Category: Stock Market News

The Turkish lira declined against the U.S. dollar on Monday after the Russian ambassador to Turkey was shot by a lone gunman at an art gallery in Ankara. The dollar rose 0.7% to trade at 3.52 lira, compared with 3.51 lira late Friday in New York. Turkish stocks also sank, with the iShares MSCI Turkey ETF , a popular vehicle for U.S. investors to gain exposure to Turkish stocks, down 2% at $31.91 in recent trade. Russia has deemed the shooting a terrorist attack. Russia’s currency, the ruble, as well as the country’s stock markets were only marginally impacted by the attack. The dollar weakened modestly against the ruble, declining 0.3% to 61.89 rubles, compared with 62.07 late Friday in New York. Meanwhile, Russian stocks were little-changed.

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From:: Stock Market News

The Securities and Exchange Commission and the U.S. Attorney’s Office for the Eastern District of New York said they are charging the founder of Platinum Partners, other executives and two of its flagship hedge fund advisory firms with conducting a fraudulent scheme to inflate asset values and illicitly move investor money to cover losses and liquidity problems. The SEC said it found suspicious activity during an examination of the firms as it alleged using misrepresentations to attract new investors during what internal documents described as “Hail Mary time.” Founder and Chief Investment Officer Mark Nordlicht and the Platinum funds overstated the value of an oil company that was among their largest assets, the SEC alleged. The U.S. Attorney called it a $1 billion investment fraud.

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Billionaire investor Carl Icahn’s investment arm, Icahn Enterprises L.P. announced Monday a deal to sell its American Railcar Leasing LLC subsidiary for up to $3.36 billion to SMBC Rail Services, which is a susidiary of Sumitomo Mitsui Banking Corp. Under terms of the agreement, Icahn Enterprises will receive cash based on an enterprise value of $2.78 billion and a fleet of 29,000 railcars. SMBC will have an option, lasting three years after the expected closing of the deal in the second quarter of 2017, to buy an additional 4,800 railcars for $586 million. Icahn Enterprises’ stock shed $1.82, or 3%, in midday trade. Since Carl Icahn owns 127.1 million shares of Icahn Enterprises, or an 89.7% stake, according to FactSet, the stock price decline is costing Icahn about $231.3 million. Icahn Enterprises shares have shed 3.1% year to date, while the S&P 500 has gained 11%.

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From:: Stock Market News

Shares of Clovis Oncology Inc. soared 15% Monday to a 13-month high prior to a trading halt, with the Food and Drug Administration approving the company’s treatment for ovarian cancer, Rubraca. A trade resumption time for the stock has not yet been posted. “This indication is approved under accelerated approval based on objective response rate and duration of response,” the FDA said in a statement. “Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.” Prior to the halt, the stock had rallied 22% year to date, while the iShares Nasdaq Biotechnology ETF has tumbled 19% and the S&P 500 has gained 11%.

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From:: Stock Market News

Walt Disney Co.’s stock rallied 1.7% toward a seven-month closing high in midday trade Monday, after the entertainment and media giant’s latest “Star Wars” franchise movie beat opening-weekend box office expectations. The stock has now run up 12% since Nov. 8, while the Dow Jones Industrial Average has gained 8.6%. Disney’s “Rogue One: A Star Wars Story” took in an estimated $155 million over the weekend, while J.P. Morgan analyst Julia Yue said the industry was tracking for about $130 million to $150 million. She said the movie is also likely to benefit from follow-through viewing given that it received a Rotten Tomatoes score of 84% and an “A” CinemScore. That should also help Imax Corp. , as the movie represented the movie theater chain’s biggest opening this year at $19 million in the U.S. and $29.2 million globally, and a 12.3% market share. Disney’s stock has tacked on 0.5% year to date, while Imax shares have tumbled 13% and the Dow has gained 14%.

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From:: Stock Market News

The Russian ambassador to Turkey was shot, media outlets reported. The Associated Press reported the ambassador was shot by a gunman while attending a photo exhibition. It’s not clear the ambassador’s condition.

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From:: Stock Market News

The Russian ambassador to Turkey has been shot in the capital city Ankara, media outlets reported. The Associated Press reported the ambassador was shot by a gunman while attending a photo exhibition. The ambassador’s condition is not known.

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NYSE Arca said Monday it had identified a technical issue that required a temporary suspension in all trading between 10:50 a.m. and 11:05 a.m. All orders made within that period will be canceled. The firm didn’t detail the technical issue, but less than 20 minutes before announcing the suspension it had said it was investigating an issue where some firms received unsolicited cancellations. The Arca is owned by Intercontinental Exchange Inc. , shares of which fell 0.4% on Monday.

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From:: Stock Market News

Shares of United Technologies Corp. surged 2.1% toward a 17-month high in morning trade, enough for them to pace the gainers among Dow Jones Industrial Average components, after Credit Suisse turned bullish on the diversified industrial giant. Analyst Julian Mitchell raised his rating to outperform, after being at neutral since November 2015. He raised his stock price target to $125, which is 13% above current levels, from $108. Mitchell said that “for the first time in several years,” he sees little downside risk to consensus analyst earnings expectations, given his belief that profit margins and earnings momentum are close to bottoming. He said headwinds in the aerospace market should start to abate in 2018, and United Technologies’ Otis China business should see improved demand in 2017. The stock has run up 15.3% year to date, while the SPDR Industrial Select Sector ETF has rallied 18.7% and the Dow has gained 14.2%.

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From:: Stock Market News

Deutsche Bank AG is set this week to settle a claim with U.S. authorities over the bank’s alleged misselling of mortgage-backed securities in the run-up to the financial crisis, according to Reuters. A source told the news outlet there is a good chance Deutsche Bank will reach an agreement with the U.S. Department of Justice before Christmas, possibly as early as Wednesday. The source also said the bank is set to pay a penalty well below the $14 billion the DOJ initially demanded. The justice department in September asked the German lender to pay $14 billion to settle claims connected with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007. At the time, Deutsche Bank said it had “no intent” to settle “anywhere near the number cited.” A representative from Deutsche Bank wasn’t immediately available to comment on Monday.

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From:: Stock Market News