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Trump calls for 4-week funding extension with shutdown hours away

President Donald Trump called for a 4-week funding extension just hours ahead of a partial government shutdown. Trump said in a tweet late Friday he’d had an “excellent preliminary meeting” with Senate Minority Leader Charles Schumer and that they were working on solutions for security and the military. Without a deal before midnight the government would shut down for the first time since 2013.

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From:: Stock Market News

Caliber Home Loans Originations Increase in 2017

Despite annual declines already reported by several of the nation’s biggest mortgage originators, Caliber Home Loans Inc. experienced an increase. Servicing has also expanded.

As part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey, Caliber reported that it serviced 526,455 loans with an aggregate unpaid principal balance of $121.317 billion.

The Irving, Texas-based mortgage banking firm’s servicing portfolio expanded from 498,030 loans for $114.202 billion three months earlier and 403,751 loans for $91.065 billion one year earlier.


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From:: Financing

S&P upgrades Greek debt for first time in two years

S&P Global Ratings raised Greece’s credit rating by one rung to B from B- on Friday, marking the first time S&P has upgraded the country’s sovereign debt in two years. The outlook was kept positive, which implies another upgrade is likely. The sovereign bond rating is still 5 notches below investment grade. “Greece’s growth and fiscal outlooks have improved alongside a labor market recovery and amid a period of relative policy certainty,” S&P said. Investor reaction to the announcement is likely to show up later next week as European markets were closed before the report.

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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From:: Stock Market News

Sanmina shares plunge 15% on revenue, profit warning

Sanmina Corp shares plunged in the extended session Friday after the electronics maker warned investors about its fiscal first-quarter results. Sanmina shares fell 16% to $29.90 after hours. The company said it expects first-quarter adjusted per-share losses of 48 cents, compared with its previous guidance of adjusted earnings of 68 cents to 74 cents. Sanmina now expects revenue of $1.74 billion and had previously issued guidance of sales of $1.75 billion to $1.8 billion. Analysts surveyed by FactSet had estimated adjusted earnings of 71 cents a share on revenue of $1.77 billion. “Our disappointing financial results are driven by slower than expected new program ramps and an unfavorable program mix,” said Chief Executive Bob Eulau. “Our GAAP financial results were mainly impacted by the non-cash charge to our deferred tax assets that resulted from the enactment of the Tax Cuts and Jobs Act. We are right-sizing our fixed cost structure and we remain confident that our pipeline is strong and our second half of fiscal 2018 will be stronger than our first half as we continue to execute on our strategy.” Said it expects fiscal second-quarter profits of 40 cents to 50 cents a share on sales of $1.6 billion to $1.7 billion. Analysts modeled adjusted earnings of 70 cents on sales of $1.73 billion. Sanmina stock has gained less than 1% in the last 12 months, as the S&P 500 index rose 24%.

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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From:: Stock Market News

Bunge stock spikes after report of Archer Daniels Midland merger attempt

Bunge Ltd. shares roared higher just before the close Friday, after a report that Archer Daniels Midland Co. was attempting a takeover. Bunge, which trades and processes agricultural commodities, had reportedly been approached previously by Glencore PLC about a merger, which portends a potential bidding war, according to The Wall Street Journal report. Bunge had been trading close to flat for the day before the report hit just minutes before markets closed for the weekend, and then spiked to a daily gain of 11.4% at $77.56. Archer Daniels stock gained 1.2%, almost all at the very end of the session, and both stocks gained slightly in after-hours trading as well.

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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From:: Stock Market News

Apple brings in data-science team in analytics push

Apple Inc. brought on several dozen employees from Silicon Valley Data Science, according to Bloomberg, as it seeks to enhance its analytics capabilities. Silicon Valley Data Science’s website says that the firm uses data to help clients increase retention, engagement, and sales. Bloomberg reported that some data scientists from the company said on their LinkedIn profiles that they were now working for Apple on ad projects, potentially for the App Store. The App Store is part of Apple’s fast-growing services segment, which provides the company a recurring stream of revenue that isn’t tied to device sales. Apple shares fell 0.5% in Friday trading, though they’re up 49% over the last 12 months. The Dow Jones Industrial Average , of which Apple is a component, has gained 32% in that time.

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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From:: Stock Market News

Stocks end higher despite looming shutdown; S&P 500 and Nasdaq set record high

Stock indexes rose on Friday to finish the week strong, with even fears of a government shutdown failing to dampen bullish investor sentiment. The Dow Jones Industrial Average advanced 54 points, or 0.2%, to 26,072. The Nasdaq Composite Index added 40 points, or 0.6%, to 7,336. The S&P 500 rose 12 points, or 0.4%, to 2,810. The Dow and Nasdaq were both up 1% for the week, and the S&P was up 0.9% over the same period. The blue-chip Dow stood slightly below its record close, but the S&P and Nasdaq rallied to hit fresh all-time highs. All three benchmark indexes clinched their third straight weekly advance. The S&P 500 marked 395 sessions without falling 5%, an unequaled stretch in the stock market’s history.

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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From:: Stock Market News

U.S. oil prices log biggest 1-week decline in over a month

Prices for U.S. benchmark crude finished with a loss on Friday, to suffer their largest one-week decline in more than a month. Concerns about growing U.S. crude production, along with expectations for a rise in domestic output to a record annual level, pressured prices despite data earlier this week that revealed U.S. crude supplies fell for a ninth week in a row. February West Texas Intermediate crude lost 58 cents, or 0.9%, to settle at $63.37 a barrel on the New York Mercantile Exchange. It fell about 1.5% for the week. The February contract expires at Monday’s settlement.

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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From:: Stock Market News

Schumer cites ‘progress’ after Trump meeting but no deal to avoid shutdown

Senate Minority Leader Charles Schumer said he “made some progress” in talks with President Donald Trump to avoid a government shutdown early Saturday, but added there were still disagreements. “The discussion will continue,” the New York Democrat told reporters after meeting Trump at the White House. Without a deal the federal government would partially shut down at midnight, for the first time since 2013.

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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From:: Stock Market News

L.A. Times newsroom votes to unionize after long fight with management

The Los Angeles Times newsroom, after a fight with parent company Tronc Inc. , voted on Friday to unionize. The final count was was 248 in favor and 44 against. The newsroom had, in this most recent effort, been pushing to unionize for nearly a year. The staffers who were part of the movement said it was fueled by years of mismanagement at the paper. The win for the newsroom comes after news that Tronc is investigating L.A. Times publisher Ross Levinsohn after NPR reported his past of sexual harassment and misconduct. Shares of Tronc have gained roughly 50% in the last 12 months, while the S&P 500 index is up 24% and the Dow Jones Industrial Average is up almost 32%.

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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From:: Stock Market News