Author: admin

Moody’s Investors Service on Friday downgraded ADP’s issuer rating to Aa3 from Aa1, after the company said it is planning a $2 billion debt issuance with the proceeds to be mainly used to buy back additional shares. The move, it’s first-ever debt-funded buyback, “represents an abrupt shift away from the company’s historically conservative financial practices,” Moody’s said in a statement. “The significant planned increase in ADP’s funded debt signals a meaningful change in financial policy and sets the stage for the possibility of further credit weakening through future debt raises,” said the statement. ADP’s credit profile had already deteriorated following asset sales, which reduced its scale and decreased the diversification of its product portfolio, said Moody’s. ADP shares were slightly lower in premarket trade, but are down more than 6% in the year so far, while the S&P 500 has lost 3.6%.

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.

…read more

From:: Stock Market News

WASHINGTON (MarketWatch) — Consumer spending in the U.S. rose 0.3% in July, the Commerce Department reported Friday. Economists polled by MarketWatch had expected a 0.4% increase. Spending looks firmer underneath the surface as the government revised consumer spending in June to an increase of 0.3%, compared with an original estimate of 0.2% growth. Meanwhile, personal income rose 0.4% for the fourth straight month. Wages and salaries rose 0.5% in July, the biggest gain since last November. Higher income relative to spending boosted the savings rate to 4.9% in July from 4.7% in the prior month. Inflation as gauged by the PCE price index increased 0.1% in July. The PCE index has risen just 0.3% in the past 12 months. The core PCE index that excludes food and energy, meanwhile, advanced 0.2% in July, and it’s up 1.2% over the past year, down from 1.3% in June. This is the lowest level since March 2011.

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.

…read more

From:: Stock Market News

St. Louis Fed President James Bullard on Friday said the Federal Reserve is not likely to change its outlook based on market turbulence. “I won’t deny it is a volatile period. It is a volatile period,” he told Bloomberg Television on the sidelines of the Jackson Hole event there. “But the key question for the [Federal Open Market] Committee is how much you want to change the outlook based on volatility we’ve seen the last 10 days, and I think answer to that is going to be not very much,” he said. Bullard, who’s been pressing for rate hikes, also said China is unlikely to export deflation to the U.S. Bullard is not a voter this year.

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.

…read more

From:: Stock Market News

El Pollo Loco Holdings Inc. was upgraded at Stifel Nicolaus to its highest buy rating from hold, which cited an attractive share price, it’s position in the growing Mexican cuisine market and a nimble, operations-focused management. Analyst Paul Westra set a stock price target at $17, which is 35% above Thursday’s closing price of $12.62. The stock has tumbled 41% over the past three months, compared with a 6.3% decline in the S&P 500. It closed at a record low of $12.26 on Aug. 21, or 18% below its initial public offering price of $15. Westra said he believes the current stock price underestimates the company’s growth option, and praised management for its flexibility in making quick adjustments to the company’s value proposition to reverse recent traffic trends. The stock was still inactive 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.

…read more

From:: Stock Market News

Payment processor ADP said Friday it is planning to initiate a $2 billion debt offering at a future date, and will use part of the proceeds to buy back an additional 25 million shares. The company has filed a shelf registration with the Securities and Exchange Commission to that effect. The company has about 26 million shares remaining under its previous buyback authorization. it had about 466 million shares outstanding as of July 31. Shares were not yet active in premarket trade, but are down 6.4% in the year so far, while the S&P 500 has lost 3.5%.

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.

…read more

From:: Stock Market News

Ian Rogers, the executive who headed up development of Apple Inc.’s radio service Beats1, has stepped down after two months, The Financial Times reported Friday, citing sources. Apple confirmed to the newspaper that Rogers was leaving the company but offered no further comment. Rogers joined Apple last year when the iPhone maker bought Dr Dre and Jimmy Iovine’s audio group creation Beats. The FT reported he will be leaving the west coast and joining a Europe-based company in a non-tech industry, citing sources.

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.

…read more

From:: Stock Market News

A student at Savannah State University has died after being shot on campus Thursday evening, media reports said Friday. Christopher Starks, a junior from the Atlanta area, died at a local hospital, reports said. The SSU campus was put on lockdown after the shooting at the Georgia university’s student union building. There were no other victims in the incident, and no arrests have been made.

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.

…read more

From:: Stock Market News

When you’re trying to sell a house, just a little bit of elbow grease returns a whole lot of cash on your investment, according to TOH‘s Two-Minute Expert …read more

From:: DIY this old house

The editors of This Old House would like to see these common home-design choices fall out of fashion—fast …read more

From:: DIY this old house

How a novice homeowner mastered a DIY renovation of a small bungalow …read more

From:: DIY this old house