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General Electric Co. said late Wednesday it agreed to sell its railcar leasing business to Wells Fargo & Co. . In a separate deal, GE said it sold its tank car fleet assets and railcar repair facilities to Marmon Holdings Inc. Terms of the deals were not disclosed.
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From:: Stock Market News
Starbucks Corp. will launch its mobile order and pay app at its U.K. stores starting Thursday following positive response in the U.S., the coffee retailer said. “We Brits are famous for queuing, but in an age of such sophisticated technology ‘why wait?'” said Ian Cranna, Starbucks’ vice president of marketing and category EMEA. For now, the app will be only available on Apple’s [s:aapl] iOS mobile operating system. Shares of Starbucks slid 0.2% in after-hours trade.
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From:: Stock Market News
The House of Representatives passed a bill Wednesday to keep the federal government operating through Dec. 11. The bill was passed earlier by the Senate and now goes to President Barack Obama for signature. Without the stopgap bill the government would have shut down Thursday, the first day of the new fiscal year. The bill includes funding for Planned Parenthood, over the objections of conservatives. The White House and Republicans are now negotiating a longer budget deal. The House vote was 277 to 151.
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From:: Stock Market News
The S&P 500 closed out a bruising quarter and month with a bang. In fact, Wednesday’s performance, which saw the broad stock index gain 1.9%, marked its best close to a third-quarter since 2008, according to Dow Jones data. The Sept. 30 gain bucks a gloomy trend for stocks which had historically under-performed on previous Sept.30. according to Bespoke Investment Group. However, the returns still didn’t erase quarterly results that were the worst in four years. The S&P 500 lost 2.6% over the month and dropped 6.9% over the past quarter, while the Dow Jones Industrial Average , which gained 235 points Wednesday, declined 1.5% over the month and 7.6% over the quarter. The Dow posted its longest third-straight quarterly decline, something the blue-chips index hasn’t done since a six-quarter losing stretch ending in 2009.
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From:: Stock Market News
PBF Energy Inc. said Wednesday it’s going to buy Exxon Mobil Corp.’s Torrance, Calif., refinery and other related assets for $537.5 million in cash, stock and debt. The 155,000 barrel-a-day Torrance refinery brings PBF’s capacity to approximately 900,000 barrels a day, the Parsippany, N.J., company said. The deal is expected to be “immediately accretive to earnings” and to close in the second quarter, PBF said. The refinery will be restored to full working condition, the company said. The acquisition also includes pipelines, terminals, and storage facilities. Part of the refinery exploded in February, and the state of California recently fined Exxon more than $500 million in connection with that explosion. In a separate statement, Exxon said it remains “committed to a large, global refining portfolio as part of our integrated business strategy.” About 700 employees and 700 contractors work at the refinery and associated facilities, and the employees are expected to be offered positions with PBF, Exxon said. Shares of PBF rose 3.8% in late trading Wednesday after ending the regular trading day up 2.2%. Exxon shares were flat in after hours after being up 1.9% for the day.
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From:: Stock Market News
Mortgage applications decreased 6.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 25, 2015. The Market Composite Index, a measure of mortgage loan application volume, decreased 6.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted […] …read more
From:: Finance and Economy
Reynolds American Inc. said it is consolidating the manufacturing operations for VUSE digital vapor cigarettes in an effort to cut costs and improve efficiency. Effective immediately, VUSE cartridges will no longer be produced at a contractor’s facility in Kansas. All production will now occur in house at the company’s manufacturing facility in Tobaccoville, N.C. The company expects to record a $100 million charge in the third quarter as a result of the consolidation. “As the vapor category continues to develop, we need to make sure our manufacturing operations are efficient and cost-effective in meeting anticipated demand,” said Chief Executive Susan Cameron. The stock, which was unchanged in after-hours trade, has shot up 19% over the past three months while the S&P 500 has lost 6.9%.
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From:: Stock Market News
Oil futures settled lower on Wednesday, tallying a quarterly loss of 24%. Concerns over a glut of crude supplies continue to plague the market, with the latest U.S. Energy Information Administration report showing a weekly increase in stockpiles, along with a modest decline in domestic oil production. November crude settled at $45.09 a barrel on the New York Mercantile Exchange, down 14 cents for the session. Prices based on the most-active contracts, fell 8.4% for the month of September and traded more than 15% lower year to date.
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From:: Stock Market News
Twitter Inc. plans to name co-founder Jack Dorsey as its permanent chief executive as early as Thursday, according to Re/code, citing unnamed sources. Re/code reported that a shake-up in the structure of the company’s board is also possible. Dorsey has been the anticipated frontrunner for the position since being named interim CEO three months ago after Dick Costolo stepped down. One possible complication is that Dorsey is already CEO of Square Inc., which is expected to launch an initial public offering soon, and Twitter has stated a preference for a full-time CEO. Shares of Twitter rose 2.4% to $26.19 in recent activity.
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From:: Stock Market News
Gold futures settled lower on Wednesday, pressured by a rise in the U.S. stock market and strength in the dollar. They tallied a 1.5% loss for the month, down 4.8% for the third quarter of the year, based on the most-active contracts. December gold settled at $1,115.20 an ounce on Comex, losing $11.60, or 1%, for the session. That was the lowest settlement in more than two weeks.
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From:: Stock Market News