Month: September 2015

A Kentucky county clerk who has refused to issue marriage licenses to same-sex couples has been taken to jail after being found in contempt of a U.S. federal judge’s order to issue the documents, according to news services. Rowan County Clerk Kim Davis has refused to issue marriage licenses, citing her religious beliefs, following a ruling by the U.S. Supreme Court legalizing gay marriage. U.S. District Judge David Bunning told Davis she would remain in jail until she complied with his order, the Associated Press reported.

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French prosecutors have confirmed that a plane part discovered on the island of La Reunion in the Indian Ocean was from Malaysia Airlines flight MH370, Agence France-Presse reported Thursday. The Boeing 777 disappeared on March 8, 2014 after veering off course during a flight to Beijing from Kuala Lumpur. The wing part was discovered at the end of July on the island, which is a French overseas territory, and sent to Paris for testing by aviation experts. Prosecutors said investigators found three numbers on the wing part, one of which matched the serial number of an MH370 flaperon, said the AFP report.

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Netflix Inc.’s stock slumped 2.7% in active morning trade Thursday, putting it on track for a fifth-straight loss, as a broad-market rally wasn’t enough to distract investors from concerns over increasing competition. Netflix shares were the second-weakest within the S&P 500, which was up 1.2% in early trade. The shares have now dropped 13% over the past week, while the S&P 500 has eased 0.7%. Amazon.com announced earlier this week that its Prime Video users will be allowed to download content on their iOS and Android devices so they could view it offline. And Apple Inc. is believed to be looking to produce original content, and is expected to unveil a next-generation Apple TV next week. Analyst Trip Chowdhry said Apple’s moves add to the downside risk to Netflix’s stock, as it means Netflix will become “just another app” on the Apple TV platform. Apple’s stock has eased 0.5% over the past week and Amazon shares have slipped 0.7%.

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Leon Gorman, the 80-year old grandson of L.L. Bean and longtime chief executive of the company, died Thursday at his home in Yarmouth, Maine, the Associated Press reported. Gorman had been suffering with cancer for several months, the AP reported. Gorman is credited with a major overhaul of his family’s outdoor clothing and equipment company, transforming it from a catalog company with a single store and 100 employees into a retailer with more than 5,000 employees and sales of more than $1.5 billion, said the report.

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Natural-gas futures pared some of their gains Thursday after the U.S. Energy Information Administration reported that supplies of natural gas rose 94 billion cubic feet for the week ended Aug. 28. Analysts polled by Platts forecast a climb of between 83 billion cubic feet and 87 billion cubic feet. The EIA, however, said the latest data included “reclassifications” from base gas to working gas that resulted in increased working gas stocks of about 8 billion cubic feet in the East region. Total stocks now stand at 3.193 trillion cubic feet, up 495 billion cubic feet from a year ago and 122 billion cubic feet above the five-year average, the government said. October natural gas was at $2.662 per million British thermal units, up 1.4 cents, or 0.5%. Prices traded around $2.674 before the supply data.

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Lululemon Athletica Inc.’s stock climbed 1% in morning trade Thursday, after Wedbush Securities added the yoga gear maker’s shares to its ‘best ideas list,’ citing expectations that same-store-sales growth momentum will likely continue throughout this year. Analyst Morry Brown kept the rating at outperform, and the stock price target at $78, which is 18% above current levels. Brown believes Lululemon’s fiscal second-quarter results, which are scheduled to be released before the market opens on Sept. 10, “should provide a positive catalyst to the shares.” Brown believes the new pant wall Lululemon unveiled recently, which assorts pants by fit and activity rather than by silhouette, as well as increased prices, could boost sales, margins and average unit retail (AUR). “Our channel checks continue to note positive traffic and sell through as well as successful price increases on seasonal items,” Brown wrote in a note to clients. The stock has climbed 7.8% over the past three months, while the S&P 500 has lost 6.9%.

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A judge has overturned the four-game suspension handed to New England Patriots quarterback Tom Brady, the Associated Press reported. The suspension was imposed by the National Football League after the so-called Deflategate scandal.

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WASHINGTON (MarketWatch) — The Institute for Supply Management said on Thursday its services index slipped in August but to a very strong reading indicating growth in the sector. The services index fell to 59% from 60.3% in July, on a scale where readings over 50% indicate improving conditions. The reading beat the MarketWatch-compiled economist forecast of 58%. A similar gauge released by Markit showed a services reading of 56.1 in August, above the flash reading of 55.2 and up from 55.7 in July. Ahead of Friday’s payrolls report, the ISM services employment index fell 3.6 points to 56%.

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Caterpillar Inc.’s stock slumped 2.1% in morning trade, making it the weakest member of the Dow Jones Industrial Average , after fellow mining equipment maker Joy Global Inc. missed fiscal third-quarter profit and sales expectations and provided a downbeat macroeconomic outlook. Caterpillar’s stock is still up 2.3% since it closed at a near four-year low on Aug. 24, but has now dropped 14% over the past three months while the Dow has lost 9%. Joy Global’s stock tumbled 17% to a 6 1/2-year low.

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From:: Stock Market News

U.S. stocks opened slightly higher Thursday as investors digested dovish comments from the ECB president Mario Draghi as well as economic reports. The S&P 500 opened 9 points, or 0.5%, higher to 1,958. The Dow Jones Industrial Average added 82 points, or 054%, to 16,426. The Nasdaq Composite began the day up 13 points, or 0.3%, at 4,763.

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