COPIAGUE, NY - A Lindenhurst man was arrested after he was caught recklessly driving an ATV on Sunrise Highway in Copiague on Saturday evening, according to Suffolk Police.
Legg Mason Inc. said late Monday it has appointed Nelson Peltz and Ed Garden of activist hedge fund Trian Fund Management to the company's board, effective immediately, increasing the size of the board to 12 from 10. Peltz is Trian's chief executive officer and founding partner, and Garden is Trian's chief investment officer and also a founding partner. Trian Partners owns about 4.5% of Legg Mason's stock. Trian will also get to nominate a third independent director who, pending board approval, will be included as a director nominee on the slate of nominees recommended by the board at the annual meeting. The board will appoint or nominate at least two other independent candidates, the company said. The three new independent directors will replace three incumbent directors, two of whom have reached the company's retirement-age guidelines, it said.The Wall Street Journal on Friday reported that Legg Mason was nearing a settlement with Trian to avoid a proxy fight, with Trian pressuring for cost cuts and other measures.
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.
Slack Technologies Inc. said late Monday it expects to raise nearly double the amount it had previously indicated in its initial public offering and changed its proposed ticker symbol. In a filing with the Securities and Exchange Commission, the messaging app company said it plans to raise up to $196.5 million in its IPO, up from a previous "placeholder" figure of $100 million, and registered nearly 117 million shares of stock, a detail missing from its previous S-1 filing in late April. Slack also said it changed its proposed NYSE-ticker symbol to "WORK" from "SK."
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.
Merck & Co. shares slipped in the extended session Monday after the drug maker said its cancer treatment Keytruda failed to meet clinical endpoints in another late-stage study. Merck shares declined 0.7% after hours, following a 0.2% rise to close the regular session at $78.88. In a Phase 3 clinical study, Merck said Keytruda "did not meet its pre-specified primary endpoint of superior overall survival" compared with chemotherapy in a subset of breast cancer patients. In late April, Merck said Keytruda did not show significant improvement over chemotherapy in gastric cancer patients. For the year, Merck shares are up 3.2%, compared with a 13.3% rise in the S&P 500 index .
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.
Ascena Retail Group Inc. said late Monday it will wind down operations of its Dressbarn brand, closing down about 650 stores. Plans for the store closings will be disclosed later on, the company said. The decision to close Dressbarn has "no impact" on the operations of any of Ascena's other brands, which include Ann Taylor and Lane Bryant, and "will strengthen the company's overall financial performance," Ascena said. "Dressbarn's wind down is another significant step taken to advance Ascena's ongoing transformation. This move is in line with the company's commitment to comprehensively assess and optimize its portfolio by focusing resources on its most profitable brands to position the business for long-term growth and enhance shareholder value," the company said in a statement. Ascena shares rose 2.6% in the extended session after ending the regular trading day down 9.5%.
Carvana Co. said late Monday it launched an offering of shares and debt for general corporate purposes. The used-car buying online company is looking to sell 3.5 million shares plus rights for the underwriters to buy additional shares. Wells Fargo Securities and Citigroup are among the underwriters. Carvana is also offering $250 million of additional 8.875% senior notes due 2023 in a private offering, the company said. Shares of Carvana fell more than 4% in the extended session after ending the regular session down 1.4%.
Marvell Technology Group Ltd. said late Monday that it plans to buy Avera Semiconductor from Santa Clara, Calif.-based Global Foundries for $650 million in cash. Avera is the application-specific integrated circuit business of Global Foundries. "With their highly experienced design team and Marvell's leading technology platform, we will be better positioned to capitalize on our expanding opportunity in wired and wireless infrastructure, starting immediately in the fast growing 5G base station market," said Marvell Chief Executive Matt Murphy in a statement. Marvell, which expects to close the transaction by the end of January, said Global Foundries will also be eligible for an additional $90 million in cash "if certain business conditions are satisfied within the next 15 months." Marvell shares rose 1.9% after hours, following a 3.9% drop to close the regular session at $21.74.
U.S. stocks closed lower Monday, with technology shares leading major benchmarks to their second straight losing session. The S&P 500 fell roughly 0.7% to end at 2,840, while the Dow Jones Industrial index shed 0.3% to about 25,679. The Nasdaq Composite index retreated 1.5% to approximately 7,702. Concerns over U.S.-China trade relations deepened after U.S. technology companies began complying with new export restrictions instituted last week by the Trump administration against China's Huawei Technologies Inc. Chip makers, including Qualcomm Corp. and Intel Inc. , were dragged lower as they reportedly froze supplies of components to Huawei. Meanwhile, media reports over the weekend suggested that the U.S. and China are at an impasse in trade negotiations, with the timing of the next meeting between leaders of the world' largest economies still undecided. In corporate news, shares of Sprint Corp. rose 18.5% after FCC Chairman Amit after Federal Communications Chairman Ajit Pai issued a statement Monday endorsing its planned merger with T-Mobile US Inc. , though a report Monday afternoon suggested the Justice Department may take a more skeptical stance to the takeover.
President Donald Trump has directed ex-White House Counsel Don McGahn not to testify before a House Judiciary Committee hearing, the White House said Monday. In a letter to Judiciary Committee Chairman Jerrold Nadler, current White House Counsel Pat Cipollone said McGahn is "absolutely immune from compelled congressional testimony" related to his service as a former Trump adviser. Nadler had subpoenaed McGahn and is seeking information related to Special Counsel Robert Mueller's investigation.
Shares of Biocept Inc. soared 86% on very heavy volume Monday, after the provider of liquid biopsy tests announced the commercial launch of Target Selector NGS Lung Panel, the liquid biopsy panel developed for lung cancer. Trading volume spiked to 60.9 million shares, compared with the full-day average of about 733,000 shares. "The Target Selector™ NGS Lung Panel will be marketed to physicians and researchers, and can be used to detect and monitor actionable biomarkers associated with lung cancer," the company said in a statement. The stock was still down 73% over the past 12 months, while the S&P 500 has gained 4.5%.
Shares of Sprint Corp. took an afternoon dip Monday, but was still 16%, after Bloomberg reported that the Department of Justice is leaning against approving T-Mobile U.S. Inc.'s buyout of the telecommunications company. The stock had rocketed as much as 27.8% in intraday trade Monday, after the Federal Communications Commission Chairman Ajit Pai said he planned to recommend the merger, after the latest commitments made by the companies. The Bloomberg report, which cited one person familiar with the DOJ review, said the reason the DOJ was leaning against approving the merger was because the remedies proposed by the companies don't go far enough to resolve antitrust concerns. Meanwhile, T-Mobile U.S.'s stock was up 2.5%, after being up as much as 7.4% earlier. The SPDR Communications Services Select Sector ETF was down 1.7% and the S&P 500 fell 0.8%.
