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National Retail Properties Inc. said late Thursday Chief Executive Craig Macnab, who is also chairman of the board, will retire on April 28 from both roles. Chief Operating Officer Julian Whitehurst will succeed him as CEO while independent director Robert Legler has been appointed as board chairman. Shares of National Retail Properties edged down 0.2% after hours.

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From:: Stock Market News

The U.S. stock market skidded on Thursday as investors fretted over Deutsche Bank’s deteriorating balance sheet and the possibility of European bank woes spilling over to the global financial markets. The S&P 500 fell 20 points, or 0.9%, to close at 2,151 while the Dow Jones Industrial Average shed 195 points, or 1.1%, to finish at 18,143. The Nasdaq Composite Index dropped 49 points, or 0.9%, to close at 5,269. Deutsche Bank’s U.S.-listed shares tanked 6.7% as analysts warned that portfolio managers are obligated to offload the stock due to their fiduciary duties.

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From:: Stock Market News

Investors should stay away from shares of Deutsche Bank and remain defensive in financial markets, Doubleline Capital founder Jeffrey Gundlach said Thursday, according to Reuters. Gundlach told the news service that it doesn’t feel like the selloff is over and that the market will push down Deutsche Bank shares “until there is some recognition of support.” Deutsche Bank’s U.S.-listed shares tumbled Thursday after Bloomberg reported that around 10 of the lender’s derivatives-clearing clients had removed excess cash and positions. Deutsche Bank shares are down more than 50% since the end of last year as the firm struggles to shore up its thin capital cushion.

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From:: Stock Market News

Tropical Storm Matthew has strengthened to a hurricane, prompting warnings for the Caribbean islands of Bonaire, Curacao and Aruba, the National Hurricane Center said Thursday. The storm has maximum sustained winds of 75 miles per hour and is expected to move westward and gradually strengthen in the next 48 hours, the NHC said in its latest advisory. The agency is advising Venezuela and Colombia to monitor the progress of the storm along their coastlines. Matthew is the fifth hurricane of this 2016 Atlantic season.

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From:: Stock Market News

The Dow Jones Transportation Average have bounced back into positive territory, which could be an encouraging sign for investors in the face of sharp declines in the broader stock market. The Dow transports were up 0.1%, with 14 of 20 components trading higher, after being down as much as 0.5% earlier in the session. Meanwhile, the Dow Jones Industrial Average has down 153 points, with 26 of 30 components losing ground, while the S&P 500 shed 0.6% and the Nasdaq Composite fell 0.6%. The number of advancing stocks outnumbered decliners by a 2,187 to 779 score on the NYSE and by an 1,872 to 785 margin on the Nasdaq. The century-old Dow Theory of market analysis suggests that the Dow transports and Dow industrials should trend in similar directions, because “the industrials make and the transports take,” according to S&P Dow Jones Indices. Basically, the transports are still taking, the industrials have reason to keep making.

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From:: Stock Market News

Oil futures climbed for a second session in a row on Thursday, finding continued support in the wake of the Organization of the Petroleum Exporting Countries’ preliminary agreement to scale back production. November West Texas Intermediate crude rose 78 cents, or 1.7%, to settle at $47.83 a barrel on the New York Mercantile Exchange. Prices, which rallied by 5.3% on Wednesday following news of the OPEC deal, marked their highest settlement in more than a month.

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From:: Stock Market News

WASHINGTON (MarketWatch) — Och-Ziff Capital Management will pay nearly $200 million to the Securities and Exchange Commission, as well as a criminal penalty of $213 million to the Justice Department, over allegations the fund used intermediaries, agents, and business partners to pay bribes to high-level government officials in Africa. The SEC said the illicit payments were used to induce the Libyan Investment Authority to invest in Och-Ziff managed fund, and other bribes were paid to secure mining rights and corruptly influence officials in Libya, Chad, Niger, Guinea, and the Democratic Republic of the Congo. Och-Ziff CEO Daniel S. Och agreed to pay nearly $2.2 million to settle SEC charges, and CFO Joel M. Frank will be assessed a penalty at a later date. Och and Frank consented to the SEC’s order without admitting or denying the findings.

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From:: Stock Market News

The U.S. Commodity Futures and Trading Commission said Thursday that it has ordered Jon Ruggles, a former jet-fuel trader at Delta Air Lines Inc. , to give back $3.5 million in trading profits and pay a $1.75 million penalty. The order was part of a settlement of charges against Ruggles for making fraudulent, fictitious and noncompetitive trades in the crude oil ad heating oil futures and options, and gasoline futures, from March 2012 and December 2012. Ruggles is also permanently banned from registering with the CFTC. Ruggles, who was responsible for developing fuel-hedging strategies for Delta, then executing the trades, was found to trade the same products he traded for his employer in personal accounts in his wife’s name, which he controlled. “The misappropriation of confidential, nonpublic information is fraud under the Commodity Exchange Act (CEA) and CFTC regulations and undermines the integrity of the derivatives market,” said CFTC Director of Enforcement Aitan Goelman in a statement.

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From:: Stock Market News

BB&T Corp. said Thursday it has reached an agreement with the U.S. Justice Department to settle issues relating to mortgage loans insured by the the U.S. Department of Housing and Urban Development’s Federal Housing Administration (FHA). The regional bank said it will pay $83 million to settle the issues without admission of liability. “The settlement will have no negative effect on BB&T’s financial condition or results of operations as a result of previous accruals totaling $85 million,” BB&T said in a statement. “In a related matter, BB&T is pursuing a potential recovery of approximately $70 million.” Shares were down about 1%, while the S&P 500 was down 0.8%.

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From:: Stock Market News