Category: Stock Market News

The first National Football League game broadcast on Twitter Inc.’s social network reached more than 2 million people for at least a few seconds, the NFL said Friday. Twitter’s broadcast of the Thursday night game between the Buffalo Bills and New York Jets had an average audience of 243,000, with viewers taking in an average of 22 minutes of the broadcast, according to the NFL. That audience was dwarfed by viewers of the TV broadcast: CBS and NFL Network averaged 15.4 million viewers for the game, with 48.1 million watching at least a minute of the broadcast. Twitter outbid other suitors to win the right to stream 10 Thursday night NFL games this season and controls some of the advertising inventory, reportedly paying $10 million for the rights.

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U.S. stocks closed lower Friday, but preserved gains for the week, as oil prices dropped and investors fretted ahead of central bank policy meetings next week. The Dow Jones Industrial Average closed down 88.68 points, or 0.5%, to 18,123.80, for a weekly gain of 0.2%. The S&P 500 index , under fire from the energy and financials sectors, declined 8.11 points, or 0.4%, to close at 2,139.15, for a weekly gain of 0.5%. The Nasdaq Composite index slipped 5.12 points, or 0.1%, to finish at 5,244.57. The tech-heavy index logged a weekly gain of 2.3% as Apple Inc. shares rose more than 11% on the week.

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Johnson and Johnson said Friday afternoon it will buy Abbott Laboratories subsidiary Abbott Medical Optics for $4.3 billion in cash. The deal, which is expected to close in the first quarter of 2017, will include ophthalmic products in the company’s cataract surgery, laser refractive surgery and consumer eye health segments. Abbott Medical Optics reported 2015 sales of $1.1 billion. Johnson & Johnson’s Ashley McEvoy said the acquisition was a way to become “a more broad-based leader in vision care,” and described eye health as a large, quickly-growing and underserved health care segment. Johnson & Johnson shares rose 1.5% over the last three months, compared with a 2.8% rise in the S&P 500 . Abbott shares rose 1.3% in late afternoon trade after the deal was announced.

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Oil futures settled Friday at their lowest level in more than five weeks, pressured by expectations for a rise in crude exports from Nigeria and Libya. Prices tallied a loss of over 6% for the week. October West Texas Intermediate crude fell 88 cents, or 2%, for the session to settle at $43.03 a barrel on the New York Mercantile Exchange. That’s the lowest settlement since Aug. 10 and prices fell 6.2% for the week, according to FactSet data.

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Gold futures settled Friday at their lowest level since June as traders searched the latest U.S. economic data for clues on the timing and pace of interest-rate increases by the Federal Reserve. The Fed, as well as the Bank of Japan, are set to hold policy meetings on Tuesday and Wednesday and the outcomes and their impact on the U.S. dollar will influence the price direction of gold. December gold fell $7.80, or 0.6%, to settle at $1,310.20 an ounce on Friday. That was the lowest settlement since June 23, and it lost 1.8% for the week, according to FactSet data.

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Oil futures continued to decline Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 2 to 416 rigs this week. They have now posted increases in 11 out of the last 12 weeks. However, the total active U.S. rig count, which includes oil and natural-gas rigs, edged down by 2 to 506, Baker Hughes said. October crude was at $42.97 a barrel on the New York Mercantile Exchange, down 94 cents, or 2.1%, from Thursday’s settlement. It traded around $42.93 before the rig data.

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WASHINGTON (MarketWatch) — The House Financial Services Committee said it’s launched an investigation into alleged fraud that led to the opening of unauthorized customer accounts at Wells Fargo — as well as the role of Washington regulators in monitoring and investigating this activity. The committee will be calling Wells Fargo Chairman and CEO John Stumpf to testify at a hearing later in September and is asking the bank for documents.

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Mobileye N.V. on Friday responded to what it described as false allegations by a Tesla Motors Inc. spokesperson regarding its position on Tesla internal computer visions efforts, saying they are incorrect and can be refuted by the facts. The Israeli company said it has long held that Tesla’s autopilot should not be operated on a hands-free basis, and that communications with Tesla Chief Executive Elon Musk dating back to May 2015 found him in agreement. After an in-person meeting with Musk, the CEO confirmed that autopilot would be hands-on, but the company still rolled the service out in 2015 with a hands-free activation mode. “Mobileye has made substantial efforts since then to take more control on how this project can be steered to a proper functional safety system,” the company said in a statement. After a May 7 crash involving autopilot, Tesla blamed the Mobileye camera, and later the radar, causing Mobileye to sever its relationship with the electric car maker. “As for Tesla’s claim that Mobileye was threatened by Tesla’s internal computer vision efforts, the company has little knowledge of these efforts other than an awareness that Tesla had put together a small team,” said the statement. Mobileye said it will not comment further on its relationship with Tesla. Mobileye shares were down almost 1% in early trade, while Tesla was down 0.1%. The S&P 500 was down 0.6%.

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U.S. stocks opened lower on Friday, following data that showed a higher-than-expected rise in consumer prices, while a drop in crude oil prices weighed on energy shares. The Dow Jones Industrial Average [S: DJIA] fell 30.47 points, or 0.2%, to 18,182.83, with Chevron Corp. [S: CVX] the biggest decliner on the day. The S&P 500 [S: SPX] fell 3.89 points, or 0.2%, to 2,143.19, with energy shares also weighing on the benchmark index. The Nasdaq Composite Index [S: ] fell 8.03 points, or 0.2%, to 5,240.52. Among the most active stocks of the day, U.S.-listed shares of Deutsche Bank [S: DB] shares tumbled 9% to $13.45 following U.S. Justice Department’s demand that it pay $14 billion to settle a probe into its mortgage business. The bank pushed back against the size of the penalty, and said it had been asked to make a counter proposal.

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Shares of Intel rose 5.5% in premarket trade Friday after the company said it was raising its third-quarter revenue expectations. Intel now expects third-quarter revenue to be $15.6 billion, plus or minus $300 million, above its previous estimate of $14.9 billion, plus or minus $500 million. Analysts surveyed by FactSet had expected revenue of $14.87 billion. The expected increase is due to “replenishment of PC supply chain inventory” and improving demand for PCs. The company is expected to report earnings October 18.

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