Imperial Capital reiterated its outperform rating on Walt Disney Co. stock on Monday, ahead of the entertainment giant's next investor day scheduled for Wednesday that will introduce analysts to the new Star Wars Galaxy Edge theme park. Analyst David Miller maintained his stock price target of $147, or 9% above its current trading level, and said he expects the park due to open at the end of the month in Anaheim, Calif. to enjoy extremely high volumes, which are already built into his park estimates for the third and fourth fiscal quarters, as well as for fiscal 2020.The Anaheim park is smaller in scale than the one Disney is building in Orlando, Fla, but it means the company will have the benefit of two big park events on both coasts in one calendar year. Outside of the park news, Disney is facing higher losses at Hulu, in which it now owns a 70% stake, with a new put/call arrangement with Comcast Corp. for the remaining shares. Miller shaved 4 cents off his fiscal 2020 GAAP EPS estimate to reflect the bigger stake. Disney has a path to profitability for the streaming service, which has 25 million subscribers. Disney shares were down 1.2% Monday, but have gained 22% in 2019 to date, while the S&P 500 has gained 13% and the Dow Jones Industrial Average , which counts Disney as a member, has gained 10%.
Starbucks Corp. said Monday that it is opening a store designed for the deaf and hearing impaired in China, the first in that country but third of its kind. The store, which will be located near the Guangdong Disabled Association and Guangdong Deaf People Association, will offer jobs for the deaf community. Starbucks currently has more than 100 staff members with physical challenges in China. Starbucks' other two signing stores are in Malaysia, which opened in 2016, and Washington, D.C., which launched in 2018. Starbucks stock is up 19.5% for the year to date, outpacing the S&P 500 index , which is up 13.5% for the period.
Shares of optoelectronics company NeoPhotonics Corp. were up more than 10% in Monday trading after B. Riley analyst Dave Kang upgraded the stock to buy from neutral, arguing that the uncertainty over a U.S. ban on sales to Huawei Technologies Co. has been "de-risked." Shares dropped more than 30% last week after the ban was announced. "One of the reasons for our renewed bullishness is that we believe the Huawei ban could be another leverage point for President Trump, who is set to meet with China's President Xi at the G20 Summit in late June, and as such, we believe the ban could be fairly brief," Kang wrote. "Furthermore, we believe the Huawei ban will pressure NeoPhotonics management to weigh strategic options, including the potential sale of the company." The upgrade comes as fellow optoelectronics company Lumentum Holdings Inc. lowered its outlook as a result of the Huawei ban and as companies like Alphabet Inc.'s Google began to comply with the order. NeoPhotonics shares are still off 35% on the year, as the S&P 500 has risen 14%.
Pivotal Research analyst Jeff Wlodarczak downgraded Dish Networks Inc. shares to hold from buy on Monday, after the Federal Communications Commission chairman came out in favor of Sprint Corp. and T-Mobile US Inc.'s proposed merger. "The likely ultimate approval of the Sprint/T-Mobile deal likely significantly pushes back the timing for a potential Dish spectrum deal materially," Wlodarczak wrote. "Recall we previously argued that a Sprint/T-Mobile deal fail could have potentially driven a Verizon/T-Mobile bidding war for Dish spectrum and while Verizon still absolutely would appear to need Dish spectrum, they appear to be under little pressure to actually enter into a deal in the short/medium term." Wlodarczak also commented on Dish's plan to acquire the Broadcast Satellite Business from EchoStar Corp. for $810 million in stock as of the deal announcement prior to the start of trading. He said that while he doesn't "love" the deal, he sees it as "likely a prudent move" given an expected delay in Dish's ability to monetize its spectrum. Dish shares are off more than 11% in morning trading. They're still up 25% so far this year, as the S&P 500 has risen 13%.
Move over, John Boehner. The latest politicians to get involved with a cannabis company are Tom Daschle, former Democratic senator and majority leader, and Joe Crowley, a former Congressman from New York, are joining the advisory board of Northern Swan, a New York-based investment firm. Northern Swan has a stake in Colombian cannabis company Clever Leaves as well as Cansativa GmbH, a German cannabis distribution company. The company has raised about $100 million of financing for its cannabis initiatives to date. Daschle has argued for dropping the restrictions on cannabis that have held back research, while Crowley is a keen supporter of medical marijuana. Boehner, a former Republican speaker of the House of Representatives, is on the advisory board of Acreage Holdings.
Shares of Agco Corp. slumped 2.6% in morning trade Monday, after Bank of America Merrill Lynch analyst Ross Gilardi turned bearish on the agricultural equipment company, saying its "heavy" outperformance over Deere & Co. appears unsustainable given increased pressure on farm equipment demand. Gilardi cut his rating to underperform from neutral and slashed his stock price target to $64 from $75. Gilardi said Agco's stock outperformance has been based on Agco's relative lack of North America large agriculture exposure as the U.S.-China trade war drags on, continued strong performance of its European business and a heavy short position by investors in late 2018. Agco's stock is up 17.9% year to date, while Deere shares are down 10.5% and the S&P 500 is up 13.4%. "We expect Agco to relinquish some of this outperformance as the rest of 2019 outlook feels more uncertain to us with rising competition in Brazil and likely US production cuts in 2H19," Gilardi wrote in a note to clients. On Friday, Deere's stock tumbled 7.7% after the company reported earnings that missed expectations as the U.S.-China trade war caused farmers to become more cautious about making purchases.
Kohl's Corp. said Monday that it has entered into a long-term exclusive partnership with licensed sports merchandise company Fanatics to bring hundreds of items online in fall 2019. Items will include major professional leagues like the NBA and NHL, as well as college sports. Fanatics will fulfill and ship orders. Kohl's is scheduled to report first-quarter earnings on Tuesday before the opening bell. Kohl's stock has slipped 3.1% over the past three months while the S&P 500 index has gained 2.%.
