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General Electric Co. said Tuesday it will move about 500 jobs from the U.S. to overseas locations, as the expiration of the U.S. Export Import Bank (Ex-Im) authorization has forced the company to pursue non-U.S. options. GE said it is currently bidding on $11 billion of projects that require export financing, so it has commenced talks with several foreign export credit agencies to secure financing for its customers. The company said it reached an agreement with the French export credit agency to provide a line of credit for global power projects. To access the credit for customers of its aeroderivatives turbines, GE said it will move assembly from the U.S. to Hungary and China. GE said the jobs it will move from the U.S. will come from Texas, South Carolina, Maine and New York. “We call on Congress to promptly reauthorize Ex-Im,” said GE Vice Chairman John Rice. “In a competitive world, we are left with no choice but to invest in non-U.S. manufacturing and move production to countries that support high-tech exporters.” GE’s stock, which edged up 0.4% in premarket trade, has dropped 9% over the past three months, while the Dow Jones Industrial Average has lost 8%.

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From:: Stock Market News

WASHINGTON (MarketWatch) — Industrial production fell a seasonally adjusted 0.4% in August, the Federal Reserve said Tuesday, in line with expectations. Output in July was revised up to a rise of 0.9% from the prior reading of a 0.6% gain. Beneath the headlines, manufacturing output was down 0.5% in August after a 0.9% gain in July. Output of autos and parts fell 6.4% in the month, the biggest drop since April 2011. Excluding autos, manufacturing was flat. Mining output declined 0.6% last month while utility output rose 0.6%. Capacity utilization dipped to 77.6% from 78.0% in July.

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From:: Stock Market News

Kellogg Co. said it was paying $450 million to buy a 50% stake in Multipro, a sales and distribution company in Nigeria and Ghana, as the snack and breakfast foods company looks to expand in Africa. As part of its expansion plan, Kellogg said it created a joint venture with African food company Tolaram Africa, to develop snack and breakfast foods for the West African market. Kellogg has the right to buy a stake in Tolaram in the future. Total sales from from Kellogg’s moves are expected to be about $750 million in 2015. Kellogg said its purchase of the Multipro stake won’t affect 2015 or 2016 earnings, excluding transaction costs, but will add slightly to 2017 earnings. “As a region that is experiencing explosive growth, with a population of almost one billion people and an economy that is expected to more than double over the next 10 years, Sub-Saharan Africa provides tremendous opportunity for our company,” said Kellogg Chief Executive John Bryant. The stock, which is still inactive in premarket trade, has climbed 8.2% over the past three months, while the S&P 500 has lost 6.3%.

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From:: Stock Market News

Twitter Inc. has partnered with payment company Square to allow anyone in the U.S. to donate to a U.S. candidate using Twitter. The candidate has to sign up for a Square account and then can tweet with a button asking others to contribute to the campaign. People click on the button and then enter a debit card number for payment. The service will be available starting Tuesday.

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From:: Stock Market News

Pacific Crest initiated coverage on Fitbit Inc.’s stock Tuesday morning at overweight. Analyst Brad Erickson set a 12-month price target of $47, which represents 47% upside from Monday’s closing price. “The business is growing ridiculously fast, margin expectations are depressed, and we like Fitbit’s opportunities beyond consumer in corporate wellness channels,” he said. The analyst also called Apple Inc.’s competitive concerns overdone and said there could be further upside to growth forecasts if Fitbit ramps up marketing spend. Shares of Fitbit have fallen 28.3% over the last month, compared with a 6.6% decline for the broader S&P 500. Its shares climbed 3.3% in premarket trade.

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

Pacific Crest initiated coverage on Fitbit Inc.’s stock Tuesday morning at overweight. Analyst Brad Erickson set a 12-month price target of $47, which represents 47% upside from Monday’s closing price. “The business is growing ridiculously fast, margin expectations are depressed, and we like Fitbit’s opportunities beyond consumer in corporate wellness channels,” he said. The analyst also called Apple Inc.’s competitive concerns overdone and said there could be further upside to growth forecasts if Fitbit ramps up marketing spend. Shares of Fitbit have fallen 28.3% over the last month, compared with a 6.6% decline for the broader S&P 500. Its shares climbed 3.3% in premarket trade.

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From:: Stock Market News

WASHINGTON (MarketWatch) – One month after tumbling sharply, business conditions in the New York region showed no signs of stabilizing in September, the New York Fed said Tuesday. The Empire State manufacturing index for September remained very weak, inching up to negative 14.7 from negative 14.9 in August, which was the lowest level since 2009. The reading was well below the MarketWatch-compiled economist forecast for a flat reading. Orders remained deep in negative territory at negative 12.9 in September while shipments improved slightly to negative 8.0. Both labor market indicators contracted. The six-month outlook worsened to 23.3 in September from 33.6 in August suggesting confidence waned. The national Institute for Supply Management did weaken last month but remained in modest growth territory.

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From:: Stock Market News

XenoPort Inc.’s stock surged 9.5% in premarket trade Tuesday, after the company announced positive results from a Phase 2 trial of its treatment for psoriasis. The company said its treatment, known as XP23829, met its primary endpoints in the trial for both 800 milligram once daily and 400 milligram twice daily doses. “We believe these clinical data demonstrate for the first time that a [monomethyl fumarate] prodrug other than dimethyl fumarate (DMF) can be effective in reducing lesions in psoriatic patients,” said XenoPort Chief Medical Officer Richard Kim. The company said TXP23829 was also safe and generally well tolerated. The stock has gained 5.2% over the past three months through Monday, while the S&P 500 has lost 6.3%.

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

XenoPort Inc.’s stock surged 9.5% in premarket trade Tuesday, after the company announced positive results from a Phase 2 trial of its treatment for psoriasis. The company said its treatment, known as XP23829, met its primary endpoints in the trial for both 800 milligram once daily and 400 milligram twice daily doses. “We believe these clinical data demonstrate for the first time that a [monomethyl fumarate] prodrug other than dimethyl fumarate (DMF) can be effective in reducing lesions in psoriatic patients,” said XenoPort Chief Medical Officer Richard Kim. The company said TXP23829 was also safe and generally well tolerated. The stock has gained 5.2% over the past three months through Monday, while the S&P 500 has lost 6.3%.

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

Bank of Japan officials on Tuesday voted to maintain their policy of buying assets at a pace of 80 trillion yen ($668 billion) a year. That decision was widely expected, though an AP report said a small minority of experts had speculated the BOJ could spring a surprise increase in its asset purchases to combat recent recurring signs the recovery is faltering. In a news conference after the BOJ’s two-day policy meeting at which no new action was taken, Gov. Haruhiko Kuroda said slowing emerging economies are undermining Japanese exports and production. This gave some investors a stronger impression that additional easing may be coming soon.

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