Month: September 2015

The U.S. dollar moved higher against most rivals Wednesday after a reading of private-sector employment showed that jobs were added at a faster pace than the prior month. A reading of U.S. productivity also came in stronger than expected. Employers added 190,000 jobs in August, according to a report from Automatic Data Processing Inc. The ICE U.S. Dollar index [nye: DXY] was at 95.770, or 0.3% higher, up from 95.7000 before the reports. The euro [TPI: USDEUR] ticked lower to $1.1245 from $1.1262 prior to the reports. The response by the yen [TPI: USDJPY was more muted with the Japanese currency little changed at 120.16 after the early Wednesday data.

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WASHINGTON (MarketWatch) – U.S. productivity in the second quarter was raised to a 3.3% annual pace from an original 1.3%, reflecting an earlier revision in gross domestic product that showed the economy was much stronger in the spring than initially reported. The gain in productivity was the biggest since the end of 2013, though it’s still rising more slowly than usual. Over the past year productivity has risen a scant 0.7%. The number of hours employees worked in the second quarter was trimmed a hair to 1.4% from 1.5%. Yet the output of goods and services increased by a much faster 4.7% annual rate instead of preliminary 2.8%, the Labor Department said Wednesday. Unit-labor costs fell by 1.1% instead of rising 0.5%, showing that businesses are still keeping a tight lid on expenses. The increase in hourly compensation for all workers was unchanged at 1.8%, but pay fell 1.1% in the second quarter in real or inflation-adjusted terms. Real compensation is up 2.4% from a year earlier, however.

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From:: Stock Market News

U.S. Treasurys were little changed Wednesday after Automatic Data Processing Inc. estimated private-sector employers added 190,000 jobs in August. The yield on the 10-year U.S. Treasury note traded at 2.1631%, up less than 1 basis point on the day and little changed from the level seen ahead of the report. Bond yields move in the opposite direction of prices.

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From:: Stock Market News

Vera Bradley Inc.’s stock soared 21% in premarket trade, after the maker of specialty handbags, accessories and travel items reported better-than-expected fiscal second-quarter results and provided an upbeat outlook. For the quarter ended Aug. 1, earnings fell to $5.7 million, or 15 cents a share, from $7.6 million, or 19 cents a share, in the same period a year ago, but beat the FactSet earnings-per-share consensus of 10 cents. Revenue rose to $120.7 million from $119 million, above the FactSet consensus of $115 million. “Our comparable sales trend began to improve toward the end of the quarter, which we believe is reflective of our new product offerings, improved in-store execution, and our initial marketing efforts,” said Chief Executive Robert Wallstrom. “Our better than planned revenues were generated in spite of reduced promotional activity.” For the third quarter, the company expects revenue of $120 million to $123 million, above the FactSet consensus of $117.6 million, and EPS of 19 cents to 21 cents, compared with expectations of 15 cents. Gross margin is expected to improve to 46.5% to 47% from 42.5% a year ago. The stock has tumbled 26% over the past three months through Tuesday, while the S&P 500 has lost 9.3%.

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From:: Stock Market News

British online apparel retailer ASOS PLC said its founder, Nick Robertson, is stepping down as chief executive after 15 years in the CEO role. The company’s shares fell by more than 5% after the announcement before swinging higher by nearly 2%. Nick Beighton, who joined in 2009 as chief financial officer, was named CEO, effective immediately. “We suspect that Nick Robertson’s decision to retire has been on the cards for a while,” said retail analysts at Liberum in a note. “The succession will be orderly,” said Liberum, adding that doesn’t foresee “any sudden change in strategic direction.”

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From:: DIY this old house

CBOE Holdings Inc. said late Tuesday that a volatile August significantly boosted contract trading volumes and set records. CBOE said options and futures volume for August jumped 26% to 125.2 million contracts from a year ago. August 21 was the CBOE’s busiest day ever with 11.2 million contracts traded, surpassing a record set in August 2011. Options for the CBOE Volatility Index set a new average daily volume record for the month of just under 1 million contracts. VIX futures volume jumped 41% to 6.4 million contracts from a year ago, as the so-called “fear index” itself rallied nearly 160% over the month.

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From:: Stock Market News

AT&T Inc. disclosed in a regulatory filing after Tuesday’s closing bell that TRC Capital Corp. has made an unsolicited “mini-tender” offer to buy up to 3 million of the telecom company’s shares. The offer, dated Aug. 27, is for $31.30 a share, or 3.2% below Tuesday’s closing price of $32.32. The offer expires on Sept. 25, unless extended by TRC. “AT&T wishes to inform its shareholders that it recommends rejection of this unsolicited offer and that AT&T is in no way associated with TRC Capital Corporation,” AT&T stated in the filing. The number of shares TRC is offering to buy represents less than 0.1% of AT&T shares outstanding, which is about 6.15 billion shares, according to FactSet. The stock, which ticked up 0.2% in after-hours trade, has lost 5.9% over the past three months, while the S&P 500 has dropped 9.4%.

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From:: Stock Market News

Oil futures fell on Globex late Tuesday after the American Petroleum Institute reported that crude supplies jumped 7.6 million barrels for the week ended Aug. 28, according to sources. A Platts survey of analysts forecasted a decline of 800,000 barrels. Following the data, October crude was at $44.44 a barrel in electronic trading, down from the $45.41 settlement on Nymex. The more closely watched EIA report is due Wednesday.

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From:: Stock Market News