Category: Stock Market News

VF Corp. shares are down 2.1% in Monday premarket trading after the apparel, footwear and accessories company slashed its annual guidance. VF Corp. reported third-quarter net income of $498.5 million, or $1.19 per share, up from $459.9 million, or $1.07 per share. The FactSet consensus was $1.15 per share. Revenue for the quarter was $3.49 billion, down from $3.53 billion last year and below the FactSet estimate of $3.63 billion. Jeanswear revenue, which includes the Wrangler and Lee brands, was down 6%, while outdoor and action sports, which includes the Vans and Timberland brands, was up 2%. The company raised its quarterly dividend 14% to 42 cents per share, payable on Dec. 19, 2016 to shareholders of record at the close of business on Dec. 9, 2016. VF Corp. expects 2016 revenue to increase 2% to about $12.2 billion compared with the previous estimate of 3% to 4% growth. Earnings per share are expected to rise 3% to $3.13 compared with previous guidance of a 5% rise to $3.20. VF Corp. shares are down 12.2% for the year to date while the S&P 500 Index is up 4.8% for the same period.

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Tom Hayden, an anti-war activist and member of the Chicago Seven Trial, died Sunday at age 76 after a long illness, according to The Associated Press. Hayden helped organize anti-war protests in Chicago in 1968 and later took his political cause to serve as part of the California Assembly and Senate for close to two decades. Hayden was previously married to actress Jane Fonda.

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Brokerage TD Ameritrade Holding Corp. and Toronto-Dominion Bank on Monday confirmed they have reached a $4 billion deal to buy privately owned brokerage Scottrade Financial Services Inc. The two-step transaction will involve Scottrade’s banking unit going to TD Bank for $1.3 billion, and Scottrade’s brokerage unit going to TD Ameritrade in a deal valued at $2.7 billion, the companies said in a news release. Shares in Ameritrade fell 1% in thin premarket trading.

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TD Ameritrade Holding Corp. and its stakeholder Toronto-Dominion Bank are nearing a $4 billion deal to buy Scottrade Financial Services Inc., Bloomberg News reported on Monday, citing sources. Under the terms of the deal, TD Ameritrade would buy Scottrade’s brokerage unit for around $2.7 billion in cash-and-stock, and Toronto-Dominion would pay $1.3 billion in cash for the brokerage’s banking unit. The takeover, combining two major online brokerages, could be announced ahead of the U.S market open on Monday, the report said. Neither TD Ameritrade, nor Toronto-Dominion nor Scottrade could immediately be reached for comment.

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Donald Trump is set to deliver at midday Saturday an address in Gettysburg, Pa., that lays out the priorities he would aim to pursue in the first 100 days after Inauguration Day, should be be elected president on Nov. 8. “Trump will use the historic setting of Gettysburg where the country was saved,” a senior campaign source reportedly told Fox News. “He will lay out a concise program that he will commit to execute from the first day in office.” No new initiatives are expected to be unveiled, according to the Fox report, which, instead, anticipated the Republican Party presidential nominee’s focusing on tax reform, cutting federal regulations, upgrading border security and rebuilding the U.S. military.

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U.S. stocks edged lower on Friday after a weak batch of corporate earnings weighed on the broader market. Travelers Cos. Inc and Verizon Communications weighed on the Dow Jones Industrial Average , sending the blue chip gauge down 16.64 points, or 0.1%, to 18,145.71, despite a strong performance from Microsoft Inc. Meanwhile, the S&P 500 finished essentially flat at 2,141.16. The Nasdaq Composite gained 15.57 points, or 0.3%, to 5,257.40, buoyed by Microsoft. Both the S&P and Nasdaq logged their strongest weekly gains in a month, amid upbeat earnings from Netflix , Goldman Sachs Group , Bank of New York Mellon , Johnson & Johnson , American Air Lines and American Express.

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WASHINGTON (MarketWatch) – The Federal Reserve announced Friday it will vote on a plan to collect data from banks on government-bond trading. The collection of this secondary market data “would allow the U.S. official sector a more complete view of Treasury securities trading in the secondary market,” said Fed Gov. Jerome Powell in a prepared statement. The Fed said it would enter talks with the Financial Industry Regulatory Authority to act as the Fed’s collection agent. Powell noted that experts called for the government to take this step in the wake of the Treasury market mini-flash crash of Oct. 2014. The Fed vote will come after public comment on the proposal. Regulators want to access trading data for all secondary market transactions by the end of the year. The Securities and Exchange Commission and Treasury Department have already asked FINRA to collect data from broker-dealers.

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Oil futures finished a bit higher on Friday to gain about 1% for the week amid optimism that major crude producers will reach a firm deal late next month to curb output. Prices have now posted gains for five weeks in a row. December WTI crude , on its first full day as a front-month contract, settled at $50.85, up 22 cents, or 0.4%.

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Portugal maintained its tenuous hold on investment grade status on Friday after DBRS affirmed the country’s credit rating at BBB with a stable outlook. However, DBRS warned that Portugal faces challenges due to significant public sector debt, low economic growth and fiscal pressures. “Although the general government debt ratio peaked in 2014, it remains high at an expected 129.7% of GDP in 2016, and forecast to decline only gradually,” said DBRS in a statement. The excessive debt ratio makes the country “vulnerable to adverse shocks.”

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Gold futures settled with a slight gain on Friday to tally a weekly climb of roughly 1%. Uncertainty surrounding the U.S. election and the timing of Federal Reserve’s next interest-rate hike helped to lift investment interest in the yellow metal despite some strength in the U.S. dollar . December gold rose 20 cents for the session to settle at $1,267.70 an ounce.

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