U.S. stocks fell Monday morning as souring U.S.-China trade relations weighed on sentiment throughout global markets. The Dow Jones Industrial Average retreated 0.6%, or 161 points, to 25,597, the S&P 500 index gave up 0.8% at 2,837. while the Nasdaq Composite Index saw the sharpest declines, down 1.6% at 7,691, as chip makers came under pressure. U.S. technology companies have begun to comply with the White House's ban on China's Huawei Technologies Inc., which weighed on the chip sector, with iShares PHLX Semiconductor ETF , seeing sharp declines at Monday's open. Meanwhile, shares of Ford Motor Co. were plunging after the automotive giant said it was planning to eliminate 7,000 salaried jobs around the world by the end of August as part of its Smart Redesign program, according to an email sent to employees that was published by Automotive News. That will cut its workforce by 10% and help it save about $600 million a year, said the email.
In a speech focused more on big-picture issues than short-term policy, Philadelphia Fed President Patrick Harker expressed his opposition to rules-based Fed policy. "Monetary policy isn't that precise. Despite some of the smartest thinkers and the best models, we can't assign a degree of certainty to any of the variables," Harker told a conference at Boston University, pointing out the Fed's uncertainty on precise levels of inflation, natural rate of unemployment and productivity. "The Taylor rule is an extraordinary contribution to the economics profession. But I wouldn't get on a train that's run by it." Harker is one of the humans that votes on interest-rate policy set by the Federal Open Market Committee this year.
Whole Foods Market said Monday that it will eliminate plastic straws from stores in the U.S., U.K. and Canada by July 2019. Paper straws will be available upon request. The grocer is also moving to smaller plastic bags in the produce section and replacing plastic containers that hold rotisserie chicken to bags that use 70% less plastic. In total, the company said these changes reduce the amount of annual plastic use by 800,000 pounds. Whole Foods is an Amazon.com Inc. business. Amazon shares are up 24.4% for the year to date while the S&P 500 index is up 14.1% for the period.
Ford Motor Co. is planning to eliminate 7,000 salaried jobs around the world by the end of August as part of its Smart Redesign program, according to an email sent to employees that was published by Automotive News. That will cut its workforce by 10% and help it save about $600 million a year, said the email. Notifications will be sent to North American workers on Tuesday, while restructuring work continues in Europe, China, South America and International Markets Group. The moves will reduce the company's management structure by close to 20%, said the email. "We also made significant progress in eliminating bureaucracy, speeding up decision making and driving empowerment as part of this redesign," it said. Ford shares rose 0.8% premarket, but are down 9.2% in the last 12 months, while the S&P 500 has gained 5.4%.
Shares of Sprint Corp. rocketed 24% in very active premarket trade Monday, after Federal Commission Chairman Ajit Pai said based on commitments made by the telecommunications company and its proposed buyer, T-Mobile U.S. Inc. , he plans to recommend that the companies' merger be approved. Trading volume for Sprint's stock topped 14.1 million shares, making it by far the most actively traded ahead of the open. T-Mobile's stock rallied 4.3% ahead of the open, on volume of 1.3 million shares. Among the commitments Pai said the companies made was to deplay a 5G network that would cover 97% of the U.S.'s population in three years and 99% in six years, including 85% of rural America in three years and 90% in six years. In addition, the companies have "guaranteed" that 90% of Americans would have access to mobile broadband service at speeds of at least 100 Mbps and 99% would have access to speeds of at least 50 Mbps. "Two of the FCC's top priorities are closing the digital divide in rural America and advancing United States leadership in 5G, the next generation of wireless connectivity," Pai said. Pai's comments come about a month after The Wall Street Journal reported that the Department of Justice told the companies that their planned merger is unlikely to be approved as structured. Shares of Sprint have gained 6.2% year to date through Friday and T-Mobile have advanced 18.5%, while the S&P 500 has tacked on 14.15.
Shares of Outlook Therapeutics Inc. rocketed on heavy volume in premarket trade Monday, putting them on track to nearly triple in three days, in the wake of the biotechnology company's upbeat update on a drug trial and bullish analyst report. The stock 27% ahead of the open on premarket leading volume of 4.2 million shares, after running up 37% on volume of 76.7 million shares on Friday and after soaring 68% on 51.7 million shares on Thursday. On Wednesday, the stock had closed at 91 cents. On Thursday, Oppenheimer analyst Leland Gershell started coverage of Outlook with an outperform rating and $12 stock price, and the company said two phase 3 studies remain on track with its plan to submit its monoclonal antibody therapeutic product for regulatory approval in 2020. The stock had still lost 78.1% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF has lost 6.6% and the S&P 500 has gained 4.4%.
Atlanta Fed President Raphael Bostic on Monday said he wasn't sure what direction the next interest-rate move would be, because there are risks that go in both directions. Speaking to CNBC, Bostic said trade policy uncertainty is keeping businesses on the sidelines with investment. He expects "solid growth" of 2.25%-2.5% this year but less than the 3% recorded last year. "In general, my view is as long as we don't see inflation running away, that would be the sign that our policy is basically at a neutral level. We can sustain that for a long period of time, and we don't have to move." Bostic won't have a vote on the Federal Open Market Committee until 2021.
Arconic Inc. said Monday its board has approved an additional share buyback program of up to $500 million. The maker of aluminum parts for the aerospace and automotive sectors said the sum will be added to its existing program of $1 billion, of which just $100 million remains available through 2020. Shares were not active premarket, but have gained 21%% in the last 12 months, while the S&P 500 has gained 5.4%.
Lumentum Holdings Inc. said Monday that it was lowering its quarterly outlook for the current period after the Department of Commerce banned U.S. companies from supplying components to Huawei Technologies Co., a Chinese telecommunications company. Lumentum now expects $375 million to $390 million in revenue for its fiscal fourth quarter and 65 cents to 77 cents in adjusted earnings per share. The company's prior outlook called for $405 million to $425 million in revenue and 85 cents to $1 in adjusted EPS. Lumentum said that sales to Huawei accounted for 18% of overall revenue in its most recent quarter and about 15% of revenue on a year-to-date basis. Shares are off 5% in premarket trading Monday, and they've gained 10% so far this year as the S&P 500 has risen 14%.
Meal-kit provider Blue Apron Holdings Inc. said Monday it is pursing plans for a reverse stock split. The company's board unanimously approved the move in an April meeting, and recommended for shareholder approval a proposal for a 1-for-5 to 1-for-15 split with the ratio and timing to be determined by the board. The proposal will be voted on at the company's annual shareholder meeting on June 13. The main goal of the split is to increase the price of the company's common stock and to improve liquidity. It will also allow the company regain compliance with NYSE listing rules, which it has breached after falling below $1 for a period of 30 consecutive trading days. The stock closed Friday at 75 cents. It was not yet active premarket, but has fallen 73% in the last 12 months, while the S&P 500 has gained 5.4%.
