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Gold prices rose Friday to settle at their highest level in a month, tacking on about 1.2% for the week as geopolitical jitters raised the metal’s investment appeal. June gold rose $11.70, or 0.9%, to settle at $1,268.10 an ounce for the session. Prices have now climbed for three weeks in a row.
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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 2 to 722 rigs this week. That marked a 19th weekly rise in a row, but the increase was the smallest weekly rise of the year. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 7 to 908, according to Baker Hughes. Oil prices appeared unfazed in the wake of the data. July West Texas Intermediate crude was up 62 cents, or 1.3%, to $40.52 a barrel on the New York Mercantile Exchange, unchanged from where it traded before the data.
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A top aide to President Donald Trump said Friday that the administration is not considering “lowering” sanctions on Russia and suggested they could be toughened. Speaking to reporters at the G7 meeting in Italy, National Economic Council Director Gary Cohn said “we’re not lowering our sanctions on Russia. If anything we’d probably look to get tougher on Russia.” A senior administration official said Thursday that Trump was leaning toward maintaining sanctions against Moscow that were adopted by the Obama administration. Trump has in the past left open the possibility of lifting Russia sanctions.
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WASHINGTON (MarketWatch) – The Atlanta Federal Reserve’s tool for predicting the speed of the U.S. economy was cut to 3.7% for the second quarter from 4.1%, reflecting somewhat less spending on new and used homes in April. Still, the second quarter looks to be on track to easily exceed the below-par 1.2% rate of growth in the first three months of 2017.
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Cinema technology company Dolby Laboratories Inc. on Friday said it plans to sign a deal with France’s largest theater chain, Les Cinemas Gaumont Pathe, to open 10 Dolby Cinema locations in France and the Netherlands. Recently Hollywood, including film exhibitors, have made more of an effort to extend their reach to international markets. “Les Cinemas Gaumont Pathe’s presence throughout France and the Netherlands will introduce Dolby Cinema to more consumers in Europe who seek out the best in entertainment,” said Doug Darrow, the vice president of Dolby’s cinema business group. Dolby’s cinema technology includes state-of-the-art laser projection and sound systems. Dolby cinema will open seven of its 10 new locations in France, and the other three in the Netherlands. Shares of Dolby have gained nearly 12% in the year to date, while the S&P 500 index is up 8%.
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United Parcel Service Inc. was ordered Thursday to pay a reported $247 million in damages to New York State and New York City for the illegal shipment of cigarettes. The U.S. District Court for the Southern District of New York had ruled in March that the package-delivery company had failed to establish proper procedures to flag the shipment of millions of cigarettes from Native American reservations. “UPS is extremely disappointed in the court’s ruling and imposed penalties and we will vigorously appeal the decision,” UPS said in a statement emailed to MarketWatch. “The court’s monetary award is excessive and far out of the bounds of constitutional limits, particularly given that the shipments at issue generated around $1 million in revenue.” New York Attorney General Eric Schneiderman had a different take: “We’re very pleased that the Court agreed with us on all claims, finding that UPS has repeatedly violated numerous state and federal contraband cigarette trafficking laws–as well as its own agreement with the State–by shipping hundreds of thousands of cartons of cigarettes to consumers in New York.” UPS’s stock eased 0.2% in morning trade, while the Dow Jones Transportation Average eased 0.1%. The stock has lost 7.8% year to date, while the Dow transports have gained 1.2% and the S&P 500 has advanced 7.9%.
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Viacom Inc.’s new advertising and content distribution deal with cable and broadband operator Altice USA shows momentum in new Chief Executive Bob Bakish’s plan to rehabilitate relationships with distributors, said Wunderlich analyst Matthew Harrigan. On Thursday the two companies announced a new multi-year partnership that will deliver local and national advertising across TV, mobile and desktop. The partnership also renewed carriage rights for Optimum and expanded rights for the multi-platform distribution such as virtual reality. Viacom’s major networks, and its movie studio Paramount Pictures, have struggled as of late. When Bakish took the helm last November, his focus was to turn performance around. “The agreement seems to jive with CEO Bob Bakish’s emphasis on the Big 6 networks,” Harrigan wrote in a note to clients. “We do not look for any effect on near-term 2017 estimates given the lateness in the fiscal year, but we are very encouraged on the incremental afforded stability and potential template for agreements with other distributors — even if not all Viacom networks are included.” Viacom shares are down less than 1% in the year to date, but down nearly 18% in the trailing 12-month period. By comparison the S&P 500 index is up 8% in the year and nearly 16% in the last 12 months.
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U.S. stocks opened marginally lower on Friday, and were set to snap a six-day win streak, as investors appeared reluctant to make big bets ahead of a long holiday weekend. U.S. markets will be closed on Monday in observance of Memorial Day. The main indexes were on track to book solid weekly gains. The S&P 500 opened 2 points, or 0.1%, lower at 2,412. The Nasdaq Composite was down 5 2 points, or 0.1%, to 6,200 at the open. The Dow Jones Industrial Average began the session down 11 points, or less than 0.1%, at 21,072. Among the early gainers on Wall Street, Ulta Beauty Inc. rose nearly 4% after reporting earnings results late Thursday.
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United Parcel Service Inc. was ordered Thursday to pay a reported $247 million in damages to New York State and New York City for the illegal shipment of cigarettes. The U.S. District Court for the Southern District of New York had ruled in March that the package-delivery company had failed to establish proper procedures to flag the shipment of millions of cigarettes from Native American reservations. “We’re very pleased that the Court agreed with us on all claims, finding that UPS has repeatedly violated numerous state and federal contraband cigarette trafficking laws–as well as its own agreement with the State–by shipping hundreds of thousands of cartons of cigarettes to consumers in New York,” New York Attorney General Eric Schneiderman said in a statement. UPS was not immediately available for comment. The stock was little changed in light premarket trade. The stock has lost 7.6% year to date, while the Dow Jones Transportation Average has edged up 1.3% and the S&P 500 has gained 7.9%.
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Newell Brands Inc. said Friday that it has sold its winter sports business to Kohlberg & Company, a private equity firm. The winter sports brands include K2, Atlas, Madshus and Dalbello. Sales from the winter sports portfolio were about $330 million in 2016. The transaction is expected to close late in the second quarter or early in the third quarter. The sale is part of an effort to streamline Newell’s portfolio. Gross proceeds from the divestiture are expected to be $240 million. In a separate transaction, Newell has sold the Zoot and Squadra clothing brands. Newell shares are down 0.3% in premarket trading, but up 18.8% for the year so far. The S&P 500 index has gained nearly 8% for 2017 to date.
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