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Target names Rick Gomez new marketing chief

Target Corp. said late Thursday it promoted Rick Gomez to executive vice president and chief marketing officer, effective Jan. 29. Gomez will be responsible for “furthering Target’s brand positioning and leading the integration of all marketing programs,” the company said in a statement. Gomez will report to Chairman and Chief Executive Officer Brian Cornell. Gomez joined the retailer in 2013 after roles at PepsiCo and other companies. Shares of Target rose 0.2% in late trading after ending the regular session down 2.2%. The S&P 500 index ended the day down 0.4%.

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Government Backing of 30-Year Mortgage at Risk

With a sea change about to take place in Washington, the elimination of government backing for 30-year mortgages has become a possibility.

President-elect Donald J. Trump’s choice to lead the Treasury Department, Steven Mnuchin, has said he wants Fannie Mae and Freddie Mac to be privatized.

But the pair of government-sponsored housing enterprises, with the support of the U.S. government, have made 30-year loans possible with their backing.

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Uber agrees to pay FTC $20 million over driver earnings claims

Uber Technologies Inc. agreed to pay $20 million to the Federal Trade Commission to settle claims that Uber had exaggerated driver earnings and terms of its vehicle leasing program, according to a filing Thursday. The order states that Uber is prohibited from misrepresenting the income a driver could earn, the terms and conditions of its leasing program and the terms and conditions of financing and leasing terms offered by Uber or by another partner. With the settlement, Uber neither claims nor denies any of the allegations, the filing says. Uber did not immediately respond to a request for comment.

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.

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Atlassian shares choppy as results beat Street, earnings outlook misses

Atlassian Corp. shares fluctuated between gains and losses in the extended session Thursday after the business collaboration software company topped Wall Street estimates for the latest quarter but issued an earnings outlook that fell short of the consensus. Atlassian shares, which at first rallied, then slipped into negative territory, traded up 0.3% to $27.50 after hours. The company reported adjusted fiscal second-quarter earnings of 9 cents a share on revenue of $148.9 million. Analysts surveyed by FactSet had estimated earnings of 8 cents a share on revenue of $144 million. For the third quarter, Atlassian sees adjusted earnings of about 6 cents a share on revenue of $155 million to $157 million. Analysts expect third-quarter earnings of 8 cents a share on revenue of $154.4 million.

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.

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IBM hits 52-week high after beating on earnings

International Business Machines Corp. topped 52-week highs in late trading Thursday after Big Blue beat earnings expectations. IBM reported net income of $4.5 billion, or $4.72 a share, on sales of $21.77 billion. After adjustments, IBM claimed profit of $5.01 a share. Analysts projected adjusted profit of $4.88 a share on sales of $21.63 billion, according to FactSet. IBM also projected better adjusted profit for 2017, saying it expected full-year profit to hit at least $13.80 a share, while analysts projected $13.74, according to FactSet. IBM, which declared a revenue decline for the 19th consecutive quarter, saw shares jump to more than $170 in late trading, topping the $169.95 intraday high of the past year.

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American Express shares up slightly after company’s quarterly sales beat expectations

Shares of American Express Co. rose slightly late Thursday after the credit card company reported fourth-quarter earnings below expectations but quarterly sales slightly above forecasts. American Express said it earned $825 million, or 88 cents a share, in the quarter, compared with $899 million, or 89 cents a share, in the year-ago period. Sales rose to $8 billion, down from $8.4 billion a year ago. Analysts polled by FactSet had expected earnings of 98 cents a share on sales of $7.9 billion. The quarter included higher spending on growth initiatives, largely marketing and promotion expenses, the company said in a statement. Shares of American Express ended the regular trading down 1%, which compares with losses of 0.4% for the S&P 500 index .

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U.S. stocks close lower ahead of Trump inauguration

U.S. stocks finished lower Thursday with the Dow industrials falling a fifth straight session as investors exercised caution ahead of President-elect Donald Trump’s inauguration on Friday. The Dow Jones Industrial Average declined 72.32 points, or 0.4%, to finish at 19,732.40, with shares of Exxon Mobil Corp. and Merck & Co. leading decliners. The S&P 500 index closed down 8.20 points, or 0.4%, at 2,263.69, with the real-estate and utilities sectors the weakest performers. The Nasdaq Composite index finished down 15.57 points, or 0.3%, at 5,540.08.

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From:: Stock Market News