Biogen Inc. on Monday advised shareholders to reject a mini-tender offer from TRC Capital which it dismissed as below the market price of its stock. The mini-tender is for the purchase of up to 500,000 shares priced at $216.25. Biogen's stock closed May 10 at $226.23, the last business day before the offer was made, or 4.4% above the offer price, the biotech said in a statement. "Biogen does not endorse TRC Capital's unsolicited mini-tender offer and recommends that stockholders do not tender their shares in response to TRC Capital's offer because the offer is at a price below the current market price for Biogen's shares and subject to numerous conditions," the company said. It is not affiliated with TRC, its mini-tender offer or the offer documentation, it added. TRC has made other mini-tender offers, in which it seeks to acquire less than 5% of outstanding shares and avoid the disclosure requirements that a 5% holding brings. "As a result, mini-tender offers do not provide investors with the same level of protections as provided by larger tender offers under U.S. securities laws," said the statement. Biogen shares were not active premarket, but have fallen 18.2% in the last 12 months, while the S&P 500 has gained 5.4%.
Shares of Tesla Inc. tanked 3.6% toward a 2 1/2-year low in premarket trade Monday, after analyst Dan Ives at Wedbush slashed his price target, citing "major concerns" about the trajectory of the electric car maker's growth prospects. Ives kept his rating at neutral but lowered his price target to $230 from $275, less than a month after downgrading Tesla to neutral from buy and cutting his price target to $275 from $365. Ives said he also has concerns over underlying demand for lower-priced Model 3 cars, which is "putting more heat in the kitchen" for Tesla to cut expenses at an accelerated rate with profitability targets in the second half of the year, "a Kilimanjaro-like" uphill climb. The stock, on track to open at the lowest price seen during regular-session hours since Dec. 20, 2016, has plunged 36.6% year to date through Friday, while the S&P 500 has gained 14.1%.
Shares of International Game Technology PLC fell 0.6% in premarket trade Monday, after the gaming and lottery company reported first-quarter earnings that missed expectations and revenue that fell a bit shy. The company swung to a profit of $40.25 million, or 20 cents a share, from a loss of $103.15 million, or 51 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share fell to 12 cents from 15 cents. The FactSet EPS consensus was 21 cents. Revenue fell 5% to $1.145 billion, just below the FactSet consensus of $1.154 billion. Among IGT's business segments, North America gaming and interactive revenue fell 1% to $240 million, beating the FactSet consensus of $229.5 million; North America lottery revenue was flat at $296 million, above expectations of $296 million; international revenue slipped 1% to $172 million to miss expectations of $186.9 million; and Italy revenue declined 2% to $437 million to miss expectations of $454.1 million. The stock fell 3.8% year to date, while the S&P 500 has gained 14%.
Dish Network Corp. announced Monday a deal to buy EchoStar Corp.'s broadcast satellite service (BSS) business in a stock deal valued at over $800 million. Under terms of the agreement, Dish will exchange 22.9 million of its shares, to be distributed to EchoStar shareholders, in exchange for nine direct broadcast satellites and certain key employees, and select real estate properties. Based on Friday's closing price of $35.33, the deal is valued at $809.06 million. ""In 2017, when DISH acquired the EchoStar assets that we needed to deliver the DISH TV and Sling TV customer experiences, key broadcast satellite operations and services remained with EchoStar," said Dish Chief Executive Erik Carlson. "This transaction brings those operations, including the BSS satellites, associated assets and key team members, in house and we expect those additions will create operational efficiencies and improve both free cash flow and EBITDA." Dish's stock, which was still inactive in premarket trade, has run up 41.5% year to date, while the S&P 500 has gained 14.1%.
Deutsche Bank AG executives rejected alerts from internal anti-money-laundering specialists who raised concerns about transactions involving entities controlled by President Donald Trump and his son-in-law, Jared Kushner, the New York Times reported Sunday, citing five current and former bank employees. The transactions in 2016 and 2017 set off automated alerts of possible illicit activity, the Times said, and Deutsche Bank compliance employees prepared suspicious activity reports that they believed should be sent on to the Treasury Department. Bank executives rejected the recommendations and the reports were never filed, the Times reported. It was unclear what transactions raised suspicions, but The Times noted that sometimes banks do not file suspicious activity reports if they find the concerns are unwarranted. Some Deutsche Bank employees told the Times the incident reflected a lax corporate attitude toward anti-money-laundering laws. Last month, Trump sued Deutsche Bank to prevent it from turning over financial documents to congressional investigators.
Alphabet Inc.'s Google has revoked Huawei Technologies Inc.'s Android license, Reuters reported Sunday, in a move that could cripple the Chinese tech giant's smartphone business. The move was later confirmed by The Verge. Huawei will be restricted to using only the public, open-source version of Android, Reuters said. Effectively, it means that Huawei will be immediately cut off from receiving Android system updates, including security updates, and future versions of Huawei smartphones will not be able to use YouTube, Gmail and the Google Play store, among other features. Last week, the Trump administration moved to restrict U.S. technology sales to Huawei and certain other foreign-owned companies. The U.S. has long claimed that telecom equipment from Huawei poses a national security risk.
Treasury Secretary Steven Mnuchin said Friday he won't comply with a subpoena requesting President Donald Trump's tax returns. In a letter to House Ways and Means Committee Chairman Richard Neal, Mnuchin said the panel's request "lacks a legitimate legislative purpose," and that the Treasury is not authorized to disclose Trump's returns. Mnuchin said earlier this week he expected the dispute to go to court.
Stocks ended lower Friday, with major benchmarks logging weekly losses, as worries remained over U.S.-China trade tensions. The S&P 500 fell 0.6% to end near 2,859, according to preliminary figures, while the Dow Jones Industrial Average shed around 99 points, or 0.4%, to finish near 25,763. The Nasdaq Composite fell 1% to close near 7,816. For the week, the S&P 500 lost 0.8%, while the Dow declined 0.7% and the Nasdaq fell 1.3%. Stocks sold off sharply on Monday as China announced retaliatory tariffs on U.S. imports following the Trump administration's decision last week to raise tariffs on $200 billion of Chinese imports and take steps toward implementing duties on remaining goods. Equities then took back much of the lost ground over the following three days, but saw renewed pressure Friday on uncertainty over prospects for continued negotiations and the threat of a further escalation of the tariff battle. Losses Friday were limited by upbeat economic data, including a rise in the University of Michigan's consumer sentiment index to a 15-year high.
