Category: Stock Market News

Oil futures pared gains Wednesday after the U.S. Energy Information Administration reported a 1.3 million-barrel rise in crude-oil supplies for the week ended May 13. The American Petroleum Institute late Tuesday had reported a 1.1 million-barrel fall, while analysts polled S&P Global Platts expected a 3 million-barrel decline. Gasoline supplies were down by 2.5 million barrels, while distillate stockpiles fell 3.2 million barrels last week, according to the EIA. June crude was at $48.51 a barrel on the New York Mercantile Exchange, up 20 cents, or 0.4%. Prices traded at $48.63 before the data.

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The pound surged nearly 1% Wednesday after a poll showed more Britons favor the U.K. staying in the European Union. Sterling was up 0.9% at $1.4587 after a poll conducted for the Evening Standard newspaper by Ipsos Mori showed 55% want the U.K.’s ties with the bloc to remain intact. That compares with 37% who want a breakup. That result was the largest lead in the past three months for the “Remain” camp, the Evening Standard said. A June 23 referendum on the issue will be held in the U.K.

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U.S. stocks opened slightly lower Wednesday as investors awaited minutes from the Federal Reserve’s last policy meeting, which could hint at when the central bank might raise interest rates next. Stronger-than-expected inflation data, along with hawkish comments from several Fed officials, have stirred fears that the Fed might raise rates at a faster pace than previously thought. Meanwhile, a retreat in oil futures also weighed on risk appetite. The S&P 500 was down 4 points, or 0.2%, to 2,043. The Dow Jones Industrial Average lost 32 points, or 0.2%, to 17,491 at the open. Meanwhile, the Nasdaq Composite began the session down 9 points, or 0.2%, at 4,707.

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From:: Stock Market News

U.S. stocks opened slightly lower Wednesday as investors awaited minutes from the Federal Reserve’s last policy meeting, which could hint at when the central bank might raise interest rates next. Stronger-than-expected inflation data, along with hawkish comments from several Fed officials, have stirred fears that the Fed might raise rates at a faster pace than previously thought. Meanwhile, a retreat in oil futures also weighed on risk appetite. The S&P 500 was down 4 points, or 0.2%, to 2,043. The Dow Jones Industrial Average lost 32 points, or 0.2%, to 17,491 at the open. Meanwhile, the Nasdaq Composite began the session down 9 points, or 0.2%, at 4,707.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks opened slightly lower Wednesday as investors awaited minutes from the Federal Reserve’s last policy meeting, which could hint at when the central bank might raise interest rates next. Stronger-than-expected inflation data, along with hawkish comments from several Fed officials, have stirred fears that the Fed might raise rates at a faster pace than previously thought. Meanwhile, a retreat in oil futures also weighed on risk appetite. The S&P 500 was down 4 points, or 0.2%, to 2,043. The Dow Jones Industrial Average lost 32 points, or 0.2%, to 17,491 at the open. Meanwhile, the Nasdaq Composite began the session down 9 points, or 0.2%, at 4,707.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Shares of Fitbit Inc. were up 2% in premarket trade Wednesday, after the company said it has acquired the assets of Coin, a consumer electronics and financial technology company. With the acquisition, Fitbit gained some of Coin’s personnel and intellectual property, including its wearable payment assets. The company said the acquisition speeds up its “ability” to integrate a mobile payment system into its Fitbit devices, but it doesn’t plan to include it in the 2016 product roadmap. Fitbit did not disclose the financial details of the acquisition.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Shares of Fitbit Inc. were up 2% in premarket trade Wednesday, after the company said it has acquired the assets of Coin, a consumer electronics and financial technology company. With the acquisition, Fitbit gained some of Coin’s personnel and intellectual property, including its wearable payment assets. The company said the acquisition speeds up its “ability” to integrate a mobile payment system into its Fitbit devices, but it doesn’t plan to include it in the 2016 product roadmap. Fitbit did not disclose the financial details of the acquisition.

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Andersons Inc. said Wednesday that it rejected an unsolicited buyout bid from former hedge-fund manager Philip Falcone’s HC2 Holdings Inc. for $37 a share in cash. The bid represented a 43% premium to Tuesday’s closing price for Andersons’s stock of $25.94. The agriculture company said its board of directors unanimously decided that HC2’s proposal undervalues the company and is not in the best interest of its shareholders. “We believe HC2’s proposals ignore our value and prospects as a standalone entity and represent an opportunistic attempt to acquire the Company at a low point in the industry cycle,” said Chairman Mike Anderson. The company’s announcement comes after HC2 publicly-disclosed late Tuesday its bid for Andersons. The stock was up 25% in premarket trade prior to a trading halt. It had plunged 18% year to date through Tuesday, while the S&P 500 had gained 0.2%.

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Group 1 Automotive Inc. said Wednesday it is raising its quarterly dividend to 23 cents a share from 22 cents a share. The operator of car dealerships in the U.S., UK and Brazil said the new dividend will be payable June 15 to shareholders of record as of June 1. Shares were not yet active in premarket trade, but are down 20% in the year so far, while the S&P 500 has gained 0.2%.

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Staples Inc. on Wednesday reported a drop in first-quarter profit, but adjusted earnings and sales still beat analyst forecasts. Net profit for the period fell to $41 million, or 6 cents a share, down from $59 million, or 9 cents a share, in the year-ago quarter. The bottom line was hit by a $66 million pre-tax charge primarily related to the proposed takeover of Office Depot Inc. and store closures, as well as $32 million in costs related to the sale of Staples’ print solutions business. On an adjusted basis, earnings per share came in at 17 cents, unchanged from the first quarter last year. Revenue slipped 3% to $5.1 billion. Analysts polled by FactSet expected earnings of 16 cents a share on revenue of $5.09 billion.

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