial Average has advanced 16.2%.

Huge Uber-Softbank deal could come within days, Huffington says

14 hours ago

Softbank Group Corp.'s long-rumored multi-billion-dollar investment in Uber Technologies Inc. could be finalized within the next week, Uber board member Arianna Huffington said Monday night. Speaking at the WSJ D.Live conference in Laguna Beach, Calif., Huffington said the Japanese conglomerate is seeking a 14% to 20% stake in the San Francisco-based ride-hailing giant. She said Uber was still waiting for the right price, though she did not disclose any numbers. Separately, Recode reported late Monday that Softbank was considering the creation of a second investment fund, possibly even bigger than its current $93 billion Vision Fund.

LiveXLive seeks to raise up to $123.8 million in IPO

20 hours ago

LiveXLive Media Inc. plans to raise up to $123.8 million in its initial public offering, according to a Securities and Exchange Commission filing late Monday. The Beverly Hills, Calif.-based live-music video content site said will offer 7.7 million shares at $12 to 14 apiece, with underwriters getting an additional 1.2 million shares to cover overallotments. BMO Capital markets is listed as the sole book-running manager. The company plans to list with the ticker "LXL" on the New York Stock Exchange. LiveXLive reported 2016 revenue of $36.7 million and a net loss of $6.6 million, or $10.5 million to common shareholders.

Sonic shares fall 3% after same-store sales falter after Hurricane Harvey

21 hours ago

Shares of Sonic Corp. fell more than 3% late Monday after the fast-food company reported weaker-than-expected same-store sales in the fourth quarter of fiscal 2017, pinning the decline in part to devastation brought on by Hurricane Harvey and marketing failures. Sonic said it earned $20.8 million, or 50 cents a share, compared with $25.4 million, or 53 cents a share, in the same period of last year. Adjusted for one-time items, Sonic earned 45 cents a share, the same as last year's period. Sonic's sales reached $123.6 million, down from $162 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 43 cents a share on sales of $126.1 million. Same-store sales fell 3.3% in the quarter. The analysts surveyed by FactSet had expected a decline of 1.6% for same-store sales.

Microsoft CEO gets $20 million in total compensation

21 hours ago

Microsoft Corp. Chief Executive Satya Nadella is getting at $2.3 million raise this year. Nadella's total compensation is valued at $20 million, up from $17.7 million in 2016, according to a filing with the Securities and Exchange Commission Monday. The CEO receives a $1.45 million cash salary, $11.4 million in stock awards, and up to a $7 million cash bonus. Nadella received $18.2 million in total compensation in 2015. Jean-Philippe Courtois, president of global sales, marketing and operations is Microsoft's second highest paid executive with $18.2 million in total compensation, according the the SEC filing. Microsoft stock was flat at $77.65 after hours. Shares in the Redmond, Wash.-based company are up 25% this year, with the S&P 500 index up 14%.

Netflix shares gain after company adds more subscribers than expected in Q3

21 hours ago

Netflix Inc. shares popped more than 2.5% after the streaming giant reported earnings for the third quarter in which it added more subscribers than expected. Netflix reported net income of $129.6 million, or 29 cents per share, up from income of $51.5 million, or 12 cents per share during the same quarter a year ago. FactSet's earnings consensus was for 32 cents per share. Revenue for the third quarter was $2.98 billion, up from $2.29 billion a year ago and slightly above FactSet's consensus of $2.97. Netflix continued added 5.3 million subscribers in the quarter, an increase compared with the 3.6 million the company added during the same quarter last year. The company had guided for net additions of 4.4 million and FactSet's subscriber adds consensus was 4.5 million. Shares of Netflix have gained nearly 64% in the year to date, while the S&P 500 index is up more than 14% and the Dow Jones Industrial Average is up close to 16%.

U.S. stock benchmarks close at records

22 hours ago

U.S. stocks ended with modest gains on Monday, as major indexes eked out closing records as investors looked ahead to the release of major corporate earnings expected to show strong fundamentals. The Dow Jones Industrial Average rose 83 points, or 0.4%, to 22,955. The S&P 500 added 4 points, or 0.2%, to 2,558. The Nasdaq Composite Index rose 18 points to 6,624, a rise of 0.3%. Wall Street has been in a pronounced uptrend of late; last week, both the Dow and the S&P closed out their fifth straight weekly advance, while the Nasdaq has risen for three straight weeks. Financial stocks were among the strongest of the day, with the sector up 0.7%. J.P. Morgan Chase & Co. rose 2.1% while Bank of America Corp. was up 1.6%. Markets were also supported by the latest economic data. The New York Fed reported that its Empire State manufacturing index climbed to a three-year high of 30.2 in October from 24.4 in September, topping the Econoday-compiled consensus of 20.

Oil prices finish at highest level in nearly 3 weeks

23 hours ago

Oil prices climbed Monday to settle at their highest level in nearly three weeks as tensions in the Middle East raised concerns about global crude supplies. Iraqi forces reportedly seized the city of Kirkuk and its surrounding oil fields from Kurdish forces Monday. Uncertainty surrounding the survival of the Iran nuclear deal also boosted prices. Meanwhile, a monthly report from the Energy Information Administration, released shortly before Nymex oil prices settled Monday, failed to put pressure on prices. The report said shale crude-oil production from seven major U.S. oil plays is expected to edge up by 81,000 barrels a day in November to 6.12 million barrels a day. November West Texas Intermediate oil rose 42 cents, or 0.8%, to settle at $51.87 a barrel--the highest since Sept. 27.

Trump interviewing Yellen this week about staying as Fed chief: report

2 min ago

President Trump is due to meet with Federal Reserve Chairwoman Janet Yellen about serving a second term running the central bank, Politico reported, citing people familiar with the matter. Trump has previously said he was considering Yellen for the post. Other finalists include Fed Gov Jerome Powell, former Fed Gov. Kevin Warsh, Stanford economist John Taylor and National Economic Council Director Gary Cohn.

Allergan stock drops 5% after judge decides against company on key dry eye product

46 min ago

Allergan PLC shares dropped 5% in extremely heavy afternoon trade Monday after a Texas district court judge ruled against the company in a patent lawsuit regarding the company's key billion-dollar dry eye medication Restasis. "There is no doubt that Allergan has invented a useful and successful pharmaceutical product. It has been richly rewarded for that invention," Judge William Bryson said, adding, "the Court has concluded that Allergan is not entitled to renewed patent rights for Restasis in the form of a second wave of patent protection." Allergan had previously made an unorthodox agreement with a New York state-based American Indian tribe in order to protect Restasis patents from challenges made through the U.S. Patent and Trade Office's inter partes review process, which is separate from any court decisions. The company, which has been widely criticized for the move, including by lawmakers, has said that an district court ruling against it would allow a generic Restasis to "enter the market many years in advance of the listed patent expiry dates," or 2024. Restasis, which is used for eye inflammation, brought in $1.4 billion in revenue last year, second only to Allergan's top-selling Botox. Allergan shares have dropped 20.7% over the last three months, compared with a 3.9% rise in the S&P 500 .