Oil futures settled lower Friday, giving up some of the gains that lifted U.S. prices to their highest levels in more than two weeks. Prices, however, registered an increase for the week as traders continued to monitor developments in the Middle East and looked ahead to a meeting Sunday of OPEC and non-OPEC producers who monitor compliance with the production-cut deal. June WTI oil fell by 11 cents, or 0.2%, to $62.76 a barrel on the New York Mercantile Exchange. After posting gains in the previous three sessions, most-active contract prices rose 1.8% for the week.
Lions Gate Entertainment Corp. shares soared more than 12% Friday, after The Information reported that CBS Corp. has made an informal bid for the company's Starz cable network for about $5 billion. The report cited four sources, three of whom said CBS is looking at a deal as a potential complement to Viacom, which CBS is also thinking of acquiring. CBS Interim CEO Joseph Ianniello made the offer a few weeks ago to Lions Gate executives, who turned it down, said the report. Lions Gate shares have fallen 36% in the last 12 months, while the S&P 500 has gained 5%.
The U.S. and Canada on Friday said they have reached a deal where the U.S. will end tariffs imposed under Section 232 on imports of aluminum and steel products from Canada, while Canada will remove all tariffs imposed in retaliation. The two sides will take the step in two days and terminate World Trade Organization litigation. The two sides say they will take measures to prevent the importation of aluminum and steel that is unfairly subsidized and/or sold at dumped prices; and prevent the transshipment of aluminum and steel made outside of Canada or the United States to the other country.
Gold futures fell Friday to tally a loss of 0.9% for the week and mark their lowest finish since May 2. Upbeat U.S. economic data, including a jump in consumer sentiment, as well as some strength in the dollar pressured prices for the haven metal. June gold lost $10.50, or 0.8%, to settle at $1,275.70 an ounce on Comex.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 3 to 802 this week. That followed a decline of 2 rigs the previous week. The total active U.S. rig count, meanwhile, also fell by 1 to 987, according to Baker Hughes. June West Texas Intermediate crude fell 6 cents, or 0.1%, to $62.81 a barrel. It was at $62.76 shortly before the rig data.
Steel maker stocks dropped in midday trade Friday, after The Wall Street Journal reported that U.S. trade negotiators were close to a deal with Canada and Mexico to end tariffs on steel imports. Shares of U.S. Steel Corp. fell 2.7%, Nucor Corp. shed 3.6%, Steel Dynamics Inc. gave up 2.9% and ArcelorMittal slid 3.4%. Meanwhile, the S&P 500 was down just 0.2%. Among aluminum companies, Alcoa Corp.'s stock fell 1.7% and Kaiser Aluminum Corp. declined 1.5%. The WSJ reported, citing sources, that U.S. trade negotiators were trying to reach a deal on tariffs with Canada and Mexico to "push USMCA through Congress."
The Consumer Financial Protection Bureau has filed a lawsuit against a New York debt collection firm that sues on behalf of creditors including Discover Financial Services and Citi for filing collection lawsuits against consumers without meaningful attorney involvement. The CFPB lawsuit against Forster & Garbus alleges the firm has used nonattorney support staff, automation, and both a cursory and deficient review of account files to attempt to collect more than 99,000 debts, collecting substantial sums of money from consumers who may not actually owe debts or may not owe debts in the amounts claimed. The CFPB is seeking an injunction against Forster & Garbus, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of a civil money penalty.
J.P. Morgan Chase & Co. is buying health-care payments technology company InstaMed, the companies announced Friday. The deal will expand the bank's suite of payment services for health-care consumers, providers and payers, J.P. Morgan said. "We've made significant investments in our Wholesale Payments business over the years and this acquisition will give us a unique advantage in one of the fastest growing sectors. With InstaMed, we combine the strength and scale of JPMorgan Chase's payments capabilities with a leading healthcare payments solution for consumers, providers and payers," said Takis Georgakopoulos, global head of Wholesale Payments at J.P. Morgan. Annual health-care spend in the U.S. is estimated to be more than $3 trillion, according to the Centers for Medicare & Medicaid Services, and billing and payment services could be a fertile market for the bank. Shares of the company have gained 14.1% in the year to date, while the S&P 500 has gained 14.8%.
Luckin Coffee Inc.'s stock debuted with a bang on the Nasdaq, as it opened nearly 50% above its initial public offering price. The first trade was at $25 at 11:08 a.m. Eastern for 5.0 million shares, 47% above the $17 IPO price, as the China-based coffeeshop chain raised $561 million. The stock has extended gains since, to trade 51% above its IPO price. At the IPO price, which priced at the top of the expected range, the company, known as the Starbucks of China, had a market capitalization of $3.9 billion. The company went public at a time the Renaissance IPO ETF has rallied 34% year to date, while the S&P 500 has advanced 15%.
The Dow Jones Industrial Average on Friday pivoted from a solid loss to a firm gain, erasing a more than 200-point opening drop in late-morning dealings. The Dow was up 64 points, or 0.3%, at 25,929, after hitting an intraday low of 25,657.78, representing a roughly 205-point decline for the blue-chip gauge. The move coincided with a broad pivot for the other two main U.S. benchmarks, with the S&P 500 index rising 0.3% at 2,883, and the Nasdaq Composite Index advancing 0.2% at 7,914, with both indexes wiping out earlier declines. All week, investors have been wrestling with developments on trade between the U.S. and its international counterparts, with tensions between the U.S. and China particularly elevated.
Shares of Fastly Inc. opened 34% above its initial public offering price, then kept rising, as the software company debuted on the NYSE. The first trade was at $21.50 at 10:35 a.m. Eastern for 2.06 million shares, above the $16 IPO price. It was recently trading above $23, or more than 44% above its IPO price. The company raised $180.8 million, as the IPO priced at the top of the expected range, giving the company an initial market capitalization of $1.45 billion. Fastly has gone public at a time that the Renaissance IPO ETF has gained 7.3% over the past three months, while the S&P 500 has tacked on 3.4%.
