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WASHINGTON (MarketWatch) — The Securities and Exchange Commission on Wednesday charged hedge-fund manager Leon Cooperman with insider trading, over his purchase of Atlas Pipeline Partners securities. According to the SEC, Cooperman gained access to nonpublic information from an executive and learned about the sale of a natural gas process facility in Elk City, Oklahoma. When the sale was announced, the stock jumped by 31%, the SEC said, benefiting Omega Advisors. After getting subpoenaed, Cooperman tried to fabricate a story, the SEC added. Atlas Pipeline Partners was subsequently purchased by Targa Resources Partners.

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Shares of Conn’s Inc. rocketed 18% in active morning trade Wednesday, fueled by an upgrade at Stifel Nicolaus, to extend a stunning two-week surge since the durable goods retailer reported fiscal second-quarter results after the Sept. 8 close. On Wednesday, Stifel analyst John Baugh raised his rating to buy from hold and set his stock price at $16, which is 36% above current levels. He said the company’s announcement earlier this month, that it would increase the overall yield of its loan portfolio by 6 to 9 percentage points, could boost earnings per share by more than $2 a share by 2020. “While there may be some offsets of the yield benefit from the changes contemplated in the loan structure…, the potential benefits far exceed the negatives,” Baugh wrote in a note to clients. The stock has now run up 80% since Sept. 8. Prior to the rally, the stock had plunged 77% in the past 12 months, compared with a 14% jump in the S&P over the same time, amid a string of disappointing quarterly results and concerns over the quality of the loans it provides its customers so they can make purchases.

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Tesla Motors Inc. Chief Executive Elon Musk tweeted Wednesday that the over-the-air software update of Autopilot, Tesla’s suite of advanced driver assistance systems, will start rolling out later in the day. Favorite new feature is the vehicles’ always-on temperature controls, which prevent cabins from overheating and injuring pets and people, he said. Tesla has also decided to rely more on radar rather than cameras to improve safety of its system.

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Oil futures extended their earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 6.2 million barrels in the week ended Sept. 16. A 2.8 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported a larger drop of 7.5 million barrels, according to sources. The EIA has now reported unexpected supply declines for three weeks in a row. Gasoline supplies also fell by 3.2 million barrels, while distillate stockpiles rose by 2.2 million barrels, according to the EIA. November crude climbed $1.01, or 2.3%, from Tuesday’s settlement to $45.06 a barrel on the New York Mercantile Exchange. Prices traded at $44.90 before the data.

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From:: Stock Market News

The November presidential election may be on the minds of consumers this holiday shopping season, but it won’t have a negative impact on retail sales, Deloitte said in a Wednesday note. “While attention toward presidential elections may be a temporary distraction in the early part of the holiday shopping season, it should not have a negative impact on sales, and retailers may benefit from a pickup in postelection consumer spending,” said Daniel Bachman, Deloitte’s senior U.S. economist, in a statement. Deloitte projects a 3.6% to 4% rise in holiday retail sales this year, excluding vehicles and gasoline. E-commerce sales are forecast to increase 17% to 19% to reach $96 billion to $98 billion.

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Shares of Viacom Inc. Class B non-voting stock, which is available to invest in for the general public, dropped 1.5% in early trade on Wednesday, with its Class A controlling stock sliding 1% after the beleaguered company issued a profit warning, forecasting adjusted earnings per share for the fourth quarter will be in the range of 65 cents to 70 cents. The FactSet consensus on earnings is 91 cents. Viacom also said it would cut its quarterly dividend in half to 20 cents per share while tapping debt markets as well, in hopes of improving financial flexibility. The media and entertainment company confirmed it’s ended the process of seeking a minority investor for its Paramount Pictures film business and said it will consider all options available. Interim Chief Executive Tom Dooley, who took the reins from the ousted Philippe Dauman, will step down Nov 15 as the board looks to conduct a proper succession process. Shares of Viacom’s non-voting stock are down 13% in the year to date, underperforming the S&P 500 Index , which is up more than 5%.

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From:: Stock Market News

U.S. stocks on Wednesday began trade tentatively higher as a key decision from the Federal Reserve, scheduled for 2 p.m. Eastern Time, looms. The expected Fed policy update comes as the Bank of Japan announced Wednesday that it was refocusing its monetary-policy efforts to concentrate on keeping 10-year Japanese government-bond yield at zero in its latest initiative to juice its sluggish economy. Rising crude-oil prices also helped give an early lift to U.S. equity benchmarks, boosting energy-related shares. The Dow Jones Industrial Average was up 84 points, or 0.5%, at 18,211, the S&P 500 index rose 10 points, or 0.4%, at 2,149, while the Nasdaq Composite Index advanced 21 points, or 0.4%, at 5,262. In corporate news, Viacom Inc. said Wednesday that it was ending its pursuit of a minority investor in Paramount Pictures and that its interim CEO Tom Dooley was set to leave the company Nov. 15.

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Eleven Biotherapeutics Inc. shares surged 24.6% in pre-market trade Wednesday after the company said it had entered into and completed an acquisition of Viventia Bio Inc. The company will continue to be named Eleven Biotherapeutics, focusing on developing new oncology treatments in areas of unmet need, and will be led by Viventia’s chief executive officer, Stephen Hurly, who will become president and CEO of Eleven. Eleven’s former president and CEO, Abbie Celniker, will remain a company director. Under the agreement, Eleven purchased Viventia’s outstanding capital stock in exchange for Eleven shares representing about 19.9% of the company’s voting power. Viventia’s lead product candidates are Vicinium, a bladder cancer treatment that is in late-stage clinical trials, and Proxinium, a head and neck cancer treatment that is expected to enter mid-stage development next year. Eleven Biotherapeutics shares rose 44.6% over the last three months, compared with a 2.4% rise in the S&P 500 .

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From:: Stock Market News

B&G Foods Inc. has announced an agreement to acquire ACH Food Companies Inc.’s spice business for about $365 million in cash. The brands involved include Spice Islands, Tone’s and Durkee, as well as the Weber brand of sauces and seasonings, which are sold under license. B&G will also get a manufacturing facility in Ankeny, Ia. B&G expects the deal to close during the fourth quarter of 2016, and projects that the acquired business will generate net sales in the range of $220 million to $225 million on an annual basis starting in 2017. Adjusted earnings per share are expected to be in the range of 26 cents to 28 cents. And B&G expects $83 million in tax benefits. B&G shares are inactive in premarket trading, but up 34.4% for 2016 so far. The S&P 500 Index is up 4.7% for the year to date.

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From:: Stock Market News