Category: Stock Market News

President Donald Trump has decided to replace his national security adviser, H.R. McMaster, the Washington Post reported late Thursday, but is waiting to find a replacement before making an announcement. The Post said more top administration officials may be ousted soon as well. The imminent shakeup comes on the heels of last week’s resignation of Gary Cohn, Trump’s economic adviser, and Trump’s firing of Secretary of State Rex Tillerson earlier this week. The Post said Trump is feeling more emboldened after recently announcing tariffs on steel and aluminum imports and agreeing to meet North Korean leader Kim Jong Un. Now, the Post reported, Trump is actively seeking out a replacement for McMaster and seeking to make sure the former general is not humiliated by his ouster.

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John McEntee, President Donald Trump’s personal assistant, was fired from his job earlier this week because his frequent gambling posed a security risk, according to a Washington Post report late Thursday. McEntee was escorted out of the White House on Tuesday after being terminated, but the White House did not give a reason why. The Post reported a background check revealed he gambled tens of thousands of dollars at a time, and while that may have been legal, it opened him up to a potential vulnerability that could have been exploited. After his ouster Tuesday, Trump’s re-election committee said McEntee would join its staff as a senior adviser.

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Cloud-based security company Zscaler Inc. reportedly priced its initial public offering above an already elevated range late Thursday. The company priced its IPO at $16 a share, according to IPO Boutique. Zscaler shares begin trading on the Nasdaq on Friday under the ticker symbol ZS. The company was originally planning to sell 10 million shares for $10 to $12 apiece, but recently bumped that up to 12 million shares and a $13-to-$15 price range.

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Kroger Co. shares rose in the extended session Thursday after the supermarket operator said it will buy back up to $1 billion in shares and hopes to raise its dividend in the future. Kroger shares advanced 1.3% after hours, following a 0.8% rise to close the regular session at $23.63. The company said the $1 billion authorization supplements the $76 million remaining on its previous authorization. Kroger also declared its usual a 12.5-cents-a-share dividend, and said it expects “to have an increasing dividend over time” subject to board approval.

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China’s holdings of U.S. government bonds fell by $16.7 billion in January to $1.168 trillion, the lowest since July 2017, according to the widely watched Treasury International Capital Report. The report comes amid concerns China may slow its purchases of Treasurys, and even sell them altogether, in retaliation against further tariffs imposed by the White House. But the dip in its holdings marks a steady downtrend from August. The People’s Bank of China, its central bank, has saw a reduced need to stock up on foreign-exchange reserves, largely made up of Treasurys, as the yuan has stabilized and the dollar has weakened. The country’s currency regulator said in January it would diversify its foreign exchange reserves in order to wean itself from its traditional dependence on U.S. government bonds.

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The S&P 500 index was on pace to decline for a fourth straight session, which would mark its longest such stumble in 2018. The broad-market index was being weighed by selling in the energy and materials sectors, the weakest groups of the index’s 11, even as U.S. crude-oil futures settled higher for a second session in row. If the S&P 500 falls a fourth session it would mark its longest string of losses since the four-session slide ended Dec. 6, 2017, according to Factset data. Meanwhile, the Dow Jones Industrial Average [: DJIA] was on track to close out Thursday in the green, up 150 points at 24,905, which would snap its three-session skid. The Nasdaq Composite Index , meanwhile, was set to finish lower, down 0.2% at 7,481, which would mark its third fall in succession. The stock market pared firmer gains in midday trade Thursday following a report that Special counsel Robert Mueller subpoenaed the Trump Organization to turn over documents, including some related to Russia, the New York Times reported Thursday, citing two people briefed on the matter.

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Shares of security company ADT Inc. slid 11% Thursday, after the company posted a surprise adjusted loss for the fourth quarter. ADT said it had net income of $638 million, or 99 cents a share, for the quarter, after a loss of $85 million, or 13 cents a share, in the year-earlier period. The number included a $690 million tax benefit from the December tax revamp. Excluding special items, however, the company had a loss of 6 cents a share, while the FactSet consensus was for EPS of 10 cents. The news overshadowed a small revenue beat. ADT returned to the public markets in January, pricing its IPO at $14 a share. The stock has languished, however, since then, and was last quoted at $9.03, down 23% in the last month, while the S&P 500 has gained 0.7%.

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White House press secretary Sarah Sanders said the administration is “looking into” Housing and Urban Development Secretary Ben Carson’s reported selecting of a $31,000 set for a HUD dining room. Carson has said the order was canceled after questions were raised about the price. Recently disclosed emails cast doubt on assertions by Carson and his spokesman that Carson had little or no involvement in buying the set.

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Walmart Inc. shares turned sharply lower before recouping some losses on Thursday, after reports that a former executive has filed a suit with a federal court in California, alleging that the retail giant engaged in unlawful conduct with respect to its e-commerce business. The executive, Tri Huynh, a former director of business development, said Walmart issued misleading results from that business and that he was fired when he complained, Bloomberg reported, citing court documents. The conduct happened as the company raced to catch up with rival Amazon.com Inc. , he said. Huynh claims that Walmart mislabeled products so that third-party vendors were paid lower commissions and failed to process customer returns, said Bloomberg. Walmart has aggressively invested in it its e-commerce business for the past year. The company was not immediately available to comment to Bloomberg. MarketWatch has also asked for comment. Shares were down 0.5%, after falling about 2% at their lowest level.

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Spotify Technology SA said Thursday it expects to begin trading its shares on the New York Stock Exchange on April 3. The music-streaming company also said it plans on sharing guidance on March 26. Spotify’s investor day is underway in New York City, and the company is live-streaming the event. Investor days are usually held behind doors for a select number of analysts and investors. Spotify has said it will opt for a direct listing, and won’t conduct a roadshow.

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