Shares of Outlook Therapeutics Inc. rocketed 38% in very active morning trade Friday, putting them on track to more than double in two days. Volume ballooned to 17.6 million shares, enough to make the stock the most actively traded on the Nasdaq exchange. The biotechnology company's stock had run up 68% on Thursday on trading volume of 51.7 million shares, after closing Wednesday at a record low of 91 cents, after Oppenheimer analyst Leland Gershell started coverage with an outperform rating and $12 stock price target. Outlook is investigating a formulation of a treatment of wet age-related macular degeneration. Outlook's stock was still down 47% year to date, while the iShares Nasdaq Biotechnology ETF has gained 7.9% and the S&P 500 has advanced 14%.
U.S. stock benchmarks Friday morning opened solidly lower, putting the thee main indexes on a path to book weekly losses and halt a three-session advance amid further investor concerns about trade relations between the U.S. and its international counterparts. The Dow Jones Industrial Average traded about 158 points, or 0.6%, lower at 25,712, the S&P 500 index declined 0.6% at 2,858, and the Nasdaq Composite Index retreated 0.7% at 7,840 at the open. For the week, the Dow was set for a weekly decline of 1%, the S&P 500 was poised for a weekly slide of 0.8%, while the Nasdaq was on track to fall 1%, according to FactSet data. Heightened trade tensions appeared evident in comments from state-controlled media, including the Communist Party's People's Daily and Xinhua News Agency, which published scathing attacks on U.S. actions in recent days. "The U.S. has made an irrational act in trying to blackmail China with tariff hikes, which will be proven over time to be shortsighted and doomed to fail," read an editorial in the Xinhua early Friday. Meanwhile, the British pound was under pressure against the dollar amid growing uncertainty about Britain's plans to exit from Europe's trading bloc. In corporate news, shares of Pinterest Inc. were looking at double-digit percentage losses, after the social-media company announced Thursday evening that its first-quarter losses of $41.4 million were three times as large as analysts had expected.
Shares of Foot Locker Inc. rallied 1.3% in premarket trade Friday, after B. Riley FBR upgraded the athletic footwear retailer, citing "attractive" valuation, expected in-line same-store sales and a "solid" footwear pipeline. Analyst Susan Anderson raised her rating to buy, after being at neutral since August 2017, while raising her stock price target to $73 from $62. "Our store checks have shown a significant pullback in promotions since 1H18 which we believe reflects on-trend product from both FL's core partners and smaller more casual/fashion oriented brands," Anderson wrote in a note to clients. "In a challenging retail environment, we believe [Foot Locker] has done an excellent job of re-aligning their store fleet and creating an in-store experience that is relevant to their customers." The stock has lost 6.4% over the past three months through Thursday, while the SPDR S&P Retail ETF has lost 5.3% and the S&P 500 has tacked on 3.6%.
Shares of Tesla Inc. took a 2.8% dive in premarket trade Friday, after the National Transportation Safety Board (NTSB) determined that a Tesla vehicle involved in a fatal crash in March was on Autopilot, the electric car maker's suite of advanced driver assistance systems. The selloff put the electric car maker's stock on track to open at the lowest level seen during regular session hours since January 2017. Separately, Tesla Chief Executive Elon Musk reportedly told employees that the $2.2 billion in cash reserves only gives the company about 10 months to break even, at recent cash burn rates. The stock has tumbled 31% year to date through Thursday, while the S&P 500 has gained 15%.
President Donald Trump on Friday delayed for 180 days a decision on imposing tariffs on foreign automobiles and auto parts. A White House statement said Trump is directing the U.S. Trade Representative to negotiate agreements to address a national security threat "causing harm to the American automobile industry." Trump has warned he would impose tariffs on cars made by the European Union and Japan.
Shares of AbbVie Inc. fell 1.8% in premarket trade after the company announced that interim data from a Phase 3 trial of glioblastoma drug Depatux-M did not show any survival benefit to patients. An independent monitoring committee recommended stopping the trial, which was conducted in collaboration with the RTOG Foundation, a not-for-profit cancer research organization. "Glioblastoma patients and their caregivers face a devastating disease for which there are few therapeutic options. While we are disappointed that Depatux-M did not demonstrate a survival benefit in the INTELLANCE-1 study, we remain committed to discovering and developing therapies to address some of the most debilitating cancers," said Michael Severino, vice chairman and president of AbbVie, in a statement. AbbVie has halted enrollment in all of its Depatux-M studies. Shares of the company have fallen 14% in the year to date through Thursday, while the S&P 500 has gained 14.7%.
Shares of Baidu Inc. plummeted 13% in premarket trade Friday, putting them on track to open at the lowest price seen during regular-session hours since September 2015, after the China-based internet search giant swung to a first-quarter loss. The disappointing results and downbeat outlook prompted Analyst Fawne Jiang at Benchmark to keep her rating at buy, but to slash her price target by 27% to $180, given decelerating growth and persistent margin pressures. The stock has lost 9.6% over the past three months and 45% over the past 12 months, while the S&P 500 has gained 3.6% the past three months and tacked on 5.7% the past year.
Shares of NeoPhotonics Corp. were indicated down nearly 7% in premarket trade, extending the previous session's 21% plunge, after MKM Partners analyst Michael Genovese cut his rating on the optical equipment maker and slashed his price target in half, following the Trump administration's moves to ban business with China's Huawei Technologies. Genovese downgraded NeoPhotonics to neutral from buy, and lowered his stock fair value estimate to $4.50 from $9.00, given that Huawei is the company's largest customer, representing about 46% of sales in 2018. He said he "holds out hope" that there is a 50% probability that the ban is walked back as part of a trade agreement, which would then turn the recent selloff into a great buying opportunity. The stock has tumbled 38.5% over the past three months, while the Nasdaq Composite has gained 5.7% and the S&P 500 has edged up 3.6%.
Shares of Under Armour Inc. jumped 3.5% in premarket trade Friday, after J.P. Morgan turned bullish on the athletic gear maker for the first time in at least three years, following an upbeat meeting with management. Analyst Matthew Boss raised his rating to overweight from neutral, and his stock price target to $29, which is 33% above Thursday's closing price of $21.88, from $23. Boss said the tone from the meeting was "controlled confidence" in the brand's direction, with earnings and revenue growth acceleration driven by the combination of the company's product, innovation and marketing strategy. That follows the company's "shrink phase" aimed at product rationalization, inventory reduction and vendor base consolidation. Boss said Under Armour is now positioned for "multi-year gross margin expansion." The stock has rallied 23.8% year to date through Thursday, while the SPDR Consumer Discretionary Select Sector ETF has climbed 18% and the S&P 500 has advanced 15%.
