Category: Stock Market News

Brexit negotiators are nearing a breakthrough on the issue of the Northern Ireland border, making it possible for the EU to offer a fast-tracked transition deal to the U.K. by January, the Times newspaper reported Thursday. British officials have put forward a proposal to avoid a “hard border” between the U.K. province and the Republic of Ireland, the report said. In the past, the EU has said it needs to see progress on three issues — including the border — before withdrawal talks can move on to deal with trade and a transition period. The two other areas are EU citizens’ rights and the U.K.’s exit bill. Earlier this week, media reports said London and Brussels had agreed on a Brexit divorce bill of around €50 billion, a significantly higher British offer. These developments are seen as helping lift the deadlock on Brexit talks, which had sparked concerns the U.K. would crash out of the EU without a trade deal.

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Special counsel Robert Mueller’s investigators spoke to White House senior adviser — and the president’s son-in-law — Jared Kushner earlier this month and discussed the role of former national security adviser Michael Flynn, CNN reported Wednesday night. Flynn is said to be one of the targets of Mueller’s probe into Russian election meddling, and Kushner’s attorney told CNN that he “voluntarily cooperated” in a meeting that lasted less than 90 minutes. One source told CNN that the aim of the meeting was to make sure Kushner did not have information that could exonerate Flynn. Separately, CNN reported Wednesday that Mueller’s team has postponed grand jury testimony regarding Flynn, leading to speculation that he had struck a plea deal. Last week, Flynn’s attorneys told President Donald Trump’s legal team that they would stop sharing information about the investigation, another move that suggests a plea deal is in the works.

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Juniper Inc. shares lost most of a big after-hours bounce Wednesday evening after Nokia Corp. denied reports that it was considering acquiring the networking company for $16 billion. “Nokia is not currently in talks with, nor is it preparing an offer for, Juniper Networks related to an acquisition of that company,” the company said in a prepared statement. After CNBC reported that the Finnish company was in talks to acquire Juniper early in Wednesday’s after-hours session, Juniper shares had jumped 20% or more. After Nokia publicly denied the report, Juniper gave up most of those gains, with shares trading about 4% higher than the closing price a few minutes after Nokia’s denial.

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Juniper Networks Inc. shares jumped in the extended session Wednesday following a report that Nokia was offering to buy the company. Juniper shares soared 20% to $35.50 after hours, adding to a 5% rise during the regular session, as one of the few tech names closing higher Wednesday. On Tuesday, shares finished up 3% higher. Late Wednesday, CNBC reported that Nokia was in talks to buy Juniper in a deal valued at around $16 billion. Juniper finished Wednesday with a market cap of $11.1 billion.

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Semtech Corp. shares dropped more than 11% in late trading Wednesday, after the chip maker beat on third-quarter earnings but projected a downturn for profit and sales in the final quarter of the year. Semtech reported net income of $13.3 million, or 20 cents a share, on revenue of $150.3 million, up from $137.2 million the year before. After adjustments for stock-based compensation and other effects, Synopsys claimed earnings of 54 cents a share on adjusted revenue of $156.6 million. Analysts on average expected adjusted earnings of 50 cents a share on revenue of $155.7 million, according to FactSet. The company’s forecast for the fourth quarter did not beat analysts’ expectations, however, with Chief Executive Mohan Maheswaran citing “a more seasonal pattern” for the fourth quarter. Synopsys projected adjusted earnings of 40 to 42 cents a share on adjusted revenue of $138 million to $142 million. Analysts on average projected adjusted earnings of 47 cents a share on sales of $153 million, according to FactSet. Shares dropped to around $32.50 in late trading, after closing with a 5.7% decline at $36.55 amid a selloff for tech stocks.

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Shares of Beijing-based green building materials maker ReTo Eco-Solutions Inc. rallied 143% in their trading debut Wednesday, rising almost $7 above their issue price of $5 a share. The company sold 2.8 million shares to raise about $14 million with plans to use the proceeds to buy raw materials, fund R&D, make acquisitions and finance a new plant, among other uses. Shares are trading on Nasdaq, under the ticker symbol ‘RETO.” ViewTrade Securities Inc. was sole bookrunner on the deal. The S&P 500 was down 0.1%.

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Shares of Beijing-based green building materials maker ReTo Eco-Solutions Inc. rallied 78% in their trading debut Wednesday, rising almost $4 above their issue price of $5 a share. The company sold 2.8 million shares to raise about $14 million with plans to use the proceeds to buy raw materials, fund R&D, make acquisitions and finance a new plant, among other uses. Shares are trading on Nasdaq, under the ticker symbol ‘RETO.” ViewTrade Securities Inc. was sole bookrunner on the deal. The S&P 500 was down 0.1%.

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A 17-piece Converse capsule collection, Urban Utility, available on December 5 will include the Chuck ’70 Hiker, a Chuck Taylor All Star shoe “reconstructed” with Gore-Tex. According to its website, Gore-Tex is waterproof, wind-proof and breathable. Converse is a Nike Inc. brand. The collection is the result of a collaboration between Slam Jam, an Italian streetwear company, and the artist Cali Thornhill Dewitt. “The capsule is inspired by a generation that rallies around community and freedom of expression, and for whom functionality means nothing if it’s creatively limiting,” said a Converse release. The collection will also include a jacket made out of Gore-Tex fabric, tees and hoodies. Nike shares are up 19.4% for the past year, just above the S&P 500 index , which is up 19% for the period.

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Twitter evaluates whether to allow “controversial content” on a “case-by-case basis,” a spokeswoman told MarketWatch in response to a question about President Donald Trump’s retweeting videos posted by a far-right British leader. The spokeswoman pointed to a Twitter policy that states, in part, “there may be the rare occasion when we allow controversial content or behavior which may otherwise violate our Rules to remain on our service because we believe there is a legitimate public interest in its availability.” Early Wednesday, Trump retweeted three anti-Muslim videos posted by Jayda Fransen, deputy head of the group Britain First. The spokeswoman also said the company is reviewing its verification policies.

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The Congressional Budget Office on Wednesday said a bill to stabilize Obamacare would not do much to counter the negative impact of repealing the individual mandate to buy health insurance. The Senate tax bill has such a repeal provision. The CBO previously estimated repealing the mandate would result in up to 13 million fewer people with insurance and a 10% increase in average nongroup market premiums in a decade. “If legislation were enacted that incorporated both the provisions of the Bipartisan Health Care Stabilization Act and a repeal of the individual mandate, the agencies expect that the interactions among the provisions would be small; the effects on premiums and the number of people with health insurance coverage would be similar to those referenced above,” CBO Director Keith Hall wrote Sen. Patty Murray, the Washington Democrat who is co-sponsor of the bipartisan stabilization bill.

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