Category: Stock Market News

Leandra English, the acting director of the Consumer Financial Protection Bureau, filed a lawsuit Sunday night seeking a restraining order to block White House budget director Mick Mulvaney from taking charge of the agency, according to news reports. English, who was named acting CFPB director by former director Richard Cordray, filed a complaint in U.S. District Court in Washington against President Donald Trump and Mulvaney, who Trump named the agency’s temporary director on Friday. English’s suit claims she is the rightful director under procedures spelled out by the Dodd-Frank Act.

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Nvidia Corp. and GE Healthcare, a subsidiary of General Electric Co. , announced a deal Sunday that will extend the companies’ 10-year partnership and use Nvidia’s sophisticated artificial-intelligence chips to speed up processing of health-care data. That includes the new Nvidia-powered Revolution Frontier CT system, which will process images two times faster for GE’s 500,000 imaging devices worldwide. Nvidia’s chips will also help speed the processing of the 50 petabytes of data that the average hospital produces annually. “Our partnership with GE Healthcare brings together great expertise in medical instruments and AI to create a new generation of intelligent instruments that can dramatically improve patient care,” Nvidia CEO Jensen Huang said in a statement. GE Healthcare CEO Kieran Murphy concurred: “By partnering with Nvidia, GE Healthcare will be able to deliver devices of the future — intelligent machines capable of empowering providers to improve the speed and accuracy of diagnoses for patients around the world.”

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Meredith Corp. has agreed to a deal to buy Time Inc. in a magazine-industry consolidation valued at $1.85 billion, the Wall Street Journal reported Sunday. The Journal reported that Iowa-based Meredith has agreed to pay $18.50 a share in cash — a 46% premium from Time’s stock at the time acquisition talks were first reported on Nov. 15. On Friday, Time shares closed at $16.90. Time shares jumped 2% in after-hours trading Sunday, and Meredith rose 1.3%. The bid by Meredith, which publishes Better Homes and Gardens and Martha Stewart Living, among others, is reportedly backed by the billionaire Koch brothers. It is unclear how much influence the Kochs would have on Time, which includes Time magazine, People, Sports Illustrated and Entertainment Weekly among its stable of publications.

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Meredith Corp. is nearing a deal to buy Time Inc. in a magazine-industry consolidation that could be valued at more than $1.8 billion, the Wall Street Journal reported Sunday. The Journal reported that Iowa-based Meredith has agreed to pay $18 to $19 a share — at least a 42% premium from Time’s stock at the time acquisition talks were first reported on Nov. 15. On Friday, Time shares closed at $16.90. The bid by Meredith, which publishes Better Homes and Gardens and Martha Stewart Living, among others, is reportedly backed by the billionaire Koch brothers. It is unclear how much influence the Kochs would have on Time, which includes Time magazine, People, Sports Illustrated and Entertainment Weekly among its stable of publications.

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Shares of Macy’s Inc. fell 0.5% in the late session Friday amid reports it was having trouble with its credit card systems. A Macy’s spokesperson told CNBC it has taken longer than usual to process some credit and gift cards, but the retailer has added salespeople to its floors to try to help the issue. Macy’s customers took to Twitter to complain about the slowdown. Macy’s earlier this month reported third-quarter earnings above expectations, but quarterly sales missed the mark thanks to previously announced store closures.

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Stitch Fix Inc. shares closed at a record high Friday, a third straight trading day of gains since the company’s lackluster initial public offering last week. The company’s stock closed at $18.62, up more than 7% after touching an intraday record of $19.49, besting its first trading day high of $18.53. Investors sent the stock up 6.4% Tuesday and 10% Wednesday ahead of Black Friday. Though analysts interviewed by MarketWatch said the company is worth watching, its IPO was far from a textbook success. The S&P 500 index is up 16% this year.

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U.S. oil prices rose on Friday, settling at a 21/2-year high, as investors focused on a disruption to a major crude-oil hub in Oklahoma and looked ahead to a key meeting of the Organization of the Petroleum Exporting Countries next week. West Texas Intermediate crude oil trading on the New York Mercantile Exchange for January delivery finished up 93 cents, or 1.6%, at $58.95 a barrel. For the week, WTI crude oil, the U.S. benchmark, closed with a weekly climb of 1.8%, according to FactSet data.

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Two London underground train stations reopened Friday evening after police said they didn’t find evidence that shots had been fired in a busy shopping district. The Metropolitan Police shortly after 4:30 p.m. local time began responding to “numerous” reports of gunfire on Oxford Street and at the Oxford Circus Tube station. “To date police have not located any trace of any suspects, evidence of shots fired or casualties,” the Met said in a statement. “Our response on #OxfordStreet has now been stood down,” the police said in a follow-up statement on Twitter. The Oxford Circus and the Bond Street Tube stations are back in operation. The British Transport Police said there was one report of a woman sustaining a minor injury as she exited the Oxford Circus station.

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Shares of Amazon.com Inc. shot up 2.6% Friday, amid reports of strong growth in online holiday sales, to post their third-straight record close and 10th record since reporting blowout third-quarter results on Oct. 26. Amazon’s stock was the biggest percentage gainer of the SPDR S&P Retail ETF’s 87 equity components. The latest update from Adobe showed that total online spending on Thanksgiving rose 18% over last year to $2.87 billion, while Black Friday online sales had already reached $640 million by 10 a.m. ET. Separately, Amazon said Friday that it would offer those who spend $30 at a brick-and-mortar Amazon Books store a $10 discount to be used on Amazon’s website. Amazon’s stock has soared 22% since Oct. 26, while the retail ETF has gained 1.9% and the S&P 500 has tacked on 1.6%. During that time, Amazon’s market capitalization has ballooned by $102.91 billion to $571.50 billion.

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U.S. stocks closed higher on Friday, with the S&P 500 and Nasdaq Composite ending at all-time highs. All three main benchmarks posted their first weekly gains in three weeks. The S&P 500 gained 5.34 points, or 0.2%, to 2,602.42. The Dow Jones Industrial Average gained 31.81 points, or 0.1%, to 23,557.99. The tech-heavy Nasdaq Composite index advanced 21.80 points, or 0.3%, to 6,889.16. Retailers such as Macy’s Inc and Amazon.com. were in focus as the Black Friday shopping holiday kicks off. Macy’s Inc gained 2.1%, while Amazon.com rose 2.6%.

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