Apple Inc. shares slid 1.5% in premarket trade Friday, after Instinet lowered its stock price target to $175 from $180 citing concerns about China trade tensions. "The renewal of China trade tensions are a likely near-term negative for Apple," analysts wrote in a note to clients. "We reduce our FY19 estimates out of trade caution. The record low 1Q upgrade rates at US operators also suppress our optimism for a long-term recovery in replacement rates, which weighs on FY20 estimates." Apple shares have gained 20.5% in 2019, while the Dow Jones Industrial Average has gained 11% and the S&P 500 has gained 15%.
Supercomputer maker Cray Inc. announced Friday an agreement to be acquired by Hewlett Packard Enterprise Co. in a deal valued at $1.3 billion. Under terms of the deal, HPE will pay $35 per share in cash for each Cray share outstanding, representing a 17.4% premium to Thursday's closing price of $29.81. Cray's stock had soared 16.6% in premarket trade prior to a trading halt after Bloomberg reported late Thursday that the companies held buyout talks. HPE it expects the deal, which is expected to close by the quarter ending January 2020, should add to adjusted earnings in the first full year, with one-time integration costs absorbed within its fiscal 2020 free cash flow outlook of $1.9 billion to $2.1 billion, which remains unchanged. "Answers to some of society's most pressing challenges are buried in massive amounts of data," said HPE Chief Executive Antonio Neri. "Only by processing and analyzing this data will we be able to unlock the answers to critical challenges across medicine, climate change, space and more." Cray's stock is halted until 8:15 Eastern, while HPE shares slipped 0.2%. Year to date through Thursday, Cray's stock has run up 38%, HPE shares have gained 10% and the S&P 500 has advanced 15%.
Chemicals company Avantor Inc. priced its initial public offering at $14 a share late Thursday, selling 207 million shares to raise $2.9 billion. The price was at the low end of the company's $14 to $15 price range, but it increased the size of the deal from an original 205 million shares. The company also offered 18 million shares of its 6.252% Series A mandatory convertible preferred stock at $50 a share. The company will use the proceeds of the deal to redeem all of its existing Series A preferred stock and to repay some of its senior secured term loans. The common stock and preferred stock will be listed on the New York Stock Exchange and start trading later Friday under the ticker symbols "AVTR" and "AVTR PRA." Goldman Sachs and JPMorgan were lead underwriters on the dal with another 24 banks participating. Avantor makes products for the biopharma, health care, education and government and advanced tech industries.
Optical equipment maker Acacia Communications Inc. said Friday that it was "taking steps" to suspend transactions with Huawei Technologies Co. Ltd., following U.S. export control regulations to the China-based company. Acacia said sales to Huawei represented less than 1.5% of total revenue for 2018, and was less than 1% of total first-quarter revenue. The stock fell 5.8% on Thursday after President Trump issued an executive order which banned technology and services from foreign adversaries. "Acacia anticipates that the loss of Huawei sales in the second quarter of 2019 will have a de minimis impact on Acacia's total revenue for the quarter," Acacia said in a statement. The company acknowledged, however, that regulatory actions against Huawei "may have a broader impact on overall conditions in the markets in which Acacia operates." Acacia's stock has rallied 31% year to date, while the Nasdaq Composite has climbed 19% and the S&P 500 has gained 15%.
Shares of Cray Inc. soared 17% toward a three-year high in premarket trade Friday, prior to a trading halt, after a Bloomberg report that Hewlett Packard Enterprise Co. was in advanced talks to buy the supercomputer maker. Citing people with knowledge of the matter, the report out late Thursday said a deal could be announced as soon as this week. Cray's market capitalization at Thursday's closing price was $1.23 billion. HP's stock was still inactive ahead of the open. Cray's stock has soared 38% year to date through Thursday, while the S&P 500 has gained 15%.
Shares of Deere & Co. sank 4% toward a 5-month low in premarket trade Friday, after the agriculture, construction and turf care equipment maker reported fiscal second-quarter earnings that missed expectations and provided a downbeat outlook. Net income for the quarter to April 29 fell to $1.13 billion, or $3.52 a share, from $1.21 billion, or $3.67 a share, in the year-ago period. The FactSet consensus for net EPS was $3.60. Total revenue grew 5.8% to $11.34 billion, just shy of the FactSet consensus of $11.36 billion. Agriculture and turf revenue rose 3% to $7.28 billion, compared with the FactSet consensus of $7.32 billion; construction and forestry revenue rose 11% to $2.99 billion, topping expectations of $2.97 billion; financial services revenue increased 11% to $886 million, beating the FactSet consensus of $852 million. For fiscal 2019, Deere expects sales to increase 5%, while the FactSet consensus of $35.69 billion implies 7% growth. "Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases," said Chief Executive Samuel Allen. The stock has lost 2.1% year to date through Thursday, while the Dow Jones Industrial Average has gained 11%.
Bitcoin remained sharply lower Friday after a rally that had taken it back above the $8,000 level this week appeared to suddenly run out of steam. One bitcoin traded at $7,271.35, according to Coindesk data, down $477.74, or 6.2%, from its level late Thursday afternoon. Bitcoin plunged as low as $6,688.77 around 11 p.m. Eastern on Thursday. It had hit a high well above $8,000 earlier this week, as part of a rally that had seen the digital coin jump more than 100% for the year to date. Just as analysts struggled to find clear-cut explanations for the rally, there was no clear-cut catalyst for the selloff. Some analysts had warned that the accelerating rally left bitcoin vulnerable to a selloff from a technical perspective. Bitcoin's 200-day moving average stood near $4,440, Fawad Razaqzada, analyst at Forex.com, had warned in a Thursday note. The distance between the price and the moving average made bitcoin vulnerable to a drop "as prices do tend to revert to the mean from time to time," he said, noting that bitcoin had become "extremely" overbought.
