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The Nevada Gaming Control Board announced late Thursday that it had determined daily fantasy sports to be a form of gambling, and banned the online real-money games from being played in the state. The state, one of only two in the United States that currently has legal sports wagering, said that daily fantasy operators must be licensed as gambling operators to offer their games in the state. At least five other states consider daily fantasy games to be illegal, and the main sites in the industry – FanDuel and DraftKings, along with new entry Yahoo Inc. do not operate in those states. Daily fantasy sports, which allow users to set lineups of real athletes and wager against each other on the results, have faced increased scrutiny since a scandal broke earlier this month involving employees of the companies playing the games. The Justice Department and FBI are reportedly investigating the industry.

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From:: Stock Market News

Genworth Financial Inc. late Thursday said Chief Financial Officer Martin Klein has resigned, effective immediately, to take a role at another financial company. Klein will be replaced by Kelly Groh, Genworth’s controller and principal accounting officer. Shares of Genworth were unchanged in after-hours trading following gains of 5.8% during the regular session.

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From:: Stock Market News

PTC Theraputics Inc. shares fell in the extended session Thursday after the biotech said a muscular dystrophy treatment did not reach its primary endpoint in a late-stage clinical study. PTC shares dropped 17% to $26.49 on heavy volume. The company said a Phase 3 study of its treatment Translarna did not reach its primary endpoint of improving walking test scores in certain MD patients on a statistically significant basis.

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From:: Stock Market News

Yum Brands Inc. updated its full-year guidance and China’s same-store sales on Thursday, saying its sales in China are “difficult” to forecast thanks to “ongoing volatility.” China’s same-store sales could range from flat to 4% in the fourth quarter, with positive same-store sales growth at KFC and negative same-store sales at Pizza Hut, Yum said. For the full 2015, same-store sales in China are expected to be low-single-digit negative, and operating profit is expected to be about flat in relation to prior year, the restaurant chain said. The company also said it expects dollar strength to negatively impact its full-year EPS growth rate by 1 to 2 percentage points. Overall, the company expects EPS growth to range from about flat to low-single-digit positive for the full year 2015. Yum also said it will report monthly same-store sales starting in November to provide investors “greater visibility to sales trends in China.” Shares rose 2.3% in late trading Thursday after ending the regular trading session up 1%.

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From:: Stock Market News

Advanced Micro Devices Inc. reported worse-than-expected earnings Thursday thanks to a $65 million inventory write-down, but shares gained as the struggling chipmaker announced a new joint venture for manufacturing. The company reported a loss of 25 cents a share on revenue of $1.06 billion, and an adjusted loss of 17 cents a share. The inventory writedown, which AMD said was related to older processing units that are no longer in demand, cost the company 8 cents a share, AMD said. Analysts polled by FactSet expected adjusted losses of 12 cents a share on sales of $996 million. AMD detailed a new joint venture with China’s Nantong Fujitsu Microelectronics Co. Ltd. for manufacturing, with NFME paying AMD $371 million in cash and taking an 85% ownership stake in the operations of AMD’s factories in Penang, Malaysia and Suzhou, China. The move is ostensibly part of cost cuts announced earlier this month for the Sunnyvale, Calif., chip company, which included the second round of job cuts in less than a year under CEO Lisa Su. AMD shares gained about 2% in late trading after closing with a 0.5% gain at $1.96.

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From:: Stock Market News

WASHINGTON (MarketWatch) – The U.S. economy “can handle” an increase in interest rates despite the risks around the outlook, said Cleveland Fed President Loretta Mester, on Thursday. “It is appropriate for monetary policy to take a step back from the emergency measure of zero interest rates,” Mester said in a speech at New York University Stern Center for Global Economy and Business. Given the outlook, Mester said interest rates should move up gradually. Fed officials are divided over whether to hike interest rates this year. As a result, traders who bet on the future path of the fed funds rate now expect the first hike to occur in March 2016, according to CME FedWatch. Mester will be a voting member of the Fed policy committee in 2016.

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From:: Stock Market News

Schlumberger said Thursday it earned $989 million, or 78 cents a share, in the third quarter, compared with $1.9 billion, or $1.49 a share, a year ago. Revenue reached $8.5 billion, down 33% from $12.6 billion a year ago. Revenue declined 6% quarter-on-quarter “driven by a continuing decline in rig activity and persistent pricing pressure throughout our global operations,” the company said. “The business environment deteriorated further in the third quarter.” Analysts polled by FactSet had expected the oil-field services company to earn 77 cents a share on sales of $8.5 billion. The company said it expects “challenging” conditions in the coming quarters and less business from its oil and gas clients. Shares of Schlumberger fell 0.9% in late trading Thursday after ending the regular session up 1.5%.

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From:: Stock Market News

The U.S. budget deficit narrowed to $439 billion in fiscal 2015, the Treasury Department said Thursday. The deficit is the smallest of Barack Obama’s presidency and the lowest since 2007 in both dollar terms and as a percentage of gross domestic product. The deficit fell to 2.5% of GDP. Revenues for the year were $3.2 trillion, an increase of 8% over the prior year. The government spent $3.7 trillion in fiscal 2015, up 5%. The government’s budget year runs from September through October.

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From:: Stock Market News

By Brian Bandell

A hotel redevelopment project in Miami Beach has been targeted in foreclosure.

Edgewood MAC V LLC filed a foreclosure lawsuit on Oct. 13 against 1775 James Avenue LLC over the 46-unit building. It concerns a mortgage issued in March 2014 for $10 million. The lender is an affiliate of Southport, Ct.-based Edgewood Capital.

Miami attorney Da’Morus Cohen, who represents the lender in the lawsuit, couldn’t be reached for comment.

The 15,557-square-foot building, currently an apartment, was built… …read more

From:: biz journal foreclosures

Oil prices continued to trade lower on Thursday after the U.S. Energy Information Administration reported an increase of 7.6 million barrels in crude supplies for the week ended Oct. 9. Analysts polled by Platts expected supplies to be up by 1.8 million barrels, while the American Petroleum Institute Wednesday said inventories jumped 9.3 million barrels. Gasoline supplies fell by 2.6 million barrels, while distillate stockpiles declined by 1.5 million barrels last week, according to the EIA. November crude was at $45.70 a barrel, down 94 cents, or 2%, on the New York Mercantile Exchange. Prices traded at $45.78 before the report.

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From:: Stock Market News