Category: Stock Market News

North Korea called the latest United Nations sanctions against it “an act or war” on Sunday, and vowed to continue to bolster its nuclear arsenal. “We define this ‘sanctions resolution’ rigged by the U.S. and its followers as a grave infringement upon the sovereignty of our republic and as an act of war violating peace and stability in the Korean Peninsula and the region,” North Korea’s foreign ministry said in a statement. “We will further consolidate our self-defensive nuclear deterrence aimed at fundamentally eradicating the U.S. nuclear threats, blackmail and hostile moves by establishing the practical balance of force with the U.S.,” North Korea said. On Friday, the U.N. Security Council voted to ban 90% of crude oil and fuel exports to the rogue nation, and restricted money earned by workers abroad from being sent back to the country. The sanctions came in response to North Korea’s continuing ballistic missile launches and nuclear tests.

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Portola Pharmaceuticals Inc. stock fell 7% in late trading Friday afternoon after the company said a regulatory review of a proposed drug would be extended. The Food and Drug Administration asked Portola for more data on a study of the biologic drug, AndexXa, which will extend the time allowed for the review by 90 days. Portola said that the review period will now end May 4, 2018, instead of Feb. 3. AndexXa is being developed as an antidote for anticoagulant drugs, which can lead to uncontrolled bleeding. Portola shares declined to about $51 in after-hours trading, after closing Friday at $54.86.

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Shares of KLX Inc. rose more than 9% late Friday after the company said it is to explore “strategic alternatives” for its future, which could include a sale, a sale of a division or divisions of the company, a deal, or continuing as a standalone, it said in a statement. KLX, which makes aerospace fasteners and other products, has hired Goldman Sachs as financial adviser. “We remain confident in KLX’s strategic plan and the significant growth opportunities available to us. At the same time, we are open-minded and willing to consider any path that maximizes value for our shareholders,” Chief Executive Amin J. Khoury said. Shares ended the regular trading day down 0.3% and had been halted for part of the late session.

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Six Flags Entertainment Corp. said late Friday its board of directors plans to increase the company’s regular quarterly cash dividend by 11% to 78 cents a share, from 70 cents a share. The increase would be effective in the first quarter, subject to final approval, Six Flags said. “We are pleased to increase our dividend expectations in light of our continued confidence in our strong, recurring cash flow,” Chief Executive Jim Reid-Anderson said. The company’s cash flow “will benefit greatly” from the tax overhaul, he said. Shares of Six Flags were flat in late trading after ending the regular session up 0.3%.

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Shares of KLX Inc. were halted late Friday after the company said it is to explore “strategic alternatives” for its future, which could include a sale, a sale of a division or divisions of the company, a deal, or continuing as a standalone, it said in a statement. KLX, which makes aerospace fasteners and other products, has hired Goldman Sachs as financial adviser. “We remain confident in KLX’s strategic plan and the significant growth opportunities available to us. At the same time, we are open-minded and willing to consider any path that maximizes value for our shareholders,” Chief Executive Amin J. Khoury said. Shares ended the regular trading day down 0.3%.

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U.S. stock-market indexes closed slightly lower on Friday, but still finished the week with modest gains. The S&P 500 closed 1.22 points, or less than 0.1%, lower at 2,683.35 but gained 0.3% over the week. The Dow Jones Industrial Average pulled back 27.96 points, or 0.1%, to 24,754.33 but was 0.4% higher for the week. The tech-heavy Nasdaq Composite index slipped 5.40 points, or 0.1%, to 6,959.96, yet booked 0.3% gain over the past week. Among the worst performers on Wall Street, shares of Advanced Micro Devices dropped more than 3% as investors sold companies that are connected to cryptocurrencies in the wake of a double-digit plunge in bitcoin prices.

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German car maker BMW AG said Friday it expects the tax cut signed by President Donald Trump to translate in a “positive impact” on 2017 income taxes, and therefore on group net profit in the U.S. around 950 million to 1.55 billion euro, or the equivalent of $1.1 billion to $1.8 billion at current exchange rates. Competitor Daimler AG earlier Friday saidthe tax overhaul would result in a $2 billion boost to its net income.

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CSX Corp. said Friday it has named James Foote as chief executive officer, effective immediately. Formerly the railroad operator’s chief operating officer, Foote had been acting CEO since Dec. 14 after Hunter Harrison was placed on medical leave. Harrison died on Dec. 16. The stock was little changed in afternoon trade. It has soared 53% year to date, while the Dow Jones Transportation Average has rallied 18% and the Dow Jones Industrial Average has climbed 25%.

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The largest exchange-traded fund to track the utilities sector was little changed on Friday, though it was on track for its biggest weekly percentage decline in more than two years. The Utilities Select Sector SPDR ETF is down 4.7% thus far this week, its biggest weekly drop since September 2015, as well as its third straight weekly decline. On Tuesday, the ETF fell below its 200-day moving average for the first time since February. That closely watched level is widely seen as a negative sign for long-term momentum. The fund has lost 7.3% thus far this month, and recent selling has come after the Federal Reserve raised interest rates for the fourth time this year. The sector is considered a “bond proxy” for investors, in that it pays a higher dividend than the overall market and it tends to have more stable growth rates. However, with interest rates rising, the equity sector becomes less appealing to some investors than bonds themselves. The fund rose 0.1% on Friday, compared with the 0.2% decline in the S&P 500 , which is nonetheless on track for a weekly rise of 0.2%.

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Germany-based carmaker Daimler AG said it expects the tax cut signed by President Donald Trump Friday to result in an increase in 2017 net income by 1.7 billion euro, or the equivalent of $2.02 billion at current exchange rates. Daimler said based on the previous U.S. corporate tax rate of 35%, deferred tax liabilities at its U.S. subsidiaries exceeded deferred tax assets, so cutting the rate to 21% will require a revaluation of its tax assets, and will result in a “significant” increase to the bottom line. The company said the positive income tax benefit would not impact free cash flow for its industrial business in 2017. Daimler said it is analyzing the impacts of other measures in the new tax law. Daimler’s U.S.-listed shares edged up 0.1% in afternoon trade. They have gained 6.3% over the past three months, while the S&P 500 has advanced 7.1%.

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