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Noble Corp. PLC said Friday it is cutting its quarterly dividend as it seeks to preserve liquidity in an uncertain market. The company said it is reducing the dividend to 15 cents a share from 37.50 cents last quarter. The decision “is not reflective of our current financial performance, including our quarterly results to be released next week, which we expect to be above current street expectations, even excluding the impact of a previously announced favorable arbitration award,” Chief Executive David Williams said in a statement. The adjustment is expected to add more than $220 million to full-year free cash flow, he said. The new dividend will be payable Nov. 9 to shareholders of record as of Nov. 2. Shares were halted in Friday trade, but are down 22% in the year so far, while the S&P 500 is up 0.4%.

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From:: Stock Market News

U.S. stocks opened higher on Friday, getting a boost from a rate cut in China and better-than-expected earnings results from tech companies such as Alphabet, Microsoft and Amazon. The main indexes were on track to book solid weekly gains for the fourth week in a row. The S&P 500 opened 19 points, or 0.9%, higher at 2,071. The Dow Jones Industrial Average rose 115 points, or 0.7%, to 17,603. The Nasdaq Composite began the day up 96 points, or 2%, at 5,0168.

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From:: Stock Market News

Royal Caribbean Cruises Ltd. has entered into an agreement with Morgan Stanley for a $200 million accelerated share repurchase program. The transaction is expected to be completed by the end of Jan. 2016 and is part of a $500 million program approved by the company’s board of directors. Royal Caribbean shares are up 14.9% for the year so far. The S&P is down 0.3% for the same period.

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From:: Stock Market News

Lexmark International Inc.’s stock surged 4.2% in premarket trade Friday, after the printer and business software company confirmed that it was exploring strategic alternatives to boost shareholder value. The Wall Street Journal had reported late Thursday that the alternatives included a possible sale of the company, with other technology companies and private-equity firms the possible buyers. The company said in a statement that it formed a committee of independent directors and hired Goldman Sachs as financial adviser. The company said there was no assurance that the exploration will result in any transaction. The stock has dropped 20% year to date through Thursday, while the S&P 500 has slipped 0.3%.

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From:: Stock Market News

Royal Caribbean Cruises Ltd said it had net income of $228.8 million, or $1.03 per share, in the third quarter, down from $490.2 million or $2.19 per share, the same period last year. Adjusted earnings per share were $2.84, compared with Factset consensus of $2.71 for the quarter. Revenue was $2.5 bilion compared to $2.4 billion last year. FactSet consensus estimate was $2.5 billion. The cruise company annonced a $500 million share repurchase program, with plans to complete a $200 million transaction by Jan. 2016. The company also reported a non-cash imparment charge of $399.3 million tied to its Madrid-based Pullmantur Cruises, citing economic weaknesses in Latin America. Royal Caribbean shares are flat in pre-market trading.

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From:: Stock Market News

Alibaba Group Holding Ltd.’s stock surged 3.5% in premarket trade Friday, with an interest rate cut by China’s central bank helping provide a big boost. The Chinese ecommerce giant’s stock was up 1.5% prior to the rate announcement. The U.S.-listed shares of other China-based companies also rose ahead of Friday’s open, with the iShares China Large-Cap ETF climbing 1.6%. Elsewhere, shares of JinkoSolar Holding Co. rose 2.5%, Baidu Inc. tacked on 3.4%, China Mobile Ltd. ran up 2.1% and Sina Corp. gained 2.4%.

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From:: Stock Market News

Imprimis Pharmaceuticals said it is offering customizable compounded alternatives to Turing Pharmaceuticals’ high-priced Daraprim for as low as $99 for a 100-count bottle. Turing bought the U.S. rights to Daraprim in August and promptly increased the price of the drug from $13.50 per tablet to $750 per tablet, leading to backlash and headlines last month. Both Daraprim and Imprimis’ alternative are prescribed for infections afflicting patients with compromised immune systems, including patients with HIV/AIDS, pregnant women and children. The price hike raised questions about how prescription drugs can cost so much. Imprimis is also creating a new program, Imprimis Cares, that aims to provide these compounded formulations to combat high-priced generic drugs. Imprimis Pharmaceuticals is down 20.4% for the year so far. The Nasdaq is down 1.9% for the same period.

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From:: Stock Market News

The People’s Bank of China on Friday dropped its benchmark interest rates, saying the cuts are effective as of Saturday. The Chinese central bank cut its one-year deposit rate by 25 basis points to 1.5%. The PBOC lowered its one-year lending rate by 25 basis points to 4.35%.

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From:: Stock Market News

Procter & Gamble Co.’s stock fell 0.8% in premarket trade, after the consumer products giant beat fiscal first-quarter profit expectations, but missed on sales. For the quarter ended Sept. 30, earnings rose to $2.6 billion, or 91 cents a share, from $1.99 billion, or 69 cents a share, in the same period a year ago. Core earnings per share, which excludes non-recurring items and discontinued operations, came to 98 cents, above the FactSet consensus of 95 cents. Sales fell 12% to $16.53 billion, below the FactSet consensus of $17.28 billion, as a decline in shipment volume offset increases in pricing and sales mix. Unfavorable foreign currency movements reduced revenue by nine percentage points. The company said increased volatility in market growth and currency rates made it difficult to forecast earnings for fiscal 2016, but said it would maintain its previous guidance of a slight decline to growth in the mid-single-digit percentage range. The stock has dropped 18% year to date through Thursday, while the Dow Jones Industrial Average has lost 1.9%.

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From:: Stock Market News

American Airlines Group shares rose 2.2% in premarket trade Friday, after the carrier reported stronger-than-expected third-quarter earnings. The company said it had net income of $1.7 billion, or $2.49 a share, in the quarter, up from $942 million, or $1.28 a share, in the year-earlier period. Adjusted EPS came to $2.77, ahead of the FactSet consensus of $2.72. Revenue fell 3.9% to $10.7 billion, matching the FactSet consensus, as total available seat miles fell 2.9%. Operating costs fell 11.9% to $8.7 billion, thanks to a 43.5% decline in fuel costs. The company said it’s board has approved an additional $2 billion share buyback, to be completed by the end of 2016. Shares have fallen 14% in the year to date, while the S&P 500 is down 0.3%.

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From:: Stock Market News