Category: Stock Market News

Gold prices settled lower on Tuesday, pulling back after posting gains over the last three weeks. Prices fell despite some weakness in the U.S. dollar, which is usually supportive for the dollar-denominated precious metal. Traders await the release of the monthly U.S. jobs report Friday for clues on the Federal Reserve’s pace of interest-rate hikes. August gold , the most-active contract, lost $5.70, or 0.5%, to settle at $1,265.70 an ounce.

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A story in Politico saying the U.S. has opted not to introduce a ban on bringing laptops into cabins of flights to the U.S. from Europe is “absolutely wrong,” a Department of Homeland Security spokesman said Tuesday. Politico said the decision was made during a call Tuesday afternoon between Homeland Security Secretary John Kelly and European officials. The spokesman said the department would issue a statement shortly.

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Shares of movie exhibitors and theater chain operators were down Tuesday after the box office suffered its lowest 4-day Memorial Day weekend draw in 18 years. AMC Entertainment Corp. led the decline, falling nearly 5%, while IMAX Corp. fell 4%, Cinemark Holdings Inc. fell more than 2% and Marcus Corp. fell 2%. Regal Entertainment Group’s was less severe, falling less than 1%. The box office brought in an estimated $179.0 million over the 4-day weekend, which is the lowest gross for the typically busy weekend since 1999, said ComScore analyst Paul Dergarabedian. Foot traffic at the multiplex, which has been relatively stagnant for years, disappointed over the weekend. Dergarabedian said the slate of movies so far this summer, aside from Walt Disney Co.’s “Guardians of the Galaxy Vol. 2,” have been poor. Disney’s “Pirates of the Caribbean: Dead Men Tell No Tales” topped the holiday box office but received little help from critics, pulling in $77.0 million, according to ComScore estimates. The box office’s other new comer, “Baywatch,” distributed by Viacom Inc.’s Paramount Pictures pulled in just $23.0 million. So far in the summer season, the box office is down 5.6% compared with the same time frame last year. “The pressure is on right now,” Dergarabedian said, as the industry looks to June releases “Wonder Woman” from Time Warner Inc.’s Warner Bros., Disney’s “Cars 3” and “Despicable Me 3” from Comcast Corp.-owned Universal Pictures. The S&P 500 index was flat during Tuesday trade.

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Omega Advisors Chief Executive Leon Cooperman said Tuesday he settled with the Securities and Exchange Commission to end an abusive regulatory process and to avoid a costly court case that he would have otherwise won. “The process in my opinion was totally abusive,” Cooperman said in a CNBC interview. “The system is broken.” Cooperman settled SEC charges of insider trading for $4.9 million two weeks ago. Cooperman said his lawyers advised him a protracted legal fight with the regulator could cost him as much as $20 million. Moreover, Cooperman questioned why the SEC originally demanded more than twice the $4.9 million he paid to settle allegations of insider trading, along with an admission of guilt and a five-year trading ban, and then seven months later they dropped those requirements and lowered the fine. In all, Omega lost about $4 billion client assets from the charges.

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Omega Advisors Chief Executive Leon Cooperman said Tuesday he settled with the Securities and Exchange Commission to end an abusive regulatory process and to avoid a costly court case that he would have otherwise won. “The process in my opinion was totally abusive,” Cooperman said in a CNBC interview. “The system is broken.” Cooperman settled SEC charges of insider trading for $4.9 million two weeks ago. Cooperman said his lawyers advised him a protracted legal fight with the regulator could cost him as much as $20 million. Moreover, Cooperman questioned why the SEC originally demanded more than twice the $4.9 million he paid to settle allegations of insider trading, along with an admission of guilt and a five-year trading ban, and then seven months later they dropped those requirements and lowered the fine. In all, Omega lost about $4 billion client assets from the charges.

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Sodexo S.A. said Tuesday that Denis Machuel has been named chief executive by the company’s board, succeeding Michel Landel, who has announced his plan to retire in January 2018. Sodexo provides a variety of services, including cleaning, facilities and meal services to 75 million daily consumers, the company said. Machuel is currently chief digital officer of Sodexo and the chief executive of benefits and rewards services and personal and home services. The transition plan calls for him to become deputy CEO on Sept. 1, working alongside Landel. Landel will remain on the board until his term is up in January 2020. Sodexo shares are up 0.8% in Tuesday trading and are up nearly 17% for the past three months. The S&P 500 index is up 2.2% over the past three months.

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Red Robin Gourmet Burgers Inc. shares are up 2.1% after the restaurant chain was upgraded to buy from hold at Canaccord Genuity on Tuesday based on the belief that the company can grow its sales in the second half of 2017. Analysts were more confident after meetings with management and restaurant checks that suggest trends in casual dining are improving with better-than-expected May same-restaurant sales. Analysts think the industry could produce positive same-restaurant sales in June “albeit lapping an easier comparison.” Analysts observed weekday customer waits during those restaurant checks as well. Analysts believe the negative same-restaurant sales at Red Robin were “self-inflicted” as the company focused on the “finest” burger messaging, which led to higher pricing and longer waits. Now, with a focus on value and services like curbside pickup, catering and delivery, analysts think same-restaurant sales will turn positive. Red Robin shares are up 58.4% for the last three months while the S&P 500 index is up 2.1% for the period.

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Energy stocks led S&P 500 decliners on Tuesday, as crude oil prices extended recent losses after OPEC stopped short of more aggressive action to cut production. July West Texas Intermediate crude declined by 35 cents, or 0.7%, to $49.46 a barrel, as traders returned to their desks after the holiday weekend. Devon Energy was the biggest decliner, falling 2.8%. Kinder Morgan Inc. shed 2.6%, Hess Corp. fell 2.4% and Chesapeake Energy Corp. was down 2.5%. Cimarex Energy Co. fell 2.2% and Williams Companies Inc. was down 1.9%. Pioneer Natural Resources Corp. fell 1.9% and Marathon Oil Corp. was down 1.9%. Tesoro Corp. bucked the trend to gain 0.7%, after the stock was upgraded to overweight from equal weight Tuesday at Morgan Stanley. Analysts pointed to several catalysts for the oil refiner, including its acquisition of Western Refining Inc., which they expect will diversify its growth opportunities. The S&P 500 was flat.

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The head of Uber’s New York operations is leaving the company. Josh Mohrer, general manager of Uber New York, announced his decision Tuesday on Medium, saying that he will be joining Tusk Ventures, a political strategy firm, as managing director. Mohrer joined Uber in 2012. The move comes after Uber said it owes its New York drivers tens of millions of dollars after having had made an accounting error when calculating commission. Mohrer had previously come under fire at Uber for tracking a journalist and revealing the company’s “God View” tool, which allowed the company to track customers, the Wall Street Journal reported.

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Tesoro Corp. was upgraded to overweight from equal weight Tuesday at Morgan Stanley. The analysts pointed to several catalysts for the oil refiner, including its acquisition of Western Refining Inc., which they expect will diversify the company’s growth opportunities. Additionally, they expect Tesoro to outperform in its next earnings report and boost its stock price with a planned share buyback strategy in the second half of the year. With all of these catalysts, the analysts believe Tesoro’s valuation is largely in line with its peers. The analysts also raised their price target to $110 from $100. Shares of Tesoro have gained 4.5% month-to-date,while the S&P 500 has gained 1.1%.

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