Category: Stock Market News

European Union regulators on Wednesday hit J.P. Morgan Chase , HSBC and Crédit Agricole with fines totaling €485 million ($520 million), saying they participated in a cartel that aimed to steer a benchmark interest rate. The banks “colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of EU antitrust rules,” the European Commission said in a statement.

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Italian Prime Minister Matteo Renzi will turn in his resignation on Friday, according to a Reuters report Wednesday, citing a parliamentary source. Renzi said Sunday he would leave his post after voters rejected a referendum proposing changes to the country’s constitution. Renzi was reportedly asked to stay on long enough to oversee the passage of Italy’s 2017 budget. The country isn’t due to hold a parliamentary election before 2018, but consensus is growing among party leaders to hold it a year earlier, Reuters reported.

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A strong undersea earthquake struck Indonesia’s Aceh province early Wednesday, causing buildings to collapse and a number of deaths. The U.S. Geological Survey reported the 5:03 a.m. quake at 6.4-magnitude, at a depth of 17 kilometers off the northwest coast of the island of Sumatra. Indonesian TV reported at least 20 deaths. Officials said there was no tsunami threat. Aceh was devastated in December 2004 by a massive 9.1-magnitude earthquake and resulting tsunami that killed more than 200,000 people around the Indian Ocean.

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Tesla Motors Inc. is recalling three types of charging adapters after two of the devices overheated. The company said in an email sent to customers Tuesday that it was recalling the optional adapters, used to plug the company’s electric-car chargers into different types of outlets, after two overheated. The company said the NEMA 14-30 model of adapter overheated for two customers, so it was voluntarily recalling those as well as two other models– NEMA 10-30 and 6-50 adapters — because they share commen elements. Tesla said in the email that the overheating adapters did not cause any injuries nor property damage, and said the recall affects a small number of North American consumers. The adapters “are sold separately as accessories and … are used by relatively few of our customers,” the company said in its email. Tesla directed customers to its recall information website for more information. Tesla stock closed with a 0.5% drop to $185.95 Tuesday.

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Shares of Western Digital Corp. rose nearly 5% late Tuesday after the Irvine, Calif., hardware maker tweaked upward its revenue and adjusted per-share earnings estimates for fiscal second quarter. Western Digital said it expects sales to reach about $4.75 billion, compared with its earlier forecast of approximately $4.7 billion. Per-share earnings are seen in a range between $2.10 to $2.15, from a previous expectation of $1.85 to $1.95. The company said it will report quarterly earnings in late January. In a separate statement, Western Digital said it renewed its agreement with Samsung Electronics Co. Ltd. relating to semiconductor patents. The renewed agreement runs through December 2024. Shares of Western Digital had ended the regular trading session up 2.8%.

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The American Petroleum Institute late Tuesday reported a fall of 2.2 million barrels in U.S. crude supplies for the week ended Dec. 2, according to sources. Analysts polled by S&P Global Platts expected stockpiles to decline by 1.7 million barrels. Supply data from the Energy Information Administration will be released Wednesday morning. January crude was at $50.82 a barrel in electronic trading, down from the contract’s settlement of $50.93 on the New York Mercantile Exchange.

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SeaWorld Entertainment Inc. will eliminate 320 positions at its headquarters and across 12 theme parks as part of its restructuring effort to reduce costs by about $65 million, the company said Tuesday. The amusement park operator will book a restructuring charge of $9 million that is expected to lower its fourth-quarter earnings. However, the company did not provide specific estimates on how much its bottom line will be affected. Analysts surveyed by FactSet projected SeaWorld to post a loss of 13 cents a share on revenue of $268 million. Shares were flat in late trading after closing at $18.21.

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Dave & Buster’s Entertainment Inc. jumped to record highs Tuesday afternoon after the chain of adult arcades and eateries easily beat earnings expectations. Dave & Buster’s reported net income of $10.8 million, or 25 cents a share, on sales of $228.7 million, more than doubling its profit and showing a 19% revenue gain from the same quarter a year ago. Analysts polled by FactSet expected Dave & Buster’s to report earnings of 14 cents a share on revenue of $216.7 million. The company also suggested it could hit $1 billion in annual sales for the first time by increasing its annual guidance for revenue to a range of $998 million-$1.003 billion, from $983 million-$995 million. going to add this sentence: The company also said it plans to open 11 new locations in th e current fiscal year, the top of a previous guidance range, and 11 to 12 new stores in the 2017 fiscal year. Dave & Buster’s stock, which has never traded for more than $50 a share, jumped 11.5% in after-hours trading to $53.50.

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The Navigators Group Inc. said late Tuesday its board of directors has authorized a two-for-one stock split in the form of a stock dividend. Shareholders of record Dec. 30 will receive one additional share for every share held, the insurance holding company said. Shares of Navigators were flat in late trading after ending the regular session up 2%.

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