Category: Stock Market News

At least one person was killed and three wounded near a polling place in Azusa, California, on Tuesday, and the heavily armed suspect is believed to be barricaded inside a home, surrounded by police. The shooting occurred around 2 p.m. in the Los Angeles suburb. Responding police were reportedly shot at, and two nearby polling places were locked down, according to NBC4 Los Angeles. There was no indication the polling place was targeted, but police have warned the neighborhood to shelter in place. “This is a very volatile and critical situation,” Azusa police officer Jerry Willison told the Los Angeles Times.

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GoPro Inc. recalled the drone it recently released, the first such product from the company, after customers reported that some of the Karma drones were losing power and falling from the sky. GoPro, which is seeking to branch out beyond the action cameras that made it famous, started selling the drone on Oct. 23 and is seeking to retrieve about 2,500 devices that consumers have purchased in exchange for a full refund. The company is not replacing the units, which cost $799 and up, and will halt shipments until a fix can be instituted. “A very small number of Karma owners have reported incidents of power failure during operation,” Chief Executive Nick Woodman said in the announcement. “We have moved quickly to recall all units of Karma and provide a full refund while we investigate the issue.” Woodman also said the company is in talks with the U.S. Consumer Product Safety Commission and Federal Aviation Administration. GoPro shares, which suffered after the company revealed manufacturing issues with its new Hero 5 camera last week, took another hit in after-hours trading Tuesday, falling about 8%.

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Police were searching for a heavily armed gunman after at least one person was killed and three wounded near a polling place in Azusa, California, on Tuesday. The shooting occurred around 2 p.m. in the Los Angeles suburb. Responding police were reportedly shot at, and one nearby polling place was locked down, according to NBC4 Los Angeles. There was no indication the polling place was targeted, but police have warned the neighborhood to shelter in place. “This is a very volatile and critical situation,” Azusa police officer Jerry Willison told the Los Angeles Times.

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Oil futures fell in electronic trading late Tuesday after the American Petroleum Institute reported a 4.4 million-barrel rise in U.S. crude supplies for the week ended Nov. 4, according to sources. Analysts polled by S&P Global Platts forecast a climb of 1.6 million barrels in stockpiles. Supply data from the Energy Information Administration will be released Wednesday. December crude was at $44.74 a barrel in electronic trading, down from the contract’s settlement of $44.98 on the New York Mercantile Exchange.

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Tripadvisor Inc. shares plunged 11% late Tuesday as the online travel company reported third-quarter sales that were below Wall Street expectations. Tripadvisor said it earned $55 million, or 37 cents a share, in the quarter, compared with $74 million, or 51 cents a share, in the year-ago period. Adjusted for one-time items, the company reported earnings of $78 million, or 53 cents a share, unchanged from the year-ago period. Sales reached $421 million in the quarter, up 1% from $415 million a year ago. Analysts polled by FactSet had expected Tripadvisor to report adjusted earnings of 52 cents a share on sales of $437 million. Tripadvisor said its average monthly unique visitors reached 390 million, up 11% year-on-year. The stock ended the regular trading day down 0.5%.

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U.S. stocks on Tuesday closed modestly higher, extending gains scored in the previous day’s rally, as investors waited for results of the closely watched presidential election. Analysts said that the market action over the past two sessions suggests investors are largely pricing in a victory for Hillary Clinton. Over the two-day rally, the S&P 500 nearly made up ground lost over the previous nine consecutive losing days. The S&P 500 closed 8.05 points, or 0.4%, higher at 2,139.57. The Dow Jones Industrial Average gained 72.90 points, or 0.4%, to 18,332.50. The Nasdaq Composite ended the session up 27.32 points, or 0.5%, at 5,193.49.

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Moody’s Investors Service on Tuesday downgraded Valeant International Pharmaceutical Inc.’s rating to B3 from B2 after the company slashed guidance for 2016 and said weakness would persist into 2017. The outlook on the rating is negative, meaning Moody’s might lower it again in the near term. The B3 rating is six notches into speculative grade, or “junk” status. The action reflects the company’s challenges in turning around its specialty pharmaceuticals business, which has resulted in weak earnings trends and financial leverage that is above Moody’s expectations. “Incorporating recent operating trends as well as exposure to upcoming patent expirations, we anticipate that Valeant’s debt/EBITDA will remain above 7.0x at least through 2017,” Moody’s Senior Vice President Michael Levesque said in a statement. That is turn is expected to make the company more vulnerable to setbacks or legal liabilities that stem from government investigations of its activities. Valeant’s most active bonds, the 6.125% notes due April 2025 were last quoted at 77 cents on the dollar, according to MarketAxess.

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Democratic presidential nominee Hillary Clinton received an overwhelming majority of the vote in Guam, a U.S. territory in the middle of the Pacific Ocean. Clinton received 71.63% of the vote, compared with 24.16% for her Republican rival, Donald Trump, according to Pacific Daily News. Guam may be tiny — it has a population of about 170,000 residents, according to the World Bank — but it has sided with the victor in every U.S. presidential election since 1980. Because it lies west of the international date line, Guam’s results are typically among the earliest to be tallied. Early projections showed Clinton ahead in several key swing states, including Florida and Ohio.

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Standard & Poor’s on Tuesday downgraded SeaWorld Entertainment Inc.’s corporate credit rating to B-plus from BB-minus, after a weaker-than-expected performance in the third quarter. The new rating is seven notches into speculative-grade, or “junk” status. The outlook is negative, meaning S&P could downgrade the rating again in the near term. The action “reflects our expectation that adjusted debt to EBITDA will likely remain weak compared to our 5.5x downgrade threshold through 2017,” the agency said in a statement. “In addition, the company still faces challenges regarding reputational risk, and the economic recession in Brazil and U.S. dollar strength may remain key drivers for reduced travel to the Orlando market and attendance at SeaWorld Orlando.”

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The U.S. Energy Information Administration on Tuesday raised its forecasts for U.S. crude production for 2016 and 2017. In its monthly energy outlook report, the government agency forecast U.S. crude output of 8.84 million barrels a day this year, up 1.3% from the previous forecast. For 2017, it sees production rising to 8.73 million barrels a day, up 1.7% from last month’s forecast. The EIA also forecast an average price of $42.84 a barrel for West Texas Intermediate crude this year, up from a previous estimate of $42.78. Brent crude is seen averaging $43.30 this year, down from the $43.43 forecast in October. December WTI crude traded at $45.26 a barrel, up 37 cents, or 0.8%. December Brent crude added 14 cents, or 0.3%, to $46.29 a barrel.

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