The pound [s:GBPUSD] dropped Friday as chances dwindled that the U.K.'s two largest political parties can hash out a Brexit agreement. Six weeks of talks between senior lawmakers from the ruling Conservative Party and main opposition Labour party have ended with no deal, increasing the odds for a hard break with the European Union. Prime Minister Theresa May had pinned her hopes of her leadership surviving the summer on a final vote on her unpopular Brexit deal. Hard-liner Brexiteer Boris Johnson's admission Friday that he would "of course" stand for the Conservative leadership fueled the market reaction. Labour leader Jeremy Corbyn told reporters Friday morning that talks had gone as far as they can go and his party will oppose May's Brexit proposal. Sterling traded down about 0.2% against its U.S. counterpart at $1.2764 compared to $1.2796 in late New York trading Thursday. The pair had touched a low of $1.2755 Friday. Euro-pound rose 0.2% to 0.8752 pound, earlier at 0.8755.
London-based Deliveroo said Friday that Amazon.com Inc. will lead a $575 million investment in the delivery service. Existing investors T. Rowe Price, Fidelity Management and Research Company, and Greenoaks will also tale part in the fundraising. The startup will use the money to expand its engineering team in London and delivery reach, along with new products for customers.
Luckin Coffee Inc. , a Chinese coffeeshop chain often compared with Starbucks Corp. , increased the number of shares it will sell in its initial public offering and priced them at $17 apiece, according to multiple reports Thursday evening. CNBC, Reuters, Bloomberg News and Renaissance Capital all reported late Thursday that Luckin planned to sell 33 million shares, as opposed to the 30 million previously targeted, at the top of its proposed $15-to-$17 range. That sale would raise $561 million at an initial valuation of $3.9 billion. Shares are expected to begin trading Friday morning on the Nasdaq exchange under the ticker symbol LK.
Fastly Inc. priced its initial public offering at $16 a share Thursday evening, raising more than $180 million for the San Francisco software company. The company announced that it will sell 11.25 million shares at that price, the top of its proposed range of $14 to $16, to raise $180.8 million. Underwriters -- led by BofA Merrill Lynch, Citigroup, and Credit Suisse -- have access to roughly 1.7 million more shares that could push the total higher. At the IPO price, Fastly would have an initial market cap of $1.45 billion. Shares are expected to begin trading Friday morning on the New York Stock Exchange under the ticker symbol FSLY.
Tesla Inc. Chief Executive Elon Musk told employees the company's $2.2 billion cash reserve "is a lot of money, but actually only gives us about 10 months at the first-quarter burn rate to achieve breakeven," according to a report on Electrek, which cited an email by Musk. Musk and Chief Financial Officer Zach Kirkhorn will reportedly approve all expenses, however small, as part of a cost-cutting plan meant to scrutinize all expenses, including salaries and travel costs. Kirkhorn will review every payment page and Musk himself will review every tenth page, Electrek said. "This is hardcore, but it is the only way for Tesla to become financially sustainable," Musk reportedly wrote. Tesla tapped capital markets earlier this month. The company ended the first quarter with $2.2 billion in cash, $1.5 billion less than in the end of 2018, thanks in part to a $920 million convertible-bond payment in March. The company last month reported a wider-than-expected first-quarter loss and sales were lower than expected. Tesla shares rose 0.2% in the extended session Thursday after ending the regular trading day down 1.6%.
American depositary shares of Baidu Inc. fell more than 8% in the extended session Thursday after the Chinese internet search company swung to a loss in the first-quarter and spooked investors by talking about near-term challenges with online marketing. Baidu said it lost RMB327 million (RMB1 a share), or $49 million (and 15 cents a share), in the quarter, versus a profit of RMB6.7 billion a year ago. Sales rose to RMB24.1 billion, or $3.59 billion, in the quarter, compared with RMB21 billion a year ago. Adjusted for one-time items, Baidu earned RMB967 million (RMB3 a share), or $144 million and 41 cents a share. Analysts polled by FactSet had expected adjusted earnings of 40 cents a share on sales $3.53 billion for the company. Baidu expects "online marketing in the near term to face a challenging environment We will take this opportunity to improve our monetization capabilities and review our businesses for operational efficiency, while recognizing the importance to invest for sustainable long-term growth," Chief Financial Officer Herman Yu said in a statement. Baidu said its board of directors has authorized a new $1 billion share buyback program, in place until July 1, 2020.
Applied Materials shares rose nearly 5% in the extended session Thursday after chip and display maker beat the consensus revenue and earnings expectations. The company reported fiscal second-quarter net income of $666 million, or 70 cents a share, compared with $1.1 billion, or $1.06 a share, in the year-ago period. Adjusted for items related to acquisitions, among other things, earnings were also 70 cents a share. Revenue fell to $3.54 billion from $4.58 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 66 cents a share on revenue of $3.5 billion. For the fiscal third quarter, analysts expect adjusted earnings of 70 cents a share on sales of $3.67 billion. The company said it expects fiscal third-quarter adjusted earnings of 67 cents to 75 cents a share on sales of $3.53 billion. Applied Materials stock has fallen 25% in the past year, with the S&P 500 index rising 4.7%.
U.S. stocks closed higher Wednesday, marking the third-straight session of gains as investors shook off concerns over U.S.-China trade relations to focus on positive earnings from blue-chip firms Walmart Inc. and Cisco Systems Inc. , as well as surprisingly strong data on the labor and housing markets. The Dow Jones Industrial Average rose 214 points or about 0.8%, while the S&P 500 added roughly 25 points, or 0.9%. The Nasdaq Composite index climbed approximately 76 points, or 1%. Walmart shares rose 1.4% after the retailer reported upbeat earnings Thursday morning, while Cisco stock climbed more than 6.6% on a positive Wednesday-evening release. New claims for unemployment benefits, meanwhile, came in below consensus expectations, while home builders broke ground on new homes in April at a rate 6% higher than in March.
Hold your mousepointer here in the grey window, or dot it, if you have touchscreen.
Click on the orange button to subscribe to the WORLD NEWS AS REPORTED - RSS FEED!
We have developed the world/&/political news RSS with 1000 news items for supplying foreign intelligence agencies with global information and important intel newsitems dating up to 3 days back in time.
It works great if you want to have a VERY good up-to-date check of what's happening globally. This delivers all the main news directly to your computer via RSS functions. RSS is an acronym for Really Simple Syndication or Rich Site Summary. It is an XML-based method for distributing the latest news and information from a website that can be easily read by a variety of news readers or aggregators. All the world news in one easy to read RSS source / or / website intel category page, Sir & Ma'm!
[ Works perfect with net/surf/software Firefox & MS Edge ]
You get all intel/newsitems delivered directly to your computer!
World CLICK HERE!Political CLICK HERE!
Updates automatically by our news and intel robot every minute.