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President Donald Trump expects the U.S. economy to continue powering ahead in coming years, saying economic growth is likely to be higher than what most economists currently expect. In an interview aired Friday with CNBC from the World Economic Forum in Davos, Trump was asked about forecasts that the U.S. economy would expand around 3% in the long term, and answered that “I think it’ll be much higher than that.” He said his efforts to tackle excessive regulations would help boost the economy, saying he has “cut more regulations than any president in history” and that it’s “just as big as the tax cuts.” Gross domestic product data for the U.S. economy in the fourth quarter are due at 8:30 a.m. Eastern Time on Friday. Economists pulled by MarketWatch expect a reading of 3% growth, down from 3.2% in the third quarter.

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From:: Stock Market News

There is no difference between President Donald Trump’s position on the strength of the U.S. dollar and that of his Treasury Secretary, Steven Mnuchin, a senior administration official told reporters on the sidelines of the Davos forum Friday. “I don’t think there’s any daylight between the President and Secretary Mnuchin,” the official said, according to a Reuters report. Trump, in comments to CNBC on Thursday, said “the dollar is going to get stronger and stronger and ultimately I want to see a strong dollar.” His remarks briefly helped an ailing buck. Earlier this week, Mnuchin said he was not concerned about where the dollar was in the short term and that a weaker dollar was helpful to the U.S. trade position. Those remarks sparked a market reaction that drove the leading dollar index down some 2% to fresh three-year lows. The dollar index was lower again on Friday, setting it on track for a 1.9% weekly slide. That would be its biggest loss in one week since May last year, according to FactSet data.

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The U.S. Olympic Committee on Thursday ordered the board of directors of USA Gymnastics to resign by next week or it will decertify the organization. Effectively, that would remove USA Gymnastics’ status as the sport’s governing body. The move comes after former U.S. gymnastics team doctor Larry Nassar was convicted of molesting more than 150 girls and young women over a decades-long span. USA Gymnastics and the USOC have been criticized for not doing more to protect the young athletes from sexual abuse. In a letter, the USOC said USA Gymnastics needs “a categorically fresh start at the board level,” and that “reform must start with an entirely new board.” The 21-member board was ordered to resign by Jan. 31, and the USOC outlined a list of demands that the organization must take to keep its accreditation. On Wednesday, Olympic gold medalist Aly Raisman called for an independent investigation of the USOC.

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More than 30 people were killed Friday when a fire tore through a hospital for the elderly in South Korea. The causes of the mid-morning blaze at Sejong Hospital in Miryang, a city near the country’s southeastern coast, were unknown, the Associated Press reported, though the BBC reported the fire may have started near the emergency room. South Korea’s National Fire Agency reported at least 31 dead and 84 injured, with 14 of those people in critical condition. In December, 29 people were killed in a fire at a sports center in the town of Jecheon.

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Dell Inc. is exploring a number of transformative strategic alternatives, including an IPO and a deal with VMware Inc. , according to a Wall Street Journal report Thursday night. Dell currently holds a stake in VMware, which is valued at about $50 billion. Dell went private in 2013 after it was acquired by Michael Dell, its founder and CEO. In 2015, Dell acquired EMC Corp. for $67 billion.

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President Donald Trump will back a pathway to citizenship for 1.8 million undocumented immigrants who came to the U.S. as children, NBC News and other outlets reported Thursday, citing a telephone briefing by the White House for Republican congressional staff. White House demands include a $25 billion “trust fund” for a border wall and an end to so-called chain migration, NBC said.

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Western Digital Corp. shares plunged in the extended session Thursday after the company reported fiscal second-quarter earnings. Shares fell 5% to $83.51 after hours. The hardware maker reported fiscal second-quarter net losses of $823 million, or a loss of $2.78 a share, compared with a net income of $235 million, or 80 cents a share, in the year-ago period. GAAP losses include a net tax charge of $1.6 billion due to changes in the U.S. tax code. Adjusted earnings were $3.95 a share. Revenue rose to $5.34 billion from $4.89 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $3.80 a share on revenue of $5.31 billion. Analysts model fiscal third-quarter adjusted earnings of $3.06 a share on revenue of $4.95 billion. Western Digital stock has gained 10% in the past year, with the S&P 500 index rising 24%.

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Shares of Starbucks Corp. fell more than 3% late Thursday after the company reported same-store sales below expectations and narrowly missed sales forecasts. Starbucks said it earned $2.25 billion, or $1.57 a share, in the quarter, compared with $752 million, or 51 cents a share, in the year-ago period. Adjusted for one-time items, Starbucks earned 65 cents a share, including a 7-cent benefit from the U.S. tax overhaul. Sales rose to $6.1 billion, from $5.7 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 57 cents a share on sales of $6.2 billion. Starbucks’ same-store sales rose 2% globally. The analysts surveyed by FactSet had expected a 3% rise. The company said it expects GAAP per-share earnings in the range of $3.32 to $3.36 for fiscal 2018, and adjusted EPS in the range of $2.48 to $2.53 for the year. The new guidance is “consistent” with prior guidance but it was updated to include impact of the new tax rate and related reinvestments, the company said. Shares ended the regular session down 0.5%.

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From:: Stock Market News

Intel Corp. shares rallied in the extended session Thursday after the chipmaker’s quarterly earnings and 2018 outlook topped Wall Street views. Intel shares rose 4% to $47.10 after hours. The company reported a fourth-quarter loss of $687 million, or 15 cents a share, compared with net income of $3.87 billion, or 73 cents a share, in the year-ago period. Adjusted earnings, factoring out the $5.4 billion tax loss from recently passed U.S. tax overhaul legislation, were $1.08 a share. Revenue rose to $17.05 billion from $16.37 billion in the year-ago period. Analysts surveyed by FactSet had estimated 87 cents a share on revenue of $16.34 billion. Intel estimates adjusted earnings of 65 cents to 75 cents a share on revenue of $14.5 billion to $15.5 billion for the first quarter, and earnings of $3.37 to $3.73 a share on revenue of $64 billion to $66 billion for the year. Analysts expect earnings of 72 cents a share on revenue of $15.03 billion for the first quarter, and $3.27 a share on revenue of $63.86 billion for the year. Intel’s board also increased the annual dividend by 10% to $1.20 a share.

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From:: Stock Market News